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← Cornwall Hospice Care Limited

2024-03-31-accounts

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

For the year ended 31 March 2024

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 Purpose and Values 6
o Structure, Governance and Management 6
o Report of the chair 9
o Chief Executives Report 10
o Our Ambitions 2023-2028 11
o Risk Management and Internal Control 13
o Financial Review 13
2. Directors Report
o Reserves Policy 16
o Volunteers 16
o Fundraising 16
o Executive remuneration 17
o Investment policy and objectives 17
o Our impact on the environment 18
o Tax status 18
o Directors responsibilities statement 18
o Statement of disclosure to auditor 19
3. Independent auditor’s report 20
4. Financial Statements 24
5. Notes to the Financial Statements 27

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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 2024 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

No inspections by the Care Quality Commission (CQC) were made during the financial year, the most recent being St Julia’s Hospice in August 2022 and Mount Edgcumbe Hospice in December 2022. Both inspections were incredibly thorough, with positive feedback from the CQC received and we were delighted with the CQC’s ratings, with St Julia’s being rated as Good and Mount Edgcumbe being rated as Outstanding.

During the year admission numbers have increased as have the number of patients discharged, which links to the minor reduction in occupied bed days. The complexity of conditions with patients also plays a major part in this figure, with their needs impacting upon their length of stay.

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.

We have experienced growth across our lymphoedema and community services as we continue to invest in those services. The Redruth Hub which we opened in March 2023, located in our Bargain Outlet offers outpatient therapy appointments, living well workshops and activities aimed at encouraging patients to plan for their future and this has been well received.

We continue to be regulated by the Care Quality Commission.

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 5 complaints, an increase of 3 compared to the previous year.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

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 2023/24 we received 157 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).

Finance

Our financial performance in the year was positive, given there were intervals when a deficit was expected because of a shortfall in legacy income. An overall surplus result of just over £288k was recorded which surpasses the initial deficit budget for the year of £108k.

A surplus of £86k was generated from our Operations, which has then been increased by gains on investments during the year meaning an overall surplus result of just above £288k is reported. Our reserves remain in a strong position, following the previous two financial years, which saw good performance, and exceptional legacy receipts. They now stand at £11.6m.

Our total income was £11.8m, representing a decline of 6% over the prior year, and a 2% shortfall versus budget. Legacy income is the main contributor to the decline versus 2022/23 and the shortfall to budget. We have experienced far more significant delays within our portfolio than in previous years, which appears common across the sector. The delayed receipts will now form part of the 2024/25 budgeted income.

The key areas of income growth during 2023/24 have been within Retail and Lottery, increasing by 17% and 12% respectively. Fundraising has effectively remained static but in a tough environment, its sustained level of income is pleasing.

Expenditure has continued to be carefully managed during the year and resulted in a saving versus budget of 4%. However, inflationary pressures in staff costs, fuel and supplies have meant a 6% increase in overall expenditure compared to the prior year.

Fundraising & lottery

A challenging year within fundraising, saw the net contribution fall below budget for the year, but a strong end to the financial year resulted in a higher than anticipated result. Lottery effectively achieved its budgeted contribution, with continued growth being delivered in some key lines.

The strongest income stream was within the Lottery team, where weekly draw tickets achieved income of £772k, which although was £9k behind budget, showed growth of 11% on the prior year. Bumper draw ticket sales also saw an upturn, finishing £5k ahead of budget and growth of 9% compared to 2022/23.

For the first time, the strongest fundraising income stream was in the Community, continuing the excellent success from the prior year. £256k was received, beating budget by £22k. Donations saw a downturn on the prior year by 30%, achieving income of £181k. This income stream, includes one off, regular and major donations with the challenging economic climate beginning to take effect on

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

individuals’ propensity to give. In memory donations however grew significantly by 17% compared to the prior year, achieving income of £240k.

The Challenges income stream produced a standout performance, resulting in £144k of income and growth of 350% on the previous year. This included the delivery of a bespoke overseas cycle challenge “Mount to Mont” which was tremendously successful and the most successful event in our fundraising history in terms of contribution.

Trust income, suffered another tough year resulting in income of £50k, a shortfall versus budget of £60k. This is an area that has been addressed post year end, with a new dedicated Trusts and Grants Officer successfully employed and we are hopeful this will reflect significant growth in the coming year.

Lastly, gifts in Wills contributed £2.8m to our care in the year.

To everyone who has supported us, thank you. Without you, we would not be able to provide peace, comfort and calm when someone is nearing the end of their life.

Retail

Our network of shops has enjoyed a very successful year delivering a contribution to the cost of care of over £1.66m. Our donation centre model which we introduced in 2021 has continued and remains highly successful. Over 50,000 cars visited the centres during the year and over 1.1million items of donated stock were sold. The number of shops operated remained constant during the year with thirty in operation, maintaining our presence in all major towns of the county.

Sustainability remains as one of our key ambitions and by continuing to work 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. We have found that the quality of items donated has decreased during the year with around 40% being saleable (2022/23 45%). This has led to an increased recycled output, and adjusting our messaging to the public, highlighting the importance of good quality donations.

Around 80 employees work in the retail business, and these have ably been supported by close to 1,000 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 has increased from 259 to 274 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 grown significantly over the past few years and currently stands at close to 1,150.

