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← Cornwall Hospice Care Limited

2025-03-31-accounts

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

For the year ended 31 March 2025

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 10
o Chief Executives Report 11
o Our Ambitions 2023-2028 12
o Risk Management and Internal Control 13
o Financial Review 14
2. Directors Report
o Reserves Policy 17
o Volunteers 17
o Fundraising 17
o Executive remuneration 18
o Investment policy and objectives 18
o Our impact on the environment 19
o Tax status 19
o Directors responsibilities statement 19
o Statement of disclosure to auditor 20
3. Independent auditor’s report 21
4. Financial Statements 25
5. Notes to the Financial Statements 28

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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 2025 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

We continue to be regulated by the Care Quality Commission (CQC). No inspections 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 decreased as have the number of patients discharged, which links to the small 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 also suffered a number of staffing issues in terms of sickness and absence over the winter, which also impacted our ability to run at full capacity.

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

Our lymphoedema service remarkably held the exact same number of appointments compared to last year, highlighting its consistent and important need and our community services have continued to grow with a substantial and positive increase in our Listening Ear service. 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. This continues to be well received with a positive increase in the number of patients seen.

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 1 complaint, a reduction of 4 compared to the previous year. 2 concerns were also raised. All parties involved have been communicated with, investigations undertaken when required and learning implemented into practice, where needed.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Compliments

During 2024/25 we received 100 thank you cards and 168 responses to our friends and family feedback. 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 extremely positive, much more so than expected. An overall surplus result of just over £353k was recorded which surpasses the initial surplus budget for the year of £161k.

A surplus of £466k was generated from our operations, which has then been decreased by losses on investments during the year, meaning an overall surplus result of just under £354k is reported. Our reserves remain in a strong position, following the previous three financial years, which saw good performance, and exceptional legacy receipts. They now stand at £11.9m.

Our total income was £13.4m, representing a rise of 14% over the prior year, and a 4% excess versus budget. Donation income is the main contributor to the increase in the current year, due to a much appreciated, one off major donation in excess of £1m. Legacy income although generally in line with 2023/24 levels, did experience a shortfall to budget of £0.8m. Delays remain within our portfolio, which appears common across the sector, ranging from contentious estates to just complex property sales involved within them. Any delayed receipts though, now form part of the 2025/26 budgeted income.

The key areas of income growth during 2024/25 remain within Retail and Lottery, increasing by 3% and 13% respectively. Fundraising fell by 1% which in a really tough environment is encouraging.

Expenditure has continued to be carefully managed during the year and finished in line with budget. However, inflationary pressures in staff costs, fuel and general supplies have meant a 11% increase in overall expenditure compared to the prior year and will only increase further in the coming year, particularly due to the changes to Employer National Insurance contributions.

Fundraising & lottery

Fundraising performance was positive with growth in terms of income versus the prior year, falling short of its budgeted contribution by 1%. Lottery missed its budgeted contribution by £19k, although this in turn was due to expense incurred at the end of the year in relation to an updated pricing and prize structure, implemented early in the new financial year. In terms of income alone, this grew, as per previous years, demonstrating the benefit of our sustained canvassing.

The strongest income stream within the Lottery team, remained weekly draw tickets, which achieved income of £858k. Although this was £15k behind budget, it represents growth of 11% on the prior year. Bumper draw ticket sales again saw an upturn, finishing £2k ahead of budget and growth of 12% compared to 2023/24.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Continuing from 2023/24, the strongest fundraising income stream was in the Community. £319k was received, beating budget by £65k, a really positive result. Donations saw a significant increase on the prior year of 56%, achieving income of £283k. This income stream includes one off, regular and major donations. This figure though excludes the significant, one-off donation in excess of £1m as it would distort comparative performance. In memory donations saw a minor decrease of £10k or 4% compared to the prior year, achieving income of £230k.

Trust and grants income raised £255k. During the year we were fortunate to receive capital grants of £161k from Hospice Uk on behalf of the Department for Health and Social Care in relation to capital improvements and £94k from the Local Authority in respect of solar and insulation installations at both of our clinical sites, which were completed in the Autumn of 2024.

Lastly, gifts in Wills contributed £2.4m 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, again, has enjoyed a very successful year delivering a contribution to the cost of care of over £1.6m. Our donation centre model which we introduced in 2021 continues and remains as successful as ever. More than 1,000 cars per week 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. The quality of donations received remains a challenge, with 40% being saleable (2023/24 40%). This has led to an increased recycled output, and adjusting our messaging to the public, highlighting the importance of good quality donations.

Around 70 employees work in the retail business, and these have ably been supported by close to 1,100 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.

