RENNXE GROVE PEACE HOSPICE CARE TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Registered Company Number: 14355610 Registered Charity Number: 1201713
CONTENTS Administrative Details Chair's Report Trustees, Report Independent Auditor's Reporfc 30 Consolidated Statement of Financial Activitle5 33 Consolidated and Charity Balance Sheets 34 Consolidated Statement of Cash Flows 35 Notes to the Financial Ststements 36
RENNIE GROVE PEACE HOSPICE CARE ADMINISTRATIVE DETAILS Charity Name Rennle Grove Peace Hospice Care Charity Number 1201713 Company Number Registered Office 14355610 pea Hospice pea Drive Watford Hertfordshire, WD17 3PH Trustees Dr J Shindler (Chairman) Mr C Jnman OBE (VI Chairman) Mr J Wroe (Treasurer) Mrs E Moralez-Perez Mrs E Colerldge Smith Mr G Davls (Resigned 7 December 2023) Mr A Graham MBE Mr M Ferguson Mr S Hamill Mrs S Hlll Mrs J Langfleld Ms J Morosco Mr R Russell-Hogg Dr A Walnwrlght Company Secretsry Mrs E Moralez-Perez Chief Executive Executive Board Mr DS Marks Mrs J Wesllake-Tritton Dr S Klinger Mrs P Pickersgill (Resigned 30 April 20241 Ms R Ahmad Mr5 T Hancock Mrs D Gould Mrs E Thompson Auditors haysrnacintyre LLP 10 Queen Street Place London, EC4R IAG Bankers Barclays Bank plc corrate Banking Suite 11 Bank Court Hemel Hempstead Hertfordshire HPI IBX Solicltors Sherrards Soliators 4 Beaconsfield Road st Albans ALI 3RD
RENNIE GROVE PEACE HOSPICE CARE CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 CHAIR'S REPORT- OUR YEAR IN REVIEW This has been our first full year as a single organisation, and l am pleased to report the benefrts we have achieved. We have made excellent progress in the development of our systems and had a successful Governance review. We ended the year on budget but remain very Conrned about the future funding picture for the Hospice sector nationally. Completing the integration of the two legacy organisations has been the theme ft>r the past year. The largest task has been the transfer of employees into the new organisation, which finished in July 2023. Use of our single clinical system is now fully embedded, and we look forward to better, faster dats reporting on activity and quality that this system brings. Inevitably the full integration and necessary Ljpgrading of our digital, financial, risk and management systems is a detailed, time consuming and intricate process, and whilst, not complete, the Trustees are satisfied with the progress made and ensuing improvements in efficiency and reporting capabilities. The anticipated benefits of being a single, large organisation are gradually emerglng. During the year we saw improvements in our ability to recruit clinical staff with 59 clinical starters during the 2023-24 year. We have started our first in-house leadership development programme with 24 participants to develop and hopefully retain our own senior leadership in the future. Perhaps the most important facet of the learning in this academy is the building of the culture of our new organisation: at first thought one might consider that two hospi5 coming together would have slmilar cultures: which was indeed the case, but each had different histories and perspectives. We strongly believe that investing early in these foundations of Rennie Grove Peace will be to our benefit in future years. We are also investing a small amount of resource in a Heritage project that will, in time, tell the stories behind how Rennie Grove pea blossomed into today's hospice care Service. During the year we completed the reorganisation of our community care and nursing into three area teams and a single co-ordination centre. The co-ordination centre *rves as the single point of contact for èll our nursing, therapy and support servi$ and we now offer a 24-hour, 7-day seNice in all three areas, although our SW Herts service is limited due to vacancies. Our new Living Well service is available to all who need it across our area, and we have opened two new shops in Rickmansworth. Community Engagement have completed 350 meetings this year across the community {240 last year) and our Compassionate Communities initiatives have supported over 700 people in the community. Our collaborative work continues with local partners, and particularly this year, I should like to highlight two aspects. Firstlyi the successful outcome of discussions with South Bucks Hospice to co-ordinate a seamless service in the area that avoids duplication, and secondly a review of Children's Servi with our partner providers, aiming to create better integration. We are beginning to understand our environmental impact and undertook a review of our estate and carbon performance during the year Bnd the first Rennie Grove Pea report is given below. 31 Page
RENNIE GROVE PEACE HOSPICE CARE CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Board undertix)k its first Governance review at the end of this year using a structured, validated self - a55e55ment questionnaire that was completed by all Trustees and Executive Board (EB) members. The results indicated a high overall confidence in our Governan, wilh the strongest scores being in the domalns of clinical governance, integrity and safeguarding. Our lowest score was for the equality, diversity and inclusion domain, and further work in this area had already been planned for the forthcoming year. The Board also reviewed how the mmmittee structure had performed at the end of its first year and Conclud that no changes were required. At the end of the year, we were saddened that our Director of Development, performan and Operations, Trisha Pickersgill, annoUnd that she was moving on to further her career after 18 years with us. Equally we were delighted for her achievement in attaining her new position and wish her very well with enomous gratitude for her contributions and support. The national funding picture for Hospi$ has given us cause for COnrn. Collectively, Hospi UK stated that hospices ended the year with a £77million deficit (5010 of expenditure) which is likely to be exarbated during the next year as the full costs of Wage settlements crystallise. We are pleased that Rennie Grove Peace closed the year with a £68k surplus position and are very mindful of the financial challenges in the forthcoming years. Finally, our thanks as ever, are due to the skill, dedication, and hard work of our executive team, all our non-clinical and clinical staff and volunteers, and especially to you our SLJPPOrters and partners. nk Dr Ch ind er ir 41 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REPORT The Board of Trustees presents its Annual Report and Financial Statements for the year ended 31 March 2024 which comply with the requirements of the Companies Act 2006, The Charities statement of Recommended Practice (SORP) and the ChantÉsAct2011. The Trustees, Report incorporates the requirements of the Strategic Report as required by the compansACt2006 (Strategic Report and Directors, Report) Regulations 2013. INCORPORATION, OBJECTIVES & AcfIvITIES Rennie Grove Peace Hospice Care was lncorr0rat with CAinpanies House on 14 September 2022 and regISts by the Charity Commisgon 25 January 2023. On 25 January 2023, Rennie Grove Peace acquired ownership of Rennie Grove Hospice Care (RG)and Peace Hospice Care (PH) by way of transfer of ownership from the respective members of RG and PH to Rennie Grove Peace for nil consideration. Rennie Grove Peace is a member owned charitable company, limited by guarantee, and its sole members are its Trustees. The Rennie Grove pea Group (Rennie Grove pea and its subsidlaries, "the Group ? provides palliative, end-of-life advice, support, education and a wide range of services to tho* people who are registered with a West Herttordshire or Buckinghamshire General practi (GP). Rennie Grove Peace is a specialist palliative care provider whose services are delivered by a multi-disciplinary team of nurses, doctors, allied health professionals, therapists, support staff and volunteers who will ensure the right service is delivered by the right person at the right time. Professional and self- referrals are received for those patients and thase who care for them, including from the Health & Social Care workforce. The driving fo behind the merger was the goal to increase both the reach and scope of services provided by the tho legacy charities. This included high-quality care for those facing life-limiting illness, as well as bereavement counselling Servi for anyone affetted by loss, Rennie Grove Pea has three dear aims: Serve - provide a wide range of SeN1 to support people in West Hertfordshi and South Buckinghamshire to live as well as possible as they near the end of their lives Reach - develop new and enhanced seNiS to reach all sections of the local community and meet their changing needs Strengthen - use our strengthened combined Vol to secure the resour$ needed to ensure every local person receives 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 ft)Ilowed it. Thi5 report provides details of the areas of charitable activity undertaken by Rennie Grove Peace. The focus of our work is to ensure that patients living in West Hertford5hire 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 live5. Rennie Grove Peace provides sewices in line with the aim of the National End of Life Care Strategy [2008) to provide service5 people need to enable 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
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 you forend-of-life care.. the Govemment Response to the Review of Cholce In End-of-Life Care {2016}'. In addition, Rennie Grove Peace is committed to Ambitions for P311iative and Endof Llfe Care.. A national framework for local Bction 2021-2026. The National Palliative and End of L¢fe Care Partnership created this framework to "improve end of life care through partnership and collaborative action between organisations at a l(Kal level throughout England" GOVERNANCE Rennie Grove Peace is a company limited by guarantee under the Companies Att 2006, number 14355610, and a registered charity, number 1201713. The charitable company is governed by its Memorandum and Article5 of Association. The members of Rennie 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 13 members at 31 March 2024. CHARITY GOVERNANCE CODE The Charity Governance Code (the Code) is a set of principles and recommended good practi against which Charities may compare themselves and identify Breas 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. OwanisationalPurpose The Board maintains the vision and mi55ion of Rennie Grove Peace. It approve5 the strategyi operational plan5 and budget. The Trustees operate as a team and receive reports from management to ensure the proper functioning of the Charity. Key governan highlights in the year Included carryin9 Out a self-asse55ment of Board governance and a review of the effectiveness of the Board committee sirurture. Leadership The Board maintains responsibility for ensuring the strategy of Rennie Grove Pea 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. Integrity The culture of the Board supports independent and challenging thought accompanied by a supp)rtive ethos. Procedures are in place to prevent conflicts of interest and to ensure the Board Is independent in its decision making. Declslon Makingi Riskand Control The Board has developed an effective structure of committees. This allows Board and management to effectively implement the strategic prioritie5 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 developmer)ts to the Board. Importance is placed on effertNe risk management and considerable progress has been made in the year in developing risk management processes. 6 1 Page
RENNIE GROVE PEACE HOSPXCE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 BoardEffectiveness The Chair carried out governance reviews supported by the Governan Committee to ensure the process for the recruitmen¢ appointment and retirement of the Board members is effective. This includes periodic one-to-ones between the Chair and individual trustees. An induction process for new trustees is in pla. Trustees undertake a statutory learning programme, and the Chair agrees other trair7ing directly with individual Trustees. Equality, Dlversity & Inclusion The Board recognises that a variety of perspettives, backgrounds and skills is essential for good govemance. These matters are considered as part of the process for nominating new Trust5. Openness andAccountalJility The Board places great importance in ensuring that Rennie Grove Pea,$ services, activities and impact are reported to all stakeholders in a transparent manner. Key information is made available to staff ar)d volunteers by the Chair and Chief Executive. We actively 5k feedback on all clinical activities. Group Structure Rennie Grove Pea has six subsidiary companies: Rennie Grove Hospice Care (RG) The lain Rennie Hospice at Home lain Rennie Hospice Services Limited st Alban5 and Dacorum Day Hospice pea Hospice Care (PH) Peace Hospi Shops Limited 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 met, quality is monitored, and servi5 are effective, as well as overseeing efficient finanual stewardship and the financial planning of the Charity. The Board of Trustees has agreed delegation of its powers 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 governance arrangements of the Charity and make recommendations to the Board. In particular, the Committee.. Reviews the size and composition of the Board and its committees 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. 71 Page
