2023-03-31-accounts

St Peter’s Hospice

Annual Report and Financial Statements For the Year Ended 31 March 2023

Registered Charity number 269177 Registered company number 1191227

The Trustees present their report and the audited consolidated financial statements for the year ended 31 March 2023.

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
Chair’s Report	2
Trustees’ report
Our Objectives and Activities	3
Strategic Report	5
Structure, Governance and Management	19
Statement of Trustees’ Responsibilities	22
Independent Auditor’s Report	23
Financial Statements
Consolidated statement of financial activities (incorporating an income and expenditure account)	27
Consolidated and Charity balance sheets	28
Consolidated statement of cash flows	29
Notes (forming part of the financial statements)	30
Legal and administrative information	48

1 St Peter’s Hospice report and accounts 2022/23

Chair’s Report

We had been expecting a more settled year after the main two years of the COVID-19 pandemic. Sadly, the year was shaken by the Russian invasion of Ukraine which led to unprecedented energy price rises and a dramatic rise in inflation. We found ourselves navigating a cost-of-living crisis for the public, patients, staff and volunteers. At the same time, our NHS partners were suffering pandemic fatigue with the loss of key staff, high staff turnover and burnout. After an unforeseen and unprecedented squeeze, I am pleased to present a positive annual report and accounts for the year ended 31 March 2023.

The NHS started a fundamental re-organisation, with the creation of Integrated Care Systems (ICS) in July. In our area, an Integrated Care Board (ICB) was established to coordinate services and an Integrated Care Partnership (ICP) established to bring together all health and care partners. The ICS is still in a nascent state. Cuts are being identified and teams re-organised to create the headroom to do things differently. At this stage, our NHS contract is being honoured. We will stay closely engaged with the ICS to help them improve services and to protect the vital NHS funding we receive.

We have sustained our clinical services through an exceptionally challenging period. NHS community services have been hard hit by the pandemic and our clinical community teams have felt the pressure as they have often found themselves picking up the pieces. We have sustained a busy inpatient unit, although a general lack of trained staff in the wider health system has prevented us from re-opening all of our 15 beds. The demand for emotional and psychological support services is much higher than our resources can deliver, leading to a significant waiting list. We have designated a proportion of our reserves to sustain our teams through the next 2 – 3 years (while many other charities are scaling back services) and to enhance our clinical services above the pre-pandemic establishments.

Alongside most other charities, we have faced significant financial challenges this year from the headwinds created by post-pandemic giving fatigue and the cost-of-living crisis. However, our financial position has held up well this year due to a number of significant legacies, lower staff costs from vacancies created by the wider recruitment challenge and an exceptional performance by our shops.

We will set a deficit budget in 2023/24, with the intention of continuing to do so for the next 2 – 3 years. We will develop a 5-year financial plan to monitor the progress of our income generation plans and the clinical service enhancements, with a keen eye on our longer term financial sustainability. We intend to keep pushing to maximise our clinical services for our patients through the careful designation of reserves, while maintaining our longer term financial sustainability.

We are fortunate to have a magnificent array of staff and volunteers, as well as an excellent Board of Trustees who have exercised effective balanced governance. St Peter’s Hospice has proven to be well led, well organised, adaptable and resilient through the most testing of times.

Despite the pressures and risks, we are intent on sustaining a positive outlook. We will sustain our teams and enhance our services as far as we can, for our patients and health partners, within a sustainable 5-year plan.

Helen Morgan Chair

Jul 30, 2023

2 St Peter’s Hospice report and accounts 2022/23

Trustees’ Report

Our Objectives and Activities

St Peter’s is Bristol’s only adult Hospice. We provide specialised care and support for patients with severe and progressive disease where curative treatment is no longer possible. Our commitment is to improve the quality of life of patients while extending care and support to their relatives. This year 17% (2022: 20%) of our expenditure was funded by our local NHS CCG commissioned contract.

The Charity’s purpose is set out in the company’s Articles of Association, which were reviewed in 2014 and adopted on 26 February 2015. It is to promote the relief of sickness and in particular to provide services to support the physical, psychological, social and spiritual needs of those affected by life-limiting illnesses. We have interpreted these aims through our Ambition, Purpose, Strategic Intentions and Values.

Ambition

Our ambition 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 dignity they need at the end of their life.

Strategic Intentions

We have set our strategic intentions:

Be the best we can be

• Be responsive and strive to keep improving.

• Strengthen our commitment to well-being, inclusion, equality, diversity and the environment.

• Develop our colleagues, leaders, managers, teams and partners.

• Grow our distinctive reputation as an icon of Bristol.

• Maximise the use of volunteers to enrich our services.

Be sustainable (income matches costs) and resilient (withstand shocks)

• Sustain the ethos of holistic care, whilst balancing affordability and productivity.

• Build a diverse, innovative and sustainable funding 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 collaborative services that reach all communities

• Provide great community and inpatient care, every day.

• As leaders of end-of-life-care, build strong relationships with the NHS.

• Work collaboratively with partners to integrate our services.

• Provide collaborative, flexible and responsive services.

• Share our expertise, role model best practice and educate colleagues.

3 St Peter’s Hospice report and accounts 2022/23

Values

Excellence - to strive to be the best we can, listen, learn and innovate.

Compassion - 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.

Collaboration - to work as one team - built on shared goals and effective relationships.

Main Activities

We provide a number of services free of charge in Bristol, North Somerset, South Gloucestershire (BNSSG) and Bath and North East Somerset to people suffering from lifelimiting illnesses and those affected by this such as families and carers. These services include:

• a 15-bed Inpatient Unit staffed by a specialist palliative care multi-disciplinary team;

• a Day Services programme, which aims to provide a therapeutic environment to support patients in living with their illness;

• A medical 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;

• Community Nurse Specialists who visit patients in their own homes;

• Patient and Family Support which provides social work, spiritual, bereavement and therapy support to patients, families and carers;

• 24/7 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 aims

The strategies, intentions, plans and activities of the Charity are reviewed continuously through the governance cycle of board meetings, committees, workshops and away days. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

How our activities deliver public benefit

Our charitable activities are focussed on offering free holistic care, support and advice to patients, families and carers affected by life-limiting illnesses across Bristol, North Somerset, South Gloucestershire and an area of Bath & North East Somerset. Our activities are undertaken in pursuit of our charitable purpose for the public benefit. Our work often continues with families, loved ones and carers after the patient has died.

4 St Peter’s Hospice report and accounts 2022/23

Strategic Report

Achievements and Performance

The most significant achievement of 2022/23 was sustaining our clinical services through an exceptionally challenging year. We sustained our community services through a mix of home visits and virtual sessions. Our clinical community teams felt significant pressure from picking up the pieces among patients and families that resulted from stretched NHS community services. Our inpatient unit was almost full all of the time. We operated an inpatient unit of 11 beds. We were unable to re-open to the full 15 beds as the wider recruitment challenge prevented us from finding sufficient trained nurses. The pandemic drove exceptional demand for emotional and psychological support services, leading to a significant waiting list. Our day services re-opened at Brentry and started out-reach clinics in south Bristol. The 24/7 Advice Line operated without interruption, dealing with very high levels of demand. Through it all, no patient or family member contracted COVID-19 from our staff or volunteers. All of this represented a truly remarkable collective achievement.

Alongside most other charities, we faced significant financial challenges over the year from the headwinds created by post-pandemic giving fatigue and the cost-of-living crisis, as well as key gaps in some of our fundraising teams. We took the opportunity to review our fundraising strategy with the intention of recovering to pre-pandemic fundraising levels and then growing our net income year-on-year.

Our financial position held up well over the year due to a number of significant legacies, lower staff costs from vacancies created by the wider recruitment challenge and an exceptional performance by our shops. Over a number of years, we had invested in our retail teams, processes and systems. We were therefore well placed to benefit from a surge in charity retail customers driven by the cost-of-living crisis and the desire to shop sustainably. We opened an instantly successful new large shop on Whiteladies Road, with plans to open more around our area.

We have set a deficit budget for 2023/24, with the intention of continuing to do so for the next 2 – 3 years within the framework of a 5-year financial plan. We will monitor our longer term financial sustainability by keeping a close eye on our income generation plans and the clinical service enhancements.

Our wonderful staff and volunteers proved to be resilient, committed and resourceful. That said, there was a significant cumulative effect from the pressures of the pandemic combined with the cost-of-living crisis. We were not immune to those pressures and the general fluidity in the workplace. Some teams experienced higher than normal levels of staff turnover, with added pressure from the resulting gaps and recruitment processes.

Early in the year, we completed a comprehensive pay review. Our intention was to develop a pay policy to address the sense that hospice pay had fallen behind over a number of years. We completed a comprehensive benchmarking exercise, designed a number of job families, considered the costs of each option and drafted a policy. We launched the policy and received almost universal approval from our teams (we had one appeal). By the end of the year, there was significant industrial unrest in the public sector with multiple disputes demanding significant pay rises. We completed a year-end review and made a fair cost-of-living pay award. We may need to review pay again, dependent on the settlements in the NHS pay disputes.

Towards the end of the year, we conducted a comprehensive review of our Major Incident Plan to draw on the lessons from our pandemic response and to ensure that we will be ready to respond to any future incident.

5 St Peter’s Hospice report and accounts 2022/23

Patient Services

The table below provides an analysis of the quantity of services we have provided during the year.

Service	Activity
				%
		2022/23	2021/22		Comments
				Change
Access team	Triage of new patient referrals to service	2,716	2,848	-5%	Unique people referred from external agencies
24 -hour Advice Line Calls (Access, Medics and IPU)	External Advice Line Calls from patient, families, and health care professionals	4,419	4,715	-7%	This number only represents the initial call made to the Advice Line per query. Additional follow up work takes place (e.g., calls to GP or patients etc.)
	Internal Advice Line to Medics	1,589	1,742	-9%	Calls from internal teams (Access & CNS) requesting specialist advice about a community patient, or direct external calls requesting Consultant advice.
Community Nurse Specialist (‘CNS’)	Face to Face visits	3,258	2,618	24%
	Telephone Consultations	20,890	22,966	-9%
Hospice at Home (‘HAH’)	Patients Visited by HAH Team	917	759	21%	Patients received visit from HAH Nurse or Health Care Assistant
Day Services	Session Attendances	162	960	-83%	Service transitioned from Virtual to In-Person during 22/23
Inpatient Unit (‘IPU’)	Total Occupancy	97%	94%	+3% points	During the year we evolved our IPU model where the clinical lead is either a senior nurse or a consultant. We increased the number of beds open from 10 to 11 during the year, increasing bed capacity.
	Nurse Led Occupancy	83%
			New Service
	Consultant Led Occupancy	97%	94%	+3% points
	Total Bed Days Occupied	3,807	3,417	11%
	Nurse Led Bed Days Occupied	494
			New Service
	Consultant Led Bed Days Occupied	3,313	3,417	-3%

6 St Peter’s Hospice report and accounts 2022/23

2022-23 has seen a gradual return to a ‘new normal’ within the services. Face to face visits and appointments have increased across all teams and as we end the financial year our Day Services have restarted.

Clinical recruitment is a nationally significant challenge and St Peter’s has not been immune to this. Recruiting enough trained nurses to fully re open the Inpatient Unit is particularly difficult and we end the year about to open to 12 beds, with 3 still closed due to staffing numbers. Despite ongoing challenges within our services and those we work closely with, it strongly feels that the worst is behind us, and we can focus on development of our services and of our staff.

