Sobell House Hospice Charity Limited (limited by guarantee)
Registered Charity No: 1118646 Registered Company No: 05989017
Consolidated Accounts for the year ended 31st March 2024
Wenn Townsend Chartered Accountants
Oxford
Sobell House Hospice Charity Ltd. Registered Charity No. 1118646. Company No. 5989017. Registered in England and Wales. Registered Office: 30 St Giles, Oxford OX1 3LE. www.sobellhouse.org
Sobell House Hospice Charity Limited
Reference and administrative details
| Registered Office: | 30 St Giles |
|---|---|
| Oxford | |
| OX1 3LE | |
| Principal Office: | Sobell House |
| Churchill Hospital | |
| Headington | |
| Oxford | |
| OX3 7LE | |
| Bankers: | Barclays Bank plc |
| Oxford City Centre Branch | |
| Oxford | |
| OX1 3HB | |
| Solicitors: | Blake Morgan LLP |
| Seacourt Tower | |
| West Way | |
| Oxford | |
| OX2 0FB | |
| BWH Legal | |
| Ashbrook House | |
| Westbrook Street | |
| Blewbury | |
| Didcot | |
| Oxfordshire | |
| OX11 9QA | |
| Auditors: | Wenn Townsend |
| Chartered Accountants and Registered Auditors | |
| 30 St Giles | |
| Oxford | |
| OX1 3LE | |
| Investment Advisers: | Quilter Cheviot Limited |
| 1 Kingsway | |
| London | |
| WC2B 6AN |
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Sobell House Hospice Charity Limited
Trustees' Annual Report for the year ended 31st March 2024
Foreword
The Trustees, who act as directors for the purposes of company law, of Sobell House Hospice Charity Limited (the Charity) present their annual report together with the audited financial statements for the Charity and its two subsidiary companies. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the Charity and the Group.
The Trustees and officers of the Charity
The names of the members of this body who acted during the year ended 31st March 2024 together with changes subsequent to that date are as follows:
| Finance Committee |
Trading Advisory Committee |
Investment Committee |
Remuneratio n Committee |
Fundraising and Communications Committee |
|
|---|---|---|---|---|---|
| Mr Ian Miles(Chairman) | x | x | x | ||
| Mr Peter Holloran(Treasurer) | x | x | x | ||
| Mr GregBirdseye | x | ||||
| Dr William Couldrick | x | ||||
| Mr Duncan Crine(joined 06/02/24) | x | ||||
| Mrs Elizabeth Drew(joined 06/02/24) | x | ||||
| Ms Julie Findley | |||||
| Mr Hugh Fraser | x | x | |||
| Dr Tim Littlewood(joined 06/02/24) | x | ||||
| Mrs Sandra Nash | x | x | x | ||
| Mrs Vivienne Spurge | x | ||||
| Mr Michael Wells(joined 06/02/24) | x | ||||
| Mr Paul Lindsell(joined 06/02/24;resigned 01/05/24) | |||||
| Mrs Maryrose Hodgson(resigned 30/06/23) | |||||
| Mr Graham Varney (resigned 04/07/23) | x | ||||
| Ms A Foster(CEO and CompanySecretary) | x | x | x | x | x |
Objectives and activities for the public benefit
The key element of the Charity’s medium to long-term strategy is to provide on-going funding to Sir Michael Sobell House (The Hospice). The Hospice is an NHS hospice which has been providing care since 1976 for people in Oxfordshire with life-limiting illnesses. The Charity has provided financial support from the outset. The Hospice building is leased by the Charity to the NHS.
In the year ending 31st March 2024, the Charity provided ongoing funding to the Hospice totalling £2.8 million (last year £2.2 million). This amount includes a contribution to core funding, as well funding for additional services to augment those offered by the Hospice and includes transport, catering, pastoral support and staff training and supervision. For more information on amounts spent, please see the SOFA on page 10.
The Charity measures the success of its strategy in two ways:
Within the Hospice: the grant from the Charity allows the Hospice to provide a broader range of services and higher level of care to a greater number of people in Oxfordshire than would otherwise be possible using only the NHS provision for this type of service.
Within the Charity: fundraising results are measured against the previous year while being compared to external benchmarks and the budgets determined by the Charity staff and agreed with Trustees. The Trustees also closely monitor the performance of the investment portfolio and obtain advice from their broker relating to investment matters.
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Sobell House Hospice Charity Limited
Trustees’ Annual Report (continued)
for the year ended 31st March 2024
Objectives and activities for the public benefit (continued)
Voluntary help
Sobell House Hospice Charity Limited upholds the important principle that the Hospice is a community-owned organisation. There are a range of fundraising activities held in partnership with local people, such as organising events, operating seven Charity Shops, two warehouses and a Lottery through the Local Hospice Lottery. The generous support of our volunteers, with all of these activities and office administration, enables the Charity to continue to support the Hospice at its current level and agree to increase support for innovation in palliative and end of life care.
The Trustees wish to thank the volunteers for all their contributions. The Trustees also acknowledge that, without the time given by volunteers, the Charity would not be able to provide as much funding for the day-to-day running of the Hospice, let alone be able to support the development of other areas to care for those with life limiting illnesses.
Fundraising standards information
Members of the Charity’s fundraising department organise events and carry out fundraising activities in order to generate funds for the charity. The Charity does not use professional fundraisers but does work with Local Hospice Lottery as a commercial participator to carry out its Lottery under a formal agreement. There have been no complaints about fundraising activity this year. The charity has signed up to the Fundraising Regulator’s Code of Fundraising Practice.
All the charity’s marketing activities are undertaken directly to ensure that it is not unreasonably persistent or intrusive. Direct marketing materials contain clear details of how to unsubscribe to future communications and care is taken to limit the level of communications being sent out.
