St Raphael's Hospice Annual Report and Financlal Statements Forthe year ended 31st March 2024 Company Limlted by Guarantee Company Re8lStr3tion Number.. 11732567 IEngland and Wales) Charity ReStratIOn Number.. 1182636
St Raphael's Hosplce Annual Report and Financial Statements For the year ended 31st Marth 2024 Contents Report5 Reference and administrative detai15 Tru5tees' report Independent auditorfs report 3-11 12-14 Financial Statements Statement of financial actlvities Balance sheet Statement of eash flows Notes to the financial statements 15 16 17 18-31
St Raphl's Htsspi Annual ReFx)rt and FinarKial Statomrts Fc thÈ ITarended 31st March 2024 Refere• arJ thlnlstratlvtr detsils ofth• Charfty itsTr Mcwlynney r., HR, (ll&G C8 (air., F&F< CQ&& 11 htr Njan Slstsr V¥oni(z Hagen pa Fknlme5 Sisttr Kalhleen 0'RllY htr BÉmard Madey htr Damdl hts Manjit Lall ttrCarri& thill st8prn (rnbs laprN)intèJ Jun&21r241 Josw) Ftyan Ite5igned March 20241 F8R F&R Ca&G, I( HR CQ&G F&R F&R C(rn1tt08 M8mb8rs Ms Hazd BoYfv4c laFvintal Ckto2023l ThthEd Cwk Eva WalmLE Igned Ckober20231 Steve Mulhall Iresign&1 July20231 HR CIWG HR Clerk tothoTrusto&s MacNn Extrtulive Tgam Stevens Jcint CEO Iw CEOto Jdy 20241 Jolnt CEO (was Clinical Director lo ju 20241 CnmerCI¥1 Cl"rector tlirKtor of Fundraislry arKt thmmunicab'on Speoali51 Palliative C4r& CorNAtant Speoalisl P3lliative Care rector of IT arKI Eststes Sara Ja WCKKJ Kate &"Ilin#M Wlson Dr GabyTamar&Ros8 (from Septhber2022 to 20241 Dr Na(wni Collins lknm April 20241 JÈX (from Wl 20231 Ccthpany r8giri¢)rt nor 11n2567 Charity reg15tratlcfi nUMr 1182636 R8glstèrèd t)ffi St Rarthad's Hosi%t4 L(xxkn Road. Chaam, SM3 Telephorn 020 8099 7T77 Emall Ira hads.o .uk Audrtor HaY5rnjtye LLP, 10 18 Street P. Lor. EC4R 1AG Prlncipa bank0r5 NatSoro1 W88kninster Bar plc. 93 Centra Road Worc8St8r P8rf(, SreY, KT4 80Z Inv88tmènt Manyr5 Sarasin & Parth*¥ LLP, JLWI 1QK) Sl P&'S thurthydrd. Lo¥¥J. EC4M 8BU Ctsnmitt095 ainical thAIty (>)VW[ COmmit{cQ&Gl Fina Committee IF&RI Inm& G8[ation and communicatior C<Mrmitt8&11(Xl HLThan Resouros CommitteelHRI
St Raphael's Hospice Trustees. Report for the year ended 31st March 2024 Chalr and Joint CEO Report The year ending March 2024 has been a difficult year for the charity. The ongolng Impèct of inflation was felt as our cllnlcal costs rose by £478k after increasing by £664k in the previous ye8r. Thls w8$ against flat income levels and a challenÈing fundr315ing environment and with only an 4dditional £103k provided by our NHS Commissioners. South West London Integrated Care Board ISWL ICBI, to offset the increases over these two year5. The risks to the charity which arise from thi5 underfunding, together wlth the evidence of the impact and importance of the H05pice a5 part of the local health system. were expressed throuzhout the year to the ICB. Together with other local hospices, we sought an increase in our funding level from around 30% of clinical costs to 50%, the London aver3ge. Regretably, the ICB was unable to meet these needs and. after the year ended, the Board w8s left wlth no option but to reduce costs. ConsultatiOnS Wlth the staff body took place during July 2024 and p13ns were finalised in August 2024 whlch reduce oper3ting costs by £lm on an annual ba515. This included making eleven staff redundant, nine of whom were clinicians, as well as a number of reduttions to hours and changes to roles. We are grateful to the whole team for how they have responded throughout this difficult time. We will continue to work with other hosplces and our ComrDi55ioners in the endeavour to Increase funding to provide stabl1Ity and continuity for ourselves and the sector. The cost reduction exerclse addre55e5 the increased fundlng gap which arose largely from the impact of inflation, but hospice funding remains a challenge going forward and we were pleased to recruit to our five fundraising vacancies and 8150 to the new Head of Communications role during the year. This provides us with a strong foundation lor growing our income in the coming vear5. We also saw the flrst phase of our campaign to grow our lottery income succeed in its target of 1,000 new plays, setting the scene for 3 continuation in 2024. Our plans to extend our retail estate Included opening two new venues In 2023-24. The new "donation station" Is locèted OPP051te our pre-existing store whlch we h4d to vacate for development. It has enabled us to retain our vital volunteer team as well as ensure continulty for donor5 who drop off goods, whllst 31$0 enabling us to open to furniture s31es. We 31so opened new clearance store in Morden and have been dellghted with how this hzs been received In the community and the exceptlonal sales it has achieved. Our cllnical and IT team worked well together to move the patient administratlon system to Emis, a pl4tform used by local GPS and hospitals and also neighbouring hospice5, in May 2023. Thi5 was 3 hugÈ task and we h4ve been delighted wlth the 5tnooth transfer and with the data sharing capability this has enabled. In October we were subject to a "ransomw3re attack. which locked up our entlre system. Our IT team worked overnlght to restore the systems and minimlse the impart on our operations. Worklng closely with the relevant authorltlÈs, the charity alerted those whose data had been put at risk and provided free access to rnonitoring services to provide rea55urance. lrnprovernent5 and changes to our IT system infrastructure and our data holding are being implemented. Throughout the year. our tlinical teams maintalned a hlgh standard of care achieved in the prevlous years and supported more than one In every four people who dled In Merton and Sutton boroughs Wlth our specialist clinic41 care free of charge. We a150 provided farnily mewnbers and other loved ones with our Counselllng Service, Social Work, Wellbeing Centre and Hospice Neighbours te8ms 31ongside the 4d¥ice and guidance from our Community Specialist Nursing, Medical and In-Patient teams. In all. we were there for over 2,400 people in 2023-24 and we are very proud of out team'5 Posltive contribution to our comrnunity. As we look forward to 2025, and beyond, we are confTrdent In the qualities of the services we dellver despite having reduced costs slgnlficantly* rnuch of which has been in clinical service5. Our expert and experlenced, specialist nursing and medlcal staff will continue to serve all the referrals that we would normally receive Into our Comrnunity team for our speciallst end of life and palliative care. Our in-patient unit has not been affetted and we are pleased that our Wellbeing Centre will continue to be open as before to provide a warm welcome. attivities and advice to those living wlth Ilfe-llmltlng ¢onditions in our communlty. Our Psychological Support, operating from a newly created hub on our slte. wlll continue to provide speci31ist Intervention, free of charge, through more than 1,200 sessions each year. In August 2024, the Board were pleased to announce that our Cllnlcal Director, Becca Trower, would step up into a new joint- CEO role whilst retaining her clinical responsibllltles. B@c¢a led on the publicity that arose locally and natitsn4lly as St Raphael's, along with 20% of hospices in the UK, wrestled with the impact of inflatlon by reduting costs. She w35 interviewed as the h05pice featured on 88C London and BBC Morning news èlong with Channel 5 news. These TV reports Included powerful interviews with patients and volunteers which helped to raise the profile of the Hospice and the Sector. The increased visibility that has arisen support5 the central element of our five-year strategy of "EVE. lexcellence. vlsibllfty and engagement). As the team begln to prepare a new strategy to take the H05pice through to 2030, we will strlve to translate that visibility into engagement with all elements of mmunity in order to galvanise support for our Hospice and so ensure that we can continue to serve the people of Merton utton long into the fut A_M, Norman Mcwhinney, Chair k Stev nd Becca Trower, Joint-CEOs
St Raphael's Hospice Trustees, Report for the year ended 31st March 2024, continued The Trustees, who are also the directors of the charitable company for the purposes of cornp3ny law, present their report and the financial statements of St Raphael's Hospice for the year ended 31 March 2024. Thls constltutes the Strateglc Report for the purposes of company law. The flnanclal statements are presented in a¢cordante with the accounting policies Set out on page5 19 to 22 therein and comply with the Mernorandum and Articles of Association of St Raphael's Hospice and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pr8Cticel and Accountlng and Reportlng by Charltles.. Statement of Recommended Prattice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Achievements for the year In t)ui report for lasi year there were three major 5trand5 to the plan for 2023.24: l. Consolidate Qu81itles and Wlden Reach 2. Embed Fundr8ising Into the culture of St Raphael's 3. Grow our Commercial income l. Consolldate Quolftles ond den Reach Embedding excellence now forms part of the foundation for all activity at St Raphael's Hospice. An excellent Service is what is eeded by all the residents of Merton and Sutton whether as a direct beneficiary or by way of reassurance that. should we ever be needed, we will be there for each and every person. • We have continued to broaden the reach Of our charity by developing our CornrDunity Engagement through the Wellbeing and Cornpassionate Neighbour5 service5. We also recruited to, and progressed the plan to implement the Bereavernent Pathway service which 15 designed to provide a curated journey from preparing for the death of a loved one. through navigatlng the turmoll of grief and movlng forward to a place of new stability and the ability to recognise and Cherish the memories of lrfe. 2. EmbedFundn7ising into the culture of StRaphuel's We 5ucce55fully built a team around the new Llirector of Fundraising and Communication. recruiting to the vacant posts of Corporate Manager. Community and Youth Manager, Philanthropy Manager, Appeals Manager and Legacy and In-memory Manager. We also recruited a Head of Communications following the departure of our manager. We moved the Fundraising the Communication5 team into the Hospice building to ensure that they are fully integrated into the charity and that relationships with clinical and other colleagues can flourish. We began the development of the Fundralslng elements that connect into the 8ereavement Pathway Including a memorial space, book of remembrance and bespoke events to mark and build lastin8 mernories. Gmwour Commercial income This was a very active year for the Retail te3rn as we had a very successful opening of a new"Clearance Store" on Morden High Street and oversaw the fitting out from "shell state" of our new Donation Centre in sutton. whilst the original store 81so carrled on throughout the year. We establlshed a new Furnlture collectlon and Delivery service and added a Wedding Department to our Wimbledon Park shop. After 3 long search, we successfully recruited Britevox as the agency to promote and grow our lottery over the coming year5. Currently, fewer than 2% of the adult population of Merton and Sutton play our lottery 8nd we belleve that thls support base can be Increased. Connerting with our community through the lottery will also provide a route to raising the profile of the H05pice more generally and potentially increase our donor support as well. Finonciolrewew Overall the charlty had a shortfall of £1,198k for the year compared with a shortFall of £396k last year. Donation income fell by Il% to El.67m 12022-23= £1.88ml and legacles fell by 3% to £1.59m from 12022-23.. £1.65ml. Comm@rclal income Iretail and Iotteryl grew by 16% to reach £2.08rn12022-23.. £1.79ml, though costs a150 grew significantly. Incorne from Charitable Activitie5 was level at £1.70m12022-23.. £1.70ml. Cllnical costs rose by £478k to £5.74m12022-23 £5.26rnl, and this was largely inflation driven increases. The fundraising team and cost5 Ipart of our Income Generation costs) rose £37k to £910k 12022-23-. £873kl. However. our Commercial Income Generation costs rose slgnlficantly. Lottery costs were up £62k as we Invested in a campaign to increase players. We had planned Cost increases of £400k for rent, staff. logistics and set-up Costs as we grew our retail estate and created the new Commercial Oirector role. However. retail costs rose by 8 further £123k as. for much of the year we ran the new Oonatlon Centre alongside the pre-e¥isting centre. These costs have now settled and are 12% down in the new financi31 year. Overall Total costs were £8.86m which amounts to an 14% increase over the previous year12022-23= £7.76ml.
