St Peter's Hospice Annual Report and Financial Statements For the Year Ended 31 March 2022 Registered Charlty number 269177 Registered company number 1191227 The Trustees present their report and the audited consolidated financial statements for the year ended 31 March 2022. This report and financial statements comply with current statutory requirements, with the requirements of the Charity's governing document, and they have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (FRS 102) and Charity SORP. Contents Chairman's Report Trustees. report Our Objectives and Activities strateglc Report Structure, Governance and Management 17 Statement of Trustees, Responsibilities 21 Independent Auditor's Report 22 Financial Statements Consolldated statement of financial activities (incorporating an income and expenditure account) 25 Consolldated and Charity balance sheets 26 Consolidated statement of cash flows 27 Notes (forming part of the flnanclal statements) 28 Legal and administrative information 48 I st Peter's Hosplce report and accounts 202V22 Chairman's Report After a turbulent pandemic year, I am pleased to present such a positive annual report and accounts for St Peter's Hospice for the year ended 31 March 2022. 1 am equally pleased to report such positive plans for the hospice going forward. The COVID-19 pandemlc brought exceptional uncertainty through the whole year, with rollercoaster of surges in community infectlon rates, ever changing government guidance, and the cumulative effects of pressure, stress and anxiety on our people. We developed a framework for the decompression/recuperation of our teams. While there was a good deal of support for individual employees (Including employee assistance scheme, well-belng programme and clinical supervision), we set out to provide teams wlth the guldance and resources to recuperate from the effects of the pandemic. Recuperatlon activities included team reflection, team learnlngi social activities and leave. As word got around, we provided our recuperation framework to local civic authorlties, health and care partners, hospices, the chamber of commerce, businesses, universlties and charities. We sought to shift the hospice focus and attention towards our plans for the future by publishing a Strateglc Plan along with 'supporting strategies. for each area. In the autumn, we started to move out of the 'interim positlon, that we had adopted during the pandemic. This meant recruiting posts that had been left vacant and starting to re-open the 5 x closed inpatient unit beds. We took the opportunlty to re-open the closed beds a5 nurse-led non-complex beds, with a view to taking a test-and-leam approach. In due course, we will determine the optimum mlx of complex and non-complex beds in the inpatlent unit. We have successftjlly consolidated our financlal posltlon. As this year closes, we have taken a number of unprecedented declslons aimed at helping our teams to recover from the effetts of the pandemic, to support our wider health and care partners as they endeavour to deliver services, and to invest in our hospice services and systems. We plan to operate a deficit budget in 2022123, wlth the Intention of contlnulng to do so for the next 2 3 years. We wlll cover those deficits from a speclally designated reserve. We also intend to deliver a programme of service enhancements over the same period. We wlll look to see where we can enhance our services to do more for our beneficiaries, to ease the pressure on our teams and to 5UPPOrt our wider partners. We will fund these service enhancements through a further designated reserve. In addition, we wlll manage a prograrnme of projects to improve our services, systems and facilities, funded through another designated reserve. We will monitor the progress of these budgets, servlce enhancements and projects, with keen eye on long term financial sustainability. We intend to maximise our spend on current services through the careful targeted application of designated reserves, while maintaining our longer term flnanclal sustainability. We could not do what we do without our magnificent staff and volunteers. We have an excellent Board of Trustees who have exercised effective balanced governance through the pandemic. We are incredibly fortunate to have such committed communities of supporters and donors who have supported us so generously. St Peter's Hospice has proven to be well-led, well organised, adaptable and resilient. We now look forward to a much more positive and exciting future as we look to make use of our reserves to support our patients, staff and our wider health and care partners. Peter Goyder Chairman 2 St Peter's Hospicè report and accounts 2021122 Trustees, Report Our Objectives and Actlvltles St Peterf5 is Bristol'5 only adult Hospice. We provide speclallsed care and support for patlents with severe and progressive disease where curative treatment is no longer possible. Our commltment is to Improve the quality of life of patients while extendlng care and support to their relatives. This yea r 20010 (2021: 14Vo} of our expenditure was funded by our local NHS CCG commlssioned contract. The Charity's purpose Is set out in the company's Articles of Association, whlch were reviewed in 2014 and adopted on 26 February 2015. It Is to promote the relief of sicknes5 and in particular to provlde services to support the physical, psychological, social and spirltual needs of those affected by Ilfe-llrnltlng illnesses. We have interpreted these aims through our Ambition, Purpose, Strategic Intentions and Values. Ambition Our ambltlon Is to support people to live well until the end of life. Purpose Our purpose is to give adults in our communities the support, comfort and dignlty they need at the end of their life. strateglc Intentions We have set our strateglc intentlons: Be the best we can be Be responsive and strive to keep Improving. Strengthen our commitment to well-being, Inclusion, equalltyi diversity and the environment. Develop our colleague5, leaders, managers, teams and partners. Grow our distinctive reputation as an icon of Bristol. Maximlse the use of volunteers to enrich our services, Be sustainable (income matches costs) and resilient (wlthstand shocks) Sustaln the ethos of holistic care, whilst balancing affordability and productivity. Bulld a dlverse, innovative and sustainable fundlng portfolio. Develop the case for Improved statutory funding. Over time, ensure our cost base matches our income. Manage our cash, reserves and investments well. Build collaboratlve services that reach all communitles Provlde great community and inpatient care, every day. As leaders of end-of-llfe-care, build strong relationships with the NHS. Work collaboratlvely with partners to Integrate our services. Provide collaboratlve, flexible and responsive servlces. Share our expertise, role model best practice and educate colleagues. 3 St Peterfs Ho5plce rekK)rt and accounts 2021122 Values Excellence - to strive to be the best we can, listen, learn and innovate. Compasslon - to show understanding and care In everything that we do. Respect - to value everyone and embrace the value of our differences. Passion - to be proud of our work and the Impact we have. Collaboratlon relationships, to work as one team built on shared goals and effective Main Activltles We provide a number of seNlces free of charge in Bristol, North Somerset, South Gloucestershire (BNSSG) and Bath and North East Somerset to people suffering from life-limiting Illnesses and those affected by this such as families and carers. These services include: a 15-bed Inpatient Unit staffed by a specialist palliative Ca￿ multi-disciplinary a Day Servlces programme, whlch alms to provide a therapeutlc environment to support patients in living wlth their illness (currently delivered virtually). A med ical team providing sUPPOrt to a range of clinical services. Hospice at Home, providing hands-on care for patients in their own homes in the last days of life. Communlty Nurse specialists who visit patients in their own homes; Patient and Family Support which provides social work, spiritual, bereavement and therapy support to patients, famllies and carers. 2417 Advice Line open to all callers including health professionals and people not registered as St Peter's patients; and Education Department which provides education to Internal staff and other health professionals (including nurses, doctors, care homes, ambulance staff). Ensuring our work delivers our alms The strategies, intentions, plans and activities of the Charlty are revlewed contlnuously through the governance cycle of board meetlngs, committee meetings, workshops and away days. This year, we completed the governance improvements that came OLft of the recommendations from the external Governance Review that had been undertaken by the Centre for Charity Effectiveness in late 2020. We have referred to the guidance contained in the Charity Commisslon's general guidance on public beneflt when reviewlng our aims and objectives and in planning our future activities. How our actlvltles deliver public benefit Our chariiable activities are focussed on offerlng free hollstic care, support and advice to patients, famllles and loved ones affected by life-limltlng Illnesses across Bristol, North Somerset, South Gloucestershlre and Bath and North East Somerset. Our activities are undertaken in pursuit of our charitable purpose for the public beneflt. Our work often continues with families, loved ones and carers after the patient has died. 4 St Peterfs Hosplce report and accounts 202V22 Strategic Report Achievements and Performance The most significant achievement of 2021/22 was sustaining our full range of patient servlces through the uncertainties, turbulence and pressures of the pandemic. We sustained our community services through a mix of horne vislts and vlrtual sesslons. Over the first half of the year, we malntained the Inpatient unit at 10 beds a5 an 'interim position,. By the Autumn, we started to unwind that position and decided to re-open the beds. The day servlces remained a virtual Service. The 24/7 Advice Line operated wlthout interruption, with very high levels of demand. We sustained family visiting to our inpatient unlt throughout the pandemic. No patlent contracted COVID from our staff or volunteers. All of thls represented a tremendous collective achievement. We consolldated our financial positlon through strong recovery in our retail and fundraisingi careful management of our resources, . and further government grant support to hospices. We ended the year in a positive posltion and have set out exciting future plans for budgets, a programme of servlce enhancement5 and a programme of projects almed at Improving services, systems and facilities. We are intending to fund those budgets and programmes through a series of deslgnated reserves. Our staff and volunteers have been magnlflcent across our clinical teams, sUPPOrt teams, retail, fundraising, etc. Generallyi they have been resilient, committed, dedicated and resourceful. Nevertheless, the length of the pandemic and the endless pressures, anxieties and stresses have had a cumulative effect. As time has gone on, the issues have been less about the risk of contractlng severe COVID illness and more about the tlredness, weariness and exhaustion from many months of pressure. The most significant pressures have been felt by teams when slgniflcant numbers of team members have been absent due to sickness and isolation. Early In 2021, we developed a framework for the decompression/recuperation of our teams. We set out to provide teams with the guidance and resources to recuperate from the effects of the pandemic, as a team. Recuperatlon activities Included team reflectlon, team learningi social activities and leave. A5 word got around, we spent a lot of time sharing our recuperation framework wlth local civic authoritie5, health and care partners, hospices, the chamber of commerce, businesses, unlversities and charities. In late 2020, we had cornmi5sioned an external Governance Review by the Centre for Charity Effectiveness. Through 2021122, we managed and tracked a programme of improvements based on the report recommendatlons. We took the opportur)ity to review and improve our executive ways of worklngi including the development of quarterly programme revlews underpinned by our strategies and a balanced scorecard. We took the opportunlty of a number of trustees corning to the end of their terms, to recrult a wider range of diverse lived experlences within our Board of Trustees. We launched a pay review which sought to develop a pay policy, pay principles, to address the sense that hosplce pay had fallen behind over a number of years, and to consider the cost of Ilvlng crlsis that erupted after the pandemlc and wlth the Russian invasion of Ukralne. We wlll conclude the review in early 2022123. The budget p5ans for 2022123 include a provision to cover the implementation of the pay revlew. 