In October 2024, we hosted a remarkable fashion show dedicated to celebrating second hand fashion at Truro Cathedral. This inspiring event showcased models who were our very own staff and volunteers, highlighting a vibrant sense of team spirit and community. The fashion lines displayed a creative fusion of high-end style with affordability and looked at transforming old items into new, stylish pieces. This event not only promoted sustainable fashion but also underscored the importance of collaboration and creativity in redefining modern fashion trends.

Our People

The average number of staff employed across the organisation has decreased slightly from 274 to 270 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 over to 1,300.

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 £12.60 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 is now at the end of its second year and is monitored by the trustees and Executive team. Progress reports are submitted for Board review as part of this process to demonstrate what has been achieved or is being worked towards.

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.

Values

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.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

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 15 members and there are five sub-committees.

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

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

This year the Board and Committee meetings 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 and since year end:

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.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Board Committees

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

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 : Sarah Machin

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

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

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

Over the past year, we have continued to make every day matter, in what has been a period of significant growth and unwavering dedication. Our commitment to providing free and compassionate care to the people of Cornwall, when they need it most has remained steadfast, and continues to be at the heart of everything we do.

Our twenty beds have remained open throughout the year, and our services operated 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 fantastic results both clinically and financially.

We have maintained our excellent lymphoedema clinics, which remarkably held the exact same number of appointments as the previous year, our outstanding range of community services continue to reach significant numbers, plus our first-class education programmes have been ever popular.

Growth has been represented across many areas of the Charity from increasing volunteer numbers to rising financial returns within key income streams. Financial growth this year has been boosted by the fantastic receipt of a one-off major donation, as well as record beating results across our Retail and Lottery teams. The growth achieved over the past few years has allowed us to build a strong position in terms of our financial resilience, which has now allowed the Board to commit fully to our Fit for the Future Project.

Work began during the year with the award of a Net Zero grant from our local authority, which enabled the installation of a new photovoltaic (PV) system at Mount Edgcumbe Hospice, as well as an extension of the existing system at St Julia’s Hospice. The grant also funded full roof insulation upgrades at both sites, with all works completed in Autumn 2024. After much planning, the next phase of development began in May 2025: a £1.3m capital project at Mount Edgcumbe Hospice. This ambitious initiative includes the creation of a brand-new therapies’ hub, the transformation of our two four-bedded wards into private, single en-suite rooms, and the development of a new, dedicated crisis intervention suite. This new suite will provide emergency care for individuals in acute need, offering up to 48 hours of support to manage symptoms before patients either return home, are admitted to our care, or are transferred to an appropriate onward facility. Project completion is expected in March 2026, and we are all eager to see the lasting impact these improvements will have for those we serve.

During the year, we made one new appointment to the Board, welcoming Anthony Basset in March 2025. Anthony has since joined the Finance Committee and brings with him valuable expertise. Two members of the Clinical Services Committee stepped down from the Board in May 2024 and March 2025, respectively. I would like to extend my sincere thanks to both for their contributions to the charity during their time with us. I am also pleased to report that, following the year end, we appointed Nikki Thomas to the Board in May 2025. Nikki will serve as a member of the Clinical Services Committee, and we look forward to the insight and experience she brings.

Finally, as always, I would like to thank my fellow trustees for their dedication, contributions, and enthusiasm over the past year. I look forward to this continuing in the year ahead, which will be my last as Chair with my commitment ending in November. As I reflect on the past nine years on the Board, I am filled with a deep sense of pride and gratitude. It has been a privilege to serve during a period of significant growth, challenge, and transformation. Together, we have navigated change, strengthened our governance, and remained committed to our purpose and core values. I have been continually inspired by the dedication of my fellow trustees, the hard work of our staff and volunteers, and the support of our wider community. While there have been challenges along the way, the collective achievements of the charity over this time stand as a testament to what we can accomplish through collaboration and togetherness.

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 again been a very positive one during which we have been able to maintain bed numbers across the two hospices at 20 as well as begin our exciting Fit for the Future project. The commencement of which underlines our determination to provide the best possible end-of-life care for those patients in Cornwall who need us.

The development through our Community Services team of Neighbourhood Hub support clinics has shown positive growth this year as well as our Listening Ear service. We plan to increase our awareness of the charity over the coming year, demonstrating our purpose and the vast array of services we offer, in order to maximise the number of people who can benefit and be reassured that we are there to support them, in their time of need.

I am constantly 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 standards. 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 and without their kindness we could not sustain our services that ensure our community are provided with essential end of life care.

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 2025 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 2024/25

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

There is now a nurse led multi-disciplinary approach admission process in place across both of our Hospice sites.