RENNXE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Clinical Governan 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 servi5 work plan and agreed Key Performance Indicators {KPIs). In particular, the Committee.. Horizon scans to identify opportunities to maximise patient sewices growth and future Servi developments which are re5ponslve In reaching more people and reflett our locality needs. ReiVeS assurance that there are effective clinical quality aSSLErance and clinical govemance control systems established and maintained across the organisation, demonstrable outcomes and measurable impact. Provides assurance to the Board that the clinical services are continuously striving to improve care, while remaining compliant with all legislative and regulatory requirements ar¢d with consideration of the organisation wide sustainability and digital transformation strategies. Identifies and defines the accepted risk levels arising from the Charity's clinical operations and any increase in activity and innovation ri5k5 to the Board. Development Operntions & Performance Committee The purpose of the Committee is to provide assurance to the Board on the development, operations and performance or 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 operational performance and risk The overall integrity of the Charity's internal financial and operational repong The Charity's operational controls Recommendations for developments involving tangible fixed assets eg buildings Risk and Audit Committee The purpose of the Committee is to provide assurance to the Board that the Charity's responsibilities regarding financial legislation and regulations are met. It reviews overall risk management assessments, controls and mitigations processes 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 wf(h external regulations Reviewing risk management systems and key risks Investment Committee The purpose of the Committee is to monitor the financial resources and liabllities of the Charity. This includes monitoring internal financial controls relating to cash, marketable investments, financial liabilities, and other liquid resoUrS of Rennie Grove Pea, considering the Board's attitude to financial risk and the financial sustainability of the Charity. It also includes monitoring the perfomiance of banking counterparties and investments advisors. The Board of Trustees agrees the tenns of referen for the five committees which have clear, delegated authorities, The Board monitors performan of the committees through reports received at Board Meetings. Certain matter5 are reserved for the Board and members of the Executive Board are Invlted to attend Board and Board Committee meetings as appropriate. I Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Executive Board The Exul1Ve Board (EB) is led by the Chief Executive who is app)inted by, and accountable to, the Trustees. The EB has responsibility for the day-to-day management of the Charity, ensuring it funrtions within the13w in accordance with Charity Commission regulations, Care Quality Cc*nmi55ion standards, and other relevant regulation5. The EB co1$ of the Chief Executive (CE), Chief ainical Oftlr, M&liGII Director, Direttor of Developmen¢ oationS & Performance, Direttor of People & Culture, Oirertor of Marketing, Director of Fundraislng, a1 Director of Retail &Trading. Section 172 Companies Act 2006 The Trustees are the directors of Rennie Grove Peace Hospice Care and have a duty to promote the Suc$ 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. This allows Executive Board (EB) to effertively Implement the strategic priorities of Rennie Grove Peace whilst allowing the Board time to focu5 on strategic developments. IrnpOrtan is placed on effertive risk management and considerable progress has been made in the year in developing risk management processes. Charity Relationships Patlents & Families We are keen to learn from our patient and families, experiences and act¢vely sk feedback through SUeyS across the services and have invested in an automated data collertion tool. We collect compliments and ensure that all complaints and COnrnS are actioned prompuy, and learnings implemented. Through our Governance Team we ensure that the Charity maintains a high standard of busines5 conduct by having a range of policies and pro55e5 for all staff to follow. Every Board meeting begins with an anonymised patient story and the purpose of this is to remind Trustees the reason why the organisation exists and the impact the charity has. Engaglng Stakeholde Through regular engagement with key stakeholders, we maintain an understandlng of their needs which helps inform our organisational objectivesi poli$ and strategy. Consideration is given to the potential impact for relevant stskeholders when decisions are made. Oursupporters Rennie Grove Peace actively engages with supporters in a variety of proven and innovative strategies to ensure that their support continue5. We encourage fundraising ambassadors that champion the Charity and its purpose. Through our online and social media presen 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 pro55. 9 1 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Our Volunteers Rennie Grove Peace volunteers work across the Charity in a variety of roles and with varying responsibilities. In 2024 we launched our Volunteers Engagement Groupi as all our volunteers are exceptionally important to us, and we are keen to get their feedback, opinions, and views. In these quarterly meetings updates are presented by each department, insights shared on how best to circulate updates to the wider vOluntr team and useful discussions held around a variety of upcoming activities. Impact in the Community and Environment Rennie Grove pea Trustees and staff are committed to acting in accordance with our environmental plans. We aim to identify and seek to minimise negative environmental impact. Acting Fairly Rennie Grove Peace is committed to ensuring all staff and volunteers are treated falrly, has an Equality and Diversity policy and takes an active approach to staff wellbeing. CLINICAL ACTIVITIES Rennie Grove Peace clinical SeN1 offer support to a population of just over one million. In the area of 601 SqLJare miles in which we work, there are 81 General Practices, and we provide services to anyone registered within those practices. From a health and social care perspective, we are commissioned by two Integrated Care Boards {ICBs): Hert5 & West Essex (HWEI and Buckinghamshire, Oxfordshire & Berkshire West (BOB). Rennie Grove Peace clinical services operate from four bases: Peace Hospice, pea Drive, Watford. WD17 3PH. Services provided from Peace Hospi are: Inpatient SeNi C(K)rdination Centre South West Herts Hospi at Home SeNi Rapid Personalised Care Servi Outpatients & Supportive Care Servi Bereavement & Wellbeing Services Rehabilitation SeNices across all areas Rennie House, Tring Industrial Estate, Icknield Way, Tring, HP23 4JX. Services provided from Rennie House are,. North West Herts Hospi at Home Servi$ Buckinghamshire Hospi at Home Services Rapid Personalised Care Service Children & Young Person's Services Supportive Care & Wellbeing seNices Gillian King House, Hodgemoor View, Chalfont St Giles, HP8 4LS. seN1 prowded from Gillian King House are: Buckinghamshire Hospi at Home SeNices Grove House, Waverley Road, St Albans, AL3 5QX. servi provided from Grove House are: Clinical Leadership Base North West Herts Hospice at Home Servi5 Outpatients & Supportive Care Servi Bereavement & Wellbeing services Children & Young Person's se15 Rehabilitation SeN15 across all areas 101 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Catchment area ST hL#Art5 THREE WYCOM#E Wmb Ch4 Key ¢* $OQih wvcxIt4GHAMSHIH PthKeH05plce RennlpHou5e GllllanKlngHouse ioveHou5 Balnbrld8eHouse Inpatientservlces Inpatient services are provided from the Inpatient Unit (IPU) which is a 12-bedded, short stay ward providing high quality, specialist palliative care which includes symptom control, rehabilitation, and end of life care for individuals whose symptoms cannot be controlled at home. The team delivers holistic care for patients and their families including physical, emotional, spiritual, and practical support for those living with a progressive life-limiting illness. Outpatient & Supportive Care Services These services provide a range of holistic nursing, rehabilitation and therapies and Social Worker support serViS from INO day services centres based at Peace H05pice and Grove HOU and include dedicated nurse-led outpatient clinics. The multi-disciplinary services include a very wide range of rehabilitation interventions and support, wellbeing and creative arts interventions, and self- management. To achieve our aim5, to widen ac55 and ensure the right team is supporting the right people, we offer three tiers of outpatients and rehabilitation support (universal, targeted and specialised) which change over time to meet the specific needs of e3ch patient. Many of these servi5 are planned to outreach into our local communities as part of our Compassionate Community hub programme at community hLtbs, The therapy teams also provide their expertlse and seNices within the IPU and our Community Adult and Children services. 11 I Page
RENNIE GROVE PEACE HOSPICE CAFiE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Bereavement & Wellbeing Services A range of bereavement, supportive and wellbeing Serv[$ 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 therapyi massage and Reiki as well as offering group relaxation foclssed *ssions. Our Bereavement, Listening & Talking Therapies provision consists of three counselling teams, and all our counselling is provided free of charge. Student bereavement counsellors, British Association for Counselling & Psychotherapy (BACP) registered volunt&r counsellors and Improving Access to Psychological Therapies {IAPT) counsellors. Sessions are provided through virtual technology, individual and group ses5ior>s. By focusing on quality of life both for patients and 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 ac$$ a range of different interactions to reflect on their experien in a safe and confidential manner. Hospice at Home Services The Rennie Grove Peace Hospice at Home Servi provide5 2417 care for patients who wish to remain at home or in their care home. Care is tailored as needed. There are 3 locality teams.. Buckinghamshire, North West Herts and South West Herts. Our model of care is delivered by a multi-disciplinary 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 Service Our Rapid Personalised Care servi (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 toiletingi this Se[ce 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 speoally trained carers, a care co- ordinator and Service lead. Packages of care are provided within 48 hours of a referral and, in practi, frequently start on the same day as the referral is received. The service operate5 from 7am to 11pm, with care being provided up to four tim a day by up to kn carers to ensure the support and comfort of patients and their families at end of life. Children & Young Person's Services Our Children & Young Person's (CYP) Hospice at Home service covers Buckinghamshire (excluding Milton Keynes) and the North West Hertfordshire areas of Dacorum, St Albans and Harpenden. The team of trained children's nurses, support workersi play therapists and volunteers work in collaboration with the other local Children & Young Person's hospices (Keech Hospice and Helen & Douglas House), as well as the NHS community children's services. The aim is to offer a seNice operating 7 days a week, with availability of 24-hour support for patients and their families, if required. We are 5UPPOrted by The Pepper Foundation who raise funds for this servi. 121 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 CommunityEngagementServices Through engagement activities we raise awareness of Rennie Grove Pea services, promote equality, diversity & inclusion, and increase our profile and relationships with the communities we serve. Our activities also allow us to reach out to under-represented group5 to help overcome any perceived barriers to reIving hospice care. Our Compassionate Communities project unlocks people's compassion and enables the building of a stronger, connected community for all people touched by death, dying or105s. We achieve thls by supporting and growing a network of people who have been affected by any type of bereavement or 1055, or who may be living with a progressive life-limiting illne55. Support is providing by our trained volunteers either in a person's home or at one of our partner community-based venues. Our Compassionate Neighbours programme is delivered by trained volunteers who provide l-l sustained support via in-person visits and phone calls. Medical Team The Nedical Team works across our three main patient services - Inpatient Servi, Hospi at Home Services and Outpatient & Supportive Care Services. They provide specialist medical and pharmacy support to patients as well as advi, support and educatiDn to staff. Coordination Centre 01923 60 60 30 Rennie Grove Peace has introduced Coordination Centre that provides a single point of access and coordination of care, managed by a team of dedicated Clinical Nurse Specialists and supporting administration team. It operates 24 hours a day, 7 days a week for all patient enquirie5, referrals and calls. The centre ensures we deliver the right service to meet individual needs, Learning & Development Education arKI training is provKied by the Learning & Development Team who work across the whole organisation under the direction 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 N5 Analysis for all staff and volunteers so that they can develop professionally. Training includes competency and additional specialist training to ensure we have a confident and competent workfor. Other work includes external education 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 seNices described above, Rennie Grove Peace has a particular focus on recruitment as this remains a significanl challenge, in line with most healthcare organisations nationally. New roles including paramedics and a nurse consultant have b*n 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 clinical services (except IATT seNice) are now using the same elettronic patient record system (Systmone) which allows clearer communication internally and sharing of information with other healthcare organisations, Rennie Grove Pea have been a collaborative partner in the development of a system wide, specialist psychology Serv1 for canr and palliative care patients in West Hertfordshire. 