RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Registered Company Number: 14355610 Registered Charity Number: 1201713
CONTENTS Administrative details Chair's Report Trustees, Report Independent Auditors Report 26 Consolidated Statement of Financial Activities 30 Consolidated Balance Sheet 31 Consolidated Statement of Cash Flows 32 Notes to the financial statements 33 I I Page
RENNIE GROVE PEACE HOSPICE CARE ADMINISTRATIVE DETAILS Charlty Name Rennle Grove pea Hosplce Care Charity Number 1201713 Company Number Registsred Office 14355610 Peace HOs(e Peace Drwe Watford Hertffordshlre. WD17 3PH Trustees All Appnted 14 September 2022 or as stated below Dr J Shindler (Chairman) Mr C Inman OBE (VI Chairman) Mr J Wroe (Treasurer) Mrs E Moralez-Perez Mrs E Coleridge Smith (AptN)inted 23 FeKuarY 2023) Mr G Davis Mr A Graharn MBE Mr M Ferguson Mr S Hamill Mrs S Hill Mrs J Langfleld (Apwlnted 23 February 2023) Ms J Morosco (Appointed 23 February 2023) Mr R Russell-Hogg Dr A Wainwright Company Secretary Mrs E Moralez-Perez Chlef Executive Executive Board Mr DS Marks Mrs J Wesdake-Tritton Dr S KliThJer Mrs P Pickersgill Ns R Ahmad Nrs T Hancwk Nrs D Gould Audttors Haysmacintyre LLP 10 Queen Streel Plate London, EC4R IAG Bankers Barclays Bank plc Corporate BankinÈ Sulte 11 Bank Court Hemel Hempstead Hertfordshire HPI 18X Nat West Bank PLC 72-74 High Street Watford Herts WD17 2G2 Sollcltors 5herrards Solicitors 4 Beaconsfield Road St Albans ALI 3RD
RENNIE GROVE PEACE HOSPICE CARE CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 CHAIR'S REPORT - OUR YEAR IN REVIEW This year has been another incredibly busy year, which for us, started as two charities working closely togetherand closed with us as one, combined, new organisation following approval by the Charty Commission on 25 January. This date marked the end of the merging phase of our programmeandthe remainder ofQuarter4 sawthe comMenCnent0four implementation phase, which, as ever, has an ambitious targetto be completed by the end of our next financial year. Our new organisation comprfses our new charity, Rennie Grove Peace Hospi Care (Rennie Grove Peace) and we retain both previous charities and their subsidlaries In order that we continue to receive income that has been donated or left to them. Our focus for the year has been our integration of the merger whilst ensuring continued delivery of patient services across the wider geographical area, notwithstanding the significant national challenges of the recruitment particularly of clinical and care staff, the lingering financial consequences of the coronavirus pandemicand the energy crisis. That we have finished the year in a strong financial position is a huge testament to the hard work and dedication of our Executive Board team. Our clinical activity remained steady during the year, and we were able to support 850/0 of patfents to die in their preferred place of death, of which 820/0 were at home where this was their wish. Our combined size means that we wi15 shortly introduce a single point of referral for all our seNices and the overnight service will be available for all within our catchment who need us. BeirrfJ one organisatton has allowed the rapid roll-out of a single integrated, cloud based clinical information system (Systmone) that wll greatly facilitste how our teams are able to support ourusers their families. Further details of our clinical services are described later in this report. During the year the merger was overseen by a working group of equal numbers of trustees from Rennie Grove Hospice Care (RG) and Peace Hospice Care (PH), jointly chaired by Professorstephen Spiro OBE and me. Members oftheworking group became Directors of the Shadow Board and then the Board of our new company at incorporation and, following Charity Commission approval, all Directors became Trustees of Rennie Grove Peace and the two legacy charitEs (RG and PH), with Rennie Grove Peace becoming the SO memberof both subsidiary charities. Of the current Board of 14 trustees, srx originated from PH, 5 from RG and there have been 3 new appointments. In this document subsequent references to the Board include the work undertaken by the ea rlier workiThJ gn)up and the Shadow Board. Board has reviewed our powers, purposes, and beneficiaries. It has commissioned and subsequently agreed our new governing documents that contain these objects and the rules by which it governs the organisation. It agreed our committee structure and scheme of dekgation to the Executive Board. It has aged a set of environmental, social, governance and digitalisation principles that r( wishes to see throughout the organisation as it develops in the coming years. Through its Governance Committee itsupported the Executive in a thorough, detailed salary review and assimiLition PrOS5t0 combine staff into the new organisation. It oversaw and reviewed the principal rifjks of the merger, concurrently with the risks in the charities, and has now approved a single risk register for the new oanISation. Memb5 of the Board also supported focUed merger working groups for human resources, finances, clinical, informatKJn technology and dIga]ISatIon and communications. 31 Page
RENNIE GROVE PEACE HOSPICE CARE CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Rennie Grove Peace now provides seNices to a population of just over I million who live Sn the arc from Marlow to Potters Bar. Prior to merging, the two subsidiary charities provided servi5 annually to about 5000 people and data suggests that there were a further 2500 who would be eligible. Together, as Rennie Grove Peace, we aspire to meet the needs of all 7500. We cannot achieve this without the loyalty of our corporate and individual supporters and the dedication and hard work of our 1600 volunteers, to whom we are so grateful. We have commenced work on a new strurture and programme to inform all our loyal supporters, staff and volunteers about our activities. We have refreshed and combined our neOrk of patrons, vice-patrons, vice-presidents, and ambassadors who kindly glve so much to support us and help inform about our work. It gives me particular pleasure to report that the previou5 Presidents of RG Moira Rennie and Dr Mary Groves have agreed to continue as Presidents of the new organisation and in addition that, Stephen Spiro has kindly agreed to become our third President, shortly after the end of this reporting year. Durlng the year we sadly lost of our historically most Influential friends, without whom we would not be in the sound position that we find ourselves today, Gill Hollander was a founder, longstanding supporter and past trustee at Peace Hospice. Sue Varvel had a long career with Rennie Grove, latterly as Director of Nursing, and was responsible for so much of the clinical services that exist today. So many thanks are due to them both for their energy, kindness, and commitment to our servi. Our executive teams, led by Stewart Marks and Jackie Tritton, as Chlef Executives {CE) of the respective charities prior to merging, and now Stewart as CE and Jackie as Chief Clinical Officer, have sUCeded in the herculean task of running both organisations and so successfully concurrently bringing us together as one. The Board recognises, thanks, and applauds all the executive directors and all our staff teams involved for this outstanding achievement. I would also like to thank all our former and current Trustees who gave so much of their time and expert15e to guide us through our annual cycle of work alongside the due diligence, oversight and governance development that is required to bring the formation of Rennie Grove Pea to fruition. Thank you. We started as two and finished as one that will take forward the best of both. In the coming year we aim to conclude the integration of our systems and processes and develop our strategy to achieve to serve with a wider range of services, reach all sections of our community with new and enhanced services and to use our strengthened combined voice to secure the resources needed to ens ree ry local person receives the care they need, when they need it. air 41 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 TRUSTEES. REPORT The Board of Tnjstees presents its Annual Report and Financial Statements for the year ended 31 March 2023 which comply with the requirements of the Companies Act2006, The Charities statement of Recommended Practice (SORP) and the Charities Act 2011. The Trustees. Report incorporates the requirements of the Strategic Report as required by the Con7paniesAct 2006 (strategic Report and Directors, Report) Regulations 2013. INCORPORATION, OBJECTIVES & ACTIVITIES In June 2022 after a successful period of collaboration, the Trustees of Rennie Grove Hospi Care (RG) and pea Hospice Care (PH) announced their intention to merge the Lwo organisations into one new charity, called Rennie Grove Pea Hospi Care (Rennie Grove Peace) or-the Charity" The new Charity was incorporatsd with Companies House on 14 September 2022 and registered by the tharity Commisslon on 25 January 2023. On 25 January 2023, Rennie Grove Peace acquired ownership of RG and PH by way of transfer of ownership from the respective members of RG and PH to Rennie Grove Pea for nil consideration. Rennie Grove Peace is a member owned charitable companyi limited by guarantee, and its sole members are its Trustees. The Rennie Grove Peace Group (Rennie Grove Pea and its subsidiaries, "the Group,? provides palliative, end-of-life advice, support, education and a wide range of services to those people who are registered with a West Hertfordshire or Buckinghamshire General Practice (GP). Rennie Grove Pea is a specialist palliative care provider whose services are delivered by a multi-disciplinary team of nurses, doctors, allied health professionals, therapists, support stsff and volunteers who will ensure the right service is delivered by the right person at the right time, Professional and self- referrals are reiVed for those patients and those who care for them, including from the Health & Social Care workforce. The driving force behind the merger is the goal to Increase both the reach and scope of services provided by the two legacy charities. This includes high-quality care for those facing life-limiting Illness, as well as bereavement counselling setv1$ for anyone affected by loss. Rennie Grove Peace has three clear alms.. Serve- provide a wider range of seNices to support people in West Hertft)rdshire and Buckinghamshire to live as well as possible as they near the end of their lives Reach - develop new and enhanced services to reach all sections of the local community and meet their changing needs Strengthen - use our strengthened combined voice to secure the reSoUrS needed to ensure every local person reiVeS the care they need, when they need it Public Benefit Rennie Grove Peace is a Public Benefit Entity. The Trustees confirm that they have complied with their duty under section 17 of the Charities Art 2011. They have considered the public benefit guidance published by the Charity Commission and believe that they have followed it, This report provides detsils of the areas of charitable activity undertaken by Rennie Grove Pea. The focus of our work Is to ensure that patients living in West Hertfordshire and the mid and south areas of Buckinghamshire with a palliative diagnosis have the choice about how and where they wish to be cared for towards the end of their lives. 51 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Rennie Grove Peace provides services in line with the aim of the National End of Life Care Strategy (2008) to provide services people need to erlable them to be cared for at home and to die there if that is their choice. It also accords with the Department of Health Publication, 'Our commitment to you for end-of-/ife care.. the Govemment Response to the Review of choi in End of Life Care (2016),. In addition, Rennie Grove pea is committed to Ambitions for Pa//iailve and End of Life Care.. A national fran7ework for local adion 2021-2026. The National Palliative and End of fe Care Partnership created this framework to "improve end of life care through partnership and collaboratlve action between organisations at a local level throughout England" GOVERNANCE Rennie Grove Peace is a company limited by guarantee under the Companies Aci 2006, number 14355610, and a registered charity, number 1201713. The charitable companyls governed by its Memorandum and Artides of Association. The members of Rennle Grove Peace are liable for up to £1 each on the winding up of the Company whilst they are members of the Company or within one year of someone aSIng to be a member. There were 14 members at 31 March 2023. Charity Governance Code The Charity Governance Code (the Code) is a set of principles and recommended good practi against which Charities may Compa themselves and identify areas of Strength and for potential improvement. The Code includes seven principles which the Board of Trustees (the Board) has considered in its aim to ensure continued strong governance at Rennie Grove Peace. Oryanisational Purpose The Board maintains the vision and mission of Rennie Grove Peace. It approves the strategy, operational plans and budget. The Trustees operate as a team and receive reports from management to ensure the proper functioning of the Charity. Key governance highlights in the year included establishing an effective committee structure to take the new charity forward, including definlng relevant terms of reference. The Board was able to base the new organisation's structure on the best features of each of the legacy charities. Leadership The Board maintains responsibility for ensuring the strategy of Rennie Grove Peace is established and followed. It has a wide range of clinical and non-clinical abilities and experience from a variety of backgrounds. By meeting regularly with management and clinical staff, the Board ensures that leadership and management are integrated for the good of Rennie Grove Peace. Integnty The culture of the Board supports independent and challenging thought accompanied by a supportive ethos. Procedures are in place to prevent conflicts of interest and to ensure the Board is independent in its decision making. 