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2022-03-31-accounts

Cornwall Hospice Care Limited (Limited by guarantee) Report of the Members of the Board and financial statements

For the year ended 31 March 2022

Company registration number 05660401 Charity registration number 1113140

Cornwall Hospice Care Limited (Limited by Guarantee)

Contents

1. Strategic Report Page
o Highlights of the year 3
o Vision, Mission and Values 5
o Structure, Governance and Management 6
o Report of the chair 9
o Chief Executives Report 10
o Strategic Priorities for 2020-23 11
o Risk Management and Internal Control 12
o Financial Review 12
2. Directors Report
o Reserves Policy 15
o Volunteers 15
o Fundraising 15
o Executive remuneration 16
o Investment policy and objectives 16
o Our impact on the environment 16
o Tax status 17
o Directors responsibilities statement 17
o Statement of disclosure to auditor 17
3. Independent auditor’s report 18
4. Financial Statements 22
5. Notes to the Financial Statements 25

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report

The Members of the Board (who constitute Directors of the company for the purposes of the Companies Act and Trustees for the purposes of the Charities Act) have pleasure in submitting their report together with the audited financial statements for the year ended 31 March 2022 and confirm that the latter comply with the requirements of the Act, the Memorandum and Articles of Association, and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1[st ] January 2019).

Highlights of the Year

Patient Care

The effects of Covid 19 continued to be felt during the year, with high levels of staff illness making it difficult for us to maintain our bed provision. Whilst the number of patients admitted fell back slightly from last year, the complexities of their conditions led to longer average stays with us. The number of occupied bed days stayed broadly the same.

We have continued to provide 20 beds, ten at each of our hospice in-patient units, while also maintaining our important lymphoedema clinics, our range of community services and our education programmes for healthcare workers and care providers across Cornwall.

Our community services - hubs and Listening Ear service - continued to offer support to ensure that people were not feeling isolated when they could not have their regular face-to-face sessions.

We continue to be regulated by the Care Quality Commission.

Patient Care 2020/21 2021/22
Number ofpatients admitted 404 331
Number ofpatients discharged 162 122
Occupied bed days 5491 5397
ListeningEar - support calls n/a 347
Lymphedema appointments 1276 1258
Advice Line calls 1479 1461
Hubpatients seen 258 131

Patient Satisfaction

Feedback, good and bad, is vitally important for us as it allows us to make improvements where they may be needed. In the last year we received 4 complaints and 1 concern which is broadly in line with the previous year.

These were all discussed with the parties involved and were resolved and closed satisfactorily. Internally, they were discussed at our Clinical Governance Committee to ensure any learning or opportunities for improvement were implemented.

Compliments

During 2021/22 we received 130 written compliments. Comments left by patients and families are anonymised and reported to the Clinical Governance Committee and summaries are also made available for staff to read.

During the year we were not required to report any safeguarding alerts to either the Adult Safeguarding Service or the Multi Agency Referral Unit (children).

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Finance

Our financial performance was positive in the year, boosted by significant legacy receipts. An overall surplus result of just over £1.0m was recorded, compared to a surplus budget for the year of £0.8m. This is our first surplus result since 2017-18, allowing us to increase our total level of funds to £10.1m.

During the year we generated a surplus of £1m from our operations, which was further boosted by a small gain in the value of our investment portfolio. Legacy receipts saw one of their best ever years, with total distributions of £3.7m. Our other income generating activities performed well, achieving their budgets and, putting us in a strong position to build on moving forward.

In 2020-21 we were very reliant on Covid 19 support packages to fund our care. In the most recent year, small grants remained available to us totalling £0.3m, a significant reduction from the £3.2m received previously received.

Our total income was £11.3m, representing growth of 17% over the prior year, but falling 1% below the budget.

During the Covid pandemic, when income streams were reduced, we took steps to remove costs from all areas of the charity where this could be done without impacting on patient care. We continue to manage expenditure carefully, with only a modest increase (less than 1.2%) reported in these latest results. We do expect upward cost pressures on staffing, fuel and general supplies in particular to be present in the coming year, and we will continue to monitor our outgoings to ensure value for money is achieved.

Fundraising & lottery

Net contribution from fundraising and lottery was ahead of budget in the year and slightly down on the previous year,primarily to support from Government in that previous year.

The strongest income stream remained ‘donations’, which achieved £326k, £123k (£60%) ahead of budget, and of which is inclusive of the lines of ‘one off, ‘regular’ and ‘major donations’, the latter maintaining the growth achieved in FY 2020/21 exceeding targets to raise £117k. ‘In memory donations’ were the second strongest line, which achieved £209k, £9k (5%) ahead of budget. Like the year prior, the environment the Team operated within changed quickly and often, and our Team were again agile and responsive to opportunities; enjoying a return to live events and developing hybrid products, albeit to a reduced calendar or activity. The best performing event was London Marathon, which raised £46k, £2k (4%) ahead of budget.

Trust income grew in the year to achieve £126k, £11k (10%) ahead of budget, and we welcomed the continued support of those grant giving bodies that have generously invested in our charity.

The hope and expectation that the year would fulfil a complete recovery from COVID was misguided, as support from within our community struggled to achieve only 50% of levels of giving seen pre-pandemic; challenges were down as confidence for overseas travel was poor; and where events outside of the charity’s management were cancelled, we could not recover this lost income.

Lastly, gifts in Wills contributed £3.7M to our care in the year.

To everyone who has supported us, we thank you. The generosity we have received for our supporters and donors remains humbling and the reason we are able to care for our community

Retail

Our network of shops remained open for all but 12 days of the year and the division has enjoyed a successful year delivering a contribution to the cost of care of just over £1m. Covid prompted a number of changes to the operating model during 2020 and 2021, and these have remained in place. Over 45,000 cars visited a donation centre during the year and almost one million items of donated stock were sold.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

We operated through a network of 26 shops and three donation centres during the year. A number of shops were upgraded or relocated during the year, and we plan to carry on this investment activity into 2022-23.

By working closely with our recycling partners we have sought to reduce our environmental impact, working hard to ensure the maximum number of the goods donated to us are found a useful purpose and are kept away from landfill.

Around 75 employees work in the retail business, and these have ably been supported by more than 400 volunteers during the year. The volunteer team have become ever more critical to the success that the division has enjoyed in recent times and the charity remains very grateful for their contributions.

Our People

The average number of staff employed across the organisation fell from 269 to 249 full and part time permanent employees during the year. The number of volunteers who have actively supported the work of the charity in our hospices, shops, offices and at fundraising events has begun to grow again as we all become used to Covid being an ever present factor in our lives.

The over-arching aim of our people strategy remains to be an ‘Employer of Choice’ for Cornwall with this being delivered by;

People remain at the heart of everything that we do, we will continue to offer personal and professional development opportunities to ensure all of our people feel inspired, valued, supported and connected to the work of Cornwall Hospice Care. With effect from 1st April 2022, we have adopted the principles of the Real Living Wage with all employees receiving a basic hourly rate of pay of at least £9.90.

Gender Pay

The key measures from our gender pay report are set out below:

Vision Mission and Values

These were developed with input from trustees, staff and volunteers back in 2017 and will be refreshed as part of our new strategy for the period 2023-28. This year we have continued to focus on embedding the values and ensuring all of our people understand and demonstrate them in all of their work at Cornwall Hospice Care.

Our Vision

Our vision is for all people living with terminal illness in Cornwall to be able to access the care and support they may need at the time and in the place that is right for them and their families.

Our Mission

We aspire to deliver the highest possible quality care and support to our patients and their families. We will strive to secure the resources necessary to achieve this, now and in the future.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Our Values

We aim to…

Structure, governance and management

Status

The charity was incorporated on 21 December 2005, the company registration number is 05660401 and it is also a registered charity, registration number 1113140.

Governing document

The charity’s governing document is its Memorandum and Articles of Association.

Charitable objects

The objects of Cornwall Hospice Care Limited are to provide help and relief to people suffering from cancer and other life-threatening illnesses by providing and promoting specialist palliative care to the people of Cornwall and the Isles of Scilly.