St Raphael's Hospice Trustees, Report for the year ended 31st March 2024. continued Finonciulrewew, contlnued AcqulsitlOT15 and disposals of fixed a$5et5 during the year are re¢orded in the notes to the balance sheet. The charity's cash balance at the end of the ye8r amounted to £1.6m12022-23'. E3.7ml of which £1.4m related to the delerred income creditor12022-23.. £1.9rn1. In addltlon the charity held liquid investments valued at £1.7m12022-23'. £2ml. Reserve5 Total funds 3t 31 March 2024 arnounted to £4.28m12022-23.. £5.48ml including designated fund5 of £1.18rn12022-23.. £1.25ml. The designated fund is represented by the net book value of tangible fixed a55ets which are used in the day to day work of the Hosplc@ and arnounts set 8sid@ for fixed asset acquisitions In the next twelve months. and hence, the fund is not avallable for working capital commitments. Free reserves are that element of unrestricted funds which are 4vailable for future spending and are therefore calculated by taking the total unrestricted funds of the charity 4nd deducting any balance5 not available for future spending, including deslgnated fund5 which have been set aside by the Trustees for a particular purpose. The Trustee5 have decided that the required level of free reserves Should be between three- and 5ix-months' operatlng expenditure which is between £2.2rn and £4.4m. The free reserves at the end o* the year amounted to £3m12022-23= £4ml and therefore the Trustees are happy that this Is sufficient for the charlty's foreseeable needs. Investments The Trustees have an Investment Policy which meets the Charity's obligations under the Charities SORP FRS102 to ensure èn effective system for the inve5trnent of cash, the transmitting of timely and rellable cash flow forecasts to the Trustee5 and ensuring the compliance with relevant statutory and regulatory requirements. The Policy is fully compliant with the requirements Set out in 'CC14.' Charitles and investment matters.- a guide for trustees, published by the Charity Cornrnission. The Trustee Board holds overarching overslght of, and accountability for. the charity's approach to cash m#na8ernent. investment and reserves. The Finance & Resources Cornmittee is responsible for reviewing and monitorlng the charity's cash in hand, cashflow forecasts. approach to investments and re13ted perforrnance on a regular basis. St Raphael's Hospice employs the services of investment managers, Icurrently 5arasin & Partner5 LLPI. who provide updates on the performèn¢e of St Raph4el'5 Hosplce's investments and advice on how return5 can be achieved In Ilne with the charitws overarchlng approach. In 8¢¢ordance with the constitutional objects of the charitvi the Trustees have Instru¢ted the investment manager to be 5en51tive to the ethlcs and religious principles of the Catholic Church. They are instructed to try to avoid any investrnents in contraventlon of these and to highlight areas of potential sensltivity. The Investrnent managers are also encouraged to engage 3Ctively with the underlying comp3nles on these issues. Partlcular ¢on¢ern will be attached to Issyes related to the protection of human life and human rights. as well Is (5iscrirninatlon agalnst any sectors of society. Golng Concem The Board and the Finance and Resources Cornrnittee regularly revlew the short- and rnedium-term financial forecasts and conslder various scenarios and assumptions. The overall shortf311 of £1.2m was greater than expected, by £200k. due to lower income levels. Tot31 costs were on budget but a variance was experienced between cost centres. The costs of our charitable Services was £300k above budget and retail c05t5 were £130k above budget. These were offset by below budget costs for fundralsing I£ISOkl and Investing in the future of the lottery 1£280kl. In the absence of agreement from our NHS Coinmi55ioners. SWL ICB, to increase our funding to the London average levels, the Board acted within three months of the year end to lower operating costs by £lm. Thls ensures that our cost base returns to a rnanageable level. The strategy of -EVE" 15 designed to ensure Excellence in all that we do, ralslng our Visibility acro55 Merton and Sutton and taking every opportunity for Eng8gement with our cornrnunity. in order to raise the funds that we need. It includes plans to Increase donor income, 8nd we have recruited a team of fundraiser5 and Created a focussed Director role, in order to achieve thi5. Inve5trnent is In proEre55 to grow the base of Lottery players and hence increase intome and contribution over the coming years. We are also planning to increase the nurnber of retail outlets, whilst keeping a close control over ¢ost5, 50 that retail contrlbution also grows. These measures, coupled with the cost reductions. will provide the charity with a sustainable future which indicates a surplus from 2027-28. The Trustees, therefore, remain satisfied that the Hospice'5 financial prolettions, which indicate 3 sustsinable future, are reasonablÈ and that there are sufflclent funds in place to contlnue operating and to rneet liabllities as they fall due for the foreseeable future and that the balance sheet is sufflclently robust to allow the Hosplce time to respond effectively If income projections deteriorate significantly.
St Raphael's Hospice Trustees. Report for the year ended 31st March 2024, contlnued Plans for 2024-25 l. Reduce cost und mointain service We will agree and implement a plan to reduce the annualised operzting cost level by £lrn. We will consult with staff over the plan for thi5 change and seek to tninimise redundancie5 that will arise and also tninimi5e the impact on Service deliveryi service qualrty and service levels. We will focus on cost control and income growth for our retail estate during the year and pause the plans for growinz the number of shops. This wlll ensure we are dellvering a strong contributlon toward5 the cost of running the charity which, having achieved, will enable us to resume the plans to grow the estate. 2. Muximise the impoctoAlncretssedprofile byengttgement with ourcommunity In line with the Strategy of EVE, we will seek to tn4ximise the impatt of the news that we are needing to reduce costs in response to inflation lead cost rises and with little additional funding from the NHS Commi55ioners. We will follow up this increase profile with 8 variety of activitie5 designed to engage with all elements of our community and to build relationships that can result in a growth in committed volunteering and a growth in regular and spontaneous givin8. We will continue to grow the nurnber of players for our lottery by engaging an agency to run a Campaign with a target to recruit 2,000 new players. l Revlew the Strotegyfvr2025.2030 • Whilst continuing with existing plan5 to grow our profile and income, we will review the strategy of EVE with a view to re- setting it for the context of the coming flve year5. We wlll consider new commerclal avenues for generatlng adtlitional income including potential contraas which would utili5e our addition41 in-patient capacity. We will consider how we may flnd opportunities to collaborate more closely wlth neighbouring hosplces $0 that efficlent operations can be achleved with lower overall e05t. Strurturei governance and management Constitutlo*7 St Raphael's Hospice 15 a charitable company limited by guarantee1117325671 Incorporated on 18 December 2018 in England and Wales. It is registered as a charity with the Charity Commission111826361. It5 governing document 15 its Memorandurn and Arti¢le5 of Association. Choritoble objerts The object of the charlty Is the relief of illness and suffefing in accordance with the teaching. rltes and practices of the Catholic Church. by.. l. The provision of palliatlve Care, treatrnent or relief of people of all ages with active. progresslve or advanced illness on the basi5 of need regardless of their religious, cultural or ethnic background,. 2. The provlsion of care and support to those who have experienced loss and bereavement, in particular families, friends and carers., 3. Conducting, promoting or commissloning research into the care, treatment and relief of people suffering from advanced. active and progressive illness and by providing for the dissernination of the results of such research,. and 4. The provision of education and training for professionals and volunteer5 engaged in palllatlve care. Publlcbenefit The Trustees glve Careful consideratlon to the Charity Commission'5 guidance on publlc benefit when setting the H05pice'5 aims and objective5 and planning activities. St Raphael's Hospice contracts wlth South West London Cllnical Cornrni5sioning Groups ISWL CCGI to provide support to people whose GP practice is based wrfchin the London Boroughs of Merton and Sutton, population of around 420,000. We support rnore than one person out of every four who die each year in these boroughs and access to our Services is on the basis of need and open to #nyone via referral from a healthcare professlonal, or, in the case of bereavement support and the new Living Well prograrnme. self-referral. There is no charge to patient5 or their familles for 4ny of our care servlces. In addition to the direct benefit there is an indirect benefit to all resident5 who can be re8ssured that the Hospice will be there for them or for theii loved ones, should they ever need it. Referrals for hospice Services are accepted for people with a life limiting conditlon who are entering the last twelve months of Ilfe and who require speclalist palli3tive and end of life care. For Instance, they may need help wlth= Symptom control • Psychologic81 or spiritual issues • Terminal care Difficult decision5, advanced care planning, or conversations about managing end of life care