Public benefit statement
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
Achievements and performance
With the Charity’s support, the Hospice has extended help to the following number of patients over the last three years:
| 2023/24 | 2022/23 | 2021/22 | 2020/21 | 2019/20 | |
|---|---|---|---|---|---|
| Total home visits | 2,766 | 2,652 | 2,340 | 3,045 | 4,811 |
| Medical outpatients | 260 | 167 | 108 | 186 | 407 |
| Lymphoedema | 1,669 | 2,270 | 1,782 | 2,345 | 2,016 |
| Dayservice attendances | 488 | 310 | 32 | 30 | 1,278 |
| Telemed and video contacts | 5,888 | 5,366 | 6,868 | 7,511 | 2,939 |
| Total Hospice bed days | 6,736 | 6,150 | 4,885 | 5,824 | 5,781 |
| Hospital specialist team no. of referrals | 2,607 | 2,206 | 2,344 | 1,859 | 1,837 |
| Bereavement appointments and contacts | 558 | 230 | 164 | 152 | 230 |
| Referrals accepted onto Home Hospice | 672 | 565 | |||
| Patients in Home Hospice service | 539 | 444 | |||
| Hospice Rapid Response Service | 131 |
While caring for such significant numbers of people, the Hospice maintains the ethos that the individual is of primary importance. The Hospice is not a place dominated by illness, but a place where people overcome pain and fear, and to make the very most of the time they have. The service is completely free to those in our community who may need it, regardless of their beliefs, race, age, sex, or sexual orientation.
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Sobell House Hospice Charity Limited
Trustees’ Annual Report (continued) for the year ended 31st March 2024
Achievements and performance (continued)
As well as contributing £1.6 million (last year £1.3 million) to the funding of the day-to-day running of the hospice’s services in the In-Patient Unit (IPU), and across OUH hospitals and in the community, Sobell House Hospice Charity continues to fund projects and activities that ensure we are offering holistic support to our patients and their loved ones and carers.
On 1st April 2022, a new project – Rapid Intervention in Palliative and End of Life Care (RIPEL) – was launched in Oxfordshire and South Northamptonshire, co-funded by Sobell House Hospice Charity and Macmillan Cancer Care (through a social impact bond supported by Social Finance). In 2021-22, the Trustees entered into a grant agreement with OUH NHSFT to provide £3.1 million of funding over three years (with a further £0.9 million potentially available at the end of the project) to support this project.
This continues to be a significant investment in changing the landscape for the increasing number of people in Oxfordshire experiencing life-limiting illnesses and helps move our service forward in reaching all in our community who need us. The second year was very successful – more on this below – and the final year of the project, as well as plans for developing the service beyond the scope of the project are of significant interest to the Trustees.
The first phase of RIPEL was a Home Hospice Care Team that supports people in the last two weeks of their life whose choice is to die at home, as well as patients known to the palliative care team whilst in crisis. Patient Support Workers provide domiciliary care and support in the patient’s home with specialist oversight and input from OUH Palliative Care teams. It is run as a virtual ward.
In October 2022, the Hospital Rapid Response service was launched. This supports those who are identified as actively dying to go home to die if that is their wish. In July 2023, the Palliative Care Hub was launched, enabling patients already within palliative care and their carers to call the hub directly for advice, expanding telephone access to enable quicker contact with the right professional in a timely manner, with rapid support from the wider MultiDisciplinary Team (MDT) as needed. The final element of the project is Hospice Outreach, which was launched in March 2024. This is an extension of the existing OUH Community Palliative Care Team to support unstable or complex dying palliative care patients in their own homes. It is also run as a virtual ward or ‘virtual hospice’. Since the beginning of the overall project, 3,104 referrals have been accepted and 11,729 days have been spent at home by patients instead of in hospital in their last year of life (average 9.03 days per patient). The value of this is estimated at £4.3 million.
In the hospice building, we have completely renovated our Living Well kitchen, making it a home-from-home that visiting patients can use, and have repaired the roof of our Prayer and Reflection Room (formerly the Chapel), as well as repainting it and equipping it with new furniture.
Financial review
The income from general donations and events increased by £0.3 million from £1.0 million in 2023 to £1.3 million in 2024. In addition, significant specific restricted fund support was received in the year, totalling £0.1 million. The Trustees are very grateful to all those who support the Hospice with gifts and legacies.
Income from legacies decreased from £1.3 million in 2023 to £0.5 million in 2024. Legacy income streams are by their nature uncertain. However, they allow the charity to consider the funding of additional and developmental projects for the benefit of the Hospice service. In 2023-2024, a hospice legacy strategy was written in order to support the growth of legacy income, though the return on investment in legacy income takes around ten to fifteen years to be realised.
Trading income from the shops increased from £1.8 million in 2023 to £1.9 million in 2024, which constituted the highest ever turnover for our shops. The charity continues to review its trading activity and structure and intends to open a new shop and a new warehouse in two carefully researched locations in 2024-2025. The collaboration with the Local Hospice Lottery, a consortium carrying on a lottery on behalf of hospices throughout the United Kingdom, is continuing.
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Sobell House Hospice Charity Limited
Trustees’ Annual Report (continued) for the year ended 31st March 2024
Investment policy and powers
The Trustees are empowered by their Constitution to invest all funds not required for immediate application in any lawful manner at their discretion, and for this purpose to delegate the management of the investments to our professional investment managers, Quilter Cheviot Limited.
The investment objective, as agreed by the Trustees, is to achieve sufficient capital and income growth, which over the long term will maintain the real value of the assets. The Trustees continue to review their Investment Policy which holds separate portfolios for the Investment and Reserves Funds. On completion of the building project, the funds were rebalanced to reflect the level of reserves the Trustees felt were necessary to protect the Charity’s ongoing commitments. There are no specific restrictions on investments other than that they should be suitable for the Charity. In addition, £0.5 million in cash was drawn down from our investments and put into a CAF/Flagstone cash investment portal to support the Charity’s increased need for cash due to the commitment to fund the RIPEL project and to take advantage of rising interest rates.
Reserves policy
The level of free reserves for the Group at the 31 March 2024 was approximately £4.1 million. This includes a £2.8 million gain shown on the revaluation reserve, representing stock market unrealised gains as at 31 March 2024.
Grants totalling £2.8 million were made to the Hospice and related services this year (last year £2.5 million). The cost of generating those funds, together with support costs amounted to £2.5 million this year (last year £2.0 million). Future grants are estimated for the year ending 31st March 2024 at £4.0 million, with the costs of fundraising and support being estimated at £3.4 million.