Organisational management

The company’s governing body is a Board of Trustees whose members are elected by the members of the charity. The Board currently comprises 13 members and there are five sub-committees.

The charity has two wholly owned trading subsidiaries: Cornwall Hospice Care Trading Limited whose sole purpose is to raise funds for the charity by reselling purchased goods for profit, and Cornwall Hospice Care Lottery Limited, which raises funds through the operation of a lottery.

The Board and its Committees meet quarterly, or more regularly if required, to review policy and performance. The day-to-day management of the charity’s affairs is delegated to the Chief Executive and the Executive team.

This year the Board and Committee meetings continued held predominantly using video conferencing. No scheduled meeting was cancelled, and all trustees had the opportunity to attend all Board committee meetings. Additional meetings were held across the year to provide input to and oversight of our response to the challenges raised by Covid. Consequently, average attendance at meetings was higher than in the previous year.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Members of the Board

The following were members of the Board during the year:

Mr D W Renwick(Chair)
Mrs S M Godzicz
Dr S Hawkins
Ms B Macintyre Resigned 1 July2022
Mrs S M Bamford Appointed 17th March 2022
Mrs L A Clarke
Dr S Gupta
Mr A C Naylor
Dr C J Phillip
Mr G Piercy
Mrs L Stubberfield
Mr D Thomas Appointed 17th March 2022
Mr A J Whyte

Mrs D Roberts was appointed as a Director on 27[th] June 2022.

Ms Macintyre, Mrs Godzicz and Mr Renwick also served on the Boards of Cornwall Hospice Care Trading Limited and Cornwall Hospice Care Lottery Limited during the year.

Board members retire by rotation every 3 years and may offer themselves for re-election at that time, up to a maximum 9-year period of office. This can be extended in exceptional circumstances by an additional year as set out in our governance policy.

Board Committees

There are five sub- committees of the Board. Membership of these Committees during the year is set out below:

Clinical Services
Committee		 Finance Committee Income Generation
Committee		 Governance Committee Remuneration Committee
Dr S Hawkins (Chair) Mrs S M Godzicz (Chair) Mrs B Macintyre (Chair) Mr D Renwick (Chair) Mr D W Renwick
DR C J Phillip Mr A Naylor Mr G Piercy Dr S Hawkins Dr S Hawkins
Mrs L J Stubberfield Mr A J Whyte Mrs L A Clarke Mrs B Macintyre Mrs S M Godzicz
Dr S Gupta Mr D W Renwick Mr D Thomas Mrs S M Godzicz Mrs B Macintyre
Mr D W Renwick Dr S Hawkins Dr C Philip
Mrs S M Bamford Mrs L J Stubberfield

The table represents core membership only, but trustees are encouraged to attend any committee meeting should they so wish.

Recruitment and induction of Trustees

Recruitment of Trustees is done on an ongoing process to maintain a balance of members with a good mix of up to date and appropriate skill sets.

Trustee vacancies are advertised on our website and through other channels. Suitable candidates are interviewed and, depending on vacancies, are invited to become Trustees based on their skills and knowledge. New Trustees are introduced to the charity’s workings by the existing Trustees and the executive team when appointed via a structured induction program.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Executive Officers

Chief Executive : Paul Brinsley

Director of Clinical Services : Gina Starnes

Finance Director & Company Secretary : Graham Clarke

Patron

The Rt Revd Tim Thornton, Bishop of Lambeth

Principal address and registered office

Mount Edgcumbe Hospice Porthpean Road St Austell Cornwall PL26 6AB www.cornwallhospicecare.co.uk

Advisers

Solicitors : Michelmores LLP Auditors : RRL LLP Woodwater House Peat House Pynes Hill Newham Road Exeter, EX2 5WR Truro, TR1 2DP Investments: Aberdeen Standard Wealth Bankers: Barclays Bank PLC 30 St Marys Axe 10 Church Street London, EC3A 8EP St Austell, PL25 4AS Brewin Dolphin Vantage Point Woodwater Park Pynes Hill Exeter, EX2 5FD

Related parties

The charity has two wholly owned subsidiaries, Cornwall Hospice Care Trading Limited and Cornwall Hospice Care Lottery Limited. Further details can be found in note 15.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Report of the Chair

As I look back over the last two years my overriding thought is for our hard-working clinical teams who have shown enormous determination and commitment. Despite a pandemic that disrupted everyone and everything, our doctors, nurses, healthcare assistants, caterers, housekeepers and administrators have battled on.

Our 20 beds have remained open and our services operating safely. I salute them all. The last year hasn’t been easy, but we saw a slow start to the gradual emergence from the rigours of the pandemic.

Now we are regrouping and re-establishing our charity, emerging stronger and more determined than ever to provide the right care at the right time and in the right place for our patients and their families.

We continue to provide 20 beds, ten at each of our hospices, while also maintaining our excellent Lymphoedema clinics, our range of community services and our education programmes for healthcare workers and care providers across Cornwall.

The pandemic has not stopped us but encouraged us to develop new ideas and we emerge stronger, adept and ready to continue and develop our important work supporting those who need us at the end of life.

Our income generation activities have returned to an almost normal way of working and have enjoyed a successful year, slightly exceeding their budgets. This has contributed to a very pleasing surplus result, which is set out in section 4 of this report, leaving us in a strong position to invest in additional services as we develop our new strategic plan for 2023-28.

It has been another challenging year for all our staff and volunteers alike. Covid has continued to cause higher than ever levels of illness amongst our teams and I, and the Board, remain very grateful for the additional efforts made by members of our teams to cover gaps wherever possible.

We had no retirements from the Board during the year. We were pleased to welcome two new Board members during the year. Sharon Bamford and Derek Thomas were both appointed in March, and both have made significant contributions to our work already. I would like to thank my fellow trustees for their hard work and contribution during the past year as we plan and look forward to the future with optimism and determination in equal measure!

David Renwick

Chair of Trustees

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Chief Executives Report

Cornwall Hospice Care is the charity that provides specialist palliative and end of life care to the people of Cornwall. We provide this through the following avenues:

I believe this care to be of the highest quality, evidence for which is described in this report and by our current CQC ratings of Outstanding and Good for our hospices.

Public benefit

The members of the Board have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing its aims and objectives and in planning future activities. In particular, the members of the Board consider how planned activities will contribute to the aims and objectives set.

Aims and intended impact

The aim of the charity is to ensure the widest possible access to its specialist palliative care services throughout Cornwall. The intended impact is to reduce suffering of patients living with terminal conditions predominantly cancer related and to provide appropriate support to their families.

To support delivery of this care we have a governance structure through which we work critically reviewing our services; developing systems and processes that allow us to continually challenge ourselves and where necessary implement changes to improve our care. The structure includes Quality Assurance, Clinical Governance and the Clinical Services Committee, as well as quarterly scrutiny by the full Board of Trustees.

The last year has been a very positive one during which we have been able to open more beds at both hospices, bringing our total to 20. It underlines our determination to provide the best possible end-of-life care for those patients in Cornwall who need us. This followed our pledge in the last Quality Account to increase salaries where appropriate, to mirror or exceed the NHS Agenda for Change pay scales. We also increased holiday allowances for clinical staff. The net result is an ability to recruit and retain the skilled staff we need.

We have also developed our Community Services to offer Neighbourhood Hub support clinics in locations towns and at our hospices, Community Friendship Cafés, Wellbeing Workshops and Bereavement Friendship Support Groups. We are often operating in collaboration with other organisations and charities and I see this collaboration developing as we all work together to offer exceptional support to those patients living with their conditions in our communities.

I continue to be humbled by the dedication and loyalty of our staff and volunteers. Each is a valued member of our one team and committed to ensuring we deliver the highest standard of care. Whether they are working on our frontline providing the care or in our shops and at fundraising events helping to fund that care, they are all an inspiration.