St Raphael's Hosplce Trustee5' Report for the year ended 31st March 2024. continued Publk benefl¢ continued Support for family or friends Clinlcal and nursing care provided by the Community team alongside practical and companionship 5UPPOrt provlded by Hospice 4t Home or by our volunteer Hospice Neighbours in their home Wellbeing and Llvlng well services for patlents and other self-referred ¢omrnunity members together with their carers The Hospice Supports adults in Merton and Sutton v4ho have been referred to the Hospice and have agreed to that referral. If they do not have the mental capacity to do so we will consider how we ¢an help meet their best Interests within the context of legislation such as the Mental Capaclty Act, Mental Health Act and Deprivation of Liberty 8uidaDce, Families, carers or those close to a patient accepted for hospice servlces Can be referred or access certain services in thelr own right. when they are affected by the patienys illness or de8th. These include bereavement support and counselling, attendance at the Men's Den, Living Well and other sessions held In the Wellbeing Centre. The Trustees The Board of Trustees (which constitutes the Board of Directors for the purpose5 of the Companies Act) tomprise5 3 mlnimum of five and a maxirnurn of twelve Trustees, of whorn a majorlty must be Catholic. They should meet a5 a Board at least five times per year. The Board is guided in its governance by an Independent, qualified Clerk who performs Company Secretarial functions. The Board delegates power5 and responslbilitie5 to the following committee5.' Clinical Quality and Governance,. Finance and Resources,. Income Generation and Communic4tions and Human Resources (which Is also the Remuneration Committee). Terms of reference define responslbilitie5 and delegated authority and are reviewed regularly by the goard. The membership of committees is made up Of Trustees, independent advisor5 who are selett@d for their Specialist expertise and senlor managers of the charlty. Minutes of committee meetings are circulated to the Board and Committee Chairs provide report to the Board on major i55ue5 and decisions. Environmentul. sl01d(0rpOrnte Governunce There is a frarnework for &08rd self-review and skills audit which draws upon the Charity Governance Code for smaller charities and the outcome5 of the self*valuation are used to inforrn plans for Board and Committee 4gend3S. trainlng opportunities. and further recruitment. There 15 a formal process for the recruitment of new Trustee5 andlor Committee Member5 who are needed to fill skills gaps and vac4ncies a5 they arise. E¥ternal advertislng in suitable media 15 employed with a forrnal intervlew process tsking pla¢e before a candid8te is proposed to the Board. A sitnple rnajority declsion of the B03rd is requlred under the constitution in order for an appointment to proceed. New Trustees and Cornrnittee Members attend an induction evenlng to be briefed on the charity and meet colleagues and thev are provided with Charity Commission guide5. They are required to undertake mandatory training on a fegular basis using the charity training port31, Duty of Cèndour 4nd level 2 Safezuarding for Adults tr81ning 1$ also available and encouraged with one Trustee required to undertake level 3 Safeguarding in order to serve as the Board's Safeguarding Lead. The Trustees recognlse that St Raphael's Hosplce serwes the whole, diverse population of Merton and Sutton and are proactive in seeking to represent the whole community effectively. Tralning in EDI (equality, diversity and in¢lu5ionl has taken place o two occasions In the last 12 months for Trustees and staff and a Steering group ensures EDI has 4 platform across the whole organi5ation. We are engaging at Senior level with leaders of different communitie5 4nd faiths 3cross our geography in order to learn and adjust our services accordingly. We are also developlng our Community Engagement serwice through our Wellbeing Centre and the Compassionate Neighbours programme which is designed to Increase our ability to connect with and to serve the whole of our diverse population. The Trustees are also constiovs of our broader responsibility to care for our community by caring for our envlronrnent. We were early adopters of profe55ional quality battery operated gardening equipment which reduces nolse and futnes for our patients and vibratlon risks for our team. They are a150 low maintenance ènd have lower running costs. In the Same vein we have two all- elettric vans for our Retail distribution and have a third for our facilities and OT team5 Idi5tributing equipment to patients in their homes). We have installed two electric charging points and operate a hybrid pool car for all staff to use on Hosplce business. Our recent refresh has upgraded the H05pice Ilghtlng to digital technology and we are seeking funding to in5ts11 additional solar panels to those we already have in order to Contribute into the Natlonal Grid and save funds over time. The charity has purchased insurance to protect Itself from any loss arising frorn the neglect or default of its Trustees and Employees and to indetnnify the Trustees or other Officers agalnst the Consequences of any neglect or default on their part. This forms part of the organisatlonal insurance premium whi¢h arnounted to £1.732 12022-23 £1,619) and provides public and employer cover up to a maxirnurn of £IOm.
St Raphael's Hospice Tru5tees' Report for the year ended 31st March 2024. contlnued Key MonagementPersonnel Key managernent personnel comprise the trustees, and the Executive Team. The Board of Trustees is responsible for the running of the charity and delegates the operational activity to the Executive Tearn (which comprises the CEO (Joint CEOS from 1st August 20241. Clinical Director ljoint CEO from 1st August 20241, Commerclal Director, Director of Fundraising and Communications. Direttor of Quality and Governance and the Oirector of IT and Estate511 whose pay is reviewed annually by the Remuneration Committee. Salary levels are set with regard to 5irnilar roles in other local charitie5, including other h05pices. The Lead Consultant lon rotation) Is also a member of the Executive Team but their pay follow5 the NHS pay formul?. Imitation of11oblllty Members of the charlty guarantee to contribute an amount not exceeding £1 to the asset5 of the charity in the event of winding up. The total number of such guarantor5 at 31 March 2024 was 912022-23.. 101. The trustees are members of the charity but thls entitles them only to voting rlght5. The Trustees have no beneflclal interest in the charity. Pnnclpjl rlsks and un¢ertolnties The management of risk remains a key prlorlty for the Hosplce. Risk assessments are undertaken for every aspect of its oper3tl(>n ranging from clinical risk 8ssesstnents, which are undertaken on a continual basis, through health and safety asse55ments for everyday tasks to comprehensive assessments of all aspects of major fundraising events. Staff continue to be dedicated to the prevÈntion, identificatSon reporting of incidents. accidents and near mlsses. The Hospice has an effettive feedback infrastructure includlng governance and clinical management rneetings that review the attions and learning points identlfled in previous in¢idents to ensure that improvement rernains continuous. The reportSn8 system is supported by the electronic patient record whlch remains a corroborative source for the reporting of patient incidents. The Board of Trustee5 review the corporate level risk register, prepared by the Executive Te4m. on a regular basis and each Committee reviews the relevant 115k register for that discipline The principal risks facing the Hospice and the steps belng taken to mitlgate them are as follows.. IO- irwrfident IntomÈis raedtOdel1¥erarrkn#r1tahafleS:The bk)spI needstoraise Dund 75%of thetota runni1C05tsfrOM01untWY Sour$.7thth2 25%bEl£ranted bythp NHS.Th2relsa tontyrwl riskthat1LrffficrtlrKOets1ter31¢d toco¥erthis8ap and th¥e pa41an0I1SDfleÉllrthTrWhlth oUts1dethec<htr¢4Qftheth3rfty. The TruStÈesunGlthe Executlvetettm havesetLTtargetlevÈlofopEratlng C05h th4tisdff4TnedtoenobleittO fflonoqetbeyluctuotions of inromeyeoronyeor. Iti5 diverslfvin9its incomesrreGmsttndi5pfoctve In seekitsgnewwo>s to rulseoddltng1TegV1orIncorne. lnuddn fo rhlslevelolreserve. theN0stt ttlsoh951T defrrrediniome &olLTnce tsf £1.4m (whirh 15rewesentedby5h otbonkl which intsnded to oftsÈtthefvrecos¢shortfollsttriSingovfrthenextthree yeuT5 whitst thechorityunderrakESitSStrOtegyfjf EVE. ThlsstrotegytsdesignedtOiiicretrsÈincomeandochleve Gsu#uinablE Ievelof regul0r1&igthQrdDeSA0tr£IYPon exceptiongljegocylevels Ibvhich iscurrently05sundt0bE t7nnvoltotollegGtlf5 inexcess of£l.3n>J. Pee- Inabllltytoremif(and retaln spedallststafF4alttabO[drwOfan 38ln8Staff w>lvldesprolsWageolqualffiedstsff. The TruSteÈ50ndthe ExecutNe tÈitmmonrtormomle, stGJlbenefits. remunerntitin ondengagemertt tbrough5tgJf surve exttlrttÉrviekV5. regulurHeods of DeportmÈyrtmeellnos ondttymforopen communicotitin thTougboutthe tÈom. Internoltrolnlno &nddevfflopmentopportunltlesuTff dene rom0m¢W0rk sotisfvrtionondfle{b11ttYn kvorkinghours Isfvcilitute(IwherEverpossiblE. Wf roensurethtttwort4ifebLTlonce Ispositive, worklngenvlronmenttsimprovlng. our5toff/putlentrotiO rEmQin51owondollclittitalttfjff recelvesUpe<vi5. We NHSAgendoforChonoesol&ryleve15 gndhove Improvedothertermsoné rondibons. WerÈcoglY15E that rhe Impttttof theco5t-reducttonexÉrre lIave ImpGrtedmoTole Llndudds tothÈnsk5<Troundstoff retentrdnandrecrultmertt. ITand Dats.The ItsWlSTeIffl upon its infraStsysleff,darnJna8erttand?tsConned%tyldellYer5Sè<heSe5¥Jt•Trts¥e atrt5kOffa1or1lthuQth19Ygh rnalidou5 oratddentsi interventhn. plrttingpatseart#ts atr¢sk robu5tback-upswstÈmi5inplace wlth 02-3houTtUrnoroundforcrttitalpgttInf0rrnUtI0rt. trewerIenCe6CdePÈrtteUeSUpplernetttÈby<r24/1 5UPPQrtservlce with unexpertconsultttrttythotwfjsinvofvedwith theln5tol1gln gndcortfvgUTOtiono/oursystems. ffj5k i55preadbythe use olmuttipleserve ndLTf0llDverptsbver59r(E. Antl-vlrus &OntmA¥are$oftWtseis Usedonallsen¢rs& tOmputer5. updGtedinrÈol-tiffte. FirewullscontrolunGvthQrederry omthelrtternÈtund WE&lllterlngstsJtworeprevEnts usetsfroffl occe559 unso/e wÈb5tie5. Staff L7reedtsc&tÉLltoowldr15ksfromphishingottocksbockedupby regulorsimuluttQ115 loensuie compliGn(e Mondotorytrnyninginclvdes rybersecufityfvrqllstoff. CllnkolQutslityAssuronce Greèt Importance is given by the Trustees to the H05pice's clinical govern3n¢e afrangernents. The Clinical Quality and Governance Committee meets four times each year and monitor5 the activities of the sub-comrnittee5 and recelves detailed feports from Clinical Director. the Director of Quality and Governance and feedback from the Medical Consultants. In addition to providing an opportunity to thank the man4gers and their staff for thelr contributions to the success of the Hospice, the Committee is able to demonstrate engagement and account4bility. to manage patient safety, to gain insight and to rnanage the risks facing the Hospice. The Committee receives the minutes of the following Hospice committees and questions the relevant Senior staff..
