St Margaret's Hospice Care St Margarevs Somerset Hospice Registered charity number: 279473 Company registration number: 01471345 Annual Report and Consolidated Financial Statements 202312024 The Trustee5 ore pleased topresent theirAnnuol Report ond ConsolidfrtedFinonciolStotementsfor the yeurending 31 Morch 2024. St frAarKareV5 Hospke Care-Trustee< ReFOXt& AudWA¢¢wnts 23124
Contents page Welcome from Chalr ¢Jf Trustees IntroduetloTr Irom CEO About St Margarevs Our Vision. Mlssion & Volues Delivering Public Benefit Our SeThlces & Impact Our Work In Context The Growin Need for Ho4)Ice Care in Somerset Funding Hospice Care Our Strate Ic Goals Our Pro ress-the last twelve months Progress Against our Objectives Spotlight on Volunteerin UnderstandinE our Social Value Flnanclal Revlew Income & Expenditure Re5erve5 Poli Investment Policy How we Mana e Rlsk What we are Plannlng to do Next Slrurture, GoveTnance & Mana ement How we are Governed How we are Managed How we are Regul8ted Fundraisin Disclosure Who's Who Reference & Admlnlstratlve Delalls Statement of Trustees, Re5ponslbllltles Audlt Report Inde endent Audttorfs Report to the Members of St Margareys Somerset Hospice Hnanclal Stalements Consolidated Statement of Financial Actlvlties for t ear ended 31 March 2024 Consolidated Statement of Financial Position as at the end of 31 March 2024 Charity Statement of Financial Position as at the end of 31 March 2024 Consolidated Statement of Cashflows for the ear ended 31 March 2024 Accounting Policies Note$ to the Nnanclal Ststements 15 18 22 22 24 25 26 27 28 28 29 31 32 33 34 35 36 36 39 39 41 42 43 46 The Trustees. Reportfvr the year to 31st Morth 2024 incorpofates the DIrert0'RePOrt ¢7ndthe Strotegit Report 05 requiredby Compony l{ ondisset out In poges 3 to 32 of thefvllowing report. Sl Mar8aret's Somerset Hosplce Registered Charlty Number: 279473 Company RegIStlOn Number: 01471345 St Margaret's Hos*eCare-Tru5tee< Report& AudrtdA¢¢ryJnts 2y24
Welcome from Tom samuel. Chair of Trustees The Hospice has taken great strides forward overthe last year, and we ère incredibly proud of all that our colleagues, volunteers. and the wider comfflunity have been able to collertively achieve for patients and their familie5 throughout Somerset. Having been a truslee for ten years at St Margarevs. I was honoured to be asked to tske on the role of Chair in November 2023. ft)Ilowing in the footsteps of Jonathan Langdon who stood down as Chair after 12 years of loyal Service. We are hugety grateful for all Jonathan did for St Margareys. steering the organlsatlon through some challen8iTrd tlme& During the year we also bid farewell to Ann Lee. the hospice's long-standing CEO. who was not just a leader for St Margareys locally but wa5 a tremendous advocate for the hospice movement nationally. Ann is succeeded byjames Rimmer who picked up the baton In September 2023. having led the NHS in Somerset through the pandemlc. Having grown up in Somerset. James is passionate about changing perceptions about hosplce care and raising the profile of what good end-of-life care should mean for our community. Since joining the hospice. he has worked hard to engage with key stakeholders, ensuring that St Margaret's has a voice and is heard. He has also started to consult on St Margaret's future strategy, listenlng to our community and understanding where the barriers to a(SSing our care lie and what we can do to change attltudes and ensure our care and expertlse benefits more people across Somerset as we approach our 45 anniversary In 2025. We also welcomed a new Clinlcal Director. Clare Barton, who brings wrth her a wealth of sen*)r clinical ond leadership experience from North Bristol NHS Trust and most rentty St Peter's Hospice, Bristol. sfjn being in post Clare, has begun a review of all seryices, to understand their impact. and how we can enhance and evolve our provision of care in the most appropriate way to meet the evolving healthcare needs of our community. Both are key appointments that have made an immediate and posltive impact on the hospice and will help shape the fvture strategic direction of high quality and meaningful h05pice care for our communities. With new senior leadetship, inevitabty comes new Ideas, but the hospice has embraced change positlvely, excited by what lies ahead for St Margaret's. At the same time. teams across the hospice have remained focused on our core mission of deliverlng compasslonate and joined LFP care. and last year supported 4,833 patients and famity members. The bulk of this care. some 95%, was delivered out In the community, in people's homes, something we are particulèrty proud of. By bringing care directly to people in our communtty we are meeting the wishes of our patients, affording them the tomfort and dignity of being in a familiar environmenL surrounded by famlly and friend5. Thls prevents unnecessary visits to hospitals. and hopefulty means fewer people are dying unsupported. alone and in pain. and families are left with positive memories and a better experlence of end-of-life. The following report will highlight the collectNe achievements of the hospice over the last twefve months. It will demonstrate how we have contlnued to put collaboration and pa'rtnership at the heart of what we do, so that we can extend our reach, and share our expertise so more people across Somerset benefit. This includes supporting a vibrant learning environment. where we not only provide enrlching stu(lent placements but participate in research and prioritlse contlnuous professional development. We continue to pioneer the use of simulation learning and are exploring how we can utllise vlrtual reallty to enhance the experiences of patients. family members and staff. We've prloritised strengthening our workforce, to ensure we can attract and retain the best people, and we have contlnued to take a digital first approach to ensure we are more efficient. a5 well as a data and inslght driven organisation. St Mar8areYs Hospke Care-Trustee5' Report& Audited Ac(vJnts23f24
All of this has only been p055ible thanks to a strong financlal perfomiance. which saw the hosplce Ilnish the year with a Small surplus of £92k. We had anticipated a challer¢in8 year financially, and a tentlal shortfall. but our retail operatlon achieved a third successive year of growth with record sales. and our net contrlbution from fundraisin8 was also better than expected. Coupled wfth a positive movement in our investment portfolio. and a 5ignlficant contrlbution from legacles, we are delighted wlth the year*nd positlon forthe hospice. Equalty, we recognlse the soclal value of ourwork a5 a hospfce and lebrate the important role that we can play bringing our communty together to create a sense of unity and purpose. Whether ihays raislng funds in memory of loved ones participatlnB in events tO8etherwlth family and frlends, or volunteering in our shops, St Margareys touches the lives of so many In a variety of ways. actlng as a catalyst for a compassionate communty. bulldin8 resilien, and new opportunities. On behalf of the Board of Trustees. I hope you enjoy learning more about St Maare$ through thls report and discovering the wide and varied Impact that we have on our shared communlty. Introduction fro es Rimmer. CEO l am delighted to be introducing St MargareY5 Annual Report and Accounts as the new CEO of thls wonderful charily. St Margareysls a muth loved. and vital cog in the wider wheel of the Somerset Health and Care system. and l am committed to stewarding this charlty. Its servlces. and resources. not just for current, but future generatlons too. With that In mind we are already thlnking about the next chapter for St Margarevs as we work toward5 our 45 birthday in 2025. well as celebratin8 all that we have achieved together, we wlll also be setting out a new five-year strategy. This will enable us to ensure that St MarBareVs is responding to and deleTing the very best care for the evofving needs of our communlty. a5 well as innovating how we can resource and fund hospi care forthe future. Taking the time to care for our community by provldiry tsilored and holistlc support for Patnts and their families has alway5. and will continue to be, a guiding principle for us. However, l am also Passionate about helping breakdown some of the misconceptions about hospice care and conveying the wider impact we have. helplng people not just to die well. but to INe well for a5 long as p055ible. Whether thays earller interventton or increasing access to our care and thlnking aboLFt how we run our services in the m05t sustainable way. thls will all be part of the strategic di5Cl10n. as we look to safeguard hospi care for Somer5et. End-of-life Is an Inevitabilty for all of u5. but the quality of care. and experients our loved ones have. is not guaranteed. As you wlll leam, there are several challenges nationally for hospices but also locally for St Margareys. How we come together and respond to these challenges wlll deflne our future and I look forward to worklng with you all to 3thve real charee. Lastly. but by no means least, I would like to thank everyone who has made me feel so welcome. but also acknowledge the incredible effort of everyone involved in making the last twelve month5 a huge success. St Margarevs is very much grounded in its communlty, and my thanks go out to colleagues. volunteers. supporters, funders. and partners who make it possible for us to continue delivering hl8h quality and compassionate care. You all play a unique role, but Ft Is ihe one-team approach that makes 311 the dIffenCe and make5 St Margareys so special. Thank you. St maareV5 Hospice &re-TrU$tee &AuditedNx(ounts2¥24
About St Margaret's Stmorgureys Hosplce Core (St MurgoreY5) Is a communltyfvnded¢lrftylR Somerset, supportlng adults ofalloges who orefvcing onyllft4imiting illness or who require end41fe care. We have been an integral part of the Somerset commuTiity forover four detades, offerlng compassionate and specialised palliative care. free of charge. to patient5 and thelr famllies when it matters most. Our servrces are available to a population of approximately 520.(KK) people, ond we believe that everyone within our community deserves tailored and dlgnlfied care so they can focus on livlng well, until the end. "I have had qyallty added to my lffe." ank you for treating mum wlth such kindne55 and compas51on and for managlng expertatlons so 8ently when her stay was laced with so much uncertainty. Thank you for taklng the tlme to get to know her, for listenlng to her stories, for laughlne with her and for not rolling your eyes at her after she ordered e88 sandwiches and soup for ihe 30th time In a row. Most Importantlyi thank you for sharlng her final moments wlth us. The support and comfort you gave us means more than we Can ever say. Thank you for the grace. dlgnlty and respett you showed her right up untll the end. You made sure she was comfortable and at peace and surrounded with love.. Our Vision is of a community that values life and provides the best care for dying people and those close to them. Our Mission is to extend the reach and availability of our expertise, to enable compassionatei joined-up care for our Somerset community. Our Values Hospice care at St Margarevs is about takinB the time to get to know our patients and tailoring a personalised approach. This means tombining excellent medical and nursing care with holistlc support that recognises the practical, emotional. social. and spiritual needs of everyone. Our values reflect this and underpin all that we do, weaving through every aspect of our fdre and servlce provision. We are patIent-ntred, respectful, brave. self-aware, compassionate, informed and driven. Delivering Public Benefit Our seNices are available free to anw)ne. regardless of their background. faith, culturei personal Identitvi or location within the county. We firmfy believe that compassionate care should be accessible to all, and we strive to ensure that our supwrt reathe5 every individual and family who can benefit from it. Crucialty, we also recognise that this means looking after those closest to them - Ihe husbands, wives, life partners, children, and carers of our patients. both before, during and after death. The Trustees affirm that all our activit5 are conducted with the aim of fulfilling our charitable purpose and benefiting the public. 5t MargarÈV5 HospKe Care-Trustees' ReFM)rt &AuditedAcu*Jnts 23124
Our Care and Support Durlng 2023124 we cared for and supported 4,833 people a(r055 Somerset Our servrces operate and provide outreach from two h05pice hubs In Yeovil and Taunion. and we have 5tsff based thioughout SomerseL Including teams in Minehead, 8ritJ8water. South Petherton. and Glastonbury, supportin8 patients In their homes. From ihese hubs ourteams collaborate with GP practices, district nur5e5. community hospitals and care homes ihroughout the countv- 5% of ourcare was delivered out in the community last year. Ourseryices and care in Trumbers is summarised below. 11 End of Llfe Care 2417 Advlce Llne With a growin8 need for ourexpertise and Care, the number of end.of-lifÈ patients supported by St Margaret's increased by 1.4% on the previous year to Throu6h our frontline central refeiral centre and out of hours advice line we managed I l j 21, calls, provrding immediate support and guidance to patients, family members and other healthtare professtonal5, both day and night. Family Support Supporting those e105est to our patients is a key priority, pre. during and post death and last year we directly cared for.514 family members and carer5 offering guldance and reSoUrS at the most challenging of times. Care In the Communlty AIon85ide our four community outreath base . and hospice hubs in ..Yeovil and Taunton, we made home visit5. delivering personali5ed care for people In familiar surroundings, alongside loved ones. In total our comr¥Trunity leam managed a caseload of I with of these being new referrals. In-Patlent Admlssions Providing specialist palliative care including complex symptom control our In-Patient Unit cared for patienis last year, with of patients then eturning home once their pain and symptoms were under control. Bereavement Support Workin8 Wlth familie5 and carers following the10sS of a loved one. we provided bereavement support to 404 people of all ages, from children through to those who had105t life partners of forty plus year5. St Mar8areYs Hosplce CaTe-Tfustees' ReFAlrt& Auditedknnts 2y24
Sunflower Centre For ih05ewell enou8hto live at home but travel. our sjav hospices provide a range of services and 5UPPOrt8roups. includlng SOEial aCtIlIeS suth as arts and craft5, exercise. and muslc. wherè people can come together and Share experiences. Last year we re¢ei¥ed a further referrals to OUT two Sunflowercentres sn Yeovil and Taunton. Splrltual Care Offaing spiritual care to people of anyfailh caft help people to make 5enseol the1rdiagr5 and eThJ-014ife iournev. Lasi ar we p¥ovided Spiritual support tts 185 people and ottered services an advice that ie&hed many hundred5 more. Out-patlentS Ensurit)gour care taIred tothe indiwdual ne$Of patients means we offer a holist approoch to end-ol-lrfÈcare, induding 3 rafige of therapies forour patients. In total people benefited from Supp a[ ireatments from our outpatient teams Incl18 complementary therapy. physlotherapy3nd tymphoÈdema ¢lini(s all deswied to Improve qualityol lrfe. st Margarevs HospkeCare-Trustees' Report&AedArCWAts 23124
Our Work in Context The Growlng Need for Hosplce tsre In Sometset Somer5et's population is olderthan the national average and continues to grow. Projection5 indicate that the co¥Jnty's populatlon will rise by 12% by 2041, with the Office of National Statistics predictlng that the number of residents in their 805 will equal tknse in their 205 by that time. This ageing population. co¥Jpled with complex health and social Ca needs in rural Somerset. emphasises the Importance of early and equitsble a¢sS to palliative and end-of-life care seiCe5- and the vital role that St Margarevs wlll continue to play. Nationally we know that one Sn four people do not recelve the specialist care they need at the end of their lives. Patients living with frailty, dementia. cardiat and respiratory conditions. and neurological diagnoses a less likely to receNe hospice care. And those from under-represented communities are often unaware of the care available to them. With over 6.IJX) people dying annually in Somerset. we estimate that 4.OCK) could benefit directly or Indlrectly from hospice expertise or support. Currently, we serve just over half of these people. demonstrating that there is so much more that we, and the wider health and social care community, tould do if we had the funding and resources available. Fundlng Hosplce Care The cost of providing hospice care in Somerset each year is close to £15m. While St Margarevs recewes some funding from the NHS1É2.9ml, it is not stthcient to cover the full range of servi5 provided each year. Therefore, we rety heavily on the generosity of our community and alternative fundraising methods to meet the remaining financial needs. Each year, our income generation teams must ralse over £llm to support free h05pice care for tsmilies in our community. Nationally, there Is a Browing recognitlon that the funding of hosplces must be addressed to meet the needs of an ageing population, with more people living with complex and long-term condition5. The Somerset Palliative Care Strategy calls for increased collaboration between healthcare providers, local authorities, and charitable organisations to ensure a suslainable Inodel for hospice care. It highlights the necessity for a robust funding framework that can stjpport the rising demand for palliative and end-of-life care see$. We are committed to adapting and respondin8 to these challenges by: Engaging in strategic partnerships with local healthcare providers to integrate services and improve patlent outcomes. Exploring innovatrve fundraising strategies and diverslfying income staMS to ensure flnancial sustainabiltty. Advocating for InCaSed public and govemmental support for hospite care to address the funding gap. St Margarevs does not work in isolation and our Stngth is achieved through collaboration and partnership. We work alorE5ide many or8ani5ations including Somerset NHS Foundatlon Trust Ilncorporating Musgrove Park Hospital, Yeovil Dislrict Hospital and community and mental health seN1$ including distrirt nursing), Somerset Integrated Care Board. Marie Curie Cancer Care, Somerset Councll Adult Social Services, Somerset Western Ambulance Service. and care homes throughout the county- St Margareys is also a member of Hospi UK, the Tratnal champion for hospice ca. The hospice teams are actively Invofved in providing placements for the training of a wide ran8e of health and care professionals. including student nurses and medical students wsih up to 20 placements taking place at any one time. We continue to support GPS and medical consultants and have developed a wide range of training resources for patients, families, and other healthcare providers, offering help with the physical and emotional needs of patients and carers. Crucially. our input is not limited to what we do (lirectly, but in helping other care settings lo be able to provide appropriate end-of-life care. st Margaret'5 H05pKe Care-Trustees' RÈpNt & Audlted Accwnts 2y24