Chief Executive

Paul Brinsley

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Strategic Priorities for 2020-23

Our agreed strategic priorities for the period to up to March 2023 are set out below. We will be renewing our strategy for the period 2023-28 during 2022.

Underpinning these eight strategic priorities we will work to deliver services that are integrated and offer value for money. We also need to ensure that throughout the coming strategic cycle we develop our workforce (paid and volunteers) ensuring it is fit to deliver care in the 21st century, therefore ensuring the balance between acute medical specialist palliative care and the wider holistic care for which hospices are renowned is correct.

Progress made during 2021/22

1. Continue to work in partnership to continue to develop the integrated care medical model for specialist palliative care

We continued the joint work we began in 2020/21 on the development of an integrated care medical model for specialist palliative care. Our specific role in this was to TUPE the Palliative Care Consultant from our employ to the local community Foundation Trust so their valuable skills could be used across the wider health economy more effectively to care for more patients.

We achieved this aim and the Consultants moved to their new employer on 1[st] January 2022.

2. Ensure the clinical side of the charity is fit for the future post Covid

As part of our streamlining to become more efficient and fit for the future we reviewed and refreshed our patient notes paperwork, making it much less onerous to complete whilst still recoding all the relevant information. This meant that less time was spent on completing paperwork and more time spent on patient care.

Priorities for 2022-23

1. Work in partnership to develop community services to meet identified needs

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

2. Ensuring the clinical governance of the charity is fit for the future

Risk Management and Internal control

The Trustee Board has overall responsibility for the charity’s risk management and internal control systems. Each Board Committee reviews risk in its own area at each of its meetings during the year. The Finance Committee, advised by management, supports the Board by monitoring an agreed program of internal audit activity, keeping key internal controls constantly under review.

The Board carries out a robust assessment of the principal risks facing the charity at each meeting, including those that threaten its business model, future performance, reputation or solvency. The Board risk register sets out the charity’s key risks as assessed at any point in time and these are reviewed at each meeting by the Board.

The key strategic risks monitored during the year included a failure in our care and the risks to funding caused by staff and volunteer shortages across our income generation activities. The Board has set a risk framework and categorises risks by impact and likelihood and the necessary level of management or mitigation. The Board has also reviewed and agreed our risk appetite.

Going concern basis of accounting and long-term viability

The Directors carried out a review of the company’s operating budget and cash flow projection for the coming year 2022/23 along with its strategic priorities. At the time they concluded that they have a reasonable expectation that the company had adequate resources to continue to operate for the foreseeable future, meeting its financial obligations as they fall due.

The Directors also monitor closely future expectation for legacy income, which continues to be supported by a stronger pipeline than for many years. Accordingly, the Directors continue to adopt the going concern basis in preparing the Annual Report and financial statements.

As part of its assessment of principal risks, CHC has also considered its viability over the longer term. Much of the funding we require is generated by our shops and other fundraising activities. These began to generate income again from 12[th] April 2021 when all remaining Covid restrictions were lifted. The Board has reviewed long-term plans in each of these areas and is satisfied that the level of investment in staff, systems and new shops is appropriate and will help to generate the necessary income to ensure the continuing level of care.

Financial Review

The details of our financial performance for the year are set out in section 4 of this report. Management accounts are prepared each month and are reviewed by the executive team and the Board. Annual budgets for both income and expenditure are set and approved by the Board. The monthly management accounts set out performance against budget and against the previous year. At the end of each quarter, revised forecasts for the year are prepared by the finance team and presented to the Board through the Finance Committee.

An overall surplus result of £1.0m was recorded in the period which compared to a budgeted surplus of £0.8m. This result represents an improvement of £1.05m compared to the previous year. This is our first surplus result since 2017-18 and we remain very grateful for the financial assistance received in all its forms during the year from the UK Government via the Jobs Retention Scheme, Cornwall Council for the retail support grants and NHS England for their support in keeping our beds open. Collectively these have contributed £333k to our income this year.

Our income generation teams have all had successful years, generating returns that were ahead of budget.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

The financial performance is summarised in the table below:

Financial Summary £000s 2021/22
Actual		 2021/22
Budget		 2020/21
Actual
Total Income
Expenditure		 11,295.9
10,321.1		 11,405.1
10,587.1		 9,669.6
10,141.9
Operating Result 974.8 818.0 -472.3
Gain / (loss) on investments & property
Gain / (loss) on disposal of fixed assets
Gain/ (Loss) onpension schemeprovision		 29.6
0.0
0.0		 0.0
0.0
0.0		 406.3
1.2
16.0
Surplus/ deficit 1,004.3 818.0 -48.9

Income

The table below sets out a summary of income as recorded in our management accounts for the year and included in the notes to the financial statements.

The total income earned in the year grew to £11.3m which was £0.1m (1.74%) less than budget and £1.6m (17%) better than last year.

We enjoyed a very positive result in legacies, where the total amount of gifts in wills left to us was £3.7m in the year, our best ever result. This income came from 37 estates with gifts ranging in value from £500 up to £1m+.

The pipeline of known legacy receipts remains strong and we remain confident that we are heading for another strong performance in 2022-23.

Fundraising and retail were both below budget for the year, partially due to the impact of Covid which caused event cancellations and shop closures in the early part of the year.

Income Summary £000s 2021/22
Actual		 2021/22
Budget		 2020/21
Actual
Legacies
Donations
Fundraising
Gross income from Retail
Gross income from Lottery
Income from clinical contracts
Covid 19 Grants
Investment Income
All other income		 3,716.7
528.7
585.1
4,024.2
703.5
1,060.5
335.5
93.6
248.1		 4,073.0
396.5
741.7
4,234.1
681.6
1,050.0
0.0
95.6
132.6		 1,674.5
540.8
498.1
1,282.4
678.0
1,444.8
3,248.7
121.2
181.1
Total Income 11,295.9 11,405.1 9,669.6

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Expenditure

Actual expenditure for the year was £10.3m representing a saving of over £0.2m (2%) across all activities. The impact of Covid caused us to examine our total expenditure, including that on clinical services, very closely and ensure any non-essential costs were eliminated or deferred to a later date. The efficiency gains identified by that work have continued into 2021-22.

The table below sets out the summary of expenditure incurred.

Expenditure Summary £000s 2021/22
Actual		 2021/22
Budget		 2020/21
Actual
Retail
Lottery
Cost of raising funds
Provision of care
Support costs		 3,203.8
294.2
419.1
6,229.3
174.7		 3,315.9
316.7
426.2
6,418.3
110.0		 3,265.5
195.5
472.9
6,105.4
102.6
Total Expenditure 10,321.1 10,587.1 10,141.9

Gain on investments

The value of the hospice listed investment portfolio grew by £39k during the year. The value has increased steadily during the past two years following a sharp reduction towards the end of the financial year ending 31 March 2020.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 2: Directors Report

Reserves policy

The Board through the Finance Committee review the reserves policy annually. We recognise that we need to treat the management of the charity’s reserves as an integral part of the strategic planning process, in order to develop and maintain the delivery of our services in the best interests of our beneficiaries. We review the level of free reserves required based on an assessment of the major financial risks to which the charity is exposed, and by maintaining and updating a longer-term financial plan.

As with previous years, the commissioning and funding of all NHS care service provision continues to bring uncertainty, but this was mitigated by the renewal of our contract reported above. Uncertainty in the general economic climate, the increasing cost of living and ever-growing competition from other charities, along with a continued difficulty to recruit members of staff with the required skills and experience, continue to pose challenges to our retail, fundraising and voluntary giving activities.

Financial Resilience

Total free reserves of £4.7m were held by the charity at 31st March 2022. This comprises a general reserve equating to 3 months running costs plus a balance of £2m, which the Trustees believe it is necessary to retain given the strategic risk factors identified above, the continued unpredictability of vital legacy income and the current uncertainties within the economic climate and retail environment.

It is also worth identifying here that Note 30 details legal operating lease commitments of £2.3m (2021: £1.8m) which would need to be provided for from these reserves, in the extremely unlikely event that the charity is forced into closure.