61 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Decision Makingi Riskand Contml The Board has developed an effective structure of committees and working groups. This allows Board members and management to effectively implement the strategic priorities of Rennie Grove Peace whilst allowing the Board time to focus on strategic developments. Operational matters are delegated to the Executive Board who report on key strategic developments to the Board. Importance is placed on effertive risk management and considerable progress has been made in the year in establishing risk management processes. Board Effertiveness The Chairman will carry out governan reviews supported by the Governance Committee to ensure the process for the recruitment, appointment and retirement of the Board members is effective. An induction process for new trustees is in place. Mandatory E-learning is in line with staff and the Chair agrees other training directly with individual Trustees. Equality, Diversity & Inclusion The Board recognise5 that a variety of perspectives, backgrounds and skills is essential for good governan. These matters are considered as part of the process for nominating new Trustees. Openness andAccountability The Board places great importance in ensuring that Rennie Grove Peace's services, attivities and impart are reported to all stakeholders in a transparent manner. Key information is made available to staff and volunteers by the Chairman and Chief Executive. We actively seek feedback on all clinical attivities. Group Structure Rennie Grove Peace has six subsidiary companies.. Rennie Grove Hospice Care (RG) The lain Rennie Hospi at Home Iain Rennie Hosp1 Servi5 Ltmited St Atbans and Dacorum Day Hospice Peace Hosplce Care (PH) Peace Hospice Shops Limited The two principal subsidiaries are RG and PH. During the year both these subsidiaries provided the Group's palliative and end of life health care seNices: RG principally in Bucks and North West Herts and PH principally in South West Herts. The Iain Rennie Hospice at Home holds the asset of our Gillian King House building. The financial results of all subsidiaries are consolidated into the flnancial statements of Rennie Grove Peace. RG has a 330h shareholding in The Hospice Lottery Partnership Limited, a company which operates lottery to raise funds for RG and the other partners. Rennie Grove Peace Trustees are volunteers from the local community who bring a range of expert skills to set the charity's overall vision and strategic direction. They ensure compliance with relevant legislation and that regulatory standards are meti quality is monitored, and services are effective, as well as overseeing efficient financial stewardship and the financial planning of the Charity. The 71 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Board of Trustees has agreed delegation of its power5 through the Chief Executive and five Committees of the Board which are described below: Governance Committee The purpose of the Governance Committee is to oversee the governan arrangements of the Charity and make recommendations to the Board. In parttcular, the Committee: Reviews the size and composition of the Board and its committee5 and makes recommendations on the appointment of individuals to the Board. Supports the Chair in the annual Board Effectiveness Review. Recommends to the Board the appointment of the Chief Executive of the Charity. Oversees the remuneration paid to the Chief Executive and the Executive Board members and the overall remuneration framework for the Charity's employees. An external company was commissioned to carry out a benchmarking exercise. Clinical Governance Committee The purpose of the Committee is to advise the Board in relation to the Charity's development of the Clinical Strategy and the delivery of the underpinning annual patient service5 work plan and agreed Key Performance Indicators {KPIs). In particular, the Committee: Horizon scans to identify opportunities to maximise patient seNices growth and future service developments which are responsive in reaching more people and reflect our locality needs. Receives assurance that there are effective clinical quality assurance and dinical governance control systems established and maintained across the organisation, demonstrable outcomes and measurable impart. Provides assurance to the Board that the clinical services are continuously striving to improve care, while remaining compliant with all legislative and regulatory requirements and with consideration of the organisation wide sustainability and digital transfomiation strategies. Identifies and defines the accepted risk levels arising from the Charity's clinlcal operations and any increase in activity and innovation risks to the Board. Development Operations & Performance Committee The purpose of the Committee is to provide assuran to the Board on the development, operations and performance of the Charity's strategic ambitions and annual operational plan, highlighting new operational risks which may arise out of the development of the plan for the directorates that report to this committee, and to monitor: Financial and operdtional Performan and risk The overall integrity of the Charity's internal financial and operational reporting The Charity's operational contro15 Recommendations for developments involving tangible fixed assets eg buildings Risk and Audit Committee The purpose of the Committee is to provide assuran to the Board that the Charity's responsibilitie5 regarding financial legislation and regulations are met. It reviews overall risk management assessment, controls and mitigations prosseS and contlnuous quality improvement. This includes: Reviewing, on behalf of the Board, the integrity of external financial reporting Overseeing the relationship with the external auditor Monitoring quality and assuran improvement systems and compliance with external regulation5 Reviewing risk management systems and key risks I Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Investment Committee The purpose of the Committee is to monitor the financial resources and liabilities of the Charity. This includes monitoring internal financial controls relating to cash, marketable investments, financial liabilities, and other liquid resources of Rennie Grove Pea, considering the Board's attitude to financial risk and the financial sustainability of the Charity. It also includes monitoring the performance of banking counterparties and investments advisors. The Board of Trustees agrees the terms of reference for the five committees which have clear, delegated authorities. The Board monitors performance of the committees through reports r1Ved at Board Meetings. Certain matters are reserved for the Board and members of the Executive Board are Invited to attend Board and Board Committee meetings as appropriate. Executive Board The Executive Board (EB) is led by the Chief Executive who is appointed by, and accountsble to, the Trustee5. The EB has responsibility for the day-to-day management of the Charity, ensuring it functions within the law in accordan with Char(ty Commission regulations, Care QLtality Commission standards, Scheme of Delegation Policy and other relevant regulations. The EB consists of the Chief Executive (CE), Chief ainical offir, Medical tlrector, Director of Development Operations & Perfomiance, Director of People & Culture, Director of Marketingi Director of Fundraising, arKI Director of Retail & Trading. Section 172 Companies Act 2006 The Trustees are the directors of Rennie Grove pea Hospi Care and have a duty to promote the success of the Charity and, in doing so, are required by section 172{1) of the Companies Act 2006 to have regard to various specific factors, including: Long Term Consequences of decisions The Trustee Board has developed an effective structure of committees and working groups. This allows Executive Board (EB} to effectively implement the strategic priorities of Rennie Grove Peace whi15t allowing the Board time to focu5 on strategic developments. Importance is placed on effective risk management and considerable progress ha5 been made in the year in establishing risk management processes. Interests of Employees Trustees and the EB have been actively involved in decisions effecting employees throughout the merger integration process. These decisions have been proposed by the Governance Committee. Terms & Conditions of employment for Rennie Grove Peace have been agreed and staff consulted under TUPE law. A pay benchmarf<ing exercise has been undertaken and the recommendations from this will be reviewed in September 2023. It is recognised that the change a merger of I0 well run established charities brings is not easy for all and so staff have been offered the option to attend change management session5. 9 1 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 A pilot of an employee listening survey has been trialled. A Leadership Team has been formed so that communication between EB and staff can be improved and cascaded more effectively. A further employee listening suNey will be carried out in the Autumn of 2023. The EB have been working with external consultants to support the development of culture and values and in Ottober 2023 views from Trustees will move this work forward. There is a regular all staff newsletter email C'Team RGP,) updating staff of current matters. Charity Relationships Patients & Families We are keen to learn from our patient and famllles experience and actively seek feedback through surveys across the seNices and have invested in an automated data collection tool. We collect compliments and ensure that all complaints and concerns are actioned promptly and learnings implemented. Ttrirough our Governance Team we ensure that the Charity maintains a high standard of business conduct by having a range of policies and prOsS for all stsff to follow. Every Board meeting begins with a patient story and the purpose of this is to remind Trustees the reason why the organisation exists and the impart the charity has. Engaging Stakeholders Through regular engagement with key stakeholders, we maintain an understanding of their needs that helps inform our organisational objectives, polices and strategy. Consideration is given to the potential impact for relevant stakeholders when decisions are made. Our Supporters Rennie Grove Peace actively engages with supporters in a varlety of proven and innovative strategies to ensure that their support continues. We encourage fundraising ambassadors that champion the Charity and its purpose. Through our online and social media presence we are creating interactive content and sharing inspirational stories. We provide updates via newsletter and have recently involved a group of supporters to obtain feedback through our integration process. Our Volunteers Rennie Grove Peace volunteers work across the tharity in a variety of roles and with varying responsibilities. There are Zoom ffeams updates from the Chief Executive which all volunteers are Invited to attend, and we are soon to launch a Volunteers Engagement Group. Our volunteers are exceptionally important to us, and we are keen to get their feedbacK opinions and views. Impact in the Community and Environment Rennie Grove Peace Trustees and staff are committed to acting.in accordan with our environmental plans. We aim to identify and seek to minimise negative environmentsl impact. Acting Falrly Rennie Grove Pea is committed to ensuring all staff and volunteers are treated fairlyi has an Equality and Diversity policy and takes an active approach to stsff wellbeing. 