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

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

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. We continue to be a Real Living Wage employer with all employees receiving a basic hourly rate of pay of at least £12.00 from the beginning of 2024/25.

Gender Pay

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

Our Purpose and Values

These were developed with input from trustees, staff and volunteers during 2022/23 to form our new strategy for the period 2023-28. These were launched during April 2023 and have been well received across the Charity. The strategy now at the end of its first year is being monitored by the trustees and Executive team and will be reviewed to benchmark progress over the coming 12 months.

Our Purpose

Our Purpose is to provide compassionate, specialised end of life care for patients, their families and carers whilst guaranteeing our high quality standards. Together with our local community in Cornwall we will continue to make every day matter.

Our Value

We’ll work together to achieve our purpose by following our values, which are:

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.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

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 were all held quarterly. All trustees have continued to be invited to attend all Committee meetings. Actual attendance levels have remained high for all Committees.

Members of the Board

The following were members of the Board during the year:

Mr D W Renwick(Chair)
Mrs S M Godzicz
DrC J Philip
Mr G Piercey
Mrs S M Bamford
Mrs L AClarke
Mr M J Davis Appointed 15 June 2023
Dr S Hawkins
DrS Gupta Resigned 21 May2024
Mr A C Naylor
Mrs D M R Roberts
Mrs L JStubberfield
Mr D Thomas
Mr A J Whyte

Mr Renwick, Mrs Godzicz and Mr Piercy 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:

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

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.

Executive Officers

Chief Executive : Paul Brinsley

Director of Clinical Services : Gina Starnes

Director of Finance and Resource & Company Secretary : Will Hood

Director of Income Generation : Frazer Hopkins

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: LGT Bankers: Barclays Bank PLC
14 Cornhill, London 14 King Street
EC3V 3NR Truro, TR1 2RB
RBC 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. Details of transactions with those parties are included in note 14 of the financial statements.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Report of the Chair

We have continued to make everyday matter over this past year, with the year itself being one of significant growth and dedication. Our commitment to providing free and compassionate care for the people of Cornwall when they need it most, remained steadfast and continues to do so.

The year was thankfully much more straight forward in terms of economic shocks and pandemics, which allowed our beds to remain open and our services to operate effectively throughout. I would like to thank all our staff and volunteers for their excellent work and commitment which have allowed us to deliver some remarkable results both clinically and financially.

Growth has been represented across many areas of the Charity from increasing staff and volunteer numbers to rising financial returns within key income streams. Although we have continued to provide twenty beds, ten at each of our hospices, patient numbers, as well as the amount of patients discharged have increased significantly which is pleasing.

We have maintained our excellent lymphoedema clinics, which have also seen increased appointment numbers, our superb range of community services continued and reached more people than ever before, plus our distinguished education programmes have been ever popular. These programmes are designed for healthcare workers and care providers across the county and astonishingly during 2023/24 we supported one hundred medical students in their learning and qualifications.

We made one new appointment to the Board during the year, welcoming Martin Davis in June 2023, who has become a member of the Clinical Services Committee. In May 2024 Dr S Gupta, a member of the Clinical Services Committee resigned from the Board, and I would like to thank him for his contribution to the charity during his time served.

Lastly, as ever, I would also like to thank my fellow trustees for their dedication, contribution and enthusiasm during the past year and I look forward to this continuing in the year to come.

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 maintain bed numbers across the two hospices at 20. It underlines our determination to provide the best possible end-oflife 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.

Paul Brinsley, Chief Executive

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Our Ambitions 2023-2028

Our agreed ambitions for the period to up to March 2024 are set out below.

Our Ambitions

1. Work in partnership to grow our charity for the future, ensuring close working relationships across all our departments, we will also continue to work collaboratively with our external partners.

2. Develop our learning and education to ensure all our staff and volunteers and where relevant, those from our external partners have the knowledge, skills and competencies to fulfil their roles.

3. Raise sufficient funds to protect and grow our hospice services through a range of income generation activities.

4. Work towards lowering our environmental impact by implementing, where possible, sustainable systems and processes in all areas of the charity’s operations.

5. Be innovative in our own individual areas, teams and across the charity to deliver continuous improvement in all we do.

Progress made during 2023/24

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

The hospices have worked hard to reach out and work in partnership with our NHS, independent and charity sector colleagues to support a seamless service around the patient and their family. This piece of work is hugely important and continues to be an area where we strive to improve the whole system wide service.

Our own Community Services Team and the services offered have grown through the introduction of new services and locations throughout county during the year. We have expanded our offer of practical help, with a focus on providing support for patients in their care and to those who have been bereaved. The reach of our services can be seen below:

We have continued with our values led decision to maintain accreditation as a Real Living Wage employer, believing that our staff deserve a wage which meets their everyday needs.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

2. Develop our learning and education

During the year we have continued our progress towards becoming Nurse led units. Our pay and benefits remain competitive with the NHS, maintaining our improved ability to recruit and retain the skills required.

Our Education team have expanded their offer of services to both internal and external customers across continued professional development, volunteer training development, clinical governance and best practice as well as offering continued clinical student placements. Demand for these placements has been high with more than 100 third, fourth and fifth year medical students supported with their development in placings across our two clinical units. We have also begun to pilot paramedicine students during the year and will look to develop programmes for physiotherapy students in the coming year.