5 St Ptterfs Hosplce report and accounts 2021122 Patlent Servlces Patient care artivity Servlce Actlvlty 2021/22 2020121 0/0 Change Comments Access team Triage of referrals to service External Advice Llne Calls from patient, families, and health care rofessionals Internal Advice Line 2,848 2,479 +15% AC￿$$ team and Medical Team 4,715 4,552 +4Wo This number includes the number of calls coming in and the follow-on calls needed to resolve the concern Medical Team 1,742 1,843 -5% These a￿ calls fmm the Aecess and CNS Team requesting specialist advice about a community patient, or direct external calls requestlng Consultant advice. Community Nurse ecialist Communlty Nurse ecialists Inpatient Unit Inpatient Unit Face to Face visits 2,618 1,737 +51010 Telephone Consultations 22,966 20,553 +12U/o Bed occu anc Bed days occupied 94010 89% +5% 3,417 3,754 -90/0 The inpatient unlt occupancy days have decreased from 20-21 as 20-21 started with 15 beds which reduced to 10 in Sept 2020. New larger model of HAH commenced 0610412021. Patients receive a package of care for up to the last 4 weeks of Ilfe. Virtual servi￿5 were only running for 6 months in 2020-21 Hospice at Home Patients cared for under Service 759 509 +490/0 Day Services Vlrtual service attendance 1,030 463 +122% 2021-22 has been another challenglng year for patient services due to the pandemic. We had made the most of the signlficant adoptations to servlces In 20-21 as the pandemic arrived, but high levels of sickness and staff isolation continued to have a blg impact, and the team were working in a wider health care service that was faced vlith significant resource issues. In line with all health care services we have found it more difficult to recruit and have had increased vacancies across the team. Not surprislngly we have seen a big increase in referrals thls year, as external health care professionals look for as much support for patients as possible. The Advice Line has remained very busy, it Is very valued by patlents, families, and health care professionals. Calls to the line have had a small increase in 21-22, but It is of note that the percentage Increase in calls pre-pandemic from 2019120 Is an 80Yo 6 St Peterfs Hosplc• report and accounts 2021122 increase, and for the medical team a 36010 increase. We have needed to add extra resource with bank staff and overtlme to meet the demand, which the CCG supported with a one-off payment of £88k from wlnter pressure money. The Community Nurse Specialists have worked within very stretched community provision, continulng to offer essential support and advice to patients and families, GPS, and District Nurses. The level of Input each patient has needed has often been higher, as the challenges of the pandemic have meant patlents have had less health care professlonal contact than pre-pandemic. The team had several retirements and maternity leave absences in the previous year 20121 but have successfully recrulted and their capacity has Increased in this flnancial year. The increase In face-to-face visits is evident this year, as both the strlctness of lP&C guidance has reduced and patientslfamilles have felt more confident in letting clinicians vi51t thelr homes. The team will continue with a balance of face-to-face and phone consultations, to support caseload efficiency, and to be able to prioritise those most In need. The Inpatient Unlt ha5 remained at 10 beds but we are now actively recrultlng to open the remaining five. We have worked hard to learn from our experiences of the pandemic and will re-open the 5 closed beds under a new model of nurse-led beds. These beds will SUPPOrt patients who have less complex symptom Issues and have a preference to die in the hospice. Thls model will also release more Consultant time to support communlty patients and external health professlonals. The challenges of staffing a 2417 service within a pandemic have continued with staff absences due to sickness and isolation regulations. However, the staff have been outstanding in their flexibility to cover shifts and work differently. It is of note that the average occupancy across the year was 940A, thls is considerably higher than the natlonal hospice average. We are very reassured that no patient or family member has contracted COVID-19 from their contact with the hospice, at any stage during the pandemic. A new model of the Hospice at Home service commenced on 6th April 2021, when staff from 3 small communlty End-of-Life Care Teams joined together wlth the original Hospice at Home team to become one larger conslstent service. The ambitlon of the service was to offer an equitable service to patients in their last 4 weeks of Ilfe across BNSSG and Bath and North East Somerset based on prlority of need. Desplte it being a dlfficult time to bring 4 unique services into one, (inheriting significant vacant posts) the new combined team have worked hard to embed new processes, a new model, and recruit to capacity. The new service is more focussed on delivering packages of care to patients in the last days of life than the previous model, and the team have supported 759 patients to remain at home wlth support over the 12- month period. We look forward to revlewlng our first full year and continulng to develop the best model for our patients. Our Day Service team has conslsted of a very Small team of staff and volunteers delivering a virtual service since September 2020. Slnce then, the range of virtual services has Increased, offering wellbelng, carers support, a virtual drop in, and some groups are run informally by our volunteers such as qulzzes, relaxation, and a spiritual care session for people of all faiths or none. Patients and carers have really valued the support and companionshlp the servlce has offered as many have felt very isolated. We had 265 responses to our patient survey (www.iwantgreatcare.com); of these responses, 880/0 rated the service they recelved as'very good,, and 60/0 'good'. We have received 9 written and 2 verbal complaints, and 11 concerns that were resolved at the time they were raised. In addition to the positive feedback through I Want Great Care, we received 193 written compliments (cards, letters, and emails) and many more vla social media. Education The Education department Is a key resource wlthln St Peter's, focussed on improving the standards of end-of-llfe care within our own staff as well as external health professionals. 7 St P•terfs Hospice rewrt and accounts 2021122 During the pandemic, much of our activlty has been carried out online, ensuring that our teams and external customers have contlnued to recelve the trainlng and development that they need. Our online activlty and eLearning are all under review to ensure that we remain up to date and that trainlng Is approprlate to our setting. We are currently reviewing our clinical training and development with a view to achieving g reater Synergy with our Clinical Quality Improvement team and ensu ring that our teams are kept up to date on cllnical developments, legal changes and current practice. Supporting and funding the Hospice Fundralslng 2021122 continued in much the same veln as the previous year, wlth high levels of uncertainty and a lack of confidence in traditional income streams. There was a sense of optlmlsm In the general publlc Insplred by the rollout of vacclnes and eases In restriction5 but that was counteracted by the emergence of variants and the introduction of Plan B. Our communitles continued to feel turbulent and that was reflected in our income too. As restrictions eased there was more demand for events and outdoor activities than In the prevlous year, leading to an Increase In third partyi runs and challenges event income. But simultaneously the initial charitable response to COVtD- 19, which favoured domestic and particularly health charities, started to level off and the pots of funding that had been established began to run out, making for a challenging fundralsing year. Overall our fundraising activitles generated income of £2,805,000 (2021: £2,974,000). Net income was £1,846,000 (2021: £2,147,000). The two main areas affected by the slowdown in pandemic response were donations from Individuals and charitable foundations. Our individual donations income stream increased 63¥0 in 2020121 from £449,000 In 2019120 to £731,000 In 2020/21. The 2021122 year saw levels fall back towards normal £514,000 Indicating that the concern that supporters felt for the future of the Hospice is beginning to subside as we start to emerge from the pandemic. Equally, the provislons made by many grant giving bodles to support healthcare charities in the depths of the pandemic had a significant effect on our income from charitable foundations in 2020121, with income increasing 220D/o from £173,000 to £553,000. Income from charltable foundations fell in 2021122 to £388,000, although this is a hlgher level than In previous years. Income from community fundraising events, including both Hospice-led events and those organi5ed by our supporters, performed better than expected in 2021122 with a year-on-year Increase of £252,000 to £747,000 (2021: £495,000). Like many across the sector, and indeed more widelyi the effects of the 'g￿at resignation, were felt across the fundraising team with a vacancy factor of up to 400/0 at tlmes across the year. The team continued to show great resilience and commitment to deliver these results in the face of so many challenges. Legacies income (gifts in wills) had a much stronger year with income of £2,292,000, up £904,000 against 2020121. It remalns a volatlle income stream wlth one or two large legacles able to transform the year's Income. We contlnue to be extremely grateful to our dedicated volunteers, who have contlnued to work both remotely and in the office, sUPPOrting our events and activities, processing Income and helping us to claim significant volumes of gift aid. The Hospice undertakes its fundraising activities in line with Codes of Fundraising Practice. We continue to be registered with the Fundraising Regulator, the independent body that sets and malntain5 Standards of appropriate charitable fundraising in the UK. 8 St Peter's HOSPI￿ ￿port and accounts 2021122 new Fundralsing Code was published in October 2019 which we review regularly to ensure we comply wlth all guidance. We take the management of data very serlously and conform to Data Protection legislation. We only collect and use personal information for the purpose it was intended. We do not buy data or pass any of our data onto third parties. We send out two newsletters a year and that, along with all other correspondence, is tailored based on the interests and wishes of the donor. We contlnue to ensure compliance with General Data Protectlon Regulations (GDPR) and regularly review our pollcies and practices relating to personal data. We contlnue to use legltlmate interest as our legal basls for processlng data and follow the princlple of only communicating to supporters about activities we believe they would be interested in. We provlde all supporters with clear and easy opportunltles to change their communication preferences at any tlme and our Prlvacy Notlce, outlinlng how we use supporter data, is available on our website or by calling our receptlon. We also have complaints procedure should any supporter wish to raise an issue or complain about our fundralsing actlvitles. Durlng 2021122 we received 7 complalnts relatlng to our fundraising or communications prartices. A significant proportion of the income raised for the Hospice is from trusts and foundations, companies and Institutlonal donors. Funds ralsed are used according to donors. wishes, either for unrestricted purposes or restricted to specific projects or programmes of activity. St Peter's Hospice complies with contractual arrangements with supporters, and has robust internal systems in place to ensure that we meet reporting requlrements and commitments. Some supporters or partner organlsations may also request anonymity. We will always respect and adhere to these requests whilst ensuring we meet'know your donor requests, related to anti-money laundering and tax evasion. In communicating our work to supporters, we also recognise that the users of our services can be vulnerable and require protection from harm, abuse and exploitation. The privacy and dignity of our patients is a foremost consideration as is sensitivity to their needs and wellbeing as both individuals and citizens of the community. Our safeguarding policy governs how we approach this matter and our contracts with Professional Fundraising Organisations also include strict processes in relation to vulnerable people. Retail There was a real nervousness coming Into 2021122 with stores comlng out of lockdown in April 2021 and no one really sure what pattern of trade we would see. The reality was a year that was full of successes with many records breaking and a performance that surpassed all expectatlons. The end result has meant that our retail operatlon of 46 shops, eBay and Gumtree shops and house clearance has achleved a net profit of £1,698,000. These results were driven by a great team determined to circumnavigate the unease and uncertair)ty in the community and provide a consistent and community-lead proposition. Our staff and volunteers demonstrated their commitment and motivation and none of this would have been achleved without their incredible support. The shops had a record Christmas tradlng perlod whlch Included selllng over 40,000 packs of Christma5 card5. In fact this was the first year we have sold out pre-chrlstmas. We restructured our furniture business bringing together house clearance and the store teams which has seen an Impresslve result. In our furnlture store 18 months ago we were looklng at sales of £150,000 and now we are projetting sales In excess of £250,000. The furnlture part of our business Is a key growth area and one that we wlll be looking to expand In 2022, Our Ebay business which was initially impacted by lack of store donations (due to lockdown closures) bounced back and ended the year strongly. This was supported by new listing tool called Shopiago which was integrated into our eBay offfice and stores. This will support longer term growth opportunities. 