The Advice Line remains a busy and very valued service by patients, families, and health care professionals Whilst the number of calls has decreased slightly from last year, the service has seen a significant increase since the beginning of the pandemic of approximately 75%. It is of note that this number only captures the initial call in to the Advice Line and many of these initial calls will result in several follow up calls to GP’s, District Nurses etc. to resolve the patient/ carer issue. To support this demand, we have increased the staffing of the team by 2.2 Whole Time Equivalent (WTE). It has taken several months to recruit to these roles and staff are now developing the necessary knowledge and skills to fulfil the role.

With the reduction of COVID-19 restrictions the Community Nurse Specialists have found a new balance of face-to-face visits and telephone calls/video conferencing, which supports both the patient and family and caseload management. We are gradually increasing the number of non-medical prescribers within our specialist nursing team, with a third now able to prescribe; this supports the patient and their family in receiving timely support and our GP colleagues, who would normally be contacted to prescribe the required medication.

Our Hospice at Home team has now completed its second year as one condensed team covering all of the BNSSG catchment area. The service focusses on delivering hands-on care for patients considered to be in the last 4 weeks of life. The service has been in heavy demand, with a high turnover of patients, and a need to continually prioritise those in most need. We are pleased to see we have increased the number of patients we have been able to support through the service this year.

Our Day Services productivity is significantly reduced this year, this has been due to the transition of patients moving away from virtual services and moving towards face-to-face groups. To do this, we have needed to recruit new team members into the service and improve the Brentry patient environment which had become clinical office space for the last 3 years to enable staff to work in a covid secure way. Our ambition is to run our groups from external sites as well as from Brentry, making access easier for patients who live a distance from Brentry. The team have so far successfully delivered Fatigue and Breathlessness Group from Knowle Park in South Bristol. We enter 23/24 with a full team in place and excited to deliver to a wider scope of patient groups.

This year we began an Inpatient Unit project to develop Nurse-led beds, for patients at end of life with non-complex needs, who would like to die in the hospice. These beds have been clinically led by a group of 3 of our prescribing CNS team, with medical support out of hours. The ability to recruit nursing staff has hampered the opening of the beds, but we have learnt so much in this 12-month period and whilst on average this cohort of patients has only occupied 2 beds, we have seen some of the positive outcomes we had anticipated; shorter length of stay and high satisfaction from family members about the care received. Despite staffing issues, we have maintained a consistently high occupancy throughout the year. We are opening our 12th bed in April 2023 with the aim to progressively open the 3 remaining beds over the next 12 months as recruitment allows, flexing between nurse-led and consultant-led admissions dependent on patient need.

Education

The Learning and Development department offer a broad range of courses both to our clinical teams and the wider Hospice teams. Clinical education is delivered by expert registered nurse end of life (EOL) educators, supported by other clinicians.

7 St Peter’s Hospice report and accounts 2022/23

The team of two end of life educators and the Learning and Development Business Partner were joined by a clinical lead educator in January, strengthening the team at a time of growth in internal and external learning.

The team has remained focussed on assessing, planning, and meeting internal employee’s educational needs, and have returned to a blended approach of face to face and virtual following the pandemic.

Our full learning & development offering of courses has been thoroughly reviewed and personas have been developed for all roles in the Hospice providing better clarity on the learning & development opportunities available. Reporting of statutory and mandatory training has also been strengthened through our Learning Management System.

An internal Leadership Development Programme has been launched which aims to bring greater consistency and confidence to managers at all levels.

We also continued to meet wider requests from primary, secondary, and social care working in partnership with local universities, as well as supporting nursing medical and AHP students and meeting end of life care education needs of health & care organisations across the region.

Supporting and funding the Hospice

Fundraising

Our 2022/23 targets were prepared in October of 2021, at which point we were starting to emerge from the pandemic. Restrictions on social distancing had been lifted, people were meeting in groups both indoors and outdoors and there was optimism about the year ahead. We set a target for modest growth, aiming to move back towards our pre-pandemic position. Shortly after, Russia invaded Ukraine and the Ukraine crisis started to unfold bringing with it the cost-of-living crisis and severe economic impacts which have affected our fundraising over the past 12 months. We continued to have higher than normal vacancy levels like many in the sector but despite this, the team remained focused and by year end 22/23 our fundraising activities had generated £2,351k (2022: £2,805k). Net income was £1,547k (2022: £2,188k)

The impacts of the cost-of-living crisis were felt at varying levels across all fundraising income streams. As the general public felt the pinch and household disposable income became restricted, so too did people’s ability to give to charity.

Income from charitable foundations saw the greatest reduction in year with an income of £183k (2022: £388k). One projected gift of £100k was not secured, forming the majority of the shortfall. The remainder of the deficit reflects the sector trend of grant makers focusing on charities supporting those most affected by the cost-of-living crisis.

The other two income streams most affected were events which raised £270k (2022: £330k) and community income which raised £373k (2022: £450k).

We removed one event from our portfolio due to lifecycle and return on investment concerns leaving a gap that we chose not to fill due to the uncertain economic climate. For other events we saw a general decline in participation as well as average sponsorship levels.

Income from community fundraising was similarly affected, with fewer community groups and individuals choosing to hold events in aid of the Hospice and those that did raising lower average amounts.

Legacies income (gifts in wills) had its strongest year since 2017 with income of £3,504k (2022:£2,292k). A small number of significant gifts (>£200k) accounted for the strong performance.

8 St Peter’s Hospice report and accounts 2022/23

We continue to be extremely grateful to our dedicated volunteers, who have continued to work both remotely and in the office, supporting our events and activities, processing income and helping us to claim significant values in gift aid.

The Hospice undertakes its fundraising activities in line with the Code of Fundraising Practice. We continue to be registered with the Fundraising Regulator, the independent body that regulates charitable fundraising in the UK.

We take the management of data seriously 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 all other correspondence is tailored based on the interests and preferences of the supporter.

We continue to ensure compliance with General Data Protection Regulations (GDPR) and regularly review our policies and practices relating to personal data. We rely on legitimate interest as our legal basis for processing data and follow the principle of only communicating to supporters about activities we believe they would be interested in. We provide all supporters with clear and easy opportunities to change their communication preferences at any time and our Privacy Notice is available on our website or by calling our reception. Our complaints procedure is clear on our website and can also be enacted through all other communication channels. During 2022/23 we received 13 complaints relating to our fundraising or communications practices and 2 requests to be removed from mailings via the Fundraising Preference Service.

A significant proportion of the income raised for the Hospice is from trusts, foundations, companies and institutional donors. Funds raised 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 requirements and commitments. Some supporters or partner organisations 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. Our ‘vulnerable people’ policy governs how we approach this matter and our contracts with Professional Fundraising Organisations also include strict processes in relation to this.

Retail

The 2022/23 year has been a real success with record sales income achieved of £8,553k (2022: £7,571k). This beat the previous best year by over £300k and drove a net profit of £2,883k. This strong performance was consistent across the estate with many stores having record years.

A key strategic aim for the retail operation is to seek opportunities to improve profitability. A means to do this is to increase the size of our stores where we believe demand exists or where our current stores overlap within the same geographic area.

Towards the end of the financial year, we consolidated our two existing stores on Whiteladies Road, Clifton, into one larger, new store. This reduces overheads and provides a larger retail space driving higher sales.

This is our first new store for a number of years, and we took the opportunity to modernise our branding and shop concept. The opening was a huge success with incredible customer and influencer feedback backed up by very strong sales far exceeding target.

The restructure of our furniture business has proved successful with our furniture store having a very successful year (+24% increase in sales) and house clearance sales also

9 St Peter’s Hospice report and accounts 2022/23

increasing. We have identified this part of our business as a key growth area and this coming year we will look for opportunities to build the foundations for a bigger business.

Our on-line retail business continues to grow with the introduction of Depop, which is aimed at a younger audience, and ‘Trade’ which we have in place to grow our sales of second hand books. eBay is still the central sales channel which drives the majority of income, with the smaller channels offering important support with niche markets and new audiences. In 2022/23 we saw a 12% increase on 21/22 and this was with Depop only trading for 9 months and Trade only for 3 months. Our partnership with Shopiago, which was introduced in 2021, continues to support our growth and improve our reporting and process capabilities.

The final key initiative this year saw us move our Gift Aid method from the standard method to Method A. This development took a significant amount of time and effort, but in the long term it will improve the efficiency of administration.

Support

Our Finance, IT and project teams continue to deliver the core day-to-day administrative services to the organisation whilst also seeking to use technology to improve processes and systems.

We have a number of projects that started during the year to upgrade our employee management and administration systems.

Our Finance team have been focused on developing our longer-term planning to support our development of a 5-Year view for future service delivery whilst maintaining our strategic intent of having sustainable and resilient financials.

The Charity maintained compliance with the NHS Data Security and Protection Toolkit.

Future Plans

Strategy

We began the year with a Strategic Plan which outlined our ambition, purpose, strategic intentions and values. The aim was to point the direction in which we intended to move forward, as a handrail through the turbulence and uncertainties. Through 2022/23, we built on that direction of travel through the ‘supporting strategies’ that set out a 3-year view for each area of the hospice. The key output of our strategy work in the Autumn was the intention to develop a 5-year financial view to manage our longer-term sustainability. In other words, to forecast future income growth, consider clinical service developments and monitor the anticipated growth in costs (particularly from pay).

We managed the alignment of our strategies into 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.

Sustainable and Resilient

We set a budget for 2023/24 that fits within our strategic intentions to be the best we can be, to be sustainable and resilient, and to build collaborative services that reach all communities. Our approach to the budget for 2023/24 was as follows:

• Teams - ensure that our teams are fully resourced.

• Pay - ensure that staff are paid well in comparison to appropriate benchmarks.

• IPU - develop and embed our ‘hybrid’ approach to the IPU.

• Community - improve the reach of our community services.

• Service Enhancements – to address current post-pandemic pressures.

• Retail - press on with retail income growth.

• Fundraising - review fundraising strategy and programme, with a view to recovering pre-pandemic income levels and then pushing on.

• Projects - a managed programme of projects.

10 St Peter’s Hospice report and accounts 2022/23

Following the Autumn review of strategy, we developed an outline 5-year view of our financial sustainability and resilience:

• Retail income growth is strong (net c.£3m) and expected to continue.

• Fundraising income is expected to recover to pre-pandemic levels (net c£2m) over the next 2 years and improve incrementally.

• Legacy income is strong (>£3m) and expected to grow over the 5-year average.

• Investment strategy should be developed to provide consistent income.

• Reserves are sufficient to carry us through the near term.

• Service enhancements could be extended.

• Service developments may be affordable, particularly in the community.

• Costs are controlled through the Executive team review of recruiting and projects.

We should be able to forecast with 18 months’ notice, any substantive need to restrain costs.

Enhancing Our Clinical Services

Through 2022/23, we began the programme to enhance our clinical teams through the careful use of designated reserves. Most charities are primarily dependent on fundraising which is under pressure across the sector from the cost-of-living crisis. We have a balanced mix of income that is more resilient in the face of shocks. We have therefore taken the bold decision to enhance our clinical services. We believe this is the right thing to do, to help as many patients and families as possible, to ensure that our hard-pressed teams are well resourced and to support our wider health and care partners.