As in previous years, the Board has continued its policy of designating funds from reserves to cover short- and medium-term expenditure, which it recognises may not be covered by a guaranteed income stream. In previous years, designated funds have included amounts for the roll out of our community services. We now see these as part of our core service and will not include them here.

Volunteers

The Board would like to place on record once again its grateful thanks to the hospice volunteers, fundraising groups and shops volunteers for their continued and unstinting support. It is also grateful to the general public who have been so generous to the hospices over the years by donating funds and second hand goods to our shops, playing our lottery and supporting our fundraising events.

Fundraising Compliance

We comply with all relevant statutory regulations including the Charities Act 2011, the Charities (Protection and Social Investment) Act 2016, the Data Protection Act 1998, the Privacy and Electronic Communications Regulations 2003, the Telephone Preference Service and the Mailing Preference Service.

We are also registered with the Fundraising Regulator and the Gambling Commission and are committed to upholding the standards of the Code of Fundraising Practice. We have committed to honest, fair and open fundraising activity and protecting the financial position of those who may be vulnerable. To the best of our knowledge, we have met these standards. The Fundraising Preference Service (FPS) was launched in July 2017 and we have taken steps to ensure we comply with any requests highlighted by them. For the year just ended there were no suppression requests.

During the year we utilised a wide range of fundraising activities to raise money to fund the services we provide. These include sponsored events, corporate sponsorship, community support, mostly held virtually this year. Donations, our lottery and bumper draws have continued in the usual way. The majority of the work is carried out by our staff and our volunteers. In addition, we use third party companies as canvassers to recruit for our lottery and delivery staff for events held domestically and overseas.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 2: Directors Report (continued)

We monitor fundraising activities carried out on our behalf with randomised follow up calls to supporters, regular meetings and regular training, the results of which are reported to our Income Generation Committee. No formal complaints were received in the last year.

Accounting policies

There has been one change to accounting policies during the year which has led to the establishment of a legacy income reserve. This has been done to mitigate the impact on the charity of a sudden drop in legacy income by transferring a share of legacy income from the general reserve to the specific legacy smoothing reserve.

Executive Remuneration

As a specialist medical charity directly employing highly skilled clinical staff including nurses, therapists, doctors and consultants to deliver our services, the Board is mindful of the need to have equally well qualified and skilled senior managers to carry the responsibility for the day to day operation of the two hospices including the responsibility to raise the funds needed to ensure continuity of care. The Board, through the Remuneration Committee, has carefully considered the remuneration of the senior staff including the Chief Executive, Finance Director and the Director of Clinical Services. The Board is satisfied that the remuneration offered is appropriate to the level of responsibility held and in line with market rates for roles in similar sized charitable organisations delivering specialist medical care.

Investment policy and objectives

The Board has approved an investment policy which requires a balanced return from income and capital growth and whose primary focus is the preservation of the capital value of the portfolio sum. In order to achieve this, the Board has set a target annual minimum return on the value of the portfolio, which is directly related to the level of risk attached to the investments.

The investment portfolio has continued to be managed jointly by Aberdeen Standard Capital and Brewin Dolphin. An additional investment of £1.5m was made during the year into the portfolio.

A quarterly report detailing the portfolio performance is prepared and scrutinised by the Finance Committee. The annual return on the portfolio for the year exceeded the Board’s stated minimum requirement.

The charity also owns three properties, other than the hospice buildings. Two of these are used for our own retail operation. The other is rented to a third party to produce an income stream. During the year, the investment property at Lytton Place in St. Austell was sold. We also sublet part of one of our leased premises to produce an additional income stream.

Other surplus cash holdings are invested in short term bank deposits, earning a low rate of interest, but are readily available to meet any short-term cash requirements. During the year we implemented a treasury management facility with Insignis, investing the initial sum of £85,000 with a return of 2%.

Our impact on the environment

Cornwall Hospice Care is committed acting in ways that minimise the impact of its activities on the environment. Some of the things we have done during the year to help us achieve this are set out below:

16

Cornwall Hospice Care Limited (Limited by Guarantee)

Section 2: Directors Report

Tax status

Cornwall Hospice Care Limited, being a registered charity, is exempt from corporation tax on its investment and other non-trading income.

Accounting and reporting responsibilities of the Board

The members of the Board constitute directors of the company for the purposes of the Companies Act. They are responsible for preparing the Report of the Members of the Board and the financial statements in accordance with applicable law and regulations.

Law applicable to companies in England and Wales requires the directors to prepare the financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the group and company and of the net incoming or outgoing resources of the group for that year. In preparing those financial statements the directors are required to:

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and group and to enable them to ensure that the financial statements comply with the Companies Act 2006 and Charities Act 2011. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of group and company and to prevent and detect fraud and other irregularities.

Statement of disclosure to auditor

So far as the members of the Board are aware, there is no relevant audit information of which the charity’s auditors are unaware. Additionally, the members of the Board have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

By order of the Board

Porthpean Road St Austell Cornwall

17

Cornwall Hospice Care Limited (Limited by Guarantee)

Section 3: Independent auditors’ report to the members of Cornwall Hospice Care Limited

Opinion

We have audited the financial statements of Cornwall Hospice Care Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2022 of which comprise of the group statement of financial activities, group and company balance sheet, group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

The impact of macro-economic uncertainties on our audit

Our audit of the financial statements requires us to obtain and understanding of all relevant uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made by the directors and the related disclosures and the appropriateness of the going concern basis of preparation of the company’s future prospects and performance.

Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full range of possible outcomes and their impacts unknown. We applied a standardised firm-wide approach in response to these uncertainties when assessing the company’s future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a company associated with these particular events.

18

Cornwall Hospice Care Limited (Limited by Guarantee)

Independent auditors’ report to the members of Cornwall Hospice Care Limited (continued)

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified and material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

19

Cornwall Hospice Care Limited (Limited by Guarantee)

Independent auditors’ report to the members of Cornwall Hospice Care Limited (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 17, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

As part of our audit work, we obtained an understanding of the legal and regulatory frameworks applicable to the group dnd the sector in which it operates. We determined that compliance with the Care Quality Commission, regulations relating to the safeguarding of vulnerable beneficiaries and the Gambling Act 2005 were most significant to the group as well as the laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, the Companies Act 2006 and compliance with the Charities Statement of Recommended Practice.

The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

20

Cornwall Hospice Care Limited (Limited by Guarantee)

Independent auditors’ report to the members of Cornwall Hospice Care Limited (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

For and on behalf of RRL LLP Statutory Auditors

Peat House Newham Road TRURO Cornwall TR1 2DP

21

Cornwall Hospice Care Limited (Limited by Guarantee)

Consolidated statement of financial activities

For the year ended 31 March 2022

For the year ended 31 March 2022
Unrestricted Restricted Total Total
funds funds
2022		 2021
Notes £ £ £ £
Income
Donations & legacies 4 4,245,432 - 4,245,432 2,215,283
Income from Charitable Activities 5 1,060,463 - 1,060,463 1,444,792
Income from Other Trading Activities:
Commercial trading operations 6 4,727,712 - 4,727,712 1,960,435
Fundraising 6 585,128 - 585,128 498,066
Covid-19 support income 7 143,450 192,023 335,473 3,248,744
Other income 248,099 - 248,099 181,072
Investment income 8 93,559 - 93,559 121,192
__ __ __ __
Total Income 11,103,843 192,023 11,295,866 9,669,584
__ __ __ __
Expenditure
Expenditure on raising funds
Commercial trading activities 3,497,975 - 3,497,975 3,460,993
Costs of generating donations and legacies 391,124 - 391,124 451,786
Investment portfolio fees 28,009 - 28,009 21,126
Expenditure on charitable activities
Provision of care 6,016,353 212,892 6,229,245 6,105,331
Support costs 174,747 - 174,747 102,629
__ __ __ __
Total Expenditure 9 10,108,208 212,892 10,321,100 10,141,865
__ __ __ __
Net gains on investments 39,002 - 39,002 406,319
__ __ __ __
Net income/(expenditure) 1,034,637 (20,869) 1,013,768 (65,962)
Other recognised gains and losses
Gain on disposal of fixed assets - - - 1,240
Loss on disposal of investment property (9,381) - (9,381) -
Pension Liability - - - 15,966
__ __ __ __
Net movement in funds 1,025,256 (20,869) 1,004,387 (48,756)
Reconciliation of funds:
Fund balances brought forward 8,335,401 750,198 9,085,599 9,134,355
__ __ __ __
Fund balances carried forward 27,28,29 9,360,657
 729,329
 10,089,986 9,085,599