The Trustees consider that the appropriate level of free reserves is equivalent to 12 months of budgeted running costs, with a designated fund covering a reasonable period of budgeted grant costs. At 31st March 2024 the estimate of running costs for the next year is £3.4 million. The Charity therefore currently holds approximately 14 months of free reserves on this basis. As a result of this strong financial position, the Trustees have approved a deficit budget for the year ending 31st March 2025 to continue to allow for investment in our retail and fundraising operations, and to continue to support the third and final year of the project with OUH NHSFT that is increasing end of life care services across Oxfordshire.
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Sobell House Hospice Charity Limited
Trustees’ Annual Report (continued) for the year ended 31st March 2024
Plans for future periods
In 2024-25, as well as continuing to run the RIPEL project, the service is trialling an ambulance provision for palliative and end of life care, costing £0.6 million. We will also be funding a fellowship to coordinate OxMINT, which is the Oxford Metastatic INtervention Team. This team brings together palliative medicine consultants, clinical oncologists, radiology, spinal surgery, orthopaedics, neurosurgery, and anaesthetists to provide a new, coordinated response for patients with painful disease related to metastatic cancerous deposits in their bones.
In the IPU, the Charity plans to redevelop our family room to bring it up to date and offer more flexible and comfortable provision for visiting families and loved ones. This will complement the work we have carried out on fully refurbishing our kitchen (to be completed in 204-25, costing £0.2 million). The work on our kitchen is enabling us to not only meet all the dietary requirements of our patients, but also improve their nutrition, and builds on the development of our Estate, detailed above in Achievements and Performance.
SHHC is also funding the development of an academic department to ensure that evidence-based practice in palliative care is integral to our approach and that interventions are grounded in the latest, best available evidence, in relation to patient care, support for their family and carers, our own workforce and the wider service.
We will be launching new provisions for those experiencing homelessness, thanks to funding from Hospice UK, and will be delivering our Equality, Diversity, and Inclusion (EDI) strategy. We have committed £0.7 million to developing and delivering on our EDI work.
For 2024, the Charity has contracted Wild in Art – the leading company specialising in fundraising sculpture trails – to support us in delivering OxTrail, a sculpture trail of life-sized oxen across Oxford in July and August 2024. This involves significant fundraising activities, including corporate sponsorship, partnerships with the County and City Councils and other large organisations and is giving the Charity the opportunity to raise significant funds, build new partnerships with organisations for the longer term, and raise awareness of the hospice and its services. Over 60% of the sponsors involved in OxTrail are new to a relationship with Sobell House. We have written a major donor strategy and are employing a senior relationships fundraiser to manage the legacy of this project, which has seen us engage with over 80 schools and youth groups across Oxfordshire.
In retail, we plan to refurbish our Little Clarendon Street and Kidlington shops, as well as open a warehouse and a high street shop to build on the continued success of our retail team.
Structure, governance and management
The Charitable Company is governed by its Memorandum and Articles of Association which were adopted on incorporation on 6 November 2006. It is registered as a charity with the Charity Commission. The liability of members in the event of a winding up is limited by guarantee to an amount not exceeding £1 per member. At the balance sheet date there were ten members.
The Board of Trustees, when complete, comprises a Chairman, Treasurer and Secretary plus a Vice Chairman and up to eight other members elected at the Annual General Meeting (AGM). One-third of the Trustees retire at each AGM, though retiring Trustees are eligible for re-election. The Trustees can fill any casual vacancy in their number, and may co-opt not more than three additional Trustees, any person so appointed being entitled to hold office until the next AGM.
The Board of Trustees meets four times a year and there are also four sub-committees; the Finance Committee, an Advisory Shops Committee, a Fundraising and Communications Committee, and a Remuneration Committee, which also meet four times a year or as often as is required. All policy and strategy decisions are formally tabled for approval at the Trustees’ quarterly meetings. Decisions concerning the day-to-day running of the Charity are delegated to the Chief Executive Officer and the team of office staff who work under the direction of the Chief Executive.
Trustees are selected, as required, to fill particular skill requirements on the Board of Trustees. Prospective Trustees are invited to make a series of introductory visits to the Hospice and Charity offices prior to being formally elected as Trustees. Prior to the appointment of Honorary officers, meetings are arranged with the Chief Executive and relevant staff.
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Sobell House Hospice Charity Limited
Trustees’ Annual Report (continued) for the year ended 31st March 2024
Key Management Personnel Remuneration
The Trustees consider the Board of Trustees, the Chief Executive and the senior leadership team as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 4 to the accounts.
Trustees are required to disclose all relevant interests and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.
The pay of the Chief Executive and senior leadership team is reviewed annually and is normally increased in accordance with average earnings. The remuneration is reviewed to ensure that it is commensurate with similar roles.
Related parties
The Charity has two subsidiary companies.
Sobell Lottery Limited was incorporated on 22nd March 1999 as a wholly owned subsidiary.
Sobell House Hospice Company Limited ceased to be a dormant company on 1st July 2003 and began to trade in bought in goods. The company is limited by guarantee and is a wholly owned subsidiary of the Charity.
Sobell House Hospice Company Limited donates its taxable profits to the Charity each year by Gift Aid. Sobell Lottery Limited remains in use as a party to the agreement with Local Hospice Lottery Limited. LHL donate the lottery proceeds due directly to the Charity.
Risk management
The Trustees continue to review the financial risks facing the Charity with a view to mitigating these.
The principal risks and uncertainties faced by the charity are to ensure that continuity of funding is maintained, particularly in the light of the current cost of living crisis caused by rising inflation, and the rise in the energy price cap.
The Trustees are monitoring cash flow and the senior leadership team are in regular contact with our Investment advisors to ensure that a secure cash flow is maintained.
Trustees’ responsibilities in relation to the financial statements
The Trustees (who are also directors of Sobell House Hospice Charity Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare the financial statements for each financial year, which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for the year. In preparing these financial statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP 2019 (FRS 102);
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity and the group will continue in operation.