During the year, our hospices have continued to strengthen partnerships with colleagues across the NHS, independent, and voluntary sectors. These collaborative efforts are central to delivering a seamless, integrated service that places patients and their families at the heart of care. This area of work remains a strategic priority, and we are committed to improving our own input towards this and look to maximise any collaboration opportunities in order to assist ongoing improvement across the whole system of palliative and end of life care.

Our Community Services Team has also seen significant development over the past year. We have expanded our services and extended our geographical reach. In particular, we have increased the provision of practical support, with a strong focus on meeting the needs of patients under our care and providing specialist bereavement support to their families

2. Develop our learning and education

The Education department has been providing face to face clinical skills training to help staff gain competency in areas that are not used frequently on the ward. They have also continued to deliver external training to other healthcare staff to ensure care settings have palliative training as an option. We also began to implement Resilient Based Clinical Supervision to support staff, with training being delivered in two phases. The first in relation to clinical staff and the second to non-clinical, patient and family/carer staff, including reception volunteers, catering, facilities, fundraising and marketing.

Over the past year internal development has broadened the education offer, resulting in a 90% increase in attendee numbers of internal face to face sessions, with a total of 1,345 attendees recorded. New sessions were launched during the year including “Knowing What to Say” for retail staff as well as Clinical Skills workshops for both Healthcare Assistants and Healthcare Professionals.

3. Ensure the charity is fit for the future

We successfully installed a new photovoltaic system at Mount Edgcumbe Hospice as well as an addition to the existing system at St Julia’s Hospice as well as full roof insulation projects at both sites. This was following the receipt of a grant from the Local Authority covering 50% of the project

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

costs and will allow us to generate and utilise our own energy, reducing our reliance on the National Grid, plus assist with our sustainability ambition in terms of reducing our carbon footprint.

During the year, plans also progressed further regarding works at Mount Edgcumbe Hospice to help meet the future needs of our patients. A full tender exercise to identify the principal contractor was completed in March 2025, with final agreement to proceed with the project from the Board, given in April 2025.

Priorities for 2025/26

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 2025/26 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 £353k was recorded in the period compared to a budgeted surplus of £161k and also represents an increase of £65k compared to the previous years result.

Our income generation teams have had a solid year, with Retail and Lottery 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 £13.4m which was £0.6m (4%) above budget and £2m (14%) above the prior year. This is primarily because of a one-off major donation which we were very fortunate to receive during the year. Legacy income was relatively consistent with the prior year, with our pipeline remaining strong for the years ahead. Record levels of income from Retail and Lottery were also achieved, being testament to our offering and the efforts of the teams involved within each.

Fundraising income exceeded budget for the year, as well as showing growth on the prior year of £52k or 8% and we also saw pleasing growth within investment and other income.

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Cornwall Hospice Care Limited (Limited by Guarantee)

Section 1: Strategic Report (continued)

Expenditure

Total expenditure for the year was £13.0m, which was in line with budget but representing growth of £1.3m (11%) compared to last year. The growth in expenditure was expected as a result of inflationary pressures, particularly on staff and general operating costs.

The table below sets out the summary of expenditure incurred.

Gain on investments

The value of the hospice listed investment portfolio decreased by £112k, during the year which was disappointing given the position last year was a healthy gain of £200k. Markets particularly experienced volatility during the final quarter of the financial year but our agreed risk profile mitigated that effect as well as possible and we remained steadfast in our approach to think longer term. Positively, growth has since returned in the new financial year to date.

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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 bi-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 £6.6m were held by the charity at 31st March 2025. This comprises a general reserve equating to 6 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 29 details legal operating lease commitments within 5 years of £3.2m (2024: £3.4m) 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.

18

Cornwall Hospice Care Limited (Limited by Guarantee)

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.

19

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 6 November 2025

20

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 2025 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.

21

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 19, 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.

22

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.

23

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

27 November 2025

24

Cornwall Hospice Care Limited (Limited by Guarantee)