22

Cornwall Hospice Care Limited (Limited by Guarantee)

Balance sheet

As at 31 March 2022

Notes
Fixed assets
Tangible assets
18,19
Intangible assets
Investments
20
21
Current assets
Stock
22
Debtors
23
Cash at bank and in hand
Creditors: amounts falling due within
one year
24
Net current assets
Total net assets
The funds of the charity
Restricted funds
27
Unrestricted funds
28
Total funds		 The
Company
The
Group
2022
2022
£
£
4,162,820
4,176,020
-
4,817,568
-
4,817,563
__
__
8,980,388
8,993,583
__
__
20,979
96,277
687,796
622,295
906,580
1,109,661
__
__
1,615,355
1,828,233
(614,127)
(731,830)
__
__
1,001,228
1,096,403
__
__
9,981,616
10,089,986

729,329
729,329
9,252,287
9,360,657
__
__
9,981,616
10,089,986		 The
Company
2021
£
4,306,744
-
3,611,643
_
7,918,387
_
20,979
1,295,430
340,101
_
1,656,510
(549,858)
_
1,106,652
_
9,025,039
750,198
8,274,841
_
9,025,039		 The
Group
2021
£
4,306,744
-
3,611,643
_
7,918,387
_
104,029
1,098,545
603,711
_
1,806,285
(639,073)
_
1,167,212
_
9,085,599
750,198
8,335,401
_
9,085,599

These financial statements were approved by the Members of the Board on and were signed on its behalf by:

Director

Company registration no.: 05660401

23

Cornwall Hospice Care Limited (Limited by Guarantee)

Consolidated cash flow statement

For the year ended 31 March 2022

Note
2022
£
£
£
Cash provided by
operating activities
34
1,728,350
Cash flows from investing activities
Interest income
228
198
Dividends income
52,973
61,580
Rental income from investment property
40,358
59,414
__
93,559
_
Purchase of tangible fixed assets
(147,394)
(173,042)
Purchase of investments
(1,993,227)
(634,155)
Receipts from sale of investments
824,662
833,916
Receipts from sale of tangible fixed assets
-
8,634
__
_
Net cash (outflows)/inflows from investing
activities
(1,315,959)
__
Increase in cash equivalents
505,950
Cash and cash equivalents at 1 April 2021
603,711
__
Cash and cash equivalents at 31 March 2022
1,109,661
 2021
£
44,937
121,192
35,353
_
201,482
402,229
_
603,711

All of the cash flows are derived from continuing operations during the above two periods.

24

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

1 Constitution

The charity is a company limited by guarantee, domiciled in England and Wales, registration number 05660401 and does not have a share capital. In the event of the charity being wound up each member is liable to contribute a sum not exceeding £10. There were 13 members at 31 March 2022 (2021: 11). The registered office is recorded in the Trustees’ report.

2 Consolidation

The consolidated financial statements incorporate the financial statements of Cornwall Hospice Care Limited and its subsidiary undertakings Cornwall Hospice Care Trading Limited, Cornwall Hospice Care Lottery Limited and Resource Kernow Newco Ltd.

A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

3 Accounting policies

3.1 Accounting convention

The financial statements have been prepared on a going concern basis and in accordance with Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102 and the Companies Act 2006.

Cornwall Hospice Care Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

3.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis.

3.3 Tangible fixed assets and depreciation

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Freehold buildings 2% per annum at cost (minor refurbishment costs 100%) Short leasehold improvements over the period of the lease Long leasehold buildings 2% per annum (minor refurbishment costs 100%) Medical equipment and fittings 10% per annum I.T. equipment 15% - 25% per annum on cost General equipment and fittings 10% - 100% per annum Motor vehicles 20% per annum

Depreciation is calculated on a monthly basis where assets are purchased during the year.

No depreciation is provided on freehold land.

25

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements

3.4 Fixed asset investments

Investments are stated in the financial statements at fair/market value. Unrealised gains on investments are calculated by reference to the difference between fair/market value from one year to the next. Realised gains or losses are calculated by reference to the difference between proceeds of sale and the carrying value of the investment at the previous year end.

3.5 Operating leases

Rentals under operating leases are charged on a straight line basis over the lease term.

3.6 Stocks

Stocks are valued at the lower of cost and net realisable value.

Donated items of stock are not valued at time of receipt but income from them is recognised at point of sale. The Trustees opted to continue this policy due to the amount of time, cost and administration involved in the exercise of valuing donated stock. For a charity the size of Cornwall Hospice Care Limited, the Trustees took the view that this is not practical.

3.7 Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Legacies are deemed receivable from the date of notification, provided that sufficient information has been received to enable a reliable measure of the amount receivable to be made. Recognition of a legacy, in whole or in part, is only made when the amount can be measured accurately and the charity has been notified of the executor’s intention to make a distribution. This valuation method reflects the inherent uncertainty as a substantial proportion of legacy income is represented by property and other investments whose value is subject to market fluctuations until realised. Residuary legacies are valued in line with these considerations.

Investment income is credited to the statement of financial activities on a receivable basis.

3.8 Grants receivable & deferred income

Grants receivable are recognised as incoming resources in the year to which they relate. Grants are deferred where they relate to a specified future period. They may be repayable in certain circumstances.

3.9 Expenditure

The majority of costs are directly attributable to specific activities. Shared costs are apportioned to the activities in furtherance of the objects of the charity on the basis of estimated usage by each cost centre of the services provided. Irrecoverable VAT is included within expenditure.

3.10 Investment properties

In accordance with Charities SORP (FRS 102):

26

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

3.11 Pensions

The pension costs charged in the financial statements represent the contributions payable by the group during the year in accordance with FRS 102. Defined benefit pension funds have been accounted for as defined contribution schemes since these are multi-employer schemes and the group has been unable to identify its share of the underlying assets or liabilities of these funds.

3.12 Funds

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets the criteria is identified to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds are donations and other incoming resources received or generated for charitable purposes.

Designated funds are unrestricted funds earmarked by the Board for particular purposes.

3.13 Provisions for liabilities

Provisions for expenditure are included within the financial statements when it has been determined that there is a present obligation as a result of a past event, there is a probability that an amount will be payable and that a reliable estimate can be made of the obligation.

3.14 Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accouting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

27

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

4 Donations and legacies
2022 2021
£ £
Legacies 3,716,722 1,674,488
Donations 528,710 540,795
__ __
4,245,432 2,215,283

The charity benefits greatly from the involvement and enthusiastic support of its many volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements.