St Raphael's Hospice Tru5tees' Report for the year ended 31st March 2024, continued CliniculQuolltyAssumnce, ¢ontinrRd The Infection Control Committee steers the Hospice'5 approach to infection prevention and control. Chaired by a Consultant Microbiologist from the local acute Trust, it rneets betweÈn two and four times each year. Standing items for the Committee include sharps injury and bodily fluids exposure- alert organisms suNeillance, water management. occupational he31th update. regulatory 3nd best prattice requirements. The Drugs and Therapeutic5 Committee focusses on all medicine issues including management of Control Drugs ICDsl, Medicines Incident Analysis, staff cornpetency. service and pr8Ctice developments e.g. nurse prescribing and patient self- administration. policy and guldeline review. and medical gases. Each meeting is attended by an independent pharrnacist who a150 8udlts all aspects of medicines managetnent every fortnight. The Chief Pharmacists frorn Merton and Sutton CCGS are invlted to attend or send iepresentatives, and recelve the Minutes of the committee's meetings 8s routine. The mlnutes are Included in the Merton and Sutton Mediclnes Management Committee. To inform the management of medicines the Accountable Officer (CD AOI attends the regional Accountable Officer Local Intelligence Network Meetings; Incidents involving controlled drugs are discussed with the committee. Health and Safety Cornrnittee Iwhich includes Water Quality as a regular agend8 Iternl receives report5 from managers Involved in health and safety matters across the range of Hospice activities and reviews incldents to ensure good practice evolves and improves on a continual b8sIs. Core Quolltycommisslon fCQCJ The most recent inspection of the Hosplce by the CQC w8s In November 2019. The subsequent report was published in April 2020. Whi15t noting a number of areas of outstanding prartice, the report 4lso recommended that the carpet in thÈ IPU be replaced and that the navigation of the electronic notes System be improved. Actlons to comply with these recommendations have been tsken the flooring was renewed as part of a wider IPU refresh in late summer 2021. The complete text is available frorn the CQC webslte or via the CQC"widget" on the Hospice website's homepage. We are pleased that the qu31ity of care was recognised as being 'Good" in all of the S domains of care: namely th4t our services are safe, effective. carlng, responslve to people's needs and well-led. Complulnts All complalnts or cornrnents about the service provided are taken very serlously by the Hospice. Comp18Ints are dealt wlth in line wlth the Complaints Policy and are fully investigated and reflecting on cornplaints Is one of the ways we seek to maintain stsndard5 and improve practices. All complaints are ieported to the CQ&G Committee and onwards to the Board of Trustees. Our incident reporting system, Datix, was 18unched in 2021 and successfully tr8nsferred to the cloud in 2024. Thls has provided a simple and transparent mechanism for recording incidents across all parts of the charlty, monitoring mÈasures taken tts address thern and changes implemented to reduce risks of recurrence. Employees St. Raphael's Hospice 15 an Equal Opportunities Employer and applie5 objective crlteria to assess merit. It aims to ensure that no job appllcant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion. ethnic or natlonal origin, gender, marital status, sexu41 orientatlon or disability. Selection crlteria and procedure5 are constantly reviewed to ensure that indlviduals are selectedi promoted ènd treated on the basls of their relevant merits and èbllities. All employees will be given equal opportunlty and where appropriate and p0$5ible, special training to enable them to progress both within and outslde the organisètlon. St. Raphael's H05pice is committed to programme of action to make this policy effective and to ensure that it is brought to the attention of all employees. The workforte 15 predomlnantly female wlth women rnaking up 81% of the total12022-23'. 86%). This ratio is marginally hlgher arnongst the upper pay quartile where 86% are women12022-23.. 85%). The 'Fnean pay" for women is Il% above the men12022_ 23.. women same as menl. The 'median pay gap is -16% 12022-23.. -10%) arising be¢au5e a higher proportion of men144% of the total- 2022-23- 25%] work within the lower pay quartile. Puy St Raphael's allgned clinical pay with Afc rates including the Outer London Welghting allowance with effect from October 2021. As a result the clinical pay Is now on a par with our competltors in the market and is transparent and consistent a¢ross all clSnical teams. Thi5 ha5 enabled the charity to retsin its experlenced and speclalist team and also recruit to vacancies when they arise, reducing the risk to our service delivery. Pay increases follow the NHS settlements. For other staff the Remuneratlon Committee reviews the levels in the Ilght of the prevailing market conditions and ba13nces affordabillty with the need to retsin and recruit skilled staff who can deliver on the strategy of EVE. The annual pay review was prepared by the Executive znd agreed by the Remuneration Committee in january 2024. It was ratif1ed by the Board on 20 March 2024. It affected only non-clinical staff metnbers as the clinical team had been aligned to Afc rates and increments. At the time of preparatlon, the wage inflatlon level was 7.7% although CPI inflation had dropped below 5%. As in previous years. a blended approach was taken with a higher increment awarded to lower paid staff. In aggregate it amounted to 5.2%12022-23.. 5%1.
St Raphael'5 Hosplce
Trustees, Report for the year ended 31st March 2024, continued
Poy. contlnued
Permanent staff on the lowest wages received a hlgher award of io%12022-23.. 7.8%>. Thls moved the lowest pay per hour Iphl
for permanent staff from £ll.OSph from E12.19ph 12022-23.. frorn £10.25ph to £11.05phl. Our lowest level for bank staff
increased by 6.4% frorD £10.75ph to £11.44ph which met the latest Government rninimurn living wage level of £11.44ph12022-
23.. £10.42phl regardless of the age profile of those bank Staff. Thls wa5 done in recognition of the vital role played by all
members of our tearn and the high cost of Ilvlng in the outer London area.
Employeepmfile
At the year end the Hosplce had 152 contracted ernployee512022-23.. 1411 of whom 53 were full time and 99 part-time12022-
23.. 51 and 901. The Hospice also has 35 active bank staff who do not Want to comrnit to working specific regular hours and are
offered work as and when the need ari5es12022-23'. 281.
The age profile of Hospice clinical staff is shown in the table below. There remain a high proportion who may choose to retire in
the coming five years but the risk that this has posed is diminished as recrultment ha5 become more reliable.
ainlcal Staff ByA
St Raphael's Hosplce Trustee5' Report for the year ended 31st March 2024, continued Fundmising• continued St Raphael's also benefits from the 5UPPOrt of indivldual fvndrai5ers who carry out activitie5 in aid of the Hospice. At first point of contact they are asked to cotnplete an online event forrn to ensure contart details are retained and intentions are made clear. A fundraising pack is sent whlch Includes legal advice. e.g. gambling law5 surrounding rattles. The office keeps in regular communication with these fvndraisers and ensures funds raised are received by the Hospice as swiftly as posslblÈ. There were no complaints received in the period to be reported to the Gambling Commission in our return12022-23.' none). We have continued to ensure that we protect vulnerable people from undue pressure to donate or support our charitable work we adhere to the following Fundraising Promise.. We will always tell you about how you are tnaking a difference to the live5 of our patients. thelr families and friends We will 3Iw3VS take action if others acting on our behalf fail to meet our high standards We will never phone you unless you have expre55ed an interest in our work We will alw8ys chetk first that you are h8PPy to speak to U5 when we phone We will never sell your dats to anyone else or share it without your permisslon If you tell us you don't want to hear from us agaln, or want to hear from us less, we will alway5 respect that Audltors Haysmacintyre LLP. having expressed thelr willingne55 to continue In offlce, will be deemed re8ppolnted for the next financial year in accordance with section 487121 of the Companies Act 2006, unle55 the company receives notice un(5er section 48811) of the Companies Act 2006. TrnSteere$P0nSllllt1e$ statement The Trustees Iwho are a150 the directors of the charitable company for the purp05e5 of company lawl are responsible for preparing the trustees, annual report and the financial statements in accordance with appllcable law and United Kingdom Accounting Standards Iunited Kingdotn General Accepted Accounting Practice). Company law require5 the Trustees to prepare financial statements for each financi31 year whlch give a true and fair view of the state of affairs of the charitable ¢ornpany and of its Income and expenditure for each period. In preparing these flnancial staternents. the Trustees are required to.. select Sultable a¢¢ounting policie5 and then apply them conslstently.. observe the method5 3nd principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charltles preparing their accounts In accordance with the Flnancial Reporting Standard 8ppllcable to the UK and Republlc of Ireland IFRS 1021,. Tnake judgements and estimates that are reasonable and prudent,. State whether appli¢able United Kingdom Actounting Standards have been followed, subject to any material departures disclosed and explained in the financial staternents., and prepare the financial statements on the going concern basis unless it is inapproprlate to pre5urne that the charlty will Continue in operation. The Trustee5 aTe responsible for keeping proper accountlng records that disclose wlth reasonable accurzcy at any time the linancial position of the charitable company whlch enables them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responslble for Safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. The Trustees confirm th3t'. So far as they are aware, there is no relevant audit information of whlch the charitable company's auditor is unaware,. They have taken all the steps that they ought to have taken in order to make themselves aware of any relevant audlt information and to establish that the charitable company's audftor is aware of that information. Approved by the Board of Trustees ondslinedon its behalf by.. Norman M¢Whinney.' Chair Date.. li
St Raphael's Hospice Annual Report and Financial Statements For the year ended 31st March 2024 Independent auditorfs report to the members of St Raphael's Hospice Opinion We have audited the flnancial 5taternents of St Raphael's Hosplce for the year ended 31 March 2024 whlch comprise the Statement of Financial Actlvitie5, the Balance Sheet, the Statement ol Cashflows and notes to the financial statements. including a summary of signlflcant accounting policles. The financial reporting Irarnework that has been applied in their preparatlon is applicable law and United Kingdom Accounting Standards, including Financlal Reporting Standard 102 The Financial Reporting Standard appllcable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). our opinion. the financial st8tements'. give a true and fair view of the state of the charitable ¢ornpanVs affèlrs as at 31 March 2024 and of the charitable cornpany's net movement in funds, including the Income and expenditure. for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and • have been prepared in accordance with the requirements of the Companies Act 2006 Basis for oplnion We conducted our audit In accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's re5pon5ibilities for the audit of the financial statements section of our report. We are Independent of the charity in accord8nce with the ethic31 requiretnents that are relevant to our audit of the financial statements in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbilities in accordante with these requirements. We believe that the audit evldence we have obtained 1$ sufficient 8nd appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the flnancial statements, we have concluded that the trustees, use of the going concern basis of accountlng in the prepar8tion ol the financlal statements is appropriate. Based on the work we have performed, we have not identified any materi31 uncertaintles relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for period of at least twelve months froffl when the financial statements are authorised for Issue. Our responsibilities and the responsibillties of the trustees with respect to going concern are described in the relevant settions of this report. Other infomiation The trustees are responslble for the other information. The other Information comprlses the information included in the Trustees, Report. Our opinion on the financial statements does not cover the other information and, ex¢ept to the extent otherwise explicitly stated In our report, we do not express any form of a55urance conclusion thereon. In connectlon with our audit of the financial statement5, our responsibility 15 to read the other information and. in doing so, consider whether the other inform3tion is materially inconslstent with the financial statements or our knowledge obtained the audlt or otherwise appeaFS to be materlally mi5Stated. If we identify such rnaterlal Incon51Stencies or apparent material mlsstatements, we are required to determine whether there is a rnaterial misstatement in the financlal statements or a material misstatement of the other informatlon. If, based on the work we have performed. we conclude that there is a material rn15Statement of thi5 Other information, we are required to report that fact. We have nothlng to report in this regard. Opinlons on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit.. the Information glven In the Trustees. Report (which includes the strategic report and the directors, report prepared for the purposes of company lawl for the financial year for whlch the financial ststements are prepared Is con515tent with the financial 5tatements.' and • the strategic report and the directors, report Included within the Trustees, Report have been prepared in accordance with applicable legal requirements.