Our 5trateglc Goals These challenges and the wider social. economic, and political context infom our current stfategy. which is underplnned by six strategic goals that provide the shared focus for the hospice to asse5S progress towards our longer-term mission and vision. The goab fit broadly within the key aa5 of activity that revolve around Our Care. Our People and Our Organisation as follows: l. We will make our care more accessible to all. 2. We will drive engagement Wtth our community to improve the way end-of-ltfe care is delivered atross Somerset. 3. We will attract. develop. and retain a compassionate. engaged. and flexible workforce. 4. We will be an organisation where all staff and voluntee¥s can flourish and thrive. We will achieve financial sustainabilitv. 6. We will learn and continually improve the quallty and impact of all that we do. As we navigate the challenges posed by an aBeing population with complex health needs, St Margaret's remains steadfast in its mission to provide exceptional end-of-life care. In working towards these goals, we retain a colleclbve focus on what is strategically irnportant forSt Margareys to help deliver the very best end-of-15fe care for our community- Prog$5 towards these goals is highlighted in the following page5. Our Progress- the last 12 months l. We will make our care more aesSIble to 41 The londscape of heatthcore is rnpidfy evolvingw as ore the needs olourcommunity. With increasing demand on ourservices bothfnxnAamllles In ourcommunlty ttndfrom the widerhealthcare sector, we mustfindlnnovotlve woys to expand our reach andmoke ourcore o¢¢essible to more people. Somerset is a large and geographically dNerse county with poor infrastructure and transport links. To addre55 these challenges. we continually seek ways to co-locate and improve our touchpoints withln the community, working alongside existing Service providers. Last year we collaborated with south Petherton local NHS Services, sharing office space and system processes. This allows US to share caseloads more easily, see more patients and enhance the time spent with each of them. We also opened a Community Nurse Specialist Hub within Bridgwater Hospital. These new hubs improve communication with local services. increase efficiency, and enhance collaboration with multidisciplinary teams. This in turn. saves time and most importantly improves patient safety and experience. Our Community Nurse Specialist team5 now also work seven days a week, ensuring more responsive care delivery and improved symptom management. This extended coverage has been crucial in enhancing patient care and ensuring timely intervention and support. Patients also continue to beneflt from the co-location of the Yeovil District Hospital Oncology and Haematology department within our Yeovil hospice. This integration ensures that patients transitioning from treatment to palliation receive coordinated and patient-centre(I care. We have increased the number of non-medical prescribers operating across Somerset. These are cllnicians tralned to prescribe appropriate mèdicine within their aa of expertise, previously only allowed by doctors. This initiative is part of our strategy to provide greater availability of key care and support regardless of tlme, location, or Setting. Having clinicians who are troined in prescribing medicines means that we can respond more efficiently to patients. needsi providing the pain and symptom relief they require in a timely manner. reducing pressure on other healthcare seNices. Sl M3rgaTet's Hospke Care-Tru5tee5' Report & Aded Accounts 23124
We are also piloting llon-medical prescribing in our Lymphoedema servKe to assess the benefits for patients developing cellulitrs or other treatable conditions. St Margarevs Is the first lymphoedema service in the country to offer this intervention. improving timely symptom management and reducing demand on GPServis. As part of our tommitment to increase care for tknse with lffe-limiting conditions beyond cancer. we are working closely wlth systenFwide service5 including heart failu and respiratory teams. This collaboration ensures early, 3ppropriate referra15 to our seryices and supports advanced future care plannlng. It means that gardleSS of illness. the benefits of hospice care are better known and avallable to a wider cohort of people. Our clinical teams began training on the vISed county-wide Somerset Treatment E5calatlon Plans ISTEPI trainin& enhancing our provision of advanced care planning. 5fEP training allows patient5 to spetify their future care preferences. ensuring individualised and specialised care. such as accepting antibiotics but dedining steroids. and the balancing of pain management and consciousness levels in their fin31 days. We were delighted to add a second cuddle bed to our In-Patient Unit in Taunton. This enhancement improves the comfort and care received by patients with complex needs who require time away from thelr homes in a more structured setting. Cuddle beds allow patients and their families to Spend quality time together particularly in the final days and hours of life, reducing stress and anxiety for both patients and their loved ones. The benefits of being able to hug your loved one include reduced blood pressure, increased oxytocin levels. and reduced stress and anxiety. These have been very well reiVed by patlents, families an(1 loved ones. Our Sunflower Centres In Taunton and Yeovil have trialled new initiatives to improve patient care. Both centres adjusted their opening hours to reduce missed appolntments and ensure service availability during weeks with Bank Holidays. The Yeovil Sunflower Centre has also been trlallln8 offering dropin sessions for patients transitioning out of the service, providing continued support from professlonals later in their end-of-life journey. Feedback has been positive. with patients appreciating the extende(I support. he biggest thing the Sunflower Centre hos gftven me. ondmony others. 15 0 chonge of attitude which is obsolutely life chonging.- Last year we also delivered three outdoor pursuit sessions for bereaved teenaBe boys {11-181, as part of a project funded by the National Lottery Community Fund'5 Awards for All. By offering activitles such as rock-climbing and archery, we were better able to engage with this age group, who find it harder to talk about their feeling5. givin8 them the space and opportunity to talk about their grief and sense of loss. In tum thls helps break down some of the initial barriers to pre-teen and teenage boys openlng up and belng receptive to support and care from the hospi. Through these efforts. St Margaret's continues to adapt and innovate, ensuring that our care remains accesslble, responsive, and effertive for all those who need it. 2. We wlll drlve engagement wlth our communlty to Improve the way endvof-llfe ¢aYe ts delivered across Somerset Hlqhthility end-oA-Ilfv care should notl)e considered os a nlce to hove btrt ofvndamentsl rightfor everyone. Being oble to Sho ourexpertise andrfflse oworeness obout the Importance ofliving well and dylng wellollows us to have o greaterchonce of infiuenclng the brooder heolth(ore lunds¢Jpe In Somerset. And byprioritising the delivery oAtralning und awareness events ocross our community - Includlnq acute core settlng5 communityhospltals. nursing ond care homes- we can extend our impartund ensure nwe people benefitfrom ourknowledge andseThlce& io St Margaret's Hospke care-Truees. Report &AUd[ted*rtS 2¥24
Our ongoing involvement in the°Same Day End-of-lrfe Discharge. project ha5 been crucial In ensurlng timely discharges from hos[5. whlch ènhances system fh)w and patlent ca, therefore Improvlng the overall efflclency and effectiveness of end-of-life fdre acr055 the healthcare system in Somerset, Is well as reduclng pressure on the NHS. We are proud to continue sw)porting education In palliative tare through our ECHO Communlties of Practlce. This year, we delivered ten sessrons for the Care Community Networl wtth an average of 18 attendees per 5esslon. 781% of wlmjrn were extemal partkipants. Similarly, our Health and Social Care Professionals Network delivered ten sessions with an average of 16 attendees per session, 48% of whom were external particlpanls. Byjolnlng the care home network with ihe health and soclal care network, we enable more cohesive learning across the county. These sessions, led by our education team utilise the skills and knowledge of our clinlcal team to frdtilitate and delrver content. Last year we took huge pride in seeing colleagues frixn across the hospke represent St Marg3reVs at conferences, strategic meetings, and workshops. at local, regional. and nation31 levels. Examples include presenting to NHS England on the pathway St Margareys has taken In supporting the training of Advanced Care Practitionèrs. Our Leaming & Devebpment Team ran a workshop at the Hospice UK National Conference on Simulation in non-tradltional envlronment5 and our Head of Volunteerln8 presented our Volunteer Strategy ?t the Hospice Volunteer Managers Network. Colleagues were also invited to Chair the Hospice UK ED&1 Network and Southwest Hospice Educators Group. Our senlor leaders are also represented on Somerset Integrated Care Board working groups as well as Co-chairs on various Hosplce networkin8 groups. Knowing that we have suth a strong tslent pool, whose expertise and guidance 15 sought and welcomed means that St Margaret's remain5 at the forefront of turrÈnt and future thinkln8 around end)f-1lfe ore siratsgles, localty and nationalty. We remain committed to developinB our Equality, Dwrsity. and Indusion work looking at h)w dIffet communltles access and engage in endrf-life care serNi¢e5. In particular. we worked with faith groups last year to understand how barriers such as lan8uage and approathes to care culture can Impact perceptions and how we tan address these. In doing this we are building OUT kfK)wledge and offerlng flexlble services that caterlo indlvidual needs. At the Somerset End-of-Lffe Conference In September 2023, we convened and led a workshop titled "Conversations around Multi-Faith Care at End-of-Life." Feedback from thls session included comments like."It was a really wonderful 5e5sion full of Informatlon and inslght." hlghlighting the ImrtanCe of resFeCting diverse wishes and thoices In end-of-lrfe ca. Our medla reach and digital er*agement have both 5i8ntficantly ireased. boostiru brand awareness, and keepinB the publlc well-Infom)ed about the knspice's seNlces. fundlng requirements and opportunities for support. The hospice has invested In an in-house wdeographer. enablln8 US to capture moments and share the 5torles of our patients and their familles directly with our 5UPPQrters. This ha5 brought a dimensK)n to our Storylelli demonstrating the impact of our care. Our community engaEement is a150 growin& with a strorrg presen at county wide and local event5 ènd shows, includin8 appearances by our new hospice mascot Busy Bee, who ha5 helped raise awareness at schools arKI businesses during our annual Wear it Yellow campaign. colnading with Hospice Care Week. Our work with the local community resulted in the SpICe bein8 shortlisted In the Community Engagement category at the Markel 3 Sector Care Awards. This highllghts our commitment to en8agin8 Wlth and involving our sUPPOrtets in meaningful ways. ueatinE a sense of unityi and highlighting the social value we brin8 Outside of our immediate care work. We were also delighted to be asked to represent the wider Somerset health and care System, at a Servi in Westminster Abbey to celebrate the 75th anniversary of the NHS. Attended by St Margarevs Head of Theraples this Inwtation highlights the erKluring and special partnership between the Somerset Integrated Care System and the Hosplce. St M3rgaret'sHospke care-Twees, Re¢&Alltedknuts 2¥24
Through these initiatives. St Margaret's contlnues to build a solld foundation of trust. awareness. and collaboration with our community. Our efforts in education. engagement. an(1 Intlusivity a vital In ensuring that everyone in Somerset can acce55 the high-quality end-of-llfe care they deserve. As we look to the future. we remain dedicated to enhancing our services. championing the ImKrtanCe of palliative care, and drwlng positive thange within the healthcare landxape of Somerset. 3. We wlll attrart. develop. and retrln a compasslonate. engaged, and Ilexlble workforce People areourqreotesta55e¢ dft9 succe55 ondlmportauossollports of the organlsotlon. Therefvre, we know that we must recrnlt the bestpeople develop. aml volue those colleogues that already workAoru4 andofftra workenvlronment thotcomeopues wont toremoln opartoA. Recruitment across all parts of the hospice remains a challenge but last year we made Important progress towards improvlng both our intemal recruitment processes and experience fortandidates. The intmduction of a new recruitment platform called Talos360 ha5 helped to Improve ihe efficiency of advertising. onboardin& and admlnistering such a large workforce. and ultimately dUced the time it takes to flll vacancies by 22% from 45 days at the end of March 2023 to 35 days at the end of March 2024. We achieved an important mllestone when forthe first time everwe were able to commit to paying staff the Real Living Wage- pay based on whèt people need to live. Thi5 was a key component of a new hospice wide Pay & Reward project that sought to develop a set of pay principles aligned to our values. as well as a review of the hospite's current pay framework and benefits package for staff. In addition, we invested in the total benefits package on offerto stsff, which has seen us Increase the employer contribution from 3% to 5% on the autonrolment pension, the introduction of Life Assurance for all employees. and the launch of a scheme for the buying and selling of annual leave. Next In the roadmap of benefits will be a commitment to introduce Health Cash Plans in 2024125 to lurther enhance the total rewards enjoyed by staff. Wlth a hugely dedicated workforce we are fortunale that many colleagues serve their whole Caer at St Margareys, but that does mean we have to think carefully about succession planning and appeallng to the next generation of colleagues. Last year we successfully irKreased the number of student placements available through the hospice. as well a5 expanding our medical student intake to include Plymouth Me(lical School. We also welcomed students as part of their elective attachments to learn more about palliative care. In total, we welcomed 20 Trainee Nurse Associates, and 13 Student Nurses completed part of their training rotstion and placements with St Margaret's. We used the NHS England Safe LearninE Environment Charter as a benchmark to continue to deliver high quality student learner experiences working in partnership with Somerset Foundation and a range of Higher Edueation Institutions. Here 15 just some feedback from students- "My plocement Ivitli Sr Moigoret's Showed me the ort oj ellective communication ond mokirtg sure thot eoch person (Jild theirAornffly ore coredfor u5 irfrdividuols. The outstonding cole experience led nie to nominote St Margaret sfor communityplocement of the yeor ot the Student Niirsing Tin7es Awords." Trainee Nurse Associote.. Yhe best plocement I hove ever hod. Your level olcore. support and dedicotion wus oinozing ond it's somethng I will corry with me going Jorth my nursing journey. From Elertive Plocemei?t Aliir5iAJg student." -In my experience. you guys have creoted o very inclusive ond sUPPOrtive Envirniimtrnt wliere everyonefeels valtsedond supported, this in turn creotes o greot leornin9 Otmosphere." We a150 took our expertise and learning out to training and education providers. with colleagues lecturing on Nursing Oegree courses, further embedding the benefits and opportunities of carving out a career In end-of-lrfe care. which in turn could attract the next generation of nurses, and healthcare professionals. 12 St Mèrgareys Hospke ca-T[l5. Rert &Aurfrted Accwrts 23n4
Ensuring continuous professional development was also a focus last year. Our new Clinlcal Director has prioritised that all clinical staff are skilled and competent with opportunitles for lifelong learning where they have access to a rolling programme in clinical skills training and the different clinical speciallsms acr05S the hospice. We a19) Initlated preceptorship* whith is a structured perlod of transition designed to support newly qualified nurses as they make the transition from student to accountable practitioner. During this time. they are guided and supported by an experienced practitioner known as a preceptor. The main goals of preceptorship are to help develop confidence, enhance competence. critical thinkin& and deci5ion-making skills for the new registered practitioners. It provides a supportive environment for them to integrate their knowledge into everyday prattice and have the best possible start to their careers. The first staff have been inducted and successfully integrated into the team, with tompetency pathways mapped and mentorship aBreed. The feedback so far has been extremely posilive. "Cher is our Advunced Core Proctitioner. Ihis is a new role and represent5 on innovotive position within hospices gener(Jlly. She is currently embedding her role within the In-PotAent Unit (IPUJ. Undertnkiilg 0 master's degree, Cher nol onlyperforms work trodilionally curried out by doctors but olso ctrntributes ro our reseorch initAOtives. She is on integrol port of the on-coll rotu. leading the teom providlng first-hond core to potients. fhrough her advonced truining Cher exen?plifie5 the high Standards of cure we strive to uphold 1)d theforword-thinking oppiooch w8 toke in enhoncin9 our clinical copubililies. Across all parts of the hospice, we have been considering how we can further develop and retain colleagues, as well as a succession plan for leaders of the futu. A Registered Nurse progression pathway Is In the ear stage5 of development as Is a career pathway for shop managers, with a view to becoming retail Area Managers- both of which will be developed further in 2024125. As of the end of March 2024, we are delighted to reKKJrt that our annual Staff Retentlon Rate was 84.6% compared to 81.5% In March 2023. and our volunteer retention rate was 95%. We also introduced a Refer-a-Friend scheme to help underpin our erUItment strategies, and in the first six months two staff made Successful recommendations saving us recruitment fees. This all points towards a culture that people want to be part of, are keen to encourage others to be a part of, and to contlnue contributing towards. 4. We wlll be an organlsation where all aff and volunteers can flourfsh and thrfve In August2023, we celebroted the long5erwce oAsome oAour colleagues ond volunteers. In total 17 members oAstoffArom across ollparts of the hospke were recognisedfor completlng between 20 and35 yeors of 5eNlce. We 01sQ took tlme to ¢elebr(rte the contributlon oAourvolunteers. Includino 14 who have seniedfor20 years. sevenfor25 yeors onefor30 yeurs ondincredibfyfvur who hove supported St Morgaret'sAor over35 years. Longevity of seNice can tell us much about the culture of an orgènisation, but we also sought feedback through an annual staff survey in Ortober 2023. With a respor)se rate of 56%1188 out of 337 staffj and engagement score of 79%, we continued to see some very high scores with 14 of the 16 areas of the suryey achievlng a positive score170% or higher). This tells us that employees believe that the work they are doing is meaningful. hos impact, and they understand the contribution they make, enjoy working with colleagues and take pride in their roles. Common themes included teamwork, being people focused and supportive of each other: 91% enpy working with others and feel able to interact in a posltive way with colleagues and feel supported by their manager 90% understand how their work fits into the bigger pictu and benefrts patients and the wider community 88% feel that our work is meaningful and understand their impart 88% understand what is expected of them in their rotes 13 St MarEaret's Hospke Care-Trustee¥ Report& Alled ACrrbts 23n4
87% felt they had the right skills and expertise to thrpft in their roles. There were some areas where colleagues flagged concerns and asked forfurther support. Staff said they would like- more efficient communication and cooperation between teams the necessary headspa to be able to reflect and think tlearty to be able to work free from worry. We have begun to explore and address this through the introduction of improved internal communication5. additional tralninE and courses focused on wellbeirE including si8npostin8 to support and resources linked to financial wellbeing, virtual GP access. and an employee alstanCe programme. We also invested in a pllot headspace course, which is now being rolled out across the hospice. The content focuses on exploring the demands and pressures individuals face, creating a safe space to slow down and reflect. and for individuals to share tools and techniques that help them, to build resilience and develop new coping strategie5. Another way to gauge whether staff are happy is through an Employee Net Promoter Score leNPSI, which measures how likely our employees are to recommend our organlsation as a good place to work. Our e-NPS score in 2023124 was +24. which sits within the'good, range. but gives us room for Improvement, to achieve a score of 50+ which would be'excellent., Feedback from stsff includes- -very 5UPPOrtive teom, ohvoys encouraging ond supportingfurtherdevelopment." he people I work with ore the best." ~A supportive and kin(1 i¥oikforcc. People iijlio look oijtfoi" eoch other." "An appreciotion of new ideos ond ways of working" "Encoijroged tofeeÈlbock oftcn. "I couldn't oskfor o better monoger or teom. II I hove onyconcerns or worries, I take them straight to her with confidence ond I Ivn always supported. I reolly love my jt)b." And those new to St Margarevs also gave positive feedback of their experience. with improved retention in probation periods and the experien of joining St Margareys ranked 4.68 out of 5. Education remains paramount to staff development, skills improvement, and confidence building, espetially in our clinical teams. Ststutory and mandatory training levels for the organisation were 90.2% al the end of March 2024. In support ol the professional development of staff and our peers involved in end-of-lrfe care within the willer healthcare landscape, we delivered a f4Jll programme of educational actbvities and training. Topics covered a wide remit for both clinical and non-cllnlcal staff ranging from Leadership to Dealing with Loss. Grief, and Bereavement. In total we delivered 53 courses lat least half a day each), which resulted in 466 internal staff and external colleagues being trained. Investment Was also made in helping colleagues across a wide cross section of the hospice achieve professional qualifications. This not only helps build capacity, expertise. and knowledge within St Margaret's, but ensure5 a consistent and high-quality approach is applied. St Margaret's Is ploneering the use of simulation- a tearning method that provides an opportunity to practice real life skills, in a safe and supportive environment. It can help colleagues feel more confident when fad with some of the challenging situations that they can encounter at work. As part of this initiative, we developed St MargareYs'Car(Is ègainst Calamitl- a fast-paced, end-of-life scenario-ba5ed card game to encourage discussion. debate, and learning amon8St groups and individuals. The tool has proven very popular and is used by teams to challenge idea5 and responses to difficult or crisis situation5. And following an Invitation to present at the Hospice UK conference in November 2023, the team has been approached by 30 other hospices to purchase the cards. 14 St Margarevs Hosplce Care-Twstees' Report & Alited 2Y24