131 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 FUNDRAISING Once again, we have seen exceptional legacy income in the year, whlch, along with strong major donor and trust income, meant, for fundraising income in total, we closed the year significantly ahead of our target. We triave continued to see growth in our VI Presidents and Presidents, Circle schemes, helping u5 to build strong foundations for the future. Key achievements included the Big Glve Challenge, which reached its increased target of £lOO,000 within five days. The London Bridges Walk attracted record numbers of participants, our Question of Sport event had the most successful year Sin its inception in 2014, raising £83,000, and our London Marathon runners raised an amazing £63,000. Fundraislng during the year, has continued to be challenging within donations and appeals, however we have had strong support from major donors and trLJSts. Whilst we have continued to be supported by our local communities, the level of giving has been lower. We are encouraged by the return of participants to our key events and hope to now continue to build on these in the coming year. The focus for the year has been on providing exlIent stewardship to all supporters and understanding how they want to help us. RETAIL & TRADING The Retail and Trading team have expanded from 32 shops to 34, securlng two new shops in the Rickmansworth area, one in the town centre and one in Moneyhill, a thriving community on the outskirts of Rickmansworth. The Rennie Grove Peace shop in Moneyhill is the only charity shop on the parade, and it is our largest shop with exciting opportunities for future growth. We have continued the roll out of the"Rennie Grove Peace Revisited" 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 received. Retail & Trading shops were running on trNO different electronic point of sale sysiems, and within this financial year we have moved all shops onto a more advanced single system and have introduced tablets into all shops to ensure seamless gift aid sign up and good management of bought in goods. The environment for our shops is challenging. However, our Ecommer portal is proving very effective in maximising income from high value donations. PEOPLE & CULTURE Our colleagues provide the skills, commitment, and passion for reaching and seNing our community in new ways, while continuing to deliver or contribute to the care that our patients and their carers rely on. We wish to be an employer of choice, and the place where people wish to volunteer, in the charity and care sectors. With the support of a culture change consultancyi we have listened to employees, feedback via a new listening tool called EVE (which uses AI powered conversations to ask questions about working at Rennie Grove Peace). From this, together with regular face to fa line management conversations, we know we need to make some Improvements to our colleague experience. The Executive Board and Leadership Team have been working together to make some choices about where to fixus our efforts. 14 1 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THEYEAR ENDED 31 MARCH 2024 Three Improvement Projects are our key priorities, Building & Living our Values, Growing a Caring & Supportive Culture and Retaining & Attratting the Best People. These projects are being led by the Leadership Team in cross-functional teams, with Executive Board members as sponsors. A further priority is buildingi developing and supporting the Executive Board and Leadership Team to be the best leaders. The focus for this development will be the Rennie Grove Peace leader expectations framework developed by the Executive Board and Leadership Team. We have had a high-volume of recruitment and have successfully onboarded 130 new starters, 59 acr055 clinical servi$ and 71 in non-clinical teams to enable the organisation to continue to provide specialist servicesi generate income to fund our work and support our services. A project has Started to implement an Applicant Tracking Service (ATS) to offer a smoother and more efficient process for applying for jobs and oniLiarding. In July 2023 all employees became employed by Rennie Grove Peace under TUPE. All employees were combined on a single HR Database, the agreed changes to terms & conditions were implemented, we ran our first joint payroll, a sickness absence monitoring system was launched across the organisation, and we rolled out the benefits platform to all employees which offers a health cash plan, access to retail discounts and employee assistan programme. A comprehensive review of our pension arrangements was carried out by our pension advisors to streamline our pension provision. We have employed an eXperIend reward specialist to move forward with a pay and reward framework for our employees. LEARNING & DEVELOPMENT The Learning and Development Team support our workforce across all areas of the charity, Our new colleagues are onboarded with the support of the team who run a monthly organisational induction and a newly developed clinical induction. The team delivers a Learning & Development programme to clinical and non-clinical employees and volunteers across a range of role-specific and personal developmental subjects. The programme is underpinned by responswe training courses to mt emerging clinical and non-clinical needs and includes Specialist Palliative Care Update (SPCU), Palliative Care Development Programme (PCPD), Intermediate and Advanced communication skills, Do Not Attempt Cardio Pulmonary Resuscitation (DNACPR) competency training,1055, grief and bereavement as well as team support through focussed Away Days. The annual Management Development Programme (MDP) continues to develop partiapants, knowledge, skills and behaviours in a programme delivered across six modules covering four key areas of focus: Managing ourselves, Managing our people, Managing our team and Managing our sew1. A new Learning Management System (LMS) has been implemented to co-ordinate and manage online e-learning and in person mandatory and statutory training for all colleagues, employees, and volunteers. We provtde much needed knowledge and ski115 updates across our geographical area for Care Home and GP colleagues through our Care Home Education programme. 151 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Another succe55ful clinical conference was delivered, the first as Rennie Grove Peace. 75 delegates booked to attend. Feedback shows 100% were satisfied with the programme, structure of the dayi booking and communication. IOOWQ said attending had increased their knowledge and understanding and they were satlsfied with the overall experience. A Learning & Development Steering Group was formed in January 2024 and will meet throughout the year to review the training provision (both clinical and non-clinical) for the organisation to ensure it is fair, equitable and effective. VOLUNTEERING Volunteers continue to support Rennie Grove Peace to deliver our SeiCe5 to more people, They are our ambassadors in our community, spreading the word about the vitrdl work that we do and the many ways in which people can support us. We now have a combined volunteering for of around 1,600 volunteers in more than 100 unique roles supporting every area of the charity. From September 2023 all our volunteer records were held on a single volunteer database. We continue to develop our community volunteering programmes and expanding our Compassionate Communities seNices. We now have 56 Compassionate Neighbours supporting community members in their own homes and 53 at our Compassionate Cafes and Compassionate Support Hubs. In the community volunteering we also have eight Engagement Ambassadors, who help with engagement & awareness work. This is a significant expansion with 53 new volunteers having joined the community volunteering team during 2023124. Our 39 Supporting Hands volunteers support our nurses with respite visits and provide practical and emotional support to our patients. We are expanding this Servi into the Watford area and have continued with targeted recruitment campaigns for these volunteering roles and others, to ensure that volunteering at Rennie Grove Peace is in the public domain, and we are seen as a great place to voluntr. 27 volunteers have joined our Supportive Care team over the last year, meaning that we can continue to deliver our vital Bereavement, listening and talking therapie5, Complementary therapies and children and young peoples, seNices to more people that need them. We have worked closely with the Retail & Trading team, and now have nearly 900 volunteers across our shops, working hard to raise the money we need to fund our service. Our large group of community fundraising volunteers continue to support us with our flagship and local ftjndraising events. In Patient Sew1$, we have volunteers working with patients and families across both Outpatients and Inpatient seNices with 40 volunteers supporting the IPU, and many others helping with wellbeingi exercise and transporting patients to and from their sessions. In the background we have those volunteers who keep everything working and our buildings pleasant places to be - gardeners, receptionists, facilities, finan, tr, Marketingi People and Culture and of course our trustees. In January 2024 we launched our Volunteer Engagement Group which will be developed in the coming year. We continue to work across the organisation and externally, to promote the value that volunteerlng brings to the organisation, and the benefits of volunteering to each individual who joins us. 161 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 MARKETING At the start of this financial year, the marketing team was focused on delivery of day-to-day activity alongside the merging together of all our individual marketing channels into one Rennie Grove Peace presence, which we achieved on l July, adopting a best-of-both approach for each platform. Our single cohesive team now operates at close to full strength, having successfully recruited for Head of Marketing, Clinical Content Manager, Digital Marketing Manager and two Digital Marketing Offficers in the last year. We continue to recruit for these key roles in the team. The team works across all our locations, which, together with our'topic owner" structure helps form collaborative and consultative relationships across all other direttorates. External freelancers flexibly support the team with additional capacity and skill when needed, with design, social media, paid advertising, and PR experience, as well as our two new marketing volunteers who support the team with relevant skills. We have developed a clear marketing roadmap, planning and scheduling key priorities With each department, and building a set of supporting KPIS to monitor performance and impact. These reports are now being shared with the other departments to inform strategy and activity. Highlights include,. Full utilisation of a GLKJgle Grant, free pay-per-click search advertising at a value of Iok USD per month, managed by an agency charging a reduced rate of £800 for £3,000 worth of retained fe, Additional press office support secured to drive coverage in Buckinghamshire at a rate of £500 for £2,500 worth of retainer per month, giving acces5 to a press cuttings service free of charge worth min.£5k a year. Developed a relationship with the Press Assfxiation wire, which has facilitated much wider access to publications at low effort. From September, three human-interest storles have secured over 600 articles in different media outlets, greatly increasing our awareness reach. Consolidated all data we hold of our Healthcare professionals, fomiing a single source of data for our referrers. This now allows us to send regular monthly email newsletters to key stakeholders in our area of operations, reminding them of our Servi developments and referral paths, and ensuring we are front-of-mind. The Marketing Team's digital support of the Christmas appeal Increased the fundraised total through digital channels three-fold, at no loss to the offline donations nor The Big Give appeal which ran shortly before. Management and overview of schedules, and test- and-learn approach have underpinned this success as one example. Working with the fundraising and events team closelyi and directing the focus onto data with regular check-ins, also saw the London Bridges event raise over £40k against a £25k target, thanks to a mid-campaign shift to stewardship from volume. LINKS WITH COMMISSIONING BODIES The Clinical Leadership Team (CLT) continue to develop links with the commissioning bodie5 across both Herts and West Essex IHWE) and Buckn'nghamshire, 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 forum5 in both areas to develop and maintain Renni@ Grove Peace's influence in the external strategic direction of specialist palliauve care seNices. 