10 I Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 CLINICAL ACTIVITIES Rennie Grove Pea clinical seNices offer support to a population of just over one million. In the area of 895 square mlle5 in which we work, there are 103 General practi5, and we provide servi5 to anyone registered within those practices. From a health and social care perspective, we are commissioned by 0 Integrated Care Boards (IC8s): Herts & West Essex (HWE) and Buckinghamshire, Oxfordshire & Berkshire West (BOB}. The Rennie Grove Peace dlnical serwces operate from four bases: pea Hospice, Peace Drive, Watford. WD17 3PH. Servi5 provided from Peace Hospi are.. In Patient Servi Coordination Centre South West Herts Community Sermces Outpatients, Rehabilitation and Day ServIS Supportive and Wellbeing services Rennie House, Tring Industrial Estate, Icknield Way, Tring, HP23 4JX. Services provided from Rennie House are.. North West Herts Communlty Hospi at Home Buckinghamshire Community Hospi at Home Rapld Personalised Care Service Children's SeNices Supportive and Wellbeing serVIS Gillian King House, Hodgemoor View, Chalfont St Glles, HP8 4LS. SerVIs provided from Gillian King House are: Buckinghamshire Community Hosplce at Home Grove House, Waverley Road, St Albans, AL3 5QX. Services provided from Grove House are: Clinical Leadership North West Hets Community Hospice at Home Rapid Personalised Care Servi Outpatients, Rehabilitation and Day SeNiS Supportive and Wellbeing services ildren's Services 11 I Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Catchment area Inpatientservices Inpatient services are provided from the Inpatient Unit {IPU) which is a 12-bedded, short stay ward providing high quality, specialist palliative care which includes symptom control, rehabilitation, and end of life care for individuals whose symptoms cannot be controlled at home. The team delivers holistic care for patients and their families including physical, emotional, spiritual, and practical support for those living with a progressive life-limiting illness. Outpatient & Rehabilitation and Day Services These services provide a range of holistic nursingi rehabilitation and therapies and Social Worker support services from two-day services centres based at pea Hospice and Grove House and include dedicated nurse led outpatient clinics. The multi-disciplinary services include a very wide range of rehabilitation interventions and support, wellbeing and creative arts interventions, and self- management. To achieve our aims, to widen access and ensure the right team is supporting the right people, we offer three tiers of outpatients and rehabilitation 5UPPOrt (universal, targeted and specialised) which change over time to meet the specific needs of each patient. Many of these ServIS are planned to outreach into our local communities as part of our Compassionate Community hub programme at community hubs. The therapy teams also provide their expertise and serVIS within the IPU and our Community Adult and Children services. Supportive and Wellbeing Servi A range of supportive and wellbeing services are available for the families and those who care for patients with a progressive life-limiting illness or are bereaved. Our complementary therapy team offer a wide range of treatments to patients and those who care for them. These include acupuncture, reflexology, scar therapy, massage and Reiki as well as offering group relaxation focused sesslons. Our Bereavement & Counselling provision consists of three counselling teams, and all our counselling is provided free of charge. Student bereavement counsellors, British Association for Counselling & Psythotherapy {BACP) registered volunteer counsellors, and Improving Access to Psychological Therapies (IAPT) counsellors. Sessions are provided through virtual technology, Individual and group sessions. 121 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 By focusing on quality of life both for patients arid those who care for them, as well as our bereaved clients, we can help them make every moment together matter. We offer the opportunity to access a range of different InteTrctions to reflert on their experiences in a safe and confidential manner. Communityservices The Rennie Grove Peace Community Hospice at Home Servi provides 2417 care for patients who wish to remain at home or in their Ca home. Care is tailored as needed. There are 3 locality teams: Buckinghamshire, North West Herts and South West HerLs. Our model of care is delivered by a multi professional team who can provide planned ongoing support and symptom management and unplanned responsive intensive intervention for those patients whose condition becomes unstable or when in the last weeks of life. We support the facilitation of hospital discharge and prevention of unwanted hospital admissions in line with patients, wishes. A plan of care is agreed with.the patient, or family as needed, to ensure comfort and care is maximised. Rapid Personalised Care Servi Our Rapid Personalised Care Service (RPCS) provides personal care for up to 12 weeks to patients at home receiving end of life care. By providing help with things like meal preparation, washing, dressing and toileting, this service gives terminally ill people the daily support they need to stay safe and comfortable at home during their final weeks. Patients are referred by healthcare professionals through a single point of access and are supported by a team of specially trained carers, a care co- ordinator and service lead. Packages of care are provided within 48 hours of a referral and, in prartice, frequently start on the Same day as the referral is received. The service operates from 7am to 11pm, with care being provided up to four times a day by up to Imo carers to ensure the support and comfort of patients and their families at end of life. Children s Services Our Children's Hospice at Home service covers Buckingham5hire (excluding Milton Keynes) and the North West HertFordshire areas of Dacorum, St Albans and Harpenden. The team of trained children's nurses, support workers, play therapists and volunteers work in collaboration with the other local Children and Young Person's {CYP) hospices (Keech Hospice and Helen & Douglas House), as well as the NHS community children services. The seNice operates 7 days a week, with availability of 24-hour support for patients and their families, if required. We are supported by The Pepper Foundation who raise funds for this setvice. CommunityEngagementSerw Through engagement activities we raise awareness of Rennie Grove Peace setviceS1 promote equality, diversity & inclusion, and increase our profile in the community we serve. Our activities also allow us to reach out to under-represented groups, Our Compassionate Communities project unlocks people's compassion and enables the building of a stronger, connected community for all people touched by death, dylng or loss. We achieve this by growing a nelMork of people who are bereaved andlor living with a progressive life-limiting illness providing support by our trained volunteers at community-based venues. Our Community Neighbours and Supporting Hands services are delivered by tralned volunteers who provide l-l sustained support via in-person visits and phone calls. 131 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Medical Team The Medical Team works across our three main patient se1 - Inpatient Services, Community Services and Outpatient Service5. They provide specialist medical and pharmacy support to patients as well as advice, support and education to staff. Single Pointof Contart & Coordination of Care Centre Rennie Grove Pea will be introducing a single point of aCsS and coordination of care which will be managed by a dedicated Clinical Nurse Specialist and on duty doctor with a sUPPOrting administration team. It will operate 8am-8pm for all patient enquiries, referrals and calls. The ntre will ensure we deliver the right service to meet individual needs. Leaniing & Development Education and training is provided by the Learning & Development Team who work across the whole organisation under the dirertion of the Director of People & Culture. They lead on the provision of mandatory and other training to staff and to volunteers. The team carries out a Training Needs Analysis for all staff and volunteers so that they can develop professionally. Training includes competency and additional specialist training to ensLJre we have a confident and competent workfor. Other work includes external educatlon for care home staff and educating others on palliative care. OPERATIONAL REVIEW AND ACHIEVEMENTS FOR THE YEAR Clinical Services As well as the detail of our services described above, Rennie Grove Peace has a particular focus on recruitment as this remains a si9nificant challenge, in line with most healthcare organisations nationally. New roles including paramedics and a nurse consultant have bn added to provide a wider mix of skills, in addition to several examples of internal development and promotion which have been designed to strengthen the leadership and delivery of clinical services. All Rennie Grove Peace dinical serv15 (except IAwf seNice) are now using the same electronic patient record system (Systmone) which allows clearer communication Intemally and sharing of information with other healthcare organisations. Rennie Grove Peace have been a collaborative partner in the development of a system wide, specialist psychology servlce for cancer and palliative care patients in West HertFordshire. Fundraising We have restructured the fundraising team, combining the t0 teams from the legacy charities and recruiting to the posts which were vacant. This has created a strong, dlverse, and experienced team to deliver our goals and targets. Rennie Grove Pea saw exceptional legacy Income in the year, which, along with exedIng target across fundraising, meant we closed the year ahead of our target. The relaunch of the Herts IOK was a remarkable success, attracting previous and new runners to the event and a record number of participants took part in the Firewalk at Peace Hospice. We also saw membership of our Vice Presidents scheme grow, attracting new donors to give at a higher level. Key achievements included the Big Give Challenge, which reached its increased target of £80,000 within four days and the London Bridges Walk in March which attracted 279 supporters and raised £28,000, considerably in ex of its target. 141 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Fundraising during the year, in line with the sector, ha5 been challenging. We have seen supporters adjusting their donating habits as the cost of living rose, a number of trust and grant bodies shifting their focus to mental health, charities supporting those struggling with rising costs, and donors still taking time to return to events after the pandemic. Retail & Trading The Retail and Trading team have been combining the best of both from the tMJO legacy charities to ensure smooth efficient operational prosseS are in place for shops to maximise the potential of the network of 32 shops. We had our first All Retall Staff Conftrence, and we have continued the very successful roll out of the"Rennie Grove Peace Revisiting" programme to refurbish shops, ensuring each shop meets its local community needs and reinforcing our environmental mantra, "Recare, Rewear, ReHome" The programme includes ReLoved Boutiques, Community Hub shops and Revalued Outlet shops, each allowing the Charity to maximise sales from each donation r1ved. Retail & Trading team has been working very hard to move all shops onto one electronlc point of sale system. A single system is critical for the management of sales and stock, as well as the very important HMRC gift aid claims. We also launched year Lwo of our successful Retail Academy, developing financial management skills alongside visual merchandising training and people skill sets. The programme aims to insplre and support the development of our shop managers. People & Culture Our staff and volunteer colleagues provide the skills, experknse, and passion for delivering or contributing to the services we provide for our patients and their carers. There has been much work condutted towards the merger in this year. Terms and Conditions cr&cs) of RG and PH were reviewed to recommend the T&Cs for Rennie Grove Peace employees. An external pensions specialist was commissioned to advise the Board of Trustees on the current pension provision of RG and PH. These were all undertaken with a view to meet Rennie Grove Peace's key priorities of recruitment and retention, to be an employer of choice and be able to deliver our services in a high quality manner. The employee and volunteer databases were reviewed to recommend the database to be used at Rennie Grove Peace. Poliaesi procedures, and prosseS have begun to be developed based on the best of both charities. Learning & Development The Learning and Development Team support staff across the workforce and key achievements included: A project to review e-learning to improve mandatory training processes and praCtIS while providing real-time management information for compliance monitoring and reporting. Responsive training courses to meet emerging clinical needs induding, Specialist Palliative Care Update (SPCU), Palliative Care Development Programme (PCPD), Intermediate and Advanced communication skills, IPU team support and development programme and clinical skills focussed sessions. Monthly Ctinical Induction days and several student plamentS. Work began to update the clinical competency framework. 15 1 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Non-clinical trainingi including sessions such as, self-care and resilien and communication skills. Delivery of a Care Home Education Programme and GP training. Our annual Clinical Conference. A Management Development Programme (MDP) aimed at stsff with line management responsibility to develop leadership and management skills and behaviours and which will now njn annually. Volunteering Volunteers continue to support Rennie Grove Peace to deliver our servIS to more and more people and art as ambassador5 in our community, spreading the word about the vital work that we do and the thany ways in which people can support us. We now have a combined volunteering for of 1600 volunteers in more than 90 unique roles supporting every area of the charity. We are developing our community volunteering programmes and expanding our Compassionate Neighbours seNice into West Hertfordshire. We now have 37 Compassionate neighbours supporting community members in their own home or at our compassionate cafes and hubs. Our 34 Supporting Hands volunteers support our nurw with respites and provide practical and emotional support to our patients. We are expanding this service into the Watford area and we will be continuing targeted recruitment campaigns for these volunteering roles and others, to ensure that volunteering at Rennle Grove pea is in the public domain, and we are seen as a great pla to volunteer. We have worked dosely with the Retall & Tradlng team, to improve our volunteer onboarding Pro$Se$ in the shops and to support the E-commer team in expanding their workforce to support impmved sales. Marketing The main focus for the marketing team this year has been to strategically plan the visual identity, branding and audience messaging to effectively communicate the merger of our two successful organisations into a new exciting chapter joining together as Rennie Grove Pea. This induded combining our two separate teams into one department, strengthening internal skill sets and engaging with a wider support neOrk of experts for specific merger tasks, such as public relations and digital marketing. We reviewed and relaunched our platforms to ensure a 'best of both, delivery of the merger requirements, across all our teams and marketing channels, with minimal disruption to day-to-day campaign delivery. We developed an extensive messaging framework and campaign calendar to bring together our two audiences, focusing on sharing stories across both Rennie Grove and Peace Hospice that highlighted our exceptional people, positive patient experien5 and invaluable local support. We combined the importance of our individual histories with our merger objectives to see our communities with a wider range of services, reach more local people and strengthen our ability to secure more resources. 