Cruclally we also focused on developing collea8ues. and tIse already on their hospice career journey, through enhanced internal progression pathways. This includes enabling staff with no previous clinical experience to enter the care profession via non-traditional routes. Examples last year include a colleague in housekeeping moving into a Healthcare A5SiStant role. We also supported colleagues transition Into new roles and teams. meaning we could retain people who are invested in St Mar8areVs and don't lose knowledge or talent. Colleagues moved from Governance into Business Intelligence, shop Management into Volunteer Development. and from Learning & Development into Retail Area Management. All of this demonstrates the rich and varied opportunities available to staff, where we nurture and 5UPPOrt colleagues to apply their skills and experience into new and exciting roles and opportunlties. Spotllght on Volunteering A key part of our organisational strategy is the recognwtion that a thrNing and flexible volunteer Workfor is vital if we are to achieve our operational and financial goals. In 2023124 we invested in building a Volunteer Services Team to develop and implement a three-year strategy. Integral to this was a piece of work to understand who our volunteers are. what motivates them to give their time, and how they like to be acknowledged and rewarded. We collerted feedbatk from 242 volunteers who told us that they had a strong sense of communlty focus and tOn5idered their volunteering to be making a dIffenCe to others. They reported clear personal benefits from giving their time. We happy. felt valued and appreciated for their efforts. 95% said that volunteering with St Margarevs was a positive experience and 96%would recommend volunteering at St Margareys to others. Volunteers reported an improved sense of wellbeing and told us that meeting new people benefited them most, os well as feeling part of a supportive network that gave them a sense of achievement. The data we have collected tells us that we have a thriving volunteer community in Somerset. which St Mar8aret's is an integral part of, which offers meaningful opportunities for engagement. We know that 95% volunteer at least once a week, which is higher than the natiortral average and m05t engage in regular volunteering. 68% have been volunteering with St Margarets for fwe years or more, suggesting they have a long-standing lationShIp with the hospice. Givin8 something back and keeping active were the most common reasons for people volunteering their time suggesting that volunteering is of mutual benefrt lor many people. Wanting to raise money for the hospice and meeting new people and making friends were also of importance, particularly for our retail volunteers. At the end of Marth 2024, we had 868 volunteers registered with St Margareys, and actively giving their time. which we estimate equates on average to 3.500 hours of source every week. If we equate those hours to the national living wage plus employer oncosts, this provided a financial value of approximately E2.2m last year from ourvolunteers. And of those volunteers approximatety 600 worked across our retail operation, ensuring that our 31 shops mained open and trading throughout the year. We were also proud to support Somerseys Community Payback Scheme. where ex-offenders can complete community service rather than receive a custodial senten. We welcomed individuals who volunteered within our gardens and shops, undertaklng valuable work in support of the hospice whlle gaining skills and experiences that will enable them to reengage and rebuild their lives. 15 st Margaret's H(p5te Care-Trustee5' Report &AuditedAccounts 2¥24
S. We wlll achle¥e flTranclal suslalnability Ensurfnq thefvre$UrtU1nQbllltyOfst MorqaYeVsremolns a keyprforltyfvrthe hospke. Despte the chollenglng externolenvlronmen¢ we hove been ovenvhelmedby the genen751ty. support and commftment of our communltles portlcularty when they ore themselvesAaclng Increaslnq costA We extend our thanks to everyone who hos SYPPQrtedthe hospice over the last twelve month5. Our Retall Strate8Y Enjoying a thlrd successlve year of growth. our 31 charity shops achieved record sales of £6.2m and after direct costs, profits of £2.Im- eft01 to fund St Margarevs community nursing Serv1 for a full year. Footfall and repeat business were strong and resulted In S7.0 more transactions across the trading period. an 8% increase. It was pleasire to see shops that we had identified as un(lerperforming 12 months ago, all turn around performance to achieve their financial goals. Glft Aid reiVed on donated Eoods was £419k and was boosted by the continued rollout and use of tablets in shops and efforts to get stsff and volunteers to sign up customers dlgitally. We also launched.my Charity App. to provide customers with access to their Gift Aid records, as Y11 as an online marketplace; and, with a simple update to our till systems to provide a prompt to Sell lottery tlckets. we saw sales of single tlckets increase to £25k. an increase of £13k Our shops take huge pride in their merchandis1 customer service and one area that is regularly of a hlgh standard is our shop window displays. Last year our Crewkerne shop won a national window dres5inE award and was voted the best Christmas tharity shop window in the UK. This was a huge boost for the team, as well as the business as a whole reaffirming our position on the hi8h street. To ensure the ongoing profitsbility of the retail buslness. we continued to build strong relatlonshlps with landlords. re-negotiating leases and tem)s. which resulted in savings to the bottom line. We also invested in our shops. lo ensure that they mirrored the hospice brand. were warni and welcoming for customer5. and were workplaces that staff and volunteers were proud to operate from. We continued to roll out a proEramme of upgrades to all shop fastia and projerts to enhance key me55agin8 inside the shops. We also made adaptstlons and improved accessibility to our shop4 including the building of a ramp at our Minehead Clothes shop. The feedback we receive is incredibly w)sltive and hlghlights that ovr shops retsin a very special place in the hearts of our local community. "St Morgoret'5 chorAtyshops ore bvftsr the best. 8eoutifulshop window5 ond the internol loyouts ore very welconling ondelevote [the hospice] obove the others. The effort token really shiiies oiit. "Whtst on obsolute gem of o shop. Welcoming, Arffendly. greotprices ondo superfost turnoround of Stock. The workloodlooks very demonding but is motched by o work ethic ttitude Second to none. "Quite simple it's the blueprint tsll chnrity sliops shouldfolloiv. Our Green Strategv While focusing on our core purpose St Margarevs recognises the Importan of doing all that we can to have a positlve impact on the environment and reduce any unintended hann. We recognise the cllmate emergency and are commltted to contributing towards the local goal of making Somerset a carbon neutral county by 2030. Equally, many of the solutions to climate change and reducing pollution represent an opportunity to improve health through promoting active lifestyles, improving alr and water quality, and embracing the mental health benefits of spending time in natural environments. An envlronmentally sustainable society Is a healthier society. Durin8 the year, we developed our first Green Strategy, which we adopted as a Board of Trustees in September 2023 with a trustee nominated as Green Ch3mpion. Good progress has already been made. with the investment in solar panels on both the Taunton and Yeovil Hosp5ce buildings, with projected savings across the estste expected to be in the region of £50k per year. 16 St Margarevs Hospke Care-TrU$tee ReKxwt&Authted kcounts 2¥24
Across our income generation activitles. we have started to transition awayfrom single use plastics and excessive paeka8e around merchandise where feasible. and sourced materials and Supplies local or through ethical sources. We have started to roll out upgrades to energy effKienl LED Ilghting across our estate irKludlw our charity shops and retail warehouse. Di8ital technology has been In¢3$ing1¥ adopted across the organlsatlon reduang staff travel. and the amount of paper required, and waste generated. Where we do print materia15, our paper stock is Forest Stewardship Council IFSC} certified, whlch means it comes from sustalnably managed wcx)dlands. Both hospke grounds are malntained In ways that entourage wildlife and biodNerslty. Some of our fundraisinB events also have a specific environmental focus- Inc1Llng our annual Christmas Tree Collectlon, which saw us collect and chip 1,6LXI trees whith were Iv5ed by local farmers, and In allotment5 for pathways. anlmal bedding and mulch. We also ran our annual Glorious Gardens Campaign and the Environment Group have held an Earth Day atyeovil hospice to ralse aWanesS amon8St staff and the local community. Over the last Iwelve months we have also worked hard to promote our'green, credentlals via our shop5 and encouraged the communltles we serve to convert to more sustolnable ways of living. We embarked upon several campaiEflS inclj1ng Sustainable September extolling the benefits of recycllng and repurposlng Pre-loved goods. Our Inaugural Sewing Bee competttion also encouraged people to buy pre-loved items and refashlon them into new deSnS. And we engaged with the media to promote a Thrifty Chrlstmas teaming up with BBC Radio Somerset to remind audiences how they can balance affordability and quality through our shops. We also teamed up with a l(Kal college to engage and reach out to yOuer generations aFMI future consumers. who are already strong advocates for Sustainable livin& by providing our shops as a source of ththes for their sustainable fashion show. During 2023, our charfty shops 50ved over 1.5 mil]on knlograms of pre-loved Items headlng to laThJfill and made over 19.OLN) ton5 of C02 saving5. Our Strat88y We continue to roll out our Fundraising Grow Strntegy. which at Ms heart prioritises communlty engagement. to build our capacity and increase the volume of supporters chooslng St Margaret's a5 thelr charlty of choice. The net cOntriblon from fundraising last year was stron& given ihat the teams were er-reS0UrCed throughout the year with an average of 6FTE {28%1 vacancies. Whlle income bud8ets were not met. fundrai& income lexdudinB lottery and legaclesl Brew slightly achievin8 £1,389k compared to £1,384k in 22123. Over the last twefve months we have felt a resur8ence of backing from our local community, who came Dut in strong SUkVOrt of our events an(1 fundr3isirE 3rtivity- Thlswas particijlarly tme of local businesses. where we saw income grow with partnerships developed with a range of companie5 and employers. Some have links to the hosptce through their staff. while others chose to support the hospice recognislng the impact of our work on our shared communttles and stskeholders. All our events were also UfNlerwritten by corporaie sponsors, helplng to improve the retum on investment and mitigate any financial risk. We were partUlaV thrilled to host an extremely successful Black-T Ball in February 2024 which netted £22k made up of Bue5ts from across the county, inclltdlng local buslness people, friends and families of patients a5 well as stsff and volunteers. The hospice also developed a new Corporate Volunteering offerfor prospettive bu5inessesi groups and teams wishing to use their employee 5UPPOrted volunteerlng days to benefft local organisalions. Our event portfolio also grew lastyear. and participant numbers are startin8 to return to pre-covid levels. Our Colour Run Remix welcomed over 500 partiopants. and our two Sunflower Strolls grew terms of engagement and funds ralsed. We launched the Great Somer5et Cricket Bash and enjoyed repeat success with our New Yearfs Day Dip and Santa Abseil at Cheddar Gorge. whlch was shortllsted in the top three for Fundraising Event of the Year at the national Chartered Institute ol Fundraising Awards. 17 5t Mafgarevs HO5 CaTe-Trustees' Rep0rt&AudKedPfft1S2¥24
We were also grate[ for the many hundreds of people who took tt upon themsefves to organise events and fundraising on our behalf. In total we raised £259k from our community and a further £375k from people donating in memory of loved ones or acknowled8ing the wonderful care that they have reIved or eXperIend through St Margarevs. Income from grants also grew, as we unlocked fundiTrd for projects and clinlcal work that enables us to achieve our mlssion. We also saw an increase in research income with partrcipation in National Institute of Health & Care Research portfolkn studies, which helped to underwrite our clinlcal research attivities. As part of our Grow Strategy. we restructured the team to focus on acquisition and retention strategies recognising that we must work hafd to retain existing supporters while introducing products and activities that will appeal to new audiences. A parbcular focus has been on stsbili5ing and rebuilding our Weekly Prize Draw. as this is a product in decline due to difficulties in recrultlng canvassers. While attrition has been low112% annually), we have not seen new players sign up in the numbers we need to replace players we105e. Harnessing different tactics such as enhanced digital marketing and promotion of slngle ticket sales through shop till prompts has seen an uplift, but the year-end total of £661k remains behind pre-covid level5. Our Legacy Pipeline remained above £2m throughout the yearwith cash receipts during the last twelve months amounting to £2.3m. RecognislnB the huge potential of the legacy market in 2023 we commissioned 3 piece of work to develop a new legacy proposition ar7d campaign which will be rolled out during 2024125. At its heart. the campaign focuses on the crucial role that legacies play in paying for patient tare, with gifts left in wills paying for a third of our patient care. In March 2024, we also signed up to Hosplce UK'S national legacy tampaign. which we believe 15 an importsnt strategic step in leveraging the media 'buying powerf of a national campaign that will be delivered across TV and digital channels. with a clear focus on directing audiences to their l(Kal hosplce at a time when the debate about future fundlng for hospices continues. The hospice recognises the importance of ongoing financial 5111enCe particularty in the increasingly challenging economic climate. As the new organisational strategy for St Margaret's Is progressed during 2024125, our overarchlng Income Generation strategy will evofve tandem, with a clear focus on maintaining a diverse portfolio of robust income streams. Undorstanding oiir Sotial Value With demands on our care increasln& and the resources available to Us under constant pressure, itls important to review what our community values about St marga$ and how we are achieving the Breate5t impact as a hospice. This will help us to deliver our seNices sustainably and extend the reach and availability of our expertise. to enable compasgonate. N)ined up care for our whole community. During 2023124, we embarked on a project to explore how we can better understand our social value. which goes beyond using financial measures of value an(1 looks at how our seNi¢es and activities positively affect people's wellbeing and quality of Itfe. Working alongside an organisation called HACt, we undertook stakeholder engagement to understand what it is that our patients, their families. our volunteers, arid staff, as well as our wider community and funders think and feel about St Margaret's. This provided a rich and positive endorsement of who St Margaret's Is and the role we play In delivering high quality end-of-life ca, but also highlighted the huge social value that we offer through our income generation activities, especially our charity shop5 and fundralsing, as well as our signlficant volunteering programme. Whether that's raisin8 funds in memory of loved ones, partitipating in events together with family and friends. or volunteeiin8 in our shops, St Margaret's touches the lives of so many in a variety of ways. We art as a catalyst for a compassionate community, building resilience, providing companionship and new op)rtunItIes. which in turn helps to create a sense of unity and collective purpose. 18 St Margaret's Hospke C8re-Trustees' Re &A¥dited A¢c¢wnts 23124
And with an increasing focus on social value in the healthcare sector. NHS Foundation Trust colleagues view St Mar88ret's as being.more than just a setvice provider with a key role to play in supporting the local community and workforte, addressing health inequalities. and creating social value in collaboration with the NHS Foundation Trust. ICB and social care services." They went on to say, "without St Margareys, end-of-lrfe care would be disjointed in Somerset, with an increased demand and burden on primary and secondary care servlces that are not best equipped to provlde long term support. St Margat'S essentially funrtions as a central point for end-of-life care services in Somer5et. the golden thread for palliative care in Somerset connecting the dots and different services to create the best outcomes for patients." "St Mor9oret's hus been descrtibed 05 an anchor institution thot gives the wider conimunity t) purpose oiidfocus to support throu9h fundrLTising. volunteering. generolsupport. It is essentiolly o much- iieeded resource tin the Somerset locolily andoccupies a uiiique position to be oble to moke a positive difference Jor potients in the areo ondploy o key role in end-of-life." Startin8 to identify our social value as a hospice has helped us to quantify and demonstrate how the various services and different activities that we offer impact the people we Ca for. Understanding our social value, alongside our other strategic measure5, will also help us make informed declsions about future strategy. shape and improve our services to meet demand and respond to the evolving needs of our community- We are now looking at whether developing a formal framework to measure Social value will be a useful exercise and considering how we can share our learning with other hospites to support a sector-wide approach to articulatin8 the social value of hospices as collectively we face the financlal pressures of sustalnable funding. 6. We wlll learn and contlnually improve the quallty and Impact of all that we do Contlnuou5 Improvementls vital to ensure thot we areprovidlng thehighestqualltyolcare to our putlents and thelrfvmllies. We work In on ogile wayw odoptlng to the evolvln9 needs oAour community. testing the latest Innovotions• pioneering research, ond upholding the hlqhest qold stondord oApotlent care ondsofety. Thls ongoing commitment allows us to mqintaln ourreputution for excellence ondpositions us a leoderin palliative co, us wellas en5urlnq thtst ourservke5 remoin efftrtlve, compasslonate. onda¢ce551ble. Dlgllal at the heart In the last twelve months we have invested In our business intelligence, by expanding our Data Team with a new Bu51ness Intelligence Analyst and Junior Data Analyst. We have also completed the initial build of our Data Platform- a virtual warehouse that aggregate5 data from different sources into a slngle, central, consistent data store to support (lata analysis. Having this in-house resource supports the development of a data aware workforte and enables us to make more informe(l and strategic declslons based on the data available to use from across the organisation. Additionally, we designed and developed three bespoke applicatK)ns using artificial Intelligence IAII. These applications would have otherwise been outsourced at significant cost. Furthermore, we have employed Robotic Process Automation to improve the accuracy and speed of data migration between clinical systems, ensuring that our data handlin8 is both efficient and reliable. How we collect, store, and manage data has also 3(Ivanced Significantly. The successful launch of our new Elecironlc Health Care Record IEHRI system. Systmone, marks a significant milestone for St Margaret's. Replaclng a system that had been ir) place for over 17 years, Systmone enhances our ability to manage patient information more efficiently and securely. This improves governan oversight and ensures that our clinical teams have acces5 to a robust, integrated platform. enabling better coordination of care and more Informed decision-making. This was a change that was eagerty anticipated by our 5tsff with over 96% of users having completed all their training prior to launch in January 2024. 19 St marga5 H05pke Care-Trustee< Rewyl& Allted Accr*Jnts 23124