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Sobell House Hospice Charity Limited
Trustees’ Annual Report (continued) For the year ended 31st March 2024
Trustees’ responsibilities in relation to the financial statements (continued)
The Trustees are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and enables them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
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there is no relevant audit information of which the charitable company’s auditors are unaware; and
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the Trustees have taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006.
By order of the Trustees
Mr I Miles Chair of Trustees
23[rd] July 2024
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Sobell House Hospice Charity Limited
Independent Auditor’s Report to the Members and Trustees of Sobell House Hospice Charity Limited
Opinion
We have audited the financial statements of Sobell House Hospice Charity Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31st March 2024 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated 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:
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give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31st March 2024, and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
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 trustees’ 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 and charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:
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adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
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the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
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• certain disclosures of directors’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
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Sobell House Hospice Charity Limited
Independent Auditor’s Report to the Members and Trustees of Sobell House Hospice Charity Limited (continued)
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on pages 6 and 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
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Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;
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Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; • Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Benjamin Hayes FCA (Senior Statutory Auditor) For and on behalf of Wenn Townsend Chartered Accountants and Statutory Auditor 30 St Giles Oxford OX1 3LE
23[rd] July 2024
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Sobell House Hospice Charity Limited
Consolidated Statement of Financial Activities (including income and expenditure account) for the year ended 31st March 2024
Restricted General Designated Total Note Funds Funds Funds 2024 £ £ £ £ Income from: Voluntary income: General donations and events 64,771 1,340,875 - 1,405,646 Legacies - 512,793 - 512,793 Activities for generating funds: Shops - sales of goods - 1,927,978 - 1,927,978 Income from lottery - 240,630 - 240,630 Investment income: Bank interest - 42,593 - 42,593 Quoted investment income - 196,767 - 196,767 Total income 64,771 4,261,636 4,326,407 Expenditure on: Raising funds: Fundraising and publicity - 710,375 - 710,375 Shops - cost of sales - 1,491,879 - 1,491,879 Office costs - 269,726 - 269,726 2 - 2,471,980 - 2,471,980 Charitable activities: Grants to Sobell House 52,298 1,295,927 258,011 1,606,236 RIPEL project costs 16,577 - 888,010 904,587 Donation to SeeSaw - 35,000 - 35,000 Hospice depreciation 82,716 - 210,864 293,580 Catering service - 153,824 - 153,824 Transport service - 41,601 - 41,601 Bereavement Service - 119,596 - 119,596 Office costs - 269,726 - 269,726 2 151,591 1,915,674 1,356,885 3,424,150 Total expenditure 151,591 4,387,654 1,356,885 5,896,130 |
Restricted General Designated Total Funds Funds Funds 2023 £ £ £ £ 423,244 973,813 - 1,397,057 - 1,350,592 - 1,350,592 - 1,756,696 - 1,756,696 - 228,897 - 228,897 - 20,811 - 20,811 - 141,700 - 141,700 423,244 4,472,509 - 4,895,753 - 486,213 - 486,213 - 1,314,472 - 1,314,472 - 231,443 - 231,443 - 2,032,128 - 2,032,128 90,811 1,117,387 133,456 1,341,654 394,832 - 217,479 612,311 - 30,000 - 30,000 82,717 - 210,368 293,085 - 132,910 - 132,910 - 38,240 - 38,240 - 119,571 - 119,571 - 231,443 - 231,443 568,360 1,669,551 561,303 2,799,214 568,360 3,701,679 561,303 4,831,342 |
|---|---|
- 10 -
Sobell House Hospice Charity Limited
Consolidated Statement of Financial Activities (including income and expenditure account) for the year ended 31st March 2024 (continued)
| Note Net income/(expenditure) before gains/(losses) on investments Realised gains/(losses) on investment assets 7 Unrealised gains/(losses) on investment assets 7 Net income Transfers between funds 12 Net movement in funds Fund balances brought forward at 1st April 2023 Fund balances carried forward at 31st March 2024 |
Restricted General Designated Total Funds Funds Funds 2024 £ £ £ £ (86,820) (126,018) (1,356,885) (1,569,723) - 27,902 - 27,902 - 1,274,063 - 1,274,063 (86,820) 1,175,947 (1,356,885) (267,758) - (376,241) 376,241 - (86,820) 799,706 (980,644) (267,758) 1,357,236 3,502,350 13,200,303 18,059,889 1,270,416 4,302,056 12,219,659 17,792,131 |
Restricted General Designated Total Funds Funds Funds 2023 £ £ £ £ (145,116) 770,830 (561,303) 64,411 - (186,157) - (186,157) - (701,541) - (701,541) (145,116) (116,868) (561,303) (823,287) - (2,967,638) 2,967,638 - (145,116) (3,084,506) 2,406,335 (823,287) 1,502,352 6,586,856 10,793,968 18,883,176 1,357,236 3,502,350 13,200,303 18,059,889 |
|---|---|---|
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
- 11 -
Sobell House Hospice Charity Limited
Balance Sheet As at 31st March 2024
| Group Charity Note 2024 2024 £ £ Fixed assets Tangible assets 6 5,690,912 5,690,912 Investments 7 9,935,899 9,935,901 15,626,811 15,626,813 Current assets Stock 29,036 - Debtors 8 1,148,826 1,024,066 Short term deposits 1,526,464 1,526,464 Cash at bank and in hand 302,441 294,967 3,006,767 2,845,497 Creditors:Amounts falling due within one year 9 (841,447) (912,067) Net current assets 2,165,320 1,933,430 Net assets 17,792,131 17,560,243 Funds: Unrestricted funds General funds 1,249,116 1,249,116 Revaluation reserve 11 2,821,052 2,821,052 Designated funds 12 12,219,659 12,219,659 16,289,827 16,290,726 Restricted funds 12 1,270,416 1,270,416 Non-charitable trading funds 14 231,888 - Total funds 17,792,131 17,560,243 |
Group Charity 2023 2023 £ £ 5,957,907 5,957,907 9,561,445 9,561,447 15,519,352 15,519,354 19,689 - 1,383,695 1,383,148 1,148,658 1,148,658 702,015 697,152 3,254,057 3,228,958 (713,520) (712,588) 2,540,537 2,516,370 18,059,889 18,035,724 1,646,068 1,646,068 1,832,117 1,832,117 13,200,303 13,200,303 16,678,488 16,678,488 1,357,236 1,357,236 24,165 - 18,059,889 18,035,724 |
|---|---|
The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Trustees on 23[rd] July 2024 and signed on their behalf by:
Mr I Miles Chair of Trustees
The notes on pages 14 to 27 form part of the financial statements
Registered Company No: 05989017
- 12 -
Sobell House Hospice Charity Limited
Consolidated Statement of Cash Flows for the year ended 31st March 2024
| Note | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Net cash flow from operating activities | 13 | (1,038,895) | (296,576) |