161 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Through a range of new look creative marketing campalgns and materials developed with the Fundraising, Volunteering, Retail & Trading, Patient Services and People and Culture teams, we have been delighted to see increased engagement and successfully delivered targets. We have helped secure participant and income targets, over-achieved In some cases, such as the increased digital reach and engagement across our social media channels and website, thanks to a new approach to paid social media advertisingi more focus on our Google Grant account and a huge increase in local community partnerships that help us drlve awareness and advocacy of our Servi5. Our marketing channels will be fully merged next year, and we are confident that the combined aUdIenS will continue to support us in one place, as Rennie Grove Peace. Links with Commissioning bodies The Clinical Leadership Team {CLT) has been developing links with the commissioning bodies acro both Herts and West Essex {HWE) and Buckinghamshire, Oxfordshire & Berkshire West (BOB) Integrated Care Systems. In addition, they maintain our relationships with the Rennie Grove Pea contract holders in both areas (Central London Community Healthcare (CLCH) Trust in Hertfordshire and BOB Integrated Care Boards in Buckinghamshire), CLT regularly attend the Specialist Palliative Care forums in both areas to develop and maintain Rennie Grove Peace's influence in the external strategic dirertion of speclalist palliative care servlces. The CLT continue to explore new opportunitie5 to attract statutory funding to Rennie Grove Pea in order to develop seNices. PERFORMANCE AGAINST STRATEGIC PLANS 2022-23 was a year of much activity focused on the merger of RG and PH. Both charities had Strategic Plans in pla and continued to operate within those strategies. Quality Accounts for both charities have been produced and are available on our website, renn1egrovepea.0rg The past year ha5 seen a tremendous amount of work from every single member of both organisations to progress our merger integration. A full merger takes a huge amount of combined resource and we have made great strides towards the sucSsful integration of RG and PH over the past year. We planned the last 12 months meticulously, with EB and the Board working together to deliver a master schedule of work, and resolving any challenges fad along the way. These challenges include structural changes such as completing the legal merger and personnel adVanS indLJding combining staffing structures and integrating clinical workforces as well as reviewing employment terms and conditions followed by transferring all employees into one organisation. We have also prepared CQC registrations for the new organisation. Infrastructure changes are notoriously difficult when combining organisations of our scale and we have successfully integrated our patient records, HR, and incident reporting systems, as well as reviewing our relationship management, fundraising, and volunteering datsbases. 171 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 OUR PLANS 2023-24 is the year in which Rennie Grove Peace will focus on being responsive to the needs of the population. Through conducting a Population Needs Assessment, utilising the data and reSoUrS available through our 1CS5 and Hospice UK'S PopNat Tool, we will be able to plan our dinical serViS to meet the developing needs of the population. We know there will be a growing number of people who need our servi$ and expect our patient numbers to grow to around 7,500 in the coming years. We will use 2023-24 to Identify more clearly those needs and how we might refocus our services appropriately. It will also be the year to contlnue the integration and creation of one team including the development of its culture and the employment and reward strucluré for colleagues. This is an important element of our ability to retain our existing workforce and to be able to attract new colleagues to our team. Our intemal process and procedures will be supported by the amalgamation of legacy systems to create one Information Technology infrastrurture using Microsoft 365 suite of tools, including email, SharePoint and OneDrive. This will provide one pro$5 and location for the sharing of information. In the second half of 2023-24 Rennie Grove Peace will develop its Strategic Plan for 2024 - onwards. This will support the clinical ambition and plans. Collaboration As Rennie Grove Peace was created from initial collaboration conversations between the two legacy charities, future plans for further collaboration will continue to have a significant Importance in the work of the Charity. In Hertfordshire, Rennie Grove Peace has slgned up to a Memorandum of Understanding with the other four hospice providers who deliver services to the adult population of the county. Each organisation has the ambition for the very best palliative end of life care and has decided to work together to create "one voice" a formal Hospice collaboration. In Buckinghamshire, Rennie Grove Peace will continue to develop its working relationships with Buckinghamshire Healthcare NHS Trust's Florence Nightingale Hospice, and its associated charity, a5 well as with South Bucks Hospice. With the former, Rennie Grove pea delivers the community h05pice at home and rapid personalised care services and with the latter our joint ambition remains to work together to support the development of serViS provided at Butterfiy House. Rennie Grove Peace works closely with The Pepper Foundation who raise funds for the Children's Hospice Home Service. We are gratefvl to The Pepper Foundation for their continuing sUPPOrt and will work collaboratively with them so that they are able to achieve their mission. part of the 2417 nursing servi, Rennle Grove pea work in collaboration with The Hospi of St Francis to provide care during the night to anyone receiving their other services. 18 | Page
RENNIE GROVE PEACE HOSPICE CARE TRusfEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023 RISK MANAGEMENT STATEMENT AND BACKGROUND The Board of Trustees has responsibility for overseeing risk management within Rennie Grove Peace. They have a fundamental role in ensurlng that a culture of risk management is embedded throughout the Charity by setting the tone and defining the appetite for risk. The Board ensures that all rlsks are assessed against the ability to achieve its mission. The Risk and Audit Committee monitors risk management processes, reviews key risks and mitigating actions, and supports and advises the Board on risk matters. The EB implements risk management policies. Risks are identified and controls and mitigating actions closely monitored on a regular basls. The following table describes the key risks, identified by the Board of Trustees, to Rennie Grove Peace's ability to meet its strateglc objectives. The Trustees consider that the principal risks facing the Group are: RiskArea Potential lrnpacl Dlfflculty In the recruitment of sufficient Cllnlcal Staff Reduction in the ability to deliver Clinical Service5 Recognising the difficulty there Is across the health sector in the recruitment of clinical staff we have reviewed our clinical vacancies and are currently running a rolling recrultment campalgn, with new recruitment channels Identified. We review the skill mix of nurses, experience based on availability of applicants. A working group has been set up to review safe staffing and acuity. Weekly monitoring tool has been devised that demonstrates red, amber, green (RAG) status of staffing {80¥0 tolerance set) to allow more proactive responses. While waiting for a full establishment of staff to be achieved we will prioritise our case load to ensure most urgent patients are seen and the nursing resources required Is utlllsed In the most effective wa Ongoing monitoring with the Integrated Care Board (ICB) and other external partners to develop plans and respond to challenge5. Monitor external environment, work with ICB and other extemal partners to develop plans and respond to challenges. Regular contracts meeting with our external partners monitoring a whole system approach and how we can work collaboratively to manage gaps - we share with them information on capacity and quality metrics, continue to horizon scan and keep abreast of national challenges - via various sour5 e,g. ICB newsletter, and we share these across our team5. As part of safe staffing, a revlew of our current caseload and GP alignments Is belng undertaken to improve shared care arrangements and clarity of what se5 can be offered. ntinuation of the wider ational NHS/social care hallenges (increased canr aitslstaff shortages/unsettled orkforce) ncreased demand on the harity sertor to fill gaps. 191 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 FINANCIAL REVIEW As noted in the Financial Statements, the combination of RG and PH has been accounted for under merger accounting principles, so that the combined results of the two legacy charities are presented for the whole of the reporting period, The comments below reflect those combined results. Rennie Grove pea is pleased to announce that the Group recorded net income of £1.12million for the year to 31 March 2023 (2022: £4.50 million). Both the current and prior financial periods benefitted from eXptIOnal legacy income. Legacies in 2023 totalled £3.9 million, compared to a record level of £4.6 million in the prior year. The Group was particularly grateful to recelve a substantial legacy in each of 2022 and 2023. The size and timing of legacy income is unpredictable and the Trustees, plans assume that future legacy income reverts to a more "normal" level of around £2 million per annum. The prior year had also benefitted from substantial Government support associated with the Covid-19 pandemic, totalling in eXs5 of £1 million. Total income for the year was £18.18 million (2022:£20.12 million), a reduction of 10 percent on 2022. Excluding legacies, income decreased by 8 per cent. The fundraising environment was difficult in the year. The uncertainties arising from the pandemlc carried into the 2023 year to be added to by the impacts of inflation in the wider economy. These factors inevitsbly impacted our community fundraising activities and we saw pressures on individual and corporate giving. The continued success of our fundraising is a testament to the generosity of our loyal supporters, particularly in the current economic environment, as well as the skill and dedication of our fundraising team. Income from our shops at £4.3 million was 15% higher than the prlor year. The prior yearfs activity had been significantly impacted by the pandemic. Whilst Retail is still not up to the level of activity seen before the pandemic, it was good to see substantial progress and the success of new initiatives helped to bring a recovery of Income. Retail margins will continue to be under pressure from payroll and establishment costs, but we are confident that Rennie Grove pea can grow the overall contrlbution from its Retail attivities. Income from Charitable Activities at £5.2 million was 13 pent below 2022, reflecting the end of Government pandemic support. Funding from Bucks and Herts CCGS of our adult services was essentially flat, although we did obtain increased funding for our children's service5. This latter income served to support our restritted funding of the children's seNice provlded by the Pepper Foundation for which Rennie Grove pea is Immensely grateful. Lottery Income was at a similar level to the prior year at £587,241 (2022: £582,459). Total expenditure at £16.6 million was 6 pernt higher than the prfor year and 4 pernt higher excluding merger costs. Inflation poses challenges for charities, and the specific inflationary pressures in the health sector produce particular challenges for Rennie Grove pea given the significant proportion of our cost base which is accounted for by payroll costs. During 2022-23, the Group spent £288,000 on merger integration across all of the dlrectorates for various implementation and system projerts. 