We also continue to develop our back-of-house systems to enhance our capabilitie5 and ensu efficiency. As part of our Integrated Systems Programme. we rOld out a new Purchase Order System, which enhances our ability to control and mana8e costs more efflclently• ensurlng that we make the best Use of our resources. By Streamlining our purthasing processes. we can redute woste and improve finan8] oversi8ht, ultimately allowing u5 to allocate more funds dItlY to patient care. Durlng the year. we stsrted work on inplementinB a Dew fvThJraislr¥ customer relationshlp management ICRMI system, after 20 plus years of uslng the same database. Our goal Is to streamline business processes, and Impmve efficiency. Including a move towards greaterautomation. In turn we hope to intrrxluce better reporting and in4ht driven dedslon Maki whlle our supporters wlll have better experiences receiving tsilored and strateglc communicatlons in a timefy and planned fT7anr)er, and our Income generation potential will OreaSe. Work also began on Nyentrfyirw a sultable HR, Volunteer and Learning Management System. to enhance our capabllitles in managing our workforce and volunteer5 and transitioning to self-servlce. Following the implementation of our chail)t. AleL for internal IT Issues last year. we've seen a 20% reduction in ticket5 being managed by the IT team, meaning t1 are freed up from the help desk to work on development projects. Finally. we are also tsstlng the viability of Vlrtual Reality In education and support for patients and families throLEh a pilot project in partnershlp with NHS England. Virtual reality will enable patients to explore and understand our hospice service5 before they sIn using them. providing a sense of comfort and famlllarity anfl hopefijlty to increase access. We can also use the technology to help patients unlock experiences arnl feelings that may be difficult to achieve due to their condltlon. wch a5 tsking a rtUal walk in their Earden. This technology has the potential to transform the way we deliver care, making it more immersNe and personallsed for our patients. Researth We contlnue to operate as a searth-act[¥e hospice, participatire in Trational collaborative studies and supporting smaller PhD projects alongside our intemal qualty improvement initiatlves. Thls enBagement allows u5 to contribute to the advancement of palliative care while continuously refining our own practices. Our researth activities are documented and available online, ensuring acce55ibility for both staff and the wider communlty. Our re5earch1s led by our IPU Lead Consultant and supported by a dedicated research nurse, who coordinates projects, ensures compllance with ethical standards, and integrates research findings into cllnical practi. Our collaboration with the researth team at Plymouth University on the'Research Priorities at the End-of-lrfe. study underxores our commitmeFrt to communty en8agement at)d re5ponsr¥eness to patient needs. We tontlnue to be attivety invofved In Ihe'CHEtsea IV trial. focusing on hydration, and have èchleved notable succes5 in recruitment, with St Margarevs being the first hospice to recnjit 20 patients for the study. The national study. led by a clinical team in Surrey aims to assess whether glvlng patients, in the last days of Ilfe. fluids via a drip is effectNè at preventing them fmm developing delirium I"termin81 a8ltatlon"l. This is a problem that often occurs at end-of-life and causes distre5S to patlents includln8 confusion al restlessness, as well as distress to familEs. and healthcare professionals. To be involved in suth research and to be recognised forour contribution demonstrates the commitment to patient are from our clinical team and the trust from our patients. Funding reIVed from research activities is reinvested back into hospi care research. supwrtin8 innovatp4e projects. and ensuring continual improvemert of our services. We also sUPPOrt smaller projects within the IK)spice. particularly in area5 of our expertise such as tissue viability ITV). OurTV prattitioner worked on improving eare for patients with malignant wounds and pressure injuries. achSeving high standards recognised nationally. Over the past year, only one patient developed a pressure wound while under ourcare on the IPU, the average for hospices in our size category Is over 30. Fvrthemiore, 99 of the 121 people who had existing wound5 showed marked improvement or healed completely- These fi8ures are notabty higher than the nationèl average. reflecting the exceptÈonal quality of care we provide l)oth In our IPU and within thè tommunity. 20 St MarBareYsTrkspke C¥re-TFuslee< Report& Audrted k(cwnts 23n4
Our athievement S shared at the national Hospice UK conference and continues to be cascaded through teaching in the wider system, ensurin8 that knowledge and skills are accessible to all reinforcing St Margaret's role as a leader in palliatNe and end-of-life care. To build our culture of research among our staff, we incorporated a searCh introduction into the induction for new clinical team members. Additionally, our active joumal club and topic board provide plafform5 for staff to discuss recent research findings and explore their implications for patient care. In addition to our research efforts. we prioritise quality improvement and patient safety training for our staff, empowering them to develop and implement projects that enhance high quality, safe patient care. By integrating research and quality improvement into every aspect of our work. we ensure that we provide the best possible care to our patlents and tt*ntribute to the broader field of palliative tare. Patient Experfence Patient and family feedback is invaluable to us as a leaming or8anisation and is overwhelmingly positlve. Our average "I want Great Cère" rating remains very high, at 4.9 out of 5. However, we did receive seven clinical complaints compared to five last year. Of those, three were not upheld and one is ongoing which irbvolved multi-agencies. The remalning three were low level concerns, includlng an omission In sending a benefits form. which was resofved to the complainanvs satisfaction, and a second related to wordSng in a clinical letter. These types of complalnts help to inform ourtraining and clinical supervision of stsff and remind us of the importance of clear and consistent professional communication, and inter-department teamwork, Lhjth of which we have prloritised because of these complaints. Conversely, we received 494 compliments thls year which was an increase of 16% on last year. As we move forward, we will be developing a 3-year patient experience strategy to ensure that we are open, transparent and a learning organisation. This engagement with patients and their families, will help us to shape our services and the care we give for the future. This Strategy priorltlses listening to our patients and families, understanding their needs, and making improvements based on their experiences. We have already implemented weekly conversations Wlth patients and carers to gain insights and feedback, which help us refine and improve our Servi5. By maintaining open lines of communication, we can better understand the needs and preferen5 of our patients and thelr families. Just a handful of compliments from recent feedback include.. "Everyone is 50 kind (2nd treats me ns n peison not just someone who 15 ill. -1 hove hud quolity odded to my life. bein9 oble to wolk ond tolk without getting so breothless. 'T'lioiik Jjuu ull so iijuchfor the ivofiderful core louglisl You really IielpedJ?ie get ljoixe ond I oppre¢iote it so muili. ..mode o horrible situotion thot little bit more beorable.~ ~Everything is superb. Don t worttfor oiiytliiiig. Got t) ouesiioii it get5 oiTrswered. Need somethingi it is sorted. No roomAoriniprovement. A key part of our patient experience strategy 15 the investment In the InteBrated Palliative Care Outcome Scale IIPOSI to build on our capacity to assess patierit outcomes. By systematically measuring the impact of our care, we can contirbuously improve the quality of our services and ensure that we are meeting the needs of our patients effectively. Additionally, the development of the Patient Safety Incident Response Framework {PSIRFI plan and policy is undeThvay. aiming to improve our response to and learning from patient safety inchlents. This includes a new system for staff refleclion following incidents, enhancing our ability to learn from these experiences and build a culture of continuous improvement. Through these initiatives and our ongoing commitment to learnin8 and improvement, we strive to enhance the quality and impact of our service5, ensuring that we meet the rbeeds of our community effectivety and comp8ssionatety. 21 St Mèrgarevs Htsspl Care-Tru5tee5' Report & Audr(ed ktwnts 23n4
Financial Review Flnancial h¢adline$ 2024 2023 £OOOs 14.290 113,9641 16991 13731 Incoming resource5 Resources expended Investment rbet ainlllossl Net movement in funds 14,181 14.834) 745 92 It cost almost £15m to run the hospice last year, of which 72%1£10.6ml was raised by our local community from supporting fundraising events. playlng our weekty prize draw, donating, and buyir from our 31 charity shops as well as thrOh donations made In memory of loved ones and generous gift5 left in Wills. Thls income supplemented the grant we received from the NHS for commissioned services. which totalled £3.Om lan uplift of 6% compared to 221231 and our investment Income of £0.5m. This incredible supwrt meant that once again St Margarevs finished the year In a better financial position than originalty expected. Having started the year working wlth a deficit bud8et of almost £1.3m we ended the year with a small surplus of £92k. This year end position includes a positive net movement of £745k on investments for the yearcompared to a kn55 of £699k in the previous year. reflecting the wider external market condition5. Income generation Our chorityshop5 Income from our 31 charity shops exceeding prior year by £0.4rn17%1 and gross sale5 totalled £6.2m. tX)nated goods held up well. generating income of £4.8m12023 at £4.4ml. finishing 2% ahea(l of budget and 8% ahead of prior year. New goods sales finished 6% ahead of prior year with income of £0.7m. Our fla8ship Old Cinema furnlture shop in Yeovll continued to perforni Strongly. with sales lust under £0.8m and our Taunton Furniture shop grossed sales of £0.5m for the first tlme. Our average Gift Ald conversion for the year dropped slightty and at the end of March 2024 was 31% but raised a further £419k. Dlrect G)sts for the yearwere £4.Im. £231k higher than last year, but £50k of this represents increased cost of sales reflecied In the higher VenUe and £230k of hlgher payroll costs. whlch In part Is due to some shops increaslng to 4(khour contracts for increased opening hours. The net contribution from retall was £2.Im, which Is £169k better than prioryear and the highest that the retail portfolio has achieved. Glfv left to us In Wllts Legacies recognised in the financial year. where probate has been granted by 31 March 2024 totalled £2.2m. While still a significant sum. this is £0.6m less than the previous year and could reflect a reduction in historic support that we a now starting to feel the impact of. Equally, it tould represent the widety publiclsed delays at a national level at the Probate offi. which could be slowing down the flow of information about this valuable income stream. With this decline in mind, but with a healthy plpeline in place. whlch stood at £2.5m at the end of March 2024, the Board agree(l an investment of £25k in the development of a new legacy campai8n to be rolled out during 2024125 to capitalise on the growing value of legacies nationally. and to ensure that we safeguard this vital income stream for the future. Ourfvndrolslng artlvlty Income from grants, donations, regular givin& events and gifts made in memory of loved ones wa5 on par with 2022123 both totalling £1.4m. 22 St Mar8afet's Hospke Care-Trustees' Rewl&Atedknni$ 23124
We were particularly pleased to see event and Community fundraising IunCe back last year, both showing signs of recovery thanks to stronger community engagement, and focused brand awareness. There is still some way to go to see income at pre-covid levels. but we are delighted with the progress achieved throuBh our Grow Strategy. Donations made in memory of loved ors. was once again strong, generating £375k and is very much testament to the high-quality care of the hospice, and the positive experience felt by our community- Income received from Trusts and Foundatlons also Brew, providing £173k compared to £127k in 2022123. Overall, ft)r the year the net contribution from fundralsing was £0.7m and 6% worse than prior year. This was prlmarily driven by staff vacancies throughout the year restricting the capacity to deliver some scheduled artivilies. Our tradlng Jrom the lottery Our Weekly Prize Draw on average had 12.442 chances in each draw and Eenerated gross ticket sales of £647k. While attrition remains lower than the sector average at 12%, challenges wlth recrultlng new players (due to lack of canva5sersl mean that this remains a product in decline, and a key area of strategic focus for the future. Our two raffles contributed a further £14k taking our lottery trading Income to £661k. Expenditure Overall expenditure for the year grew by 6% and was £14.8m against last year £14.0m. £8.9m was spent directly on delivering care across our community, including ovr In-patlent Unit. county-wide community nursing team. bereavement and family supporL day hospice and educational work. which helped care for 4.833 people in Somerset. At £9.8m staff costs are our biggest expense and account for 66% of the hospice's total spend. This is an increase of Il% on the previous year reflecting the organisatiori'5 commitment to paying staff the Real Living Wage, as well as having higher numbers of staff recruited and in post throughout the year. We did see an increase In staffing for clinical15FfE} and relail14FfEI during the year reflecting vacant posts being filled. During the year no Trustees were 1mbur5ed for expenses12023- £nil} and no trustees received any remuneratlon. Like mosl charities, we experienced higher costs In delivering our core worl and central support costs such os IT. governance. estates, and finance- all of which are essary to keep the hospice efFicientlv run governed and safe- totalled £2.8m representing 19% of overall expenditure. The costs of generating funds totslled £5.9m (compared to £5.7m In 221231 which included all our commercial artivity and running our 31 charity shops an(1 lottery. Our direct costs for operating OL¢r retail buslness were £4.Im. which included rents, rates, utilities. Costs of sales, insuran, vehicle hire and maintenance. This year we also invested £195k in running our weekly prize draw and two raffles, made up of prize monies and third-party canvasser costs. The direct cost of generating voluntary fund5 was £673k, which enabled us to raise £3.6m from a mixture of donations, fundraising events, appeals, legacies, and grants. A further breèkdown of costs is provided In notes 5 to 7 and notes 9 to 10 in the financial statements. During 2023124 we spent £618k on capitsl expenditure. A signFficant proportion of this was spent on Installing solar panels at both hospice site5. as well as clinical equipment and IT systems, including a new patient electronic health record database. all of which will help u5 provide an enhanced. more efflclent operation. 23 St Margarevs HOSpe Care-Trustees' Report &Auditedkt(Wnts 23n4
We regularly benchmark performance with other comparable sized organisations, and we submit our results to both the national Charity Finance Retail Index and as part of Hospice UK'5 quarterly benchmarking report. This shows St Margaret's in a favourable light, particularly our charity shop performance which ranks at the higher level of performance for hospices and our fundraising ROI is in line with the sector median and above average. with us generating £4.30 for each £15pent. Equally this benchmarking highlights that we face similar challenges in recruitment and resourcing as other hospices. p31ticularly across fundraising and clinical services. The chart below provides a summary of our main sources of income for 2023124 = Source of Funds 2023124 Othe 1% Commefcia 44% Invesiment IoMe 3% Lottery 5% FundTaisi io% Legacie5 IG% A detailed analysis of income is shown in the Statements of Financial Activity ISOFAI on notes I to 4 of the financial statements. Reserves The hospice holds reserve5 a5 part of the strategy to manage financial risk to improve both the financial security and the operational sustainability of the organisation and to plan for the future. Free reserves are net assets excluding those that are subject to restriction or invested in fixed a55ets for charitable use. Free reserves do not include legacies that have been recognised but not yet been received. In 2022, Trustees agreed that the optimal level of free reserves should be 12 months of charitable expenditure in light of the increased financial risk to the charity from the economic situation, which was leading to rising costs and reduced levels of fundfaising support. Thi5 would also allow for any significant changes in our costs or in flows of funds from the NHS, the Somerset community, or from legacie5. The Board also agreed in March 2022. to designate £2m of reserves and earmark this for specific purposes to support the hospice in pursuit of its strategic goals. £500k was earmarked for investment in strategic development projects. which result in non-recurring cost5 but in turn generate a lonEer-term benefit. These projects include enhancing our volunteer strategy. increasing our digital capability, understanding, and measuring the value of our different services, reviewing Qui pay and reward programme for staff and a campaign to encourage further legacies. expenditure on which totalled £182k in 2023124. 24 St MarEaret's HospKe Care-Trustee< Rewt & Audited A(counts 23124