3. Ensure the charity is fit for the future

During the year we have continued our progress towards becoming Nurse led units. Our pay and benefits remain competitive with the NHS, maintaining our improved ability to recruit and retain the skills required.

Our Advanced Nurse Practitioner (ANP) is well established and is available to support patients both in our hospices, but also in their own homes, and works collaboratively across care settings and specialities, to best support patients. This work continues to receive positive feedback from patients, families and healthcare professionals.

We strengthened the function of our Executive Management Team (EMT) and its relationship with the board of trustees and across staff in general, during the year. A review of the existing EMT structure against the needs of the organisation resulted in the creation of a new role, the Director of Income Generation, with this being successfully recruited to, in January 2024.

Priorities for 2024/25

1. Continue to future proof our Hospice buildings and systems

2. Ensuring continuation of a collaborative approach to enhance system wide knowledge and reach around end of life care.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

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 2024/25 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 strong pipeline. Accordingly, the Directors continue to adopt the going concern basis in preparing the Annual Report and Accounts.

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. 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 £288k was recorded in the period compared to a budgeted deficit of £108k. Although this result represents a deterioration of £905k compared to the previous year, it is seen as a positive result given it surpasses the overall budget. The prior year was the second year in succession of an exceptional level of legacy income, which we were fortunate to receive.

Our income generation teams have had a solid year, with retail in particular performing above expectations and exceeding 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:

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 stood at £11.8m which was £0.3m (2%) less than budget and £0.7m (6%) below the prior year. This is primarily because of our legacy income, which due to unforeseen delays in receipt, resulted in only £2.8m compared to a budget of £3.2m. The prior year totalled £4.5m and our best ever result, but the delay in receipt has resulted to income being rolled into 2024/25 and with our overall pipeline remaining positive, we are confident of another strong performance and a forecast improvement on this year’s total.

Fundraising income came in below budget for the year, although did show minor growth on the prior year. Retail income exceeded budget for the year by over £0.23m and rose by £0.8m compared to 2022/23, a fantastic achievement.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Expenditure

Total expenditure for the year was £11.7m, a saving of £0.5m versus budget but representing growth of £0.6m (6%) compared to last year. The growth in expenditure was expected as a result of inflationary pressures on staff costs, fuels and supplies.

The table below sets out the summary of expenditure incurred.

Gain on investments

The value of the hospice listed investment portfolio increased by £200k, which was pleasing given the position last year was a reduction of £250k. Although markets, and particularly bond markets which have historically been used to mitigate risk, have experienced volatility our agreed risk profile has absorbed that effect.

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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 £5.7m were held by the charity at 31st March 2024. This comprises a general reserve equating to 5 months running costs, 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 28 details legal operating lease commitments within 5 years of £3.4m (2023: £3.5m) 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.

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 2018, 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.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 2: Directors Report (continued)

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.

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.

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, the Director of Clinical Services, the Director of Finance and Resources and the Director of Income Generation. 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 LGT and Brewin Dolphin.

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 and 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 have continued to utilise the Insignis treasury management facility.

Employment of Disabled Persons

Cornwall Hospice Care is committed to providing equal opportunities for all employees, including those with disabilities. We recognise the value of a diverse workforce and actively seek to create an inclusive environment where individuals can thrive and contribute to the success of the charity. Disabled persons are given equal consideration in recruitment, training and career development with reasonable adjustments made to accommodate their needs to ensure roles can be performed effectively. Where existing employees become disabled during their employment, we are dedicated to supporting their continued employment through workplace adaptions, retraining and other necessary adjustments.

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Section 2: Directors Report (continued)

All employees including those with disabilities have equal access to career opportunities and are treated with dignity and respect.

Our policies and practices are regularly reviewed to promote inclusivity and remove any barriers to equal participation in the workplace.

Employee Engagement

We believe that our employees are one of our most valuable assets and are committed to fostering a culture of engagement, collaboration and mutual respect, where every person feels valued and empowered.

We aim to maintain an open and transparent work environment where employees are encouraged to share ideas, feedback and concerns. This can be done via many channels including consultations, workshops and working groups as well as via our Freedom to Speak Up Guardians.

Investing in the development and well-being of our employees is a key priority and is addressed by encouraging professional growth opportunities, both internally and externally through learning and development as well as the provision of an employee assistance programme and flexible working opportunities.

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:

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.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 2: Directors Report (continued)

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

DW Renwick Director

19

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 2024 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.

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 any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’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.

20

Cornwall Hospice Care Limited (Limited by Guarantee)

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

Other information

The trustees are responsible for the other information contained within the annual report. 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 strategic report and directors’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the directors of the parent 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.

21

Cornwall Hospice Care Limited (Limited by Guarantee)

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

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

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act. 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 and the sector in which it operates. We determined that compliance with the Care Quality Commission, regulations relating to safeguarding, health and safety 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.

22

Cornwall Hospice Care Limited (Limited by Guarantee)

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

Our audit approach also considered the opportunities and incentives that may exist within the charitable company for fraud and identified the greatest potential for fraud being in respect of cut off and completion risk around revenue recognition. Under ISA (UK) we are also required to undertake procedures to respond to the risk of management override of controls. Our procedures included the following:

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/auditorsresponsibilities. 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. 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.