St Raphael's Hospice Annual Report and Financial Statements For the year ended 31st March 2024 Independent auditorfs report to the members of St Raphael's H05pice, contlnued Matters on whlch V are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees. Report (which incorporates the Strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to whlch the Companles Att 2006 requires us to report to you if, in our opinion.. • 4dequate accounting records have not been kept by the charitable ¢OFnpany,' or the charitable company fin8ncial Statements are not in agreernent with the accounting records and returns., or certsln disclosures of trustees, remuneratlon specified by law are not rnade.. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements A5 explained more fully in the trustee5' responslbilities statement set out on page 11, the trustees (who are a150 the directors of the Charitable company for the purp05e5 of company lawl 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 frotn rnaterial mlsstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for as5e55ing the ch8rltable company's ability to continue as going concern, discloslng, as applicable, matter5 related to going concern 8nd using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease oper3tion5, or have no realistic alternative but to do 50. Auditorfs responsibilitles for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the fin8nclal statements as a whole are free from material misst3ternent. whether dve to fraud or Èrror, and to issue an auditor's report that includes our opinion. Re350nable a55urance Is a high level of 3ssuran¢e, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect material misstatement when it exlsts. Misstatements can 3rise from fraud or error and are ¢onsidered materi31 if, in(fividually or in the &ggregat@, they could reasonably be expected to influence the e¢onomic decisions tsf users taken on the b45is of these financial statefflents. 1rregularitles, including fraud, are instances of non-cornpliance with laws and regulation5. We deslgn procedures in line with our fesponsibllitie5, Outlined above, to detect material rnisstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularities, including fraud is detalled below. Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal ri5k5 of non-compliance with laws and regulations related to the regulatory requirements of the Care Quality Commission, Charity Commisslon, Gambling commi$5ion, Fundraislng regulations. Employtnent law 8nd GDPR, and we considered the extent to whlch non-compliance tnight have a material effect on the fin4ncial statements. We also considered those laws and regulations that have 3 direct itnpact on the preparation of the financial statements such as the Companie5 Act 2006 and the Charities Act 2011, and consider other factor5 such as income tax. payroll tax and s31es tax. We evaluated managemenys incentives and opportunities for fraudulent rnanipulation of the financi31 statement5 lincludlng the risk of override of controls), and determined that the principal risk5 were re13ted to Posting in8ppropriate journal entries to revenue, management bias in accounting estimates and the statement of opening balances. Audit procedures perfortned by the engagement team included.. Inspecting correspondence with regulators and tax authorities,. Discussions with management including consideration of known or suspected Instances of non-compliance with laws and regulation and fraud., Evaluating rnanagement's controls designed to prevent and detect irregularities,. Identifying and testing journals, in particular journal entries Posted with unusual account combinatlons, postings by unusual users or with unusual descriptions.. and Ch4llenging assurnptions and judgernents made by management In their critical accounting e5tirnates.
St Raphael's Hospice Annual Report and Financial Statements For the year ended 31st March 2024 Independent auditorfs report to the members of St Raphael's Hospice, continued Auditorfs responsibilities for the audit of the financial statements. contlnued Because of the inherent limitations of an audit, there Is a risk that we will not dete¢t all irregularities, IncSuding those leadlng to a rnaterial rnisstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed frorn the events and transactions reflected In the financi41 statements, as we will be less likely to becorne aware of instances of non-compliance. The risk Is 31$0 greater regarding irregularitie5 occurring due to fraud rather than error. as fraud involves intentional conce4lment, forgery, ¢ollu5ion, omission or mlsrepre5entation. A further description of our responsibilities for the audit of the financial statement5 15 located on the Financial Reporting Council'5 webslte at.. www.frc.org.uk/auditorsresponsibilities. Thls description forms part of our auditorfs report. Use ofour report Thls report is made solely to the charitable company'5 rnembers. as a bodyp in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght state to the charitable company'5 rnernbers those matters we are required to state to thern 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 charltable company's members, as a body. for our audit work, for this report. or for the opinion5 we have formed. Siobhan Holwne5 Senior Statutory Auditor For and on beh31f of Haysmacintyre LLP, Statutory Auditor 10 Queen Street Place London EC4Fi IAG Date: 5 November 2024
St Raphaevs Hospice Annual Report and Financial Statements For the year ended 31st Mar£h 2024 Statement of Financlal Attlvlties including an Income and expendlture account Unrestritted Totsl fund5 Year to31 March Total funds Year to 31 March General Designated Restricted Notes fund £'ooo fund £'ooo funds £'ooo 2024 £'ooo 2023 £'ooo Income and expenditure Income from.. Donations and legacies Othertrading activities Investments Charitable artivities SWL Integrated Care Board Other income 3,197 2,081 109 378 3.575 2.081 109 3,799 1,787 96 1.697 54 1,697 1.698 87 Total Income 7.138 378 7,516 7,467 Expenditure on: Rai5in8 funds Charitable activities 3,122 5,253 3,122 S,738 2.500 5.260 485 Total expenditure 8,375 485 8,860 7,760 Net gains / Ilossesl on investments li 146 146 11031 Net lexpendlturel before transfers 11,0911 11071 11,1981 13961 Transfers between fund5 15-16 78 1681 Net movement in funds 11,0131 1681 11171 11,1981 13961 Reconciliztion of fvnds: Fund balances broughtforward at l April 2023 4,015 1,252 209 5,476 5,872 Fund balances carried forward t 31 March 2024 15-17 3,002 1,184 92 4.278 5,476 All of the charity's activitles during the above two financi&l periods derlved from continuing operations. A full comparatlve ststement of financi41 activities is shown at note 24 to the flnancial Statements.
St Raphael's Hospi¢e Annual Report and Finandal Statemer For thè year erKled 31st Mar¢h 2024 Balan Sheet Notes 2024 2024 2023 2023 £'ooo £'ooo £'ooo Tangible assets Fixed A$5et Investments io 971 857 li 1.672 1,966 2.643 2,823 Current assets Debtors 12 2,058 1.406 Cash at bank and in hand 1,619 3.682 3,677 5.088 Credltors: amounts falling due within one year 13 11.1391 11.5321 Net current assets 2,538 3.556 Credltors: amounts falling due after more than one year 13 19031 19031 Totsl net assèts 4,278 5,476 Represented by: Funds and reserves Income funds Restritted funds 15 92 2119 Unrestricted funds Designated funds 16 1.184 1,252 General fund 17 3.002 4,015 Total funds 4,278 5,476 Approved by the Board ofTrustees on.. and signed on its behalf by Mr Norman Mcwhinney (Chairl.. St Raph3el's Hospice, a tharitable company limited by 8uar3ntee'. Company Re8lStratlon Number.. 11732567 (England and Wa51,. Charity Registration Number.. 1182636 16
St Raphael's Hospice Annual Report and Financial Statements For the year ended 31st March 2024 Statemènt of Cash Flows Year to 31 March 2024 Year to 31 March 2023 Notes £.)0 £'ooo Net cash provided by operating activities 12,301) 14401 Cash flows from investlng artivitie5: Investment incorne Purchase of tangible fixed assets Purchase of investments Disposal of investment5 109 13121 1591 500 96 12781 1521 Nèt tash provided by (used in) Imiestlng artivities 238 12341 Changè in cash and cash equivalents In the year {2,0631 16741 Cash and cash equivalents at l April 2023 3.682 4,356 Cash and cash equivalents at 31 March 2024 1.619 3,682 A.. Reconclllation of net movement in fvnds to net tash prov5ded by operatin8 actlvlties Year to 31 March 2024 Year to 31 March 2023 £'ooo £'ocx) Net movement In funds las per the ststement of financlal artivitiesl Adjustments for: Depreciation charge / amounts written off Investment income Net Igainllloss on investments Ilncreasel/Decrease in debtors (Decrease) in credltors 11,1981 13961 146 1961 103 572 17691 11091 11461 16531 13931 Net cash provlded by operatlng activities 12.301 Analysls of change5 in net debt 2023 Cash flows £'ooo 2024 £'ooo Cash at bank and in hand 3,682 12.0631 1.619 Total 3,682 12,0631 1,619 17
St Raphael's Hosplcè Annual Report and Financlal Statements For the year ended 31st March 2024 Notes to the Flnancial Ststements l Accounting Policiès General Infomlation St Raphael's Hospice is a private company limited by guarantee in England and Wales (company number 117325671 and a charity registered in England and Walès (charity number 11826361. The registered office is St Raphael's Hospice. London Road. Cheam, SM3 9DX. Basis of accounting The financial statements have been prepared for the year ended 31 March 2024. The financial statements have been prepared under the historical cost convention with items initially recognised at cost oi tran5artion value, unless Otherwise stated in the relevant accounting policy note. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to tharitie5 preparing their accounts in accordance with the Financial Reportine Standard applicable in the United Kingdom and Republic of Ireland Icharrties SORP FRS 102, updated 20191 and the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021. St Raphael's Hospice is a charity which is a public benèfit entity as deflned in FRS 102. The financial statements are prepared in sterling and are rounded to the nearest thousand pounds. Critical accountSng estimates and areas of judgement The most significant areas of adjustment and key assumptions that affect items in the financial ststements are in respect of- the reco8nition and deferral of income,. assessing thÈ probability of receiving legacies of which the Charity has been notified,. estimating the value of the gift in kind of properties occupied under a peppertorn rentsl agreemènt with the ConEregation of the Daughters of the Cros5 of Liege.. Assessment of golng concern As stated in the Trustees. Report, the Trustees have assessed whether the use of the goinE concern assumption is appropriatÈ in preparing these f1nancial statements and they have made this assessment in respect of a period one year from the date of the approval of these financial statements. The Trustees have kept abreast of the artual and potential impact of ètonomic and inflationary uncertainties on the Hospice's operations, with a particular focus on its effect on the Hospice's financial p051tion including the Hospice's income, expenditure and reserves. They have sought, unsuccessfully. to raise additional income from the NH5 Commissioners, SWL ICB, in order to offset the additional costs arising from inflation over the prior three years. Therefore. the Trustees have taken decisive action to lower operating COSts by £lm on an annual basis. They have also gratefully Secured a grant of £lm from the Congregation of the Daughter5 of the Cross of Liege IDOCI in line with the Letter of Cornfort which was provided to them as part of the transfer arrangements in 2020. This recognised risks to the Strategic plan including inflation assumption error" The Hospice remains reliant upon the Èener05ity of the community of Merton and Sutton even after havin8 reduced cost and rlsk a5 described above. It is continuing with its endeavours to increase income across all avenues in order not to rely upon exceptional levels of legacy and on grants from the Doc. Notwithstanding the challenges that the Hospice continues to lace, it is felt that it has sufficient cash resources and a realistic plat) of action that will allow it to continue operations for the foreseeable future. Therefore, the Trustees have concluded that there are no material uncertainties related to events or conditions that would cast significant doubt on the ability of St Raphael'5 Hospice to continue as a going concern. This is because they believe that they have sufficient reserves and resources to withstand any temp(>rary drop in income or any additional unexpected liability. Intome re¢ognltlon Income comprises donations. legacies, gift5 in kind for donated Services and fatilitie5, lottery income, incorne from retail sales. grants from South West London ICB and other organisations together with the release of the Doc grant from deferred income.