171 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The CLT continue to explore new opportunities to attract statutory funding to Rennie Grove Pea in order to develop services, PERFORMANCE AGAINST STRATEGIC PLANS 2023-24 was a year when our ftu$ remained on merger-based activity creating and embedding Rennie Grove Peace as its own organisation with the colleague base, of staff and volunteers, iEginning to work more closely together across our estate. A particular internal focus has been on the development of culture, by responding to colleagues, views about what it Is like to work in the new Charity. With the support of a culture change consultancy, we have listened to employee5, feedback via a new listening tool called EVE (which uses Al powered conversations to ask questions about working at Rennie Grove Peace). This was delivered electronically in November 2023 and the results told us we needed to focus more on our leadershipi communications and the care and support we offered to colleagues. We started 2024 by identifying three themes to help us address these areas of improvement. Cross directorate project teams, sponsored by EB, have been established with the intention of Building & Living OLJr Values, Growing a Caring & Supportive Culture and Retaining & Attracting the Best People. The project teams consist of our Heads of Departments and Assistant Directors and these colleagues have also created our Leadership Team. The Leadership Team (LT), with the full support of EB and the Board, have worked on what a great leader looks Ilke and developed our Leader Expectations Frameworl against which they will self- asse55 their own development requirements. A Rennie Grove Pea Quality Account was produced to summarise the early impact of the Charity and it can be found on our website, www.rennie rove eace. The past year has seen a tremendous amount of work from every single member of the Rennie Grove Peace team to progre55 our merger integration. A full merger takes a huge amount of combined resource, and we continue to make great strides towards the Suc$$fUl integration of Rennie Grove Pea, OUR PLANS We know there will be a growing number of people who need our service5 and expect our patient numbers to grow to around 7,500 in the coming years. We will use 2024-25 to identify more clearly those needs and how we might refocus our seNices appropriately. A developing employment and reward structure for colleagues continues to be a priority for 2024-25 including the evolution a new pay structure for the Charity. This will be an important element of our ability to retain our existing workforce and to continue to attract new colleague5 to our team. We will be working on the Strategic Plan to deliver against our merger ambitions over the summer of 2024. This will support the clinical ambition and plans as well as prepare the Charity to identify how we can become more efficient and improve our sy5tern5 and processes to enable us to reach the expected growth in the needs for our services. COLLABORATION In Hertfordshire, Rennie Grove Pea works through a Memorandum of Understanding with the other four hospice providers who deliver servi5 to the adult population of the county. Each organisaknon has the ambition for the very best palliative end of life care and has decided to work together to create "one voice" a formal Hospi collaboration. 18 1 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 In Buckinghamshire, Rennie Grove Peace will continue to develop its working relationships with Buckinghamshire Healthcare NHS Trust's Floren Nightingale Hospi, and its associated charity, as well as with South Bucks Hospice {Butterfly House). With the former, Rennie Grove Peace delivers the community hospice at home and Rapid Personalised Care Services and with the latter our joint ambition remains to work together to support the development of services provided at Butteffly House. Rennie Grove pea works closely with The Pepr Foundation who raise funds for the Children's Hospice at Home Service. We are grateful to The Pepper Foundation for their continuing support and will work collaboratively with them so that they are able to achieve their mission. As part of the 2417 nursing seNice, Rennie Grove Peace works in collaboration with The Hospice of St Francis to prowde care during the nights to anyone receiving their other seryices. RISK MANAGEMENT STATEMENT AND BACKGROUND The Board of Trustees has responsibility for overseeing risk management within Rennie Grove Peace. It has a fundamental role in ensuring 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 risks are assessed against the ability to achieve its mission. The Risk and Audit Committee monitors risk management processes, review5 key risks and mitigating actions, and sUPPOrts arKI 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 basis. The following table describes the key risks, identified by the Board of Trustees, to Rennie Grove Peace's ability to meet its strategic objectives, The Trustees consider that the principal risks facing the Group are.. Risk Area Potentlal Impart Mitigations l. Ensure we can provide evidence that standards are met Failure to glve robust asSuranS against the Key Llnes of Enquiry that demonstrate the dellvery of appropriate stsndards of care to our patients. May Tesult In bwer Care Quallty Commission (CQC) ratIrs,]0$s of reputation, loss of Integrats Care Systems IICSIICentral London Communlty Health {CLCH) funding and an Increase n complaints Reposltory of eVIden belng regularly updèted. Internal Governance Processes In place including audlt sed5, mandatory tralning for employees, Indudk)n prograrnme for new ernployees, incident reporting process, monthty Sniernal clinlcal governance meetlng5 and quarterly Trust Clinical Governan Comrnittee meetlngs. 3. Awareness raised of CQC inspection across the organisation l. Recruitment and retentlon processes in place. InalIty to retain, recruL and train staff and volunteers. If Rennie Grove Peace fal to recrult andlor retain Sufficnt staff and volLinteers wSth the required S'11S and talenL the chari wi11 be unable to deliver Internal KPI'S on turrK>ver and vacanae5 rep(rted SaL4ry benchmarklng18ligned to bget}, Exit interviews offered and analysed quartwlyi 191 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 our servi5 and strategy {includes clinlcal and non- dinical, includlng shops). Vacancles promoted In locallties and Improved Social media advertlsing of vacancies SUcsSion plannlng strategies to be put In pla wlth managers and working with Learning & Development to look at career pathways, trainee ioleslentry routes, apprentice5hlps, career progression. Induction and Training processes Improved onboardlng and recrulung tnanager staylng connected wlth new staff Irore and once appoSnted. Revamped dinical induction programme in place, dinical supervision offer belng revlewed, Culture improvement work undenvay so that Rennle Grove Peace is recognlsed as place efflployees vknt to work and where volunteews want to glve their time and expertlse Remodelling of the clinic31 woikforce, ensuring the right team with right skills see the rht patients. . Safe staffing and setvlce user safety staff levels revlewed monthly for each service. Non nurslng staffing introdud, eg paramedlcs and nurse associates. Daily patient acuity tool undertaken for each serw to asse% demand and capaclty working closely wlth other provlikrs to deliver services to avdd duplication. Chlef Cllnlcal attends Herts & West Essex LCB PeOe Board. Further staffing exploredi eg nurse consu5tant, cllnital rellowship. l. Drive for greater efficiency In line vrith the experlerKes a prospects of many charilies in the health sector, that the Charity ex[erIenS signifKant and repeated financial deficits, due to.. a) an Inabillty to explolt suffiaent fundrai51ng opportunlties, to expand retail contribution, and to Secu adequate commlsslonlng income,. andlor bl inflationary c05t Increases That the flnanclal sustalnabillty o the Charity Is significanuy weakened. Management Is cornmiited to Introdu enhanced ways ol working, including greater utillsatlon of technology and digltal processes to provlde otportunltie5 ft>r cost savlngs In the Charity. Need to Imwse cost-saving measures or redu servke areaS1 Potentially through staff reductlons. This would limlt the Charity's ability to provide a consistent service, thus not rneeting patient, SUPPOrters, employee, or Commissiorg qulrements. 2. Drive for Increased income reall9nl fundralsing actwiues, supported by eThhan management infortnation.. gular and detailed reviews or the performance of indlvidual shops,. regular contact with commissioners to allow the value of the seNice provKled by the Charlty to be fully understoocs. which produce a significant and lengthy dirnlnuuon of funds. Collaborations We work wEth other hoSpIS io Identify opportunlues to Sha resources and provide joint servtes. Asset Base The asset ISe of the Charity includes fixed assets which could be rnonetlsed to provide substanual brx)sts to funds. 20 1 Page
RENNXE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Financlal PositÉon of Charlty The Board and senior management monitor, through rinancial reports and targets, the financial posltlon or the Charity. This enables early Identification ol adverse Incotne or expendlture trends. FINANCIAL REVIEW ("2024" refers to the financial year to 31 March 2024) During the implementation of the merger of Rennie Grove Hospice Care and Peace Hospi Care, certain of the operations of the Groupi previously carried out by RG or PH, have been transferred to Rennie Grove Peace. This pr(xess of transferring operations began during 2024, has continued during the year, and will continue after 31 March 2024. Particular developments during the year have been: l. Income from new donations, legacies and charitable events now originate largely with Rennie Grove Peace. 2. RG and PH retail operatKJns were transferred to Rennie Grove Peace effective from the point at which the banking arrangements of Rennie Grove Peace were established. 3. Most contracts of employment with staff, and associated pension and employee tax responsibilities, were assumed by Rennie Grove Peace effective from l July 2023. 4, Debtors and creditors are settled within the originating charity. To fund the newly established charitable activities of Rennie Grove Peace, RG and PH have gifted charitable funds, previously donated to the two merging charities, to Rennie Grove Peace. Tangible fixed assets owned by the Group at the date of the merger and the investment property remain under the legal ownership of RG or PH. Listed investments, previously owned by RG, were gifted to Rennie Grove Peace. Investments owned by PH were encashed and, following reali5ation, that cash was gifted to Rennie Grove Peace In February/March 2024. Restricted Fund5 are onty transferred to Rennie Grove Peace following agreement by donors. At 31 March 2023, RG and PH had designated unrestricted funds to projects expected to be carried out over the short and medium term and which were considered essential to the Group's strategy. Certain designated funds remain in the balan sheets of RG and PH at 31 March 2024. The a550ciated projects may be carried out by Rennie Grove Peace: in these circumstances, a55ets will be transferred to Rennie Grove Peace by the subsidiary charities. Other designated unrestricted funds have been identified and established in the charity balance sheet of Rennie Grove Pea. The comments below relate to the consolidated finanual position of the Group. Rennie Grove pea is pleased to announce that the Group recorded a net surplus of £68k for the year to 31 March 2024 (2023: £1.1 million). Total income for the year was £18.3 million which is approximately the same level as 2023,5 total income of £18.2 million. The Group has had another particularly suc$$ful year for legacy donations which totalled £3.9 million {2023.' £3.9 million). The size and timing of legacy income is unpredictable, and the Trustees, plans assume that future legacy income will revert to a more'normal" level of around £2 million per annum. 211 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Donation income decreased to £2.9 million (2023: £3 million). The Fundraising environment has continued to be challenging within donations and appeals, however we have had strong support from major donors and trusts, We have continued to be supported by our local community and saw a small decrease in income from our events. We are encouraged by the return of participants to our key events and hope to now continue to build on the number of events and the level of giving in the coming year. Income from Charitable Activities remained constsnt at £5.5 million (2023: £5.5 million). Income from Charitable Activities Includ funding from Herts and Bucks ICBS, to deliver our adult services, of £2.6 million (2023: £2.5 million). It a150 includes funding for our Rapid Personalised Care Servi of £2.3 million (2023: £2.2 million) which provides expanded care to adults extending both the time and SeN4 offered. Also included is income from the Pepper FoundationlNHS England of £0.4 million (2023.. £0.4 million) which is restricted funding for children and young person's seNices. Other charitable income of £0.2 million (2023: £0.3 million) primarily conslsts of funding for bereavement and counselling services. Income from our shops and on-line in 2024 of £4.4 million was close to the same level as 2023 at £4.3 million. The small increase was achieved from the 2 new shops which opened in the last quarter of 2024. We a150 saw a shift in income from our shops to our Revalued Outlet Shops as our Customers continue to seek value in their purchasing. Retsil margins continue to be under pressure from wage increases and the impact of inflation resulting in increases to rent, utility costs and other facility costs. We also experienced a high level of one-off costs related to shop refurbishment. Lottery income was at the same level as the prior year at £0.6 million. Consistent with the increase in the 8ank of England base rate, Rennie Grove Peace earned £0.3 million of Interest on our cash balan5 (2023: £0.1 million). Total expenditure at £18.6 million was 12010 percent higher than the prior year total expenditure at £16.6 million. Inflation poses challenges for charities, and the specific inflationary pressures in the health sector produce particular challenges for Rennie Grove Peace given the significarst proportion of our cost base which 15 accounted for by staff costs. Our staff costs increased to £11.6 million from £10.4 million in 2023 resulting from an average 5010 increase in salaries, a IOYO increase in the minimum living wage compounded with a realignment of pay grades following a comprehensive benchmarking study. The Group owns an investment property that was reIVed hs a legacy donation in 2023. The property is revalued at the end of each year by Aitchison Raffety Propeity Consultants which yielded a loss of £30k in 2024 and a1055 of £IOOk in 2023. Financial markets experienced a significant recovery in the yeari producing a positive return on our medium-term investments which are mainly invested in equities, bonds and associated funds. A gain of £0.4 million recorded in 2024 compared with a loss of £0.4 million in 2023. The £68k surplus (2023.. £1.1 million) for the year meant we were able to broadly maintain the level of our General re*rve, thus giving us confidence