Josh Stevens ACA Senior Statutory Auditor For and on behalf of RRL LLP Statutory Auditors

Peat House Newham Road TRURO Cornwall TR1 2DP

3 December 2024

23

Cornwall Hospice Care Limited (Limited by Guarantee)

Consolidated statement of financial activities

For the year ended 31 March 2024

For the year ended 31 March 2024
Unrestricted Restricted Total Total
funds funds 2024 2023
Notes £ £ £ £
Income
Donations & legacies 4 2,977,583 206,235 3,183,818 4,944,158
Income from Charitable Activities 5 1,158,109 - 1,158,109 1,102,884
Income from Other Trading Activities:
Commercial trading operations 6 6,218,469 - 6,218,469 5,352,362
Fundraising 6 787,922 - 787,922 785,945
Other income 6 197,202 - 197,202 237,934
Investment income 7 231,564 - 231,564 99,915
____ __ ____ ____
Total Income 11,570,849 206,235 11,777,084 12,523,198
____ __ ____ ____
Expenditure
Expenditure on raising funds
Commercial trading activities 4,078,326 - 4,078,326 3,782,000
Costs of generating donations and legacies 567,070 - 567,070 492,094
Investment portfolio fees 29,032 - 29,032 29,240
Expenditure on charitable activities
Provision of care 6,644,565 230,704 6,875,269 6,627,495
Support costs 141,059 - 141,059 148,091
____ __ ____ ____
Total Expenditure 8 11,460,052 230,704 11,690,756 11,078,920
____ __ ____ ____
Net gains/(losses) on investments 200,159 - 200,159 (251,040)
____ __ ____ ____
Net income /(expenditure) 310,956 (24,469) 286,487 1,193,238
Other recognised gains and losses
Gain on disposal of fixed assets 1,667 - 1,667 -
____ __ ____ ____
Net movement in funds 312,623 (24,469) 288,154 1,193,238
Reconciliation of funds:
Fund balances brought forward 10,542,364 740,860 11,283,224 10,089,986
____ __ ____ ____
Fund balances carried forward 25,26,27 10,854,987 716,391 11,571,378 11,283,224

24

Cornwall Hospice Care Limited (Limited by Guarantee)

Balance sheet

As at 31 March 2024

Notes
Fixed assets
Tangible assets
17,18
Investments
19
Current assets
Stock
20
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within
one year
22
Net current assets
Total net assets
The funds of the charity
Restricted funds
25
Unrestricted funds
26
Total funds		 The
Company
2024
£
4,017,817
4,874,211
___
8,892,028
___
12,370
1,375,697
2,107,289
___
3,495,356
(1,358,472)
___
2,136,884
___
11,028,912
716,391
10,312,521
___
11,028,912		 The
Group
2024
£
4,022,217
4,874,206
___
8,896,423
___
78,356
1,381,416
2,208,473
___
3,668,245
(993,290)
___
2,674,955
___
11,571,378
716,391
10,854,987
___
11,571,378		 The
Company
2023
£
4,136,110
4,613,283
___
8,749,393
___
12,370
463,067
2,923,888
___
3,399,325
(1,013,484)
___
2,385,841
___
11,135,234
740,860
10,394,374
___
11,135,234		 The
Group
2023
£
4,144,910
4,613,278
___
8,758,188
___
85,709
472,240
2,976,245
___
3,534,194
(1,009,158)
___
2,525,036
___
11,283,224
740,860
10,542,364
___
11,283,224

These financial statements were approved by the Members of the Board on 7 November 2024 and were signed on its behalf by:

DW Renwick Director

Company registration no.: 05660401

25

Cornwall Hospice Care Limited (Limited by Guarantee)

Consolidated cash flow statement

For the year ended 31 March 2024

Note 2024 2023
£ £ £ £
Cash (used in) / provided by operating
Activities 32 (783,990) 2,090,428
Cash flows from investing activities
Interest income 118,212 5,020
Dividends income 88,602 73,595
Rental income from investment property 24,750 21,300
___ ___
231,564 99,915
Purchase of tangible fixed assets (156,244) (276,998)
Purchase of investments (3,406,996) (1,422,911)
Receipts from sale of tangible assets 1,667 -
Receipts from sale of investments 3,346,227 1,376,150
___ ___
Net cash (outflows) from investing
activities (215,346) (323,759)
__ __
(Decrease) / increase in cash equivalents (767,772) 1,866,584
Cash and cash equivalents at 1 April 2023 2,976,245 1,109,661
__ __
Cash and cash equivalents at 31 March 2024 2,208,473 2,976,245

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

26

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 2024 (2023: 13). 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 and Cornwall Hospice Care Lottery Limited.

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.

27

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 Finance leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Vehicles are leased, with a lease term of one to five years. Leases are recognised as a right-of-use asset and corresponding liability at the date at which the leased assets are available for use. The right-of-use asset is included within Motor vehicles in the Tangible fixed assets note. The right-of-use assets are measured at cost comprising the following the amount of the initial measurement of the lease and any lease payments made at or before the commencement date less any lease incentive received.

The lease payments are discounted using the interest rate implicit in the lease. The right-of-use assets are measured at cost less any accumulated depreciation and any accumulated impairment losses and adjusted for any re-measurement of the lease liability.

3.6 Operating leases

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

3.7 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

3.8 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 legacy income, in whole or in part, is only made when probate has been granted, 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.