St Raphael's Hospice Annual Report and Flnanci31 Ststements For the year ended 31st March 2024 Notes to the Financlal Statements, contlnued l Accountln8 Polities, contlnued Income recognition, contlnued Income is reeognised in the period in which the Charity is entitled to receipt, the amount can be measured reliably and it Is probable that the funds will be received. Donations and transfers from other registered charities amounting to donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the tharity is entitled to the funds. the incorne is deferred and not recognised until either those conditions are fully met. or the fulfilment of those condition5 is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Legacies are included in the statement of financial activities when there has been a grant of probate, the executors have established that there are suffitTent surplus assets in the estate to pay the legacy. and any tonditions attached to the legacy are within the control of the charity. The value used is discounted by 15% in order to recognise the risk that asset values realised may not reach teh original valuation estimates. Lottery income is recognised during the period in which the lottery draw is held. Inteie5t on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. thi5 15 normally upon notification of the interest paid or payable by the bank. Grants from government, other agencie5 and voluntary bodie5 have been included as income from charitable activities where these are akin to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding. Income frorn retail erants is credited to the statement of financial activities when the Charity is entitled to receive the funds and when the amount receivable can be quantified. Shop income arises from the sales of donated good5 at charity shops within the Surrey and Greater London areas. Donated 800ds are normally distributed very 500n after receipt by the charity. stocks held at the reporting date are immaterial. Under these circumstèntè5, the cost of valuin8 all donated goods upon receipt by the charity outweigh5 the benefit to the users of the accounts of providin8 this information. Consequently, donated goods are included within income when sold oi distributed and no value is placed on stock of such itèms at the year end. In accordance with the Charities SORP FRS 102 no financial valuation of volunteer time 15 recognised in these financial Statements, refer to the'voluntèers" section of the Annual Report for further details. Deferred intome includes a cash grant given by the Congregation of Daughters of thè Cros5 of Liège towards strategic investment in the new charity. This was granted as part of the transfer arrangements in order to bridge the anticipated funding gap that will arise over a period of five or rrore yea¥s as thè charity invests in its strategy of 'EVE" lexcellence, visibility and enga8ementl. The deferred income will be released to the Statement of Financial Activity in line with its use. Donated servlcès and facllltles Donated services and facilities are Tecognised In income and expenditure when the eharity ha5 control over the item. conditions associated with the donated item have been rret, the receipt of economic benefit from the use by the charity of the item is probablè and that the economic benefit can be measured reliablv. The charity benefits from the use of the hospice building5 and ground5 which are leased to it by the Congregation of the Daughters of the Cross of Liege at a peppercorn rènt. The value of thi5 gift in kind has been estimated by the Trustees following the receipt of professional valuations for the market rent of the administrative building1759 London Road) and the St Bede's Conference Centre and the capital value of the hospice building and grounds. A 5% rate of return on the capital value was used to estimate the annual rental value. The estimated value has Subsequently been increased by reference to market indicators for Similar propertie5 in the region. ExpendItU and thè basis of apportionin8 Costs Expenditure is retognised once there 15 a legal or constructive obligation to transfer resources to a third party. it 15 probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
St Raphael's Hosplce Annual Report and Financial Statements For the year ended 31st March 2024 Notes to the Finantial Statements, continued l Atcounting Policies, continued Expenditure and the basls of apportlonlng costs. continued All expenditure is accounted for on an accruals basis and includes any VAT that cannot be recovered under the s33c VAT iefund scheme. This scheme is specific to charities which are wholly operating as Hospices and allows recovery of VAT incuried on the non-business activities Ihospice service delivery and most fundraising) as well as thè usual bu5ine5s activities Iretail etcl. In turn that allow5 for a high proportion recovery of VAT on "apportioned activity" Ihat which serve5 to support the entirè enterprise. VAT cannot be recovered on exetnpt activity levents, education and lottery). Expenditure comprises the followinÉ'. ThÈ cost of rai5in8 funds includes fundraising and publicity expenditure which comprises costs associated with fundraising and shop overheads, publicity, advertising and event sts8ing. It also includes a share of support costs, intludin8 governance eost5. The cost of charitable artivities comprises all the costs of operatin@ the Hospi¢e, including all stsff, supplies and property costs. It also includes a share of support Costs, including governance costs. Tangible fixed assets Tangible fixed assets are shown on the balance sheet at cost, les5 accumulated depreciation. All assets which cost in excess of £5,000 and have an expected useful life exceeding one year are capitalised. Depreciation is calculated at the following annual rates on a straight-line basis in order to write off each asset over its estirnated useful life.. Computer and c*ther equipment Shop fixtures and fittings Motor vehicles 25% Improvements to long leasehold property is depreciated evenly over the period of the lease. 20- 33.33% 33% Fund accounting and Reserves Pollty Any restrirted funds are monies raised for, and their use restricted to. a specific purpose or are donatlOn5 subject to donor- imposèd conditions. The restricted reserve comprises the unspent element of all the individual restritted funds. The designated funds are those which represent the net book value of tangible fixed a5set5 which are used in the day to dav work of the Hospice and amounts set aside for fixed asset acquisitions in the next twelve mollths, and hence, are unavailable for working capital commitments. Designated funds may also be set aside for a specific purpose designated by the Trustees. This de5i8nation can be changed by the Trustee5 and hence the desiEnated fund is unrestricted. The general fund represents free reserves are that element of unrestricted funds which ale available for future spending and are therefore calculated by taking the total unrestricted funds of the charity and deducting any balances not available for future 5pendin& including designated funds which have been set aside by the Trustees for a particular purpose. The Trustees have decided that the required level of free reserves should be between three and six months, operating expenditure. Further details can be seen in the Annual Report. Leased assets Rentals applicable to operatlll8 leases where substantially èll of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight-linÈ basi5 over the period of the lease term. Debtors Debtors are recognised at the settlement arnount, less any provision for non-rec(>verability. Prepayments are valued at the mount paid in advance. They have been discounted to the present value of the future ta5h feceipt where such discounting is material. Cash Cash is held in bank accounts or in hand and money available on demand or term deposits with an expiry date within three months of the balance sheet date.
St Raphael's Hosplce Annual Report and Financial Statements For the year ended 31st March 2024 Notes to the Financlal Statèments, contlnued l Ac¢ountln8 Pollties. continued Creditor5 Creditors and provisions are reco@nisÈd when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount St Raphael's Hospice anticipate5 It will pay to settle the debt. They havè been discounted to the present value of the future cash payment where such discounting is material. Penslon Costs St Raphael's Hospice operates a defined contribution pension schème. The amounts charged represent the employers. contributions payable to the stheme in the year. St Raphael'5 Hospice also participates in the NHS pension scheme, a defined benefit scheme which is underwritten by the UK Treasury. The liabilities of the Scheme are not calculated and there is no attribution of liability to the participant (>r8anisations. including the Hospice. Accordingly, the contributions are accounted for as if it were a defined contribution pension 5cherne. Employee Costs St Raphael'5 Hospice holiday year operates from April to March. A week'5 Worth of holiday that 15 earned in one year but not utilised in that year can be Carried over to the following year. The tost to the charity of that holiday carry-over is estimated and actrued in the financial statements. St Raphael's Hospice values the loyal service of its staff and makes an award to staff who attain ten years of service. The award is repeated and enhanced at five year intervals thereafter. The potential cost to the charity is calculated for all staff who have reached the end of their fifth year of service in proportion to the time worked towards thè next award milestone. 21