The remainderwas designated to pay fora planned defklt in the annual budget for the next two years. In fact, the defKit in 2023124 was avoided and so the Board has agreed that the money should be used to support the new five-year strateglc plan for 2025.2030. The Board en$ that the level of free reseNès is adhered to through setting an annual budget arKI careful monltoring of Prog$$ throijghout the year. At the close of the financlal year. free reserves amounled to £11.3m. This exceeds the requirements of the reserves policy Mthich is to hokl 12 months tharilable expenditure {£8.9ml. The Trustees are satisfied that the Charlty remain5 a golng concern, a conclusion reached on th@ basis of both the strong level of reserves and the future budgets. plans aTKJ forecast5 for the future. As a result, they contlnue to adopt the going corern basis of accounting in preparing the Annual Report and Accounts. Rethinklng Reserves hrthe Future (Marth 2024) During 2023, the Board of Trustees and ExecutNe started to rewew the Hospfft's Reserves Policy. as part of a wider piece of work looking at risk management as we develop our new fNfryear strate8lc plan. A workin8 group made up of CEO. Flnance DirectOT. Director of Fundralsin& Retail & Communicatioris, as well a5 trustees from the Finance and Audit Committees has been established to look at how we develop a pollcy more closety aligned wilh the risks we fa and fvture investment plans, rother than apply a cakulation just based on covering 12 months of charttable expenditure. Th15 includes tacklin8 dips in income. fluctuations in working capital, costs related to unforeseen liabilities outside of budget. as well as Investment in new servlces or a55ets. inclLMling seed fvnding in new buslness development OPPK)rtunÉties that SUPPOrt sustainable iKome growlh. Developlne an updated reseNe policy abngside the new strategy will allow the Board to make a strategic choice aboLrt the use of funds between holdlng reserves and investlng In seThlces or assets t support the new strateEY. Investment Polky & Performance The hosplce hold5 funds in two long-term irwestrnent portfolios managetl by Rathbones and RBC Brewin Dolphin- the latterwa5 appointed during 2023 thrOh a competrtrve tender. following agreement by the Board to diversify our funds management with the appointment of a second investment manager. The combined value of the portfollos on 31 March 2024 was £9.2m. Our investments are held for the p¥Jrpose of 8enerating funds lo support our charitable activities and as a reserye agalnst future shortfalls in Iorne or increases in cost. The overall aim is to ensure that our longer-term investments achieve a maximised returll con5iStent with a moderate level of risk. The total rate of return Is greater than could be reallsèd through bank deposits and is measured against an agreed benchmark index over a 3-year period. The investments are overseen by the Finance Committee. with day-to-day management ofthe investment PDrtfolio uNlertaken by Raihbones ond now ABC Brewin Dolphln, both well regarded investment advisor5. The Trustees, investment policy 8uide5 the external advisors, activities, wlth consideration given to social, environmental, and ethical issues. Thls poficy states that Investments should not be held in companies involved in the tobacco imlustry or activities that have slgnificanl rlsk of damaging the charitvs good name or reputation. The portfolio perfomiance is monitored by the Chief Executlve. Finance Director and Finance Committee Trustees who also take expert independent 8dvice and liaise with Fund Managers of both Rathbones and RBC Brewin Dolphin. 25 Srmargarevs H05plte Cart-Truslee5' Rewjrt & Avdrted ACtrS 23124
How we manage risk The Board and Executive team regularly assess and review the major rlsks faced by the charlty. A comprehenslve risk register Is maintained and updated, and high-level risks are reported on at 8oard meetings and the relevant committee5 on a quarterly basis. Thls dynamic tool enables the senlor leadership team to Identlfy necessary actions and controls required to mitigate the impact or likelihood of risks to the organisation. Wlth changes at the Board level durin8 2023. with new trustee expertise in risk management and audit joining, the declslon wa5 taken to review and introduce a new Risk Management framework and policy. While still a work in pro8$$. the new policy will establish a framework for identifylng, assessing. mitigatin& and monitoring risks across St Margarevs. The goal will be to ensure that risks are managed effectNety and consistently to protect the or8ani5ation's assets. reputation. and operatlons Including improved safety for patients and carers. staff, and visitors. There are turrently seven corporate risks. underwhith all local risks sit. The prlncipal risks remain slmilar to last year. and are as follows: Enhancing our Workfor and organlsational digital capability and perfomiance to prevent cyber-attacks and data breaches. Recrulting and retaining hl8h quality stsff. especialty across clnlcal and fundrai51ng teams, as well as succession planning. Securing sufFicient volunteer resource to help provlde additional capaclty In support of achieving our goals including intome generation activity in Retall and Fundraising. Developing strateglc plans to combat the ongoing economlc environment and increasing cost5 that impart on our Current income streams. Ensurlng ongoing quality and clinital governance is at the heart of our care provislon. We have mitigatlons In the form or actlons and controls for each of these potential risks. At an operational level St Margareys ha5 a robust Rlsk Assessment Poly, with all events, adivities and projerts risk assessed in advance so that we can safeguard the health, wellbeing and Safety of patients, staff, volunteer5, as well as members of the public who erge with us. The hosplce also has an internal audit programme, which aims to ensure that the hospice remains compliant with external regulations, standards, codes of practlce as well as our own internal policies, procedures, guidelines. and agreements. These audits are conducted across all parts of the hospice and provide an independent and objective evaluation of our Intemal controls to effectivety manage risK add value and offer recommendations for contlnuous improvement and learning. The Board retain oversi8ht of a system of internal tontrols through which appropriate approval is required for all transactions and projects. Procedures are also in place to ensure Complian with the requirements of external regulatory bodies such as the Care Quality Commission ICQCI. Charity Commission, Fundraising Regulator and Gambling Commission as well as ensuring the health and safety of patients, famllies, staff, volunteers, and visitors to the knspice. 26 St Margarevs Hts5plce Care-TruMees' Report & Adedttts 2Y24
What we are planning to do next We head into 24125 buoyed by the previous yearfs results but fully aware that the next twelve months are likely to remain challenging. The national debate around hospice funding highlights the financial pressures on the sector. and the tficky balance we must maintain as we retain relationships Wlth our commissioner5. but also assert what makes us unique. responsNe. and impactful as independent charities within our local communities. Like so many others we are reliant on the genefosity of our communlty, and currently raise approximately 72% of ourfunding via them- therefore a huge challenge for St Margaret's going fonvard will be to influence an(1 change perceptions of our stakeholders about what hospice care means for the people of Somerset today and in the future. Long term survival is dependent on this and maintaining a robust and diverse portfolio of income streams, underpinned by funders who align with our vlsion and future strategy. and are motivated by OLJr case for support, must be our focus as we see out the final year of this strategic period and plan for the next. During 24125 the hospice wlll deliver against the workstreams outlined below, while preparing for the launch of a new fwe-year strategy in 25126. Maklng our fare more accessible Play a fvll part in Somerseys Integrated Care System to drive advanced care planning and broaden our reach. Drive partnerships with Voluntary, Community. Faith, and Social Enterprise stakeholders. Support under-repsente groups identified In conjLFnction with pijblit health. Develop and implement our clinical strategy. Drlvlng community engagement Highlight our end-of-life expertise across the clinical community. Continue to win heart5 and minds through engagement with our communlty across Somerset. Maintain our high-quality charity shop presence on the high street. Grow our digital presence and launch a new public website. Attract. retain artd develop our workforce Finesse and develop our pay and rewards scheme. Support student placements to attract and devek)p new colleagues. Develop new ways of workin& 5UPPOrting flexible systems to enable smarterworking. Support the education and development of colleagues. Enable staff and voluntee¥s to flourish Develop and manage staff talent to ensure we have the right people in the right job5. Recognise and celebrate the SiBnificant contrib10 and long seNice of staff and volunteers. Continue to drive our volunteer strategy and nurture our volunteers. Achleve Ilnancial 5tabi1Sty Develop and support a dlverse range of income streams. Implement our Grow Fundraising strategy. Roll-out a legacy campaign. Reduce our budgeted deficit aimin8 for break-even in 2025126. As an anchor employer, devefop our economic and social responslbility ways of working. Contlnue to Improve quallty Demon5tr3te the social value of the h05pice services. retail. and support seNices. Use data intelligence to understand trends and patterns across our service5. Implement our Green Strategy. Review and modernise the hospice estate. 27 St Margèrevs H05pice Care-Trustees' RewJrt& Audtted *acwnts 23124
Structure• governance, and management Our structure St Margareys Is a registered charity and a company limited by guarantee. established in 1980 with a charitable purpose outlined In our Articles of Association. Subsldlarfes and related partles As the parent Charity. St Margarevs is also the sole shareholder of St Mar8areYs Somerset H05plce Retail Limited and St Margareys Fundraising Limited. The following were all dissolved (luring the year.. St Margareys Technical Services Ltd. St M3rgareVs Funerals Lt(l. Hospi Funerals Trading Limited and Hospice Funerals LLP. The sUltS of the subsidiarie< tradinE activities are set out in notes 25 and 26. How we are governed Trustee Board We have a robust governance structure with a Board, consisting of Trustees named on page 34, having ultimate responsibility forthe proper and effective management of St Margaret's Hospite. The Board is responsible for all major strategic decisions. for monitoring the organisatlUVl'5 performance. and to ensure that it complies wlth its Articles of Assoclation and applicable laws and regulations. Our previou5 Chair, Jonathan Langdon stood down at the end of his twee-year period of service in November 2023 and was succeeded by Tom Samuel who was previously Vice Chair and has been a Trustee for ten years. Our thanks go to Jonathan for his dedication and guidance in that time. During the year we welcomed six new trustees including two with significant clinical experience- a former Director of Quality for the Clinical Commissioning Group and a recently retired medical Consultant. We now have a strong breadth of experien, skills. and knowle(J8e in all key strategic areas of the hospice operation covering finance, fundraisin& strategy, clinical and busine55 intelligence. Their diverse background5 and knowledEe contribute to the effective governance and management of Ouf organisation, enabling US to meet the evolving needs of our patients, staff. and stakeholders. Electlon and Appolntment ofTNstees New Trustees are appointed through a process of advertisement, application. intsrview, and selection to ensure a diverse range of skills and experiences. They setve a four-year term. with the possibllity of re-election for one additional term at the Annual General Meeting IAGMI. All Trustees have equal Status, aftd the Chair and Vice Chair positions can be held for up to four years. As set out in our Articles of Association, the Board consists of a minimum of fjve and a maximum of twenty Trustees. A quorum for meetings requires the attendance of at least 60% of the Trustees. Decisions are made through majority votlng, with the Chair having a casting vote if necessèry. The Board convenes quarterly, holds an annual awayday, and conductsan AGM. To ensure effectSve Bovernance. the Board conducts regular evaluations of the Chalr, Comfflittee Chairs, Trustees, and the CEO. The Article5 delegate certain powers to sub<ommittees, each led by a Trustee and supported by an Executive Director. These committees include Finance. Clinlcal Quality and Education, Income Generation and Marketin& Human Resources and Remuneration, Strategic Development. Nominations and Audit & IT. Each committee reports regular to the Trustee Board, ensuring transparency and accountabllity. Inductlon and Trainln8 All Trustees sign a code of conduct on appointment. The Trustees, Chair and Vice Chair carry out their responsibilities in line with a documented description of their role. New Trustees undertake an Induction process designed to equip them with the information and understanding they need to become effective and valuable members of the Board as quickly as p055ible. Regular performance reviews, led by the Chair and Vice Chair. identify training and development needs. 28 5t Mar8areV5 H05pice Care-Trusteeg & Alted Aatyjnts 23D4
During 2023 we developed Trustee Resour5 and additional training to better equip and inform the Board of their ststutory and tharitable duties and to help maintain a level of competence we perceive as appropriate at this senior level. All Trustees give their time Voluntari and recelve no benefit from the Charity. Out of pocket expenses incurred by the Trustees in carrying out the role can be reimbursed in accordance with the organisation's expenses policy. All Trustees were reqtsid to complete and sign an annual declaration of interests and any relevant gifts received and confirm that they continue to meet the legal criteria required to be a Trustee. How we are managed Executive Team The Board is responsible for appointing the Chlef Executive Officer ICEO) and providing sUPPOrt during the appointment process for the ExecutNe Team. The Board delegate5 day-to-day management and decision making to the CEO and Executive Team, who are required to act in furtherance of the charity's strategy. The Board holds the CEO and Executive Team to account for its leadership of the organisation but will play a crucial role in providing support and guidance for key decisions that fall outside the scope of the ExecutNe Team or exceed authorised budget levels. This includes matters such as new shop leases. major decisions related to legacy estates, or significant contracls. The CEO delegates decision-makinE powers throughout the organisation via the Executive Team. Staff As of March 2024, our workforce comprfsed 329 staff and 72 bank staff all playing diverse roles in ensuring the smooth operation of the hospi. In addition to our frontline stsff of doctors. nurses, and therapists, we have essential support teams. These Indude hoLbsekeepin& kitchen staff. estates personnel. and resource management professiona15. all contributing to the efficient futiOning and security of our facilities. We also have team5 dedicated to generating income, with over 100 staff working across our 31 shops and fundraising activities. To keep our stsff an(1 volunteers infomied about the hospice's goals and activities, we employ various communication chonnels such as all staff- brlefings. meetings, staff and volunteer new51etters. and internal communication emails. Our values are displayed throughout the premises and fom) an integral part of the recruitment. gnboardin& and tralning processes, fostering a shared commitment among our team. Employment policy St Margaret'5 is dedicated to promoting equal opportunities and preventing unlawful discrimination in employmenl and the provlsion of services. This commitment extends to patients, visitors, contractors, trustees, volunteers, and staff from other organisations associated with the hospice. We have Implemented an Equal Opportunlties policy to ensure fairness and inclusivity in all aspects of our operations. Pay and remuneration. The pay and remuneration of key management staff unde0 thorough review by the HR and Remuneratlon Committee. This committee assesses the recommendations and presents them to the Board of Trustees. To ensure falrness and conslstency. job descriptions and person spetifications are benchmarked against NHS national role profiles, regional h05pices. and pay data from healthcare competitors, charity, and private seclor companies. Internal benchmorking Is also conducte(I to maintain equity. During the year we completed a review of the hospice's pay, benefits and reward5 framework cOgnis1n8 the importance of attracting retaining and developing a high performing and talented workforce. The pay framework was developed by looking at current market rates ar)d comparing ourselves to similar sectors. organisations. and employers. The new framework provides St Margarevs with a more agile and robust pay strutture. that can respond to a competitive recruitment marketplace as well as provide transparency in how pay is evaluated and determined. 29 St Mar8areYs Hospke Care-TruMees' Report&AudrtedkctsJnts 23124
For the first time we have been able to achieve the Real Living Wage for all employees, which has been partlcularly important for acknowledging and rewarding colleagues at the lower end of the pay scale5. The new framework reco8nises the value of continuing Professional development for all our staff acr055 the or8anisation. Gender Pay Gap st Margareys Hospice ensures that men and women workiTha In the same or similar roles recefve falr and equal pay. We support flexlble working and offer a wide range of family frlendly leave policies. A5 an employer of MO than 250 staff. we also undertake Gender Pay Gap Reporting as required by the Equality Act 2010 IGender Pay Gap Infom)ationl Regulations 2017. This reporting shows the drfference in overage pay of relevant full pay employees. As of 5 April 2023, data showed our median pay gap as -6.7% and mean pay gap as-2%. A negative measure Indicates the extent to whlch women earn. on avera8e, more per hour than their male counterparts. Our ratio of female to male employees, for thls data set, was 85.5% to 14.5%. therefore a like Contribor to this result especially where more of our senior or higher-paid employees were female. AchVing the real living wage, and the new pay structure, will have helped equity in pay this year. stsff Voke At St Mar8aret'5, we prioritlse integrity and honesty. expecting all staff. whether paid or unpaid, to uphold these values. We encourage staff to report any instances of risk. misconduct. or hazards that are inconsistent with our principles. in accordance with our whistleblowing policy. In l*ht of the Luty Letby case, the hospice took the opportunity to revlew Its proce55es and contlnues tt¥ embed a culture that promotes a safe work environment and channels to speak up. We took the decision to expand our Freedom to Speak Up representation. arKI Stngthened our own internal audlt pro$Se$ around Incldents, concerns. and complaints, to enable us to easily identify trends of concem and address in a timely manner. Equallty, Dl¥erslty & Induslon Approximately 20,0 people in Somerset do not identify as British. thays just under 4% of the population. While positive progress has been made to increase acce5S to our services by marginalised groups, such a5 homeless people, and those with a non-tancer diagnosis, we know that there is more that we can do. In June 2023, the Boord and Executive team met to revrew how we are currently perceived by different groups- taking Into tonsideration what our current brand and visual identity says about us: ond how we engage with staff. volunteers and service users from different cultures, settings. and background5. It was a Iwely and positive debate, highllghting the need for us to establlsh a better understanding of our current baseline. gathering data. and gaining a Breater sense of the demographic make-up of our community. Building partnerships was key and thlnklnB about how we can collaborate with others, to both learn and share best practice. as well a5 remove the barriers to accessing our care. A lead Trustee was nominated and will hold the hospice to account on Equality Dlversity and Inclusion IED&II. which will become an important workstream to help inform future direction and goals, including tackling the misconptions that still exist around hospice care today as we prepare for a new Organisational strategy. Other key players will be our Head of Leaming and Development, and Head ofTherapies who co<hair Hospice UK'S ED&1 Network. In addition, our Splritual Care Lead has continued to identify how the hospice can continue to engage with multi-faith groups as well a5 contributing to Somerset Diverse Communlties Working party on ED&I. Streamlined ene.rgy and r.arboii rpii ni-tiii% (SFfR) A5 highlighted under our Green Strategy earlier in the report. we have made significant strides fomard in recognising how we can improve our carbon footprint and support more sustainable ways of working. The table below summarises our greenhouse gas emissions and energy usage In relation to gas, electricity, and vehicles for the last twefve months. This is a new area of reporting for the hospice, and we have followed the GovemmenVs'Environmental Reporting Guidelines. and the MeasuMent we have adopted Is a location-based figure. 30 St Margaret's Hospke C•re-TrU5tee ReFort &Adted k£wDts 23124