We have set a deficit budget for 2023/24, that will be covered by a designated reserve. We will deliver the programme of clinical service enhancements, alongside a programme of projects to improve our services, systems and facilities, funded by a further designated reserve. Some of the service enhancements may need to fall away in due course as the designated reserves are consumed. However, some service enhancements may develop into long term service developments if we are able to grow our income and/or secure improved financial support from the Integrated Care Board (ICB).

We will monitor the progress of these budgets, service enhancements and projects, with a keen eye on long term financial sustainability.

A Vital Partner

St Peter's Hospice has been serving 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 cost-of-living crisis, and we are still standing. Indeed, we want to do more and have set out unprecedented plans to enhance our services and systems, for our beneficiaries. Over the next 5-year period, we will need to manage the increase in costs (primarily from pay), the costs of the service enhancements, the use of the designated reserves and the growth in income, to ensure that we remain sustainable and resilient.

We are confident that we are secure as a going concern, we can manage the planned deficits and we have the levers to manage our longer-term financial sustainability.

Fundraising

The cost-of-living crisis has demonstrated that our current fundraising portfolio is susceptible to economic changes. We plan to review the fundraising portfolio to identify opportunities to address that, especially considering growing demand for our services and the prediction that we will need a significant increase in income to fund that service growth.

To that end, the fundraising team is developing a new 5-year strategy that will demonstrate a step change in income. The importance of committed giving and sustainable sources of income which be a key area of focus.

11 St Peter’s Hospice report and accounts 2022/23

Legacies will also continue to be a priority as we focus on developing the pipeline of legators and their subsequent stewardship.

Retail

This year we are looking to trial the new concept store in one small and one large current store. This allows us to understand how the new concept works in stores we currently trade and allows us to analyse like for like sales information. We will also explore a store refresh programme.

We have identified the Furniture part of our business as a key growth area and continue to look for a suitable new store. We have also identified a large format ‘Superstore’ as a potential new opportunity which mirrors the strategy of several large national charities. To underpin this growth potential we have to demonstrate the ability of supplying enough donated furniture to our stores. It is for this reason that we have partnered with an external company called Boxmove on a 12month trial. They specialise in working with charities to support their Furniture collection business.

This year there will be two significant IT developments. We will firstly implement the new Nisyst Chariot web system which is a cloud-based upgrade on the current system allowing for ‘Live’ data and an instant reporting suite which will support commercial decision making. Once this has been implemented, we plan to roll out Tablets to all stores supporting improved Gift Aid process as well as improving stores ‘in-store’ communication.

After two years of consistent growth in New Goods we intend to focus on three areas this year to drive income. Firstly, a more consistent commercial visual merchandising approach in current stores, develop and trial a Bristol themed product range and extend our furniture range.

Marketing and Communications

The Marketing and Communications Team continue to be central to promoting our message, keeping supporters informed of our work and helping to generate income thorough the website and promotion of retail and fundraising activities. Over the past year they have also played an increasingly important role in recruitment for the Hospice and increased their focus on staff engagement and retention.

The team will continue to tell the story of the Hospice, using a variety of channels and forms of media to ensure that we are reaching new patients, supporters and employees as well as continuing to build great relationships with existing stakeholders.

Support

The support functions will continue to look at utilising technology to improve our productivity and efficiency. Following the upgrade of our core infrastructure we are now in a position to support our colleagues in getting the most out of the technology we have available to us whilst also supporting the implementation of new technologies where required.

The Finance team will be focused on the development of the 5-year view, providing analysis and support to our colleagues in the development of our future service aspirations.

Our People

Staff

We are fortunate to have a wonderful mix of staff who have been resilient, committed and resourceful over the last 3 unprecedented years. We have operated as one-hospice with a common purpose, identity and set of values. Within that one-hospice family, we have a ‘mixed economy’ of teams where we encourage teams to recognise and develop their

12 St Peter’s Hospice report and accounts 2022/23

own identities and ways of working. The differences between clinical community teams, inpatient teams, support teams, retail teams and fundraising teams, are recognised as fundamental to the different roles whilst being supportive of the one-hospice team.

We have not been immune to the cumulative pressures on our people from the pandemic and the cost-of-living crisis. As seen in the wider sector and economy, we have experienced higher levels of staff turnover. Some staff have taken the opportunity to retire or reduce their hours, while others have felt the need to move to new careers and opportunities. This fluidity has added pressure on teams from the resulting gaps and the energy required by repeated recruitment processes.

We enhanced our recruitment through a fixed term recruitment specialist, to support managers. Over the year, we successfully recruited into most of the vacancies and our teams ended the year well resourced. The one area that remained problematic was trained nurses – where there is a significant shortfall across the health and care system.

In June, we launched a ‘Leadership, Management & Team Development’ framework to provide our managers with the resources to lead and develop their teams. The framework was well received, and many teams have set out on a programme of team development. The framework included a permanent commitment of time and resources for teams to engage in recuperation activities. This collective work is essential to help lift teams from a pandemic ‘survival mode’ to a more positive forward looking ‘team development’ mode. In the last quarter of the year, we launched a Leadership Pathway training programme to provide managers with the time and space to develop their leadership.

Volunteers

We are very fortunate to be supported by over 1,200 volunteers, who provide significant benefit to the hospice. They are employed in a variety of roles including café staff, shop assistants, drivers for patients, complementary therapists, gardeners, ward assistants and receptionists. Across the sector, the level of volunteering has been declining in the face of the cost-of-living crisis. Through our investment in volunteer management, we continue to attract high quality and committed volunteers, many of whom have continued to support St Peter’s Hospice through the pandemic.

We are eternally grateful for the support we have received from volunteers.

Remuneration Statement

The Hospice exists in order to provide care and support for adults with life-limiting illnesses and their families. The provision of these services is dependent on our ability to run an efficient organisation and to generate income through fundraising and retail activities. In order to be successful, we need to be able to attract and retain staff with a wide variety of skills, knowledge and experience, some of which is highly specialised.

We therefore aim to be competitive in the different recruitment markets where we compete for talent, while taking a balanced and responsible approach to the use of the Charity’s funds.

In accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and Charity SORP 2015, St Peter’s Hospice discloses:

• all payments to trustees (no Trustees receive “pay”);

• the number of staff in receipt of more than £60,000 (in bands of £10,000); and

• pensions and other benefits.

As the year started, we completed a comprehensive pay review. The purpose of the review was to address the sense that hospice pay had fallen behind over a number of years. We completed a benchmarking exercise across the recruitment job families, costed the options and produced a comprehensive policy. We launched the policy with almost universal staff approval. At that moment, no one in the economy was predicting the rise in inflation that we would experience over the year and the accompanying pay disputes across the public sector. We completed a year-end review and made a fair 5% cost-of-

13 St Peter’s Hospice report and accounts 2022/23

living pay award. However, we may need to review pay again, dependent on the settlements in the NHS pay disputes.

The Hospice has a Governance Committee which meets twice a year and requires the attendance of at least 3 Trustees to be quorate. One of the responsibilities of this committee is to review and determine the salary and remuneration package of the Chief Executive and senior management of the Hospice. Such decision-making is based on consideration of salary information shown in independent benchmarking surveys.

Trustee recruitment

The Governance Committee is responsible for monitoring Board composition and reviews 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, specifically addressing skillset 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. If all parties are content, the potential trustee is presented to the Board for consideration. Approved nominees 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 lived experience of trustees recently.

Financial Review

During the year, the Hospice generated a Net Income deficit of £342k (2022: Surplus of £4,329k). Net Income before unrealised losses was a surplus of £347k (2022: Surplus £1,497k).

The Net Income before unrealised losses was higher than anticipated in our planning due to higher income which grew by 7% with strong growth in a number of areas, notably in our Charity Shops which saw growth of 13%. This led to record retail income of £8,553k (2022: £7,571k) - reflecting the exceptional effort made by our retail team and the quality of the donations made by our supporters. After operating costs, the Charity Shop operation delivered a contribution of £2,905k (2022: £2,688k).

Our income from legacies (gifts in wills) saw strong growth of 53% in the year delivering £3,504k (2022: £2,292k). This was due to a small number of larger than normal gifts.

This growth in core income streams enable us to offset a reduction in fundraising which, as noted above, has faced some challenging headwinds due to economic and political conditions. Fundraising income fell 20% to £2,351k (2022: £2,805).

The NHS continue to contribute funding to the hospice, with income of £3,099k (2022 £3,194k). We are grateful for their continuing support as we work in partnership with them. During the year we received the final covid grant of £252k.

Costs increased across the board, up 15% year on year to £17,908k. This is due to several reasons:

• Higher trading activity in the Retail Operation.

• Increased staff costs due to higher staff numbers, up 21 from 436 to 459 (Heads), as we return to pre-covid establishment levels and also invest in service enhancements.

• Increased staff costs following the implementation of a new benchmarked pay policy to enable us to attract staff in a highly competitive marketplace.

Financial Outlook

Our strategy has always been to have a diverse range of income streams which provides a degree of resilience and avoids over reliance on one particular source of funding. However, notwithstanding this strategy we are reliant on the generosity of fundraising

14 St Peter’s Hospice report and accounts 2022/23

donors, our legators and our shop customers, which in turn is reliant on the quality of donations provided for resale. The NHS also plays an important part in our income mix and we will work closely with our local ICB to maintain funding to support essential services to our community.

In the coming year we have planned to grow all areas of income growth, with the exception of legacy income for which we have recognised that 2023 was an exceptional year and have not planned to see a repeat of that level of income.

As noted above we are enhancing our clinical services and developing income generation as well as investing in the operational foundations of the hospice. This has led to expectation of an operational deficit in the forthcoming year which we have planned to meet from designated reserves.

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 standing Board agenda item. This involves identifying the types of risk the Charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of eliminating or mitigating the risks as appropriate.

The Board has delegated the detailed 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 biggest issue facing the Charity continues to be the volatility of funding, alongside high fixed costs. Risks and uncertainties exist at all levels; strategic, operational, and financial. 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 to provide financial support to us.

15 St Peter’s Hospice report and accounts 2022/23

Section 172 Companies Act 2006

This report sets out how the Trustees comply with the requirement of Section 172 Companies Act 2006 and how these requirements have impacted the Board’s decision making in the year ended 31 March 2023.

The Role of the Board

The Board must act in the Charity’s best interests to ensure the delivery of its charitable objectives. 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 this report below.

Activities of the Board

The Board has made principal decisions impacting the future of the Charity in line with the strategic intentions of the Charity.