9 St Peter's Hospice report and accounts 202V22 Our Retail Operations team have developed some Improvements mainly by improving some of our external partners. As a couple of examples we are now uslng Acopia for our shop supplles and we have two new RAG merchants which offer a better price and servlce. Support Finance continues to lead on the strategic objective to achleve sustainabi15ty and resilience. The Hospice has taken the declsion to use some of its Reserves to support a deficit Budget for the next 2 years, whilst working towards a break-even model for its on-going BAU operations. A major IT project completed this year was the implementation of a new Wide Area Network (WAN), bringing a step change In both security and connectivity. The Charity maintalned compliance with the NHS Data Security and Protection Toolklt. Future Plans Strategy In 2020 we had published a Strateglc Plan which outlined our ambition, purpose, strategic intentions and values. The aim was to point the dlrection in which we intended to move forward, as a handrail through the turbulence and uncertainties of the pandemic. Through 2021122, we built on that direction of travel with a series of 'supporting strategies, that covered each area of the hosplce. Those strategies set out a 3-year view. We managed the translatlon of our strategies Into In-year operational plans and activities through our business rhythm of weekly executive meetings, quarterly programme reviews, workshops and away days, as well the boards and committees with trustees. Movlng Out of The Interlm Position In September 2020, we had established an 'interim position,. The airn had been to provlde clarity around the minlmum services that we would commit to dellvering through the pandemic. At the same time, we would reduce costs and buy ourselves time to consider our long term position. In the Autumn of 2021, we started to move out of the 'interim position,. Thls meant recruiting posts that had been gapped and re- openlng the 5 x closed inpatient unit beds as nurse-led non-complex beds. In due course, we will determlne the optimum mix of complex and non-complex beds in the inpatient unit. Enhancing Our Services Through 2021/22, we have successfully consolidated our financial position. As the year ends, we have taken a number of unprecedented decisions aimed at helping our teams to recover from the effects of the pandemlc, to support our wider health and care partners as they endeavour to deliver services, and to Invest In our hospice services and systems. We plan to operate a deficit budget in 2022123, with the Intention of continuing to do so for the next 2 - 3 years. We wlll cover the deficits from a designated reserve. We will deliver a programme of Service enhancements aimed at doing more for our beneficlaries, helplng to ease the p￿SSUre on our teams and supporting our wider partners. We wl11 fund these service enhancements through a separate designated reserve. In addition, we will manage a programme of projects to improve our services, systerns and facilities, funded through a further deslgnated reserve. We will monitor the progress of these budgets, service enhancements and projects, wlth a keen eye on long term financlal sustainabllity. We intend to maximise our spend on 10 St Peterfs HOSPI￿ rep)rt and accounts 202V32 current servlces through the careful targeted appllcatlon of designated reserves, while maintaining our longer term financial sustainability. A Brighter Future St Peter's Hospice has been servlng Bristol for over 40 years. Our work will remain a vital component of the local health and care system. We have tackled an unprecedented pandemic and we are still standing. We have set out excltlng plans to use our reserves to enhance our services, systems and facllltles over the next 2 3 years, for our beneficlaries. We are confident that we are secure as a going concern, we can manage the anticipated deficits and we have the levers to manage our longer term financial sustainabillty. Fundraising As we emerge from the pandemic and restrictions end, we will seek growth In events and mass participation activities, as well as supporting community groups and companies to raise funds as more people return to workplaces and back to groups and activitles. We wlll Invest In sustalnable income streams, those that remained strong throughout the pandemic, to ensure we have robust and resilient sources of Income. And we will retain some of the activities we introduced during the pandemic such as hybrid and virtual events recognising they will continue to appeal to some of our supporters, Legacies will continue to be a priority as we focus on developing the pipeline of legators and then stewarding them well on their journey, Activities that were temporarily paused such as raising awareness of legacies at the Brentry site and inviting legacy enqulrers on visits, will be reinstated. Similarly, plans to steward high value supporters with vlsits to the Inpatlent unit will be resumed. Retail This year we are looking to open 2 or 3 new stores with a larger high street Sto￿ and a large format furniture store high on the list. We know that large charity retailers are opening Superstores (Air Ambulance 7 last year and plans to open 6 this year including l in Bristol) and these are very profitable. We wlll also be looking at how we attract a newer younger audience to our Retail business. Thi5 can be done by updating the look and feel of some of our storesi younger styling in windows and the launch of Depop whlch wlll support our online offer. We are looklng to expand our new goods business and after successful new product trials last year we aim to drive significant additional sales in all stores wlth a range of new goods that includes soft furnishings, toys, crafts, toiletries and furnlture. innovation is another area of development wlth a trlal happening with 'tablets' in stores to support gift aid sign ups and Instore communlcations. This as well as improved back offfice computers, greater internet bandwidth, smart electric meters and hybrld vans demonstrates a desire to reduce costs and improve the services and efflciencles across the business. Marketing and Communications The Marketing and Cornmunlcatlons Team have been central to promoting our message, keeping supporters informed of our progress through the pandemic and helping to generate income thorough the website and promotion of retail and fundraislng activities. The team will continue to tell the stories behind the Hospice, using a varlety of channels and forms of media (press, film, social media and our retail stores) to ensure that old and new audiences have clarity on our purpose, vislon and values as an organisation. 11 St Petérfs Hosplce report and accounts 202V22 Support Following the implementatlon of the WAN, each shop will be upgraded for both connectivity, and hardware, This will improve operations with the retail teams being fully connected to other areas of the organisation. We are working on understanding how dats can help deliver our strategy; towards the end of the year, we strengthened our Data Analyst team with 2 new posts, and this will allow us to make slgnificant progress in our data maturlty model, We have started a project to move all data storage to cloud based, making our office- based servers redundant. Our People Volunteers We are supported by over 1,500 volunteers, who provide significant benefit to the hospice. They are employed in a variety of roles includlng café staff, shop assistants, drivers for patients, complementary therapists, gardeners, ward assistants and receptlonlsts. We continue to attract high quality and committed volunteers, many of whom have continued to support St Peter's Hospice through the pandemic. We have been hurnbled by the support and commitment of our volunteers through the pandemlc. Some of our older volunteers have had to pull back and shield. However, volunteers were able to step forward and support us In new roles such as the management of protective equipment and the testing programme. Many other volunteers contlnued to support us in our reception, patient transport, shops, online retail, retail logistics and gardens, We are eternally grateful for.the support we have received from volunteers through the pandemic. Remuneration Statement The Hospice exists in order to provide care and support for adults wlth Ilfe-llmitlng illnesses and for their families. The provision of these services is dependent on our ab51ity to run an efficient organisation and to generate income through fundraising and retail artivities. In order to be successful in all respects, we need to be able to attract and retain staff with a wide variety of ski115, knowledge and experience, some of which is highly specialised. We alm, therefore, to be competitive in the different recruitment markets where we compete for talent and to take a balanced and responsible approach to the use of the Charity's funds. In accordance with FRS 102 'The Financial Reporting Standard appllcable In the UK and Republic'of Ireland, and Charity SORP 2015, St Peter's Hospice discloses: all payments to trustees {no Trustees recelve "pay"); the number of staff in receipt of more than £60,000 (in bands of £IO,OQO); and pensions and other benefits. In 2020121, we were unable to award a cost-of-living Increase for staff. In 2021122, we were able to make a cost-of-living pay increase of 1,50/0. In the 3rd quarter of this year, we initiated a pay review in order to develop a pay pollcyi pay prlnciples, to address the sense that hospice pay had fallen behind over a number of years, and to consider the cost of living crisis that erupted after the pandemic and with the Russian invasion of Ukraine. We will conclude the review in early 2022123. The Hospice has a Governance Committee whlch meets twice a year and requires the attendance of at least three Trustees to be quorate. One of the responsibillties of this committee is to review and determine the salary and remuneration package of the Chief 12 St P•tsrfs Hospl<è rep)rt and accounts 202V22 Executive and senlor management of the Hospice. Such decislon-making Is based on consideration of salary information shown In Independent benchmarking surveys. Trustee recrultment The Governance Committee is responsible for monitoring Board composition and revlews the schedule of trustee appointments as a standing agenda Item at Its bi-annual meetings. It considers forthcoming reappointments and retirements and thus identifies future recruitment needs, speclflcally addresslng sklllset requirements. A variety of recruitment methods are used. Interested potential trustees are introduced to the Chair, Invited to visit the Hospice and briefed by the CEO. They go to observe committee meetings and meet serving trustees. Ef all parties are content, the potential trustee is presented to the Board for conslderation. Approved nomlnees are taken through a formal induction process. Co-opted Board members are Invited as a means of widening the experience and views on the Board, and as a route to becoming a trustee. The Board has significantly widened the Ilved experience of trustees recently. Financial Review Following an unprecedented year of uncertainty in 20121, we have still faced challenges arising due to the pandemic and have been unable to open the 5 beds we closed, although a plan is in place to open these as soon as recruitment of staff allows. Our retail operation got back to some sort of nomiality, and exceeded our expectations, with near record results in most shops. We contlnued to recelve extra support from the NHS, for which we are grateful, and this allowed us to meet the ever-lncreaslng demand for our Advice Line service. There were further one-off grant payments from NHS England, to cover the period from December 2021; to March 2022. Although the final payments have not been received, we have accrued an amount based on the payments for December to January. We concluded the financial year wlth net Income before investment gains of £1,497,000. Our Envestment Portfolio ended the year wlth an unrealised capital gain of £2,832,000 (2021: £3,890,000), although returns from investments continue to be very volatile. Pressure on costs is higher than ever. 73¥0 of our expenditure is on staff, and as recruitment continued to be a barrier to providing full servlces, we took the declslon to revlew our pay structure. This has resulted In a significant increase in staff costs for the coming year, with the result that we will be working with a deficit budget for the next 2 or 3 years. We also want to continue to offer as much capaclty as possible, at our Brentry site and also in the community, filling the gap left by the NHS as they continue to fight the pandemic and its effects, and we have addressed this through Designated Reserves, set aslde to enhance our offer for a significant period, and to cover the extra costs of our operating model while we work to a more sustainable year-on-year position. The net income achieved by the Group of £4,329,000 includes: Net income before gains of £1,497,000, which is stated after government grants of £836,000. Unrealised capital gains on investments of £2,832,000. Income Operating Income Increased by £1,856,000 to £17,099,000. Our shops re-opened on 12th April, and delivered £7,571,000 gross income, a record in the history of the Hosplce. Government funding provided as a result of COVID-19 was £836,000 in the year. 13 St Peterfs Hosplce report and accounts 2021122 Money ralsed through fundraising actlvities was £2,805,000. Charltable artlvlties Total charitable expenditure Increased by £314,000 to £8,562,000. Flnanclal Outlook The financial result for the year included some one-off gains from the revaluation of land, and one-off income from Government grants. Without these, the net income would have been £2,426,000. Our income Is heavily reliant on the generosity of our donors, and on the returns from our investments. To enable us to manage this high level of uncertainty and volatility, we will continue to Invest in our more stable sources of income, for the Retail operation, whilst also seeking to work with the NHS Commissioners to contlnue to provide a sufficient level of funding for our essential services. We will utilise our reserves to cover any funding gaps. Principal Risks and Uncertainties The Board has a formal risk review management process to assess organisational risks and Implement risk management strategies. Review of the corporate risk register Is a standlng Board agenda item. This Involves identifylng the type5 of risk the Charity faces, prioritising them in terms of potential Impact and likelihood of occurrence, and Identifying means of eliminating or mitigatirsg the risks as appropriate. The Board has delegated the detalled work to the Executive Team and directed that an on-going review be performed at least once a year and reported to the Board. In addition, the Board selects one risk per meeting to review in greater detail. The single blggest issue facing the Charity continues to be the volatility of funding, along side high fixed costs. Risks and uncertainties exist at all leve15; Strategic, operational, and financlal. It is clear that there is a need for hospices within the healthcare system and that Is evidenced by clear commitments from government and the NHS CCG to provide financial support to us. Section 172 Companies Act 2006 Thi5 report sets out how the Trustees comply wlth the requirement of Section 172 Companles Act 2006 and how these requlrements have Impacted the Board's decision making in the year ended 31 March 2022. The Role of the Board The Board must act In the Charity'5 best interests to ensure the dellvery of its charitable objertlves. The Board's role is to oversee the overall management of the Charity whilst the Executive Team manage the day-to-day operations of the Charity. Further details of the structure of the Board are given in the 'Structure, Governance and Management, section of thls report beS0w. Actlvities of the Board The Board has made principal decisions impacting the future of the Charlty In line wlth the strategic intentions of the Charity. Section 172 (a) the Ilkely uences Declsions interactlons This year's budget, and change to Reserves Policy, was approved b the Board on the understandin that current levels of Reserves conse 14 St Peter's Hospice report and accounts 2021122 of any decision In the long term could cope with the levels of expenditure required. Input was required from each of the Charity's budget holders who have responsibility for ensuring that expenditure is within approved budget limlts. (b) the interests