St Raphaefs Hospl¢e Annual Report and Financial Statements For the yeai ended 31st March 2024 Note5 to the a¢counts. continued Donatlons and legaties Unrestricted funds £'ooo 1,605 Restricted funds £'ooo 63 315 Total 2024 Unrestricted funds Restritted fvnd5 Trto12023 E'ooo 1,882 270 1,647 3,799 Donations Gifts in klnd Legacies Total 1,668 315 1,592 3,575 1,8(Kl 82 270 l.S92 3,197 1,647 378 Gffts in Kind include a donation from the ConggatIon of the Oaughters of the Cr055 of Liège which represents the estimated market value of the lease of the land and bullding5 Used by the charity, provided by the Congregation at no cost to the charity. The market value of the rent for the property has been estimated at £315,000 forthe ye3r12023-E270.0001. The estirn3ted value has been recognised within income as donation, and an equivalent charge included within support costs. In addition, the H05pice enjoys the benefit of volunteers for help in the running of the Hospice. fundraising and the shops. In accordance wf(h the accounting policyp the value of these benefits ha5 not been reflected in the financial 5tstements. Othertrading activities Unrestritted funds £'ooo 354 1,727 2.081 Restricted funds É'ooo Total 2024 Unrestricted fvnds Resrrlrted fvnds Toto12023 Lottery income Retail leS and lated incorlle 354 1,727 2.081 368 1,419 1,787 1,419 787 4 Income from charitable activitie5 Unrestricted funds £'ooo 1,697 Restritted fund5 £'ooo Unrestritted fvnds Restricted fvnds Totsl 2024 Totu12023 £'ooo 1.697 SWL ICB servlce funding SWL ICB Grants Income from sOh West London InteKraied Care Board IICBI 1.632 1.632 66 66 1,697 1,697 1698 NHS England COVID-21 fJndinK Other Other Income io 77 io 77 87 54 54 54 54 87 Expenditure on Ralslng Funds of the totsl being Unr¢TIe Restrlrted £'ooo £'ooo 909 243 1,970 3,122 Year ended 31 March 2024 Staff Costs É'ooo 525 24 890 1,439 Other Costs Support Costs £'ooo 218 207 802 I,Z27 Totsl Fundralslng Lottery CharTty Shops 166 12 278 456 909 243 1,970 3,122 oAthe totul being Unrestryrted Restrlrted Y¢urended31 Morch 2023 Stoff Costs Othercosts Support Costs £'ooo 451 22 607 Totsl Fuftdrui5ing Lottery Churityshops 280 147 594 1,021 142 873 180 1,447 1500 873 180 1,447 2.5tXI 246 399 22
St Raphael's Hosplce Annual Report and Financial Statemer For the yearended 31st March 2024 Note5 to the aecounts, contsnued Expenditurè on Charitsble activitie5 of the total being Unrestricted Reslrlcted £'ooo 219 92 41 53 Year ended 31 Malch 2014 Staff C0515 E'ooo 1.847 1,483 264 Other Costs support Costs £'ooo £'ooo 632 443 106 239 30 34 31 21 105 29 28 22 62 994 Total £'ooo 2.922 1.828 328 146 161 118 235 5,738 Hospice In-Patnt Unit H05pice 4t Horne Comrnunty team Psychologlcal Supportteam Education Orangery Volunteers Wellbeing Centre 2,703 1,736 287 93 121 iio 203 5,253 27 68 133 3.916 32 485 828 oAthe totolbeing Unre5trirted Rertrl¢ted £'ooo 191 80 40 Yeorended31 Mur¢h 2013 Stuff Costs Othercosts support Costs Totgl Hospice In-Potlent Unlt "HospiGe ot Home" Community teum Psychological Support teiym Edu¢otion Orangery Voltsrtteers Wellbeing Centre 1,741 1,396 195 75 27 89 559 395 210 29 19 26 20 36 735 2,725 1,702 246 132 142 132 181 5.260 2,534 1,622 206 130 96 22 38 89 23 55 912 34 125 150 31 385 Net Income Is stated aftèr charging Auditor's remuneratlon Statutory Audit Staff costs Lease rental co#$ Depreciation 24 6,164 416 199 See note 7 for an analy515 of Support Costs which are allocated acr055 activitie5 On the following b3SiS'. Facilities costs- based on hospi¢È floorspace with 4 portion to income generating actlvity. Qu31ity COSts- based on hospice headcount with a portlon to Income generating activity. Other Support costs- based on the headrount of e3ch activity. Staff cott$ Charitable Acli¥itie5 Year ended 31 March 2024 Hospice In-Patlent Unlt "Hospice at Horne" Communty team Psychologlcal Support team Education Orangery Volunteers Wellbeing Centre Salaries £'ooo 1,524 1,219 236 83 26 61 122 3,271 NIC £'ooo 148 132 21 Penslons A8èncv É'ooo 83 other £'ooo Totsl £'ooo 1,848 1,482 264 95 27 68 133 3,917 93 131 325 238 83 Income Generation Year ended 31 March 2024 Fundraislng Lottery Reiall Shops Salaries NIC £'ooo 47 Penslons £'ooo 13 Other £'ooo Total £'ooo 465 21 809 1,295 525 24 890 1,439 61 iio 20 34
St Raphael's Hospice Annual Report and Flnancial Statements For the year ended 31st Marth 2014 Note5 to the accourfs, ¢ontinued staff costs. continued Support Team Year ended 31 March 2024 Total Support Cort Salarie5 NIC Penslons Total Staff Costs Non-staff Co$ts £'ooo 189 104 251 86 77 707 £'ooo E'ooo 281 52 ios 33 Executive Office and Cotnmunications HR 18 li 25 216 118 285 99 91 497 170 Y90 132 95 IT and Facllltles Flnan¢e Qualty 71 31 475 Chorit0eArtlllles Ye4rended31 Murch 2023 H05pice In-Patient Unit "H05pice ot Home" Community terjm Psychologicalsupport teom Educotion Orongery Volunteers Wellbeing Cent Soknrks NIC pell0$ Agen(v Other Totol eo( 1,741 1.396 195 75 27 89 1,385 1,151 171 65 26 80 82 2,960 133 125 18 133 120 295 225 133 3.613 Income Generotion Yeqrended31 Morch 2023 Fundraising Lottery Retailshops 5olories Nic Pen5ion5 Agen¢y Other Totol £'ooo 451 22 607 393 20 553 966 42 16 41 13 30 Support Teom Yeorended 31 Morch 2023 5#l#ries NIC Pensions TotolStGAA Costs Non-stoff Costs Totolcost £'ooo 216 43 79 24 Executive Offlice andCommunicot10115 202 91 226 74 70 663 26 12 456 147 337 109 HR ITortdFacilities Finunce auolity 24 258 81 768 73 32 366 1.134 In common with other Hospices. St Raphael'5 employs experienced Specialty Doctors and Speciallst Palliative Care Consultants on standard NHS rates of pay and thls Is reflected in the higher pald employee5 report. The CEO is not the highest paid employee. The number of employees who earned £60,000 per annum or more lincluding benefltsl durinÈ the year was as follows.. 2024 2023 No. £60,001- £70,000 £70,001- £80,(K)O £80,001- £90,0 £90,001- £100,000 £ioo,ooi- £iio,000 During the year the charity made payments of £8k in respect of redundancie$12023'. nil) and £7k for other terrninations of employment 24
St Raphael's Hosplce Annual Report and Flnanclal Statements For the year ended 31st Marth 2024 Note5 to the accourfs, ¢ontinued stsff costs. continued Keymunogementpersonnel Key m4nagement personnel comprised the Trustees, the CEO, the Clinical Director, the Dlrettor of Fundraising and Communlcation5, the Commercial Director. Director of Quallty and Governance and the Director of IT & Eststes together with our three specialist palliative care consultants. One of the consultsnts takes the role of le8d consultant on a rotational b3sis and is a member of the Executive Committee of the Hospice. They are not included in the key management personnel costs shown below. None of the trustees received any remuneration in respect of their service5 during the year12023'. £nill. No out of pocket expenses were reimbursed to trustee5 during the year12023'. Enlll. The total employment cost (including taxable benefits and employer's pension and national Insuran ¢ontributlOn51 of the key management personnel of the charity were £SSL,22012023.' E445,0201. This increase followed the recruitment to a new role of Director of Fundr4ising and Cornrnunications. Stoff numbers Year ended 31 Mar¢h 2024 Headcount 2024 38 26 FTE 2024 25 19 Heudcount 2023 37 25 2023 23 19 Hosplce In-Patient Unit H05pice at Horne Communtyteam Psychologlc31 Supportteam Education & Quality Volunteers Wellbeing Centre Housekeeping and Orangery Hospice adtnini5tr4tion Medi1 team Charltable Activlties 15 li 16 li iii 71 69 Fundraising Lottery Retail Shops In¢ome Generation 14 12 li 46 29 41 31 24 Support Services Executiv@ and Finan Supptsrt Service5 12 io 13 io 16 13 18 14 All Staff 187 125 169 117 Year Ènded 31 March 20Z4 Headcount 2024 53 99 35 Heudcount 2023 51 2024 56 58 li 2023 51 57 Perm8nent fvll time Perrn3nent part time 'Bank" variable hours 28 187 125 169 117 In addition to our paid staff. St Raphael'5 Hospice benefitted from the sUPPOrt volunteers who contrlbuted their tirne to cover 792 role5 12023.. 7351. Volunteer time is not accounted for In these financial statements. Taxatlon St. R4phael's Hospice is a reglstered charrty and therefore beneffts from not being liable for income tax or Corporation tax on income derived from its charitable activities. As a Hospice It has tèken advantage of the $33c VAT allowance5 which enable it to rec181m a large portion of its VAT paid. At the end of the year a refund 15 due for £51,00012023.. £48,000) and this is included wlthln debtors. 25
St Raphael's Hospice Annual Report and Financial Statements For the year ended 31st Mar¢h 2024 Notesto the accounts. continued 10 Tangible fixed assets Site Leasehold Improvements Computer and other Equipment £'ooo Shop Fixture5 and Fittings Motor Vehlcles Retail Leasehold Improvements Assets under Construction rotal 2024 E'ooo £'ooo £'ooo £'ooo £'ooo £'ooo C05t or valuatlon At l April 2023 Transfer between classes Addition5 At 31 March 2024 411 601 45 83 191 117 IA48 117 37 192 13461 28 556 24 249 20 312 1.760 662 51 83 Depredatlon At l April 2023 Charge in year At 31 March 2024 23 18 41 408 88 496 37 34 20 89 64 591 198 45 153 Net book volues At 31 March 2024 515 166 29 235 20 971 At 31 March 2023 193 49 102 117 857 The land and buildings that are occupied by St Raphael's Hospi¢e are owned by The Congregation of the Daughters of the Cr055 of Liège and are leased to the charity at a peppercorft rentsl. The value of the gift In kind 15 recognised in these financial statements, as described in the princip81 accounting policles at note i. 11 Investments 2024 £'ooo 2024 Unlts OQO'S 2023 2023 Units OOOS Marketable investments Sarasin Endowments Fund Market value at start of year Net additions at cost Disposals at marketvalue Net gainlllossl on revaluationldisposal Market value at 31 March 1.952 59 14861 146 L.705 50 14031 1.417 638 1,163 542 1103) 1.952 1.352 1.705 Llquld A$sets ICS-Sterling Liquidlty Fund Market value at start of year Investment Income Interest Net addition5 at cost Transfer to Cash Deposlt Disposals at market value Market value 8t 31 March 2024 £'ooo 14 2023 2023 UnitsLIXI's Unlts (W'$ 600 52 59 485 15001 1581 {638J 14 2024 2024 Unlts ooo's 1,352 1.352 2023 2023 POOO Unts OIXI'S 1,966 1,705 2,052 1,705 Total investments Cost at 31 Marth 1,672 1,615 Marketsble investments wmprise Fixed Income Equitie5 Property Atternatwe investment5 Short term dep051ts and cash 207 1,224 59 lis 290 1.292 86 242 56 1,671 1,966 26