Section 172	Decisions / interactions
(a) the likely consequences of any decision in the long term	Our strategic intentions are documented above, and we use these to guide the direction of our operating and service development strategies. We are presently developing a 5-year view of our services with the aim of achieving and maintaining long-term sustainability and resilience. Our reserve policy, as noted below, has been developed to be supportive this strategy.
(b) the interests of the company’s employees	The Charity ensures that employees and volunteers are consulted and provided with appropriate 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 engaging employees including by regular team and shop visits, shadowing and working alongside clinical teams and support teams, CEO video updates and periodic newsletter updates to all employees. A Managers’ Group with all senior and middle managers has continued to work well in engaging them in planning and exploring issues through workshops and to support their leadership development. The Charity operates an open culture and the Chief Executive encourages all to have open channels of communication with him. When policies are revised or updated these are circulated by email to all employees. When appropriate, specific mechanisms for employee input are provided. A biannual employee survey is run by an external company, WorkBuzz, which surveys many organisations across all sectors, allowing us to benchmark responses. One full survey is run in the winter months and then a pulse survey is taken in the Spring. Results are analysed, provided to managers and trends reported to the Board. A new employee experience group has been formed, with representatives from across the hospice. The group meet quarterly to discuss the results of the survey and form task and finish groups to take forward specific projects, e.g reward & recognition.
(c) the need to foster the company’s business relationships with suppliers, customers and others	The Board regularly reviews how the Charity maintains positive relationships with all of its stakeholders, including patients, families and carers, funders, supporters, suppliers, customers and others. Our Patients, families and carers are key stakeholders. It is vital that we have strong relationships with this group. The Charity does a huge amount of work in this area as detailed in our separate annual report“St Peter’s Hospice Quality Account”that can be

16 St Peter’s Hospice report and accounts 2022/23

Section 172	Decisions / interactions
	found on our website. The aim of the report is to give clear information about the quality of our services so that patients 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 to articulate our role in working in partnership with the NHS to deliver end of life care. Our funders are key stakeholders with which the Charity actively engages to maintain strong relationships. Details of how we engage with our donors is given above in the ‘Supporting and funding the Hospice’ section of this report. A key funder for the hospice is the local NHS ICB. The Board maintains an ongoing relationship with the local NHS ICB where we work closely to be a key partner in the provision of end of life care for the region. The Charity regularly engages with Hospice UK and other hospices. This enables improved purchasing power for the hospice sector. It is also a platform for sharing best practice.
(d) the impact of the company’s operations on the community and the environment	The ambitions of the Hospice are set out in our Environmental sustainability strategy that was approved by the Board. This will have resources allocated to it once we have produced a clear plan of action which will be developed through staff consultation. The Head of Locality Engagement and Head of People have continued the internal Equality, Diversity and Inclusion working group who have worked on a calendar of awareness activities and events for 2023. The virtual ‘Let’s Talk’ employee sessions have continued, providing opportunity for employees to hear more about life experiences from those with protected characteristics and open up conversations. Our ED&I Policy was reviewed and updated, with a clear action plan detailed and we continued as members of Bristol Equality Network, attending regular meetings with other Bristol organisations discussing local ED&I issues. Our Learning & Development Team are continuing to meet wider requests from primary, secondary, and social care and are working in partnership with local universities, supporting end of life sessions, as well as supporting nursing medical and AHP students and meeting end of life care education needs of health & care organisations across the region. The request for student nurse and trainee nurse associate placements (TNA) has increased significantly over the past year with more employers using the nurse apprenticeship route to aid staff development. The Inpatient Unit and Hospice at Home teams have enthusiastically supported these students and feedback from the students themselves has been very positive. Requests continue from other professionals including Physio’s, Occupational Therapists, Paramedics and Medics to spend time with our clinical teams to gain an insight into the work they deliver and build professional working relationships. We have recently been awarded a Hospice UK grant, that will enable education and clinical colleagues to work together on a palliative and end of life training programme supporting our local imprisoned population - HMP Bristol, HMP Leyhill and HMP Ashfield. The project will involve several our teams to provide Education &

17 St Peter’s Hospice report and accounts 2022/23

Section 172	Decisions / interactions
	Training, Chaplaincy links with the Prison’s chaplaincy teams and bereavement support training to the Prison family liaison teams.
(e) the desirability of the company maintaining a reputation for high standards of business conduct	The Hospice has a very respected reputation in the community for delivering great care and support to patients, carers and relatives. We aim to protect and maintain this reputation by seeking to live by our values and deliver to our ambition and strategy. To support this we have a comprehensive training programme to maintain standards in delivery of care and good business practices. In addition, the hospice also maintains policies covering a wider range of corporate and clinical governance. This enables the hospice to set expected standards delivery of our services and also for working with our stakeholders. This includes policies covering the following areas : • Fundraising • Complaints Handling • Raising Concerns • Employee relations (multiple policies) • Procurement • Volunteers • Safeguarding Our performance is overseen by the Board and governance committees.
(f) the need to act fairly as between members of the company	The Board ensure that decisions made regarding the future of the charity give due consideration to both current and future beneficiaries of its services. Details regarding the Charity’s policy on Trustee recruitment are found above in the ‘Our People’ section of this report.

18 St Peter’s Hospice report and accounts 2022/23

Structure, Governance and Management

Governance and decision-making

St Peter’s Hospice is a company limited by guarantee and without share capital. The company was registered with the Charity Commission on 7 April 1975.

The governing body of the Charity is the Board of Trustees, which comprises up to 12 members and meets four times a year or more if required. The Board has established formally constituted committees, each with specific terms of reference and functions delegated by the Board and with a Trustee as a chairman appointed by the Board: Resources, Investment, Audit, Governance, Clinical Services and Safeguarding. Our Articles of Association were revised and adopted on 26 February 2015 and have been registered 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 within the meaning of the Companies Act 2006.

Reserves policy

The Hospice seeks to hold financial reserves to enable services to continue and adapt where there is an unforeseen event or economic conditions that create a material shortfall in income compared to expenditure.

During 2021/22 a simplification of the reserve policy was made such that we seek to maintain free reserves of between 6 to 12 months of future expected expenditure. This would enable the hospice to either maintain services during a period of temporary income shock, or, in the case of a permanent diminution in income generation, an orderly restructuring of our services. The range recognises that net income does fluctuate, particularly due to the unpredictability of legacy gifts and equity investment valuations.

The reserves as at the end of the accounting period are:

Endowment funds Restricted income funds Endowment and Restricted Reserves Revaluation reserve Fixed assets fund Service enhancement programme Projects programme Operating deficit reserve Designated reserves Free reserves Total Reserves	2023 2022 £’000 £’000 13,294 13,555 63 20
	13,357 13,575 687 1,454 7,308 7,576 1,908 2,000 669 900 2,200 2,200
	12,085 12,676 11,355 10,121
	37,484 37,826

The reserves are as follows:

• Restricted reserves - Endowment and restricted income funds – these funds have specific criteria for the utilisation of their income and capital as designated by the donor.

• Revaluation reserve – reflects the revaluation of fixed asset investments. This fund is only realisable on the disposal of underlying assets.

• Fixed asset fund – representing the net book value of fixed assets. Only realisable through the disposal of fixed assets.

19 St Peter’s Hospice report and accounts 2022/23

• Service enhancement reserve (formerly Post Pandemic Service Enhancement Reserve) – this reserve was created to enable an increase and development of specific services for 2 to 3 years. Enhancements are now in place and the reserve is being utilised.

• Projects programme reserve – created to enable the investment in our infrastructure and operations to improve efficiency and productivity. Projects are now underway and we anticipate the programme lasting for 2 to 3 years.

• Operating deficit reserve - The Trustees recognise that the hospice is developing its longer-term strategy for service delivery and income generation. The expectation is that there will be a mismatch between income growth and increases in expenditure and capital investment during the transition. This reserve enables the confidence to proceed with our strategy whilst maintaining free reserves in line with our policy.

• Free reserves – 6 to 12 months of future expected operating and planned capital expenditure.

As at the year end, free reserves were 7 months of expenditure which is at the lower end of the 6 to 12 month target range. Should a material shock arise for the Hospice, the Trustees could release the Operating Deficit reserve and any uncommitted spend in the Projects programme to extend our time window to adapt our services. As at the end of the year, if these reserves were released it would increase free reserves to 8.8 months of expenditure.

Investment policy

Our investment objective is to provide sufficient liquidity and total returns (income and capital gains), with an acceptable level of risk, to enable the Charity to carry out its activities effectively in both the short-term and long-term.

Short-term: The Hospice maintains deposits with a range of banks through the Charities Aid Foundation deposit platform. The key short-term objective being to invest sufficient capital in lower risk, liquid and unrestricted assets, in order to meet anticipated operating cash shortfalls and capital expenditure requirements over a 1–2-year time horizon.

Long-term:

The Investment Policy offsets out 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 RPI+2% net of all expenses.

• The investment objective for long term endowed funds is to generate a return of RPI+4% net of all expenses.

The key risk to long term funds is inflation. The Fund Managers have been instructed 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 financial 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 necessary, it can be carefully planned over a period of 12 months.

Our long-term financial portfolios are managed by appointed 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.

20 St Peter’s Hospice report and accounts 2022/23

Investment performance

Investment income increased by 23% to £381k (2022: £310k). Net unrealised capital losses totalled £689k (2022: Gain of £2,832k). Our investment performance (total returns) versus benchmarks over the last five years is as follows:

		Investment returns	Investment returns
		to 31 March 2023
Fund	Comparator	1 Year	5 year annualised
John James Endowment		%	%
Performance		-0.9	9.6
Target	RPI +4%	18.0	9.9
Benchmark	FTSE UK Private Investor Growth Index	-0.5	7.1
Peer group comparison	ARC Charity - Equity Risk	-4.3	4.7
Needham Cooper Endowment
Performance		-0.9	9.3
Target	RPI +4%	18.0	9.9
Benchmark	FTSE UK Private Investor Growth Index	-0.5	7.1
Peer group comparison	ARC Charity - Equity Risk	-4.3	4.7
Discretionary Portfolio
Performance		-6.9	3.5
Target	RPI +2%	16.2	7.9
Evelyn's Benchmark	MSCI PIMFA Private Investor Income Index	-3.9	3.8
Benchmark for consistent comparison	FTSE UK Private Investor Income Index	-0.5	7.1
Peer group comparison	ARC Charity - Balanced Returns	-4.5	3.2

Streamlined Energy and Carbon Reporting

Methodology

Our charity shops, warehouse, hospice site in Brentry and Long Aston office all use electricity for light, heat and power. The KwH usage was provided by our energy broker. In addition to this, three shops and the main hospice site also use gas central heating and the gas usage was calculated from the accounting records using the rate from the most recent bills.

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 mileage (who transport patients to/from the hospice for services in their own cars), patient support vehicles (used to transport patients to the in-patient unit), and goods vans which are used by the retail team to transport goods and service the retail outlets. Given the large number of different vehicles used throughout, composite rates were applied where specific data was impractical.

Other travel methods such as air and rail travel were not disclosed as these are deemed to be immaterial. The UK Government GHG Conversion Factors for Company Reporting 2022 has been used to provide the required conversion rates.

	2023	2022
Energy consumption used to calculate emissions (kWh)	1,929,143	1,926,347
Emissions from combustion of gas (kgCO2e)	82,292	94,301
Emissions from combustion of fuel for transport purposes (kgCO2e)	92,395	64,070
Emissions from business travel in rental cars or employee-owned	22,249	16,007
vehicles where company is responsible for purchasing the fuel
(kgCO2e)
Emissions from purchased electricity (kgCO2e)	205,250	228,805
Total gross emissions (kgCO2e)	402,186	403,182
Intensity ratio (total kgCO2e per FTE employee)	1,188	1,241

21 St Peter’s Hospice report and accounts 2022/23

Statement of Trustees’ responsibilities

The Board is responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

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 Accounting Practice (United Kingdom Accounting 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 financial statements, the Board is required to:

• select the most suitable accounting policies and then apply them consistently;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures 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 detection of fraud and other irregularities.

Statements as to disclosure of information to auditors

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 audit information of which the company's auditors are unaware.

Auditors

During the year the Trustees undertook a review of their auditors in line with good corporate governance. Following a tender process the Trustees concluded not to reappoint Mazars LLP and agreed to appoint Crowe UK LLP for the forthcoming year.