G85 Tran5 Aefii Sc KWH5 1,164,¥2 16.518 213.10 41.26 i.LS.025 IX642 0.37 10.52 1.41 -4.7% 15% .100. riFuei Ires Kts3 ¢iSLtoiai PurchJsedEieciiici sco e2Subtot KWHS 801.040 165.87 165.87 171.40 17L40 -3.2% .3.2% 5.53 Total 15.17 45% FtE 262 34% TonrC02eiFTE) LX -7.0% Thls require5 that we report scope 2 electricity emissions using a location-based emissions factor. This meant despite 9.6% drop in the KWHS used our C02e from electricity usage only reduced by 3.2% in the figures shown above. On I" October 2023 we moved io a low carbon electricity contract, meanln8 the C02elKWH of the electrlcity we purchase fell. but the impact of this is not factored Into the figures above. Using a market-based emissions fattorwhich does capture this would mean an even Breater fall in our C02e from 22123 into the 23124 financial year. How we are regulated The Hospice 15 registered wlth the Charity Commission for England and Wales, and ihe Care Quality Commission ICQCI, which regulates and inspects the hospice as an independent healthcare provider. We actively engage with the CQC, have all necessary gistered roles in place and align our evidence aEainst the new single framework. Our current CQC rating is Outstanding. Despite this clean bill of health, we constantly strive to not just sustsin sèfe and effective care for our patients but to continually improve. Last October we initiated a mock CQC inspection for our IPU conducted by colleagues from Somerset Foundation Trust, to give us a give a perspective of our seryices through external eyes. The outcome of this was that inspectors felt that what they hail witnessed and heard was Safe, effective, caring, responsive, and well-led. They were particularly impressed with our transparency and acknowledgment of where we felt improvements could be made. They also ighlighted the inteEration of our housekeeping team as part of the Clinlcal directorate instead of Estates, as a model that should be replicated elsewhe. Safeguardlng As a charity we have a responsibility to keep everyone who comes into contact with our organlsatlon free from harm, including patients, staff and volunteers. With a new CEO and Clinical Director joining in late 2023, both have prioritised a review of safeguarding and a assessing our current practices and proce55e5. This has already resulted in the introduction of a new Clinical Safeguarding Lead role. who will provide additional capacity and expertise. in sUPPOrt of our Designated Safeguarding Lead, who is our Clinical Director. The Clinical SafeguardinE Lead and clin81 Director are due to commence an early review of the Safeguarding Policy and procedu in 2024. We also have internal audits to assess how well policies and proceduTes are being applied and adhered to, as well as mandatory training for all staff. tsllored according to their role within the organi5ation. Our training is provided in house, vali(late(I by experts and higher-level training provided by external experts. We use the Royal College's intercollegiate document to B4Jide the level of training for our staff to ensure that we are up to date and trained to the same level as our peers in the system. We a also linked to both Somerset Council Adult Social Care, which ensures that our staff are part of the wider system an(J receive up to date information on key topics or changes as they happen. and we collaborate c105ely with the Integrated Care Board IICBI to enhance our safeguarding protocols, focusing on creating a robust fromework that ensure5 the safety and well-being of all patients. 31 St Mèr8aret's HosplcÈ Care-Trvslee5' Re[rt & Audrted Ac£nts23D4
Fundraising Disclosure Reglstered with the Fundraising Regulator and licensed with ihe Gambling Commission, all fundraising activities are carried out In accordance wlth best prattice and ift line with the current Codes of Fundraising Practice and internalty audited. We raise funds via multiple fundraising activities, includlng postal and digital appeals. events and fundraising that is organised by others on our behalf. All fundraisin8 is conducted in line with the hospice's 'Key Principles and Behaviours Policy,, which outlines our approach. including protecting vulnerable people. Our Legacy Policy also details a clear framework for dealing with potential ènd existing legators ensuring supporters are treated falrly and not subject to unrea50nable. persistent. or intruslve communications. St margat'S is a Inember of the Hospice Income Generation Network and several of our fundraisers are members of the Chartered InstitLTrte of Fundraising. We are also members of the Hosplce Lotterie5 Association and Lotteries Council through whom our subscriptlon aLts as a proxy contribution to GambleAware. DurinE 2023, we set up a new Lottery Management team to oversee the weekly prize draw and raffle products. and to add a further layer of control to meet the conditions of our Gambling Commission Licènce. The group meet monthly and annual training is provided for all staff involved in running the lottery. There was one change to our Licence tast year, with the removal and addition of responsible persons. All monthly financial returns were made, a5 was our Annual Regulatory Return and both our Money Laundering and Social Responsibility Polic$ were updated. During 2023124 we continued canvassing with a third-party professional fundraising agency called Engage & Connect who undertake faCe-tO-fa recruilment of players for our weekly prize draw. We have safeguard5 in place when working with suppliers so that we protect our supporters and the reputation of our ch8rity. We ensure all third parties observe the highest standards in temis of fundraising practlce and monitor their performance using mystery shoppiw including age checks. To ensure ongoing compllance with General Data PrOtectn Regulation5 IGDPRI we regularly review our fundraising practices relating to personal data. with a Fundraising, Marketing and Governance steerlng group meeting every quarter. All personal infomiation we hold is treated in a safe, secure. sensitive, and confidential way. We do not buy, share, or sell personal information to third parties for marketing or fundraising purposes. We use legitimate interest as the legal basis for sending our newsletter and fundraising mailings. Our supporters can opt out of receiving contact from us at any time, and we rn1nd them how they can do this in each correspondence. Our full Privacy Notice and Terms and Conditions are clearly signposted on our website. Any new activities are subject to Data Protettion Impact Assessments to ensure the rights of data subjects are not impacted. We are also signed up to the Fundraising prefence Service to enable individuals to opt out from receiving fundraising communications from us. We received no requests through this seNlce last year. We also adhere to the Telephone Preferente Service, when undertaking telemarking campaigns. Our complalnts procedure enables any supporter to raise a concern or complain about our fundraising actlvlties. During the yearwe received no complaints about our lottery lone in 20231. and one complaint regarding our fundraising in relation to our Light up a Life tampaign Ifwe in 20231 which was fully investigated, and not reportable to the relevant Regulatory Bodies. 32 St Margaret's Ftosplce Care-Trustee< ReFQrt & AdtedAt(wnts 23n4
Who'5 Who Executive Team Chlef Executive Finance Dlrector Clinical Director Director of People. Development & Governance Director of FundraisinB, Retail & Communications Direttor of Oata & IT Services James Rimmer lapw)inted September 20231 David Slack Clare Barton (appointed November 20231 Katie Dominy Joanna Hall Nick Middleton Trustees The Trustees who served the Charity during the perlod were as follows: l. Tom Samuel IChair}- appolnted Dember 2023 2. Pat Colton (Vice Chairl 3. Ritthie Cridge 4. Triston Greenhow 5. Kevin Jones 6. Dr Nick Kennedy 7. Nicky Mcclean 8. Sue Steen 9. Rev. Tim Treanor 10. Pip Tucker 11. Emma Webber lon sabbatical from June 20231 New trustees appolnted during 2023124: 12. Dr Sarah Allford 13. Sandra Corry 14. James Don Carolis 15. Domlnic Lynch 16. Paula Sudbury 17. Katywebley Trustees who retlred or reslgned durlr¥ 2023124: Jonathan Langdon (former Chairl Dr Alison Grove Iformer Vice Chairl 33 St Margarevs Hospke Care-Truslee5' Report & Atted Accounts 2¥24
Reference and administrative details Reglstered offlte Heron Drive, Bishops Hull, Taunton. Somer5et TAI SHA Bankers Barclays Bank plc 46 North Street, Taunton Somerset. TAIILZ Independent audltor AC Mole LLP. Chartered Accountsnts Stafford House Blackbrook Park Avenue Taunton, Somerset, TAI 2PX Princlpal sollcitor Clarke Willmott Solicltors Blackbr¢k Gate Blackbrook Park Avenue Taunton, Somerset, TAI 2PG Investment Fund Managers Rathbones Investment Management Ltd 8 Flnsbury Circus London, Wll 5FB RBC Brewin Dolphin Vantage Point, Woodwater Parl Pyne5 Hill Exeter, Devon, EX2 5FD Reglstratlon numbers Registered charlty number 279473 Registered company number 01471345 VAT registration number 9912550 08 34 St Margarevs Hosplce CA-Tv51ee5, ReFK•rt & Authted kctyjnts 2¥24
Statement of Trustees, responsibilities prepare the financial statement5 on the going concem basis unless it Is inapproprlate to presume that the charttable tompany will continue in business. The Trustee5, who are also Dlrectors of St Margareys Somerset Hospice for the purposes of company law, are responsible for preparfng the Trustees. Report lincorporating the Strategic Report) and the financial statements in accordance with both applicable law and prevalling United Kingdom Accounting Standards, including Financial Reporting standard 102: The Financi31 Reportir Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accountlng Practice). The Trustees are reswnsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial Position of the charitsble tompany and enable them to ensure that the financial statements complywith the Companies Act 2006. They are also responsible for safeguarding ihe assets of the charitable company and the group and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure of the charitable group for that period. In preparing these financial statements, the Trustees are required to- there is no relevant audit information of which the charitable companls auditors are unaware: and the Trustees have taken 311 steps that they ought to have taken to make themselves oware of any relevant udit information and to establish that the audilors are aware of that information. select suitable accounting policies and then apply them consi5tentlv: observe the methods and prlnciples In the Charilies SORP- make Sudgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standard5 have been followed, subject to any material departures (lisclosed and explained in the financial statements- The Trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable companls website. Legislation in the United Kingdom governing the preparation and disseminatior) of financial statements mav differfrom legislation in other jurisdiction5. AhOrIsatl0n of Financial Statemenls, Trustees. Report and Strateg1¢ Report The financial statements, which ineorporate the Trustee< Report, the Trusted Responsibilities, and the Strategic Report. were approved by the Board of Trustees on- 18 September 2024 and sig their behalf by: Signed- Date- 18 September 2024...-....-.............-..-........................-... Name: Tom Samuel.-....-...... .............................................-.......... 35 5t Mar8arei's F105PKe Care-TWStee e*rt & Audited Accoufits 23f24
Audit Report Independent Audltorfs Report to the Members of St Margarevs Somerset Hospke We believe that the audit evidence we have obtained is sufficient and appropriate to provFde a basi5 for our opinion. We have audited the financial statements of St Margaretrs Somerset Hospice {the "parent haritable comparfl and its subsidiaries (the 'group'l for the year ended 31 March 2024 which comprlse the consolidated Statement of Financial Acttvitres, the consolidated and parent company Statements of Financlal Position, Consoli(lated Statement of Cash Flows. and notes to the flnancial statements, includlng a summary of significant accounting policies. The flnancial reportlng framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generalty Accepted Accounting Practlcel. Conclu51ons relatln8 to goln8 concern In auditing the financial statements. we have concluded that the trustees. use of the golng concem basis of attounting in the preparation of the financlal statements ts appropriate. Based on the work we have performed, we have not Klentified any material uncertainties relating to events or conditions thaL indivl(lually or collectivety. may cast significant doubt on the group's ability to continue as a golng conrn for a period of at least 12 months from when the financial statements are authorised for issue. Our re5ponsiblltties and the responsibilities of the trustees with respect to going concern are described in the relevant secth)ns of this report. In our opinion. the financial statements: glve a true and fair vlew of the state of the group's and the parent charitable companvs affairs a5 at 31 March 2024 and of the group's income and expenditure for the yearthen ended.- have been properly prepared in accordance with United Kingdom Generally Accepted AccoLtnting Practlce: have been prepared in accordance with the requirements of the Companles Act 2a)6. Other Informatlon The other infomation comprises the information included In the annual report, including the trustees. report, other than the financial statements and our audilorfs report thereon. The trustees are responsible for the other Informatft contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheISe explicltly stated in our report, we do not express any form of assurance conclusion thereon. Basls for oplnlon We conducted our audit in accordan with International Standards on Auditing IUKI IISAS Iuxll and applicable law. Our responsibilities under those standards are further described In the Auditorfs responsibilities for the audit of the flnancial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK. including the FRUS Ethlcal Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. Our responsibility is to read the other infom)ation and. in doing so, conslder whether the other infomiation is materially incon5i5tent with the financial statements, or our knowledge obtained in the course of the audit, orotherwise appears to be materially misstated. If we identify such material inconsistenties or apparent materlal misstatements, we are required to determine whether this grves rise to a material misstatement in the financial statements themselves. 36 st M•rEareVs Flospke Care-Trustees' Rewi &AudttedAc(wnts2¥24
If. based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothln8 to report in this regard. Responslbllltles of the Trustèes As explained more fulty in the Statement of Trustees. Re5pon5ibllities, the Trustees (who are also the directors of the ¢haritable company for the purposes of company lawl are responSIb for the preparation of the financial statements and for beln8 satisfied that they give a true and fair view, aThJ for such internal control a5 they detemilne Is necessary to enable the preparatK)n of financial statements that are free from material misstatement. whether due to fraud or error. Oplnlons on other matters prescribed bythe Companles Act 2006 In our opinksn. based on the work undertaken In the course of the aLKlit: the infomiatlon eNen in the Trusteeg report lincorporating the strategic report and the (lirertOfS' report) for the financlal year for which t financlal statements are prepared Is consistent with the finanth41 statements; and the Trustees. report (incorporatin8 the strategic report and the directors. report) has been prepared in accordance with applicable legal requirements. In preparing the finar)cial statement5. the Trustees are responsible for assessln8 the group's and the parent charitable companvs ability to continue a5 a going concern, disclosin& ès applitable, matters related to 80ing toncern and using the going concem basis of accounting unless the Trijstees esther intend to liquidate the group or the pant charttable company or to cease operations, or have no realistic aSternatlve but to do so. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit. we have not identifd material misstatements in the Trustees, report {incorporatSng the strategic report and the director5, report). AudTtoe$ responstbllltles for the audlt of the flnandal statements Our objectives a to obtain reasonable assurance about whether the finantial statements as a whole are free from materlal misststement, whether to fraud or error, nd to issue an auditorfs report that include5 our opinion. Reasonable assuran is a high level of assurance but rs not a guarantee that an alt conducted In accordance with ISAS IUKI will always detert a material mi5Statement when It exlsts. We have nothlng to report in respect of the followlng matters in relation to whlch the Companies Act 2W6 requires us to report to you rf, in our oplnlon- Misstatements can arise from fra$ or error and are considered materlal if, individually or in the aggregate. they could reasonabty be expected to influence the economic declslons of users taken on the basis of these financial statements. adequate accounting records have not been kept by the parent charitable company or returns adequate for our audit have not been received from branches not visited by us: or the parent charitable company inancial statements are not in agreement with the atcounling records and returns: or certain disclosuies of Trustees. remuneration specified by law are not made,. or we have not recewed all the information and explanations we require for our aud Irregularltles. induding fraud, are instances of non<ompliance wtth laws and regulations. We design proCedUS in line with our responsibilities, outlined above, to dete¢t material misstètements in respect of irregularltles, including fraud. The extent to which our procedures are tapable of detecting IrTegularities. Including fraud is detailed belDw- st Margarevs HospKe Car¢-TsteeS. Rewrt & Audlted ACCnts 23n4
Identlfylng and assesslng potentl31 rlsks of materlal mlsstatement due to Irre8tslarftles We consklered the followlng when identlfylr and assessing risks of material mi55tatement due to irregularltles. induding fraud and no compllance wlth laws and regulatlons: addltlonal procedures we undertook incIed the followin8: -galninE an understanding of the group's w0dureS forensurln8 compliance wlth laws regulatlons -tsstlng the approprlateness of rnal entrles and other adjustments - Conslderlng whether accountln8 estlmates were indtcative of potentlal bias - consideringwhether any transartKJns arose outside the N)rmal course of business - makin8 enqulries of management - CrobOratin8 our enqulries thrOh review of Board Minutes aThJ correspondence. - the legal and reguFatory frameworf( In whidb the group operate5 - the nature of the sector in which the group operates - the control envlronment ar controls establlshed to MItate such risks the suItS of our enqulries of management about their Klentlficaiion and assessment of rlsks of Irregularitles dlscussions with thè audit engagement team about where fraud mleht occur - the Incent1 for fraud. We also communicated relevant laws and re8ulations and potentlal IraLKI risks to all engagement team member5 and remalned alert to ary indicators of fraLKI or non- compliance with laws and regulations throughout the aJIt. Laws and regulations whlch are considered to be significant to the 8roup indude those relatlng to the requirements of the financial reportin8 framework FRS102, the Charltles kt 2011, the Companie5 Act 2006. UK tax legislation, the Care Quality Commission, the Charlty Commi55ion. the Fundraising Regulator, the Gambling Commlsslon, employment law and health and safety- In addition, we consider other laws and re8ulatlon which may not directly Impact the financial statements but may Impact on the operatlon of the group. A further description of our respon>bilities is vailable on the Flnancial Reporting Council's website at: www.frc. auditorsres on5ibilitie Thls descriptlon forms part of our audito¢s report. Llse of our report Thi5 report Is made 501ely to the charlvs Members. as a body. in accordance with Chapter 3 of Part 16 of the CompanFes Act 21x16. Our audit work has been undertaken 50 that we might State to the charitys Members those matters we are required to state to them in an audStorfs report and for no other purpose. To the fijllest extent permitted by law, we do not accept or asSLFme responslblllty to anyone other than the charity and the dHr*S Members as a body. forotsraudit worK for this report. or for the oplnions we have fomied. As a result of these procedures we ColUded. in accordance with International Audlting Standards. that a risk in relatSon to the potential for management override of controls existed. Audlt responses to rfsks Idenllfled We undertook audit procedu$ to resrM)n(I to the risks identlfied and desyed our audlt testln8 to respond to these rfsks. Alexandra Shore FCA DChA (Senlor Ststutory Audltor) For and on behalf of A C Mole Lip Chartered Accountants arnl Statirtory Audltor Stafford House Blackbrook Palk Avenue Taunton Somerset TAI 2PX Sl8ned- ........... 38 St Maryrevs Fwlce CarE-Tru5tees' Ret&Aedknnts2¥24