3.9 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.

3.10 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.

28

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

3.11 Investment properties

The In accordance with Charities SORP (FRS 102):

ii) no depreciation is provided in respect of freehold investment properties.

3.12 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.

3.13 Termination payments

Termination payments are recognised as an expense when the company is demonstrably committed to terminating the employment of affected employees.

3.14 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.

3.15 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.

3.16 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 accounting 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.

29

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

4 Donations and legacies

Donations and legacies
2024 2023
£ £
Legacies 2,761,802 4,478,984
Donations 422,016 465,174
___ ___
3,183,818 4,944,158

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 other trading activities
Commercial operations
Gross Income from shops
Gross Income from Lottery
Fundraising
Trusts and grants
Fundraising activities
Other income
Clinical income - education
Clinical income - meals
Clinical income - other		 2024
£
1,158,109
2024
£
5,366,080
852,389
_______
6,218,469
2024
£
49,661
738,261
______
787,922
2024
£
149,165
27,091
20,946
______
197,202		 2023
£
1,102,884
2023
£
4,592,962
759,400
_______
5,352,362
2023
£
82,488
703,457
__
785,945
2023
£
203,790
20,886
13,258
____
237,934

30

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

7 Investment income

Investment income
Group Group
2024 2023
£ £
Property 24,750 21,300
Bank interest 118,212 5,020
Listed investments 88,602 73,595
_ _
231,564 99,915

8 Total expenditure - group

Commercial
Provision Raising trading Support 2024 2023
of care funds expenses costs Total Total
£ £ £ £ £ £
Staff costs 5,827,186 303,636 2,050,581 32,126 8,213,529 7,889,577
Patient care 61,304 - - - 61,304 104,604
Medical supplies & drugs 78,979 - - - 78,979 66,390
Catering & domestic supplies 73,829 - - - 73,829 71,616
Travel expenses 22,791 - - - 22,791 13,946
Training & education 34,419 - 612 - 35,031 51,306
Laundry 19,633 - - - 19,633 16,281
Electricity & Gas 118,222 - - - 118,222 71,036
Telephone 54,330 - - - 54,330 43,111
Rates and water 15,012 - - - 15,012 3,472
Uniforms 5,853 - - - 5,853 6,689
Printing, Postage and stationery 43,931 - 13,034 - 56,965 46,979
Insurance 46,480 - - - 46,480 33,728
Repairs and maintenance 150,829 - - - 150,829 144,366
Depreciation 186,462 - 92,475 - 278,937 308,114
Direct fundraising costs - 122,179 - - 122,179 95,012
Department fundraising costs - 73,698 - - 73,698 61,105
Banking charges - 35,066 26,431 - 61,497 20,088
Administration charge 136,009 12,129 114,795 - 262,933 270,591
Audit and accountancy - - - 18,481 18,481 18,058
Legal and professional fees - - - 90,452 90,452 99,317
Irrecoverable VAT - 20,362 - - 20,362 11,940
Cost of sales - - 307,194 - 307,194 295,652
Shops operating expenses - - 1,459,996 - 1,459,996 1,294,698
Investment portfolio fees - 29,032 - - 29,032 29,240
Staff relocation & recruitment - - 13,208 - 13,208 12,004
__ __ __ __ _________ ___
6,875,269 596,102 4,078,326 141,059 11,690,756 11,078,920

31

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

9 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 32,126 Key management allocated on time
Audit and accountancy 18,481 Governance
Legal and professional 90,452 Governance
__
141,059

10 Net income/(expenditure) for the year

This is stated after charging the following:

2024 2023
£ £
Auditors’ remuneration – audit (group) 18,481 18,058
Operating leases 842,133 722,782
Depreciation (group) 278,937 308,114

11 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		 2024
274
2024
£
7,027,521
641,957
544,051
___
8,213,529		 2023
259
2023
£
6,785,031
616,019
488,527
___
7,889,577

Included within wages and salaries are non-statutory/non-contractual termination payments totalling £27,113 (2023: £nil). The termination payments were funded from the existing cash reserves.

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.

32

12

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)

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

2024 2023
£60,000 to £70,000 1 2
£70,000 to £80,000 1 2
£80,000 to £90,000 1 1
£90,000 to £100,000 1 1

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 four personnel totalled £356,141 (2023: £336,436, three personnel). In the prior year Cornwall Hospice Care Limited employed 1 consultant, who was paid at the NHS rate, this consultant was included in the bandings above for 2023.

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 £259,484 (2023: £235,670).

Contributions amounting to £35,737 (2023: £32,096) were payable to the Fund at 31 March 2024 and are included in other creditors.

Standard Life Scheme

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

Pre Auto Enrolment

Employees that joined the scheme before auto enrolment was implemented receive employer contributions of up to 10% of salary.

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 £284,567 (2023: £252,857).

Contributions amounting to £44,205 (2023: £36,522) were payable to the Fund at 31 March 2024 and are included in other creditors.

33

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

13 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 (2024: £Nil).

Further details in relation to related party transactions can be found in note 31.

14 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. The registered office of both subsidiaries is Cornwall Hospice Care, Porthpean Road, St Austell, Cornwall PL26 6AB.