5
Income from charitable activities
Health authority contract
6
Income from trading activities
Commercial operations
Gross Income from shops
Gross Income from Lottery

Fundraising
Trusts and grants
Fundraising activities
 2022
£
1,060,463
2022
£
4,024,184
703,528
______

4,727,712
2022
£
124,746
460,382
______
585,128		 2021
£
1,444,792
2021
£
1,282,414
678,021
______
1,960,435
2021
£
84,258
413,808
______
498,066

28

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

7
Covid-19 support grant income
Grant income from NHS England
Job Retention Scheme grant income
Local Authority grant income
8
Investment income
Property
Bank interest
Listed investments		 Group
2022
£
192,023
21,160
122,290
_
335,473
Group
2022
£
40,358
228
52,973
_
93,559		 Group
2021
£
1,931,295
987,903
329,546
_
3,248,744
Group
2021
£
59,414
198
61,580
_
121,192

29

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

9 Total expenditure - group

Staff costs
Patient care
Medical supplies & drugs
Catering & domestic supplies
Travel expenses
Training & education
Laundry
Electricity & Gas
Telephone
Rates and water
Uniforms
Printing, Postage and stationery
Insurance
Repairs and maintenance
Depreciation
Direct fundraising costs
Department fundraising costs
Banking charges
Administration charge
Audit and accountancy
Legal and professional fees
Irrecoverable VAT
Cost of sales
Shops operating expenses
Investment portfolio fees
Staff relocation & recruitment		 Provision
of care
£
5,459,575
40,168
69,926
59,469
11,753
51,980
13,331
44,013
54,430
18,234
3,268
23,391
37,488
119,846
115,877
-
-
-
106,496
-
-
-
-
-
-
-
_
6,229,245
 Raising
funds
Commercial
trading
expenses
£
£
261,161
1,782,708
-
-
-
-
-
-
-
51
-
469
-
-
-
-
-
-
-
-
-
-
-
9,850
-
-
-
-
-
162,241
46,242
-
56,953
-
5,400
13,523
10,077
80,665
-
-
-
-
11,291
-
-
267,718
-
1,167,499
28,009
-
-
13,251
_
_
419,133
3,497,975		 Support
costs
2022
Total
2021
Total
£
£
£
45,795
7,549,239
7,720,327
-
40,168
32,070
-
69,926
104,610
-
59,469
64,838
-
11,804
15,077
-
52,449
33,220
-
13,331
7,188
-
44,013
51,711
-
54,430
47,108
-
18,234
19,610
-
3,268
2,921
-
33,241
35,918
-
37,488
27,336
-
119,846
102,887
-
278,118
275,420
-
46,242
34,570
-
56,953
67,753
-
18,923
16,412
-
197,238
167,127
15,302
15,302
15,146
113,650
113,650
41,688
-
11,291
9,105
-
267,718
152,368
-
1,167,499
1,057,468
-
28,009
21,127
-
13,251
18,860
_
_____
______
174,747
10,321,100
10,141,865

30

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

10 Expenditure – analysis of governance and support costs

The charity identifies those costs which relate to the governance function. These costs are displayed within note 9 and the statement of financial activities under “Support costs” and relate to the support costs of running the charities main charitable activity. Their detail along with basis of apportionment is shown in the table below:

Governance Basis of apportionment
function
£
Staff costs 45,795 Key management allocated on time
Audit and accountancy 15,302 Governance
Legal and professional 113,650 Governance
__
174,747

11 Net income/(expenditure) for the year

This is stated after charging the following:

his is stated after charging the following:
2022 2021
£ £
Auditors’ remuneration – audit (group) 15,302 15,146
Operating leases 697,340 661,460
Depreciation (group) 278,118 289,487
Amortisation (group) - 4,139

12 Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel

The average monthly head count of staff employed by the group (excluding Trustees) during the year was as follows:

Staff and management
The aggregate payroll costs of these persons were as follows:
Wages and salaries
Social security costs
Other pension costs
Termination payments		 2022
249

2022
£
6,450,178
566,357
517,576
15,128
__
7,549,239
 2021
269
2021
£
6,520,065
533,531
510,866
155,865
__
7,720,327

31

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel (cont’d)

Other pension costs represent employer’s defined contributions towards the employees NHS Scheme and the Standard Life Scheme. Board members received no remuneration during the year.

Eleven employees had annualised emoluments for the year in excess of £60,000 and fell into the following bands:

2022 2021
£60,000 to £70,000 – Operational Lead Nurse, 3 x Consultants, Speciality 6 5
Doctor, Head of HR
£70,000 to £80,000 – Director of Clinical Services, Finance Director, 1 x 4 3
Consultant, 1 x Speciality Doctor
£80,000 to £90,000 - -
£90,000 to £100,000 – Chief Executive 1 1
£100,000 to £110,000 - -
£110,000 to £120,000 - -

The key management personnel of the group comprise of the Chief Executive, Finance Director and Director of Clinical Services. The combined employee benefits of these three personnel totalled £324,877 (2021: £308,237, three personnel). Cornwall Hospice Care Limited is unlike other hospices in that the Charity employs consultants, who are paid at the NHS rate and therefore four (2021: five) of these consultants are included within the bandings above.

13 Pension costs

Defined benefit scheme:

NHS pension scheme

The charity contributes on behalf of its employees to the National Health Service pension scheme.

The NHS Pension Scheme is an unfunded, defined benefit scheme that covers NHS employers, General Practices and other bodies, allowed under the direction of the Secretary of State, in England and Wales. As a consequence it is not possible for the charity to identify its share of the underlying scheme.

The pension cost charge for the period amounted to £260,496 (2021: £254,811).

Contributions amounting to £31,588 (2021: £36,848) were payable to the Fund at 31 March 2022 and are included in other creditors.

Standard Life Scheme

The charity operates a Group Personal Pension Scheme for those people not in the NHS Pension Scheme. The Scheme came into effect on 1 April 2008, and the charity makes voluntary contributions (currently up to 10% of salary) to the Scheme on behalf of each employee, as the Scheme Contract is between the employee and Standard Life.

Auto Enrolment

The charity is fully compliant with the auto enrolment legislation regarding pension schemes. The Standard Life Scheme was modified in April 2014 to incorporate the requirements of auto enrolment, and for those employees who are not members of the NHS Pension Scheme, offers to match employees’ pension contributions up to a maximum of 5% (10% for Senior Executive Team) of salary, which exceeds the current minimum requirements under legislation.

The pension cost charge for the period amounted to £257,370 (2021: £258,710).

Contributions amounting to £35,707 (2021: £36,637) were payable to the Fund at 31 March 2022 and are included in other creditors.

32

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

14 Related party transactions

The charity has taken advantage of the exemption available not to disclose intra-group related party transactions.

No trustee expenses have been incurred during the year (2021: £Nil).

15 Subsidiaries

The charity owns the whole of the issued ordinary share capital of Cornwall Hospice Care Trading Limited (registration number: 05724233) and Cornwall Hospice Care Lottery Limited (registration number: 05724116), both of which are registered in England and Wales. The subsidiaries operate the sale of bought in goods through the charity’s shops and a lottery respectively. All activities have been consolidated on a line by line basis in the statement of financial activities.

Resource Kernow Newco Ltd is a dormant subsidiary that has remained dormant throughout the year. Since the year-end this company has been struck off the Companies House register as it is no longer required.

A summary of the results of the subsidiaries is shown below:

Cornwall
Hospice Care
Trading
Limited
Cornwall
Hospice Care
Lottery
Limited
Resource
Kernow
Newco
Ltd
£
£
£
Per company accounts
Turnover
185,558
703,528
-
Cost of sales
(86,853)
(180,866)
-
Interest payable
-
-
-
Administrative expenses
(50,279)
(112,255)
-
Interest receivable
-
-
-
_
________
________
_
48,426
410,407
-
Amount distributed to the
charity via Gift Aid
(1,000)
(410,000)
-
_
_
__
_
Result in the subsidiary
47,426
407
-


The assets and liabilities of the subsidiaries were:
Cornwall
Hospice Care
Trading
Limited
Cornwall
Hospice Care
Lottery
Limited
£
£
_Per company accounts
Fixed Assets
-
13,200
Current assets
147,154
135,949
Current liabilities
(99,061)
(88,851)
_
_

Total net assets
48,093
60,298
_
_

Aggregate share capital and reserves
48,093
60,298		 Total
2022
£
889,086
(267,719)
-
(162,534)
-
__
458,833
(411,000)
__
47,833
Resource
Kernow
Newco
Ltd
£
-
-
_
-
_
-		 Total
2021
£
759,763
(152,367)
-
(121,857)
14
_
485,553
(864,141)
_
(378,588)
Total
2022
£
13,200
283,103
(187,912)
__
108,391
__
108,391

33

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

16 Financial Performance of the charity

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiaries as highlighted in note 15.