Financial Statements Consolldated Statement of Flnandal Actlvttles for the Year ended 31 March 2024 {Incorporatirvd a consolidated Income and expenditure account) Total Funds 2024 Total Funds 2023 Note Unrtstrfcted Restricd Income from: Donations and Legacies Ottrler Trading Actlvities Investments Charltable Actlvitles Other Incorne 3,052.816 6.938,943 499.702 567,771 3.620.587 6,938.943 499,702 3,107,033 14.297 4,209,423 6,641.098 376,170 3,044.849 18,287 3,107.033 14.297 10,505.758 3,674J14 14.180.562 14,289,827 E¥pendltuie on: Ra¥sing Funds Charltable activities 15,948.8821 15.148,8501 13.736.514) 15.948.882) 18,885,364) 15,712,13BI 18.251.365) 111,097,732) 3.736.514) 114,834.246 13.963.503) Net Ilossesl/8ains on invesirrents 745.477 745,477 1699,0481 Net {dellcltl I Income and movement In funds 153.503 161,7101 91,793 1372,7241 Reconclllatlon of Funds: Total Funds broht loard 20,634224 2AS1*97 983.921 23.356.645 Total Funds Carrled lorward 20.785,727 2.289.987 23M75.714 22.983.921 39 St Mafgaret's Hospke Cafe-Trustees' Report&AudrteOAcctyJnts 2y24
Consolldated Statement gf Hnandal Posltlon as of 31 Marth 2024 Company re8lstration number: 01471345 Ttytsl Funds Total Funds 2023 Fl¥ed A5s•ts Intsn8ible Assets Tan8ible assets Imiestments li 326.345 7,203.333 9,648.552 17,178,230 245,269 7,089,270 7324.543 15,259,082 12 CwrentA55ets Stoth5 Debtgr5 Cash at bank and In hand 13 177,038 3.666.997 3.348544 7,19279 168,119 3.983.628 4,679.207 8,830,954 15 Llabllltles Credltors:Amounts falllng duewtthln oneyear 16 112%X195) (LI.115) Net current assets 7,724.839 Total assets le55 wfTeDt nablmt 23,075.714 22,983,921 Total net a55ets U075,714 2l983.921 Thfr Fund5 of th• Gr+)up: Rpstricted Income FurKIs Unre5trlcied Income Fund5 Total Consolld*ed Funds 18 19 2.289.987 20.785.727 23.074714 2.351.697 20.632,224 22,983,921 The Financlal Staiements on pa8es 39 to 62 were approved by ihe Board authorlsed for Issue on 18 September 2024 and are stgn on its behalf by signed Date 18 September Name Tom Samuel............--..-...................--.... .. 40 St Maryrefs Hospice Care-TNstee< Report & AAts 23n4
Charlty Ststement of Flnanclal Posftlon as of 31 March 2024 Company regi5tratlon number: 01471345 Totsl Fund$ 2024 Total Funds Hxed Assèts lrttangible Assets TolbIe assets Investments 326,345 7.203.333 9,648,752 17,178Aao 245,269 7,089,270 7.924 943 15259A82 Non4urrent A55ets Debtors due after more than one year 14 176x1 In027 Curr•nt A1$ Stock Debtors Cash at bank and In hand 13 3,666.997 3,347553 7MISfi19 3983,628 4.670.686 .645314 ualItIeS Credltors- Amoynts fallin8 duewtthln ce year 16 L295,195 106315 Nei¢uTrent 355ets 5.720,424 7,547,999 Total assets lesscurrent Ilabllltle5 2375,714 21984.508 Total n•t 2307S,714 984.S08 The Funds ufthe Chwlty. Restricted Incorne Funds Unrestricted In¢omt Funds 2289,987 20.785.727 1351,697 20.632,811 Totsl Charlty Funds 2375.714 22,984,508 The Flnancial Statements on pages 39 to 62 were approved by the Board and authorised for issue on 18 September 2024 and are sÈned on its behalf by Slgned ......- Date 18 September 2024...-...-.-......-.-..---.-.....-.-.-.-.-....- Name Tom Samuel.--...........-.-....--....-.--.-.-....-....--..._. st Margarevs Hospl¢e Qrn-Trvsted Rewrt&AudJtrdAc£fyJnts23124
Consolldated Ststement of Caslfflows for the year ended 31 March 2024 2024 C¥sh Ilowsfrom op•ratTry¥cthltk Net cash lsjsed Inllprovided by operatlng adi¥hies 1233W91 440.520 Ilet cash (uséd Inllprovlded byopprath¥a(tl¥ld•5 1233.1991 440A20 C¥5h Ilows from kn¥esiln8 A¢tfvltles Dlvklends. Interest and rent from Invesiments Prooedslrom the salv of property, ant. and equlpment Purthase of property. plant. and Èqulpment Purtha5p gf Intan8ible assets Recelpt of Investment propertles fr¢n legacy Purchase of investments Disposal ollmiestments Movernerit In cash held for Investment 499.702 376,070 Ic 1249.6081 19.2S41 1210,0001 12,770,71n 2,419,452 217.847 15045671 11133671 13,378.0981 2,268,806 130,760 Net lusod Inl Inv¢stlh8 actmtles (LlJ96.7641 {226,110) Cash flowsfrom flrtanr1 artlvtt1•5 Net cash (used In) flnandng •dlvltl#s Change In <ash and ¢ash eqthlentsln the reportlnl perknd IL3YO.6631 214AIO Cash and cash e4u1v#ThlS atthe •51¥ of the r•pwllr pehlod 4.679207 4A64,797 Cash cath ¢qulvalents atthe end ofthe rwungperlod 3.348.544 4.679,107 42 St Mary3$ HospkÈ care-Tees. RepM&AuLttdpthJunts 23124
Accounting policies Company Inforniatlon St Margareys Somerset Hospice b5 a company limited by guaiantee. incorporated wlth Companies House IEngland and Walesl. The registered office is Heron Drive, Blshops Hull. Taunton. Somerset TAI SHA. St. Margaret's Somer5el Hospice constitute5 a publlc benefit company as dellned by FRS102. The company is a registered charity with the charitsble purpose of.. Promoting the relief OAstickne bystsch choritoble meon5 05 theAssocit7tion shollfrom time to tlme thinkfit. 8eneratln8 unlL Key assumptions within these estimates include the future performance of the subsidlary buslnesses, the long-term grovAh rate and è suitable discount rate in orderto calculate present valup. Le8acy Income Underthe FRS102 SORP the group and charity are required to recoBnlse legacy Income when It Is probable that it will be recelved. Thi5 may include rnaking an estlmate of the fair value of the amount receivable. It is possible thatthe actual amount refjVed differs from these estlmates. particulalty in the case where the chartty 15 the beneficiary of a iesldual legary. Legacy income recoBni5ed within the flnancial statements lotalled £2.232,06512023'. £2,825,001). Basls of Accountlng These financial statements have been prepared under the historical cost convention lexcept for Some investments which are Fncluded at market value) and In 3ce0Tdan with Accouniing and Reportlng by Charltles: siatement of Recommended Practlce ISORPI applicable to charlties preparing their accounts in accordance with the Chafities Act 2011, the Companies Act 21XJ6 and the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Where le8acy Income is In ihe form of Investment Properties the legacy income recogn15ed is the market value of the propertles at the tlrne of probate. Any subsequeni movernenl in market value is actounted for in line wlth the Flxed Asset Investments accounting policv. Crltlcal Accounting Estimates and Jud8ements The prepaiation of the financial statements in conformity with FRS 102 requife5 management to make judgements. eslimales and assumptions that affect the app14cation of policies and reported arnounts of assels and Ilabllrlies. Income, and expense5. Goln8 Concern The financial statements have been prepared on a going concern basls. The Tru5tee5 consider the Group to have adequate resources to mana8e the risks the Group laces Suc5$fullY. de5Plte the current economlc uncertaintTre5. Estlmates and judgements are continually evaluated and are based on historical expeiience and otherfactor5, including expeaations of future èvents that are believed to be reasonable under the circumstances. Con5011datlon The group Flnanclal Statemènts consolidate the results of ihe Parent Company and Its whollv owned subsidiary unde¥takings for the period ended 31 March 2024 using ihe acquisition method of accounting. Intra-group transactlons and profits are elimlnated fully on consolidatlon. The company makes estlmates and assumptions oncernin8 the future. The resulting accountin8 estlmates will. by definition, seldom equa5 the related actual results. The Trustees ton5ider that the followin8 crltlcal accounting estimate5 and judgements have a signlficant risk of causing a materlal adjustment to the carrylng amolsnts of assets and liabilitles within the next financial year. Aseparate statement of financial actsvlties, dealing with the results of the Charitable Company. has not been presented as permltted by section 408 of ihe Companies Act 2006. The su¥plus for the charity Irestiicled and unreslrictedl for the year w85 £91.79312023= deficit of £372.7241. Rèt¢werabillty of Interwoup balan (charity accountsl Determining whether balances due from subsidiaries are recoverable requiFe5 an estimatlon ol the value in use of the cash generating unils from which the balances are due. The value in use calculation requires the group to estirnate luture cash flows experted to arise from the cash- Flxed Asset Investments In accordan wilh the Chafilie5 SORP FRS 102 investments. other than those held for sale, are stated at markel value, and treated as fixed assets. Any gains or105ses on valuation are reco8nised in the Statement of Flnantial Activity. 43 St Margarevs HospKe CarÈ-Trustees' Report & Aded Act 2y24
Market Value of Investment Propertles Is ideniified based on either a valualSon or movements In an appropriate Index. Freehold prortY buildHlgS- 2% on stralght4inÈ baslg Flxtures. fittinBS. and equlpmÈnt-Ckn a Stra4ht4ine basls over 3-4 years Motor vehldes~ On a strar8ht-Ilne bas15 over 4 years Leasehold property imwovements- On a sttatght-llne bask5 over4 year5 A55ets underconstructson- No depredatton until asset b5 avallable for se Investment kn st51dlry Und•rtakth Investments In sub51dlary undertakings are ItIal reco8nlsed at cost and subsequently at cost less accumulated Imp4irment In the tharlvs balance sheet. DeInat•d resÈnMs The Trustees may. frL)m tirne to tin)e. desiBnate reserves to covei speclfic prolett5 and other potential eommltments. Intsngible assets ale Tn11 measured at cost. After inftial recDgnitlon. kntsnglble assets are reco8nised at cost less ary accumulated deweclation and any accumulated Impairrnent 10sse5. Intan8lble assets are being amortised over thee5tlmated useful e¢¢momic life of ten years. Goodwlll represents the goodwill of the cons•derydih)n overthe falr value of the net Idtrtffiable assetswulred. nd kcourfln Funds held by the Charlty are elther: Unre5trt¢ted fund5 whlth comprtse those fvnd5 TICh the Trustees are free to Use in accordance wlih the charitawe obittt Re5trlcted funds- these ort funds that can only be used for particular restrkted purposes withln the oblects of the Charlty. InIble assets er(on$trUCtkln are Inlllally measured at cost. Anwrtisation ts char8ed once the a55et 15 In use and ts amorti5ed over Its useful eccfflomlc lrfe. Further explanatlon of the nature and purpose of eath fund Is Included In the notes tothe financial statements. Empendlture Expendlture Is re¢o8nlsed when a Ilability 15 Incurred and kncludes any irrecovefable VAT. Contractual arrangements are recogntsed as£oods or servjces aresupphed. Investnnt propert5 are InltlalEy recognbed at cosr and subsequently measured at their open market value. Changes In their value are recognlsed thestatement of Financlal AcltieS forthéyear. Costs of £enerIng fvnds are those costs smirred In attractSn8 voluntary Income, and those incuTred In tradln8 attivltles that ralse fvnds. Stocks are valued at the lower of cost and net reallsable valuÈ, after maklng due all9wan for obsolÈtè and slow movln8 items. The dL)nated 8C#)d5 recefved for sole are Teco8nlsed when sold and the Chartty applie5 the FRS 102 exemptioft to thefair value bein8 recognlsed on rècèipt. Thls Is due to the impractlcality and costs of recognltlon of value of 8oods on recdpL Charltable actlvJties indude expendfture assottsted wlth the operation of the hospice afid ihe achlevement of Its oblecis and Indude both the dlrect cosis a)d support Costs relaungto these actmtles. FIMed ASSets All fixed assets are Initlally recorded at tost and subsequendy at Cost less depredation and any ImpairFnenL The group and tompany have applied the transltional arran8ements of Section 35 of FR5102 and used a prevlous waluatton as deemed cost at l Aprll 2015. Rèntsls applIcab to operatiTI8 leases Wre substantially all of the benefits and rfsks of ownershlp remaln wlih the lessor are thar8ed against income on a stra*ht-line ba$15 overthe pericrfl of ihe It. Deprèdathn Depreciation Is calculated so asio write off the c05t of an asset. less its est¢mated resldualvalue. ¢)ver the useful economlc fe of that assei as fdlows: Voluntary Income Indudin8 donatlons, gifts and Je8acies and 8rants that proVe ¢ore fundlng or are of a general nature a¥e rÈcoBnised where there ts entitlement. whèn receipt Is con5Klered prEJtsable, and the amount can be measured with suffKient reliabillty. 44 St Mar8areVs Ho$plce Caw-Trustees' Rert&Autèdknnts 23n4
Jch Income is only deferred n. The tharity previously had a liability for a mult employer defined benefit scheme which has now ce35ed. The donor spÈtifie$ that the 8rant or donation must On be used In fuiure accountlng perlods; or The dorlor has Imposed conditK)ns whlth must be mèi before the Charity has nctsnditional entltlement. Fthandal The chaAty only enters Into basic finan¢ial Jnstruments that reyjlt in the Te¢ts8nition of financial assets ar liabilities suth as trade and other debtors and crethtors togetherwith loans to related partle5. Income from commeroal trading act1v1t5 recogn15ed a5 eamed as the related good5 and servlce5 are provided. Debt instruments, such a5 trade debtors and creilhors. are inltially measured at transactlon price aNI subsequently measured ai amgrtised cost. Legacles are in£luded when the Charity Ls athsed by the personal fepre5entatfve of an estate that payment will be made, or property transferred and the amount InvoSveil be gu3ntlfled. The accounting pulicy applied ts thai recetpt of a legacy is r¢cogn15ed when.. Flnan(ial assets are a5se55ed at the end of each reportsn8 ppriod for oblectlve evldence of irnpairment. If oblectrve evidence of irnpalrment Is found. an Impalmient Ioss 15 recognised in the Income statèment There has been grant of probate- and The execytors have informed St. M3r8areVs that the are sufficient assets In the estate, after Settli liabllities. to pay ihe le@aty,' and Any conditions attached to the lÈgary we either within the control of the charrty or have been met. VoluTrteers Doh•ted SevAces Fadlllles The value of ser¥ites provided by volunteers ts not Incorporated into these ftnandal statements. Further detalls of the conlfibution made bv volunteers can be found in the Trvsiees. Annval Report. knpalrn)•nt rrf NoTrFlnandal A55ets This 15 in a(Cdance wlth the Charities SORP IFRS1021 GUIdan and FRS 102. Goodwlll Goodw1 recognisÈd 5eparatety as an Intsn8ible asset Is tested for impalrment annually and whenever there 15 an indicatlon that goodwill is impaired. Legacles which have been retognised but notyet received are Induded within debtors In legacy accrued Income. Investment Income Is recogni5ed on a recelvabte basls. IntanBTble and larwThle Flxed A55ets and Investments In Sub51dl?rles These assets aTe tested for Impalrment whenever there Is any oblettwe evidence or indlcatlon that thesÈ assels may be Impalred. Government grants are Snduded withln'other Intome. 3nd are recoRnise(I when there is entttlemÈnt, when recelpl Is considered probable, and the amount can be rne&sured with suffident reliability. For impaimient te#ln& the recoverable amount (being Ihe higher ol the falr value le55 C05t Io sell and value in usel is determined on an IndivH4ual asset basis unless the asset does not generate Indèpèndent Cash flows In whlch case the recoverable amount Is determtned for the cash gewa11ra unit to whlctt the asset bel$. fjfftsln Klnd Gifts in klnd are Induded within voluntary Income and are included at thelr market value at the date ol the gift, with the exception of goj$ donated for sale li the Charltys shcys which are accounted for when sold. Pen51cffi Scheme Costs The Charlty operates a deflned contributioft pension scheme and particrpatÈs in an NHS pension for those ellglble. The pension charge represents Ihe amounts payable by the Charity tothe hjnd in respert of the year. Any dlffereftte between the carylng value and the re¢overdble value is recognlserl a5 an impairment expense in the statement olfinanoal a¢tivities, In the year in which the impairment is identlfied. St MargareV5 1kn5pke Care-Twstee< Report& AlrtedCc1Jts 2¥24
Notes to the fi nancial statements l)onatlons and Legacies Unrestrl¢ted Resirkted Totsl Funds Funds Lknrestrkted Restrlrted Total Funds Funds Funds 2023 2014 Private donations and'ln mernory, Legacie5 Revenue Grants 1,215.062 1,724.583 113,171 3052,816 L215.062 1232.065 173.460 3,620.587 1.257,773 2.7S6,446 53,564 4067.783 1,257,773 2,825,001 126,649 4.209A23 507.482 60,289 567.771 68,555 73,085 1,640 Induded in the above legacie5 Tr5 £2,464,42512023.' £2.553.2341 whlch has been reco8nlsed in line with accountln8 pollLy. which had not been reIVed by the Charlty at the year end. Other Tradlng Artfvltles Unrèstrlcted Restrkd Tolal Funds Funds Funds 2024 Unrestrlcted R•strlrt•d Total Funds FubMIs Fund5 2023 Charity Shop Income Lottery income Funeral Home Incomè Ancillary Trading 6,221.639 660.710 6.221,639 660.710 5,821,894 701.180 42.288 75.736 61,098 5,821,894 701.180 42,288 75,736 6,641098 56.S94 6.938.943 S6,594 6,938,943 Income from Investments Unre51rkted Restricted Total Fund5 Funds Funds 2024 Unrestrlct*d Restrlcted Total Funds Funds Funds 2023 Divldend incorne Bank Interest Recefvable Rents received Blrds Farm & Investment property Gain on dlsposal of a fixed asset held for the use of the Charity 183.440 184.311 131,812 183,440 184,311 131,812 177.737 90.569 107,625 177,737 90,S69 107,625 139 139 139 139 100 376.170 499.702 499.702 376.170 Income from Charltable Artlvltles Unrestrkted Restrlcted Total Funds Funds Fund5 2024 iknrestrlcted Restrlcted Total Funds Funds Fund5 2023 NHS Integrated Care Boardlciinical Commlsslonlng Group Other Charitable Income 2,963,784 143.249 3.107033 2.963.784 143,249 3.107x133 2,802.669 242,080 3A144,749 2,802.669 242,180 3,044049 46 St Mar8aret'5 H05Ptce Care-Tru#ees' Report & AudttedAccoun15 2Y24
- Expendltyre on Ralslry Funds Urlrnstrkted R•strkt•d Total Funds Funds Unr•strl¢ted Re5tr1cled Totsl Funds Funds 2023 Costs of 8eneratin8volurrtary In¢ome Shop Lottery costs Funeral Home costs Investment Property Costs Inve5tmeni Mana8ernent Fees 857,066 4.832.8C6 857.066 4A31806 774,846 4.518.232 250.842 122.864 774,846 4.518,232 250,842 122,864 7.56S 45.981 5.948,882 7.565 45,981 82 45,354 5.711138 45,354 5,712.138 Allocatlon of Pport Costs Support Totsl Costs 2023 Dlrect Costs Voluntary Incorne Generailon sts Shop costs Lottery ¢osts Funeral Home costs Investment Property Costs Investment Management Fee 673,160 4.097.798 195.277 857.066 4.831806 205.464 626.238 3,866,904 237 106A94 148,608 65L328 12,998 15.970 774,846 4.518,232 250,842 121864 735,(I 10.187 7,S65 7,565 45,981 45.354 3,234 45,354 5 712,138 5,019.781 929.1 828.904
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Costs of Charftable Activlile5 by Fund Type Unrestri¢ted Re51rlrtqd Funds Fynds Funds Unrestrfcted Restrl¢ted T*)tal Funds Funds 1023 In%)atient unlt Communlty Care Educatlon 1.020.608 3.889374 3,706,955 4.574,703 421,287 421.287 148.850 3 73614 8J85364 2,868,766 867.748 2.566.667 1.846,829 2,031540 1.450,294 355,035 4,954.242 3 Z97,123 4A13,496 3,482.834 355 035 51 Support Tolal Costs Swpport Tot•1 Costs Costs 2023 Dlrecl Costs Dlrett Costs In-patlent unll Communlty Care Education 3,128.650 760.724 3,561,131 1,013.572 319.313 101374 7.>.094 1O76J70 3A89?74 4.574.703 421.287 8A85364 3,575.602 1722.033 268,LJ 6,565,541 83794 760,801 87,029 1.685,724 4.413.4% 3,482,834 355.035 8,251,165 47 Stmargarevs Hospke Care-Twu5tees' Rep)rt & Authwlk(cwnt$23n4
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Allocatlon of 5UPPOrt costs Shop Unft Eth¢th Totsl 2Q24 2023 Staff costslsalarle5 General offlce Flnan¢e Olfke Informatlon Technologv Legallprofesslonal Audit 472.014 112.059 14.163 6.542 1.553 196 118,102 28.038 488529 115,979 14,659 650.9D5 154.528 19.531 05,486 I01.578 15,547 427,704 1,966 54x159 1,704244 21639 125.601 7.356 3,81S 7a5m L741 102 53 10,187 31A27 129,996 7,613 3,948 760,724 IrJ.204 10.143 5.261 IN13,572 17A25 1,021 529 101974 479,394 28,075 14,561 2W5.371 451,300 61,618 2S,681 2 514 628 955 I83.16 Support costs are calcul*ed accord6 to thè levèl of poyoll tosts per acuvlty area.