of the company's employees The Charity ensures that employees and volunteers are consulted and provided with approprlate information in order that they are fully involved In the performance of the Charity and are aware of factors affecting the organisation. The CEO follows an open framework of engaglng staff including open Q&4 sesslons for staff at the two main sltes, visits to every team and every shopi shadowing and working alongside clinical staff and support staff, CEO vldeo updates and periodic newsletter updates to staff. Thls year, a Managers, Group wlth all senior and middle managers to engage them in planning, to explore issues through workshops and to support thelr leadership development. The Charity operates an open culture and the Chief Executive encourages staff to have open channels of communlcatlon with him. When policies are revised or updated these are circulated to all staff. When appropriate, specific mechanisms for staff Input are provided. For example staff have been invlted to contribute to discussions on the principles behind our new pay strategy and policy. A biennial staff survey Is held. thls Is run by an external company, WorkBuzz, whlch surveys a large number of hospices and other charitles allowing us to benchmark responses against a peer group. (c) the need to foster the company's business relationshlps with suppliers, customers and others The Board regularly revlews how the Charlty malntains positive lationships with all of its stakeholders, including patients, famllies and carers, funders, supporters, suppliers, customers and others. Our Patients, famllles and carers are key stakeholders. It is vital that we have strong relatlonships wlth this group. The Charlty does a huge amount of work in this area as detalled In our separate annual report °st Peter's Hospice Quality Account" that can be found on our website. The aim of the report is to give clear informatlon about the quality of our services so that patlents can feel safe and well cared for, their families and carers are reassured that all of our services are of a very high standard and that the NHS is recelvlng very good value for money. Our funders are key stakeholders with which the Charity actively engages to maintaln strong relationships. A key funder for the hosplce is the local NHS CCG. The Board engages with the local NHS CCG each year in order to negotlate the annual funding for the hosplce. Details of how we engage with our donors is given above in the 'Supporting and fundlng the Hospice, section of this report. The Charity regularly engages wlth Hospice UK and other hospices. This enables improved purchaslng power for the hospice sector. It is also a platform for sharing best practice. (d} the impact of the company's operations on the comrnunity and the environment The ambitions of the Hospice are set out in our Environmental sustainability strategy that wa5 approved by the Board. Thls wlll have resources allocated to it once we have produced a clear plan of actlon which will be developed through staff consultatlon. We have continued to strengthen our partnerships wlth several healthcare teams despite the impact of Covid 19. Collaborative working has progressed with colleagues from Children's Hospice South West to Im rove transition for oun eo le between our 15 St Pet£r's Hosplce report and accounts 202V22 servlces. A number of jointly run onllne informatlon sessions for both young people and their parents/care givers have been warmly and gratefully received. Several meetings have occurred wlth the healthcare teams from the 4 local prisons wlthin our catchment area, Together we are working to improve palliative and end of life care for Offenders. The Head of Locality Engagement and Head of People have re- started the internal Equality, Diversity and Inclusion working group. New vlrtual 'Let's Talk, staff sessions have commenced providlng opportunity for staff to hear more about the protected characteristics and open up conversations. Areas so far have included gender transition, Bristol's Black community and racism, and working carers. The Hospice UK grant for the homeless project completed in August 2021. The project achieved: designed and provided 6 virtual palliative and end of life care workshops to staff from the local tier I homeless hostels, separate virtual workshops to each of the following organisations: St Mungo's Outreach team, Bristol's Street InteNention multi agency team (Police, Drugs Project, Support workers), Bristol Clty Council's Homeless Prevention team and Bristol's Homeless Health team. Palllative Care online resources were also designed for Hostel staff. The dedicated time allowed for a weekly presence at the Homeless Health's MDM where client's whose advanced health is of concern could be discussed; there were just over 80 of such discussions In the course of the project. Whilst numbers are small there has been a gentle increase in referrals to SPH for those experiencing homelessness and use of our advi￿ Ilne. (e) the desirability of the company maintaining reputatlon for high standards business conduct The charity's ambition Is to support people to live well until the end of Ilfe. We are committed to recruitlngi developing and retaining high quality staff. We are signatories to the Bristol Equality Charter in order to promote equal opportunities and celebrate diversity wlthin all areas of our work. The alm is to ensure that all procedures and practices do not discriminate on the grounds of race, disability, religion, age, nationality, sex, sexual orientation and marital status. Where an employee or prospertlve employee is identified a5 disabled, the provisions of the Equalities Act are followed. This requlres consideration of reasonable adjustments to the workplace and working practlces in order to ensure that a disabled employee Is not disadvantaged. In such cases, advice is sought from Occupational Health Servi￿5 and, where appropriate, other medlcal practitioners and discusslons a￿ held with the affected employee. We strive to ensure that our propertles have good disabled access and facilities, We contlnue to benefit from relatively low staff turnover and sickness levels, although we monitor them continuously. (f) the need to act fairly as between members of the company The Board ensure that decislons made regarding the future of the charity glve due consideration to both current and future beneficiaries of its servlces. Details regarding the Charity's policy on Trustee recrultment are found above In the 'Our People, section of this report. 16 St Pet•r's Hospice report and accourbts 2021122 Structure, Governance and Management Governance and declsion-maklng St Peter's Hosplce is a company limited by guarantee and without share capital. The company was registered wlth the Charity Commission on 7 April 1975. The governing body of the Charity is the Board of Trustees, whlch comprises up to 12 members and meets four tlmes a year or more if required. The Board has established formally constituted commlttees, each with specific terms of reference and functions delegated by the Board and with a Trustee as a chairman appointed by the Board: Resources, Envestment, Audit, Governance, Clinical Services and Safeguarding. Our Articles of Association were revised and adopted on 26 February 2015 and have been reglstered with the Charity Commission. Trustees (who are also Directors of the company) are listed on page 48. The Charity also has a number of senior employees entitled Director who are not directors wlthin the meaning of the Companies Act 2006. Reserves policy The Board reviews the Reserves Policy through the Resources Commlttee. The key principle is that we will malntaln our abillty to quickly recover from financial shocks and stress, During the year the Resources Commlttee revlewed the reserves structure and policy and made recommendations to the Board that were approved. These financial statements now reflert the amendments to both structure and policy. The revSew was initiated as it was recognised that free reserves were higher than the target, and the ri5k-based approach was complex. The review also considered the suitability of other designated reserves such as the capital reserve and development fund. The review concluded that the policy should move to an expenditure cover basis, with a range set at between 6 to 12 months, worth of cover belng prudent. It agreed that given the budgeted deficit model, it would a150 be prudent to deslgnate a reSe￿e to cover operating deficit for a period of 2-3 years, while the Hospice works towards a MO￿ balanced model. The Projects Designated Reserve has been set for a period of 3 years; in 2021 we engaged a dedicated Change Programme Manager, to carry out a programme of projects that has been put together by the Executive Team. Finallyi the Resources Committee recommended a plan put forward by the Executive Team, for the introduction of a new Deslgnated Reserve for Post-pandemic services. The Board approved this programme of service enhancements for the next 2 - 3 years. With th15 programme we will look to see where we can enhance our services to do more for our beneficiaries, and in so doing help to ease the pressure on our teams and our wider partners, in this post-pandemic world where resources are stretched ever further. 17 St Peter's H05pice rewrt and accounts 2021122 The Reserves at 31 March 2022 Is made up of: £'ooo Total reserves 37,826 LESS.. Endowment funds Restricted fund5 Designated Reserves: Operating deflcit fund Projects programme Post-Pandemic Enhancement Programme Fixed assets fund Revaluatlon reserve (13,555) (20) {2,200) (900) (2,000) (7,576) (1,454) Free reserves 10,121 As at the year end, free reserves are 7 months of expenditure which is at the lower end of the 6 - 12 month target range, Investment pollcy The Investment Policy and Mandate were reviewed by the Investment Committee during the year. Our overall investment objective remained the same to provide sufficient liquidity and total returns (income and capital gains), with an acceptable level of risk, to enable the Charlty to carry out its activities effectively in both the short-term and long- term. Short-terrn: The Hospice opened a Deposlt Account with CAF, allowing £3m of funds to be invested in fixed term accounts, the key short-term objective being to invest sufficient capital in lower risk, liquid and unrestricted assets, Sn order to meet anticipated operating cash shortfalls and capital expenditure requirements over a 1-2-year time horizon. Long-term: The Investment Committee confirmed continuation of different investment objectives for the long term for endowed and unrestricted funds: The investment objective for long term unrestricted funds is to generate a return of RPl+20/0 net of all expenses. The investment objective for long term endowed funds is to generate a return of RP1+4Wo net of all expenses. The key risk to long term funds is inflation. The Fund Managers have been InstrLJCted to Invest in a way to mitigate this risk over the long term. The Trustees understand that this is likely to mean that the capital value will fluctuate and can generate losses within any financlal year. The Charity is able to tolerate such volatility as it has working capital and short-term funds. Should draw down from the long-term unrestricted investment portfolio become necessaryi It can be carefully planned over a period of 12 months. Our long-term financial portfolios are managed by appolnted investment managers, on a discretionary basis, and are subject to an investment mandate in respect of asset allocation, risk, benchmarking and restrictions. It is recognised that the financial risks of the Charity as a whole need to be considered and, therefore, the investment policy supports the requirements set out in the reserves policy. 16 St Peter's Ho$pl¢e ￿ptsrt an(5 accounts 2021122 Investment performance Investment income increased by 30/0 to £310,000 (2021,. £302,000). Net unreali5ed Capital gains totalled £2,832,000 (2021: £3,890,000). Our investment performance (total returns) versus benchmarks over the last five years is as follow5: 5 year annualised St Peter's Hospi Performance returns to 31 Mar22 2021122 John James Endowment Performance Target Benchmark Peer group comparison 13.82 13.29 9.05 7.18 10.09 7.87 7.63 5.88 RPl+4% FfsE UK Private Investor Growth Index ARC Charity- Equity Risk Needham Cooper Endowment Performance Target Benchmark Peergroup comparison 13.95 13.29 9.05 7.18 10.16 7.87 7.63 5.88 RPl+4% FTSE UK Private Investor Growth Index ARC Charity- Equlty Risk Discretionary Porttolio Performance Target S&W's Benchmark Benchmark for comparison Peer group comparison 4.92 11.12 5.09 6.19 6.81 5.94 RPl+2% FTSE UK Private Investor Income Index MSCI PIMFA Private Investor Income Index ARC Charity- Balanced Returns 7.63 5.88 streamlined Energy and Carbon Reportlng During the flnanclal year, progress on the hospice vision for environment and sustainability has been Impacted by the pandemic. The hosplce Is revlewlng the implementation of electrical charging polnts at our sites. The hospice has budgeted £1 Iok for electric vehicles and charging points in the coming year. Methodolo Our charlty shops, warehouse, hospice slte In Brentry and Long Aston office all use electrlclty for light, heat and power. The KWH usage was provided by our energy broker. In addltion to this, three shops and the main hospice slte also use gas central heating and the gas usage was calculated from the accounting records using the rate from the most recent bllls. The other main carbon source Is travel by cars and vans. This is split into staff mileage (including the community nursing team who visit patients at home), volunteer mlleage (who transport patients to/from the hospice for services in their own cars), patient 5UPPOrt vehicles (used to transport patients to the In-patlent unit>, and goods vans which are used by the retall team to transport goods and servlce the retail outlets. Given the large number of different vehicles used throughout, composlte rates were applied where specific data was impractical. 