| ─────── | ─────── | ||
| Cash flow from investing activities | |||
| Payments to acquire tangible fixed assets | (104,744) | (14,959) | |
| Payments to acquire investments | (1,368,359) | (2,042,289) | |
| Receipts from sales of investments | 2,295,870 | 2,259,378 | |
| Interest received | 42,593 | 20,811 | |
| Dividends received | 196,767 | 141,700 | |
| ─────── | ─────── | ||
| Net cash flow from investing activities | 1,062,127 | 364,641 | |
| ─────── | ─────── | ||
| Net increase/(decrease) in cash and cash equivalents | (21,768) | 68,065 | |
| Cash and cash equivalents at 1st April 2023 | 1,850,673 | 1,782,608 | |
| ─────── | ─────── | ||
| Cash and cash equivalents at 31st March 2024 | 1,828,905 | 1,850,673 | |
| ═══════ | ═══════ | ||
| Cash and cash equivalents consists of: | |||
| Cash at bank and in hand | 302,441 | 702,015 | |
| Short term deposits | 1,526,464 | 1,148,658 | |
| ─────── | ─────── | ||
| Cash and cash equivalents at 31st March 2024 | 1,828,905 | 1,850,673 | |
| ═══════ | ═══════ |
- 13 -
Sobell House Hospice Charity Limited
Notes to the Accounts
for the year ended 31st March 2024
1. Accounting policies
The following accounting policies have been used consistently in dealing with items which are considered to be material in relation to the Charity's and the Group’s accounts.
(a) General information and basis of preparation Sobell House Hospice Charity Limited is a charitable company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are noted in the Trustees Report.
These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Fund accounting Unrestricted funds consist of a general fund which the Trustees may use, for the furtherance of the objects of the Charity, at their discretion.
Designated funds are unrestricted funds which have been allocated for future expenditure for a specific purpose by the Trustees.
Restricted funds are subject to specific conditions imposed by the donor or by the terms of an appeal, these conditions being legally binding upon the Trustees.
(c) Income recognition All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
- 14 -
Sobell House Hospice Charity Limited
Notes to the Accounts
for the year ended 31st March 2024 (continued)
1. Accounting policies (continued)
(c) Income recognition (continued) Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure.
Gifts in kind donated for resale are not considered practicable to fair value due to the volume of low value items, therefore they are not recognised in the financial statements until they are sold. This income is recognised within ‘shops – sales of goods’.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity where it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Investment income is earned through holding assets for investment purposes such as shares and investment funds. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.
d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Fundraising costs are those incurred in seeking voluntary contributions. Governance costs are those incurred in connection with administration of the Charity as a legal entity and are not connected with generating income or charitable expenditure.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
- 15 -
Sobell House Hospice Charity Limited
Notes to the Accounts for the year ended 31st March 2024 (continued)
1. Accounting policies (continued)
(f) Tangible fixed assets These assets are shown at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided using the following rates and bases which reflect the anticipated useful lives of the assets and their residual values:
Leasehold premises Equal instalments over lease term Fixtures, fittings and equipment - IT equipment 331/3% Straight line - Other 25% Straight line Motor vehicles 25% Straight line
Surpluses or deficits arising on the disposal of tangible fixed assets are adjusted in the depreciation charge for the year.
A limit of £1,000 has been set so that items of a fixed asset nature will be capitalised if above this amount.
(g) Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Investments in subsidiaries are measured at cost less impairment.
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
(h) Stock
Stock consists of purchased goods for resale. Stocks are valued at the lower of cost and net realisable value. Items donated for resale are not included in the financial statements until they are sold, as noted in note (c) as it is not considered practicable to fair value the items. Provision is made for damaged, obsolete and slowmoving stock where appropriate.
(i) Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(j) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the surplus or deficit unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
(k) Employee benefit When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
- 16 -
Sobell House Hospice Charity Limited
Notes to the Accounts for the year ended 31st March 2024 (continued)
1. Accounting policies (continued)
(l) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
(m) Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. They have concluded that the budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern.
2. Analysis of total expenditure
Charity and group
| Charitable activities Grants to Sobell House RIPEL project costs Donation to SeeSaw Hospice depreciation Catering service Transport service Bereavement service Office costs |
Staff Total Total Costs Other Depreciation 2024 2023 £ £ £ £ £ - 1,606,236 - 1,606,236 1,341,654 - 904,587 - 904,587 612,311 - 35,000 - 35,000 30,000 - - 293,580 293,580 293,085 - 153,824 - 153,824 132,910 - 41,601 - 41,601 38,240 - 119,596 - 119,596 119,571 169,712 94,264 5,750 269,726 231,443 |
|---|---|
| 169,712 2,955,107 299,331 3,424,150 2,799,214 |
- 17 -
Sobell House Hospice Charity Limited
Notes to the Accounts
for the year ended 31st March 2024 (continued)
2. Analysis of total expenditure (continued)
| Cost of raising funds Group Fundraising and publicity Shops cost of sales Office costs Charity Fundraising and publicity Shops cost of sales Office costs |
Staff Total Total Costs Other Depreciation 2024 2023 £ £ £ £ £ 389,466 314,011 6,898 710,375 486,213 844,681 600,780 46,418 1,491,879 1,314,472 169,712 94,264 5,750 269,726 231,443 1,403,859 1,009,055 59,066 2,471,980 2,032,128 389,466 314,011 6,898 710,375 486,213 844,681 560,367 46,418 1,451,466 1,283,130 169,712 94,267 5,750 269,729 231,443 1,403,859 968,645 59,066 2,431,570 2,000,786 |
|---|---|
The Group’s support costs are allocated between Cost of raising funds and Charitable activities as shown below, using the following bases of apportionment:
| Salaries, training and recruitment Office overheads Premises Depreciation Total |
Cost of Charitable generating Total Total Basis of activities funds 2024 2023 apportionment £ £ £ £ 169,712 169,712 339,424 272,264 Staff time 93,531 93,532 187,063 165,048 Use of resources 733 732 1,465 13,140 Use of resources 5,750 5,750 11,500 12,434 Use of fixed assets 269,726 269,726 539,452 462,886 |
|---|---|
Governance costs
Governance costs comprise the following:-
| Governance costs comprise the following:- | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Audit fees | 9,175 | 9,225 |
| ────── | ────── | |
| 9,175 | 9,225 | |
| ══════ | ══════ |
- 18 -
Sobell House Hospice Charity Limited
Notes to the Accounts for the year ended 31st March 2024 (continued)
3.