By order of the Board

Helen Morgan Chair

Date: Jul 30, 2023

St Peter’s Hospice Charlton Road Brentry Bristol BS10 6NL

22 St Peter’s Hospice report and accounts 2022/23

Independent auditor’s report to the members of St Peter’s Hospice

Opinion

We have audited the financial statements of St Peter’s Hospice (the ‘parent charity’) for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, The Consolidated and Charity Balance Sheets, The Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 March 2023 and of the groups income and expenditure for the year then ended the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

23 St Peter’s Hospice report and accounts 2022/23

Independent auditor’s report to the members of St Peter’s Hospice (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the chairman’s report and the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the chairman’s report and the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the chairman’s report or the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 21, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the parent charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, antimoney laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19.

24 St Peter’s Hospice report and accounts 2022/23

Independent auditor’s report to the members of St Peter’s Hospice (continued)

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

• Inquiring of management and, where appropriate, those charged with governance, as to whether the parent charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

• Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

• Considering the risk of acts by the parent charity which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as: tax legislation, pension legislation, the Companies Act 2006 and the Charities Act 2011.

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 the classification of reserves as restricted, designated or unrestricted, revenue recognition (which we pinpointed to the completeness assertion, 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.

25 St Peter’s Hospice report and accounts 2022/23

Independent auditor’s report to the members of St Peter’s Hospice (continued)

Use of the audit report

This report is made solely to the parent 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 parent 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 parent charity and the parent charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Jonathan Marchant (Aug 2, 2023 12:31 GMT+1)

Jonathan Marchant (Senior Statutory Auditor) for and on behalf of Mazars LLP Chartered Accountants and Statutory Auditor 90 Victoria Street Bristol BS1 6DP

Date: Aug 2, 2023

26 St Peter’s Hospice report and accounts 2022/23

Consolidated statement of financial activities (incorporating an income and expenditure account) For the year ended 31 March 2023

Note	Unrestricted funds Restricted funds Endowment funds Total Total 2023 2022
	£000 £000 £000 £000 £000
Income and endowments from:
Donations and legacies	4,772 78 - 4,850 4,089
Charitable activities	3,200 252 - 3,452 3,918
Other trading activities	9,572 - - 9,572 8,782
Investment income	381 - - 381 310
Total income 3	17,925 330 - 18,255 17,099
Expenditure on:
Raising funds:
Donations and legacies	473 - - 473 464
Trading and other activities	7,600 - 96 7,696 6,576
Charitable activities	9,452 287 - 9,739 8,562
Total expenditure 4	17,525 287 96 17,908 15,602
Net income before gains / (losses)	400 43 (96) 347 1,497
Net gains on investments 10	(524) - (165) (689) 2,832
Net income	(124) 43 (261) (342) 4,329
Transfers between funds	- - - - -
Net movement in funds	(124) 43 (261) (342) 4,329
Reconciliation of funds:
Total funds brought forward	24,251 20 13,555 37,826 33,497
Total funds carried forward	24,127 63 13,294 37,484 37,826

In accordance with the provisions of the Companies Act 2006, a separate income and expenditure account dealing with the results of the parent company only has not been presented. The net decrease in reserves for the year for the parent company was £(256,000) (2022: increase of £4,213,000).

The notes on pages 30 to 48 form part of the financial statements.

27 St Peter’s Hospice report and accounts 2022/23

Registered company no. 1191227

Consolidated and Charity balance sheets As at 31 March 2023

	Group Group Charity Charity
Note	2023 2022 2023 2022
	£000 £000 £000 £000
Fixed assets
Tangible assets 9	7,308 7,576 7,347 7,615
Investment assets 10	21,768 20,789 21,768 20,789
	29,076 28,365 29,115 28,404
Current assets
Stocks	42 39 - -
Land held for sale 11	- 1,067 - 1,067
Debtors 12	2,882 2,372 2,883 2,363
Investments	466 2,244 466 2,244
Short term investments	4,810 3,005 4,810 3,005
Cash at bank and in hand	1,280 1,636 1,142 1,423
	9,480 10,363 9,301 10,102
Liabilities:
Creditors: amounts falling due within one year 13	(766) (606) (785) (629)
Net current assets	8,714 9,757 8,516 9,473
Total assets less current liabilities	37,790 38,122 37,631 37,877
Provisions for liabilities 14	(306) (296) (306) (296)
Total net assets	37,484 37,826 37,325 37,581
The funds of the charity:
Endowment funds 15	13,294 13,555 13,294 13,555 63 20 63 20
Restricted income funds 16
Unrestricted funds:
Designated funds 18	12,085 12,676 12,124 12,715 687 1,454 687 1,454 11,355 10,121 11,157 9,837
Revaluation reserve 20
Income and expenditure account 17
Total unrestricted funds	24,127 24,251 23,968 24,006
Total charity funds	37,484 37,826 37,325 37,581

The notes on pages 30 to 48 form part of the financial statements.

These financial statements were approved by the Board of Trustees on 28[th] July 2023 and signed on its behalf by:

Helen Morgan, Chair of Board of Trustees

Alison Godfrey (Jul 31, 2023 10:11 GMT+1)Alison Godfrey

Alison Godfrey, Chair of Resources Committee and Treasurer

28 St Peter’s Hospice report and accounts 2022/23

Consolidated statement of cash flows For the year ended 31 March 2023

Cash flows from operating activities:

----- Start of picture text -----
Net cash provided by operating activities 24 1,199 1,460
Cash flows from investing activities:
Dividends, interest and rents from investments 3 381 310
Purchase of property, plant and equipment 9 (273) (86)
Proceeds from sales of investments 10 2,880 2,741
Purchase of investments 10 (4,516) (5,202)
Net cash (used in) / provided by investing
activities (1,528) (2,237)
Change in cash and cash equivalents in the
25 (329) (777)
year
Cash and cash equivalents at the beginning
6,885 7,662
of the year
Cash and cash equivalents at the end of the
6,556 6,885
year
----- End of picture text -----

Refer to note 25 for a breakdown of the cash and cash equivalents balance.

The notes on pages 30 to 48 form part of the financial statements.

29 St Peter’s Hospice report and accounts 2022/23

Notes (forming part of the financial statements)

1 Status of the company

The company is a private company limited by guarantee and is incorporated in England & Wales, registered company number 1191227. The members of the company are the Trustees who are also ordinary members named on page 48. The liability of members in the event of a winding up is limited by guarantee to an amount not exceeding £1 per member.

1.1 Statement of compliance

The financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102).

2 Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

2.1 Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006 and Charities Act 2011.

St Peter’s Hospice met the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £’000. Comparative information relates to the year ended 31 March 2022.

2.2 Going concern

The Trustees consider that there are no material uncertainties about St Peter’s Hospice’s ability to continue as a going concern. With regard to future years, the most significant areas of uncertainty is the level of NHS funding and donations. These risks are covered in more detail in the section ‘Principal Risks and Uncertainties’ of the Trustees’ annual report.

2.3 Group financial statements

The financial statements consolidate the results of the Charity and its wholly owned subsidiary St Peter’s Hospice Enterprises Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

2.4 Fund accounting

Unrestricted funds - these are funds which can be used in accordance with the Charity's charitable objects at the discretion of the Trustees.

Designated funds - these funds are set aside by the Trustees out of unrestricted funds for specific purposes. Please see note 18 for a list of these funds.

Restricted funds – these are funds received for undertaking an activity specified by the donor.

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 Charity.

2.5 Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Where income has related expenditure (as with fundraising or contract income) the income and related expenditure are reported gross in the Statement of Financial Activities.

Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the Charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued income in debtors.

30 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

2.5 Income (continued)

Income from NHS contracts, government and other grants, whether ‘capital’ grants or ‘revenue’ grants, are recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken on a case by case basis as the earlier of the date on which:

• the estate has been finalised and notification has been made by the executor(s) to the Charity that a distribution will be made; or

• when a distribution 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 reliably and the Charity has been notified of the executor’s intention to make a distribution.

If the legacy is in the form of an asset other than cash or an asset listed on a recognised stock exchange, recognition is subject to the value of the asset being able to be reliably 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 criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material (see note 3).

Grant income received relating to the following year is deferred until the criteria for income recognition are met.

Interest on deposit funds held is included when receivable and the amount can be measured reliably by the Charity which is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been received.

Lottery income is accounted for in respect of those draws that have taken place in the year.

2.6 Donated goods and services

It has been judged that the benefit to the user of the accounts from determining and reporting the value of the donated goods prior to sale is less than the costs involved in obtaining that valuation. As a result, trading income is recognised on point of sale for both donated and purchased goods.

Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably.

Donated professional services and facilities are included in income at the estimated value of the gift to the Charity when received, based on the amount that the Charity would have been prepared to pay for these services or facilities had it been required to purchase them, with a corresponding entry in the appropriate expenditure heading for the same amount. Donated fixed assets are similarly taken to income at the value to the Charity, with the other entry being capitalised in fixed assets.

2.7 Expenditure and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

• Support costs are made up of administration & management, finance costs, IT costs and governance costs. Administration & management include the costs of employing the Chief Executive, Director of Finance & IT and human resources department. It also includes the cost of insurance and legal and professional expenses.

• Fundraising costs are split between trading and the cost of generating donations and gifts. Costs, where possible are directly allocated to each activity. General fundraising support costs are allocated to activities in proportion to the headcount supporting them. Where activities generate donations and gifts as well as trading income, costs are apportioned on the basis of income. Fundraising costs incurred in seeking voluntary contributions do not include the costs of disseminating information in support of the charitable activities.

Governance costs are those costs incurred in connection with the compliance with constitutional and statutory requirements of the Charity.

Basis for support costs allocation is as follows:

• Administration and management has been allocated based on a combination of the number of staff in an area and actual time spent by support staff.

• IT and Finance departmental costs have been allocated based on the combination of activity levels and staff numbers.

• Governance departmental costs have been allocated based on staff numbers.

31 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

2.8 Volunteers

The value of the services provided by volunteers is not incorporated into these financial statements. Further detail of their contribution is provided in note 7 to these financial statements and in the Trustees report.

2.9 Fixed assets and depreciation

Tangible fixed assets, in excess of £1,000, are stated at cost (of purchase or construction) less accumulated depreciation. Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Freehold buildings 2% per annum Building improvements 10% per annum Fixtures, fittings, equipment and vehicles 10%-33% per annum Shop refurbishments 17% per annum

Depreciation is charged monthly following the month of acquisition.

The Inpatient Unit is accounted for using component accounting. The building has been divided into its major components which are considered to have substantially different useful economic lives as follows:

Exterior walls	50 years
Roof	50 years
Stairs	50 years
Electrical systems	40 years
Ceiling	30 years
Fences	30 years
Mechanical systems	30 years
Paths	25 years
Internal walls	20 years
Windows and doors	20 years
Lift	15 years
Landscaping	15 years
External fixtures	10 years
Drainage	10 years
Air conditioning	10 years

2.10 Investment properties

The valuation of investment properties is considered annually for material movement and valued professionally every three years at open market values. All gains and losses arising on valuation are taken directly to revaluation reserve except that any permanent diminution in the value of an investment property is recognised in the Statement of Financial Activities for the year.

No depreciation is provided in respect of freehold investment properties.

Non-depreciation of investment properties may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted in respect of depreciation of investment properties is therefore necessary for the accounts to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount, which might otherwise have been shown, cannot be separately identified or quantified.