that the financial position of the Group is sound. After allocating funds to finance fixed assets, our General reserve is £17.8 million at 31 March 2024 compared with £17.7 million in 2023. We have spent the remaining funds of the £0.2 million reserve which was designated for costs related to the implementation of the merger and have carried forward the reseNes designated for Strategic initiatives and Capital programmes of £0.5 million and £1 million, respectivelyi to spend as the strategic plans of Rennie Grove Peace evolve, 221 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees place importance in maintaining a high degree of liquidity In the balan sheet. Cash balances at 31 March 2024 totalled £10.5 million compared with £9.6 million in 2023. The Group's rinancial assets policies require sufficient cash to be immediately accessible to mt our operational needs, and temporary cash Surpluses are held in short term (less than 12 months) deposits to take advantage of attractive interest rates. The strength of Rennie Grove Pea,5 balance sheet, underpinned by a sattsfartory General reserve and satisfartory liquidlty, satisfies the Trustees that the financial position of the Group remains sound. In reviewing the internal finanaal controls of the Charity, the Trustees have referred to the Charity Commission's guidance "Internal Financial Controls for Charities" (CC8). FUNDS Rennie Grove Pea,5 Funds finance the resour5 available to the Trustees to Use in the Group'5 operation5. Funds are classified as Unrestricted or Restricted. Unrestricted Funds Unrestrirted Funds are resource5 available to the Trustees to spend Bt their dlscretion in furtherance of the Group's objertives. General reserve The General reserve is the unrestricted available funds after designating funds to known or expected projects expected to be carried out over the short or medium term. At 31 March 2024, the General reseNe totalled £17.8 million. (2023.. £17.7 million) The General reSee is held to ensure the continued financial sustainability of Rennie Grove Pea and to give the Group the ability to react to unexpected changes, especially reductions in fundraising and retail incom@ and increases in expenditure requirements. The appropriate amount of the General reserve will vary over time. The Trustees seek to balance the need to protect the Group's financial sustainability with the aim of avoiding losing opportunities to use resources in furtheran of the Group's objectives. In view of the complexities and extent of Rennie Grove pea'S 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 target for the General reserve. This target is a medium-term aspiration and is expressed in terms of months of budgeted operating expenditure represented by the General reserve. 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 detem)ining the target, the Trustees take into account.. the perceived uncertainty in the economic and regulatory environment. the risk appetite and key risks of the Group,. the strategic objectives of Rennie Grove Peace; the extent to which the General reseNe is represented by liquid assets. Taking account of the matters above, the Trustees have determined that the appropriate target is for the General reseNe to represent 9 to 12 months of budgeted operational expenditure. At 31 March 2024, the General Reserve was within the target range. The Trustees recognised, with the difficult income generation and expenditure environment (which may result in a net loss in 2025), there is a short-term risk that the level of the General reseNe will fall below the medium- temi tsrget. This situatSon will be monitored in 2024-25 by the Trustee5. 23 1 Page
RENNXE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Accumulatedprofits ofsubsidiary The Accumulated profits of subsidiary of £59k at 31 March 2024 (2023: £59k) represents the Capital and reserves of lain Rennie H05pice servi Limited, a private limited company whose ultimate parent company is Rennie Grove Peace. Designated funds The Trustees have designated certain Unrestrirted 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 Group's strategy. In setting the amount of the Designated funds, Trustees consider these projects are adequately, but not exsiVelY, funded. The following Designated unrestricted funds, totalling £4.9 million, are specified at 31 March 2024: Propety fund. Funds attributable to propety assets (e.g. land and buildings) employed in Rennie Grove Peace s operations. £1.9 million. Investment propety fund. Finances a donated propety held for its capitsl appreciation and rental stream and not used in the day-to-day operations of Rennie Grove Pea. £l.I million, Capital programmes fund. Capital projects 5dentified for the strategic planning peri. £1 million. Strategic iniiiatives fund. Initiattves identified by the EB, and supported by the Trustees, to support our clinical and operational plans as we progress the Group's strategy, £0.5 million. Fixed asset fund. Finances non property tangible fixed assets. £0.4 million. Designated unrestrirted funds at 31 March 2023 totalled £5.2 million Re5tri¢ted Funds Restricted funds are subject to Specific requirements defined by donors and will only be expended In accordance with those requirements. The princlpal Restricted funds totalling £4.1 million at 31 March 2024 were.. Propety fund. Thi5 is repre*nted by the net book value of the Gillian Ktng House and Grove House buildings. £2.4 million. Department of Health grant. To improve facilities at Pea Hospi. £0.6 million. Nurses Cottage Fund. To fund the care of patients in the Great Missenden and Prestwood areas. £0.2 million. Shaw Charitable Trust. To enable the enhanment of key IT systems. £0.2 million. Pepper Foundation/NHS Hospice UK. To fund children's servIs. £0.2 million. Hospice UK grant. To expand 2417 nursing services. £0.2 million. Restricted funds at 31 March 2023 totslled £3.9 million. GOXNG CONCERN The merger of RG and PH brought together two established and financially Sound charities. In implementing the merger of the two charities, the Trustees have placed a high priority on building on these sound financial positions, and retaining finanaal sustainability continues to be a key aim of the Trustees. The consolidated balance sheet of Rennie Grove Peace at 31 March 2024 is considered by the Trustees to be sound. In particular: 241 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The level of unrestricted designated funds, at £4.9 million, and the General ReseNe, at £17.8 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 Peace 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 commlttees regularly review the financial position of Rennie Grove Peace and its subsidiaries. The risk management framework includes monitoring of financial and other risksi policies for funds and the General reserve, and a prOsS of preparing and reviewing cash flow and financial assets positions is in place. The Group has B track record of financial resilien, flexibility, and adaptability. In 2024, we worked hard to combine policies, procedures and prO$se5 of RG and PH so that efficiencies in the futLJre can be achieved. Whilst recognising the challenges to our income generation and the cost base of Rennie Grove pea arising from growing patient nLJmbers and the current economic environment (which could produce an operating defficit in the immediate future), the Trustees are confident that the existing financial strength of Rennie Grove Peace means that our ability to meet our operational responsibilities is unchanged. The Trust&s have conduded, following reviews of the financial tJ)sition and future plans of the Group, that there are no material uncertainties that would cast doubts on Rennie Grove Pea,$ ability to continue its activities for at least the next 12 months. Accordinglyi It is appropriate to employ the going conrn concept in the Consolidated Financial Statements. INVESTMENTS AND INVESTMENT POLICY To provide Confiden in the medium-term financial sustsinability of Rennie Grove Peace, and to provide protection against future unexpected income or expenditure events, Rennie Grove Pea holds financial a5ts in excess of the immediate operational needs of the Charity. As these financial assets are expected to be held for the medium term, they are held in return- 5kIng investment portfolios with the aspiration that the assets produ returns in eXsS of the return available on cash and provide protection against inflation. The assets are predominantly held as marketable securities and carry an element of investment risk. Rennie Grove Pea utilises a regulated investment advisor to advi on the method, type and amount of holdings. Rennie Grove pea has developed Financial Assets Policies which, amongst other matters, descrSbe the objectives and constraints of the investment portfolios, the expected risvreturn chararteristics of the investment portfolios, the requirements of investment advisors, and governance arrangements. A55ets are mainly held as units in the Barclays Charity Fund and totalled £6.3 million at 31 March 2024 (2023.. total £5.9 million with Barclay5 Charity Fund and fuTKIs under the advi of EPOCH). The overall risklreturn profile is considered to be moderate with an investment horizon of more than five years. Trustees meet with investment advisors at least twice-yearly to discuss the asset allocation and perf0rrnan and to assess whether the investment portfoli05 continue to meet the Trustees, objectives. 251 Page
RENNIE GROVE PEACE HOSPXCE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT ON FUNDRAISING Rennie Grove Peace is committed to ensuring its fundraising activity remains open, transparent and accountable. We respert the privacy of our supporters and donors, and adhere to GDPR regulation, seeking opt-in permission to contact by email or telephone and giving supporters the opportunity to refine their contact Preferen5. We welcome feedback. Rennie Grove Pea, RG and PH are all registered with the Fundraising Regulator and committed to the Fundraising Promise and adheren to the Code of Fundraising Practi and are signed up to the Fundraising Preference Service, enabling supporters to opt-out from reIving fundraising communication5. In 2023-24 Rennie Grove Peace received no complaints that required reporting. STATEMENT ON ENERGY AND CARBON REPORTING Rennie Grove pea recognises the importance of making a full and lasting commitment to reducing the greenhouse gas emissions from our activitie5, in sUPPOrt of the wider commitment of the world to limit global teMratUre increases and the Impact on the planet. This is the first year of reporting as Rennie Grove Peace and therefore no prior year comparisons are available. We commit to the following: For our company to achieve Net Zero in line with the Science Based targets set out by the UNFCCC i.e., to achieve Net Zero no later than 2050 and tsrget a 50¥0 reduction in emissions by 2030. To set realistic short- and long-term targets that are designed to achieve our Net Zero commitments. To report the total Greenhouse Gas emissions of our business, at a minimum, on an annual basis. Year Earlier Year If Posslble Commitment to be Net Zero 2050 2045. 50% Emlsslons Reduction 2030 *ln line with NHS requirements Emissions Data The data contalned in the table below represents emlssions calculated and consistent with SECR requirements. Current ReportlnE Year Apr 23. Mar2Jl Energy to#sumptlon used to calculate em1551on5 Ga5 Stope l- kwh 52,300 Energy consumptlun used to¢alculateem1$510Tr5Comp3nv Vèhlcles Scope l- kwh 60,484 26 1 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Energy consumptSon used to lcUlate emlsslons ElpctrlcltyScope 2- kwh 323,397 Total energy consumptlon (Scope5 1 and 21- kwh 436,181 Basis of E)erEY reporting (LOtIOn or Mavketl Market OF totsl energy sourced from ¢ertlfled renewable sources 12.2% Emlsslons from actlvltle5 for whl<h thE company Is re4)onslblÈ Includln8 combustlon ol fuel & operatlon of latllltles- Scopt I Itcoiel 22.6 Emlsslons from purchase DF electrlclty, heat. Steam and coollnE purchased ffor own use- Scope 2 Itcoiel Total Scope l & 2 Emlsslons Itcoiel 58.9 81.5 Intenslty ratlo tCO2e (gross scope l and 21 per empFoyee *The location-based method reflects the average emissions intensity of grids on which energy consumption occurs (using mostly grid-average emission factor data). A market-based method reflects emissions from electricity that companles have purposefully chosen. Thi5 report uses the market-based method to calculate Scope 2 as 58.9 t C02e, This 15 because Bainbridge House is on a REGO backed IOOO/o renewable tariff. The other premises are on standard tariffs. Using the I(atiOn-ba$ed method to calculate Scope 2 emissions equates to 67 t C02e. Carbon Reduction Actions Rennie Grove Peace will develop the following initiatives that will support the company's strategies to meet Science Based Targets: Area of Focus Initiative Engagement of Team To engage the entire team throughout the organi5ation in the Net Zero transition plan and to encourage stsff to 5UPPDrt lower carbon dea5, OPtK)rtunities, and activities. To Introdu è sustainable travel policy encouraging use of public transtKIrt and lower carbon options when practical to do so. Rennie Grove Peace Hospi Care has made the commitment to complete its carbon emlsslon5 dashboard on a regular basis. This is overseen by a member of the Executive Board and shared with the wider team on a quarterly basis. By partnering with Net Zero International, we galn aCsS to their expertlse and support in reporting our emissions and how to reduce them, Including best practlce and insights. Business Travel Emissions Carbon Emisslons Dashboard 271 Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Rennie Grove Peace has.. Rolled out a programme for replament of existing lighting with LED lights'ng. During 2024-25 Rennie Grove Peace are planning to replacelupgrade existing boilers at both Grove House and Peace Hospice sites with condensing boilers which are more energy efficient. Encouraged colleagues to cyde to work with cycle racks installed at both Grove House and Peace Hospice and colleagues can purchase a bike under the "Cycle to Work Scheme." Installed two electric car charger points at Peace Hospice 28 | Page