201 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Financial markets experienced substantial downturns in the year, produclng a negative return on our medium-term investments which are mainly invested in equities, bonds and associated funds. A largely unrealised loss was recorded in line with our accounting policy. However, Trustees consider the investment portfolios continue to meet the objectives and expettations of these assets. The surplus for the year meant we were able to add to our General Reserve, thus giving us addltlonal Confiden that the financial position of the Charity is sound. After designating funds to cater for key strategic projects and investments, and allocating funds to finance fixed assets, our General Reserve is £17.7 million at 31 March 2023. The Trustees Pla Importan in'maintaining a high degree of liquidity in the balan sheet. Cash balances at 31 March 2023 totalled £9.6 million. The Charity's financial assets policies require sufficient cash to be immediately acSSIble to meet our operational needs, and temporary cash surpluses are able to be held in short term (less than 12 months) deposits to take advantage of attractrve interest rates. The strength of Rennie Grove Peace's balance sheet, underpinned by a satisfactory General Reserve and substantial Ilquidity, satisfies the Trustees that the financial position of the Charity remains sound. FUNDS Rennie Grove Peace s Funds finan the resources available to the Trustees to use in the Charivs operations. Funds are classified as Restritted or Unrestricted. Restricted Funds Restricted Funds are subjett to specific requirements defined by donors and wlll only be expended in accordance with those requirements. The principal Restricted Funds at 31 March 2023 were: Grants from the Department of Health. To improve facilities at Peace Hospice Restricted Property Fund. This is represented by the net book value of the Gillian King House and Grove House bulldings. Nurses Cottage Fund. To fund the care of patients in the Great Missenden and Prestwood areas. Pepper Foundation. To fund children's servIs. The Shaw Charitable Trust. To finan rr development. Hospice UK grant. To expand 2417 nursing seNices. Hospice UK granL For collaborations and data analytics. Unrestricted Funds Unrestricted Funds are resources available to the Trustees to spend at their discretion in furtherance of the Charity's objettives. The Trustees have designated certain unrestricted funds to known and expected projects which are expected to be caried out over the short and medium term and which are considered essential to ensure the successful delivery of the Charity's strategy, During the year, the Trustees have carried out a thorough review of the designated unrestricted funds to ensure these are aligned with Rennie Grove Peace's plan5 and these plans are adequatelyt but not eXsSive1y, funded. The following designated unrestricted funds are speafied as at 31 March 2023: 211 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Capital Programmes Fund. Capltal projects identified for the strategic planning period. £1,000,000. Property Fund. Funds attributsble to property assets employed in Rennie Grove Peace's operations. £2,011,747. Merger Implementation Fund. Key projects necessary to successfully implement the merger. £212,000. Strategic Initiatives Fund. Initiatives identified by the EB, and supported by the Trustees, to support our clinical and operational plans as we progress the Charity's Strategy. £500,000. Investment Property Fund. Finances a donated property held for its capital appreciation and rental stream and not used in the day-to-day operations of Rennie Grove Peace. £1,150,000. Fixed Asset Fund. Finances non property tangible fixed assets. The General Reserve is the available funds after designating funds to known or expected projects expected to be carried out over the short or medium tem. At 31 March 2023, the General Reserve totalled £17.7 million. The General Reserve is held to ensure the continued financial sustsinability of Rennie Grove Peace and to give the Charity the ability to react to unexpected changes, especially reductions in fundraising and retail income and increase5 in expenditure requirements. The appropriate amount of the General Reserve will vary over time, The Trustees seek to balance the need to protect the Charity's financial sustainability with the aim of avoiding losing opportunities to use resources in furtherance of the Charity's objectives. In view of the complexities and extent of Rennie Grove Pea,$ operations, and the unrtain operating environment, the Trustees consider that the General Reserve should be at a substantial level relative to Rennie Grove Peace's operations. The Trustees have determined a tsrget for the General Reserve. Thi5 target 15 a medium-term aspiration and is expressed in terms of months of budgeted operating expenditure represented by the General ReseNe, This method of determining the target allows a direct comparison of the General Reserve with the resources required to ensure the on-going operations of the Charity. The Trustees recognise that there will be short term variations from the target, and the target is reviewed annually. In determinlng the target, the trustees tske into account: the per1Ved UnrtaInty in the economic and regulatory environment,, the risk appetite and key risks of the Charity; the strategic objectives of Rennie Grove Peace; the extent to which the General Reserve is represented by liquid assets. Taking account of the matters above, the Trustee5 have determined that the appropriate target 15 for the General Reserve to represent 9 to 12 months of budgeted operational expenditure. At 31 March 2023, the General ReseNe was within the target range. GOING CONCERN The merger of RG and PH brought together two established and financially sound Charities. In preparing for and implementing the merger of the two Charities, the Trustees placed a high priority on building on these sound financial position5, and retaining financial sustainability continues to be a key aim of the Trustees. The consolidated balan sheet of Rennie Grove Peace at 31 March 2023 is considered by the Trustees to be strong. In particular,. 221 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The level of unrestritted designated funds, at £5.2 million, and the General Reserve, at £17.7 million are adequate to support the operational activities of Rennie Grove Peace for the foreseeable future. The General Reserve is represented, to a significant degree, by liquid funds. The tangible fixed assets of Rennie Grove Pea further underpin the operations of the Group and near-term capital expenditure plans are financed by existing unrestricted funds. Rennie Grove Peace has no long-term borrowing obligations. The Board and Board committees regularfy review the financial position of Rennle Grove pea and its subsidiaries, The risk management framework indudes monitoring of financial risks, policies for funds and the General Reserve and a process of preparing and reviewing cash flow and financial assets positions has been introduced. RG and PH have track records of financial resilience, flexibility, and adaptability. This was demonstrated during the coronavirus pandemic and subsequently in a period of inflation. Whilst recognising the challenges to our Income generation and the cost base of Rennie Grove Pea arising from the current economic environment (which could produce an operating deficit in the immediate future), the Trustees are confident that the existing financial strength of Rennie Grove Peace means that our ability to meet our operational responsibilities is unchanged. The Trustees have concluded, following reviews of the financial p051tion and future plans of the Charity, that there are no material unrtaintIeS that would cast doubts on Rennie Grove Peace's ability to continue its activities for at least the period to 31 March 2025. Accordingly, It is appropriate to employ the going conrn concept in the Consolidated Finanaal Statements. INVESTMENTS AND INVESTMENT POLICY To provide confidence in the financial sustainability of Rennie Grove Peace, and to provide protection against future unexperted income or expenditure events, Rennie Grove Peace holds Inancial assets in excess of the immediate operational needs of the Charity. At 31 March 2023 the financial assets are in the legal ownership of RG and PH. As these financial assets are expected to be held for the medium term, they are held in return- seeking investment portfolios with the aspiratlon that the assets produce returns in excess of the return available on cash and provide protettion against inflation. The assets are predominantly held as marketsble securities and carry an element of investment risk. RG and PH utilise regulated investment advisors to advise on the method, type and amount of holdings. Rennie Grove Peace has developed Financial Assets PolIS which, amongst other matters, describe the objectives and constraints of the investment portfolios, the expected risk/return characteristics of the investment portfolios, the requirements of investment advisors, and governance arrangements, Assets under the advice of Bardays and owned by RG totalled £3,266,301 at 31 March 2023. Assets under the advi of Epoch Consulting and owned by PH totalled £2,648,133. The overall risklreturn profile is considered to be moderate with an investment horizon in excess of five years. Trustees meet vvith investment advisors at least twice-yearly to discuss the asset allocation and performance and to assess whether the investment portfolios continue to meet the Trustees, objectives. 231 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT ON FUNDRAISING Rennie Grove Peace, RG and PH are all registered with the Fundraislng Regulator and committed to the Fundraising Promise and adherence to the Code of Fundraising Practi. In 2022123 RG received one fundraising complaint and PH two fundraising complaints in the year. These were followed up and recorded in accordance with the complaints procedures and all were resolved with the complainant. Rennie Grove Pea, RG and PH charities are signed up to the Fundraising Preference Service, enabling supporters to opt out from receiving fundraising communications. STATEMENT ON ENERGY AND CARBON REPORTING Rennie Grove Peace recognises the importance of making a full and lasting commitment to reducing the greenhouse gas emissions from our activities, in support of the wider commitment of the world to limit global temperature increases and the impart on the planet. We are aiming: For the Group to achieve Net Zero in line with the scien Board targets set out by the UNFCCC i.e. to achleve Net Zero no later than 2050 and target a 50 % redurtion in emissions by 2030. To set realistic short and long-term tsrgets that are deslgned to achieve our Net Zero commitments. To report the total Greenhouse Gas emissions, at a minimum, on an annual basis. The Group is collertlng carbon footprint metrics for presentation in the March 2024 Annual Report. 241 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF TRusfEES' RESPONSIBILITIES The Trustees, who are also directors of Rennie Grove Pea Hospice Care for the purposes of company law, are responsible for preparing the Trustees. Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company law requlre5 the Board of Trustees to prepare financial ststements for each financial year, which give a true and fair view of the state of affairs of the company and of the incoming reSoUrS and application of reSoUrs, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the Board of Trustees 15 required to'.- Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether UK Accounting Standards have been followed, subjett to any material departure5 disclosed and explained in the financial statements Prepare the financial statements on the going conrn basis unless it Is inappropriate to presume that the company will continue in business. The Board of TNstees is responsible for keeping proper accounting records, which disclose, with reasonable accuracy at any time, the financial position of the charitsble company and enable it to ensure that the financial statements comply with the Companies Art 2006. It is also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as each Trustee is aware: There is no relevant audit information of which the charitable company's auditor is unaware; and The Trustees have each taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. AUDITORS Haysmacintyre LLP have been appointed by the Trustees as auditors and have signified thelr willingness to continue in office, A resolution proposing their reappointment will be put to the Annual General Meeting. This report was approved by the Trustees on 14 September 2023 and signed on behalf of the Board by.. y Shindler 25 | Page
RENNIE GROVE PEACE HOSPICE CARE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT AUDITOR'S REPORT Opinion We have audited the financial statements of Rennie Grove Peace H05pice Care for the period ended 31 March 2023 which comprise Consolidated Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Consolidated Ststement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland(United Kingdom Generally Accepted Accounting Practice). In our oplnlon, the financial statements: give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 March 2023 and of the group's and parent charitable company's net movement in funds, including the income and expenditure, for the period then ended; have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducied our audit in accordan with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibllitles for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of matter- true and fair override As described in note I, in order to show a true and fair view, the consolidated financial statements have been prepared using merger accounting principles even though the group does not meet all of the legislative requirements for merger accounting to be applied. Our opinion is not modified in this regard. Conclusions relating to going concern In auditing the financial ststements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material UnrtaIntieS relating to events or conditions that, individually or collertively, may cast significant doubt on the group's ability to continue as a going concern for a perlod of at least bNelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report and the Chairman's Report. Our opinion on the 261 Page