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

Cornwall
Hospice Care
Trading
Limited
Cornwall
Hospice Care
Lottery
Limited
Total
2024
£
£
£
Per company accounts
Turnover
189,956
832,375
1,022,331
Cost of sales
(74,052)
(233,142)
(307,194)
Administrative expenses
(43,634)
(151,627
(195,261)
Interest receivable
2,575
20,014
22,589
_
________
___

74,845
467,620
542,465
Amount distributed to the
charity via Gift Aid
(62,808)
(85,177)
(147,985)
_
_
___

Result in the subsidiary
12,037
382,443
394,480
The assets and liabilities of the subsidiaries were:
Cornwall
Hospice Care
Trading
Limited
Cornwall
Hospice Care
Lottery
Limited
£
£
_Per company accounts
Fixed Assets
-
4,400
Current assets
87,090
567,399
Current liabilities
(12,241)
(104,178)
_
_

Total net assets
74,849
467,621
_
_

Aggregate share capital and reserves
74,849
467,621		 Total
2023
£
960,106
(295,649)
(170,730)
4,258
_
497,985
(394,734)
_
103,251
Total
2024
£
4,400
654,489
(116,419)
__
542,470
__
542,470

34

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

15 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 14.

The summary financial performance of the charity alone is:

Income
Gift aid from subsidiaries
Expenditure on charitable activities
Net (loss) / income
Total funds brought forward
Total funds carried forward
Represented by:
Restricted funds
Unrestricted funds
Total funds carried forward		 Total
2024
£
10,985,240
147,985
_
11,133,225
11,239,547
_
(106,322)
11,135,234
__
11,028,912
716,391
10,312,521
___
11,028,912		 Total
2023
£
11,627,374
394,734
_
12,022,108
10,932,142
_
1,089,966
10,045,268
__
11,135,234
740,860
10,394,374
___
11,135,234

35

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

16 Comparative period statement of financial activities

Consolidated

Consolidated
Unrestricted Restricted Total
funds funds 2023
£ £ £
Income
Donations & legacies 4,908,158 36,000 4,944,158
Income from Charitable Activities 1,102,884 - 1,102,884
Income from Other Trading Activities:
Commercial trading operations 5,352,362 - 5,352,362
Fundraising 785,945 - 785,945
Covid-19 support income - - -
237,934 - 237,934
Other income 99,915 - 99,915
Investment income ___ __ ___
Total Income 12,487,198 36,000 12,523,198
___ __ ___
Expenditure
Expenditure on raising funds
Commercial trading activities 3,782,000 - 3,782,000
Costs of generating donations and legacies 492,094 - 492,094
Investment portfolio fees 29,240 - 29,240
Expenditure on charitable activities
Provision of care 6,603,026 24,469 6,627,495
Support costs 148,091 - 148,091
___ __ ___
Total Expenditure 11,054,451 24,469 11,078,920
___ __ ___
Net losses on investments (251,040) - (251,040)
___ __ ___
Net income 1,181,707 11,531 1,193,238
___ __ ___
Net movement in funds 1,181,707 11,531 1,193,238
Reconciliation of funds:
Fund balances brought forward 9,360,657 729,329 10,089,986
___ __ ___
Fund balances carried forward 10,542,364 740,860 11,283,224

36

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

17 Tangible fixed assets – company

Freehold land
and buildings
Short
leasehold
improvements
Equipment
& fittings
£
£
£
Cost or valuation
At 1 April 2023
5,828,151
1,389,411
1,079,199
Additions
29,018
44,372
34,535
Disposals
-
-
-
_
_
_
At 31 March 2024
5,857,169
1,433,783
1,113,734
_
_
_
Depreciation
At 1 April 2023
2,346,102
1,093,421
768,931
Charge for the year
112,083
87,175
46,963
Released on disposal
-
-
-
_
_
__
At 31 March 2024
2,458,185
1,180,596
815,894
__
__
__
Net book value
At 31 March 2024
3,398,984
253,187
297,840
At 31 March 2023
3,482,049
295,990
310,268		 Motor
vehicles
IT
Equipment
& Software
£
£
188,411
309,989
41,998
6,321
(9,954)
-
_
_
220,455
316,310
_
_
174,720
275,877
10,625
17,691
(9,954)
-
_
_
175,391
293,568
__
__
45,064
22,742
13,691
34,112		 Total
£
8,795,161
156,244
(9,954)
_
8,941,451
_
4,659,051
274,537
(9,954)
__
4,923,634
__
4,017,817
4,136,110

Freehold land and buildings include land at cost of £121,010 (2023: £121,020) on which no depreciation is charged. Included in Motor Vehicles are vehicles leased under finance leases with a net book value of £39,898 (2023: £nil).