19 St Peter's Hogpice report and accounts 2021122 Other travel methods such as alr and rail travel were not disclosed as these are deemed to be Immaterlal. The UK Government GHG Conversion Factors for Company Reportlng 2021 has been used to provide the required conversion rates. Emission statisti 2022 2021 Energy consumption used to calculate emlsslons (kwh) 1,926,347 1,850,624 Emlsslons from combustion of gas {kgC02e) 94,301 110,245 Emissions from combustion of fuel for transport purposes (kgC02e) 64,070 24,512 Emissions from business travel in rental cars or employee -owned vehicles where company is responsible for purchasing the fuel (kgC02e) 16,007 14,389 Emissions from purchased electricity (kgC02e) 228,805 248,699 Total gross emisslons (kgC02e) 403,182 397,845 Intensity ratio (total kgC02e per employee) 1,241 1,140 20 St Peterfs Hospic• ￿POrt and accounts 2021122 ststement of Trustees. responsibilities The Board is responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulatlons. Company and Charity law requires the Board to prepare financial statements for each financial year. Under that law the Board has elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accountlng Practlce (United Klngdom Accountlng Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the Charity for that period. In preparing these flnanclal statements, the Board Is requlred to: select the most sultable accounting policies and then apply them consistently; make judgments and accountlng estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departu res disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the Charity will continue in business. The Board has overall responsibility for keeping adequate accounting records that are sufFicient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity, ensuring that the assets are properly applied in accordance with Charity law, and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularitie5. Statements as to dlsclosure ot Informatlon to audltors The Trustees have taken all the necessary steps to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. As far as the Trustees are aware, there is no relevant audlt Informatlon of whlch the company's auditors are unaware. Auditors A resolution to reappoint Mazars LLP as auditors to the Company and to authorise the Board to flx thelr remuneration will be proposed at the Annual General Meeting. By order of the Board Peter Goyder Chairman 28 June 2022 Charlton Road Brentry Bristol BSIO 6NL 2 St Peter'$ Hospice ￿ptsrt and accounts 2Q2112Z Independent auditorfs report to the members of St Peter's Hospice Oplnlon We have audlted the financial statements of St Peterfs Hospice (the 'charlty'} for the year ended 31 March 2022 which comprise the Consolldated Statement of Flnancial ActlvitSes, The Consolldated and Charlty Balance Sheets, The Consolidated Statement of Cash Flows and notes to the financial statements, Including a summary of significant accounting polScles. The flnanclal reportlng framework that has been applied in thebr preparaUon 1s applicable law and United Klngdorr Accounting Standards, Sncluding FRS 102-The Financial Reporting Standard appllc3ble In the UK and Republic of Ireland" (United Klngdom Generally Accepted Accountlng Prartlcel. In our opinion, the financial ststements: give a true and falr vSew of the state of the group's and of the parent charSty's affalrs as at 31 March 2022 and of the group's income and expendlture for the year then end￿j,. have been pmpeAy prepared In accordance with United Kingdom Generally Accepted Accountlng Practi￿. and have been prepared in accordance with the requlrements of the Companie5 Act 2006. Basls for opinion We corhducted our audit In acC￿danCe with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responslbilltles under those standards are further described In the -Audltorfs responsibilities for the audit of the financial 5t3ternents" sectSon of our report. We are Independent of the charity in accordance with the ethlcal requlrements that are relevant to our audit of the flnanclal statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance wlth these requ1￿MentS. We believe that the avdit evidence we have obtained is sufficient and ppropriate to provide a basis for our opinion. Conclusions relating to going concern In audltSng the financial statements, we have concluded that the trustees. use of the going concern basls of accounung In the preparation of the financial staiements is appropriate. Based on the work we have perfomied, we have not identified any materfal uncertalntles relating to events or conditlons that, Indlvlduèlly or collecbvely, may cast significant doubt on the charity's or group's ability to continue as a going Ctsn￿rn for a perM)d of at least twelve 5¥bonths from when the financSal staternent5 are authorlsed for Issue. Our responsibilities and the responsibilities of the trustees wlth respett to goSng con￿rn are describèd in the relevant settlons of thls report. other Informatlon The other information comprlses the Snformation included in the annual report and FlnancSal Statements, other than the financial statements and our audltor's report thereon. The trustees a￿ responsible for the other Information contalned within the annual report. Our opinion on the flnancSal statements does not cover the other information and. except to the extent otherwise explicitly stated In our report, we do not expre55 any form of assurance concluslon thereon. Our responsibility is to read the other information and, In dolng so, consider whether the other infom)atlon Is materially Inconsistent wlth the financlal statements or our knowledge obtalned in the course of the audit, or otherwise appears to be materially misstated. If we Identlfy such material inconsistencies or apparent materlal misstatements, we are requlred to delermine whether thls gives rise to a material misstatement In the financlal statements themselve5. If, based on the work we have performed, we conclude that there Is a wnaterial mlsstatement OF thi5 other information, we are required to ￿POrt that fact. We have nothing to in thls regard. Opinions on other matters preseribed by the Companies Act 2006 In tyjr opinion, based on the Work undertaken in the course of the audit.. the inf0m13￿0rn given In the chalrman's report, the strategic report and the trustees. report for the flnancial year for whlch the flnanclal statements are p￿Pared is conslstent with the finandal statements,. and the chalrman's report, the strategic report and the trustees. re￿rt have been prepared in accordance with applicable legal requlrement5. 22 St Peter's Hosplca report and accounts 2021122 Independent auditor's report to the members of St Peter's Hospice (continued) Matters on which we are requlred to report by exceptlon In Ilght of the knowledge and understanding of the charlty and Its environment obtained in the cOu￿e of the audlt, we have not identlfled material misstatements In the chairman's report, the strateglc report or the trustees, report. We have nothlng to report in ￿SpeCt of the followlng matters In relatlon to which the Companies Att 2006 requires us to report to you Ir, In our opinlon: adequate accounting records have not been kept, or retums adéquate for our audit have not been recelved from branches not vlslted by us,. or the Ilnanclal statements are not in agreement wlth the accountlng records and returns,. or certain dlsclosures or tmstees, ￿MUneratIon specified by law are ntst made- or we have not re￿5ved all the informatlon and explanations we requ1￿ for our audlt. Responsibilities of Trustees As explalned more fully In the trustees. responsibilitie5 Statemenl Set out on page 21, the trustees are responslble lor the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such Intemal control as the trustees deterrnine is necessary to enable the preparation of financlal statements that are free from materfal m1s5tatement. whether due to fraud or error. In preparing the financial ststements, the trustees are ￿sponsIble for assesslng the charity's ability to conllnue as a golng Corn￿rn, dlscloslng, as appllcable, matters related to golng concem and uslng the going concern basis of accounting unless the trustees either intend to liquidate the charity or to ￿Ose'Operati0ns, or have no reallstic alternauve but to do so. Auditorfs responsibilities for the audlt of the financial statements Our objeciives are to obtain reasonable assuran￿ about whether the finanual statements as a whole are free from materia1 misstatement, whether due to fraud or error, and to issue an auditor's report that includes our oplnlon. Reasonable assuran￿ is a high level of assurance but Is not a guarantee that an audit conducted In accordance with ISAS IUKI will always detect a material mSsstatement when It exists. Misstatements can arise from fraud or error and are consldered materfal If, Sndlvldually or In the aggregate, they could reasonatily be expected to Influence the economlc declsions of users taken on the basis or the flnancial statements. The èxtent to which our prncedu￿s are capable of detectlng IT￿gula￿tIes. Induding fraud is detalled below. Irregularfts￿, Includlng fraud, are Ins￿￿￿5 of non-compliance wlth laws and regulatlons. We deslgn procedures In line with our tEsponsibilities, outlined above, to detect material misstatements in respert of irreguladtles, Includlng fraud. Based on our understanding of St Peter's Hospice and its aCtivi￿e$, we considered that non-compliance with the followlng laws and regulatlons mlght have a materlal effect on the flnanclal statements.. employment regUla￿on, health and safety regulatlon, anti-money laundedng regulatlon, non-compliance wlth Implementatlon of government support schemes relating to COVID-19. To help us identify instances of non-complian￿ with these laws and regulations, and in identifying and assessing the risks of material missiatement in respect to non-compllance, our procedures included, but were not Ilmlted to.. Inqulrlng of management and, Whe￿ approprlate, those charggJ with goVerThan￿, as to whether the charity is in cofflpllance wlth laws and regulaVon5, aad dlscu551ng thelr pollcles and proCedU￿S regardlno compliance wSth laws and regulatlons; Inspecting corresponden￿, If any, wlth relevant Ilcensing or regulatory authorltle5,' Communicating iden￿rIed laws and regulatlons to the engagement team and remalnlng alert to any indications of non-compliance throughout our audit,. and Considersng the rlsk of arts by the charity which were contrary to applicable laws and ulations, 1￿cluding fraud. We also consldered those laws and regulations that have a dSrect effect on the preparation of the financlal statements, such as tax legislatlon, penslon legislatSon, the Charltles SORP and the Companles Act 2006. 23 St Peter's H05plce report and accounts 202V21 **Independent auditor's report to the members of St Peter's Hospice (continued)** ## **Auditor's responsibilities for the audit of the financial statements (continued)** In addition, we evaluated the trustees' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off risk, and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: - Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud; - Gaining an understanding of the internal controls established to mitigate risks related to fraud; - Discussing amongst the engagement team the risks of fraud; and - Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of the audit report** This report is made solely to the charity's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body for our audit work, for this report, or for the opinions we have formed. Richard Bott (Senior Statutory Auditor) for and on behalf of Mazars LLP, Chartered Accountants and Statutory Auditor 90 Victoria Street, Bristol, BSl 6DP Date: 18 August 2022 24 **St Peter's Hospice** report and accounts 2021122 Consolidated statement of financial activities (incorporating an income and expenditure account) For the year ended 31 March 2022 Atjte un￿$t￿cted Restricted Endown*nt funds funds funds Total Total 2022 2021 £000 £o(h) £000 £000 £000 come and endt)wments tknnatlons and legacies Charitable activitvès 3,825 3.279 8,782 310 264 4,089 3,918 8.782 310 5,144 6,109 3,688 302 639 Other tradlng Bctlvlttes InvestnEnt Incon Total Income 16.196 903 17,099 15,243 Expendlture on: Paislng funds.. Donatlons and legacles Tradlng and other actNitÈs 464 464 424 6,485 91 6,576 8.562 15,602 5,922 8,248 14,594 Charitable actlvltles 7,701 14,650 861 Total expendlture 861 91 Net Income before galns I {losse$) 1,546 42 (91) L497 649 Net galns on n1vestr￿ntS io 1,186 832 3,890 Net income ¥732 42 1.555 4.329 4,539 Transfers between funds 37 (37) Net movement In funds 769 1.555 4.329 4,539 R8conclllatEon olfunds: Total funds bro￿ht fotwa Total fund$ ¢?nled foThMrd 21,482 15 12,000 13,555 33,497 2B,958 24.251 37,826 33,497 In accordan￿ with the provisions of the Companles Act 2006, a separate Income and expenditure a￿Unt dealing wlth the results of the parent company only has not been presented. The net Increase In ￿serveS for the year for the parent company was £4,048,000 12021: increase of £4,378,000). The notes on paoes 28 to 47 form part of the finandal statements. 25 St Peter's Hosplee report and accounts 2021122 Registered company no. 1191227 Consolidated and Charity balance sheets A5 at 31 March 2022 Group 2022 Group 2021 Charfty 2022 Charf(y 2021 Note £000 £000 £000 Flx•d assets Tanglbk assets InvestftEnt assers 7.576 20,789 28,365 8,032 16,564 7.615 8,072 16,564 24,636 io 20,789 28,404 24,596 Current a56els stocks 39 62 Land hek1 for sa 1,067 2.372 2,244 4,641 10,363 1.067 Debrors 12 1,986 3,352 4.310 9.710 1363 1,979 3,352 4,210 9,541 Inve5ttrEnts 2,244 4.428 10.102 Cash at bank and In hand Uabllltles.. Creditors.. arnunt5 fawng due wtthln one year Netcun¥nt assets 33 (606) 9,757 {504} 9,206 33,802 13051 33,497 (629) 15041 9.037 9.473 Tot¥lassèts less cuttént Mabllities 38,122 (296) 37,826 37,877 (296) 37,581 33.673 ProvLslons For ILAbilitles 14 13051 33,368 Totaln•t ossets The fund5 of the charity: Endowrrent funds 15 13,555 20 12,IXO 15 13,555 20 12,000 15 P£stricted incorre funds 16 Unrestdcted funds.. DeS￿nated funds Revaluatlon ￿erve 18 12,676 1,454 14,500 387 12,715 1,454 9.837 14,540 387 io IncotrÈ and expendlture account rotol Unrestr￿ted funds 10,121 6,595 6,426 24.251 21,482 Z4,006 21,353 Yotsl charity funds 37,826 33,497 37.S81 33.368 The notes on es 28 to 47 form part of the financial ststements. These fi sta ents were approved by the Trustees on 28 June 2022 and slgned on its behalf by- Peter Goyder, C man Allson Godf￿Y, Chalr of Resources Committee and TreaSu￿r 28 St Peter's Hosplce ￿port and accounts 2021122 Consolidated statement of cash flows For the year ended 31 March 2022 te 2022 2021 Éooo £000 £000 EOOO Cash tIow5 from operatlng artivitles: Net cashprovldedby operatlng artlwltles 23 1,460 Cash flows from In¥e$tlng actlvttles: t#vk1ends, Interest and rents fTDm InveSt￿ntS Purchase of property J plant and equlpn%Tht Short temi inVest￿nt dep051ts PrDceeds from sales of InvestrrEDts 310 302 {86) (3,005) ¥741 {5,202) {1381 io 5.195 {2,243) Purchase of ¢nve5tJTEnts Iletosh (used in) / prnvldedby inve$tlJJg ttivities io (5.242) 3,116 Change in osh and cash equivalents In the year 24 {3,782) 5,464 Cash ond cash equivalent$ at the beglnnlng of the year 7,662 2,198 Refer to note 24 for a breakdown of the cash and cash equivalents balance. The notes on pages 28 to 47 form port of the financlal statements. 