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2023-03-31-accounts

nts
1. Strategic Report Page
o Highlights
ofthe year		 3
o Purpose and Values 6
o Structure, Governance and Management 6
o Report ofthe chair 9
o Chief Executives Report 10
o Our Ambitions
2023-2028		 11
o Risk Management
and		 Internal Control 12
o Financial Review 13
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 17
o Tax status 17
o Directors responsibilities statement 17
o Statement ofdisclosure to auditor 18
3. Independent
auditor's
report		 19
4. Financial
Statements		 23
5. Notes to the Financial Statements 26

Clinical Services Income Generntion
Commi tree Finance
Committee		 Committee Governance
Comntittee		 Remuneration Cotnmittee
Dr S Hawkins
(Chair)		 Mrs S M Godzicz (Chair) Mr G Piercy (Chair) Mr D Renwick (Chair) Mr D W Renwick
DR CJ Phillip Mr A Naylor Mr D Thomas DrS Hawkins DrSHawkins
Mrs LJ Stubberfield Mr AJWhyte Mrs L Clarke Mrs S M Godzicz Mrs S M Godzicz
Dr SGupta Mr D W Renwick Dr C Philip Mr G Piercy
Mr D W Renwick DrS Hawkins Mrs LJ Stubberfield
Mrs D M R Roberts Mrs S M Bamford Mr G Piercy

Advisers
Solicitors: Michelmores
LLP		 Auditors: RRL
Woodwater
House		 Peat House
Pynes
Hill		 Newham
Road
Exeter,
EX25WR		 Truro, TR12DP
Investments: ABDRN Bankers: Barclays Bank PLC
280 Bishopsgate, London 14 King Street
EX2M 4AG Truro, TR1 2RB
RBC Brewin Dolphin
Vantage
Point
Woodwater
Park
Pynes
Hill
Exeter, EX2 5FD

rformance
is summarised
in the tab		 rformance
is summarised
in the tab		 le below:
Financial Summary f000s 2022/23
Actual		 2022/23
Budget		 2021/22
Actual
Total Income 12,523.2 13,015.0 11,295.9
Expenditure 11,078.9 11,090.7 10,321.1
Operating
Result		 1,444.3 1,924.3 974.7
Gain / (loss) on investments gL property -251.0 0.0 29.7
Gain /(loss) on disposal of fixed assets 0.0 0.0 0.0
Gain/(Loss) on pension scheme provision 0.0
Surplus / deficit 1,193.2 1,924.3 1,004.4

Income Summary f000s 2022/23
Actual		 2022/23
Budget		 2021/22
Actual
Legacies 4,479.0 5,200.0 3,716.7
Donations 465.2 454.7 528.7
Fundraising 785.9 811.7 585.1
Gross income from Retail 4,593.0 4,421.3 4,024.2
Gross income from Lottery 759.4 749.1 703.5
Income from clinical contracts 1,102.9 1,102.9 1,060.5
Covid 19Grants 0.0 0.0 335.5
Investment
income		 99.9 116.1 93.6
All other income 237.9 159.1 248.1
Total Income 12,523.2 13,015.0 11,295.9

below set s out the summary
o		 fexpenditure
i		 ncurred.
Expenditure Summary f000s 2022/23
Actual		 2022/23
Budget		 2021/22
Actual
Retail 3,457.8 3,399.1 3,203.8
Lottery 324.2 326.0 294.2
Cost ofraising funds 521.3 474.9 419.1
Provision ofcare 6,627.5 6,740.6 6,229.3
Support costs 148.1 150.0 174.7
Total Expenditure 11,078.9 11,090.7 10,321.1

For the year ended 31M arc h 2023
Unrestricted Restricted Total Total
funds funds 2023 2022
Notes
Income
Donations &legacies 4,908,158 36,000 4,944,158 4,245,432
Income from Charitable Activities 1,102,884 1,102,884 1,060,463
Income from Other Trading Activities:
Commercial
trading operations		 5,352,362 5,352,362 4,727,712
Fundraising 785,945 785,945 585,128
Covid-19 support income 335,473
Other income 237,934 237,934 248,099
Investment
income		 99,915 99,915 93,559
Total Income 12,487,198 36,000 12,523,198 11,295,866
Expenditure
Expenditure
on raising		 funds
Commercial
trading activities		 3,782,000 3,782,000 3,497,975
Costs ofgenerating
donations		 and legacies 492,094 492,094 391,124
Investment
portfolio fees		 29,240 29,240 28,009
Expenditure
on charitable		 activities
Provision ofcare 6,603,026 24,469 6,627,495 6,229,245
Support costs 148,091 148,091 174,747
Total Expenditure 11,054,451 24,469 11,078,920 10,321,100
Net (losses)/gains
on investments		 (251,040) (251,040) 39,002
Net income/(expenditure) 1,181,707 11,531 1,193,238 1,013,768
Other recognised
gains		 and losses
Loss on disposal ofinvestment property (9,381)
Net movement
in funds		 1,181,707 11,531 1,193,238 1,004,387
Reconciliation offunds:
Fund balances brought
forward		 9,360,657 729,329 10,089,986 9,085,599
Fund balances carried forward 27,28,29 10,542,364 740,860 11,283,224 10,089,986