RENNIE GROVE PEACE HOSPICE CARE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also directors of Rennie Grove Peace Hospice Care ft)r the purwse5 of company law, are responsible for preparing the Trustees, Report and the Financial Statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). Company law requires the Board of Trustees to prepare financial statements ftir each financial year, which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the Board of Trustees is 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 rea50nable and prudent State whether UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the f7nancial statements Prepare the financial statements on the going conrn basis unle55 It is inappropriate to presume that the company will continue in business. The Board of Trustees is responsible for keeping proper accounting records, which disclose, with reasonable accuracy at any time, the financial position of the charitable company and enable it to ensure that the financial statements comply with the Companie5 Act 2006. It is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as each Trusteels aware.. There is no relevant audit information of which the charitable company's audltor is unaware; and The Trustees have each tsken all steps that they ought to have taken to make themselves aware of any levant 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 their willingne55 to continue in office. This report wa5 approved by the Trustees on 5 September 2024 and slgned on behalf of the Board by: Dr Jer Chair er 29 1 Page
RENNIE GROVE PEACE HOSPICE CARE XNDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF RENNIE GROVE PEACE HOSPICE CARE Opinion We have audited the financial statements of Rennie Grove Pea Hospice Care for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash flows and notes to the f5nancial statements, including a Summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Flnanclal Reporting standard appllcable in the UK and Republic ofIreland(United Kingdom Generally ACpted Accounting Prattl). In our opinion, the finanaal 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 2024 and of the Group's net movement in funds, including the income and expenditure, for the year then ended; have bn properly prepared in accordan with United Kingdom Generally Apted Accounting Practice,. and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those Standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulffilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suff5cient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for i55ue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. otherlnformation The Trustees are responsible for the other information. The other Information comprises the information included in the Trustees, Report and the Financial Review. Our opinion on the financial statements does not cover the other information and, expt to the extent otherwise 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 with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material 30 1 Page
RENNIE GROVE PEACE HOSPXCE CARE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 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 mattersprescribed by the Companies Act2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustee5' Report (which includes the strategic report and the dlrectors, report prepared for the purposes of company law) for the financial year for which the financial statement5 are prepared is consistent with the financial statements,. and the Strategic report and the directors, report included within the Trustees, Report have been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exptIOn 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 misstatements in the Trustees, Annual Report (which incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Art 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable companyi or the parent charitable company financial statements are not in agreement with the accounting record5 and returns. or certain disclosures of Trustees, remuneration specified by law are not made,. or we have not received all the inft)rmation and explanations we require for our audit Responsibilities of Trustees for the r Inancialstatements As explained more fully in the Trustees, responsibilities statement (set out on page 29), the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern ba515 of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to ase operations, or have no realistic alternative but to do so. Auditors responsibilities for the audit of the r inancialstatements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran, bul is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misststements 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 decislons of users taken on the basis of these financial statements. Irregularities, including fraud, are instan$ of non-complian with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements 31 1 Page
RENNIE GROVE PEACE HOSPICE CARE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the group and the environment in which it operates, we identified the principal risks of non-compliance with laws and regulation5 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 also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities ALt 2011, FR5102, 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 contro15), 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 instances of non-compliance with law5 and regulation and fraud; Evaluating managemenvs controls designed to prevent and detect irregularities; Identifying and testing journals, in particular journal entries posted with unusual account combinationsi 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. Thi5 risk increases the more that Complian with a law or regulation is removed from the events and transartions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional cOnalMen( forgery, collusion, omission or misrepresentation. A further description of our restx)nsibilities for the audit of the financial 5tstements is IcKated on the Financial Reporting Council's website at: www.fr part of our auditor's report. on s. This description forms 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 compani Act 2006. Our audit work has been undertaken so that we might state 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 acpt or assume responsibility to anyone other than the charitable company and the charitable company's members, as a bodyi for our audit work, for this 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 48 Date.. 23rd September2024 32 | Page
RENNIE GROVE PEACE HOSPICE CARE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds £'ooo £'ooo 2024 Total £'ooo 2023 Total £'ooo Notes INCOME: Donations and legacies Charitable activities Other trading activities Other income Interest r1Vable 6,383 5,142 5,006 657 322 369 6,752 5,528 5,007 659 331 6,905 5,463 4,986 746 80 Total income 17,510 767 18,277 18,180 EXPENDITURE: Raising funds Charitable attivities 6,392 11,711 76 420 6,468 12,131 6,118 10,482 Total expendlture 18,103 496 18,599 16,600 Gain/(loss) on investment property Net gain51(losse5) on investments 13 14 {30) 428 130) 420 (iooi (359) (8) Net income/(loss) (195) 263 68 I,J21 Transfers between funds 19 Net movement in funds: 19 (195) 263 68 1,121 Funds at beginning of year 22,962 3,866 26,828 25,707 Funds at end of year 22,767 4,129 26,896 26,828 The notes on pages 36 to 57 forfft part of these financial statements. Tre Consolidated Ststement of Financial Activ(eS indudes all galns and losse5 recojnised In the year, All amounts derive from conunuing activities. Full comparatlve figure5 for the year ended 31 March 2023 are shown in note 25. 33 1 Page
RENNIE GROVE PEACE HOSPICE CARE CONSOLIDATED AND CHARITY BALANCE SHEETS ASAT 31 MARCH 2024 Company number 14355610 Group Charity 2024 E'ooo 2023 É'ooo 2024 £'ooo 2023 £'ooo Notes FIXED ASSETS Tangible fixed assets Investment protErty Investments 12 13 14 5,290 1,120 6,803 5,412 1,150 6,407 64 6,314 13,213 12,969 6,378 CURRENT ASSErs stock Debtors Cash at bank and in hand 15 16 97 4,823 10,484 86 5,839 9,609 2,298 8,644 15,404 15.534 LO,942 CURRENT LIABIUTIES CREDITORS: amounts falllng due within one year 17 11,721) 11,675) (1,320) NETCURRENT ASSEts 13,683 13,859 9,622 NET ASSFrs 26,896 26,828 16,000 FUNDS UNRESTRicfED FUNDS General reserve other general fund Designated fund5 19 17,804 59 4,904 17,687 59 5,216 14,328 1,564 TOTAL UNRESTRICTED FUNDS 19 22,767 22,962 15,892 RESTRzcfED FUNDS 19 4,129 3,866 108 TOTAL FUNDS 20 26,896 26,828 16,000 The notes on pages 36 to 57 form part of these flnanclal statements. The finandal 2024 and wer tatements were approved and authorised for issue by the Board of Trustees on 5 September d on Its behalf by.. Dr Jeremy ndler (Chairj Jo n Wroe (Trusteej 341 Page
RENNIE GROVE PEACE HOSPICE CARE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 £'ooo 2023 £'ooo Cash flows from operating activities 24 700 1,808 Cash flows from investing artlvitie5 Interest reiVed Purchase of tangible fixed assets Fixed asset disposals Purchase of investments Proceeds from sale of investments 331 (196) 16 (2,6931 2,717 80 1119) 1750) Cash (used in)Iprovided by investing activities 175 {780} Increase (decrease) in cash and cash equivalents in the year 875 1,028 Cash arKI cash equivalents at the beginning of the year 9,609 8,581 TOTAL CASH AND CASH EQUIVALENTS AT THE END OFTHE YEAR 10,484 9,609 The notes on page5 36 to 57 fomi part of these financial statements. Cash at bank at 31 March 2024 and 2023 includes £nll and £3 million, respectivelyi of fixed term deposits with matijrity In ex5 of 3 months. There was no debt during 2024 or at 31 March 2024 (2023.. £nil). 35 1 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES In these financial statements"RGP" and"Ihe Chariv, refers to Rennie Grove Pea Hosp1 Care,"the Group" refers to the Charity and its subsidiaries. Referen5 to 2024 refer to the year ended 31 March 2024. Basis of preparation The financial statements have been prepared in accordan wlth Accounting and Reporting by Charities- statement of Recommended practi applicable to charities preparing their accounts in accordan with the Financlal Reporting Standard applicable in the UK and Republlc of Ireland (FRS 1021 (effective I January 2015) - (Charitie5 SORP (FRS 102)), the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Rennie Grove pea Hospice Care meets the definibon of a public benefit entity under FRS 102. Assets and liabilities are initially rec(MJnised at historical c05t or transaction value unless otherwise stated in the relevant accounting policy notelsl. The presentation currency is pounds sterling. Certain prior year amount5 have been reclassified for consistency with the current year presentation. Business combination The Charity was formed on 14 September 2022 to bring together the aLtivities of Rennie Grove Hosplce Care ("RG") and Pe Hospi Care ('PH"l under the control of a Trustee ty)ard comprising trustees of both charitie5. On 25 January 2023, the Charity acquired ownershlp of these Imo entities for nil consideration. The business CombinaOn was accounted for uslng merger accounting princlples which present the consolidated financial statements as though the Group had always exlsted as currenuy constituted. Merger accountlng was deemed appropriate by the Trustees to present a true and fair view of the combination which represents a genulne coming together of equal pather5. Company status The Charity Is a private company limited by guarantee without Share capital, incorporated in England and Wales (company number.. 14355610) and a charity reglstered in England and Wales (charity number.. 1201713). The Charlty's registered addre55 is pea Hospi, pea Drive, Watford, Hertfordshire, WD17 3PH. Preparatlon of accounts on a going concern basis The Trustees consider there are no material uncertainknes about the Group'5 ablllty to continue as going concern. The review of our financial posltlon, fund levels and future plans for the next two years gives Trustee5 Confiden the Group remalns a going conrn ft)r the foeeable future. Basis of consolidation The consolidated financial statements incorporate those of Rennie Grove pea Hosplce Care arid its wholly owned subsidiary undertakings, detai15 of which are given in note 21. All figures are consolidated on a line-by-line basis. As permitted by sectk)n 408 of the Companles Att 2006, the Statement of Financial Attivities {SoFAI of the Charity is not presented as part of these finanual statements. The surplus of the parent company was £16.0 million in 2024 (£nil in 2023). 36 1 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES (CONTINUED) The prlncipal accounting policies adopted, judgement5 and key source5 of estimatlon uncertainty in the preparation of the financial ststements are as follows.. Income recognition All income is recognised once the charity has entitlement to income, it is probable that income will be received, and the amunt of income re1vable can be measured reliaNy. Donations and legacies Donations and gifts are included In full in the Statement of Finandal ActThiities when there is entitlement, probability of reipt and the amount of income receivable ran be measured reliably. Donations are accounted ftir on a reiVed bas1S. Legacies are recognised on a reCVable basis, when the condltlons of enlitlemenL probability and measurement are met. Where the probability andlor measurement crlteria for legaaes and donations are not satisfied as at the balan sheet date but subsequent events resolve the UnrtaInty such that the criteria are met, an adjustment is made to recognise the Income. Glfts in kind Gifts in kind represent assets donated for dlstribution or use by the charity. Aets given for distribution are recognised as income only when distributed. Assets given for use by the charity are recognised when receivable. Gift5 in kind are valued at the amount actually realised from the disposal of the assets or at the pri the Charity would otherwise have pald ft)r the as*ts. Grants Grants includlng Government Grants are recognlsed In full in the statement of financial activities in the year in which the charity has entltlement to the income, the amount of income re1vable can be measured reliably and there is probabillty of rlpt. Income from charitable activities Income from charitable activities 15 recugnlsed as earned as the related Servi$ are pn)vided. Income from other trading activities is recognised as earned as the related goods are provided. Goods donated ft)r sale are included in the financial statements as income when they are sdd. Investment Sncome Investment income is recognised on a receivable basis On the amounts can be measured rellably. Expenditure Expenditure is recognlsed On there is a legal or construLtive obligation to make a payment to a third party, it is probable that Settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classsfied under the following activity headings: Costs of raislng funds comprlses the costs a$Slated with attrathng voluntary income and the costs of events and the admillistratlon of the Charity shops. Expenditure on charitable artivities comprises those costs incijrred by the Charity in the delivery of its actiwbes and ServIS to Its benefiaades. 