27 St Peterf$ Hospice report and accounts 2021122 Notes (forming part of the finanaal ststement5) I status of the companv The company Is è private company limited by guardntee and Is Incorpora￿1 in England & Wales. regIste￿d company number 1191227. The members of the company are the Trustees who are also ordlnary members named on page 48. The IlabllSty of members In the event of a wlnding up Is IlmSted tjy 9uarantee to an amwnt not exceedino £1 per nEmber. 1.1 Statement ofcompllan The financlal statements have been prepared Sn accordance wSth FRS 102 Yhe Flnanclal Remlng Standard appllcable in the UK and Republlc of Ireland, IFRS 102). 2 Accountlng pollclos The followlng accounting pollcles have been applied consistently dealSng wlth Items whlch a￿ considered material in relation to the company's financlal statements. 2.1 Bbsls of p￿paratIOn The finaaclal statements have been prepared In accordance wlth Accountlng and Reportlng by cha￿￿es.. Statement of Recommended Practlce applicable to charities p￿parlrng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ireland IFRS1021 {effective L January 20191 (Charities SORP IFRS1021). the Financlal Reportlng Standard applicable in the UK and Republle of Ireland (FRS1021 and the Companies 2006 and Charitles Act 20LI. St Peter's Hosplce met the definltlon of a publlc benefit entlty under FR5102. Assets and Ilabllltles are initially recogn15ed at historical cost or transacbon value unless otherwise stated in the relevant accountin9 policy note{s). The financial statements are prepared in sterling which is the Mnctional currency of the company and rounded to the nearest E'OOO. Compardtive inforrnalion relates to the year ended 31 March 2021. 2.2 Golng concern The Trustees conslder that there are no material uncertainties about St Peterfs HOspi￿'S abllity to contlnue as golng concem. With regard to future years, the t[￿st slgnlficant area5 of uncertalnty is the level of NHS funding and donations. These risks are covered in rnore detail in the settion 'Principal Risks and Uncertainties, of the Trustees. annual report. 2.3 Group financial statements The financial statements consolidate the ￿sUlts of the Charfty and its wholly owned subsidiary St Peterfs H05plce Enterprises ￿Mited on a line-by-line basi5. A separate Statement of Financial Activities and Income and Expenditure Account for the Charity ha5 not been presented because the Charfty has taken advantage of the exemption afft)r(Sed by 5eLtion 408 of the Companies Act 2006. 2.4 Fund accounting unrestrict￿ funds - these are funds whlch can be used In accordance with the Cha￿tY.5 charitable objects at the discrekn'on of the Trustees. Designated funds - these funds are set aslde by the Trustees out of unrestrScted funds for speclfSc purposes. PIEa5e 5& note 18 for a list of these funds. Restricted funds- these are funds re￿IVed for undertaking an artivlty specified by the th)nor. Endowment funds these are funds where the donor has Specified the funds should be treated as a permanent capital fund, where the income arising from the capital fund is available to meet the running costs of the Charlty. 2.5 Income Income is ￿COgnised when the Charity has entitlement to the funds. any performance conditions attached to the Itemlsl of Income have b*n met, It is probable that the Income wlll be re￿1ve￿ and the amount can be measured rellably. Where Income has related expendItU￿ las wlth fundraising or contratt Income) the Income and related expenditure are reptsrteil gross in the Statement of Financial Activities. Donation5, grant5 and gifts are recognlsed when recelvable. In the event that a donauon 15 subject to fulfilllng perfOr[nan￿ conditsons befo￿ the Charity 15 entitled to the fund5, the income is deftrred and not recognised until It is probable that those conditions wlll be fulfilled in the reporting period. Income from Gift Aid tax reclaims Is recognised for any dOna￿on$ with relevant Glft Ald certiflcates recognised in Income for the year. Any atThJunts of Glft Ald not re￿iVed by the year end a￿ accounted for in Income and accrueL1 Income In debtors. 28 St Petérfs Hospice report and accounts 2021122 Notes (contlnued) 2.5 Income (contlnued) Income from NHS contracts, govemment and other grants, whether 'capltal' grants or 'revenue' grants, are recognSsed when the Charity has entidement to the funds, any perfomiance conditions attached to the grants have been met, it Is probable that the incotne will be received and the amount can be measured ￿liablY and is not deferred. For legacles, entsuement Is taken on a ose by case basis as the earller of the ¢Jate on whlch: the estate has been finalised and notrfication has been made by the executor(sl to the Charlty that distributictn will be made,. or when a dlstrtbutSon is received from the estate or for pecuniary legacies an assessment has been made that receipt Is probable. Receipt of a legacy, In whole or in part. is only considered probable when the amount can be measured rellably and the Charlty has been notified or the executor's Intentlon to make a distribuuon. If the legacy Is In the forni of an asset other than cash or an asset Ilsted on a recognlsed stock exchange, recognltion Is subject to the value of the asset being able to be ￿lIablY measured and title to the asset has passed to the Charity. Where legacies have been notified to the Charity or the Charity is aware of the granting of probate, and the crfterla for income recognilion have not been met, then the legacy Is treated as a contlngent asset and disclosed if material (see note 3). Grant income recelved relating to the followlng year Is deferred until the crfterla for Income recognltion are met. Interest on deposlt funds held is included when receivable and the amount can be measured rellably by the Charity which Is nomially upon notification of the interest pasd or payable by the bank. Dlvldends are recognlsed once the dSvldend has been recelved. Lottery income Is accounted for In respect of those draws that have taken place In the year. 2.6 Donatedgoods and seryltts It has been judged that the benefit to the user of the accounts from detem)Inlng and reportlng the value of the donated goods prlor to sale Is less than the costs involved in obtaining that valua￿0￿. As a result, tradlng Income Is recognlsed on point of sale for both donated and purchased goods. Donated ServIc￿ or facilities are recognlsed when the Charfty has control over the Item, any condltyons assoclated with the donated item have been met. the recelpt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably. Donated profes51onal servi￿5 and facilities are included Sn Income at the eS￿Mated value Df the gift to the Charfty when recelved, based on the amount that the Charfty would have been prepared to pay for these services or facilities had it been required to purchase them, with a coThesponding entry irb the appropriate expendlture heading for the Same amount. Donated fixed assets are slmllarly taken to income at the value to the Charity, with the other entry being capStallsed In flxed assets. 2.7 Expendlture ancl irrecoverable VAT All expenditure is accou￿ted for on an accruals basls aThd has been classified under heading5 that aggregate all tosts relEted to the category. Irrecoverable VAT 15 charyed as a cost against the activity for whlch the expenditu￿ was incurred. whe￿ costs cannot be dirertly attributed to particular headlngs they have tEen allocated to activities on a basls consSstent with the use of the resour￿5. Support costs a￿ made up of admlnlstratlon & management. finan￿ costs. ￿ costs and governan￿ costs. Adffllnlstratlon & management Include the costs of employlng the Chief Executive, D1￿ctOr of Finance & IT and human ￿SOUr￿ department. It also includes the cost of Insuran￿ and legal and professlonal expenses. Fundralslng costs are spllt between tradlng and the cost of oeneratlng donatlons and glfts. Costs, where posslble are direttly allocated to each activity. General fundralslng support costs are allocated to activities in proportion to the headcount supporting them. Where acUvitles generate donatlons and gifts as well as trading illcome, costs are apporlloned on the basls of Income. Fundraising costs incurred in seekin9 voluntary contributions do not include the costs of dissemlnating inforniation in support of the eharitable activitie5. Govemance costs are those costs Incurred In connection with the compliance with constitutional and statutory requirements of the Charlty. Basls for support costs allocatyon Is as foll¢)w5.' Admlnlstration and management has been allocated based on a comblnatlon of the number of staff In an area and actual time spent by 5UPPOrt staff. IT and Finance departmental costs have been allocataj based on the comblnatlon of actlvlty levels and staff numbers. Governan￿ departmental costs have been allocated based on staff numbers. 29 St Peterfg Hosplee reFOrt anij accounts 2021122 Notes (continued) 2.8 Voluntee The value or the serv1￿5 provSded by volunteers is not IncoTP)rated into these financial Statements. Further detall of thelr contiibution is provlded In note 7 to these flnancial statements and In the Trustees ￿pOrt. 2.9 Flxed assets and depretiatlon Tanglble flxèj assets, In excess of £1,000, a￿ stated at cost (of purchase or con5trucbon) les5 accumulated depreciation. DepreclatioTh is provlded to wrfte off the cost less the estlmated resldual value of tangible fixed assets by equal Instalments over their estimated useful economlc Ilves as follows= Freehold buildings Bulldlng Improvements Flxtures, fittings, equlpment and vehldes Shop refurbishments 2% per annurn IOWO per annurn 10%-33% per annum 17% per annum Depreciation Is charged monthly follo￿Th9 the n￿nth of acqulsltion. The Inpatient Unlt Is accounted for using comw)nent accounting. The bullding has been divlded Into its major comtK)neftts whlch a￿ considered to have substaTrtially different useful economic lives as follows.. Exterior walls Rwf Stairs Electrlcal systems Ceiling Fences Mechanical systems Paths Internal walls Windows and doors Ll Landscaplng External fIxtu￿S Drainage Air conditionlng 50 years SO years 50 years 40 years 30 years 30 years 30 years 25 years 20 years 20 years 15 years 15 years 10 years 10 years 10 years 2.10 Inwestment pmpertles The valuation of Investment propertie5 is considered annually for material movement and valued professionally every three years at open market values. All oalns and losses arlsing on valuation are Laken directly to revaluation reSe￿e except that any pemanent dlmlnutlon in the value of an investment property is recognised In the Statement of Flnanclal Activities for the year. No depreciatlon Is provided in respect of freehold Investment propertye5. Ntsn-depreciation of investment properknes may be a departure from the requlrements or the Companles Act coftcemlng depreciation of fixed assets. However. these properties are not held for consumptlon but for Investment ?nd the dlrectors conslder that systematic annual depreciatitsn ¥Yould be Inappropriate. The accounting policy adopted in respect of depreoatlon of investment properties is therefore necessary for the accounts to give a true and fair view. Deprec5ation Is only one of the fflany factors reflected in the annual valuation and the amount. which mlght otheNSse have been shown, cannot be separately Identified or quantlfled. 2.11 Flxed asset investments Investments are a form of basic flnanclal instrument aTrd a￿ Inltlally recognlsed at thelr transactlon value and subsequently measured at thelr fair value as at the balance sheet date uslng the closing quoted market prfce, except for the sha￿5 in the trading subsldlary whlch are cathed at cost. The Statement of Financial Activities includes the net gains and losses arising on revaluatton and disposals throughout the year. The Charfty does nol acqulre put options, derfvabves or other cofflplex financSal Instruments. All gains and losses are taken to the Statement of ￿nanCIal Activities as they a￿Se. Reallsed galns and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or thelr purchase value If acqulred subsequent to the first day of the financlal year. Unreallsed galns and 195ses are calculated as the diffefftnce between the falr value at the year end and thelr carrylng value. Realised and unrtallsed Investment galns and losses are comblned In the Statement of Financial Activltyes. 2.J2 Stocks Stock of retall goods is included at the lower of ttsst or net rea15sable value. Donated items of stock for resale or distributlon are rK)t included In the financtsal statements until they are sold or distributed because the Trustees consider it impracticèl to be able to assess the amount of donated stocks ès the￿ are no systems In Pla￿ which record these items until they are sold and undertaking a stock take would Incur undue cost for the Charfty whlch far outwelghs ihe beneflts. 30 St Peter's Hosplce ￿￿rt and accounts 202V22 Notes (conts"nued) 2.13 Land heid for sale Land held for sale Is valugj at market value based on agreed sale pri￿. We antScipate completion of thls sale n Aprfl 2022. 2.14 Debtors Trade and other debtor5 are recognlsed at the settlement amount due after any trarte discount offered. Prepayments are valued at the amount prepaid net of any trade dlscounts due. Accrued income and tax recoverable Is included at the best estimate of the amounts receivable at the balance sheet date. 2.15 Cash and cash equffvalents Cash and cash equivalents comprlse cash In hand and demand deposlts and other short-terrn highly liquid investments that are readily convertlble to a known amount of cash and are subject to an inslgniflcant rlsk to changes In value. Accounts with notice perlods greater than 90 days are shown as current asset inve5tfflents. 2.16 Current asset investments Curr2nt asset Investment5 comprlse cash deposits held at fund manager5. There were no bank accounts wlth nofjce perlods greater than 90 days as al the current or prevlous flnancial year end. 2.17 Credito Creditors are ￿cognISed whefft the Charity has a present obligation resulung from a past event that will pmbably result In the trarisfer of funds to ¥ third party and the amount due to settle the obligation can be meosured or estlmated reliably. C￿Oit0rS are normally recognlsed at thelr settlement amount after allowing for any trade dlscounts due. 2.18 Financlal Instruments The Charity only has financial assets and financial Ilabilities of a klnd that quallfy as baslc financial Instruments. BasSc finandal instruments are initially recognSsed at transaction value and subsequently measured at theSr settlement value. 