Consolidated statement of financial activities

For the year ended 31 March 2025

For the year ended 31 March 2025
Unrestricted Restricted Total Total
funds funds 2025 2024
Notes £ £ £ £
Income
Voluntary 4 3,213,520 1,288,616 4,502,136 3,183,818
Income from Charitable Activities 5 1,158,027 - 1,158,027 1,158,109
Income from Other Trading Activities:
Commercial trading operations 6 6,473,060 - 6,473,060 6,218,469
Fundraising 6 733,987 - 733,987 787,922
Other income 6 319,428 - 319,428 197,202
Investment income 7 256,460 - 256,460 231,564
____ __ ____ ____
Total Income 12,154,482 1,288,616 13,443,098 11,777,084
____ __ ____ ____
Expenditure
Expenditure on raising funds
Commercial trading activities 4,339,838 - 4,339,838 4,078,326
Costs of generating donations and legacies 645,704 - 645,704 567,070
Investment portfolio fees 29,755 - 29,755 29,032
Expenditure on charitable activities
Provision of care 6,901,127 912,803 7,813,930 6,875,269
Support costs 147,925 - 147,925 141,059
____ __ ____ ____
Total Expenditure 8 12,064,349 912,803 12,977,152 11,690,756
____ __ ____ ____
Net (losses)/gains on investments (112,447) - (112,447) 200,159
____ __ ____ ____
Net (expenditure) /income (22,314) 375,813 353,499 286,487
Other recognised gains and losses
Gain on disposal of fixed assets - - - 1,667
____ __ ____ ____
Net movement in funds (22,314) 375,813 353,499 288,154
Reconciliation of funds:
Fund balances brought forward 10,854,987 716,391 11,571,378 11,283,224
____ __ ____ ____
Fund balances carried forward 26,27,28 10,832,673 1,092,204 11,924,877 11,571,378

25

Cornwall Hospice Care Limited (Limited by Guarantee)

Balance sheet

As at 31 March 2025

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
Provision for liabilities
25
Total net assets
The funds of the charity
Restricted funds
26
Unrestricted funds
27
Total funds		 The
Company
2025
£
3,898,928
5,392,602
___
9,291,530
___
12,370
1,246,057
2,144,562
___
3,402,989
(1,257,466)
___
2,145,523
___
(49,000)
11,388,053
1,092,204
10,295,849
___
11,388,053		 The
Group
2025
£
3,898,928
5,392,597
___
9,291,525
___
71,915
1,119,255
2,405,638
___
3,596,808
(914,456)
___
2,682,352
___
(49,000)
11,924,877
1,092,204
10,832,673
___
11,924,877		 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

These financial statements were approved by the Members of the Board on 6 November 2025 and were signed on its behalf by:

DW Renwick Director

Company registration no.: 05660401

26

Cornwall Hospice Care Limited (Limited by Guarantee)

Consolidated cash flow statement

For the year ended 31 March 2025

Note 2025 2024
£ £ £ £
Cash (used in) / provided by operating
Activities 33 953,804 (783,990)
Cash flows from investing activities
Interest income 140,550 118,212
Dividends income 90,110 88,602
Rental income from investment property 25,800 24,750
___ ___
256,460 231,564
Purchase of tangible fixed assets (382,260) (156,244)
Purchase of investments (1,894,170) (3,406,996)
Receipts from sale of tangible assets - 1,667
Receipts from sale of investments 1,263,332 3,346,227
___ ___
Net cash (outflows) from investing
activities (1,013,099) (215,346)
__ __
(Decrease) / increase in cash equivalents 197,165 (767,772)
Cash and cash equivalents at 1 April 2024 2,208,473 2,976,245
__ __
Cash and cash equivalents at 31 March 2025 2,405,638 2,208,473

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

27

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 2025 (2024: 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 on a line by line basis.

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).

The financial statements are prepared in sterling, which is the functional currency of the company, monetary amounts in these financial statements are rounded to the nearest £.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of the group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and surplus or deficit of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

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.

28

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 including grant 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 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.

29

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

3.10 Investment properties

In accordance with Charities SORP (FRS 102):

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

3.11 Pensions

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

3.12 Termination payments

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

3.13 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.

3.14 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.

3.15 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.

3.16 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

30

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

4 Voluntary
Unrestricted Restricted Total 2024
funds funds 2025
£ £ £ £
Legacies 1,975,026 462,169 2,437,195 2,761,802
Donations 1,238,494 570,963 1,809,457 422,016
Grants - 255,484 255,484 -
___ ___ ___ ___
3,213,520 1,288,616 4,502,136 3,183,818

Included in the above grants are the following government grants:

Department of Health and Social Care – grants have been received during the year totalling £161,546 (2024: £nil) for capital improvements.

Cornwall Council – grants have been received during the year totalling £93,938 (£nil) for solar and insulation projects.

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
Fundraising activities		 2025
£
1,158,027
2025
£
5,514,194
958,866
_______
6,473,060
2025
£
733,987
______
733,987		 2024
£
1,158,109
2024
£
5,366,080
852,389
_______
6,218,469
2024
£
738,261
______
787,922

31

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

Other income
Clinical income - education
Clinical income - meals
Clinical income - other
7
Investment income
Property
Bank interest
Listed investments		 2025
£
181,080
32,986
105,362
______
319,428
Group
2025
£
25,800
90,110
140,550
_
256,460		 2024
£
149,165
27,091
20,946
______
197,202
Group
2024
£
24,750
118,212
88,602
_
231,564