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Flxed Asset Investments Group NetgalnslllosMs) on Investments Group & Charfty 2021 Net unreallsed Invèstment 8aln5llbssesl on dbposals of Investmts Net rèallsèd Ilotsesl/8alns Investrnents Netgalnsll10$5e5lon investments 877.134 1316571 745A77 1627.3351 71,713 699I148 Llsted Investments GTOUP & Charlty Movement in market value: 2023 Market Value ai i April Acqulslt1o at cost DIsp05a15 Net investments gainslllossesl Movement In cash held fDr investment Mafkrf Value at 31 March 7.475.227 3,378.038 12.268,8(l 756,5 1130,760 9.20924 8,083,517 2,770,717 12A19,4521 1741,7081 1217,847 7A75,227 Hlstorl¢al C05t 7.396,598 6.539,986 Investment Pitspertk5 Group & Charfty Market Value at 31 March 449.316 The falrvalue of Investment propertles Is based uponthe marketvalue, or probate value ff received in the perlod. Durlng 2022123 the Charlty welved a lelacy that Induded two Investment PropÈrtie Inveslments In 5ubsklarl•s Charlty 2024 2023 At l Aprll Disposals At 31 March 4CKJ 200 500 1100 400 48 St Mar8aret's Hospke C3re-Trustee< Rewt&AudltedP£ctyJni$ 2¥24
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Contlnued Analy4$ of Investments at JI March 2024 b•tw••nfunds Group Total Funds 1024 Total Funds 2023 Funds Usthd Irb¥estments UK quoted fixed Interest seojrttles Overseas ftxed Interest se¢urtrtles UK quoted shares 1341.497 479,098 1.595.607 3.416.202 1.341.497 479,098 L59S,607 3.416.202 482,611 260,150 2,114,277 2A57,038 Other knvestm•nts UK Investment property O¥erseas Investn*nts (Xher UK Investment5 UKcash TOTAL 438.728 4.743.076 438.728 4.743,076 677.369 173.177 9,64852 449,316 3381,806 1,176,725 59,65B 7324.543 173,177 98.552 Anatyslsof Inve#ments Jt31 March 10241l¥en fvnds CharSty lknrestrktÈd Fund5 Trtal Funds 2024 Tolal Funds 2023 stèd Investments UK quoted fixed interest 5ecuflties Overseas fixed interest Securities UK quoted shares IA41N97 479.098 1,595.607 3.416.202 1.341.497 479.098 L595.607 1416.202 482,611 2),150 2,114,277 2.857,038 Olher Invèstmènts UK Investrnent property UK Group undertakin85 O¥er5ea5 Investments Other UK investments UK cash TOTAL 438.728 21x1 4.743,076 877369 173.177 9W8,752 438,728 2Q) 4.743.076 877.369 173,177 9,648,752 449,316 400 3,381,806 176,725 59,658 49 St Margareys HospKe Care-Trustees' RepNt&AurfrtedAcuwnts W24
Net In¢ome/lExpendlture) Thls Is staled after charglng: 2023 Staff pension cofttfibutlon5 Deprecialic Amorti58tlon Impalrment Df ItanbleAs$ets Operatlng lease costs Redundancy costs Audit Fees payab to the Company's audttor: - Audlt of group and parentconxilidated acCInts - Audit of the Company's subsidPdrfe5 - Taxatlon se1$ - other servl¢e5 Total amount payable to the Cornpanvs audttor 867.658 390.504 32.291 713,854 366,468 92.885 61,883 529.591 3,426 498343 10.561 5CQ 1.750 1,750 14.561 9,776 sfiso 3fi40 6,615 25,681 10. Staff Costs and Emoluments Total staff ¢osts were as lollows- 2024 2023 Wages & Salarles SocS8l Security Other penslon o)sts 8237,065 728,368 867.658 9A33,091 7.434,118 674.944 713,854 Durlrvd the ye¥ no Trustees were rethibur5ed expenses12023.. Enil). No trustees reTrived any remuneratlon in either year. The avèra8e number of employees Iheadcounil durin8 the year wa$ 359 {2023: 3411. The lull-tlme equivalent staff numbers werèas follows.. 2023 119 2023 CFinltal Educatlon stsff Fundralsln& charity shops and lottery staff Administfatlon staff 95 43 262 91 43 253 The number of employees whose emolumÈnts {exduding erryloyeT natjonal Insurance) exceeded £60,CW for the year and fell wlthln the followin8 bands. wÈrÈ as follows: 2024 2023 £60.CK)0- £69.999 £70.000- £79,999 £80.ODO- £89,999 £90.000- £99,999 Salarles and benefits pald t(tr key management personnel duri the year. exdudingTrustees. amounted to £719,82712023: £581,471). There Is no atcrual for hidaY pay as the Organaton.S hollday year ends on 31st March and Is enforced. Exceptlonal clr¢umstsnces ère ¢on5idered by ihe tso on a case-byo5e bas. St Margaret's H05plce Care-Trustee< RewKt & Aud5tedAccwnts 23n4
- Intanglble Flxed Assets Group & Charfty Softwarè As at IAWI 1023 Additions Dlsposèls Asat 31 March 21)24 316.189 113,367 316.189 113,367 429.556 429 556 A5 at l Aprll 21>23 Charge forlhe year Dlsposals As at 31 Marth 2024 70,920 32,291 70,920 31291 103,211 103,211 Net Book Va+ As at ai March 2024 As at JI March 2023 326345 245.269 326.>45 245,269 Tanglble Flxed Assels Group & Charlty Freehold oPerty & Assetsunder Leasehold Property Vehlcl?5 lryrovements Flttln8s & equlpmÈnt Total A5 at IAWM 2023 Addition5 Dlsposals As at 31 Manth 2024 10,358.120 25W5 4520.972 474.076 77.238 L162,792 4,646 16,119,122 504,567 lQ383365 4.995.048 77.238 1.167A38 I628.689 Depredallon Asat l Aprll 2023 Charge for the year Disposals Asat 31 Marth 2024 3.646319 202.(188 4,245.240 145B6 74A05 1433 1,062P88 40,337 9.029.852 390,504 38,7 4390,886 1.1033ZS 9020 356 Net Book Valu• As at 31 March 2024 A8at 3114larth 2023 64,113 99004 7.089.270 6.711JOI 275,73Z 1433 51 st mre$ H05pke Care-ynlee< Rer*At&AudltedA(cwnts 2¥24
Stocks Chaffty 20 2023 New goods purihased for resale 177,038 177.038 168,119 168,1 1,069 169 14. Debtors due after more than on¢ year Charlty 2023 Amounts due from sub51dlary undffiakln8S 176.860 176,860 177 027 177A127 IS. Debtors rharlty 2024 2023 Trade Debtors other Dèbtors Legacy accrued Income Prepayments aThJ a¢¢rued income 191709 159.092 l464.425 850.771 3W,997 66.337 769.139 2.5S3.234 594.918 4983.628 192,709 159,092 2A64.425 850,771 3,666,997 66,337 769.139 2.553,234 594,918 3,983,628 16. Credltgrs: Amounls falllwduewlthln one year Group th¥tty 2024 2023 Trade Creditors Prepald Lotterysubscrlptlons Accfuals Amounts due to subsidiary undertakl Taxation and Soclal Securlty Other Cfedltors 345,432 73.194 355.930 494,098 75.045 450,698 100 176,498 98.756 1,295,195 345,432 73,194 355,930 200 145.977 185,582 1.106315 75.045 450,698 176,498 98.756 1295,095 145,977 5,582 LI(.115 17. Commltments under Operat1 Leases prOrtY Equlpft)ent 21)24 Equlpment 2023 2023 Not later than one year Later than one year. not laterthan fwe yeaT5 Later than ffive years 232.459 414,476 17,042 663,977 16,746 38,540 299,056 569.910 42,119 911,085 16,746 58,575 156 75,477 55.286 Flgures detall theiotal rnlnknum lease payments due ovef the leaseterm. based pOn when ptyments are dve. 52 st Mariarei's Hospke care-Truste. Rep &Awlitedknnts 2¥24
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Restricted Income Funds CharltylGroup Baance at Expendlture 31 Phrch 2024 l Apr4 2023 Income NHS Grant Provislon Yeovil Appeal Taunton Appèal Trusts, DOH, CCG Hèalth Educatlon En813nd Le8acies for use at Yeovil Hospice Legades for use at Taunton Hosplce Legaues for use in Research Oonations from Charit3ble Trusts 2.963,784 {2,963.7841 140.5201 126,8471 IL2801 1143,2491 121,1761 14643061 1338.238 939.661 56335 1,297.718 912.814 55.055 143.249 21.176 466,306 20,0(J) 60.289 3.674,804 20,(IJO 17.463 2WI,697 73,352 13.736.514 2,289,987 NHS Grant Provision was monles rece1 towards the treatrnent of patlents for dinical servkes. The Yeovll appeal was set up to con5trurt and equip a hospke In Yeovil and to contribute toward51ts runnlng costs durin£ the earlv vears of its use. The Trustees considerthattreatlrg that part of the freehold property funded by the appeal as a restri¢ted fund more properly represents the Intentlons of the orlglnal dc#KJrs to this appeal and therefore the nel bryJk value of thb asset has been transferred from wnrestii¢ted funds. The Taunton appeal was set up to construct and equip a hospi In Tauntt)n and to contribute toward5 tt5 runnln8 costs during the early yèats oflts use. The Trustees conslder that treating that part of the freehold property fijnded by the appeal as a re5trlcted fund more properly represents thè inienbons of the original donors to thls appeal and theiefore the net bookvalue of ihi5 asset has beeb) transferred from unrestdcted fundk A grant has been récdved and expend dUringtheèrfro Health Edu(atk)n Ewland for tralnin8 of cllnlcal staff. Le8ades were recelved towardsthe rvnnlng costs of the Y1 Hospke she. Legades were received tijwards thè runnlng costs of the faunton Hospke slts. Legacles were re¢elved towards Researth projects undertaken by thÈ Hosplca A number ofother donat40ns from Trusts and other$T(e$were reIved but are rKJt materTral and as such the detall has not been disclosed. 53 St Mar8aret's Hospice Care-Tru5tees' Repcwt &Audited 2¥24
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Unrestrfcted FurKts Group 8nce at IAprll 202J Galns & Balanc¢ al Lgsse$ 31 Mah 2024 me Exp•ndlture Tr•n5feYs General funds Des18nated funds: strate81¢ Development Funds to be Spent In accordance with donovs request 18.673.548 10.505.758 (10.915.481) 745A77 19,IX19.302 1911,345 11822511 1.729J)94 47.331 2032 224 IOW15,758 111.097.73 745 477 20.78S,727 Charlty Balan¢eat l Aprll 2023 Galn$ & Losses Balance at 31 Marth 2024 I1nE Expenthwre Ter9 General fund5 De51gnated funds: Strateglc Devel¢)pment Funds to be spent In accordancewlth donty's request 18ffi74.135 10,169.131 110579.4411 745,477 19.C4)9.302 I1251} 1,729,094 47,331 20.631811 47,331 20,785,727 10,169,131 {lO,76192) 745,477 Analys15 of Net Assets Between Funds Group & thorlty IlÈt Cuffent Inian8lb assetsl Axed Illabllltles) Assets b%E51rrnts & provtslons Tan811 TOTAL R•strfrted Incorne Yeovil Appeal Taunton New Bulld Appeal Olher restrkted funds 1,297,718 912,814 55.055 2,265,587 4,937,746 7,203,333 1,297,718 912,814 79,455 2,289,987 20,785,727 23.07S 714 24.400 24,400 5,873,084 7A84 Unrestfl¢ted Income Funds Total Fynd5 Ctharhy 326.345 326.345 9,648,552 9,648A52 TIbl6 Axed IiitanKlble Axed Net a55etsl Iirabllltlesl ljivestmnts & wovlsbons TOTAL Re5trkt•d kncom• Funds Yeovil Appeal Taunton New Bulkl Appeal Other re5trknad funds 1,297,718 912,814 55.055 2.265.587 4,937,746 7,203?33 1,297,718 912,814 24,40D 24.400 5.872 884 5,897,284 2,289,987 20,785,727 23,075.714 Unrestri¢ted Income Funds T)tsl Funds 9,648,752 9,648.752 326A45 St Margareys Hosplce C¥-TruStee$. Repxt&Audtted *£¢tyJnts23n4
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Related Party Trnnsèttlons st Margaret's Somerset Hosplce ts thÈ parentcharfty and 501e shareholder ofst Mar8arel¥ Somprset Hospice Retall Ltd and St Margaret's Fundralslng Lld. Durlng the year end St Mar8arel's Funerals Ltd. St marre5 Tethnocal SÈr¥ices Ltd. Hospice Funera15 LLP. and Hosplce FuneralsTradln8 Ltd were dissolved. In accordance wlth FRS102 sectlon 33.IA. the company has taken a¢fvantage of an exemptlon from dlsdosln8 transactlons with its subsidiaries on the grounds that they are Whol owned. Trahsa¢tions wlth Lewi5-Mannin8 Hosplce Care amounied to£nll12023: £3.5431. Ann Lee wa5 Chlef ExeCUte of St Margaret's Somerset Hosplce and was a Trustee of Lewls-manning H95pice Care durlng the finantlal year. The account balance owed tost Margaret's Somerset Hostyce was £nil12023: £nill at the year end. Serylces provlded to Lewis-MannT H05plce Care: 2023 IT ProfessK>nal Setvices 3.543
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Company Umtted by Guarantee The Charlty Is controlled by Its Trustees actlng In concerL The company ts fimited by8uarantee, havlng no share capltal. In ihe event ofthe Charlty belng up the haNIty of eath member Is fvlllted to £1. 55 St Margaret's Fk)spte Qre-TTU5tees' Report&AldActtnts 2¥24
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Recondllatl•)n of net In¢omln8 Tesourtes to net ¢Jsh trrflty*• frtyn operatln8 Artlvitlv5 Group 2024 2023 Net Incomel{expÈndlture) 91.793 {3717241 Income Irom Investrnents Interest recelvable IGalnl/Loss on Investments Profli on dlsp05al of flxed 855ets Deprèclaiion Amortisatlon Impalrnient of Intan8ible flxed asset Iln¢reasellDecrease In stocks Decreaselllncreasel In debtors IncreasellDeueasel In credltor5 Net cash Inllowfrom opertlni actlvltles 1315.3911 1184.3111 1745.4771 1285,SOII 190,5691 699,048 (1 366.468 31,L102 61,883 682 169,0601 39),504 31291 18.9181 316,631 188,979 {233A991 440,520
- Flnanclal Instruments ThÈ Group has the fOlwin8 financial instruments: l)te 2024 2023 Flnanclal assets at falr¥olue Ihrouth pr)fftaNI Ioss 930924 7.475,217 Flnanclal assètsthat Jre debt Instrwnents measured at amorO5ed Tradè Debtors Other Debtors Is 15 191709 66.337 159.092 769,139 835 35UOI 76 Flnanclal1Sabllltl•s m•awred at amortls•d t• Trade Creditors Prepald lottery subscrfpo Other creditors 16 16 16 49498 75,045 98.756 667.899 345,432 73,194 185,582 6D4,208 The Charity ha5 the followlnz fftnandal Instruments: 2023 Flnanclal asset5 Ot falr valu•through profft dI0% 920924 7A75,227 Flnan¢l¥l •5selsthatarè debi Fnstrurnonts Measur at¥mortlsed ¢ost Trade Oebtors Amounls owed by 8roup Other Deblors 192,709 176.860 159,092 528,661 66,337 177,027 769,139 1012.503
- 15 FSnanclal IlablKYe5 measured at amortlsed ¢ost Trade Creditors Prepakd lottery subs¢rlptio Other creditor5 16 16 16 494,098 75,045 98.756 345.432 73,194 185.S82 604,208 56 St Mar8areVs Ft05plce Care-Tftsstee< RewKt&Audiled 1£¢1$ 23n4
St Maryarevs Smrset Hospk• Retsll Ltd st Margarevs Somwset H05pkds Wh owned tradln8 subsldlary. St MargarèY$ SomeTSet Hospke Retsll Ltd. Company No 07204857, was Incorporated on 26 March 2010. The prlnc¥)al actrvlty ofihe company is to retall r 800ds on behalf of St Mar8areVs Somerset Hospke. The Comparrfs registered offlce Is St Mar8areVs Hosp1, Heron Drlve. Taunton. TAI SH Any profits chargeable to COTporation tax are 8fft alded to St Margarfs Sometset Hospke. A summary of the trading results of the subsidlary15 shown befow. Audited finar)oal Statements wlll be filed with the Reglstrarof Companles. 2024 Turnover Cost of Sales Gros5 Profit Other operating income Admlnlstratlve eenSeS Proflt Paid under 81ft ald to drIty Profit for the year 858,430 428,256 430.174 846.763 1381.319 465,444 1336.1140 94.134 1355,7861 109.658 109,658 Analyslsof nèi assets11a1¢le$J of subsldlary Stock Cash at bank Amounts owed to parent 175.969 991 176A60 100 168.119 8.521 176,540 Retalned earnln8S Called up share copjtsl io) 57 St Margarevs Hosplce C3re-Twustees' Reptyl &AudMed kcoutsts 2y24
- St Mav8areVs FUndrnls1 Ltd St Mar8arefs Somerset Hospke's wholly owned tradlng yjbsldiary. St Mar8areVs FuhdratslTrB Ltd, COmY No
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wa5 Incorp)rated on 5 Ortober 2012. The princbpal xtlvity ofthe tompany Is to organise major fundralslng events on behalf of 51 M8r8areV5 5omerset Hospice. The companvs Te8lstered office is St Margarevs Hosplce. Heron Drive. Taunton. TAI SH Any proffts char8eable to corporati¢)n tax are gfft alded to St Mw8areVs Somerset Hosplce. A summary ofthe trading results of the subsidiary ts shown below. Audited flnanciaf statsments wlll be filed with the Reglstrar of Companles. Tumover Cost of Sales Operatin8 Prof Interest payable and sSmiFar eypenses Paid underglft ald to charity PTofrt/lLossl forthe year 61125 23,7081 38,417 1565) 6.362 Analysts ol liabilitle5la5sets of subsldiary AmouAts owed from I Itol parent Total Assets less Llabllitles 100 loo Retalned earnl Called up share capjtal IOD Ico 100 IOD 58 St Mar8areYs Fwce Care-yrustees. Report &AlitedNnts 23124
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Capltal Commhments 2024 202Y Contracted but not provlded forln the fimncial ststements 53.626
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2022123 Stalement of Flnanclal Actlvlty Tt)tal Fuhds 2023 Pltste Unvestrk Restrkted Incmfrom: Dcffiations and Le8acles other Tradi Acllvitles Irwestmenls Charitable Attivllies Other Income 4X%7,783 6,641,098 376.170 ic 1.640 4.2LP3.423 6,641,098 376,170 3.044,849 18.287 3.4J44.749 18287 3,186J89 I42#917 Empendlture on: RaIn$ Funds Ctharltable attfvlues 15.7111381 14J54.2421 {3.297.1231 15,712.1381 18,251365) 3297,123 13.963 $03 Net Ilosses118ains on imtestmet)ts 1699.048) 1699.0481 Net IdÈfl¢hl I Income and movement In lunds 26¥990 110,734 3717241 ROTIFaIlon otFunds: Tcal Funds brou&ht frywwd 20J94,214 1462A31 23356 Total Fundstarrltd forward 2Q632,224 2351.697 21983.921 St MargaTeVs Hosty Care-TrUstte fte)rt &Audedp0ullts2yI4
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2022123 Restrlrted Funds CharftylGrowJ 8n¢• l Aprm 2022 Balance at xpendlture 31 March 2023 NHS Grant ProvIon Yeovll Appeal Taunton Appeal Trusts, DOH. CCG Health Educatlon England Legacles for use at Yeovll Hospice Le8aties for use atTaunton HospKe CCG tspltal Grant Donations from CharltsbleTrusts 2.1669 (U02,6691 140,520) 126.847} 11,2801 1242,0801 (53.5551 (15.0001 (53.1511 62.0211 5,297,123) L378.758 966,508 57,615 L338,238 939.661 56,335 242.080 53.555 15.( 53.151 6,399 1461431 73m5 3,186,389 17,463 1351.697
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2022123 Unrestrfrted Funds Group balance at I W 20L7 Inwme EXPenthre Galm & Balance at YI Wtsrth 2023 Transfers General funds Deslgnated lund&' Stratègi¢ Oevelopment Funds to be spent In accordan with donor's request 20.846.883 11.103A38 110.577.7251 12.IXIOAWI 1699.0481 18,673,548 188.6551 L911,345 47,331 20194.214 ILIO1438 (699,048 20.632 224 Charfty Balance at l April 2022 In¢t)me EpÈndlture Galns & Balanc• at ioss8s 31 Marth 2023 Yw4nsfer5 General funds Dest8nated lund&" Strate8lc Development Funds to be spent In attordance wlth donor's request 20,873.973 10.643.239 {10.144.0291 I2,0.(1)I 1699,0481 18.674.135 188.655) 2.CO),( 1,911,345 47,331 20.921J04 10.643.239 110232,684 47,331 20fi31811 699.0481 fJO St Margarevs HO$¢ care-TwUstee ReFtht&Aythtsd Pants23n4
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2022123 Analysls ol Net Assets between Fund5 Group Net Current assètsl (Ilabllltles) & provlslons Tanglble IntanwblÈ re TOTAL Re5trlded kncome Funds Yeovil Appeal Taunton New Bulld Appeal other rèstrlrt¢d funds 1.338,238 939.661 67.399 2.345.298 4,743,972 7,089.270 1.338,238 939,661 73,798 2.351,697 20.632.224 22.983,921 6,399 6,399 7.718,440 7,724*39 Unrestrl¢ted Income Funds Total Fynds ChaTIty 245.269 245,269 7,924.S43 7.924y3 Tanglbl FIMed IntrThb Net assetsl IllèbiNtlèsl Iwestmnts & prov151ons TOTAL Restrlrted Income Yeuvil Appeal Taunton New Bulld Appeal Other restrkted lunds 1.338.238 939.661 67.399 1345.298 4.7413.972 7m9.270 1.338.238 939,661 73,798 2,351,697 20.632,811 21984,$08 6,399 7,718.627 7.725.026 Unresirkted In¢ome Funds Totsl Funds 245,269 245,269 7,924.943 7,924.943 61 St Margaret's FIDskKe Care-Trustees' Rtport&Audited knc(nts 2y24