The summary financial performance of the charity alone is:

Income
Gift aid from subsidiaries
Expenditure on charitable activities
Net income
Total funds brought forward
Total funds carried forward
Represented by:
Restricted funds
Unrestricted funds
Total funds carried forward		 Total
2022
Total
2021
£
£
10,494,817
9,391,720
411,000
_
864,141
_
10,905,817
10,255,861
9,949,240
9,926,037
_
956,577
_
329,824
9,025,039
8,695,215
_
_
9,981,616
9,025,039

729,329
750,198
9,252,287
8,274,841
_
9,981,616
_
9,025,039

34

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

17 Comparative period statement of financial activities

Consolidated

Consolidated
Unrestricted Restricted Total
funds funds 2021
£ £ £
Income
Donations & legacies 2,215,283 - 2,215,283
Income from Charitable Activities 1,444,792 - 1,444,792
Income from Other Trading Activities:
Commercial trading operations 1,960,435 - 1,960,435
Fundraising 488,066 10,000 498,066
Covid-19 support income 1,317,449 1,931,295 3,248,744
Other income 181,072 - 181,072
Investment income 121,192 - 121,192
__ __ __
Total Income 7,728,289 1,941,295 9,669,584
__ __ __
Expenditure
Expenditure on raising funds
Commercial trading activities 3,460,993 - 3,460,993
Costs of generating donations and legacies 451,786 - 451,786
Investment portfolio fees 21,126 - 21,126
Expenditure on charitable activities
Provision of care 4,154,248 1,951,083 6,105,331
Support costs 102,629 - 102,629
__ __ __
Total Expenditure 8,190,782 1,951,083 10,141,865
__ __ __
Net gains on investments 406,319 - 406,319
Net expenditure (56,174) (9,788) (65,962)
Transfers
Gross transfers between funds - - -
__ __ __
Other recognised gains and losses
Gain on disposal of fixed assets 1,240 - 1,240
Pension Liability 15,996 - 15,996
__ __ __
Net movement in funds (38,968) (9,788) (48,756)
Reconciliation of funds:
Fund balances brought forward 8,374,369 759,986 9,134,355
__ __ __
Fund balances carried forward 8,335,401 750,198 9,085,599

35

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

18 Tangible fixed assets – company

Freehold land
and buildings
Short
leasehold
improvements
Equipment
& fittings
£
£
£
Cost or valuation
At 1 April 2021
5,807,411
1,207,033
909,591
Additions
Disposals
9,861
-
63,686
-
55,196
-
_
_
_
At 31 March 2022
5,817,272
1,270,719
964,787
_
_
_
Depreciation
At 1 April 2021
2,122,833
910,635
694,892
Charge for the year
Released on disposal
111,250
-
79,205
-
34,198
-
_
_
__
At 31 March 2022
2,234,083
989,840
729,090
__
__
__
Net book value
At 31 March 2022
3,583,189
280,879
235,697

At 31 March 2021
3,684,578
296,398
214,699
 Motor
vehicles
IT
Equipment
& Software
£
£
188,411
271,517
-
-
5,451
-
_
_
188,411
276,968
_
_
133,095
215,764
20,476
-
32,989
-
_
_
153,571
248,753
__
__
34,840
28,215
55,316
55,753		 Total
£
8,383,963
134,194
-
_
8,518,157
_
4,077,219
278,118
-
__
4,355,337
__
4,162,820
4,306,744

Freehold land and buildings includes land at cost of £121,020 (2021: £121,020) on which no depreciation is charged.

36

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

19 Tangible fixed assets – group

Freehold land
and buildings
Short
leasehold
improvements
Equipment
& fittings
£
£
£
Cost or valuation
At 1 April 2021
5,807,411
1,207,033
909,591
Additions
Disposals
9,861
-
63,686
-
55,196
-
_
_
_
At 31 March 2022
5,817,272
1,270,719
964,787
_
_
_
Depreciation
At 1 April 2021
2,122,833
910,635
694,892
Charge for the year
Released on disposal
111,250
-
79,205
-
34,198
-
_
_
__
At 31 March 2022
2,234,083
989,840
729,090
__
__
__
Net book value
At 31 March 2022
3,583,189
280,879
235,697

At 31 March 2021
3,684,578
296,398
214,699
 Motor
vehicles
IT
Equipment
& Software
£
£
188,411
274,517
-
-
18,651
-
_
_
188,411
293,168
_
_
133,095
218,764
20,476
-
32,989
-
_
_
153,571
251,753
__
__
34,840
41,415
55,316
55,753		 Total
£
8,386,963
147,394
-
_
8,534,357
_
4,080,219
278,118
-
__
4,358,337
__
4,176,020
4,306,744

Freehold land and buildings includes land at cost of £121,020 (2021: £121,020) on which no depreciation is charged.

37

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

20 Intangible assets - group

Cost or valuation
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
Released on disposal
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Goodwill
£
12,417
-
(12,417)
_

-
_
12,417
-
(12,417)
__
-
__
-
-		 Total
£
12,417
-
(12,417)
_
-
_
12,417
-
(12,417)
__
-
__
-
-

21 Investments

Freehold
investment
property
Investment in
subsidiary
undertakings
Investment
portfolio
Company
2022
£
£
£
£
At 1 April 2021
516,641
5
3,094,997
3,611,643
Additions at cost
-
-
1,993,227
1,993,227
Disposals
(360,000)
-
(464,662)
(824,662)
Unrealised gains
-
-
33,316
33,316
Realised gains/(losses)
(1,641)
-
5,685
4,044
__
__
__
__
At 31 March 2022
155,000
5
4,662,563
4,817,568

 Group
2022
£
3,611,638
1,993,227
(824,662)
33,316
4,044
__
4,817,563

The freehold investment property at 5-7 Fore Street, St Austell was last revalued on an open market basis on 25 April 2019 by Scott Burridge Commercial. The Trustees consider the valuation appropriate at the year end.

The cost of the above listed investments at 31 March 2022 was £4,529,036 (2021: £2,924,542). The cost of the freehold investment properties amounts to £290,000 (2021: £668,875).

Carrying amount of financial assets

2022 2021 £ Instruments measured at fair value through profit or loss 4,662,563 3,094,997

38

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

22
Stocks
Company
2022
£
Goods for resale
12,079
Drugs, medical supplies etc.
8,500
Maintenance stocks
400
__
20,979
23
Debtors
Company
2022
£
Gift Aid debtor
89,607
VAT recoverable
58,222
Amounts owed by group undertakings
68,399
Other debtors
59,400
Prepayments and accrued income
412,168
__
687,796
24
Creditors: amounts falling due within one year
Company
2022
£
Trade creditors
133,910
Other creditors
Other taxation and social security
70,186
129,967
Accruals
278,312
Deferred income (note 25)
1,752
__
614,127		 _ Group
2022
£
87,377
8,500
400
_

96,277
Group
2022
£
89,607
56,414
-
59,381
416,893
__

622,295
Group
2022
£
141,438
69,179
130,705
314,743
75,765
__
731,830		 Company
2021
£
12,079
8,500
400
_
20,979
Company
2021
£
-
50,967
196,701
51,814
995,948
_
1,295,430
Company
2021
£
138,557
98,068
135,893
166,660
10,680
__
549,858		 Group
2021
£
95,129
8,500
400
__
104,029
Group
2021
£
-
49,778
-
52,819
995,948
_
1,098,545
_
Group
2021
£
141,107
98,280
135,775
182,617
81,294
__
639,073

39

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

25 Deferred income

Company Group Company Group
2022 2022 2021 2021
£ £ £ £
At 1 April 2021 10,680 81,294 10,259 79,209
Released to income in year (31,309) (101,923) (6,491) (75,441)
Deferred in year 22,381 96,394 6,912 77,526
__ __ __ __
At 31 March 2022 1,752 75,765 10,680 81,294

26 Contingent assets

At 31 March 2022, the Charity had been notified of legacies receivable totalling an estimated £4.0m (2021: £4.3m) that are not included in the Statement of Financial Activities because the conditions for recognition have not been met.