RENNIE GROVE PEACE HOSPICE CARE JNDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 financial statements does not cover the other information and, except to the extent othenwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wlth the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there 15 a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Annual Report (which includes the strategic report and the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the strategic report and the directors, report included within the Trustees, Annual Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material mi5Statements in the Trustee5' Annual Report (which incorporates the strategic report and the directors. report). We have nothing to report in respett of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinlon: adequate accounting records have not been kept by the parent charitable company; or the parent charitable company flnancial statements are not in agreement with the accounting records and returns. or rtain disclosures of Trustees, remuneration specified by law are not made. or we have not recelved all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements A5 explained more fully in the company for the purposes of company law) are responsible for the preparation of the Trustees, responsibilities statement set out on page 25, the Trustees (who are also the dirertors of the charitable company) are responsible for preparing the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees a responsible for assessing the groups and the parent charitable company'5 ability to continue as a going COnrn, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. 271 Page
RENNIE GROVE PEACE HOSPICE CARE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an aLFditor's report that includes our opinion. Reasonable assuran is a high level of assuran but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detert a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users tsken based on these financial statements. Irregularities, including fraud, are instance5 of non-complian with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of deterting irregularities, including fraud is detailed below.. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with law5 and regulations related to the Charities Act 2011, Companies Act 2006, the Fundraising Regulator and Care Quality Commission {CQC), and we considered the extent to which non-compliance might have a material effect on the financial statements. We a150 considered those laws and regulations that have a dIrt impact on the preparation of the financial statements such as the Companies Act 2006, Charities Art 2011, FRS102, Charities Statement of Recommended Practice (SORP) and payroll tax. We evaluated management's incentives and opportunitie5 for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting of inappropriate journal entries and management bias in certain accounting estimates Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities; Discussions with management including consideration of known or suspected InStanS of non-compliance with laws and regulation and fraud; Evaluating management's controls designed to prevent and detect irregularities; Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions,. and Challenging assumptions and judgements made by management in their critical accounting estimates Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increase5 the more that compliance with a law or regulation is removed from the events and transactions refletted in the financial statements, as we will be less likely to become avware of instan5 of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgeryi collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or auditorsres onsibilities. This description forms part of our auditorfs report. 281 Page
RENNIE GROVE PEACE HOSPICE CARE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Use of our report This report Is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Att 2006. Our audit work has been undertaken so that we might 5tste to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for thi5 report, or for the opinions we have formed. Kathryn Burton (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor 10 Queen Street Place London EC4R IAG Date: 18th October 2023 291 Page
RENNIE GROVE PEACE HOSPICE CARE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income arbd Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Restricted Funds Funds Total 2023 Total 2022 Notes INCOME: Donations and legacies Charitable activities other trading activities Interest Receivable other 6,638,194 4,721,145 5,477,118 70,996 558,858 266,349 425,826 4,000 9,308 8,334 6,904,543 5,146,971 5,481, 118 80,304 567,192 8,378,346 5,883,660 5,202,931 15,440 641,165 Total Income 17,466,311 713,817 18,180,128 20,121,542 EXPENDITURE: RaisKng funds Charitable activlties 6,117,866 9,740,988 loo 6,117,966 5,659,007 741,112 10,482,100 10,070,046 Total expendlture 15,858,854 741,212 16,600,066 15,729,053 Loss on investment property Net gains/(losses) on investments 13 14 {ioo,000) (319,869) (100,000} (39,223) {359,092} 104,804 Net incomel(expenditure) 1,187,588 (66,618) 1,120,970 4,497,293 Transfers between funds 19 (285,150) 285,150 Net movement in funds 902,438 218,532 1,120,970 4,497,293 Funds at beglnnlng of year 22,059,908 3,646,819 25,706,727 21,209,435 Funds at end of year 22,962,346 3,865,351 26,827,697 25,706,726 The notes on pages 33 to 55 form part of these flnancial statements The consolidated Statement of financial activitie5 Includes all galns and losses recognlsed In the year. All amounts derive from continulng activitles. 301 Page
RENNIE GROVE PEACE HOSPICE CARE CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023 Company number 14355610 2023 2022 Notes FIXED ASSETS Tangible fixed assets Investment Property Investments 12 13 14 5,411,502 1,150,000 6,406,916 5,554,548 6,025,021 12,968,418 11,579,569 CURRENT AssErs Stock Debtors Cash at bank and in hand 15 16 86,203 5,839,332 9,608,787 77,842 7,111,383 8,580,415 15,534,322 15,769,640 CURRENT LIABILThIES cREDOR5. amounts falling due wlthin one year 17 (1,675,045) (1,642,483) NET CURRENT ASSETS 13,859,277 14,127,157 NET ASSETS 26,827,695 25,706,726 FUNDS UNRESTRIcfED FUNDS General Reserve other General Fund Designated funds 17,687,204 58,722 5,216,420 13,375,288 57,835 8,626,784 TOTAL UNRESTRICTED FUNDS 19 22,962,346 22,059,907 RESTRICTED FUNDS 19 3,865,349 3,646,819 TOTAL FUNDS 19 26,827,695 25,706,726 The notes on pages 33 and 55 form part of these flnancial statements. As the parer¥t charity is a limited company without share capltal and has no recorded assets and Ilabilities, charity balance sheet is not presented in these ffinancial statements. The financial statements were approved and authorlsed for issue by the Board of Trustees on 14 September 2023 a d were signed on its behalf by: Drje em Shindler (Chair) Jo Wroe (Trustee) 311 Page
RENNIE GROVE PEACE HOSPICE CARE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 Notes 2023 2022 Cash flows from operatlng activlties 24 3,058,357 2,000,812 Cash flows from investing activities Interest received Dividends received pr(eedS from sale of PPE Pltrchase of tanglble fixed assets Purchase of investments Proceeds fmm sale of Investments 70,987 9,317 500 (1,369,302) (750,000) 8,513 6,093 9,347 {111,564) (3,127,096) 8,214 Cash (used In) I provided by Investing activitie5 (2,029,985) <3,215,006) Cash flows from financing activities (Repayment)IProceeds from loan (750,000) Increase (Decrease) in cash and cash equivalents in the year 1,028,372 (1,964,194) Cash and cash equivalents at the IgInning of the year 8,580,415 10,544,609 TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 9,608,787 8,580,415 Cash at bank at 31 March 2023 Includes £3 millkin wh maturity in exws of 3 month5. The notes on pages 33 to 55 ft)rm part of these financial statements. 321 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES statement of Compliance The financial ststements have bn prepared in accordan wlth Accounting and Reporting by Charities: Statement of Recommended practi applicable to charities preparlng their account5 in accordan with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2015) - (Charities SORP IFRS 102)), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Rennle Grove Pea H05plce Care meets the definition of a public benefit entlty under FRS 102. As*ts and liabilities are initialW recognised at historical cost or tran5acknon value unless OtheNise stated In the relevant accounting policy notels). The presentation currency is pounds sterling. General Information The charity is a private company limited by guarantee wlthout Share capital, irKorporated in England and Wales (company number: 14355610) and a charity registered in England and Wales (charity number: 1201713). The charity's registered address 15 Peace Hospi, Peace Drive, Watford, Hertfordshire, WD17 3PH. Preparatlon of accounts on a golng concern basls The trustees consider there are no material unrtaintIeS about the charY'S ability to continue as a going COnrn. The review of our financial position, fund levels and future plans for the next years gives Trustees Confiden the charity remains a going concern for the foreseeable future. Basi$ of consolidation The consolidated financial statements incorporate those of Rennie Grove pea Hospice Care and its subsidiary undertakings, details of whlch are given in note 21. As permitted by section 408 of the Companies Act 2006, the Statement of Financlal Actlvitie5 (SOFA) of the parent company is not presented as part of these financial statements, The consolidated financial statements have been prepared using merger accoL¢nting principles, which incorporate the accounts of the subsidiary undertakings on a line-by-line basis using the book values of assets and liabilities as presented in thelr respective financial statements. No adjustments have been made to recognise the falr values of assets or liabilities as at the date of the merger. The only Items carried at fair value are the group's flnanclal Investments and an investment propety. Application of meryer accounttng- true and falr override The charity was formed to bring together the activities of Rennie Grove Hospice Care and pea Hosplce Care under the contml of a Trustee board comprising trustees of both charities. This is a buslness combination which does not meet all of the legal requlrements to qualify for merger accounting because control of the subsidiary charity groups has passed from their individual trustee bodies to the newly- formed joint trustee board. However, the Trustees consider that the Substan of the combination meets the qualitative criterla to apply merger accounting, namely that it represents a genulne coming together of equal partners in furtherance of a common purpose, and that it would be misleading to prepare the consolidated financial Statements on the acquisltion basis which would present the charitable company as having taken over both subsidiary groups instead of being the vehicle to facllitate their coming together. The consolidated financial statements have therefore been prepared on the merger accountlng basis in order to show a true and fair view. 331 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 I. ACCOUNTING POLICIES {CONTINUED) The principal accounting policies adopted, judgements and key sour5 of estimation UnrtaInty in the preparation of the financial statements are as follows.. Income recognition All income is recognised On the charity has entitlement to Income, It Is probable that income "will be received and the amount of income re1vable can be measured reliably. Donations and legacies Donations and gifts are Included In full in the Statement of Flnanclal Actlvlues when there Is entitlemen probablllty of recelpt and the amount of Income recelvable can be measured lIablY, Donations are accounted for on a received basis, Legacies are recogni5ed on a re1vable basis, when the condition5 of entitlement, probability and measurement are met. Where the probability andlor measurement criteria for legacies and donations are not satisfied as at the balan sheet date but subsequent events re501ve the unrtaInty such that the criteria are met, an adjustment 15 made to recogni the income. Glfts in kind Gifts in kind represent assets donated for distribution or use by the charity. Assets given for dlstribution are recognised as income only when distributed. Assets given for use by the charity are recognised when re1Vable. Gifts in kind are valued at the amount actually realised from the disposal of the assets or at the pri the charity would otherwise have paid for the assets. Grants Grants includlng Government Grants are recognised In full In the statement of finandal activities in the year in which the charity has entitlement to the income, the amount of income receivable can be measured rellably and there Is probability of reIpt. Income from charltable actlvitleg Income from charitable artlvities is recognised as earned as the related Servi are provided. Income from other trading artivities is recognised as earned as the related goods are provided. Goods donated for Sale are included in the financial Statements a5 income when they are sold. Investment Income Investment income is recognised on a receivable basls On the amounts can be measured lIably. Expenditure Expenditure is recognised once there Is a legal or constructive obligation to make a payment to a thlrd party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following artivity headings.. Costs of raising fund5 comprises the costs associated with attracting voluntary income and the costs of events and the administration of the Charity shops, as well as the management costs for the investment portfolio. Expenditure on charitable activities comprise5 those costs incurred by the Charity in the delivery of Its activities and services to its beneficiaries. Irrecoverable VAT Is'charged as a cost against the activity for whlch the expenditure was incurred. 