As at 31Ma rch 202 3
The The The The
Company Group Company Group
2023 2023 2022 2022
Notes
Fixed assets
Tangible assets 18,19 4,136,110 4,144,910 4,162,820 4,176,020
Intangible
assets		 20
Investments 21 4,613,283 4,613,278 4,817,568 4,817,563
8,749,393 8,758,188 8,980,388 8,993,583
Current assets
Stock 22 12,370 85,709 20,979 96,277
Debtors 23 463,067 472,240 751,448 622,295
Cash at bank and in hand 2,923,888 2,976,245 906,580 1,109,661
3,399,325 3,534,194 1,679,007 1,828,233
Creditors: amounts falling due within
one year 24 (1,013,484) (1,009,158) (614,127) (731,830)
Net current assets 2,385,841 2,525,036 1,064,880 1,096,403
Total net assets 11,135,234 11,283,224 10,045,268 10,089,986
The funds ofthe charity
Restricted funds 27 740,860 740,860 729,329 729,329
Unrestricted funds 28 10,394,374 10,542,364 9,315,939 9,360,657
Total funds 11,135,234 11,283,224 10,045,268 10,089,986

Note 2023 2022
Cash provided
by
operating
activities		 34 2,090,428 1,728,350
Cash flows from investing activities
Interest income 5,020 228
Dividends
income		 73,595 52,973
Rental income from investment property 21,300 40,358
99,915 93,559
Purchase oftangible fixed assets (276,998) (147,394)
Purchase ofinvestments (1,422,911) (1,993,227)
Receipts from sale ofinvestments 1,376,150 824,662
Net cash (outflows)/inflows from investing
activities (323,759) (1,315,959)
Increase in cash equivalents 1,866,584 505,950
Cash and cash equivalents at 1April 2022 1,109,661 603,711
Cash and cash equivalents at31March 2023 2,976,245 1,109,661

Donations
and legacies
2023 2022
Legacies 4,478,984 3,716,722
Donations 465,174 528,710
4,944,158 4,245,432

5 Income from charitab le
activities
2023 2022
Health authority
contract		 1,102,884 1,060,463
6 Income from trading activities
Commercial
operations
2023 2022
Gross Income from shops 4,592,962 4,024,184
Gross Income from Lottery 759,400 703,528
5,352,362 4,727,712
Fundraisi ng
2023 2022
Trusts and grants 82,488 124,746
Fundraising
activities		 703,457 460,382
785,945 585,128
7 Covid-19 support grant income Covid-19 support grant income Covid-19 support grant income Covid-19 support grant income
Group Group
2023 2022
Grant income from NHS England 192,023
Job Retention Scheme grant income 21,160
Local Authority grant income 122,290
335,473
8 Investment income
Group Group
2023 2022
Property 21,300 40,358
Bank interest 5&020 228
Listed investments 73,595 52,973
99,915 93,559