2.19 Penslon costs Employees can loln a defined contrfbution pension scheme which is administered by Aviva. The group also contrlbutes to the NHS Penslon Scheme on behalf of a MSno￿tY of employees who are eligible to join the scheme. This is an unfunded defined benefit scheme. The amount charyed against income repre*nts the contrlbutlons payable to the scheme5 respect of the accounting period. The group operated a voluntary deflned benefit pension scherne, which is now closed. The final contributlons made to this scheme were In January 2010. The funds a￿ admlnlstered by pension Trustees and are Independent of the group's finan￿$. 2.20 Operating leases Operating leases ère recognSsed over the perlod of which the lease falls due. Benefits received and receivable as an Incentive to sign an operdting lease a￿ recognised on a straight Ilne bas1s over the pertod of the lease. 2.21 T3xation The company Is consldered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefo￿ it meets the deflnllion of a charStable company for UK corporation tax purposes. Accordingly. the company is potentlally exempt from taxation in respect ol income or capital gains recelved within categories covered by Chapter 3 Part 11 of the Corporation Tax Art 2010 or Section 256 of the Taxatlon of Chargeable Galns Act 1992, to the extent that such Income or gains are applled exclusively tts chadtable purp05e5. The Char4ty was wistered as a CharSty In April 1975. Under part II of CTA 2010 the Charity Is not subject to trxation on its charltable activltles. The proftts of the non-charltable subsidiaries are normally gift alded to the parent Charity,. therefore the group generèlly suffers no Corporation Tax on Its tradlng activities. 31 St Pet•Vs Hosplce report and accounts 202U2Z Notes (contlnued) 2.22 Judgements and key sources of estimation uncertainty A key area of Judgement in these flnanclal statements Is the r￿OgnitIon of legacy income, which requSres judgements atKJUt whether the IncOry￿ Is probable or not and whether St Peter'5 hold enutlement to the monies. There Is also estimation uncertainty wardlng the rellabllity of the estimate of the amount to be receIv￿. Many of the legacies in the pipeline will include properties whSch a￿ Snherently un￿rtain In value as well as sometimes there belng uncertsinty reoarding the amount of the estate to whlch St Peter's Is entitled. The value of accrued Income relating to legacies has been estlmated at £1,130,000 at 31st March 2022 and Is shown separately Sn note L2. The Trustees have made key assumptions in determiniThg the estlmatlon of the falr value of Investment property and laThd In respect of the state of the propety market In the locatlon Whe￿ the property Is sltuated and the uncertalnty surrounding the future use of the land. The valuatlon method is further described In note 2.10, together wlth the valuation of the properties at the reporting date belng dlsclosed note 10. There are also 5udgements rnade in detemining whether provisions are requlred and at what value. dilapidations provlsSon is held relating to the estimated cost of ￿paIrS to shops at the end of their leases, based on a charge of £6 per Squa￿ root ol shop area. A dilapidatlons provlslon of £296,000 is held at the year end and the Un￿rtaInty Surrounding thls is disclosed In note 14. 32 St Peterfs Hosplce reFM)rt and accounts 2021122 Notes (continued) 3 Encome and endowmènts un￿$t￿cted Restrfcted Endowrrent Total Total funds funds funds 2022 2021 £000 £OOD £000 £000 £000 Donation5 Indiv￿Ual5 514 514 731 In rrorrO￿rn 525 526 570 Charftable foundatlons 127 261 388 553 CorpoTrte sector nerdl comnlty COV1D-19 retall grarkt Coronavlrus Job Retentbn Scheff 137 139 181 33 33 15 157 157 447 40 40 1,259 3,756 1.533 264 1.797 Legacie5 2,292 3.825 292 1,388 5,144 264 4,089 Income from charltable actLVities NHS England service fundlng COV1D- 19 NF￿ England service fundlng Educatlon course fees 3,194 3,194 639 1,971 4,043 95 639 85 85 3,279 639 3.918 6,109 Income from other tradlng a¢tlvltEes Shops sa￿5 donated goods bought In go¢ds conrissK)n and other 7,052 333 7,052 333 2,485 180 186 186 93 Fundralslng events - co￿1ny(v cotpornte 747 747 495 62 62 28 Lottery Other 396 396 401 8.782 8,782 3,688 Investment Income DDiidends and IntetESt 285 285 277 Rents 25 25 25 310 310 302 TOTAL INCOME AND ENDOWMENTS 16,196 903 17,099 15,243 In line wlth our accounting policy, legacies Includes £1,130,000 12021: £359,000) of income notified at year end but not yet ￿CeIved as they have mel the criterla for recogn151ng income In accordan￿ with SORP 2019. Total legacies notified but not recognised in the financi&l statement as at 31 March 2022 amounted to £233,00012021: £440.0001. Total income from glft aid amounted to £709,000 (2021.. £370,000). 33 St Pètèr's Hiispieè fftport and accounts 2021122 Notes (continued) 4 Analysig of expendlture Activtties Support costs undertaken directly £000 {note 51 Éooo 2022 2021 Éooo EO Raising funds: D)natknns 360 61 421 399 Legac￿$ Total donations and ￿gar1e5 41 43 25 401 63 464 424 Shops Fundrai4ing events Lottery Inve5trrent rrÉnagerrÈnt costs Total trading and other 4,883 320 990 5.873 349 5,356 275 29 178 Ll 189 153 165 165 138 5,381 1,195 6,576 5,922 Total expenditure on ralslng fund5 5,782 1,258 7,040 6,346 rltable expendlture: B￿Trtry based care COrTTryJn￿y based ca Total patlent care 2,920 3,659 6.579 1,120 592 4,040 4,251 8,291 4,438 3,522 7,960 1,712 Education 75 271 288 Total charftsble expendlture 6,775 1,787 8.562 8,248 Total expendlture 12,557 3.045 15.602 14,594 5 Support costs allo¢*lon Sle Adrrin & Finance & Costs Managetrwnt depts £000 Govemance 2022 2021 £0 EOOO £000 £000 £0 RAi5ing funds: tknnatlons 37 io 13 65 Legacfjes Shops Fundraising event5 Lottery Inve5trrpnt fftnagerrent costs Charttatsle activltie5: 104 376 490 18 990 922 li io 29 31 li Ll 165 165 138 Entry based care cO￿￿r(Y based care Educatw)n 808 130 171 li 1,120 592 1,173 451 105 206 268 13 45 13 16 75 70 2022 Total support costs 1,115 912 972 46 3,045 2,863 2021 Total support costs 1.301 757 812 48 2,863 34 St Peter's Hospl¢e report and accounts 2021122 Notes (continued) 6 Subsldlary During the year the Charfty had one wholly owned subsldlary, incorporated in England and Wales. st Peter's Hospice Enterprlses ￿MIted (registered In England and Wale5 company number: 25951581 sells ChrSstmas cards, calendars, new goods and items incorporatlng the H05plce logo on behalf of the Hosplce. It also acts as agent for the Shops Glft Aid scheme, eaming commission, and runs a coffee shop In 8ristol and a house clearance service. The company transfers its taxable profits to St Peterfs Hospice under glft ald. A summary of the results of St Peter's Hospi￿ Enterprlses LSmited included the consolldated statement of rinanclal actlvities is shown below. The expenditure Includes £13,000 (2021.. £9,000) Intercompany management charge pald to the Charity which is eliminated on consolidation. Full accounts are filed with the Reglstrar of Companies. 2022 2021 Income and expenditure account IncorTP £000 £000 511 269 Expenditure Net kncorr (242) 269 (IL61 153 Retained eamlngs at beginnlng of reportlng pertod Net inconp for the year Distributlon to parent charity Retained earnings at end of reporting perto(J 175 225 269 153 (153) 291 1203) 175 7 Staff and volunteers The average number of volunteers Involved regularly on Hospice busSness Is in ex￿55 of 1,500. The headcount of employed staff members are as follows.. 2022 2021 Patvènt ca 199 203 ]nconE generatlon Support Tot•1 gtaff 216 218 23 23 438 The aggregate employment costs of these persons are as follows: 2022 2021 £000 EOOO Wages and saL3rfes Soclal securtty cost5 PensK)n contrfbutions IsEe note 211 Terrinatlon payrrents 9.594 805 9,149 757 879 905 57 11.324 10,868 Term¢nat¥tsn payments totalling E46,000 were made to four employees during the year under slgned compromise agreements {2021'. payments totalling E57,(M)O were made to five employees durlng the year under signed compromise agreements}. 35 St Peter's H05plce report and accounts 2021122 Notes (continued) 7 Staff and volLtrtte¢rs {contin(wJ) Employees whose emoluments, excluding pension contributions, We￿ equal to or greater than £60,000 per annum were as follows: 2022 2021 £60,001 - £7D,000 £70,001 - £80,000 £80,001 - £90.(K)o £￿1.oOL - £IOO,000 Five of the employee5 in the table above were accrulng retirement benefits under defined benefit schernes 12021= five employee5), and two were accruing retSrement beneflts under deflned contribution schemes {2020= two). The totrl employee remuneration, Includlng employerfs natlonal Insurance and penslon contrlbutlons, of the key management personnel OF the Hosplce was £562,20012021: £505,663) The Charity maintains indemnity insurènce for the Trustees and offlcers of the company and Its subsldlarles,. the cost of provldlng thls Insuran￿ w35 £8,400 {2021.. £3,080). NDte 21 shows details of related party transactions. No Trustee received remunerab'tsn in the year {2D2L'. £nlll. Trustees are en￿tled to the relmbursement of expenses necessarlly Incurred on Hospi￿ business. During the year ended 31 March 2022 a total of £nil was reimbursed to trustees1202L'. £nll). 8 Net income Net Incorne is stateij after tharglng I Icrediting)- Group Charltv 2022 2022 2021 2021 Éooo £000 £000 £000 A￿d￿0￿S rerrunerntlon.. Audlt 18 13 15 l2 Dep￿ciation Rent of land and buiwings - operdting leases Rents recewable under operating leases Lcss on d￿PD5al of taTrgibb fixed a55ets 526 574 527 575 721 762 721 762 53 57 53 (17) 1961 (17) 196) 36 St Peter's Hospl¢e report and accounts 202V22 Notes (contlnued) 9 Tan9lbl• fixed assets GROUP Freehold property (Includlng bulklln9 Improvements) £000 Flxtures and ffttlng$ (Includlng motor vehtcles) Éooo Shop refurbishment Total £000 £000 Cost As at l Aprfl 2021 Add5tions 8,888 1,718 82 4,375 14,981 86 Disp05a15 Asat31 March 2022 1671 1,733 {1,4461 2,933 (1.513) 13,554 8,888 Depreclatlo As at l April 2021 Charye for year "sposa A$ at 31 March 2022 1,501 275 1,457 98 3,99L 153 6,949 526 {571 1.498 (1,440) 704 (1,497) 5,978 1.776 Net book value As at 31 March 2022 7,112 7,387 235 229 7,576 8,032 As at 31 March 2021 261 384 37 St P8t•rfs Hospl¢e report and accounts 2021122 Notes (continued) 9 Tanglble flxed assets (contlnued) Freehold property (including bulldlng 5mprovements) £000 Flxtures and ffttlngs (includlng motor ¥ehicle$) £000 Shop refurfolshment Total £000 £000 Cost As at l April 2021 Additions 8,979 1,718 82 4,375 15.072 86 Diswsals As at 31 M•r¢h 2022 1671 1,733 {1,4461 2,933 {1.513) 13,645 8.979 Depreclatk>n As at l Aprfl 2021 Chaoe for year tjsposals As ?t 31 March 2022 1,552 276 1.457 98 3,991 153 7.000 527 1571 1,498 11,4401 2,704 {1,497) 6.030 1,828 Net book value As at 31 March 2022 7,151 7,427 235 229 7,615 8,072 As at 31 March 2021 261 Included in the cost of freehold property of the group and company IS £70,000 of land whlch Is not being depredated. The company figure5 include £37,500 (2021.. £39,000) in reS￿l of Interest capitalised in connectlon wlth the bulldlng of the Brentry site in 1998 whlch Is now belng dep￿Clated Dver the life of the building. As the charye Is an intra-group trdnsaction It Is ellminated on consolidatlon. The net book value of the seven freehold shops 0[￿n at 31 March 2022 was £533,000 12021.. £551,000). To comply with Charltles SORP FRS 102, three shop flat5 own& and leased out by the Hospice are Included in investment propertles 12021: three). Included wlthin fSxtures and fi￿"n9$ are Intangible assets wlth a net book value of £53,443 {2021: £68,753) comprised of websSte costs. 38 St Peterfs Hospl¢e report and accounts 2021122 Notes (continued) 10 Flxed asset Investments 2022 2021 £000 £000 Equ￿leS at ￿￿Tket value Flxed Inte￿5t Investffents Includlng GDvernrTwnt stock¥, at ftprket value HOsp￿e Qualtiy PartneLEhip loan notes ]nve5trtEnt prDpert*s (see beknw) 18.286 14,405 1,944 1,599 io 550 550 20,789 16,564 Equltles and fixed intertst Investments 2022 2021 £000 £000 Market value at beginning of year Add￿knns 16.004 5,202 (2,741) 1,765 15,066 2,243 15,195) 3,890 sposals InvestnEnt gains I Ilossesl ma￿et value at end of year 20.230 16,004 HEtotical cost at end of year 15.956 12.886 FSxed asset Snvestments Intlude quoted equlUes and Government stocks listed on the London Stock Exchange. There were no lndlvldual shareholdings of more than 50/0 of the total portFolio value as at 31 March 2022 (2021: none). 2022 2021 Total Total Propertles £000 EOOO Cost at beginning and end of year 163 163 163 163 Revaluatkjn at beglnnlng of year Revalue to falr value 387 387 1.067 Revaluation at end of year 1,454 387 Transfer to lènd held for sale (1,067) V•luatlon at end of year All Investment proper￿e5 form part of the u￿￿strirted funds balan￿. 550 550 Also Included In flxed asset investments are the following investments in subsidiaries.. Group 2022 Ch4rity 2022 2021 2021 Jnvestff*nt In subsKliaries 39 St Pet•rfs Hosplce report and accounts 202VZ2 Notes (continued) 11 Land held for sale Group 2022 harlty 2022 2021 2021 EOOO £000 £000 £000 Nallsea land 1.067 1,067 1,067 1.067 The Sale of the Nailsea land was completed in May 2022. 12 Debtors Group 2021 Charlty 2022 2021 2021 £000 £000 £000 £000 Trdde debtors 102 54 95 49 Gift aKI receivable li 12 li 12 Other debto 151 103 149 Joi Prepayn*nts and accrued Incon Accrued fegacy Inc0￿e 978 1,458 359 978 1,458 359 1,130 1372 1,130 2.363 1,986 1,979 Trade debtors totalllng [2,517 for the charity and E2,667 for the group 12021.. £120 for the charity ènd £696 ror the groupl were written off In the year. 13 Credltors: amounts falling due wlthln oné year Group 2022 Charity 2022 2021 2021 £000 £000 £000 £000 Trade ¢￿dItOrS Pension conlrfbutions {note 22) Armunt5 owed to group underta￿ng5 Accruals and other defetTed InC0￿e 88 50 50 48 35 li 554 368 544 357 606 504 629 504 The movement on deferred Income in the year was as follows= Group and Charlty 2022 2021 £000 £000 Balance as at l April Utilised In the year tEferod in the current year B)lance as at 31 March 62 30 (62) 85 1301 62 85 62 40 St Peter's Hospice report and accounts 202V22 Notes (continued) 14 ProvSslon for Ilablllti¢s Group Charity Z022 2022 2021 2021 £000 EOOO £000 £DOO Dllapldatbns ptr)VEion {see beksw) 296 305 296 305 296 305 296 305 The movement on the dllapldations provision in the year was as follows.. 