341 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 I. ACCOUNTING POLICIES (CONTINUED) Expenditure 15 allocated to the particular activty where the cost relates dlrectly to that activity. However, the c05t of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned based on staff time attributable to each artivlty. Allocatlon of costs Staff costs are allocated between direct charitable expenditure and support costs based on the time spent on these activities. Other costs are allocated based on headcount. Operating leases Rental charges are charged on a straight Ilne basis over the life of the lease. Investments Investments are a form of basic financial instrument and are inltlally shown In the flnanclal statements at market value. Movements in the market values of Investments are shown as unreallsed galns and losses in the Statement of Financial Attivlties. Profits and1055es on the realisation of investments are shown as reallsed galns and losses in the Statement of Financial Activities. Realised gains and losses on Investments are calculated as the differen between sales proceeds and their opening carrying values or thelr purchase value If acqulred subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differen betsveen the fair value at year end and their carrying value. Reali5ed and unrealised investment gains and losses are combined in the Statement of Flnandal Actlvltles. Tangible Fixed assets Tangible Fixed assets are stated at cost or dMed cost (donated valuatfon at estlmated fair value) less accumulated depreciation and impairment losses. Assets costing more than £10,000 are capitali5ed. Depreciation is calculated to write off the costs of the flxed asset by equal Instalments as follows, all straight line: Freehold land Freehold buildings Leasehold property Le3hold improvements Motor vehicles Fixtures and fittings TcK)Is and equipment Car park over 50 years from the date of first use over the term of the lease over the temi of the lease 25Wo - 330h strauht line 20Wo Straight line 25Wo - 33Q/o Straight Ilne over 10 years from the date of first use Investment Properties Investment properties are freehold buildings which are not expected to be used in the operations of the Charlty of its subsidiaries. Typically, they are held for value appreciation or to provide a rentsl income. Investment properties are shown at market value at the balan sheet date. Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic ffinanclal instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exptIOn of bank loans which are subsequently measured at amortlsed cost Using the effertive interest rate method. 351 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 I. ACCOUNTING POLICIES {CONTINUED) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to seitle the obllgation can be measured or estimated reliably. Creditors and provision5 are normally recognlsed at their settlement amount after allowing for any trade dlscounts due Stock Stocks are valued at the lower of cost and net reallsable value. Net realisable value is based estimated selling prlce less further costs expected io be Incurred to completion and disposal. Provision is made for obsolete and 51ow-moving items. The Trustees have concluded that the valuing of shop5 donated goods for resale on reIpe is impractical due to the high volume of low value item5, and the administrative cost involved. Instead, the income is recognised in the accounts when these go¢)ds are sold. Debtors Trade and other debtors are recognised at the settlement amount due after any trade di5(Dunt offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments. Funds The General Reserve comprises the accumulated surpluses of unrestricted incoming resour$ over resources expended, which are available for use in furtheran of the general objective of the Charity at the discretion of the Trustees. To the extent that the General Reserve is expended on capitsl items, a transfer is made to the fixed asset fund. Designated funds a unrestrlcted funds earmarked by the Trustees for spendlng on new hospi projects. Restricted funds are funds subject to specific conditions Imposed by donors. The purposes and uses of the principal restricted fund5 a set out In the notes to the accounts. Amounts unspent at the year-end are carried foNard in the balan sheet. To the extent that-restricted funds are expended on capital items a transfer Is made between unrestricted and restricted funds. Employee benefits Short term benefits Short term benefits induding hollday pay are recognlsed as an expense In the period in which the Servi is reived. Employee termination benefits Termination benefits are accounted for on an accrual basi5 In Ilne wlth FRS 102. 361 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 I. ACCOUNTING POLICIES (CONTINUED) Pension scheme The Group contrlbutes to two defined contributlon penslons schemes. It also contributes to the NHS pension scheme and to a money purchase scheme with defined benefits. Charges are made to the Statement of Financial Activities as contrtbutlons fall due. More details are given in note 18. Estimates and judgements Estimates and judgements are continually evaluated and are based on hlstorical experien and other factors, induding expectation5 of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately differ From those estimates. The Trustees consider the evaluation of useful economic lives of fixed assets to be the m05t Significant area of judgement and tential effect on the flnanclal statements. 2. BUSINESS COMBINATION The charity was incorporated on 14 septeMr 2022 and became the sole member of the I0 Immedlate subsidiary charities, RG and PH, on 25 January 2023. Detalls of these two charitable companies and thelr respective subsidlary undertaking5 are given in note 21 to these financial statements. As described in note I, the business combination has been accounted for using merger accounting principles which present the consolidated financial statements as though the group had always existed as currently constituted. The notes that follow present the specific analyses required in accordance with UK GAAP and the Charity SORP.. 2a. Carrying value of net a55ets and charitable funds as at the date of the merger, 25 January 2023 2b. Analy515 of key SOFA amounts for each of the merger partners for the period up to the date of the merger and for the merged group from the date of the merger to the reporting date 2c. Analysis of key SOFA amounts for each of the merger partners for the prior year 2a - Carrying value of net assets and funds as at the date of the merger, 25 January 2023 Rennle Grove Hosplce Care Peace Hospice Care Total Fixed assets Tangible fixed assets Investment property Investments 2,559,729 1,150,000 3 779 136 7,488,865 2,796,054 5,355,783 1,150,000 6 611988 13,117,771 2 832 852 5,628,906 Current assets Stock Debtors Cash at bank and in hand 82,297 1,906,781 6,382,098 3,585 1,365,826 3,361,051 85,882 3,272,607 9,743,149 8,371,176 4,730,462 13,101,638 Creditors: amounts falllng due withln one year (1,564,017) (645,125) (2,209,142) 371 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Net current assets 6,807,159 4,085,337 10,892,496 Net assets 14,296,024 9,714,243 24,010,267 Funds Unrestricted fund$ Restricted funds 11,502,330 2,793,694 8,920,985 793,258 20,423,315 3,586,952 Total 14,296,024 9,714,243 24,010,267 381 Page
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RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 3. ANALYSIS OF INCOME (2023) Unrestrlcted funds Restricted funds 2023 Total Legacies Donations Grants 3,886,029 2,633,241 118,924 3,886,029 2,811,761 206,753 178,520 87,829 Total legacies and donation5 6,638,194 266,349 904,543 Events Tradlng 681,859 4,795,259 4,000 685,859 4,795,259 Totsl other trading activities 5,477,118 4,000 5,481,118 Investment Income recelvable Interest re1vable Restricted interest 70,987 70,987 9,308 9,308 Total interest receivable 70,996 9,308 80,304 ANALYSIS OF INCOME {2022) Unrestrlcted funds Restricted funds 2022 Total Legacles Donations Grants 4,613,325 3,203,875 64,655 10,000 130,156 356,335 4,623,325 3,334,031 420,990 Total donations and legacies 7,881,855 496,491 8,378,346 Events Trading 690,843 4,500,792 11,296 702,139 4,500,792 Total other trading activities 5,191,635 11,296 5,202,931 Investment income re1vable Interest re1vable Restricted Interest 39 6,093 39 6,093 9,308 9,308 Total Interest recelvable 6,132 9,308 15,440 4. INCOME FROM CHARITABLE ACTIVITIES (2023) Unrestrlcted funds Restricted funds 2023 Total NHS funding from CCGS Rapid Personali5ed Care Pepper Foundationl NHS England 2,481,129 2,240,016 2,481,129 2,240,016 425,826 425,826 Total charitable a¢tlvltles 4,721,145 425,826 5,146,971 421 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 INCOME FROM CHARZTABLE AcfivITIES (2022) Unrestricted funds Restricted funds 2022 Total NHS funding from CCGS Rapid Personallsed Care Pepper Foundatlonl NHS England Covid grant ftjnding through Hospice UK other grant funding through Hospi UK 2,321,453 2,190,762 2,321,453 2,190,762 385,929 816,916 168,600 385,929 816,916 168,600 Total charltable activities 4,512,215 1,371,445 5,883,660 5. OTHER INCOME (2023) Unrestricted funds Restricted funds 2023 Total Hospice Lottery Partnership other Income 400,000 158,858 400,000 167,192 8,334 Total Other income 558,858 8,334 567,192 Peace local hospice lottery income Is shown in trading activities in Note 3 £187,241 (2022 £180,459). OTHER INCOME (2022) Unrestricted funds Restricted funds 2022 Total Hospice Lottery Partner5hlp Council Grant Covld 19 Grant funding through NHS England Furlough Covld 19 other Income 402,0 70,670 116,550 7,957 13,148 402,000 70,670 116,550 7,957 43,988 30,840 Total Other income 610,325 30,840 641,165 EXPENDITURE (2023) Direct staff Direct other costs costs Allocated support co$t$ 2023 Totsl Costs of rzislng donatlons and legacies Costs of trading and fundralsing 651,672 1,710,957 237,140 2,854,788 158,032 505,377 1,046,844 5,071,122 Raising fund$ 2,362,629 3,091,928 663,409 6,117,966 Charitable Activitie5 4,963,141 3,816,161 1,702,798 10.482,100 Total Charitable activities 4,963,141 3,816,161 1,702,798 10,482,100 Total Expenditure 7.325,770 6,907,989 2.366,207 16,600,066 431 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 EXPENDITURE (2022) Direct Staff Dirert other costs co$ts Allocated support Costs 2022 Total Costs of ralslng donatlons and legacles Costs of tradlng and fundralslng 657,307 2,175,950 191,505 1,635,521 145,135 853,589 993,947 4,665,060 Raising funds 2,833,257 1,827,026 998,724 5,659,007 Charitable activities 4,935,382 3.654.773 1,479,891 10,070,046 Total expenditure 7.768,639 5,481.799 2,478,615 15,729,053 ANALYSIS OF SUPPORT COSTS 2023 Total Management Finance Resources Governance Costs of rdising donations and legacies Costs of trading and fundraising Charitable activities 23,367 32,818 91,872 9,975 158,032 107,989 505,458 105,789 398,574 288,707 692,236 24,150 526,635 85,272 1,681,540 Total support costs 636,814 537,181 1,072,815 119,397 2,366,207 2022 Total Management Finance Resources Governance Costs of ralslng donations and legacies Costs of trading and fundraising Charitable &tivitles 22,508 30,979 79,619 14,882 147,988 78,702 334,416 95,532 409,478 639,956 608,681 32,014 846,204 131,848 1,484,423 Total support Costs 435,626 535,989 1,328,256 178,744 2,478,615 GOVERNANCE COSTS INCLUDE 2023 2022 Insuran Legal fees Profe55ional fee5 Salarie5 Other expenses Premises, Communications Auditor'5 rernuneration: Audit work other rViceS 6,664 9,300 4,651 73,001 28,080 4,523 19,939 43,284 2,358 25,861 36,950 4,280 35,375 3,875 119,396 178,744 441Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NET INCOME 2023 2022 Net income is stated after: Auditors, remuneratlon Audit services other serv15 Operating lease rentals Land and buildings Depreciatlon Amortisation 36,950 4,280 35,375 3,875 927,846 362,347 937,972 388,093 loo,000 STAFF COSTS 2023 Number 2022 Number The average monthly number of employees for the Group durrng the year wa5: Dlrect charitable work Fundraising - donations and legacles Fundraising trading (shop staff) Management and administratio 129 19 87 132 20 85 59 295 296 Employment costs in respect of the staff above were: 2023 2022 Wages and salarles National insurance Pensions other costs 8,716,949 813,718 544,419 325,713 8,420,392 730,283 484,051 288,332 10,400,799 9,923,058 Redundancy Costs.. E4,615 was paid in redundancy during the year as one staff member was made redundant due to the closure of one of our retail shops. (2022: £12,600). The nUMr of employees whose emoluments, excluding employerfs penslon contributions and employer's national insurance contrlbutions, were over £60,000 during the year was.. 2023 Number 2022 Number £60,001- £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £lOO,000 £iOO,000 to £iiO,000 £IIO,001 to £120,0(K) £120,001 to £130,000 During the year penslon contrlbutsons for the nine employees noted above amounted to £51,567. {2022: £35,069). The total employee beneflts of the key management personnel of the Group and Charlty were £972,480 (2022: £852,381). 