37

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

18 Tangible fixed assets – group

Freehold land
and buildings
Short
leasehold
improvements
Equipment
& fittings
£
£
£
Cost or valuation
At 1 April 2023
5,828,151
1,389,411
1,079,199
Additions
29,018
44,372
34,535
Disposals
-
-
-
_
_
_
At 31 March 2024
5,857,169
1,433,783
1,113,734
_
_
_
Depreciation
At 1 April 2023
2,346,102
1,093,421
768,931
Charge for the year
112,083
87,175
46,963
Released on disposal
-
-
-
_
_
_
At 31 March 2024
2,458,185
1,180,596
815,894
__
__
__
Net book value
At 31 March 2024
3,398,984
253,187
297,840
At 31 March 2023
3,482,049
295,990
310,268		 Motor
vehicles
IT
Equipment
& Software
£
£
188,411
326,189
41,998
6,321
(9,954)
-
_
_
220,455
332,510
________
________
174,720
283,277
10,625
22,091
(9,954)
-
________
________
175,391
305,368
_
__
45,064
27,142
13,691
42,912		 Total
£
8,811,361
156,244
(9,954)
_
8,957,651
_
4,666,451
278,937
(9,954)
__
4,935,434
__
4,022,217
4,144,910

Freehold land and buildings include land at cost of £121,020 (2023: £121,020) on which no depreciation is charged. Included in Motor Vehicles are vehicles leased under finance leases with a net book value of £39,898 (2023: £nil).

38

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

19 Investments

Investments
Freehold Investment in
investment subsidiary Investment Company Group
property undertakings portfolio 2024 2024
£ £ £ £ £
At 1 April 2023 155,000 5 4,458,278 4,613,283 4,613,278
Additions at cost - - 3,406,996 3,406,996 3,406,996
Disposals - - (3,346,227) (3,346,227) (3,346,227)
Unrealised losses - - (35,046) (35,046) (35,046)
Realised gain - - 235,205 235,205 235,205
__ __ __ __ __
At 31 March 2024 155,000 5 4,719,206 4,874,211 4,874,206

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 2024 was £4,452,503 (2023: £4,590,151). The cost of the freehold investment properties amounts to £290,000 (2023: £290,000).

Carrying amount of financial assets

2024
£
Instruments measured at fair value through profit or loss
4,719,206
20
Stocks
Company
Group
Company
2024
2024
2023
£
£
£
Goods for resale
3,470
69,456
3,470
Drugs, medical supplies etc.
8,500
8,500
8,500
Maintenance stocks
400
400
400
__
__
__
_
12,370
78,356
12,370		 2023
£
4,458,278
Group
2023
£
76,809
8,500
400
_
85,709

39

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

21 Debtors

Gift Aid debtor
VAT recoverable
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one
Trade creditors
Other creditors
Other taxation and social security
Accruals
Deferred income (note 23)
Amounts owed to group undertakings		 Company
2024
£
153,928
99,747
-
36,044
1,085,978
__
1,375,697
year
Company
2024
£
310,799
135,776
150,613
262,073
17,611
481,600
__
1,358,472		 Group
2024
£
153,928
99,747
-
37,720
1,090,021
__
1,381,416
Group
2024
£
344,155
135,442
155,819
270,969
86,905
-
__

993,290		 Company
2023
£
95,765
85,639
-
19,079
262,584
__
463,067
Company
2023
£
196,919
69,806
135,813
429,358
33,006
148,582
__
1,013,484		 Group
2023
£
95,765
82,715
-
19,079
274,681
__
472,240
Group
2023
£
252,307
68,830
136,698
451,188
100,135
-
__
1,009,158

22 Creditors: amounts falling due within one year

40

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

23 Deferred income

Company Group Company Group
2024 2024 2023 2023
£ £ £ £
At 1 April 2023 33,006 100,135 1,752 75,765
Released to income in year (33,006) (100,135) (1,752) (75,765)
Deferred in year 17,611 86,905 33,006 100,135
__ __ __ __
At 31 March 2024 17,611 86,905 33,006 100,135

Income is deferred in respect of Lottery income whereby players may pay in advance for weekly tickets on a quarterly, half yearly or annual basis. Other income is deferred in respect of education services and rental income where income has been received in advance of the education service being delivered, or the rental period.

24 Contingent assets

At 31 March 2024, the Charity had been notified of legacies receivable totalling an estimated £3.3m (2023: £2.8m) 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 £595k (2023: £195k) which are subject to a life tenancy interest held by a third party and therefore, are also, not included in the Statement of Financial Activities as conditions for recognition have not been met.

41

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

25 Restricted funds

The Company and the Group

Project Bed St. Julia’s Total
Appeal Purchase Hospice
Fund Fund Fund
£ £ £ £
At 1 April 2022 720,910 8,419 - 729,329
Income - 36,000 - 36,000
Expenditure (19,538) (4,931) - (24,469)
__ __ __ __
At 1 April 2023 701,372 39,488 - 740,860
Income - - 206,235 206,235
Expenditure (19,538) (4,931) (206,235) (230,704)
__ __ __ __
At 31 March 2024 681,834 34,557 - 716,391

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 donations made in contribution to bed purchases for each unit. Depreciation on these beds of £4,931 is charged to reserves annually.

The St. Julia's Hospice Fund represent legacy income where funds are restricted for use in St. Julia’s Hospice, funding has been used towards running costs of the hospice.