2.11 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price, except for the shares in the trading subsidiary which are carried at cost. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire put options, derivatives or other complex financial instruments.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

2.12 Stocks

Stock of retail goods is included at the lower of cost or net realisable value. Donated items of stock for resale or distribution are not included in the financial statements until they are sold or distributed because the Trustees consider it impractical to be able to assess the amount of donated stocks as there are no systems in place which record these items until they are sold and undertaking a stock take would incur undue cost for the Charity which far outweighs the benefits.

32 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

2.13 Land held for sale

Land held for sale is valued at market value based on agreed sale price. The sale was completed in May 2022.

2.14 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts 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 equivalents

Cash and cash equivalents comprise cash in hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value. Deposit accounts, including those with notice periods greater than 90 days, are shown as short term investments.

2.16 Current asset investments

Current asset investments comprise cash deposits held at fund managers.

2.17 Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

2.18 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.19 Pension costs

Employees can join a defined contribution pension scheme which is administered by Aviva. The group also contributes to the NHS Pension Scheme on behalf of a minority of employees who are eligible to join the scheme. This is an unfunded defined benefit scheme. The amount charged against income represents the contributions payable to the schemes in respect of the accounting period. The group operated a voluntary defined benefit pension scheme, which is now closed. The final contributions made to this scheme were in January 2010. The funds are administered by pension Trustees and are independent of the group's finances.

2.20 Operating leases

Operating leases are recognised over the period of which the lease falls due. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period of the lease.

2.21 Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The Charity was registered as a Charity in April 1975. Under part II of CTA 2010 the Charity is not subject to taxation on its charitable activities. The profits of the non-charitable subsidiaries are normally gift aided to the parent Charity; therefore the group generally suffers no Corporation Tax on its trading activities.

33 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

2.22 Judgements and key sources of estimation uncertainty

A key area of judgement in these financial statements is the recognition of legacy income, which requires judgements about whether the income is probable or not and whether St Peter’s hold entitlement to the monies. There is also estimation uncertainty regarding the reliability of the estimate of the amount to be received. Many of the legacies in the pipeline will include properties which are inherently uncertain in value as well as sometimes there being uncertainty regarding the amount of the estate to which St Peter’s is entitled. The value of accrued income relating to legacies has been estimated at £2,267,000 at 31st March 2023 and is shown separately in note 12.

The Trustees have made key assumptions in determining the estimation of the fair value of investment property and land in respect of the state of the property market in the location where the property is situated and the uncertainty surrounding the future use of the land. The valuation method is further described in note 2.10, together with the valuation of the properties at the reporting date being disclosed in note 10.

There are also judgements made in determining whether provisions are required and at what value. A dilapidations provision is held relating to the estimated cost of repairs to shops at the end of their leases, based on a charge of £6 per square foot of shop area. A dilapidations provision of £306,000 is held at the year end and the uncertainty surrounding this is disclosed in note 14.

34 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

3 Income and endowments

----- Start of picture text -----
Unrestricted Restricted Endowment Total Total
funds funds funds 2023 2022
£000 £000 £000 £000 £000
Donations
Individuals 456 2 - 458 514
In memoriam 552 6 - 558 526
Charitable foundations 113 70 - 183 388
Corporate sector 107 - - 107 139
General community 31 - - 31 33
COVID-19 retail grant 9 - - 9 157
Coronavirus Job Retention Scheme 0 - - - 40
1,268 78 - 1,346 1,797
Legacies 3,504 - - 3,504 2,292
4,772 78 - 4,850 4,089
Income from charitable activities
NHS England service funding 3,099 - - 3,099 3,194
COVID-19 NHS England service funding 252 - 252 639
Education course fees 101 - - 101 85
3,200 252 - 3,452 3,918
Income from other trading activities
Shops sales – donated goods 8,027 - - 8,027 7,052
– bought in goods 391 - - 391 333
– commission and other 135 - - 135 186
Fundraising events – community 611 - - 611 747
– corporate 35 - - 35 62
Lottery 368 - - 368 396
Other 5 - - 5 6
9,572 - - 9,572 8,782
Investment income
Dividends and interest 340 - - 340 285
Rents 41 - - 41 25
381 - - 381 310
TOTAL INCOME AND ENDOWMENTS 17,925 330 - 18,255 17,099
----- End of picture text -----

In line with our accounting policy, legacies include £2,267,000 (2022: £1,130,000) of income notified at year end but not yet received as they have met the criteria for recognising income in accordance with SORP 2019.

Total legacies notified but not recognised in the financial statement as at 31 March 2023 amounted to £267,000 (2022: £233,000).

Total income from gift aid amounted to £662,000 (2022: £709,000).

35 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

4 Analysis of expenditure

4 Analysis of expenditure
Raising funds: Donations Legacies Total donations and legacies Shops Fundraising events Lottery Investment management costs Total trading and other Total expenditure on raising funds Charitable expenditure: Inpatient care Community hospice care Community wellbeing Total patient care Education Total charitable expenditure Total expenditure*	Activities Support undertaken costs directly (note 5) 2023 2022 £000 £000 £000 £000 374 72 446 421 27 - 27 43 401 72 473 464 5,648 1,195 6,843 5,873 373 35 408 349 228 13 241 189 - 204 204 165 6,249 1,447 7,696 6,576
	6,650 1,519 8,169 7,040 2,939 1,099 4,038 4,040 4,016 778 4,794 4,251 465 142 607 -
	7,420 2,019 9,439 8,291 209 91 300 271
	7,629 2,110 9,739 8,562
	14,279 3,629 17,908 15,602

• Community Wellbeing is a new category of expenditure analysis this year as it is an area of growth for the hospice. Expenditure in the prior year relating to community wellbeing is withing Community Hospice Care.

5 Support costs allocation

Raising funds: Donations Legacies Shops Fundraising events Lottery Investment management costs Charitable activities: Inpatient care Community hospice care Community wellbeing Education Total support costs 2022 Total support costs	Admin & Finance & Site costs Management IT depts Governance 2023 2022 £000 £000 £000 £000 £000 £000 42 11 18 1 72 61 - 1 1 - 2 2 128 410 637 20 1,195 990 13 8 13 1 35 29 5 2 4 1 12 11 - 204 - - 204 165 767 125 196 10 1,098 1,120 248 201 315 14 778 75 26 39 2 142 592 55 14 21 1 91 75
	1,333 1,002 1,244 50 3,629 3,045
	1,115 912 972 46 3,045

36 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

6 Subsidiary

During the year the Charity had one wholly owned subsidiary, incorporated in England and Wales.

St Peter's Hospice Enterprises Limited (registered in England and Wales company number: 2595158) sells Christmas cards, calendars, new goods and items incorporating the Hospice logo on behalf of the Hospice. It also acts as agent for the Shops Gift Aid scheme (earning commission), ran a coffee shop in Bristol (until May 2022) and operates a house clearance service. The company transfers its taxable profits to St Peter's Hospice under gift aid.

A summary of the results of St Peter’s Hospice Enterprises Limited included in the consolidated statement of financial activities is shown below. The expenditure includes £113,000k (2022: £13,000) intercompany management charge paid to the Charity which is eliminated on consolidation. Full accounts are filed with the Registrar of Companies.

	2023 2022
Income and expenditure account	£000 £000
Income	496 511
Expenditure	(314) (242)
Net income	182 269
Retained earnings at beginning of reporting period	291 175
Net income for the year	182 269
Distribution to parent charity	(269) (153)
Retained earnings at end of reporting period	204 291

7 Staff and volunteers

The average number of volunteers involved regularly on Hospice business is in excess of 1,250.

The headcount of employed staff members are as follows:

	2023 2022
	No. No.
Patient care	216 199
Income generation	218 216
Support	25 23
Total staff	459 438

The aggregate employment costs of these persons are as follows:

	2023 2022
	£000 £000
Wages and salaries	10,808 9,594
Social security costs	977 805
Pension contributions (see note 23)	1,003 879
Termination payments	11 46
	12,799 11,324

Termination payments totalling £11,000 were made to five employees during the year under signed compromise agreements (2022: payments totalling £46,000 were made to four employees during the year under signed compromise agreements).

37 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

7 Staff and volunteers (continued)

Employees whose emoluments, excluding pension contributions, were equal to or greater than £60,000 per annum were as follows:

	2023 2022
	No. No.
£60,001 - £70,000	5 3
£70,001 - £80,000	1 1
£80,001 - £90,000	1 3
£90,001 - £100,000	1 0
	8 7

Six of the employees in the table above were accruing retirement benefits under defined benefit schemes (2022: five employees), and two were accruing retirement benefits under defined contribution schemes (2022: two).

The total employee remuneration, including employer’s national insurance and pension contributions, of the key management personnel of the Hospice was £632,200 (2022: £562,200)

The Charity maintains indemnity insurance for the Trustees and officers of the company and its subsidiaries; the cost of providing this insurance was £9,660 (2022: £8,400).

Note 22 shows details of related party transactions.

No Trustee received remuneration in the year (2022: £nil). Trustees are entitled to the reimbursement of expenses necessarily incurred on Hospice business. During the year ended 31 March 2023 a total of £nil was reimbursed to trustees (2022: £nil).

8 Net income

Net income is stated after charging / (crediting):

	Group Charity
	2023 2022 2023 2022 £000 £000 £000 £000 19 18 16 15 496 526 496 527 763 721 763 721 71 57 71 57 (46) (17) (46) (17)
Auditor’s remuneration:
Audit
Depreciation
Rent of land and buildings – operating leases
Rents receivable under operating leases
Loss on disposal of tangible fixed assets

38 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

9 Tangible fixed assets

----- Start of picture text -----
Freehold
property Fixtures and
(including fittings
building (including Shop
improvements) motor vehicles) refurbishment Total
£000 £000 £000 £000
Cost
As at 1 April 2022 8,888 1,733 2,933 13,554
Additions 47 88 138 273
Disposals (72) - (2) (74)
As at 31 March 2023 8,863 1,821 3,069 13,753
Depreciation
As at 1 April 2022 1,776 1,498 2,704 5,978
Charge for year 275 100 121 496
Disposals (28) - (1) (29)
As at 31 March 2023 2,023 1,598 2,824 6,445
Net book value
As at 31 March 2023 6,840 223 245 7,308
As at 31 March 2022 7,112 235 229 7,576
----- End of picture text -----

Cost As at 1 April 2022 Additions Disposals As at 31 March 2023 Depreciation As at 1 April 2022 Charge for year Disposals As at 31 March 2023 Net book value As at 31 March 2023 As at 31 March 2022	Freehold property Fixtures and (including fittings building (including Shop improvements) motor vehicles) refurbishment Total £000 £000 £000 £000 8,979 1,733 2,933 13,645 47 88 138 273 (72) - 2 (74)
	8,954 1,821 3,069 13,844
	1,828 1,498 2,704 6,030 275 100 121 496 (28) - (1) (29)
	2,075 1,598 2,824 6,497
	6,879 223 245 7,347
	7,151 235 229 7,615

39 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

9 Tangible fixed assets (continued)

Included in the cost of freehold property of the group and company is £70,000 of land which is not being depreciated.

The company figures include £36,000 (2022: £37,500) in respect of interest capitalised in connection with the building of the Brentry site in 1998 which is now being depreciated over the life of the building. As the charge is an intra-group transaction it is eliminated on consolidation.

The net book value of the seven freehold shops open at 31 March 2023 was £472,000 (2022: £533,000).