45 1 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. TRUSTEE REMUNERATION The Trustees did not receive any remuneration during the year (2022.. nil). The Trustees were not reimbursed any travel costs during the year12022: £nil). 11. TAXATION The Charity is exempt from corporation tsx as all its Income is charitable and is applied for charitable purpose. 12. TANGIBLE FIXED ASS5 Land and buildings Leasehold improvements Fixtures and fittings Tools and equipment Motor vehicles Totsl At l Aprll 2022 Addltlons DIstx)sals 7,559,101 301,129 1,270,741 50,855 (59,932) 611,959 125,096 (48,054) 85,464 9,828,394 43,350 219,301 (10,834) {497,208} (378,388) At 31 March 2023 7,180.713 301,129 1,261,664 689,001 117,980 9,550,487 Depreciation At l April 2022 Charge for the year Disposals 2,364,577 125,697 (378,388) 254,913 1,006,345 7,811 177,903 (59,932) 568,577 38,610 (48,054) 79,434 4,273,846 12,326 362,347 {10,834) {497,208) At 31 March 2023 2,111,886 262,724 1,124,316 559,133 80,926 4,138,985 Net book value At 31 March 2023 5,068,827 38,405 137,348 129,868 37,054 5,411,502 At 31 March 2022 5,194,524 46,216 264,396 43,381 6,031 5,554,548 461 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCZAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. PROPERTY INVESTMENT 2023 2022 Market valuation At l April 2022 Additions Gains1(losses) on revaluation 1,250,000 (ioo,000) At 31 March 2023 1,150,000 Following a legacy nofiCatiOn r1Ved in May 2021, a prorty wa5 transferred Into Group ownershlp In July 2022. The estimated market value at July 2022 was £1,250,OCX). 14. INVESTMENTS 2023 2022 Listed investments Unlisted investments 6,148,109 258,807 5,766,214 258,807 6,406,916 6,025,021 Listed Investments 2023 2022 Market valuation At l April Additions Disposals Gains/(losses) on investments 5,766,214 750,000 {7,910} (360,195) 2,542,528 3,075,096 (6,960) 155,550 At 31 March 2023 6,148,109 5,766,214 Historical cost of listed investments 6,178,416 5,399,221 Listed Investments Nurses Cottage Trust closed their charity and donated the prced5 to RG in the fomi of 219,015 £1 share5 in UK Government bonds and a small amount of cash. In addition, the Group holds investments in medium term investment portfolios. Unllsted Investments RG owns 14 shares of £1 nominal value each in The Hospice Lottery Partnership Limited, a company registered in England and Wales carrying out fundraising activity. The investments are included in the financial statements at cost. 471 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Each participating hospi ha5 a representative on The Hospi Lottery Partnership board. During the year to 31 March 2023, The Hospth Lottery Partnership Limited made donations to group companies totalling £400,000 (2022: £402,000). As at 31 March 2023, £nil was due to the group from The H05pice Lottery Partnership (2022.. £nil). 15. STOCK 2023 2022 Bought in goods for resale 86,203 77,842 16. DEBTORS 2023 2022 Trade debtor5 Income tsx recoverable Prepayments and accrued legacy income Other debtors VAT 180,443 36,759 2,794,812 2,754,210 73,106 777,130 29,460 5,045,001 1,181,814 77,978 5,839,330 7,111,383 17. CREDITORS: amount$ falllng due within one year 2023 2022 Trade credltors Taxation and soaal secLFrty Pension5 Accru315 and deferred income other creditors 557,671 86,861 87,674 932,442 10,400 480,836 90,362 102,648 967,688 951 1,675,045 1,642,483 Accruals and deferred Income Indudes deferred Income as follows: 2023 2022 At l April 2022 Amounts deferred in the year Amounts released in the year 500,282 491,675 (477,282) 484,265 475,282 (459,285) At 31 March 2023 514,675 500,282 481 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. PENSION COMMITMENTS Durlng the year, RG and PH contrfbuted to four penslon 5cheme5 on behalf of thelr employees. The NHS Penslon Scheme The Penslons Trust Growth Plan The Standard Llfe defined contribution scheme NOW Pension Scheme Contrfbutions to each scheme are charged to the Statement of Anandal ActIvIe5 as they arlse. The NHS Penslon Scheme Is an unfunded, deflned benefit scheme that covers NHS employer5, general wactlces and other bodles allowed under the direttion of the Secretary of State in England and Wales. As a consequen, It 15 not posslble for the Group to Idenufy Its Share of the assets and Ilabllltles of the underlylng scheme. NHS Resource Accounts are piJlAi5hed on the NHS Pen51ons webslte annually and Include the report from the scheme actuary. £26,378 In contrlbutions were outstanding at 31 Marth 2023 (2022.. £23,662). The Penslons Trust Growth Plan Is a money purchase stheme with guaranteed benefits which is closed to new members. This is a multi-employer scheme and, as It Is not possible to Idenllfy the Group's share of underlylng assets and Ilabllltles, the scheme Is accounted for as a defined contribution scheme and contributions are accounted for as they fall due. A ten-year deficlt reduction plan has been aoreed, Into whlch the Charlty pays a sum of £44 per annum. The most rent estimate as at 30 September 2022 shows that a liabillty of E20,853 would arlse If RG wlthdrew from the scheme. There is no plan to leave the scheme therefore thls liability has not been provided for in the flnancial statements. £1,578 In penOn contribUonS were outstandlng at 31 March 2023 (2022: £1,406). The Standard Life scheme covers both the defined contrSbutlon arrangement and auto enrolmeJ)t of RG employees. The Standard Llfe auto-enrolment scheme had £40,224 In penslon ntributIOnS outstandlng at 31 March 2023 (2022.. £38,927). NOW Penslon Scheme covers both the deflned contributton arrangement and auto enrolment of PH employees NOW Penslon auto-enrolment scheme had £19,494 in pension conirlbutions outstandlng at 31 Mard) 2023 {2022: £19,243). 491 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2023 19. FUNDS 2023 At l April 2022 Income Expenditure Galn$, Losses and Transfers At31 March 2023 Unrestricted Funds General Reserve Accurnulated Profits of Subsldiary Designated funds Legacy Investment Fund Investment Property fund Designated fixed asset furKi Building Refurbishment Digital Transformation Merger Implementation fund Strategic Enitiative5 fund 13,375,288 17,256,040 (15,592,536) 2,648,413 17,687,205 57,835 210,272 (209,386) 58,721 3,772,257 (3,772,257) 1,150,000 309,862 (300,000) (500,000) 212,000 500,000 1,150,000 342,673 89,743 300,000 500,000 (56,932) 212,000 500,000 Revaluation ReseNe Operatlonal Reserve Propety Fund Capital Programmes Fund 5,905 1,380,000 2,443,505 135,374 (5,905) (1,380,000) (431,758) 864,626 2,011,747 1,000,000 22,059,907 17,466,312 (15,858,854) (705,019) 22,962,346 Restricted funds Property fund Pepper Foundationl NHS 2,458,147 (33,915) (425,826) 2,424,232 425,826 Hospice UK Nurses Cottage Trust Department of Health grant The Shaw Charitable Trust Hospice UK grants other restricted funds 145,612 272,899 650,161 15,879 9,308 (15,879) (9,308) (17,313) 145,612 233,676 632,848 65,000 285,150 78,831 (39,223) 65,000 285,150 119,998 197,804 (238,971) 3,646,817 713,817 (741,212) 245,927 3,865,349 Total funds 25,706,724 18,180,129 (16,600,066} (459,092) 26,827,695 501 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FUNDS 2022 At l Aprll 2021 Income Expenditure Galns, Losses and Transfers At31 March 2022 Unrestricted funds General Reserve Accumulated Profits of Subsidiary Designated funds Legacy Investment Fund Designated fixed asset fund Building Refurbishment Digital Transformation 9,742,268 18,002,877 {13,352,449} (1,017,406) 57,640 199,285 (199,090) 13,375,290 57,835 3,539,711 150,101 232,546 3,772,257 89,743 300,000 500,000 (60,358) 300,000 500,000 Revaluatfon Reserve Operatlonal ReseNe Property Fund Capital Programme Fund 5,905 1,380,000 2,443,505 135,374 5,905 1,380,000 2,443,505 135,374 (111,564) 111,564 17,454,504 18,202,162 (13,723,461) 126,704 22,059,909 Restrlcted funds Property fund Pepper Foundation NHS COVID grant funding Hosp1 UK Funding Nurse5 Cottage Trust Department of Health grant Government Funding-Prlme Minister's Office Other restricted funds 2,492,062 (33,915) (385,929) (985,516) (210,723) (9,308) (17,313) 2,458,147 385,929 985,516 356,335 9,308 145,612 272,899 650,161 294,799 667,474 (21,900) 51,680 248,914 (51,680) (311,208) 182,292 119,998 3,754,929 1,919,380 {2,005,592) (21,900) 3,646,817 Total funds 21,209,433 20,121,542 (15,729,053) 104,804 25,706,726 RESTRICTED FUNDS Restricted Property Fund The property fund represents the nel book value of Gillian King House, a freehold propety purchased through a gift from a trust in November 2002 to accommodate the nurslng and 5UPPOrt teams operating In the South Bucks area, and the Grove House premises, which is a leasehold property, subject to a lease from the Department of Health for 99 years from 1991. The construction and subsequent extensions of the premises have been financed mainly from grants and donations made for these Specific purposes. The Pepper Foundation The Pepper Foundatlon and Department of Health funds are received towards the salaries and expenses of the paediatric Hospice at Home team and the family support services. 511 Page
RENNXE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Nurses Cottage Fund In May 2018, Rennie Grove H05pice Care reiVed a donation from The Nurses Cottage Fund conslstlng of Treasury Stock and Cash totalling £241,614. The trustees have approved the expenditure of cash and earned interest on clinical care in the Great Missenden and Pres00d areas. Department of Health Grants Grants made to fund expansion and Improvement to fadllties at Pea Hosp[. Hospice UK Funding Grants to support the expansion of the 2417 nurslng care servi The Shaw Charltable Trust Grants to enable the enhancement of key Th systems. Hosplce UK Grants For collaboration and data analytfcs projects. Other Restricted Funds other restricted funds consist of smaller grants and donations given for speafic purposes or projects. DESIGNATED FUNDS The Trustees have designated the following unrestricted funds at 31 March 2023: Investment Propeity. FInanS a donated property held for Its capltal appreciation and rental stream and not used In the day to day operation of the Group. Capltsl Programmes Fund. Capltal pn)Jects Identlfied for the strategSc planning pericxl. Flxed As$et Fund. Flnances the net book value of non-property tangSble flxed assets. Property Fund. Finan5 the net book value of the Peace Hospi, excludlng theSr element of the pmperty financed by the Department of Health. strategic Initiatives. Initiatives identified by the EB, and sUPPOrted by the Trustees, to support our cllnical and operational plans a5 we progress the Charity'5 strategy. Merger Implementation Fund. Represented by key projects nesSary to Su$SfUllY implement the merger. Transfers During the year £285,150 was transferred from General ReseNe to restricted funds (2022.. £nil) 521 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 20. ANALYSIS OF NET ASSETS BY FUND (2023) Unrestricted funds Restricted funds Total Tanglble flxed assets Investment propety Investments Other net a55ets 2,354,420 1,150,000 6,173,241 13,284,685 3,057,082 5,411,502 1,150,000 6,406,916 13,859,277 233,675 574,592 Total net assets 22,962,346 3,865,349 26,827,695 ANALYSIS OF NET ASSETS BY FUND (2022) Unrestricted funds Restricted funds Total Tangible fixed assets Investments other net assets 2,421,494 5,752,123 13,886,290 3,133,054 272,898 240,867 5,554,548 6,025,021 14,127,157 Total net assets 22,059,907 3,646,819 25,706,726 531 Page
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RENNIE GROVE PEACE HOSPICE CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 22. RELATED PARTY TRANSAcfIoNS The charltable company has six subsidiarles, detalled in note 21 above. During the year laln Rennie Hospi ServIs made donations to RG of £104,110 (2022: £87,702). 23. FINANCIAL COMMITMENTS As at 31 March 2023 the Group was commlited to making the following payments under nOn-CanlIable operating lea5es'. Land and buildings Group 2023 2022 Explry date: Within one year Between one and kn years Between and five years In over five years 606,532 546,950 1,777,132 1,416,223 670,332 537,744 1,736,343 792,110 4,346,837 3,736,529 24 NOTE TO THE CASHFLOW STATEMENT 2023 2022 Reconciliation of changes in resources to net cash inflow/(oufflow) from operating activities Net income for reporting period Depreciation of tangible fixed assets Amortisation of intangible fixed assets (Gains)ILosses on investments (Gains)/L055es on investment property Irsterest reIved Dividends received Realised (Gain5)/L055 (Increase)/Decrease in stock Decreasel(Increase) in debtors Increase/(tkcrease) in creditors 1,120,970 362,347 4,497,291 388,093 loo,000 (103,550) 360,196 loo,000 (70,987) {9,317) (1,103) (8,361) 1,172,051 32,561 (920) (14,520) (1,255) {25,285) (2,884,053) 45,011 Net cash generated by operating activities 3,058,357 2,000,812 25. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACtIVITIES A Statement of Financial Activitie5 for the year ended 31 March 2022 is psented In Note 2C above. 551 Page