Analysis of staff costs
| Analysis of staff costs | ||||
|---|---|---|---|---|
| 2024 | 2024 | 2023 | 2023 | |
| Group | Charity | Group | Charity | |
| £ | £ | £ | £ | |
| Wages and salaries | 1,347,781 | 1,347,781 | 1,083,029 | 1,083,029 |
| Social security costs | 118,310 | 118,310 | 98,517 | 98,517 |
| Pension costs | 95,471 | 95,471 | 67,026 | 67,026 |
| ────── | ────── | ────── | ────── | |
| 1,561,562 | 1,561,562 | 1,248,572 | 1,248,572 | |
| ══════ | ══════ | ══════ | ══════ |
The average full time equivalent weekly number of employees during the period was 34 (2023: 30). The average monthly number of employees during the period was 55 (2023: 45).
One employee of the Charity received remuneration of £70,000 - £80,000 during the year (2023: one; £60,000 - £70,000).
The number of volunteers was 120 (2023: 136).
The pension scheme is a defined contribution scheme. £13,158 of contributions were outstanding for payment as at 31st March 2024 (2023: £9,647).
4. Trustees' and key management personnel remuneration and expenses
The trustees neither received nor waived any remuneration during the year (2023: £Nil).
The total amount of employee remuneration received by key management personnel is £275,676 (2023: £246,454). The Charity considers its key management personnel comprise the Board of Trustees, the Chief Executive, the Director of Finance, the Director of Fundraising, and the Director of Retail.
No (2023: None) trustees are accruing pension arrangements.
No trustees were reimbursed for expenses during the year (2023: £nil).
5. Auditors' remuneration
The auditors' remuneration for the group in the year was:-
| r was:- | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| - audit | 9,175 | 9,225 |
| - other | 525 | 690 |
| ═════ | ═════ |
- 19 -
Sobell House Hospice Charity Limited
Notes to the Accounts for the year ended 31st March 2024 (continued)
| 6. Tangible fixed assets Cost: At 1st April 2023 Additions Disposals At 31st March 2024 Accumulated depreciation: At 1st April 2023 Charge for the period Elimination on disposal At 31st March 2024 Net book value: At 31st March 2024 At 31st March 2023 |
Leasehold Leasehold Fixtures, Vans Charity & premises premises fittings & Group (hospice) (shops) equipment total £ £ £ £ £ 8,787,993 329,014 251,292 24,581 9,392,880 30,774 22,395 51,575 - 104,744 - (39,244) (3,363) - (42,607) 8,818,767 312,165 299,504 24,581 9,455,017 3,002,493 204,723 203,176 24,581 3,434,973 293,580 29,590 40,849 - 364,019 - (32,203) (2,684) - (34,887) 3,296,073 202,110 241,341 24,581 3,764,105 5,522,694 110,055 58,163 - 5,690,912 5,785,500 124,291 48,116 - 5,957,907 |
|---|---|
The title to the new hospice leasehold premises is held by Sobell House Hospice Charity Limited under the terms of a 30 year lease running from and including 23rd March 2020. These premises are being depreciated over the 30 year period. To facilitate practical arrangements on site there is an underlease back to Oxford University Hospitals NHS Foundation Trust and Sobell House Hospice Charity Limited have a sub-underlease of office premises in the new hospice site.
The title to the existing hospice leasehold premises is now held by Sobell House Hospice Charity Limited under the terms of a 30 year lease with the term running from 7th July 2003. The hospice leasehold premises are being depreciated over the 30 year term. Again for practical reasons on site there is an underlease back to Oxford University Hospitals NHS Foundation Trust.
- 20 -
Sobell House Hospice Charity Limited
Notes to the Accounts for the year ended 31st March 2024 (continued)
| 7. | Investments 2024 2023 £ £ Fixed asset investments Quoted investments: Market value at 1st April 2023 9,561,445 10,666,232 Less: Disposals at opening book value (proceeds £2,295,870 gain £27,902) (2,267,968) (2,445,535) Add: Acquisitions at cost 1,368,359 2,042,289 Add: Net gains on revaluation 1,274,063 (701,541) ─────── ─────── Market value at 31st March 2024 - Group 9,935,899 9,561,445 Investment in subsidiary company:- Sobell Lottery Limited (see note 15) 2 2 ─────── ─────── Total - Charity 9,935,901 9,561,447 ═══════ ═══════ |
|---|---|
The fair value of quoted investments is determined by reference to the quoted price for the assets in an active market at the balance sheet date.