42

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

26 Unrestricted funds

(a) The Company
At 1 April 2023
Deficit for the year
Transfer
At 31 March 2024		 [--- - - - - - - - - - - - - - - - - - - Designated Funds - -
Capital
Fund
Revaluation
Reserve
Future
Deficit
Fund
£
£
£
3,427,650
23,127
569,609
-
-
-
(126,224)
108,576
(569,609)
_
_
___

3,301,426
131,703
-


 - - - - -- - - - ]
Legacies
Fund
£
2,000,000
-
(250,000)
___

1,750,000		 General
Reserve
£
4,373,988
(81,853)
837,257
___
5,129,392		 Total
£
10,394,374
(81,853)
-
___
10,312,521
(b) The Group [- - - - - - - - - - - - - - - - - - - - - - Designated Funds - - - - - - - - - - - Designated Funds - - - - - - - - - - - ]
Capital Revaluation Future Legacies General Total
Fund reserve Deficit Fund Reserve
Fund
£ £ £ £ £ £
At 1 April 2023 3,436,449 23,127 105,625 2,000,000 4,977,163 10,542,364
Surplus for the year - - - - 312,623 312,623
Transfer (130,623) 108,576 (105,625) (250,000) 377,672 -
___ ___ ___ ___ ___ ___
At 31 March 2024 3,305,826 131,703 - 1,750,000 5,667,458 10,854,987

43

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

26 Comparative unrestricted funds

(a) The Company [--- - - - - - - - - - - - - - - - - - - Designated Funds
Capital
Fund
Revaluation
Reserve
Future
Service
Develop
fund
£
£
£
At 1 April 2022
3,433,491
133,527
-
Surplus for the year
-
-
-
Transfer
(5,841)
(110,400)
569,609
_
_
_

At 31 March 2023
3,427,650
23,127
569,609
(b) The Group [- - - - - - - - - - - - - - - - - - - - - - Designated Funds
Capital
Fund
Revaluation
reserve
Future
Service
Develop
Fund
£
£
£
At 1 April 2022
3,433,491
133,527
-
Surplus for the year
-
-
-
Transfer
2,958
(110,400)
105,625
_
_
_

At 31 March 2023
3,436,449
23,127
105,625		 - - - - - - - - - ]
Legacies
Fund
General
Reserve
£
£
1,000,000
4,748,921
-
1,078,435
1,000,000
(1,453,368)
_
_
2,000,000
4,373,988


- - - - - - - - - ]
Legacies
Fund
General
Reserve
£
£
1,000,000
4,793,639
-
1,181,707
1,000,000
(998,183)
_
_
2,000,000
4,977,163		 Total
£
9,315,939
1,078,435
-
_
10,394,374

Total
£
9,360,657
1,181,707
-
_
10,542,364

44

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

26 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 25).

The Revaluation Fund represents any changes in the recognised value of investment property and investments.

The Future Deficit Fund was established for any future deficits, this has been released to the General Fund in the current year.

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.

27 Analysis of net assets between funds

Consolidated fund balances at 31 March 2024 are represented by:

Unrestricted
Funds
Restricted
funds
£
£
Fixed assets
3,305,826
716,391
Investments
4,874,206
-
Current assets
3,668,245
-
Current liabilities
(993,290)
-
_
_
10,854,987
716,391
onsolidated fund balances at 31 March 2023 are represented by:
Unrestricted
Funds
Restricted
funds
£
£
Fixed assets
3,404,050
740,860
Investments
4,613,278
-
Current assets
3,534,194
-
Current liabilities
(1,009,158)
-
______
__
10,542,364
740,860		 Total
£
4,022,217
4,874,206
3,668,245
(993,290)
_
11,571,378

Total
£
4,144,910
4,613,278
3,534,194
(1,009,158)
_
11,283,224

Consolidated fund balances at 31 March 2023 are represented by:

45

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

28 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
2024
2024
£
£
807,128
807,128
2,576,758
2,576,758
1,959,551
1,959,551
___
___
5,343,437
5,343,437
Other
Company Group
2024
2024
£
£
23,995
23,995
11,997
11,997
__
__
35,992
35,992		 Land & buildings
Company Group
2023
2023
£
£
787,311
787,311
2,722,453
2,722,453
2,476,841
2,476,841
___
___
5,986,605
5,986,605
Other
Company Group
2023
2023
£
£
23,995
23,995
35,992
35,992
_
_
59,987
59,987		 Land & buildings
Company Group
2023
2023
£
£
787,311
787,311
2,722,453
2,722,453
2,476,841
2,476,841
___
___
5,986,605
5,986,605
Other
Company Group
2023
2023
£
£
23,995
23,995
35,992
35,992
_
_
59,987
59,987
Group
2023
£
23,995
35,992
__
59,987

29 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 (2023: £Nil).

30 Ultimate controlling party

The ultimate controlling party of the charity are the members.

31 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.

46

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

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

Net income per statement of financial activities
(Gains)/Losses on investments
Investment income
Add back (profit)/loss on sale of tangible assets
Add back depreciation charge
Decrease in stocks
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors
Net cash provided by operating activities
Analysis of net debt
1
Cash at bank and in hand		 2024
£
2023
£
288,154
1,193,238
(200,159)
251,040
(231,564)
(99,915)
(1,667)
-
278,937
308,114
7,353
10,568
(909,176)
150,055
(15,869)
277,328
___
__
(783,990)
2,090,428
April 2023
£
Cash flows
£
31 March 2024
£
2,976,245
(767,772)
2,208,473

33 Auditor’s liability limitation agreement

For the year ended 31 March 2024, the charity entered into a liability limitation agreement with its auditors, the principal terms of which limit the liability of the auditors to £5,000,000 in relation to their responsibilities as auditors of the charity. The date this was agreed by the charity was 31 August 2024.

47