In addition, the Charity has assets bequeathed to it totalling an estimated £195k (2021: £196k) which are subject to a life tenancy interest held by a third party.

27 Restricted funds

The Company and the Group

Project Bed NHSE
Appeal Purchase Covid-19
Fund Fund support Total
grant
£ £ £ £
At 1 April 2021 740,448 9,750 - 750,198
Income - - 192,023 192,023
Expenditure (19,538) (1,331) (192,023) (212,892)
__ __ __ __
At 31 March 2022 720,910 8,419 - 729,329

The Project Appeal Fund represents grant funding from the Department of Health and public appeal monies received towards the capital project at St Julia’s Hospice to provide new Out-Patient facilities which was completed early in 2013. Depreciation on this fund of £19,538 is charged to reserves annually.

The Bed Purchase Fund reflect £10,000 donated in contribution to bed purchases for each unit. Two beds for each unit were purchased in December 2020 for a total cost of £19,000. Depreciation on these beds of £1,331 is charged to reserves annually.

The NHSE Covid-19 support grant fund reflects funding received from the NHSE. The NHSE awarded funding to provide bed capacity and community support from December 2021 to March 2022. The full amount of funding made available was spent during the year on maintaining capacity and community support.

40

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

28 Unrestricted funds

(a) The Company [--- - - - - - - - - - - - - - - - - - - Designated Funds - - -
Capital
Fund
Revaluation
Reserve
Future
Service
Develop
Fund
£
£
£

At 1 April 2021
3,556,546
170,455
306,439
(Deficit)/surplus for the year
-
-
(169,400)
Transfer
(123,055)
(36,928)
(137,039)
_
_
__
At 31 March 2022
3,433,491
133,527
-


 - - - -- - - - - - -
Legacies
Fund
£
-
-
1,000,000
_
1,000,000		 - - - - - - ]
General
Reserve
£
4,241,401
1,146,846
(702,978)
__
4,685,269		 Total
£
8,274,841
977,446
-
__
9,252,287
(b) The Group [- -
At 1 April 2021
(Deficit)/surplus for the year
Transfer
At 31 March 2022		 - - - - - - - - - - - - - - - - - - - - Designated Funds - -
Capital
Fund
Revaluation
reserve
Future
Service
Develop
Fund
£
£
£
3,556,546
170,455
306,439
-
-
(169,400)
(123,055)
(36,928)
(137,039)
_
_
__
3,433,491
133,527
-
 - - - - - - - - - - - -
Legacies
Fund
£
-
-
1,000,000
_
1,000,000		 - - - - - - ]
General
Reserve
£
4,301,961
1,194,656
(702,978)
__
4,793,639		 Total
£
8,335,401
1,025,256
-
__
9,360,657

41

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

28 Comparative unrestricted funds

(a) The Company [--- - - - - - - - - - - - - - - - - - - Designated Funds - - - - - - -- - - - - - - - - - - - - ]

At 1 April 2020
Surplus/(Deficit) for the year
Transfer
At 31 March 2021		 Capital
Fund
Revaluation
Reserve
£
£
3,670,602
-
-
-
(114,056)
170,455
_
_
3,556,546
170,455
 Future
Service
Develop
fund
£
474,706
(168,267)
-
__
306,439		 Future
deficit
fund
£
64,500
-
(64,500)
_
-		 General
Reserve
£
3,725,421
507,879
8,101
__
4,241,401		 Total
£
7,935,229
339,612
-
__
8,274,841

(b) The Group [- - - - - - - - - - - - - - - - - - - - - - Designated Funds - - - - - - - - - - - - - - - - - - - - ]

At 1 April 2020
Surplus/(Deficit) for the year
Transfer
At 31 March 2021		 Capital
Fund
Revaluation
reserve
£
£
3,674,741
-
-
-
(118,195)
170,455
_
_
3,556,546
170,455
 Future
Service
Develop
Fund
£
474,706
(168,267)
-
__
306,439		 Future
deficit
fund
£
64,500
-
(64,500)
__
-		 General
Reserve
£
4,160,422
129,299
12,240
__
4,301,961		 Total
£
8,374,369
(38,968)
-
__
8,335,401

42

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

28 Unrestricted funds (continued)

The designated Capital Funds represent fixed assets (being predominantly Mount Edgcumbe Hospice and St Julia’s Hospice) that are not funded through the restricted Capital Funds (note 27).

The Future Services Developments Fund has been reduced to nil as relates to the development of our community services, which are now part of our day to day service offering.

The Future Deficit Fund represents the forecast deficit in 22/23 less the amount of budgeted expenditure on community services.

The Legacies Fund has been established to mitigate the specific risk that arises around legacy income. Legacies present management with a unique risk, in that if they were to substantially reduce or stop all together management are unable to take management action that would influence this in the short to medium term. The legacy fund is therefore intended to fund any legacy shortfalls, which will allow time for expenditure to be reduced in a planned manner.

29 Analysis of net assets between funds

Consolidated fund balances at 31 March 2022 are represented by:

Unrestricted Restricted Total
funds funds
£ £ £
Fixed assets 3,446,691 729,329 4,176,020
Investments 4,817,563 - 4,817,563
Current assets 1,828,233 - 1,828,233
Current liabilities (731,830) - (731,830)
__ __ __
9,360,657
 729,329 10,089,986

Consolidated fund balances at 31 March 2021 are represented by:

Unrestricted
funds
£
Fixed assets
3,556,546
Investments
3,611,643
Current assets
1,806,285
Current liabilities
(639,073)
__
8,335,401
 Restricted
funds
£
750,198
-
-
-
__
750,198		 Total
£
4,306,744
3,611,643
1,806,285
(639,073)
__
9,085,599

43

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

30 Commitments

Operating leases

The total amount of other financial commitments not provided in the financial statements was:

Expiring within 1 year
Expiring 2 - 5 years
Expiring in more than five years
Expiring within 1 year
Expiring 2-5 years		 Land & buildings
Company Group
2022
2022
£
£
450,928
450,928
1,321,130
1,321,130
508,798
508,798
__
__
2,280,856
2,280,856
Other
Company Group
2022
2022
£
£
44,697
44,697
59,987
59,987
__
__
104,684
104,684		 Land & buildings
Company Group
2021
2021
£
£
415,424
415,424
982,585
982,585
375,313
375,313
_
_
1,773,322
1,773,322
Other
Company Group
2021
2021
£
£
45,725
45,725
2,638
2,638
_
_
48,363
48,363		 Land & buildings
Company Group
2021
2021
£
£
415,424
415,424
982,585
982,585
375,313
375,313
_
_
1,773,322
1,773,322
Other
Company Group
2021
2021
£
£
45,725
45,725
2,638
2,638
_
_
48,363
48,363
Group
2021
£
45,725
2,638
__
48,363

31 Contingent liabilities

The charity is a member of a VAT group and as such is jointly liable for any outstanding liability. The amount owed by the group at the year-end was £Nil (2021: £Nil).

32 Ultimate controlling party

The ultimate controlling party of the charity are the members.

33 Related party transactions

There were no related party transactions during the year. No amounts were owed to or from the charity, in respect of related parties, at the year end.

44

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

34 Reconciliation of operating deficit to net cash flow from operating activities

2022 2021
£ £
Net income/(expenditure) per statement of financial activities 1,004,387 (48,756)
Gains on investments (39,002) (406,319)
Investment income (93,559) (121,192)
Less profit on sale of assets - (1,240)
Add back loss on sale of investment property 1,641 -
Add back depreciation charge 278,118 293,626
Decrease in stocks 7,758 1,337
Decrease in debtors 476,250 402,290
(Decrease)/increase in creditors 92,757 (74,809)
__ __
Net cash provided by operating activities 1,728,350 44,937
Analysis of net debt
1 April 2021 Cash flows 31 March 2022
£ £ £
Cash at bank and in hand 603,711
 505,950
 1,109,661

45