To comply with Charities SORP FRS 102, three shop flats and one coffee shop owned and leased out by the Hospice are included in investment properties (2022: three shop flats).

Included within fixtures and fittings are intangible assets with a net book value of £38,173 (2022: £53,443) comprised of website costs.

10 Fixed asset investments

----- Start of picture text -----
2023 2022
£000 £000
Equities at market value 18,082 18,286
Fixed interest investments including Government
2,828 1,944
stocks, at market value
Equities and fixed interest investments 20,910 20,230
Hospice Quality Partnership loan notes 8 9
Investment properties (see below) 850 550
21,768 20,789
----- End of picture text -----

Equities and fixed interest investments

----- Start of picture text -----
2023 2022
£000 £000
Market value at beginning of year 20,230 16,004
Additions 4,516 5,202
Disposals (2,880) (2,741)
Investment gains / (losses) (956) 1,765
Market value at end of year 20,910 20,230
Historical cost at end of year 17,915 15,956
----- End of picture text -----

Fixed asset investments include quoted equities and Government stocks listed on the London Stock Exchange. There were no individual shareholdings of more than 5% of the total portfolio value as at 31 March 2023 (2022: none). All investment properties form part of the unrestricted funds balance.

Properties Cost at beginning and end of year Additions Transfer to land held for sale Cost at the end of the year	2023 2022 Total Total £000 £000 130 163 33 - - (33)
	163 130
Revaluation at beginning of year Revalue to fair value Transfer to land held for sale Revaluation at end of year Valuation at end of year	420 387 267 1,067 - (1,034)
	687 420
	850 550

40 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

10 Fixed asset investments (continued)

Also included in fixed asset investments are the following investments in subsidiaries:

	Group Charity
	2023 2022 2023 2022
	£ £ £ £
Investment in subsidiaries	- - 2 2

11 Land held for sale

	Group Charity
	2023 2022 2023 2022
	£000 £000 £000 £000
Nailsea land	- 1,067 - 1,067
	- 1,067 - 1,067

The sale of the Nailsea land was completed in May 2022.

12 Debtors

Trade debtors totalling £288 for the charity and £238 for the group (2022: £2,517 for the charity and £2,667 for the group) were written off in the year.

	Group Charity
	2023 2022 2023 2022
	£000 £000 £000 £000
Trade debtors	22 102 23 95
Other debtors	187 162 187 160
Prepayments and accrued income	406 978 406 978
Accrued legacy income	2,267 1,130 2,267 1,130
	2,882 2,372 2,883 2,363

13 Creditors: amounts falling due within one year

Trade creditors Pension contributions (note 22) Amounts owed to group undertakings Accruals and other deferred income	2023 2022 2023 2022 £000 £000 £000 £000 12 -- -50 -50 --9235 765554694544 Group Charity
	766 606 786 629

The movement on deferred income in the year was as follows:

Group and Charity

	2023 2022
	£000 £000
Balance as at 1 April	85 62
Utilised in the year	(85) (62)
Deferred in the current year	156 85
Balance as at 31 March	156 85

41 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

14 Provision for liabilities

----- Start of picture text -----
Group Charity
2023 2022 2023 2022
£000 £000 £000 £000
Dilapidations provision (see below) 306 296 306 296
306 296 306 296
The movement on the dilapidations provision in the year was as follows:
2023 2022
£000 £000
Balance as at 1 April 296 305
Additions in the year 10 -
Utilised in the year - (9)
Balance as at 31 March 306 296
----- End of picture text -----

The dilapidations provision is a provision for the cost of repairs to shops at the end of their leases. Given the timing of lease exit is uncertain, the value and timing of the resulting payments is also uncertain.

15 Endowment funds

Group and Charity

2023	Balance 1 April 2022 Balance 31 March 2023 Investment fees Investment (losses)/ gains
	£000 £000
John James	4,147 (29) (51) 4,067
Needham Cooper	9,408 (67) (114) 9,227
	13,555 (96) (165) 13,294
2022	Balance 1 April 2021 Investment (losses)/ gains Balance 31 March 2022 Investment fees
	£000 £000 £000 £000
John James	3,671 (23) 499 4,147
Needham Cooper	8,329 (68) 1,147 9,408
	12,000 (91) 1,646 13,555

The John James Endowment Fund was set up with the intention of generating an investment income for the Hospice. The fund consists of a donation from the John James Bristol Foundation of £500,000 together with an equivalent amount raised by the Hospice by the end of 1984. A further £500,000 was received from the Foundation in 1997 and the Hospice has in previous years received gifts from others of £350,000 towards matching this last amount. In 2008/09 a further £390,000 was donated to the fund. The total capital raised is £2,240,000 and gains to date, net of fees, are £1,827,000.

The Needham Cooper fund represents investments made as a result of the sale of land previously owned near Bristol (formerly known as the Peg Hill fund). The £1,200,000 Charity Property Fund was consolidated into the Needham Cooper fund in November 2019. The total capital invested was £6,871,000 and gains to date, net of fees, are £2,356,000.

42 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

16 Restricted income funds

----- Start of picture text -----
2023 Balance Transfers to Balance
1 April designated 31 March
2022 Income Expenditure funds 2023
£000 £000 £000 £000 £000
COVID-19 NHS England service
- 252 (252) -
funding
Patient vehicle 5 - 5
Various funds 15 78 (35) 58
20 330 (287) - 63
2022 Balance Transfers to Balance
1 April designated 31 March
2021 Income Expenditure funds 2022
£000 £000 £000 £000 £000
COVID-19 NHS England service
- 639 (639) - -
funding
Patient vehicle - 32 - (27) 5
CNS service - 54 (54) - -
Various funds 15 178 (168) (10) 15
15 903 (861) (37) 20
----- End of picture text -----

NHS England awarded funding to allow the hospice to make available bed capacity and community support for people with complex needs during COVID-19 pandemic. The final funding was received in May 2022

Various other funds relate to small amounts received where the donor has restricted the use of the funds.

17 Income and expenditure account

2023 At 1 April 2022	Group Charity £000 £000 10,121 9,837	Group Charity £000 £000 10,121 9,837
Net income for the year – unrestricted	2,025	2,111
Investment gains/(losses) – unrestricted Transfer from designated funds (note 18) At 31 March 2023	(791) (791) - - 11,355 11,157
2022 At 31 March 2022 Investment gains – unrestricted Transfer to designated funds (note 18) At 1 April 2021 Net income for the year – unrestricted	Group Charity £000 £000 6,595 6,426 2,146 2,031 119 119 1,261 1,261 10,121 9,837

43 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

18 Designated funds

Fixed assets fund represents the net book value of fixed assets used in the Hospice. The transfers in the year represent the movement in the net book value of the fixed assets.

Operating deficit reserve - the hospice is developing its longer-term strategy for service delivery and income generation. The expectation is that there will be a mismatch between income growth, increases in expenditure and capital investment during the transition. This reserve enables the confidence to proceed with our strategy whilst maintaining free reserves in line with our policy.

Project programme fund represents the amounts set aside to support a programme of projects. The transfer in the year represents the spend on projects during the year.

Service enhancement reserve (formerly Post Pandemic Service Enhancement Reserve) – this reserve was created to enable an increase and development of specific services for 2 to 3 years. The transfer in the year represents the cost of additional services delivered.

Group

----- Start of picture text -----
2023 Transfers Transfers
Balance from from / (to) income Balance
1 April restricted and expenditure 31 March
2022 Expenditure funds account 2023
£000 £000 £000 £000 £000
Fixed assets fund 7,576 (268) - - 7,308
Operating deficit fund 2,200 - - 2,200
Projects programme 900 (231) - 669
Service enhancement programme 2,000 (92) - 1,908
12,676 (591) - - 12,085
----- End of picture text -----

Group

Group	12,676 (591) - - 12,085
Charity 2022 Fixed assets fund Operating deficit fund Projects programme Post-pandemic enhancement programme Risk management fund	Transfers Transfers Balance from from / (to) income Balance 1 April restricted and expenditure 31 March 2021 Expenditure funds account 2022 £000 £000 £000 £000 £000 8,032 (526) 37 33 7,576 - - - 2,200 2,200 675 (74) - 299 900 - - - 2,000 2,000 5,793 - - (5,793) -
	14,500 (600) 37 (1,261) 12,676
2023 Fixed assets fund Operating deficit fund Projects programme Post-pandemic enhancement programme	Transfers Transfers Balance from from / (to) income Balance 1 April restricted and expenditure 31 March 2022 Expenditure funds account 2023 £000 £000 £000 £000 £000 7,615 (268) - 7,347 2,200 2,200 900 (231) 669 2,000 (92) 1,908
	12,715 (591) - - 12,124

44 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

18 Designated funds (continued)

Charity

----- Start of picture text -----
2022 Transfers Transfers
Balance from from / (to) income Balance
1 April restricted and expenditure 31 March
2021 Expenditure funds account 2022
£000 £000 £000 £000 £000
Fixed assets fund 8,072 (527) 37 33 7,615
Operating deficit fund - - - 2,200 2,200
Projects programme 675 (74) - 299 900
Post-pandemic enhancement programme - - - 2,000 2,000
Risk management fund 5,793 - - (5,793) -
14,540 (601) 37 (1,261) 12,715
----- End of picture text -----

19 Analysis of group net assets between funds

Group and Charity

2023		Unrestricted Restricted Endowment Total
		funds funds Funds Funds
		£000 £000 £000 £000
Tangible fixed assets		7,308 - - 7,308
Investment assets		8,481 - 13,287 21,768
Current assets		9,399 63 18 9,480
Creditors due in less than one year		(743) - (23) (766)
Provisions for liabilities		(306) - - (306)
Total net assets		24,139 63 13,282 37,484

	2022				Unrestricted		Restricted		Endowment		Total
					funds		funds		Funds		Funds
					£000		£000		£000		£000
	Tangible fixed assets				7,576		-		-		7,576
	Investment assets				7,223		-		13,566		20,789
	Current assets				10,330		20		13		10,363
	Creditors due in less than one year				(582)		-		(24)		(606)
	Provisions for liabilities				(296)		-		-		(296)
	Total net assets				24,251		20		13,555		37,826

20 Revaluation Reserve

Group and Charity

Revaluation reserve at beginning of year Revaluation of land held for sale (note 11)	2023 2022 Total Total £000 £000 1,454 387 - 1,034
Sale of land (note 11)	(1,034) -
Revaluation of properties Revaluation reserve at end of year	267 33
	687 1,454

45 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

21 Commitments

Full lease commitments under non-cancellable operating leases are as follows:

Group and Charity

----- Start of picture text -----
2023 2023 2023 2022 2022 2022
Land and Land and
Other Total Other Total
buildings buildings
Operating leases £000 £000 £000 £000 £000 £000
which expire:
Within one year 106 32 138 584 41 625
In the second to fifth years inclusive 651 27 678 693 59 752
Over 5 Years 8 - 8 - - -
765 59 824 1,277 100 1,377
----- End of picture text -----

Capital commitments

At the year end the group and Charity had capital commitments of £Nil in (2022: £17,950 in respect of upgrades to our wide area network).

22 Related party transactions

In accordance with FRS102 section 33.1A, the company has taken advantage of an exemption from disclosing transactions with its subsidiary on the grounds that it is wholly owned.