32

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

8 Total expenditure - group

Commercial
Provision Raising trading Support 2025 2024
of care funds expenses costs Total Total
£ £ £ £ £ £
Staff costs 6,487,372 405,779 2,120,023 39,566 9,052,740 8,213,529
Patient care 51,118 - - - 51,118 61,304
Medical supplies & drugs 69,748 - - - 69,748 78,979
Catering & domestic supplies 72,591 - - - 72,591 73,829
Travel expenses 25,849 - - - 25,849 22,791
Training & education 38,721 - - - 38,721 35,031
Laundry 19,896 - - - 19,896 19,633
Electricity & Gas 101,715 - - - 101,715 118,222
Telephone 60,814 - - - 60,814 54,330
Rates and water 21,867 - - - 21,867 15,012
Uniforms 3,754 - - - 3,754 5,853
Printing, Postage and stationery 52,890 - 15,715 - 68,605 56,965
Insurance 51,605 - - - 51,605 46,480
Repairs and maintenance 188,046 - - - 188,046 150,829
Depreciation 197,896 - 77,653 - 275,549 278,937
Impairment 230,000 - - - 230,000 230,000
Direct fundraising costs - 79,337 - - 79,337 122,176
Department fundraising costs - 71,025 - - 71,025 73,698
Banking charges - 37,087 35,526 - 72,613 61,497
Administration charge 140,048 17,733 128,619 - 286,400 262,933
Audit and accountancy - - - 23,373 23,373 18,481
Legal and professional fees - - - 84,986 84,986 90,452
Irrecoverable VAT - 34,743 - - 34,743 20,362
Cost of sales - - 334,888 - 334,888 307,194
Shops operating expenses - - 1,603,375 - 1,603,375 1,459,996
Investment portfolio fees - 29,755 - - 29,755 29,032
Staff relocation & recruitment - - 24,039 - 24,039 13,208
__ __ __ __ _________ ___
7,813,930 675,459 4,339,838 147,925 12,977,152 11,690,756

33

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 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 39,566 Key management allocated on time
Audit and accountancy 23,373 Governance
Legal and professional 84,985 Governance
__
147,925

10 Net income/(expenditure) for the year

This is stated after charging the following:

2025 2024
£ £
Auditors’ remuneration – audit (group) 18,420 18,481
Operating leases 893,873 842,133
Depreciation (group) 275,549 278,937

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		 2025
270
2025
£
7,759,004
707,715
586,021
___
9,052,740		 2024
274
2024
£
7,027,521
641,957
544,051
___
8,213,529

Included within wages and salaries are termination payments totalling £95,095 (2024: £27,113). 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.

34

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)

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

2025 2024
£60,000 to £70,000 2 1
£70,000 to £80,000 1 1
£80,000 to £90,000 3 1
£90,000 to £100,000 1 1

The key management personnel of the group comprise of the Chief Executive, Director of Finance and Resources, Director of Income Generation and Director of Clinical Services. The combined employee benefits of the above seven personnel totalled £458,967 (2024: £356,141, four personnel).

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 £270,923 (2024: £259,484).

Contributions amounting to £35,782 (2024: £35,737) were payable to the Fund at 31 March 2025 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 £315,098 (2024: £284,567).

Contributions amounting to £48,034 (2024: £44,205) were payable to the Fund at 31 March 2025 and are included in other creditors.

35

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 32.

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
2025
£
£
£
Per company accounts
Turnover
170,999
926,928
1,097,927
Cost of sales
(81,051)
(253,837)
(334,888)
Administrative expenses
(43,943)
(192,148)
(236,091)
Interest receivable
677
31,938
32,615
Interest payable
(5,359)
-
(5,359)
_
________
___

Net profit
41,323
512,881
554,204
Amount distributed to the
charity via Gift Aid
(79,845)
(480,000)
(559,845)
_
_
___

Result in the subsidiary
(38,522)
32,881
(5,641)
The assets and liabilities of the subsidiaries were:
Cornwall
Hospice Care
Trading
Limited
Cornwall
Hospice Care
Lottery
Limited
£
£
_Per company accounts
Current assets
182,031
607,659
Current liabilities
(145,704)
(107,157)
_
_

Total net assets
36,327
500,502
_
_

Aggregate share capital and reserves
36,327
500,502		 Total
2024
£
1,022,331
(307,194)
(195,261)
22,589
-
_
542,465
(147,985)
_
394,480
Total
2025
£
789,690
(252,861)
__
536,829
__
536,829

36

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 income / (loss)
Total funds brought forward
Total funds carried forward
Represented by:
Restricted funds
Unrestricted funds
Total funds carried forward		 Total
2025
£
12,399,670
559,845
__
12,959,515
12,600,374
_
359,141
11,028,912
__
11,388,053
1,092,204
10,295,849
___
11,388,053		 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