371 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES (CONTINUED) Exskndiiure is allocated to the particular aCtity where the cost relates dlrettly to that activity. Support costs cornpri5e those costs which are ne$Sary to the delivery of H05p1 services while not being part of the direct costs and include g0Veman costs, finance, human resources, and offlce costs. SuptN)rt Costs are allocated to each of the aLtivltie5 on the following basis.. premises overheads have been allocated on a floor area bas15 and other overheads on the basis of staff numbers. Irrecoverable VAT is charged as a cost against the acbvity for which the expenditure was incurred. Operating leases Rental charge5 are recognised over the period of which the lease payment falls due. Taxation The Charity is considered to pass the tests set out In paragrdph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordinglyi the Charity is potentially exempt from taxation in respett of income or capital gains reiVed within categories covered by Chapter 3 part I l of the Corporation Tax Act 2010 or Sertron 256 of the Taxation of the Chargeable Gains Act 1992, to the extent that sud) Income or gains are applled exclusively to charitable purposes. Tangible fixed assets Tangible Fixed assets are stated at Cost or deeme(i cost {donated valuation at esMat fair value) less accumulated depreciatlon and irnpairment losses. Assets costing more than £10,000 are capitalised. Depreciatlon Is calculated to write off the costs of the fixed asset by equal in5talments as follows, all stralght Ilne: Freehold land Freehold buildings Car park Leasehold property Leasehold improvements Motor vehicles Fixture5 and fittings Tools and equipment 0% over 50 years from the date of first use over 10 years frorn the date of first Use over the term of the lease over the term of the lease 25Wo - 33WD Straight line 20Wo Straight line 250k _ 33% straight line Investment Property Investment property is freehold building5 which are not expeLted to be u*d in the operations of the Charity or its 5ubsldiaries. Typicallyi they are held for value appreciation or to prowde a rental Income. Investment properties are shown at market value at the balance sheet date. Investments Investments are a form of basic financial instrument and are inltlally shown in the financlal statements at market value. Movement5 in the market values of investments are shown as unrealised gains and 105ses in the Statement of Financial Activities. Profits and105se5 on the sale of investments are shown as reallsed gains and105ses In the Statement of Fi'nancial Activities. Realised gain5 and losses on investments are calculated as the differen between sales prOed5 and their opening carrying values or their purchase value If acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at year end and their opening carrying value. Reallsed and unrealised investment gains and losses are comblned in the Statement of h'nanaal Attivlties. 381 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES (CONTINUED) Financial instruments The Charity only ha5 financial assets and financial liabilities of a kind that qualify as basic financial instrument5. Basic financial instruments are initially recognised at transaction value and subseqLJently measured at their settlement value with the exception of bank loans which are subsequently measured at amortlsed cost Using the effective interest rate method. stock Bought In stock is valued at the lower of cost and net realisable value. Net realisable value is based upcin estimated sellbng Pri less further costs expected to be incurred to completion and disposal. A provision Is made for obsolete and g0w-mong Items. The Trustees have concluded and agreed that the valuing of shops donated goods for resale on reIpt Is imprattical due to the high volume of low value items, lack of stock system ft)r recording the item5 and the adminlstrative cost involved. Instead, the income Is recognised in the accounts when these gS are sold. Debtors Trade and other debtors are recognised at the ttlement amount due after any trade discount 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. Creditors and provisSon5 Credltors 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 settle the obligation can be measured or estimated rellably. Creditors and proM5ions are normally recognised at thelr settlement amount after allowing for any trade discounts due. Funds The General reseNe comprises the accumulated surpluses of unrestricted incoming re50urce5 over resources expended, which are available for use In furtherance of the general objective of the Charity at the discretion of the Trustees. Capltal expenditure is reflected as a transfer from the General reseNe to the Fixed asset fund. Designated funds are unrestricted funds earmarked by the Trustees for spending on new hospi projects. Restricted ftjnds are funds 5ubjert to speclfic conditions imposed by donors. The purposes and uses of the principal restricted funds are set out in the notes to the accounts. Amounts unspent al the year-end are carrled forward in the balan sheet, Employee beneflts Short term benefits including holiday pay are recognised as an expense in the period in which the seN is received. Termination benefits are accounted for on an accrual basis in line with FRS 102. 39 1 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES (CONTINUED) Pension scheme The Group contributes to two defined contribution pension schemes. It also contribute5 to the NHS pension scheme and to a money purchase scherne with guaranteed benefits. Charge5 are made to the ststement of Financial Athvltles as contributions fall due. More details are given in note 18. Estimates and judgements Estimates and judgements are continually evaluated and are based on hisiorical experience and other factors, Including expertations of future events that are believed to be reasonable under the clrcumstances. Although these estimates are Sed on management'5 best knowledge of the amount, events or actions, actual result5 ulbmately may differ from those e5tsmates. There arent any areas that the trustees consider to be significant judgements or sour5 of estimation UnrtaInty. INCOME FROM DONATIONS AND LEGACIES (2024) Unrestricted funds £'ooo Restricted funds É'ooo 2024 Total £'ooo Legacie5 Donations 3,877 2,506 3,877 2,875 369 Total donations and legacies 6,383 369 6,752 INCOME FROM DONATIONS AND LEGACIES (2023) Unrestricted funds £'ooo Restricted funds £'ooo 2023 Total £'ooo Legacles tk)nations 3,886 2,752 3,886 3,019 267 Total donations and legacies 6,638 267 6,905 40 1 Page
RENNIE GROVE PEACE HOSPXCE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE A]VITIEs (2024) Unrestricted funds £'ooo Restricted funds £'ooo 2024 Total £'ooo NHS fundlng from ICBS Rapid Personalised Care Pepper Foundationl NHS England Other tharitable Income 2,631 2,269 2,631 2,269 386 242 386 242 Totsl charitable actlvlties 5,142 5,528 INCOME FROM CHARITABLE ACTIVITIES (2023) Unrestricted funds £'ooo Restrlcted funds £'ooo 2023 Total £'ooo NHS funding from ICBS Rapid Personalised Care Setvi Pepper FoLJndab'on/ NHS England Other charitable income 2,481 2,240 2,481 2,240 426 316 426 308 Total charitable activities 5,029 434 5,463 4. INCOME FROM OTHER TRADING ACTZVITIES (2024) Unrestrirted funds £'ooo Restricted funds £'ooo 2024 Total £'ooo Events Retail trading 622 4,384 623 4,384 Total other trading activities 5,006 5,007 INCOME FROM OTHER TRADING ACTIVITIES (2023) Unrestricted funds £'ooo Restricted funds £'ooo 2023 Total £'ooo Events Retail trading 682 4,300 686 4,300 Total other trading activltle$ 4,982 4,986 411 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 OTHER INCOME {2024) Unrestricted funds £'ooo Restricted funds £'ooo 2024 Total £'ooo Lottery Income other income 574 83 574 85 Total other Income 657 659 OTHER INCOME {2023) Unrestricted funds £'ooo Restricted funds £'ooo 2023 Total £'ooo Lottery income other income 587 159 587 159 Total other income 746 746 EXPENDITURE (2024) Allocated SUPPOrt costs £'ooo Direct staff costs £'ooo Dirert other costs £'ooo 2024 Total £'ooo Costs of raisng donallons and legarie5 Costs of trading and fundraising 963 1,862 327 1,949 338 1,029 1,628 4,840 Raising funds 2,825 2,276 1,367 6,468 Total charitable actlvlties 8,783 1,493 1,855 12,131 Total expenditure 11,608 3,769 3,222 18,599 Induded in the 2024 Direct Staff costs are agency staff cts of £1,682k. Induded in the 2024 Allocated Support Costs are Dirett staff costs of £1,840k of whlch E146k relates to agency staff. 42 1 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE (CONTINUED) (2023) Dirert staff costs Dirert other Allocated support costs £'ooo 158 505 2023 Total £'ooo 652 1,711 £'ooo 237 2,855 £'ooo 1,047 5,071 Costs of mi5ing donations and legaaes Costs of tradlng and fundralsing Raising funds 2,363 3,092 663 6,118 Charitable activities 4,963 3,816 1,703 10,482 Total expenditure 7,326 6,908 2,366 16,600 ANALYSIS OF SUPPORT COSTS 2024 Total £'ooo Management £'ooo Finance Resources Governance £'ooo £'ooo C0515 of ralslng donations and legacies Costs of trading and fu1raising Charitable artivities 28 69 200 41 338 87 157 209 376 608 1,096 125 226 1,029 1,855 Total support Costs 272 654 1,904 392 3,222 2023 Total £'ooo Management £'ooo Finance Resources Governance £'ooo £'ooo £'ooo Costs of rai&ng donations and legacies Costs of tradiThJ and fun(Jralsing Charltable activities 33 92 io 158 108 506 106 398 267 714 24 85 505 1,703 Total support costs 637 537 1,073 119 2,366 43 1 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF SUPPORT COSTS (CONTINUED) GOVERNANCE COSTS INCLUDE 2024 E'QOO 2023 £'ooo Insuran Legal fees Professional fees Other expenses Premises, communications Auditorfs remuneration: Audit serwces other *rVi5 72 12 254 43 26 41 37 392 119 NETINCOME 2024 £'ooo 2023 £'ooo Net income is stated after: Auditors, remuneration Audit seN15 Other services OkErating lease rentals Land and buildlngs Depreciation 41 37 935 302 928 362 STAFF COSTS 2024 Number 2023 Number The average monthly number of employees during the year was.. Dlrect charitable work Fundraising donallon5 and legacles Fundraising trading (shop staff) Management and administratlon 137 25 76 50 129 19 87 288 295 Employment Costs in re5pett of the staff above were.. 2024 £'ooo 2023 £'ooo Wages and salaries National insuran Pensions Other costs 9,678 881 633 428 8,717 814 544 326 11,620 10,401 Redundancy payments of £19k were made in 2024 (2023.. £5k). 441 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS (CONTENUED) The number of employees whose emoluments, exduding employer's pension contrlbutions and employer s natlonal Insuran contributions, were over £60k during the year was.. 2024 Number 2023 Number £60,001- £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £lOO,000 £ioo,(X)O to £iiO,000 £IIO,001 to £120,000 £120,001 to £130,000 io Durlng the year, penon contributions for the higher paid etnployee5 noted above was £61k 12023.. £52k). The total employee berEfits of the key management personnel of the Group and Charity were £701k (2023- £972kl. The classification of key management personnd was revised in 2024 10 include only members of the Executive Board. 10. TRUSTEE REMUNERATION The Trustees did not re1ve any remuneration during the year 12023: £nill. The Trustees were not reimbursed any travel costs during the year {2023'. £nill. 11. TAXATION The Charity is exempt from corporatlon tax as all its Income is charltsble and is applied for charitable purposes. 45 1 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. TANGIBLE FEXED ASSETS Group Fixtures and Tools and fittings equipment £'ooo £'ooo Land and buildlngs £'ooo Leasehold improvements £'ooo Motor vehicles £'ooo Total £'ooo Cost At l Aprfl 2023 Additions Disp05als 7,181 301 1,262 689 168 (83) 118 27 (421 9,551 196 11251 At 31 March 2024 7,181 301 1,263 774 103 9,622 Depreciation At l April 2023 Charge for the year Di5P05als 2,112 126 263 1,124 91 559 65 {83) 81 12 {26) 4,139 302 (109) At 31 March 2024 2,238 271 1,215 541 67 4,332 Net book value At 31 March 2024 4,943 30 48 233 36 5,290 At 31 March 2023 5,069 38 138 130 37 5,412 Charity Fixtures and Tools and flttings equipment £'ooo £'ooo Land and buildings £'ooo Leo5ehold Improvements £'ooo Motor vehicles £'ooo Total £'ooo Cost At l April 2023 Additions Dlsposals 41 27 68 At 31 March 2024 41 27 68 Depreciation At l April 2023 Charge for the year Disposals At 31 March 2024 Net book value At 31 March 2024 39 25 At 31 March 2023 46 | Page