St Raphael'$ Hospice Annual Report and Financial Ststements For the year ended 31st Mar¢h 2024 Notes to the accounts, corflnued 12 Debtors 2024 £'ooo 1.558 244 60 196 2.058 2023 Legacies receable Prepaytnents VAT receivable Other Debtors 979 215 55 157 1,406 13 Creditors 2024 2023 Amounts falllng due wiihin one year Trade creditors Social Security and othertaxes Other creditors and accruals Deferred Income release of Doc grant Lottery deferred Income Other deferred Income Provlslon for onerous lease commltments loo 127 336 500 53 55 103 294 57 23 23 1.139 1,532 Amounts falling due after more than one year 2024 2023 Deferred income release of Doc grènt 903 903 903 903 14 Deferred IA¢ome 2024 Doc Grant 20Z4 Other 2024 Total 2023 Torol Brought forward at l Aprll 2022 Introduced in the year Released during the year 1,903 80 2.044 12,0481 1,983 2,044 12.5481 2,739 2,379 (3.1351 15001 Carried forward at 31 March 2023 1.403 76 1,479 1,983 A cash grant of £3.6rn was given by the Congregation of Daughters of the Cross of Liège IDOCI in 2020 towards the five year strategic plan for the charfcy and h8s been included in deferred Income. Thi5 will be released to the Statement of Financial Activity ISOFAI In Ilne with the condftlons of its use, as stipulated In the transfer arrangement between the Congregation and the charlty. A sum of £500k wa5 released to the SOFA in the current year12023.. £750kl and the release of a further £500k has been budgeted lor the year to 31st March 2025 and is shown as Creditors,. amounts due In under one year" at note 13, above. The rern4ining balance of £0.9m is included under "Creditors.. amounts due in more than one year. and is due to be released over the ensuing two to three years a5 the strategic plan progresses. The covid pandemic has caused delay to its Implementation. other deferred incorne balances includes lottery 5ub5criptions made forfuture lottery draws and to challenge event income raised in advance of the challenge tsklng place. 15 Re$trlthed Funds The restricted funds 8re monies received for, and their use restricted to, the following.. At 1st April 2023 Transfer between Funds £'ooo Income Expenditure At 31$t Mar¢h 2024 £'ooo £'ooo 35 315 £'ooo £'ooo Bereavement supportfund Doc gift in kind SWL ICB grants orher restricted donations 13151 120 89 209 28 1691 485 iioi 38 92 27
St Raphael's Hospl¢e Annual Report and Flnantial Statements For the yearended 31st March 2024 Notesto the ac¢ounts. continued IS RestrEcted Fund5, continued At IstAprll 2023 Tron5fvr between Funds £'OL At315t Murch 2023 Income Expendlture 8ereuvementsupportfund Docgiftin kind SWL ICB gronts Otherre5tricted donotlons 35 135) 1270) (58) {22) 385 270 66 47 142 158 3QO {soJ 1941 124 The Bereèvement support fund represents the funding of the Psychological Support team and related costs. The Doc gift in kind relates to the provision of the land and buildings on a 20 year lease at a peppercorn rental. The Gift in Kind recognlses the valuation placed upon the use of the properties by an independent surveyor in March 2020. In the current year an inflation based increase has been recognised to 8diust the valuation from E270k per annum to £315k per annurn, but a formal revaluation has not tsken place. The South West London Integrated Care Board ISWL IC81 Grants are provlded to fund one additional Cllnical Nurse Speci31ists for weekend and bank holiday cover. In 2023-24 no further CCG grants were provided to 12022-23 £66kl and the fund is being utilised. A new bid will be made in the new financlal year. Other restricted don3tlons repre5entother smaller restricted donations and legacies donated to the Hosplce for specific purposes. 16 Designated Funds At IstApril 2023 Transfer between Funds £'ooo 11981 20 12021 380 Expendrture At 31st Mar¢h 2024 £'O(K> 857 £'ooo 312 Flxed Asset Fund Acquired Cornmitted Budgeted wrchin 12 rnonth5 971 20 193 395 312 1,184 At IstAprll 2022 Tron5fer between Funds Expenditure At31st Morch 2023 Acqulrtd Committed Budgeted within 12 months 725 278 1146) 857 FixedAssetFund 451 1.176 156) 202 395 1.252 The unrestritted funds of the Hospice include the following designated funds which have been set aside by the trustees for specific purposes. The fixed asset fund represents the net book value of tangible fixed assets. which are used in the day-to4ay work of the Hospice and hence 15 not avai13ble for working capital. The transfer in the fiyed assets 'acquired' fund represents the net movement of additions. dlsposal$ 3nd depreciation in fixed asset5 overthe year."Cornmitted" expenditure relate to additions which the charity is contrattually obliged to cornplete and 'Budgeted relate5 to proposed additions that have been approved by the Board of Trustees. 17 Analysis of net assets between fvnd5 Restricted funds É'ooo General Fund Designated fund E'OOO 971 213 Totsl 2024 £'ooo 1,672 3,372 11,1391 19031 3,002 £'ooo 2,643 3,677 11,1391 19031 Flxed assets Current assets Creditors.. amounts falling due within one year Creditors.. amounts falling due after more than one year Totsl net assets 92 92 28
St Raphael's H05pI Annual Report and Financlal siatement5 Forthe year ended 315t March 2024 Notesto the accounts, contlnued 17 Anotysis of net assets bett¥een funds. contlnued Restricted fvnds Deslgnoted fvnd £'ooo 842 410 Generol Fund Toto12023 £'ooo 1,981 4,469 11,5321 1903) 4,015 £'ooo 2,823 Fi¥eclassets Current assets Creditor5.' amountsfolllno due within one yeor Creditor5.' amountslollino due ufter more thon one year Tot¢¥lnet055ets 209 11.5321 (9031 209 18 Lèasing commltment$ Operoting leuses At 31 March 2024 the H05pice had totsl comrnitments under non<ancellable operating leases for retail shops and related Offi and warehouse buildings as follows.. Land and bulldings 1024 Londond butldings 2023 Comrnitments f3111ng due.. wrchin one year Wfchin one to two years wh1n twoto five years erfive years 409 309 538 39 1.295 307 260 314 ZO Related party transactlons st Raphael's Hospice wa5 established a5 a work of The Congregation of the Daughters of the Cross of Llege I'DOC" charity number 1068661 and company number 34929211 in 1987 and tts activities were reported a5 part of that entlty. The activities and the operating a55ets and liabilities of the work were transferred into St Aaph8el's Hospice (charity number 1182636 and cornp3ny number 117325671 on 31 ottober 2020 and frorn that point its activf(ie5 Zre reported through this entty. Two of the trustees of Doc are also trustees of St Raphael's Hosplce Isrveronica Hagen and Sr Kathleen O'Reillyl. One member of the Finance & Resources Committee is a paid adviser of the Doc (Mr Ed Cook). The freehold of the land 8nd buildings that comprlse the St Raphael's Hosplce site are owned by Doc. These have been leased to St Raphael's H05pice under three separate leases for the three plots Ithe Hospice, St Bede's and 759 London Road) each for twenty years and at a peppercorn rental of £100 per annutn. A totsl of £300 wa5 paid in the period In respect of these leases12023.. E3001. The leases are valued at £315k per annum and a gift-in-kind is recognised in these financlal statements for this arnount12023.. £270kl. The notlonal rental of £315k Is also cogniSed in these financial ststements12023.. £270KI. No grant5 were made by Doc durin8 the year12023.' nill. A gr&nt of £lm was glven after the balance sheet date, in June 2024. to support the ongoing work of the charity. Doc continues to receive occasional income on beh3lf of the Hospice, such as legacies and some donations and these are passed through to St Raphael'5 Hospice without deduction. During the yearthere were no such transactions12023.' nill. Duriftg the year servlces were pr¢)vided at a market late of £4.990 by Darnelle Consulting Ltd. Grahame Darnell is a Trustee and also Director of Darnelle Consulting Ltd. There were no other related party transactions. 21 Capitsl commitments As at 31 March 2024 there was a commitment to complete a contractfor Flre Safe doors in the IPU which amounted to £20k.12023.. Nill. 22 Pension commltments The Hospice makes contributions in respect of the current service of Its employees to erther the NHS pension 5cherne or Royal London. The Royal London pension schemels 3 defined contributlon scheme, with contributions accounted for in the period In which they arise. The contributions payable for the year were E133,09812023.. £127.3901. 29
5t Raphael's Hospice Annual Report and Financlal Statements For the year ended 31$1 March 2024 N¢xes to the accounts, continued 22 Pension comfflitments, contlnLted The NHS pension Scheme Is a defined benefit 5cherne which Is underwrttten by the UK Treasury. The li3bllltles of the scheme are not calculated and there 15 no attribution of liability to the participant org3nisations, includlng the Hospice. Accordingly, it has accounted for its contributions as if it were 8 deflned Contribution scheme. The contributions payable to the Scheme for the year were £158,57612023.. £149,004). 23 Post Balance Sheet Events The Hospic&, together with two other hospices, entered negotiations with the NHS Commlssloners, SWL ICB, in May 2023 to increase fundin6 over the course of a three year period to reach the London average level of 50% of the Clincial Services costs. This negotiation proved unsuccessful and, in May 2024, the Board made the decision to cut runnings costs by 8 figure of £lm per annum in order to offset an inflation- related incre&se in costs of 8 slmllar level. A proposal was presented to the staff body in July 2024 which included signlcant duCtiONS to staff Costs by means of reduced working hours, revised role descriptions and redundancy. In addltion, planned costs which could be avoided were also reduced. A perlod of ctsnsultation of around 30 days took place following which the revlsed proposal wa5 agreed and presented to the staff in August. Thi5 included IL staff belng made redundant and 19 st8ff reducing their hours andlor revising their roles. The Implementation of the m8jorlty of the proposals was With effect from September 2024 with some elements delayed for practical reason5. part ol the planning for addressing the high level of costs the charlty was gratelul to recewe a grant of £lm from Doc In June 2024. 30
5t Raphael's H05Pi Annual Report and Financlal Ststement5 For the year ended 31st Mar¢h 2024 24 Cornparatlve statement of Flnanclal A¢tivities for the year ended 31st March 2023 Unrestricted Toial funds Year to31 March Total funds Yearto 31 March General Designated Restricted Notes fund £'ooo fund £'ooo funds £'ooo 2023 £'ooo 2022 £'ooo Income and expenditure Income from: Donation5 and legacies Othertrading activities Investments Charitable activitie5 Clinic31 Commissioning Groups Other income 3,447 1.787 96 352 3.799 1.787 3,466 1,533 1,632 87 66 1.698 2,265 298 Total Incomè 7,049 418 7,467 7,566 Expenditure on.. Raising funds Charitable attivities 2.500 4.875 2,500 5,260 2,406 4,596 385 Total expendlture 7.375 385 7,760 7.002 Net operating lshortfalll / surplus 13261 33 12931 564 Net gains I Ilossesl on investments li 11031 11031 17 income I lexpenditurel befo transfers 14291 33 13961 581 Tr&nsfers between funds 15-16 48 76 11241 Net rnovement In fund5 13811 76 1911 13961 581 Reconclllatlon of funds: Fund balances brought forward at l April 2022 4,396 1,176 3(K) 5A72 5,291 Fund balances c8rrled forward at 31 March 2023 15-17 4,015 1,252 209 5N76 5,872 All of the charity's activities during the above two fin3n¢ial periods derlved frorn continulng operations. A full comparative statement of financial activStles 1$ Shown at note 23 to the financlal statements. 31