37

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 2024
£ £ £
Income
Donations & legacies 2,977,583 206,235 3,183,818
Income from Charitable Activities 1,158,109 - 1,158,109
Income from Other Trading Activities:
Commercial trading operations 6,218,469 - 6,218,469
Fundraising 787,922 - 787,922
Other income 197,202 - 197,202
Investment income 231,564 - 231,564
Total Income 11,570,849 206,235 11,777,084
___ __ ___
Expenditure
Expenditure on raising funds
Commercial trading activities 4,078,326 - 4,078,326
Costs of generating donations and legacies 567,070 - 567,070
Investment portfolio fees 29,032 - 29,032
Expenditure on charitable activities
Provision of care 6,644,565 230,704 6,875,269
Support costs 141,059 - 141,059
____ __ ____
Total Expenditure 11,460,052 230,704 11,690,756
___ __ ___
Net gain/(loss) on investments 200,159 - 200,159
___ __ ___
Net income 310,956 (24,469) 286,487
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
Reconciliation of funds:
Fund balances brought forward 10,542,364 740,860 11,283,224
___ __ ___
Fund balances carried forward 10,854,987 716,391 11,571,378

38

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 2024
5,857,169
1,433,783
1,113,734
Additions
240,184
89,300
14,620
Disposals
-
-
-
Impairment
(230,000)
-
-
_
_
_
At 31 March 2025
5,867,353
1,523,083
1,128,354
_
_
_
Depreciation
At 1 April 2024
2,458,185
1,180,596
815,894
Charge for the year
111,101
74,972
50,769
Released on disposal
-
-
-
_
_
__
At 31 March 2025
2,569,286
1,255,568
866,663
__
__
__
Net book value
At 31 March 2025
3,298,067
267,515
261,691
At 31 March 2024
3,398,984
253,187
297,840		 Motor
vehicles
IT
Equipment
& Software
£
£
220,455
316,310
-
38,156
(19,602)
-
-
-
_
_
200,853
354,466
_
_
175,391
293,568
11,843
22,464
(19,602)
-
_
_
167,632
316,032
__
__
33,221
38,434
45,064
22,742		 Total
£
8,941,451
382,260
(19,602)
(230,000)
_
9,074,109
_
4,923,634
271,149
(19,602)
__
5,175,181
__
3,898,928
4,017,817

During the year, management conducted a review of the carrying amount of one of the freehold properties. The review identified indicators of impairment due to market decline. Based on the current market value of the property, the recoverable amount had fallen below it’s carrying amount. As a result, an impairment loss of £230,000 was recognised in the profit and loss account.

Freehold land and buildings include land at cost of £121,010 (2024: £121,010) on which no depreciation is charged.

Included in Motor Vehicles are vehicles leased under finance leases with a net book value of £31,499 (2024: £39,898).

39

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 2024
5,857,169
1,433,783
1,113,734
Additions
240,184
89,000
14,620
Disposals
-
-
-
Impairment
(230,000)
-
-
_
_
_
At 31 March 2025
5,867,353
1,523,083
1,128,354
_
_
_
Depreciation
At 1 April 2024
2,458,185
1,180,596
815,894
Charge for the year
111,101
74,972
50,769
Released on disposal
-
-
-
_
_
_
At 31 March 2025
2,569,286
1,255,568
866,663
__
__
__
Net book value
At 31 March 2025
3,298,067
267,515
261,691
At 31 March 2024
3,398,984
253,187
297,840		 Motor
vehicles
IT
Equipment
& Software
£
£
220,455
332,510
-
38,156
(19,602)
-
-
-
_
_
200,853
370,666
________
________
175,391
305,368
11,843
26,864
(19,602)
-
________
________
167,632
332,232
_
__
33,221
38,434
45,064
27,142		 Total
£
8,957,651
382,260
(19,602)
(230,000)
_
9,090,309
_
4,935,434
275,549
(19,602)
__
5,191,381
__
3,898,928
4,022,217

During the year, management conducted a review of the carrying amount of one of the freehold properties. The review identified indicators of impairment due to market decline. Based on the current market value of the property, the recoverable amount had fallen below it’s carrying amount. As a result, an impairment loss of £230,000 was recognised in the profit and loss account.

Freehold land and buildings include land at cost of £121,010 (2024: £121,010) on which no depreciation is charged.

Included in Motor Vehicles are vehicles leased under finance leases with a net book value of £31,499 (2024: £39,898).