Ms A Wint is an Interim Chief Medical Officer Sirona Care & Health. On 6 April 2021 the Sirona palliative home support teams transferred to St Peter’s Hospice. Including within the NHS Primary Care Trust’s annual grant to the Hospice, paid by the BCCG, is £1,141,000 (2022: £1,116,000) in respect of this team. As at 31 March 2023 there was an outstanding balance of £nil (2022: £nil). The hospice also received income of £1,400 (2022: £790) in respect of course attendance fees. As at 31 March 2023 there was an outstanding balance of £325 (2022: £325).

23 Pensions

The Charity contributed to two pension schemes in the financial year; Aviva pension scheme and NHS pension scheme. The assets of these schemes are held separately from those of the Hospice in independently administered funds. The amounts charged against income represent the contributions payable to the schemes in respect of the accounting period.

Aviva

This is a Group Personal Pension Scheme, which is a defined contribution scheme. The employer contributions charged against income for the year were £522,000 (2022: £478,000) of which employee contributions under the salary sacrifice scheme were £177,000 (2022: £163,000). Outstanding pension contributions for March, paid in April, were £nil (2022: £50,000).

NHS scheme

Staff transferring from the NHS may continue to contribute to the NHS Pension scheme. The NHS Scheme is an unfunded defined benefit scheme but the Charity is unable to identify its share of the underlying assets and liabilities. Each member of the scheme pays a common contribution rate. Employer contributions charged against income for the year were £481,000 (2022: £401,000). Deemed employer pension contributions for salaries recharged to the Hospice from NHS Trusts were £18,000 (2022: £23,000). Outstanding pension contributions for March, paid in April were £nil (2022: £nil).

46 St Peter’s Hospice report and accounts 2022/23

Notes (continued)

24 Reconciliation of net income to net cash inflow from operating activities

----- Start of picture text -----
2023 2022
£000 £000
Net income (342) 4,329
Gains on investments 689 (2,832)
Investment income (381) (310)
Gain on disposal of land held for sale 1,034 -
Depreciation charges 496 526
Loss from disposal of tangible fixed assets 46 17
Increase in stocks (3) 23
(Increase) / decrease in debtors (510) (386)
Increase / (decrease) in creditors 170 93
Net cash inflow from operating activities 1,199 1,460
25 Analysis of changes in net funds
At 1 April At 31 March
2022 Cash flow 2023
£000 £000 £000
Cash at bank and in hand 1,636 (356) 1,280
Cash held in short term investments 3,005 1,805 4,810
Cash held in current asset investments 2,244 (1,778) 466
Total net funds 6,885 (329) 6,556
----- End of picture text -----

26 Consolidated statement of financial activities for the year ended 31 March 2022

	Unrestricted funds Restricted funds Endowment funds Total 2022
	£000 £000 £000 £000
Income and endowments from:
Donations and legacies	3,825 264 - 4,089
Charitable activities	3,279 639 - 3,918
Other trading activities	8,782 - - 8,782
Investment income	310 - - 310
Total income	16,196 903 - 17,099
Expenditure on:
Raising funds
Donations and legacies	464 - - 464
Trading and other activities	6,485 - 91 6,576
Charitable activities	7,701 861 - 8,562
Total expenditure	14,650 861 91 15,602
Net income before gains / (losses)	1,546 42 (91) 1,497
Net gains / (losses) on investments	1,186 - 1,646 2,832
Net income / (expenditure)	2,732 42 1,555 4,329
Transfers between funds	37 (37) - -
Net movement in funds	2,769 5 1,555 4,329
Reconciliation of funds:
Total funds brought forward	21,482 15 12,000 33,497
Total funds carried forward	24,251 20 13,555 37,826

47 St Peter’s Hospice report and accounts 2022/23

Legal and administrative information

Vice Presidents

Mrs P Davis Mr A R G James Mr K T Pearce

Bankers

National Westminster Bank Plc 32 Corn Street Bristol BS1 1HQ

Members of the Board of Trustees

Ms H Morgan, Chair Ms H Staines, Vice Chair Ms A Godfrey, Treasurer Dr P Goyder (resigned 6[th] December 2022) Ms C Buchanan (resigned 6[th] December 2022) Mr M Campbell Mr R Taffinder (appointed 6[th] December 2022 Mr M Mohan (resigned 28[th] March 2023) Mr R Naivalurua Mr D Spicer (resigned 29 June 2022) Ms A Wint

Company Secretary

Ms H Fowweather (resigned 15 August 2022) Mr D Spicer (appointed 15 August 2022)

Principal Officers

Chief Executive Mr F Noble

Medical Director

Dr A Mullick

Auditor

Mazars LLP 90 Victoria Street Bristol, BS1 6DP

Solicitors

Veale Wasbrough Vizards Narrow Quay House Bristol BS1 4QA

Investment managers

Evelyn Partners Portwall Place, Portwall Lane Bristol, BS1 6NA

Veritas Investment Management 90 Long Acre London, WC2E 9RA

Fundraising office

Block C, Estune Business Park, Wild Country Lane, Long Ashton, BS41 9FH Telephone: [phone]

Director of Patient Care

Ms C Benson

Director of Finance and IT

Ms H Fowweather (resigned 15[th] August 2022) Mr D Spicer (appointed 15[th] August 2022)

Registered office St Peter’s Hospice, Charlton Road, Brentry, Bristol, BS10 6NL

Registered Charity number

Director of People and Support

Mr R Rowe (resigned 1st April 2023) Ms H Pirouet (appointed 29th March 2023)

Director of Fundraising and Communications

Ms S Allen-Gunn

269177

Registered company number 1191227

Web site address

www.stpetersHospice.org

Retail Director

Mr J Broomhead

48 St Peter’s Hospice report and accounts 2022/23

Mazars LLP 90 Victoria Street Bristol BS1 6DP

28[th] July 2023

Dear Mr Marchant

St Peter’s Hospice and its subsidiary - Audit for Year Ended 31 March 2023

This representation letter is provided in connection with your audit of the financial statements of St Peter’s Hospice and its subsidiary for the year ended 31 March 2023 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view in accordance with the Companies Act 2006 and relevant legislation and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland.”

We confirm that the following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience (and, where appropriate, inspection of supporting documentation) sufficient to satisfy ourselves that we can properly make each of the following representations to you.

Our responsibility for the financial statements and accounting information

We believe that we have fulfilled our responsibilities for the true and fair presentation and preparation of the financial statements in accordance with the Companies Act 2006 and relevant legislation and United Kingdom Accounting Standards.

Our responsibility to provide and disclose relevant information

We have provided you with:

• access to all information of which we are aware that is relevant to the preparation of the financial statements such as records, documentation and other material;

• additional information that you have requested from us for the purpose of the audit; and

• unrestricted access to individuals within the company you determined it was necessary to contact in order to obtain audit evidence.

We confirm as trustees that we have taken all the necessary steps to make us aware, as trustees, of any relevant audit information and to establish that you, as auditors, are aware of this information.

As far as we are aware there is no relevant audit information of which you, as auditors, are unaware.

Accounting records

We confirm that all transactions that have a material effect on the financial statements have been recorded in the accounting records and are reflected in the financial statements. All other records and related information, including minutes of all management and shareholders' meetings, have been made available to you in accordance with section 499 of the Companies Act 2006.

Accounting policies

We confirm that we have reviewed the accounting policies applied during the year in accordance with Section 10 of Financial Reporting Standard 102 and consider these policies appropriate to faithfully represent the effects of transactions, other events or conditions on the company’s financial position, financial performance and cash flows.

Accounting estimates

We confirm that the methods, significant assumptions and the data used in making the accounting estimates are appropriate to achieve recognition, measurement or disclosure that is in accordance with the applicable financial reporting framework.

Contingencies

There are no material contingent losses including pending or potential litigation that should be accrued where:

• information presently available indicates that it is probable that an asset has been impaired or a liability had been incurred at the balance sheet date; and

• the amount of the loss can be reasonably estimated.

There are no material contingent losses that should be disclosed where, although either or both the conditions specified above are not met, there is a reasonable possibility that a loss, or a loss greater than that accrued, may have been incurred at the balance sheet date.

There are no contingent gains which should be disclosed.

All material matters, including unasserted claims, that may result in litigation against the company have been brought to your attention. All known actual or possible litigation and claims whose effects should be considered when preparing the financial statements have been disclosed to you and accounted for and disclosed in accordance with the Companies Act 2006 and relevant legislation and United Kingdom Accounting Standards.

Laws and regulations

We confirm that we have disclosed to you all those events of which we are aware which involve known or suspected non-compliance with laws and regulations, together with the actual or contingent consequences which may arise therefrom.

Fraud and error

We acknowledge our responsibility as trustees of the company, for the design, implementation and maintenance of internal control to prevent and detect fraud and error.

We have disclosed to you:

• all the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud;

• all knowledge of fraud or suspected fraud affecting the entity involving:

• management and those charged with governance;

• employees who have significant roles in internal control; and

• others where fraud could have a material effect on the financial statements

We have disclosed to you all information in relation to any allegations of fraud, or suspected fraud, affecting the entity's financial statements communicated by employees, former employees, analysts, regulators or others.

Transactions with trustees

We confirm that the company has at no time during the year entered into any arrangement, transaction or agreement to provide credit facilities including loans, quasi-loans, credit transactions, mutually beneficial arrangements, or guarantees or security for the foregoing or assumed or assigned any such

rights or liabilities for any trustees, shadow trustees, alternate trustees, or their connected persons, or non-trustee officers except as permitted by the Companies Act 2006 and as disclosed in the financial statements.

No trustee or their connected persons had a direct or indirect material interest in any other transaction or arrangement with the company other than those disclosed in accordance with section 413 of the Companies Act 2006 or exempted from disclosure by the Act.

Trustees’ emoluments

No trustee received remuneration in the year.

Related party transactions

We confirm that all related party relationships, transactions and balances, (including sales, purchases, loans, transfers, leasing arrangements and guarantees) have been appropriately accounted for and disclosed in accordance with the requirements of the Companies Act 2006 and relevant legislation and United Kingdom Accounting Standards.

We have disclosed to you the identity of the company’s related parties and all related party relationships and transactions of which we are aware.

Impairment review

To the best of our knowledge, there is nothing to indicate that there is a permanent reduction in the recoverable amount of the fixed assets below their carrying value at the balance sheet date. An impairment review is therefore not considered necessary.

Charges on assets

All the company's assets are free from any charges exercisable by third parties except as disclosed within the financial statements.

Future commitments

We have no plans, intentions or commitments that may materially affect the carrying value or classification of assets and liabilities or give rise to additional liabilities.

Subsequent events

We confirm all events subsequent to the date of the financial statements and for the Companies Act 2006 and relevant legislation and United Kingdom Accounting Standards require adjustment or disclosure have been adjusted or disclosed.

Should further material events occur after the date of this letter which may necessitate revision of the figures included in the financial statements or inclusion of a note thereto, we will advise you accordingly.

Unadjusted misstatements

We confirm that the effects of the unadjusted misstatements are immaterial, both individually and in aggregate, to the financial statements as a whole.

Yours faithfully

Trustee …………………………….

To the Directors of St Peter’s Hospice Enterprises Limited

Date: Jul 30, 2023

Dear Sir/Madam

We hereby confirm that we will provide financial support to St Peter’s Hospice Enterprises Limited to enable it to meet its obligations as they fall due for at least a year from the date of this letter.

Yours faithfully

Helen Morgan

Chair of Trustees