9
Total expendit		 u re
-group
Commercial
Provision Raising trading Support 2023 2022
ofcare funds expenses costsf Total Total
f.
Staffcosts 5,666,771 305,932 1,886,158 30,716 7,889,577 7,549,239
Patient care 104,604 104,604 40,168
Medical supplies &drugs 66,390 66,390 69,926
Catering &domestic supplies 71,616 71,616 59,469
Travel expenses 13,946 13,946 11,804
Training &education 50,997 309 51,306 52,449
Laundry 16,281 16,281 13,331
Electricity &Gas 71,036 71,036 44,013
Telephone 43,111 43,111 54,430
Rates and water 3,472 3,472 18,234
Uniforms 6,689 6,689 3,268
Printing,
Postage and		 stationery 36,652 10,327 46,979 33,241
Insurance 33,728 33,728 37,488
Repairs and maintenance 144,366 144,366 119,846
Depreciation 147,344 160,770 308,114 278,118
Direct fundraising
costs		 95,012 95,012 46,242
Department
fundraising		 costs 61,105 61,105 56,953
Banking charges 3,598 16,490 20,088 18,923
Administration
charge		 150,492 14,507 105,592 270,591 197,238
Audit and accountancy 18,058 18,058 15,302
Legal and professional fees 99,317 99,317 113,650
Irrecoverable
VAT		 11,940 11,940 11,291
Cost ofsales 295,652 295,652 267,718
Shops operating
expenses		 1,294,698 1,294,698 1,167,499
Investment
portfolio fees		 29,240 29,240 28,009
Staffrelocation &recruitment 12,004 12,004 13,251
6,627,495 521,334 3,782,000 148,091 11,078,920 10,321,100

charitable
 activity. Their d et ail along with basis o fapportionment
is shown		 in the table below:
Governance Basis ofapportionment
function
Staffcosts 30,716 Key management
allocated on time
Audit and accountancy 18,058 Governance
Legal and professional 99,317 Governance
148,091
Net income/(expenditure) for the year
This is stated after charging the following:
2023 2022
Auditors' remuneration —audit (group) 18,058 15,302
Operating leases 722,782 697,340
Depreciation
(group)		 308,114 278,118
2023 2022
Staff and management 259 249
The aggregate
payroll costs ofthese persons were as follows:
2023 2022
f.
Wages and salaries 6,785&031 6,450,178
Social security costs 616,019 566,357
Other pension costs 488,527 517,576
Termination
payments		 15,128
7,889,577 7,549,239

Cornwall Cornwall Resource
Hospice Care Hospice Care Kernow
Trading Lottery Newco Total Total
Limited Limited Ltd 2023 2022
f.
Per company accounts
Turnover 200,706 759,400 960,106 889,086
Cost ofsales (91,782) (203,867) (295,649) (267,719)
Administrative expenses (50,374) (120,356) (170,730) (162,534)
Interest receivable 4,258 4,258
62,808 435,177 497,985 458,833
Amount
distributed		 to the
charity via Gift Aid (44,287) (350,447) (394,734) (474,652)
Result in the subsidiary 18,521 84,730 103,251 (15,819)
The assets and liabilities ofthe subsidiaries
were
Cornwall Cornwall Resource
Hospice Care Hospice Care Kernow
Trading Lottery Newco Total
Limited Limited Ltd 2023
Per company accounts
Fixed Assets 8,800 $,800
Current assets 104,398 181,996 286,394
Current liabilities (41,586) (105,618) (147,204)
Total net assets 62,812 85,178 147,990
Aggregate
share		 capital and reserves 62,812 85,178 147,990

The summary financial performance ofthe charity alone is: financial performance ofthe charity alone is: financial performance ofthe charity alone is:
Total Total
2023 2022
Income 11,627,374 10,494,817
Gift aid from subsidiaries 394,734 474,652
12,022,108 10,969,469
Expenditure on charitable activities 10,932,142 9,949,240
Net income 1,089,966 1,020,229
Total funds brought forward 10,045,268 9,025,039
Total funds carried forward 11,135,234 10,045,268
Represented by:
Restricted funds 740,860 729,329
Unrestricted funds 10,394,374 9,315,939
Total funds carried forward 11,135,234 10,045,268