40

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 2025 2025
£ £ £ £ £
At 1 April 2024 155,000 5 4,719,206 4,874,211 4,874,206
Additions at cost - - 1,894,170 1,894,170 1,894,170
Disposals - - (1,263,332) (1,263,332) (1,263,332)
Realised loss - - (21,396) (21,396) (21,396)
Unrealised loss - - (91,051) (91,051) (91,051)
__ __ __ __ __
At 31 March 2025 155,000 5 5,237,597 5,392,602 5,392,597

The Trustees consider the valuation of the freehold investment property at 5-7 Fore Street, St Austell appropriate at the year end.

The cost of the above listed investments at 31 March 2025 was £5,052,981 (2024: £4,452,503). The cost of the freehold investment properties amounts to £290,000 (2024: £290,000).

Carrying amount of financial assets

2025
£
Instruments measured at fair value through profit or loss
5,237,597
20
Stocks
Company
Group
Company
2025
2025
2024
£
£
£
Goods for resale
3,470
63,015
3,470
Drugs, medical supplies etc.
8,500
8,500
8,500
Maintenance stocks
400
400
400
__
__
__
_
12,370
71,915
12,370		 2024
£
4,719,206
Group
2024
£
69,456
8,500
400
_
78,356

41

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
22
Creditors: amounts falling due within one
Trade creditors
Other creditors
Bank overdraft
Other taxation and social security
Accruals
Deferred income (note 23)
Amounts owed to group undertakings		 Company
2025
£
100,857
91,564
139,805
76,477
837,354
__
1,246,057
year
Company
2025
£
171,241
131,539
-
157,595
304,650
36,375
456,066
__
1,257,466		 Group
2025
£
100,857
91,564
-
81,257
845,577
__
1,119,255
Group
2025
£
196,612
131,591
2,814
158,370
318,478
106,591
-
__
914,456		 Company
2024
£
153,928
99,747
-
36,044
1,085,978
_
1,375,697
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

42

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

23 Deferred income

Company Group Company Group
2025 2025 2024 2024
£ £ £ £
At 1 April 2024 17,611 86,905 33,006 100,135
Released to income in year (17,611) (86,905) (33,006) (100,135)
Deferred in year 36,375 106,591 17,611 86,905
__ __ __ __
At 31 March 2025 36,375 106,591 17,611 86,905

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 2025, the Charity had been notified of legacies receivable totalling an estimated £4m (2024: £3.3m) that are not included in the Statement of Financial Activities because the conditions for recognition have not been met.

In addition, the Charity has assets bequeathed to it totalling an estimated £495k (2024: £595k) 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.

25 Provision for liabilities

Retail Shop Maintenance Provision, during the reporting period, the charity recognised a provision of £49,000 for essential repairs and maintenance across its portfolio of retail shops. The works include structural remedial actions, safety upgrades, and improvements to meet accessibility standards, based on professional surveys carried out during the year.

The provision reflects a present obligation arising from identified defects and compliance requirements, which were known prior to the balance sheet date. The trustees consider it probable that expenditure will be incurred, and the amount has been estimated reliably based on contractor quotes and internal assessments.

The provision is expected to be utilised within the next 12 months. No reimbursement is anticipated.

43

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

26 Restricted funds

The Company and the Group

Project Bed Hospice UK Fit for the Mount St. Julia’s Total
Appeal Purchase Fund Future Fund Edgcumbe Hospice
Fund Fund Hospice Fund
Fund
£ £ £ £ £ £ £
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 1 April 2024 681,834 34,557 - - - - 716,391
Income - - 161,678 245,466 562,452 319,020 1,288,616
Expenditure (19,538) (4,931) (5,909) (953) (562,452) (319,020) (912,803)
__ __ __ __ __ __ __
At 31 March 2025 662,296 29,626 155,769 244,513 - - 1,092,204

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 Hospice UK Fund represents restricted income provided by Hospice UK, where funds are restricted for capital purchases across the charity; funding has been used towards acquiring assets in line with the specific funding conditions.

The Fit for the Future Fund represents voluntary income given in respect of future proofing our clinical units so that they are fit for purpose and able to meet the needs of future patients and families over the coming years.

The Mount Edgcumbe Hospice Fund represent legacy income where funds are restricted for use in Mount Edgecumbe Hospice, funding has been used towards running costs of the hospice.

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.