The historical cost of the above investments was £7,114,847 (2023: £7,729,326).
| 8. Debtors Group Charity 2024 2024 £ £ Tax recoverable 87,167 87,167 Owed by Sobell House Hospice Company Limited - - Other debtors 137,711 84,207 Prepayments and accrued income 923,948 852,692 1,148,826 1,024,066 |
Group Charity 2023 2023 £ £ 68,182 68,182 - 1,139 44,663 42,977 1,270,850 1,270,850 |
|---|---|
| 1,383,695 1,383,148 |
| 9. Creditors Group Charity 2024 2024 £ £ Trade creditors 497,711 497,711 Taxes and social security 43,905 43,905 Other creditors 45,338 43,888 Owed to Sobell House Hospice Company Limited - 76,651 Accruals 254,493 249,912 841,447 912,067 |
Group Charity 2023 2023 £ £ 202,562 202,562 39,000 39,000 132,697 130,879 - 886 339,261 339,261 |
|---|---|
| 713,520 712,588 |
- 21 -
Sobell House Hospice Charity Limited
Notes to the Accounts
for the year ended 31st March 2024 (continued
10. Legacies
A legacy of £242,409 was received and recognised in the year ending 31st March 2014, for which the charity has indemnified the donor against a possible but unlikely claim under the terms of intestacy, the expiry of which, in this case, is 8th November 2042. An additional £100,000 was received from the same legacy in the year ended 31st March 2015, and £16,045 in the year ended 31st March 2017 making a total of £358,454 that the charity has indemnified.
11. Analysis of Group net assets between funds
| Fund balances at 31st March 2024 were represented by:- Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Restricted General Designated Total Funds Funds Funds Funds £ £ £ £ 1,218,684 168,218 4,304,010 5,690,912 - 2,020,250 7,915,649 9,935,899 51,732 2,955,035 - 3,006,767 - (841,447) - (841,447) 1,270,416 4,302,056 12,219,659 17,792,131 |
|---|---|
| Fund balances at 31st March 2023 were represented by:- Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Restricted General Designated Total Funds Funds Funds Funds £ £ £ £ 1,283,467 172,407 4,502,033 5,957,907 - 863,175 8,698,270 9,561,445 73,769 3,180,288 - 3,254,057 - (713,520) - (713,520) 1,357,236 3,502,350 13,200,303 18,059,889 |
|---|---|
- 22 -
Sobell House Hospice Charity Limited
Notes to the Accounts for the year ended 31st March 2024 (continued
11. Analysis of Group net assets between funds (continued)
Revaluation reserve:
Included in unrestricted funds above are the following gains on revaluation:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Unrealised gains at 1st April 2023 | 1,832,117 | 3,212,440 |
| In respect of disposals in the year | (313,030) | (492,625) |
| ─────── | ─────── | |
| 1,519,087 | 2,719,815 | |
| Net gains arising on revaluation in the year | 1,301,965 | (887,698) |
| ─────── | ─────── | |
| Unrealised gains at 31st March 2024 | 2,821,052 | 1,832,117 |
| ═══════ | ═══════ |
The net book value of the leasehold premises (Hospice) of £5,522,694 (2023: £5,785,500) shown in note 6, is allocated between funds as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Restricted Building Fund | 1,218,684 | 1,283,467 |
| Designated Building Fund | 4,304,010 | 4,502,033 |
| ─────── | ─────── | |
| 5,522,694 | 5,785,500 | |
| ═══════ | ═══════ |
12. a) Designated funds
| Designated building fund EOLC Project Shops fund Fellowship fund RIPEL project fund Hospice grant fund |
At 1st At 31st April 2023 Movement Depreciation Transfers March 2024 £ £ £ £ £ 4,502,033 - (210,864) 12,841 4,304,010 577,270 (118,776) - - 458,494 153,300 - - (36,600) 116,700 967,700 (139,235) - - 828,465 3,400,000 (888,010) - - 2,511,990 3,600,000 - - 400,000 4,000,000 |
|---|---|
| 13,200,303 (1,146,021) (210,864) 376,241 12,219,659 |
- 23 -
Sobell House Hospice Charity Limited
Notes to the Accounts for the year ended 31st March 2024 (continued)
12. a) Designated funds (continued)
| Designated building fund Designated new projects fund EOLC Project Shops fund Covid 19 emergency fund Fellowship fund EDI RIPEL project fund Hospice grant fund |
At 1st At 31st April 2022 Movement Depreciation Transfers March 2023 £ £ £ £ £ 4,712,401 - (210,368) - 4,502,033 3,262,141 - - (3,262,141) - 658,426 (81,156) - - 577,270 161,000 - - (7,700) 153,300 1,000,000 - - (1,000,000) - 1,000,000 (32,300) - - 967,700 - (20,000) - 20,000 - - (217,479) - 3,617,479 3,400,000 - - - 3,600,000 3,600,000 |
|---|---|
| 10,793,968 (350,935) (210,368) 2,967,638 13,200,303 |
The Designated Building Funds represent the funds incurred in the building of the original hospice in 2002 and the new hospice wing completed in 2019. It is represented by the book value of the hospice premises as at the year end.
The Designated New Projects fund represented an amount set aside by the Trustees to fund developments in end of life care for the communities of Oxfordshire. The Covid-19 pandemic had previously delayed the consideration and development of these projects. In 2022/23, the charity embarked on funding a significant project for the Oxford University Hospitals NHS Trust known as the ‘RIPEL’ project. The total costs of this project will utilise this fund in full over a three year period, and it has been transferred into a specific project fund above for future reference.
The EOLC (End of Life Care) Project Fund relates to a quality improvement project to help the care of the dying in the hospitals of the OUHFT. This encompasses clinical and educational services. The project provides end of life care for patients, support for their families and carers and staff. The project staff enable conversations about care planning, as well as medication review. The project is now being funded by the Oxford University Hospitals Trust with some ongoing funding being provided by the Charity to enable project evaluation.
The Shops Fund relates to compensation received in respect of the early closure of the Charity’s Botley shop. This fund has been set aside to enable the development of retail activities.
The COVID-19 Emergency Reserve Fund had been set up in April 2020 to cover any unexpected costs or loss of income arising from the COVID-19 pandemic. During the prior year there were no additional costs attributed to the fund and the Charity did not expect that further costs will be as significant and so decided to reduce this fund to £1M. The remaining balance on the fund had been released to general funds in 2022/23.
In May 2021 the Trustees have agreed to set up a Fellowship Reserve Fund of £1M. This will both support existing clinical staff and also attract individuals who would benefit from a medium term assignment at Sobell, with expenditure commencing in 2022/23.
The Hospice grant fund was established to ensure that designated funds are held to cover 24 months of planned grant expenditure, given the severity of the impact any loss of funding would have on the House.