Consolidated
Unrestricted Restricted Total
funds funds 2022
g
Income
Donations
8clegacies		 4,245,432 4,245,432
Income from Charitable Activities l,060,463 1,060,463
Income from Other Trading Activities:
Commercial
trading operations		 4,727,712 4,727,712
Fundraising 585,128 585,128
Covid-19 support income 143,450 192,023 335,473
Other income 248,099 248,099
Investment
income		 93,559 93,559
Total Income 11,103,843 192,023 11,295,866
Expenditure
Expenditure
on raising		 funds
Commercial
trading activities		 3,497,975 3,497,975
Costs ofgenerating
donations		 and legacies 391,124 391,124
Investment
portfolio fees		 28,009 28,009
Expenditure
on charitable		 activities
Provision ofcare 6,016,353 212,892 6,229,245
Supportcosts 174,747 174,747
Total Expenditure 10,108,208 212,892 10,321,100
Net gains on investments 39,002 39,002
Net income/(expenditure) 1,034,637 (20,869) 1,013,768
Other recognised
gains		 and losses
Gain on disposal offixed assets
Loss on disposal ofinvestment property (9,381) (9,381)
Pension Liability
Net movement
in funds		 1,025,256 (20,869) 1,004387
Reconciliation offunds:
Fund balances brought
forward		 8,335,401 750,198 9,085,599
Fund balances carried forward 9,360,657 729/29 10,089,986
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Goodwill Total
Cost or valuation
At 1 April 2022
Additions
Disposals
At 31March 2023
Depreciation
At I April 2022
Charge for the year
Released on disposal
At 31March 2023
Net book value
At 31March 2023
At 31March 2022
21 Investments Investments
Freehold Investment in
investment subsidiary Investment Company Group
property undertakings portfolio 2023 2023
g
At I April 2022 155,000 4,662,563 4,817,568 4,817,563
Additions at cost 1,422,911 1,422,911 1,422,911
Disposals (1,376,150) (1,376,150) (1,376,150)
Unrealised losses (20,991) (20,991) (20,991)
Realised losses (230,055) (230,055) (230,055)
At 31March 2023 155,000 5 4,458,278 4,613,283 4,613,278

22 Stocks
Company Group Company Group
2023 2023 2022 2022
Goods for resale 3,470 76,809 12,079 87,377
Drugs, medical supplies etc. 8,500 8,500 8,500 8,500
Maintenance stocks 400 400 400 400
12,370 85,709 20,979 96,277
23 Debtors
Company Group Company Group
2023 2023 2022 2022
Gift Aid debtor 95,765 95,765 89,607 89,607
VAT recoverable 85,639 82,715 58,222 56,414
Amounts
owed by group undertakings		 128,249
Other debtors 19,079 19,079 59,400 59,381
Prepayments and accrued income 262,584 274,681 412,168 416,893
463,067 472,240 747,646 622,295
24 Creditors:
amounts		 falling due within one year
Company Group Company Group
2023 2023 2022 2022
Trade creditors 196,919 252,307 133,910 141,438
Other creditors 69,806 68,830 70,186 69,179
Other taxation and social security 135,813 136,698 129,967 130,705
Accruals 429,358 451,188 278,312 314,743
Deferred income (note 25) 33,006 100,135 1,752 75,765
Amounts
owed		 to group undertakings 148,582
1,013,484 1,009,158 614,127 731,830

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Unrestricted Restricted Total
funds funds
Fixed assets
Investments
Current assets
Current
liabilities		 3,404,050
4,613,278
3,534,194
(1,009,158)		 740,860 4,144,910
4,613,278
3,534,194
(1,009,158)
10,542,364 740,860 11,283,224
Consolidated
fund balances at 31 March 2022 are represented		 by:
Unrestricted Restricted Total
funds funds
Fixed assets
Investments
Current
assets
Current
liabilities		 3,446,691
4,817,563
1,828,233
(731,830)		 729,329 4,176,020
4,817,563
1,828,233
(731,830)
9,360,657 729,329 10,089,986

The total amount ofother financial com mitments
not provided
in the financial
state		 mitments
not provided
in the financial
state		 ments
was:		 ments
was:
Land &buildings Land &buildings
Company
2023		 Group
2023		 Company
2022		 Group
2022
Expiring
Expiring
Expiring		 within
1 year
2 - 5 years
in more than five years		 787,311
2,722,453
2,476,841		 787,311
2,722,453
2,476,841		 450,928
1,321,130
508,798		 450,928
1,321,130
508,798
5,986,605 5,986,605 2,280,856 2,280,856
Other Other
Company
2023		 Group
2023		 Company
2022		 Group
2022
Expiring
Expiring		 within
1 year
2-5 years		 23,995
35,992		 23,995
35,992		 44,697
59,987		 44,697
59,987
59,987 59,987 104,684 104,684

2023 2022
Net income/(expenditure)
per statement offinancial
Losses on investments
Investment
income
Add back loss on sale ofinvestment
property
Add back depreciation
charge
Decrease in stocks
Decrease in debtors
Increase in creditors		 activities 1,193,238
251,040
(99,915)
308,114
10,568
150,055
277,328		 1,004,387
(39,002)
(93,559)
1,641
278,118
7,758
476,250
92,757
Net cash provided
by operating		 activities 2,090,428 1,728,350
Analysis ofnet debt
1 April 2022 Cash flows 31March 2023
Cash at bank and in hand 1,109,661 1,866,584 2,976,245