44

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

27 Unrestricted funds

(a) The Company
(b) The Group [- -
At 1 April 2024
Surplus for the year
Transfer
At 31 March 2025
At 1 April 2024
Surplus for the year
Transfer
At 31 March 2025		 [--- - - - - - - - - - - - - - - - - - - Designated Funds -
- - - - - - - - - - - - - - - - - - - - Designated Funds -
Capital
Fund
Revaluation
reserve
Legacies
Fund
£
£
£
3,305,826
131,703
1,750,000
-
-
-
(499,102)
52,913
(500,000)
_
_
_
2,806,724
184,616
1,250,000
Capital
Fund
Revaluation
Reserve
Legacies
Fund
£
£
£
3,301,426
131,703
1,750,000
-
-
-
(494,702)
52,913
(500,000)
_
_
_

2,806,724
184,616
1,250,000

 - - - - - -- - - - ]
- - - - - - - - - - ]
General
Reserve
Total
£
£
5,667,458
10,854,987
(22,314)
(22,314)
946,189
-
_
_
6,591,333
10,832,673
General
Reserve
Total
£
£
5,129,392
10,312,521
(16,672)
(16,672)
941,789
-
_
_
6,054,509
10,295,849

45

Cornwall Hospice Care Limited (Limited by Guarantee)

Notes

(forming part of the financial statements)

27 Comparative unrestricted funds

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

Capital
Fund
Revaluation
Reserve
Future
Service
Develop
fund
£
£
£
At 1 April 2023
3,427,650
23,127
569,609
Surplus for the year
-
-
-
Transfer
(126,224)
108,576
(569,609)
_
_
_

At 31 March 2024
3,301,426
131,703
-
(b) The Group [- - - - - - - - - - - - - - - - - - - - - - Designated Funds
Capital
Fund
Revaluation
reserve
Future
Service
Develop
Fund
£
£
£
At 1 April 2023
3,436,449
23,127
105,625
Surplus for the year
-
-
-
Transfer
(130,623)
108,576
(105,625)
_
_
_

At 31 March 2024
3,305,826
131,703
-		 Legacies
Fund
£
2,000,000
-
(250,000)
_

1,750,000

- - - - - - - - - ]
Legacies
Fund
£
2,000,000
-
(250,000)
_
1,750,000		 General
Reserve
£
4,373,988
(81,853)
837,257
_
5,129,392

General
Reserve
£
4,977,163
312,623
377,672
_
5,667,458		 Total
£
10,394,374
(81,853)
-
_
10,312,521

Total
£
10,542,364
312,623
-
_
10,854,987

46

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

27 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 26).

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

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.

28 Analysis of net assets between funds

Consolidated fund balances at 31 March 2025 are represented by:

Unrestricted Restricted Total
Funds funds
£ £ £
Fixed assets 2,806,724 1,092,204 3,898,928
Investments 5,392,597 - 5,392,597
Current assets 3,596,808 - 3,596,808
Current liabilities (914,456) - (914,456)
Non Current liabilities (49,000) - (49,000)
___ __ ___
10,832,673 1,092,204 11,924,877

Consolidated fund balances at 31 March 2024 are represented by:

Unrestricted Restricted Total
Funds funds
£ £ £
Fixed assets 3,305,826 716,391 4,022,217
Investments 4,874,206 - 4,874,206
Current assets 3,668,245 - 3,668,245
Current liabilities (993,290) - (993,290)
Non Current liabilities - - -
___ __ ___
10,854,987 716,391 11,571,378

47

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

29 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
2025
2025
£
£
813,839
813,839
2,416,349
2,416,349
1,614,808
1,614,808
___
___
4,844,996
4,844,996
Other
Company Group
2025
2025
£
£
11,997
11, 997
-
-
__
__
11,997
11,997		 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
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
Group
2024
£
23,995
11,997
__
35,992

30 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 (2024: £Nil).

31 Ultimate controlling party

The ultimate controlling party of the charity are the members.

32 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.

48

Cornwall Hospice Care Limited (Limited by Guarantee) Notes

(forming part of the financial statements)

33 Reconciliation of operating surplus to net cash flow from operating activities

2025 2024
£ £
Net income per statement of financial activities 353,499 288,154
Losses/ (Gains) on investments 112,447 (200,159)
Investment income (256,460) (231,564)
Add back (profit)/loss on sale of tangible assets - (1,667)
Add back impairment charge 230,000 -
Add back depreciation charge 275,550 278,937
Decrease in stocks 6,441 7,353
(Decrease)/Increase in debtors 262,160 (909,176)
(Decrease)/Increase in creditors (78,833) (15,869)
Increase/ (Decrease) in provisions 49,000 -
___ __
Net cash provided by operating activities 953,804 (783,990)
Analysis of net debt
1 April 2024 Cash flows 31 March 2025
£ £ £
Cash at bank and in hand 2,208,473
 197,165 2,405,638

34 Auditor’s liability limitation agreement

For the year ended 31 March 2025, 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 21 July 2025.

35 Post balance sheet event

As discussed in the Report of the Chair, the next phase of development of The Fit for the Future project commenced in May 2025, this event is classified as a non-adjusting post balance sheet event, as the contract was finalised and signed after the financial year. As at year end, a reasonable estimate of the potential impact cannot be made.

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