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Sobell House Hospice Charity Limited
Notes to the Accounts for the year ended 31st March 2024 (continued)
12 b) Restricted funds
| Special purposes fund RIPEL project fund Restricted buildings fund Special purposes fund RIPEL project fund Restricted buildings fund |
At 1st At 31st April 2023 Income Expenditure Transfer March 2024 £ £ £ £ £ 73,769 48,194 (52,298) (17,933) 51,732 - 16,577 (16,577) - - 1,283,467 - (82,716) 17,933 1,218,684 |
|---|---|
| 1,357,236 64,771 (151,591) - 1,270,416 |
|
| At 1st At 31st April 2022 Income Expenditure Transfer March 2023 £ £ £ £ £ 136,168 81,412 (90,811) (53,000) 73,769 - 341,832 (394,832) 53,000 - 1,366,184 - (82,717) - 1,283,467 |
|
| 1,502,352 423,244 (568,360) - 1,357,236 |
The Special purposes fund consists of money donated to the charity for the specific use of the Hospice.
The RIPEL project fund relates to monies raised specifically for us on this project, as detailed in note 12a). £53,000 of the opening Special purposes fund balance related to this project, and thus these monies have been transferred into this fund during 2022/23, and subsequently expended.
The Restricted buildings fund relates to appeals to raise funds for the building of the existing Hospice and the new Hospice wing completed in 2019.
13. Reconciliation of net income to net cash flow from operating activities
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Net income for year | (267,761) | (823,287) |
| Dividends received | (196,767) | (141,700) |
| Interest receivable | (42,593) | (20,811) |
| Depreciation of tangible fixed assets | 364,019 | 359,964 |
| Losses/(gains) on investments | (1,274,063) | 701,541 |
| Losses/(gains) on disposal of fixed asset investments | (27,902) | 186,157 |
| Loss on disposal of fixed assets | 7,723 | - |
| (Increase)/decrease in stock | (9,347) | (11,582) |
| (Increase)/decrease in debtors | 234,869 | (845,536) |
| Increase/ (decrease) in creditors | 127,927 | 298,678 |
| ─────── | ─────── | |
| Net cash flow from operating activities | (1,083,895) | (296,576) |
| ═══════ | ═══════ |
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Sobell House Hospice Charity Limited
Notes to the Accounts
for the year ended 31st March 2024 (continued)
14. Related parties
(i) For the year ended 31st March 2024 the subsidiary companies showed the following results:
| Sobell House | ||
|---|---|---|
| Sobell | Hospice | |
| Lottery Ltd | Company Ltd | |
| £ | £ | |
| Turnover | - | 269,151 |
| Cost of sales | - | (40,411) |
| ────── | ────── | |
| Gross profit | - | 228,740 |
| Administrative expenses | 3 | - |
| ────── | ────── | |
| Operating profit | 3 | 228,740 |
| Interest receivable | - | - |
| ────── | ────── | |
| Net profit | 3 | 228,740 |
| Distribution to Charity | - | (21,020) |
| ────── | ────── | |
| Profit for the year retained | 3 | 207,720 |
| ══════ | ══════ | |
| The balance sheets of these subsidiaries at 31st March 2024 were:- | ||
| £ | £ | |
| Current assets: | ||
| Stocks | - | 29,036 |
| Debtors | - | 201,411 |
| Cash at bank and in hand | 1,100 | 6,373 |
| Current liabilities: | ||
| Other creditors | (1,450) | (4,580) |
| ────── | ────── | |
| Net assets | (350) | 232,240 |
| ══════ | ══════ | |
| Represented by: | ||
| Share capital | 2 | - |
| Reserves | (352) | 232,240 |
| ══════ | ══════ |
Sobell House Hospice Charity Limited holds 100% of the share capital of Sobell Lottery Limited (company number 03737178). Sobell House Hospice Company Limited (company number 02437912) is a company limited by guarantee – control is via common directors.
- (ii) The Oxford Centre for Education and Research in Palliative Care: Sobell House (OxCERPC) (company number 10647198) is a company limited by guarantee and has one director in common with Sobell House Hospice Charity Limited.
During the year, Sobell House Hospice Charity incurred costs of £nil (2023: £nil) from OxCERPC, and invoiced costs of £nil (2023: £12,720) to OxCERPC. At the year end, £nil (2023: £nil) was owed to OxCERPC.
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Sobell House Hospice Charity Limited
Notes to the Accounts
for the year ended 31st March 2024 (continued)
15. Charity Statement of Financial Activities
The Charity’s own results are summarised below:
| The Charity’s own results are summarised below: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Voluntary income | 1,918,439 | 2,747,649 |
| Activities for generating funds | 1,899,455 | 1,933,231 |
| Profit distributions from subsidiaries | 21,020 | 26,390 |
| Investment income | 239,360 | 162,511 |
| ─────── | ─────── | |
| Total income | 4,078,274 | 4,869,781 |
| Cost of charitable activities | (3,424,150) | (2,799,214) |
| Cost of raising funds | (2,431,570) | (2,000,786) |
| ─────── | ─────── | |
| Net income/(expenditure) before (losses)/gains on investments | (1,777,446) | 69,781 |
| Gains/(losses) on investment assets | 1,301,965 | (887,698) |
| ─────── | ─────── | |
| Net income/(expenditure) | (475,481) | (817,917) |
| ═══════ | ═══════ |
16. Funds received as agent
During 2021-22 the charity received funds of £216,000 from the OCCG, on behalf of another organisation. The charity is passing on funds as required, at the instruction of the OCCG, with £130,880 (2023: £130,880) still held at the year end date.
The trustees do not consider it appropriate to report this as income/expenditure of the charity, and the amounts still held are shown as a liability within accruals in note 10.
17. Funding commitment
With effect from 1st April 2022 the charity has commenced funding of a new project for the OUH NHS Trust, in conjunction with Macmillan Cancer Support. The charity will provide funding of up to £3.1m over a three year period (subject to satisfactory delivery of the project), with a further £0.9m also potentially to be provided in addition if required and approved.
The trustees are satisfied that the charity has substantial discretion over future expenditure, and thus these costs are not accrued in full at the year end date.
General funds have been designated to cover the approximate maximum potential remaining cost of this project (as shown in note 12a).
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