RENNXE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. INVEsfMENT PROPERTY Group Charity 2024 £'oo 2023 £'ooo 2024 £'ooo 2023 £'ooo Market valuation At l April Additions Gains/{losses) on rewdluation 1,150 1,250 iioo) (30) At 31 March 1,120 1,150 Following a legacy notfficatlon receThfed In May 2021, a property was transfer to RG ownership in luly 2022. The estimated market value at the date ownership transferred was £1,250k. The value of the property wa5 adjusted at each year end based on a professlonal appraisal performed as of 31 March 2024 and 31 March 2023, respectively. 14. INVESTMENTS Group 2024 £'ooo Charlty 2024 £'ooo 2023 £'ooo 2023 £'ooo Listed investments Unlisted investments 6,544 259 6,148 259 6,314 6,803 6,407 6,314 Group Charity Listed investments 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Market valuation At l April Additions Donation from RG Disposals Gain5lllosses) on investrnents 6,148 2,693 5,766 750 2,693 3,535 {2,717) 420 (8) (360) At 31 March 6,544 6,148 6,314 Historical cost of Ilsted inve5tment5 6,451 6,178 6,228 Llsted Investments As at 31 March 2024, the Group holds £6.3 million in medium term investments in the Barclays Charity Investment Fund (2023: E5.9 milllon Sn Barclays and funds under the advi of EPOCH). In addition, RG owns 219,015 UK Government bond5 which were donated to RG by The Nurses Cottage Trust when this charity was dosed. These bonds are valued at £226k at 31 March 2024 {2023: £234k>. unlisted Investments RG owns 28 shares of £1 nomlnal value each in The Hosp1 Lottery Partnership Llmlted, a company registered in England and Wales carrying out fundraislng actlvity. The investrnents are Included the finanaal statements at C05L 471 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. INVESTMENTS (CONTINUED) Unlisted Investments (Continued) Each participating hospice has a representative on The Hospice Lottery Partnership board. During the year to 31 March 2024, The Hospi Lottery Partnership Limited made donations to Group companies totalling £400k (2023.. £400k). As at 31 March 2024, £nil was due to the Group from The Hospi Lottery Partnership (2023.. £nil). 15. STOCK Group Charlty 2024 2023 £'ooo £'ooo 2024 £'ooo 2023 £'ooo Bought in goods for resale 97 86 16. DEBTORS Group Charity 2024 2023 £'ooo £'ooo 2024 £'ooo 2023 £'ooo Trade debtors Prepayments and actnjed legacy Income Income tax recoverable VAT Intercompany debtor5 Other debtors 1,330 2,857 52 241 180 5,450 37 73 1,980 50 147 loo 21 343 99 4,823 5,839 2,298 17. CREDITORS: amounts falling due within one year Group Charity 2024 £'ooo 2024 £'ooo 2023 £'ooo 2023 £'ooo Trade creditors Taxation and social security Pensions Accruals and deferred income Intercompany credltors Other creditors 490 225 171 829 558 87 88 932 149 225 169 508 268 io 1,721 1,675 1,320 Accrijals and deferred Income indude defr income as follows- Group Charity 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo At l April Amounts deferred in the year Atnounts released in the year 515 436 1515) 500 492 (477) 254 436 515 254 At 31 March 48 1 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 18. PENSION COMMITMENTS During the year, Group companies contributed to four pension schemes on behalf of their employees. The NHS Penslon Scheme The Pensions Trust Growth Plan The Stsndard Life defined contribution scheme The Now penSn Scheme contr1ttiOnS to each scheme are charged to the Statement of Flnancial Actimties as they arise. The NHS Pension Scheme Hospi staff who were members of the National Health Seryice Penslon heme are allowed lo continue their membership while employed by any of the Group charitie5. Contributions are made by both employee and employer. As this is a multi-employer scheme, it is not p0sble to identify any one Institution's share of the underlying liabilities. The Scheme is therefore accounted for as a defined contribution scheme and contributions are accounted for as they fall due. The Scheme accounts can be viewed on the NHS Pension Agency website at www.nhsbsa.nhs.uk or obtained from The Stationery Offi. The Group's current empbyÈr contribution rate is 14.38% of a total amount of 20.68Yo for which the remaining part 6.3% is Met by the Department of Health. The rate is set on the advice of the Government Actuary. £40k contributions were outstanding at 31 March 202412023: £26kl. The Pensions Trust Growth Plan Several RG employees bdong to a money purchase scheme wlth guaranteed benefits. Contributions are made by both employee and employer In accordance with the rules of the scheme. As this is a mulli-employer scheme, it is not possible to identify any one institutlon's share of underlying assets and liabilities. The scheme 15 therefore accounted ft)r as a defined contribution scheme and contributions are accounted for as they fall due. A deficit was Identified and a ten-year deficit reduction plan has been agreed, into which the Group pays a sum of £44 per annum. The most recent estimate as at 30 September 2022 shows that a liabillty of £21k would arise If RG withdrew from the Plan12023.' £21k). This liability has been provided for in the financial Statements. £2k In penslon contributions were outstanding at 31 March 202412023.. £2kl. The Standard Life Scheme For other fomier RG and new RGP Staff, the Charity provides a defined contribution scheme operated by Standard Life. Contributions are made by both employer and employee in accordance with the rules of the scheme. The penson contributlons outstanding at 31 March 2024 totalled £96k (2023.. £40k) NOW: Pensions For other former PH staff, the (harity has operated a group tErsonal {money purchase) pen51on scheme, NOW.. Pensions. Contributions were made by both employer and employee in accordan with the rules of the scheme. £33k contribubons were outstanding at 31 March 2024 {2023.' £31k). The a55ets of both the Standard Life and Now.. Pensions schemes are held separately from those of the Charity in independently administered funds. The Charity has no liability beyond making its contrlbutions and paying across the deductions ft)r the employee contributions. 49 1 Page
RENNIE GROVE PEACE HOSPXCE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. FUNDS (2024) Gains, 105ses and At31 transfers March 2024 £'ooo £'ooo At l April 2023 £'ooo Income Expenditure £'ooo £'ooo GROUP Unrestricted funds General reserve Accumulated profits of Subsidiary 17,687 17,298 (L7,428) 247 17,804 59 212 (212) 59 Designated funds Investment propety fund Fixed asset fund Merger implementatlon fund strategic Initiatives fund Property fund Capital programme fund 1,150 342 212 500 2,012 1,000 (301 181 1,120 347 1176) 1212) 5LX) 1,937 1,000 (75) Total unrestricted funds 22,962 17,510 (18,103) 22,767 Restricted funds Property fund Pepper Foundationl NHS Hospice UK funding Nurses Cottage Fund Departfnent of Health grants The Shaw Charitable Trust Hospi UK grants other restricted funds 2,424 134) (180) 2,390 206 146 226 616 197 198 150 386 146 234 633 65 285 79 (9) (17) (65) (87) {104) (8) 197 175 Total restricted funds 3,866 767 {496) (8) 4,129 Total funds 26,828 18,277 (18,599) 390 26,896 501 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. FUNDS (CONTINUED) (2024) Gains, losses and At31 transfers March 2024 £'ooo £'ooo At l April 2023 £'ooo Income Expenditure £'ooo £'ooo CHARITY Unrestricted funds General reSee Accumulated profits of subsidiary 25.831 (10,021) 11,482) 14,328 Designated funds Investment property fund Fixed asset fund Merger implementation ftjnd strategic initiaveS fund Property ftjnd Capitsl programrne fund (4) 68 64 5CX) 500 1,000 1,000 Total unrestricted funds 25,831 (10,025) 86 15,892 Restrirted funds Propety fund Pepper FoundationlNHS Hosplce UK funding Nurses Cottage Fund Department of Health grants The Shaw Charitable Trust Hospice UK grants Other restricted funds iii (3) 108 Total restricted funds iii (3) 108 Total funds 25,942 {10,0281 16,000 511 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. FUNDS (CONTINUED) (2023) Galns, losses and At31 transfers March 2023 E'ooo £'ooo At l April 2022 £'ooo Income Expenditure £'ooo £'ooo GROUP Unrestricted funds General reseNe Accumulated profits of subsidiary 13,375 58 17,256 210 {15,593} (209) 2,649 17.687 59 Deslgnated funds Legacy investment fund Investment protty fund Fixed asset fund Building refurbishment Digitsl transformation Merger implementation fund Strategic initiative5 fund Revaluation reserve Operational reserve Propeity fund Capital prOgrame fund 3,772 {3,7721 1,150 309 (3001 (5001 212 500 161 (1,3801 (4321 865 1,150 342 90 300 500 (57) 212 500 J,380 2,444 135 2,012 1,000 Total unrestrlcted funds 22,060 17,466 (15.859) (705) 22,962 Restrirted funds Property fund Pepper FoundatlonlNHS Hospice UK funding Nurses Cottage Fund Department of Health grants The Shaw Charitable Trust Hospi UK grants Other restricted funds 2,458 (34) {426) (16) (9) (17) 2,424 426 16 146 273 650 146 234 633 65 285 79 (39) 65 285 120 198 {239) Totsl restricted funds 3,647 714 {741) 246 3,866 Total funds 25,707 18,180 {16,600) (459) 26,828 CHARITY The Charitable Company was formed in January 2023 and had no artlvltles generatlng income or expenditure in the period to 31 March 2023. As a re5uIt, no COMparave Charlty Funds ststement for 2023 is presented as there is no Charity income or expendbture to report. DESIGNATED FUNDS The Trustees have deslgnated the following unrestricted funds at 31 March 2024 and 2023: Investment property fund FInanS a donated property held for its capital appreciation and rental stream and not used in the day-to-day operation of the Group. 521 Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. FUNDS (CONTINUED) Fixed asset fund Finances the net book value of fixed assets other than protErty. Merger implementation fund Represented by key proierts neSsarY to successfully implement the merger. strategic initiatives fund Inltiatives identified by the Executlve Board, and supported by the Trustee5, to suppr>rt clinical and operational plans to priNJress the Group's strategy. Property fund Finances the net book value of the pea Hospi, excludlng the element of the property fInand by the Department of Health. Capital programme fund Capital projects identified for the strategic planniro periiNJ. RESTRICTED FUNDS Property fund The Propety fund represents the net book value of Gillian King House, a freehold property purchased through a gift from a trust in November 2002 to accommodate the nursing and support teams operating in the South Bucks area, and the Grove House prernises, which 15 a leasehold property, subject to a lease from the Department of Health for 99 years from 1991. The construction and subsequent extensions of the premi5e5 have been financed mainly from grants and donations made for these specific purposes. Pepper FoundatlonlNHS The Pepper Founcfation and Department Df Health funds are received towards the salaries and expense5 of the paediatric H05pice at Home team and the fatnily support SeN1$. Hospice UK funding Grants to support the expanslon of the 2417 nursing care serv(ce. Nurses Cottage Fund In May 2018, RG recewed a donation from The Nurses Cottage Trust consisting of treasury stock and cash. The balan consists of the treasury Stock which 15 adjusted to market value at each year end. The Trustees have approved the use of any earned interest on dinical care in the Great Mlssenden and PrethocNJ areas. Department of Health grants Grants made to fund expansion and improvement to facllities at PH. The Shaw Charitable Trust Grants to enable the enhanment of key IT systems. Hosplce UK grant$ For collaboratlon and data analytics projects. otheT restricted funds Other restdcted funds cons1St of smaller grants and donations given for spedflc purposes or wojeLts. TRANSFERS During the year, Enil was transferred from the General reserye to Restricted furK15 (2023: £285k}. The Capital programtlle fund of £l,OOOk and Strategic inbtiatives fund of £500k will now be srknt by RGP and therefore have been unde5ignated in 2024 by RG and PH and designated by RGP. 53 | Page
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. ANALYSIS OF NET ASSETS BY FUND {2024) Unrestricted funds £'ooo Restricted funds £'ooo Total É'ooo GROUP Tanglble fixed assets Investment property Investments Other nel assets 284 1,120 6,577 12,786 3,006 5,290 1,120 6,803 13,683 226 897 Total net assets 22,767 4,129 26,896 unstrICted funds £'ooo Restricted funds £'ooo Total £'ooo CHARITY Tangible fixed assets Investment prortY Investments Other net assets 64 6,314 9,514 6,314 9,622 108 Total net assets 15,892 108 16,000 ANALYSIS OF NET ASSETS BY FUND (2023) Unrestricted funds £'ooo Restricted funds £'ooo Total £'ooo GROUP Tangible fixed assets Investment propety Investments Other net assets 2,355 1,150 6,173 13,284 3,057 5,412 1,150 6,407 13,859 234 575 Total net assets 22,962 3,866 26,828 CHARfTY The Charitable Company was fomied in January 2023 and had no activities in the period to 31 March 2023. As a result, no comparative Charity Analysis of Net Assets by Fund for 2023 is presented. 541 Page
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RENNIE GROVE PEACE HOSPJCE CARE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
22. RELATED PARTY TRANSAcfioNS
The (harity has six subsidiaries detailed In note 21 above.
During 2024, £3.5 million of investments held by RG were donated to RGP (2023.. £nil). Cash of £10.5
mlllion and £6 million was donated to RGP by RG and PH, re5pecbvely12023- £nll). lain Rennie Hospice
Seryices made donations to RGP of £107k12023.' £nil).
s at 31 March 2024, RGP owed £142k to PH and £126k to RG (2023: £nil}- As at 31 March 2024, lain
Rennie Hosp1 servIs owes £IOOk to RGP {2023'. £nill.
23. FINANCIAL COMMITMENTS
As at 31 March 2024 the Group was committed to maknng the folk)wing payments under n[n
RENNIE GROVE PEACE HOSPICE CARE NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (2023) Unrestricted funds £'ooo Restricted funds £'ooo Total 2023 £'ooo Notes XNCOME: Donations and legaaes Charitable activities Other trading activities Other Interest recqvable 6,638 5,029 4,982 746 71 267 434 6,905 5,463 4,986 746 Total income 17,466 714 18,180 EXPENDJTURE: Raising funds Charitable activities 6,118 9,741 6,118 10,482 741 Total expenditure 15,859 741 16,600 Loss on investment property Net gainsl(1055es} on investments 13 14 (ioo) (320> {ioo) {359) (39) Net Incomel(loss) 1,187 (66} 1,121 Transfe between funds 19 {285) 285 Net movement in funds.. 19 219 1,121 Funds at beginning of year 22,060 3,647 25,707 Funds at end of year 22,962 3,866 26,828 57 1 Page