2022 2021 Éooo £000 &31ènce as at l Aprfl Add(cions In the year Utilised In the year lance as at 31 Marth 305 208 L02 {9) 296 {5) 305 The dllapidatlons provlslon is a provision for the cost of repalrs to shops at the end of their leases. Given the ttmlng of lease exit Is un￿rtaIn, the value and timlng of the resulting payrnents Is also unortain. 15 Endowment ffunds 2022 Balance Balance l April 2021 Investffent InVest￿ent 31 March fees galns £000 2022 £000 £000 Eooo John Jarres 3,671 8.329 12,000 1231 1681 (91) 499 4,147 9,408 13,555 Needham Cooper 1,147 1,646 2021 Baknce Investn*nt Balance l Aprfl 2020 InvestnEnt {lossesl I galns 31 March fees 2021 Éooo £000 £000 John JatrÉs 2,815 6.519 125) 154) (79) 881 3,671 8,329 ￿￿edhaM Cooper 1,864 9,334 2.745 The John James Endowment Fund was set up wlth the intention of generating an Investment income for the Hospi￿. The fund consists of a donation from the John James Brlstol Foundation of £500,000 t(>gether wlth an equivalent amount raised by the Hospice by the end of 1984. A further £500,000 was re￿1ve(l from the Founda￿0￿ in 1997 and the Hospice has In previous years re￿iVed gifts frorn other5 of £350,OOLI towards matchlng this last amount. In 2008109 a further £390,000 wa5 donated to the Fund. The totsl capltal raSsed is £2,240,000 and galns to date, net of fees, are £1,907,000. The Needham Cooper fund represents Investments made as a result or the sale of land prevlously owned near Bristol Iformer]v known as the Peg Hlll fund). The £1,200,000 Charity Property Fund was consolldated Into Lhe Needham Cooper fund in November 2019. The total capitsl invested was £6,871,000 and gain5 to date. net of fees, are £2,537,000. 41 St Petsr's Hospice report and accounts 202V22 Notes (continued) 16 Restrict￿ income fvnds 2022 BaLAnce Trdn$fe￿ to Bal8n¢e l April 2021 designated fund5 31 Mar¢h Incor Expenditure 2022 £000 EOOO £000 £000 £000 COVIL>19 NPS England servlce fundlng Patent vehlcle 639 (6391 32 (27} CMS seryke 1541 {1681 (861) Various funds 15 178 {io) {37) 15 15 903 20 2021 Balance Transfets to Balance l April 2020 deswJnated funds 31 M8r¢h Incon Expenditure £0￿) 2021 £000 £000 £(K)O £000 Capital Appeal fund COVIL>19 NHS Eng￿nd seNi¢e fundlng Varfous funds 16 {161 4,043 144 {4,0431 (1571 (4.200) 35 171 (23) Is 35 4,203 15 The Capltal Appeal fund is funds donated to support the rebuilding of the Inpatlent Unit. NHS England awarded fundlng to allow the hospice to make avallable bed £apaclty and communlty suptK)rt from April 2020 to July 2020 to provide support to people with complex needs In the context of the COVID-19 situation and to provide bed capaclty and community 5UPPOrt from November 2020 to March 2021 for the same purpose. In 2021122 further fundlng was awarded for the period December 2021 to March 2022. The patient vehicle fund was to pts￿hase a new, spécially adapted vehide for transporting patlents. CNS Servi￿ fundlng was generJl funding for our Community Nurse Speclallsts. Varfou5 Qther funds relate to small arrounts ￿CeIvEd where the donor has ￿￿tiicted the use of the funds. 17 Income and expendlture a￿O￿nt 2022 Group Eooo Charity £000 At l April 2021 Net incorvE for the year- unrestrfcted InvestnEnt galns un￿stricted Transfer from deslgnated funds (note 181 At 31 Ma￿h 2022 6,595 2.146 6,426 2,031 119 119 1,261 1,261 9,837 10.121 2021 Group £000 Charity £000 At l April 2020 t Incorr? for the year- unrestrfcted Investrrent gains un￿stricted Transfer to d&slgnated funds (note 181 At 31 March 2021 10,535 725 10,315 775 1,145 (5,810) 6.595 1.145 {5,809) 6,426 42 St Peter's Hospice report and accounts 2021122 Notes (continued) 18 Designated fundg Group 2022 Transfer5 Tro￿fe PaKgnte from from l (tts) inco tEStricted and expenditure account Balance l April 2021 Expenditure EOOO 31 Mar¢h funds 2022 £000 £000 £000 Fixed assets fund 8,032 {5261 37 33 7,576 200 Operating deficlt fund Projects progran¥ Post-pandenlc enhancenEnt progrnrm Risk rrenagerront fund 2,200 299 675 1741 900 2.000 iooo 5,793 14.500 15,7931 (1,261) {600) 37 12,676 2021 Transfers Trdnsfe Balance froffl frorn I (tol Incorr restrkted and expend￿Ure account Balance l Aprll 2020 Expendlture £000 31 March funds 2021 EOOO £000 £000 Flxed assets fund 8,564 103 (574) {54) 23 19 8,032 675 Capltal and prolects fund k ￿nagerent fund 626 5,793 6,438 5,793 14,500 8,667 (628) 23 Fixed assets fund represents the net book value of fixed assets used in thÈ Hospice. The transfers In the year represent the nx)vement In the net book value of the fi'xed assets. Operatlng defiot fund provides foi expected Ope￿tIng deficits over the next three years. The transfer In the year Is to reduce the fund level accordingly. Project pn)gramme fvn¢J Ifomierly capltal and project fund) rep￿SentS the amounts set aside tr) support a pmgramme of proJects. The transfer In the year is to increase thls fund to the expected value of the project plan for the next three years. Post-pandemlc enhancement programme fund is new this year and is to fund post-pandemic recovery acUvitles over the next th￿e yea￿. The transfer In the year is to fund the expected cost or these plans for the next three years. R1sk management fund was to allow the charSty to operate nomially Ir rlsks materlalised and provide tlme and funds for the charlty to adjust Its operatSons. Thls fund has been released as part of a restructure of our reseryes. Charlty 2022 Trdnsfers Trdnsfer5 Balance from from l (to) incorT restricted and expenditure account Balance l April 202L EXPend￿ur £000 £000 31 March funds 2022 £cH)o £000 £000 F+xed assets f￿nd 8,072 {5271 37 33 7,615 2,200 900 Operating defic￿ fund Projects progranwr Post-pandenK enhancenEnt pYograrTvr npnagetrent fund 2,200 299 675 1741 2,000 2,000 5,793 14540 (5,7931 (1.261) {601) 37 11715 43 St Peter'$ Hospice report and accounts 2021122 Notes (contlnued) 18 Designated funds (contlnued) Charlty Z021 Tfdll5fer5 Transfers Balance fmm froml (tol Incon restrfcted and expenditu account Balance l April 2020 Expend*ut £ODO EOOO 31 March funds 2021 £000 £000 £000 Fmed assets fund 8.605 103 (5751 1541 23 19 8.072 675 Capital and projects fund RÈk npnagerytnt fund 626 5,793 6,438 5,793 14,540 8,708 (629) 23 19 Analysls of group net assets between fund$ Group and Charlty 2022 Unrestricted ReSt￿ted Endow￿Ent Totsl fund5 funds Funds Funds £000 £000 Éooo £000 Tangibk fixed as5et5 InveSt￿Ent assets 7,576 7,223 10,330 15821 12961 24,251 7.576 20.789 10.363 (606) (296) 37,826 13,566 13 Current assets 20 credIto￿ due in less than one year Prov*Dns for Ilabll￿ieS (241 Total net assets 20 13,555 2021 Unrestricted PÈstktted EndoW￿ent Total funds funds Funds Funds £coo £000 £000 £000 Tangib￿ fixed a55et5 Investrrent a55ets 8.032 8.032 16,564 9.710 (504) (305) 33.497 4,559 9,680 (484} 1305) 21,482 12,005 15 Current assets 15 credito￿ due in les5 thon one year Prov￿*)￿S for liabilitie5 (201 Total net asset5 15 X2.000 44 5t Peter's Ho¥plce report and accounts 202V22 Notes (continued) 20 Commltmerts Full lease commitments under non-cancellable operating leases are as follows= Group and Charlty 2022 2022 2022 2021 Land and bU1￿1ngS £000 2021 2021 Land and bulldlngs £000 Other Total Other Total Operatlng leases whl¢h explre: Within one year In the second to fifth years Incluslve £000 £000 £000 Éooo 584 41 625 654 48 702 fj93 59 752 816 99 915 1,277 loo 1,377 1,470 147 1,617 Capital commitments At the year end the gmup and Charity had capital comtnltments of £17,950 In respect of upgrades to our wide area network (WAN) (2021.. £22,475 Èn respert of a migration to orrice 365 and electrical upgrade works). 21 Related party transactlons In accordan￿ with FRS102 section 33.IA, the company has taken advantage of an exemptlon from dlsdoslng transatt(ons with its sub51dlary on the grounds that It Is wholly owned. Ms A Moon Is a member of the Board of Trustees, untll June 2021, and on the governing body of the Bristol Clinical Commissioning Group IBCCG). Dr P Goyder Is a member of the Board of Trustees and is Clinical Lead for ilryent Care at the BCCG. The NHS Prlmary Care Trust's annual grant to the Hospice Is pald by the BCCG. The totsl amount pald under this grant, plus additlonal COVID-19 funding, for the year was £2,995,26212021: £1,923,888) and £96,005 was outstanding as at 31 March 2022 (2021.. £37,742). St Peter's Hospice also Invol￿d the BCCG for further services amuntlng to £nil delivered in the year (2021.. £22,981). At the year end £nil was outstandlng {2021'. Enll). Ms A Moon is also a Non-ExecU￿ve Director for GIOu￿SterShlre Hospitals NHS Foundation frust. Durlng the year the hospice was charged £132,403 (2021.. £117,413) for the provislon of doctors employed by the Trust. at 31 March 2022 there was an outstanding balan￿ of £10.117 12021: £9.915). M5 C Buchanan Is a mernber of the Board of Trustees and Chief People offi￿r at the Univer51ty of Bnstol. During the year the hosplce was charged £3,126 {2021-. £20,018) for the provSslon of a dcctor ernployed by the Unlverslty. ￿ at 31 March 2022 there was an outstandlng balance of £250 12021: £1,917). The hosplce received income ol Enll {2021.. £1,400) in respect of student pla￿rnent fees. As at 31 March 2022 there was an outstandSng balan￿ of £nil 12021.. £nll). Ms H Morgan Is a Trustee at st. Monica's Trust. During the year the hosplce was charged £24,030 (2021-. £20,732) for the provision of laundry servlces. As at 31 March 2022 there was an outstanding balan￿ of £nll 12021: £nill. Ms A Wint Is a Medical Advisor for Slrona Care & Health. On 6 April 2021 the Slrona ￿l1[atIve home SUPFKJrt teams transferred to St Peter's Hospice. Including withln the NHS Primary ca￿ Trust's annual grant to the Hospice, pald by the BCCG, Is £1,116,IJOO {2021'. £nlll In respert of thls team. As at 31 March 2022 there was an outstanding balance of £nil 12021: £nlll. The hospice also re￿iVed income of E790 (2021: £1,525) in respect of course attendance fees. As at 31 March 2022 there wa5 an outstanding balan￿ of £325 (2021: 22 Penslons The Charfty contributed to two pension schetnes In the flnancSal year; Avlva pension Scheme and NHS penslon scheme. The assets of these schemes a￿ held separately from those of the Hospice In Independently adminlstered funds. The amounts charged agalnst Income represent the contributions payable to the schernes in respect of the accountlng perlod. Avlva Thls Is a Group Personal Penslon Scheme, whlch Is a defined contribution scheme. The employer contributions chary￿1 against Income for the year were £478,000 12021: £497,000) of whlch employee contdbutions under the salary sacrifice scheme were £163,000 12021: £151,000). Outstsndlng pension contributions for March, pald In Aprll, were £50,000 12021.. £48,000). Note5 (continued) 45 St Petor's Hosplc• report and accounts 2021122 22 Penslons (¢ontlnuèd) NHS stheme Staff transferring from the NHS may continue to contribute to the NHS Penslon scheme. The NHS Scheme is an unfunded defined benefit scheme but the Charity is urna￿e to Sdentify sts share of the underlying assets and liabilitie5. Each mefflber of the scheme pays a common contrlbution rate. Employer contributions charyed agalnst Income for the year were £401,000 12021= £408,000). Deemed employer pension contributions for salaries recharged to the Hosplce from NHS Trust5 were £23,000 12021.. £46,000}. Outstsndlng pension contributions for Marchi paid in April were £nil (2021: Enil). 23 Reconclllatlon of nèt income to net cash Inflow from operating artivities 2022 2021 £000 £000 Net Incon 4,329 (2,832) {310) 526 4,539 (3,890) (3021 574 G31ns on inv￿t￿￿nts Investrrent Incorr Depreclatlon charges Loss from di%posal of tangible flxed assets Increase in Stocks 17 96 23 (Increase) / decrease In debto Increase l {decrea5el in credltors t cash infbw operatlng activit￿5 11 (3B6) 93 1.476 1156) 2,348 1,460 24 Analysis of changes In net funds At l April 2021 Cash fk)w At 31 March 2022 £000 £000 £000 Cash at bank and In hand 4,310 3.352 12,6741 11,108) (3,782) 1,636 2,244 Current asset investtrents Total net fund5 7,662 3.880 Notes (continued) 46 St Peter's Ho$plce report and accounts 202V22 25 Congolldated statèment of flnanclal actlvltles for the year ended 31 March 2021 Unrestricted fund5 Restricted EndownEnt funds funds Total 2021 £C4)0 £000 £000 £000 Income and endowments fr•m: n3tlons and ￿gaCleS Chatltable actIV￿￿S 4,985 2,066 3,687 302 159 5,144 6,109 3.688 302 4,1)43 other tRding actlvitles InvesttrEnt incowrE Total tn¢ome 11,040 4,203 15,243 Expenditure on: Paising fuThds Charitab￿ act￿ll￿S 6,267 4,048 79 6.346 4,200 8,248 Total expendlture 10,315 4,200 79 14.594 Not Income before galns / (losses) 725 (79) Net gaSns I Ibsses) on investrrEntS Net Income / (expendlture) 1.145 1,870 2,745 1666 3,890 4.539 Transfers between funds 23 (23) (20) Net movement In funds 1.893 2,666 4,539 R¢¢oncls latlon of fu•d$: Total funds brought forward Total funds carrfèd forward 19,589 21.482 35 9,334 12,000 28,958 33,497 15 47 St Petsrfs Hosplce report and accounts 2021122 Legal and administrative information Vice Presldents Mrs P Davis MrARGJames Mr K T Pearce Bankers National Westminster Bank PIC 32 Corn Street Bristol BSI IHQ Members of the Board of Trustees Dr P Goyder Chairman Ms H Staines Vice Chairman Mr R Isaacs Treasurer (resigned 29 March 2022) Ms A Godfrey Treasurer (appointed 30 March 2022) Ms C Buchanan Mr M Campbell Mr M Mohan Ms A Moon (resigned 29 June 2021) Ms H Morgan (appointed 22 June 2021) Mr R Naivalurua (appointed 22 June 2021) Mr D Spicer Ms A Wint (appointed 30 March 2022) Auditor Mazars LLP 90 Victoria Street Bristol, BSI 6DP Solicltors Veale Wasbrough Vizards Narrow Quay House Bristol BSI 4QA Investment managers Smith & Williamson Portwall Place, Portwall Lane Brlstol, BSI 6NA Company Secretary Ms F Mccloskey (resigned 23 July 2021) Ms H Fowweather (appointed 26 July 2021) Veritas Investment Management 90 Long Acre London, WC2E 9RA Principal Officers Fundralslng offlce Block C, Estune Busines5 Park, Wlld Country Lane, Long Ashton, BS41 9FH Telephone: 01275 391400 Chief Executive Mr F Noble Medical Director Dr A Mullick Reglstered offlce St Peterfs Hospice, Charlton Road, Brentry, Bristol, BSIO 6NL Director of Patient Care Ms C Benson Director of Finance and IT Ms F Mccloskey (resigned 23 July 2021) Ms H Fowweather (appointed 26 July 2021) Reglstered Charlty number 269177 Director of People and Support Mr R Rowe Reglstered company number 1191227 Commercial Director Ms P J Clarke (resigned 29 December 2021) Web slte address www.st eter Hos ice.or Dlrector of Fundralslng and Communications Ms S Allen-Gunn (appointed 9 December 2021) Retail Dlrector Mr J Broomhead (appointed 9 December 2021) 48 St Peter's Hosplco report and accounts 2021122