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
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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 RegISt￿lOn 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 re￿ntty 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 Ma￿are￿$ 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 del￿eTing 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 Pat￿nts 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 di5Cl￿10n. 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 3th￿ve 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 dIffe￿nCe and make5 St Margareys so special. Thank you.
St ma￿areV5 Hospice &re-TrU$tee￿ &AuditedNx(ounts2¥24

About St Margaret's
Stmorgureys Hosplce Core (St MurgoreY5) Is a communltyfvnded¢l￿rftylR Somerset, supportlng
adults ofalloges who orefvcing onyllft4imiting illness or who require end￿￿41fe 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 activit￿5 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
reSoUr￿S 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 aCtI￿lIeS 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
the1rdiagr￿￿5 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 ￿taI￿red 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 Incl￿￿1￿8 complementary therapy. physlotherapy3nd tymphoÈdema ¢lini(s all
deswied to Improve qualityol lrfe.
st Margarevs HospkeCare-Trustees' Report&A￿edArCWAts 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 se￿iCe5- 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 servi￿5
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 se￿￿e$. We are committed to adapting and respondin8 to these challenges by:
Engaging in strategic partnerships with local healthcare providers to integrate services and
improve patlent outcomes.
Exploring innovatrve fundraising strategies and diverslfying income st￿aMS to ensure flnancial
sustainabiltty.
Advocating for InC￿aSed public and govemmental support for hospite care to address the
funding gap.
St Margarevs does not work in isolation and our St￿ngth is achieved through collaboration and
partnership. We work alorE5ide many or8ani5ations including Somerset NHS Foundatlon Trust
Ilncorporating Musgrove Park Hospital, Yeovil Dislrict Hospital and community and mental health
seN1￿$ 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 Trat￿nal 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 th￿e key a￿a5 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 a￿esSIble 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 a￿a 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 & A￿d￿￿ed 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 GPServi￿s.
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
re￿iVed 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
Hlqh*thility 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-Tru￿ees. 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, Dw￿rsity. and Indusion work looking at h)w
dIffe￿￿t 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 Im￿rtanCe of resFeCting diverse wishes and thoices In
end-of-lrfe ca￿.
Our medla reach and digital er*agement have both 5i8ntficantly i￿reased. 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-Tw￿ees, Re￿¢￿&A￿lltedknu￿ts 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 ImK￿rtanCe 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¢ d￿￿ft9 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 auto*nrolment 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 Ca￿er 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 someth*ng 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[l￿5. Re￿￿rt &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& A￿lled ACr￿rbts 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 a￿lstanCe
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 fa￿d 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 & A￿lited 2Y24

Cruclally* we also focused on developing collea8ues. and tI￿se 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 dIffe￿nCe 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(p5t*e Care-Trustee5' Report &AuditedAccounts 2¥24

S. We wlll achle¥e flTranclal suslalnability
Ensurfnq thefv￿re$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- eft0￿1 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 re￿iVed 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 Y￿11 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- Inc1L￿￿lng our annual Christmas Tree
Collectlon, which saw us collect and chip 1,6LXI trees whith were I￿v5ed 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 aWa￿nesS
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 incl￿j1ng 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 deS￿nS. 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 yOu￿er 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 cOntrib￿lon 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 part￿Ula￿V 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&AudKedP￿fft1S2¥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 re￿Ived or eXperIen￿d 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 Marga￿t'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 marga￿￿5 H05pke Care-Trustee< Rewyl& Al￿lted 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 rOl￿d 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 finan￿8] oversi8ht, ultimately allowing u5 to allocate more funds dI￿tlY 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 Or￿eaSe. 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 re￿IVed 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 MarBareYsTrk*spke 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 Servi￿5. By maintaining open lines of
communication, we can better understand the needs and preferen￿5 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 thrO￿h 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' Rew￿l&A￿￿tedknni$ 23124

We were particularly pleased to see event and Community fundraising I￿unCe 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 or*s. 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 ￿e￿ssary 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 HOSp￿e 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
I￿oMe
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 cor￿ern 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 thrO￿h 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 I￿orne 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 ACt￿r￿S 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 er￿ge 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 & A￿d￿ed￿￿ttts 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-rep￿sente￿ 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 contrib￿10￿ 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 twe￿e-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 & A￿lted Aatyjnts 23D4

During 2023 we developed Trustee Resour￿5 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 reqtsi￿d 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 fu￿tiOning 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 unde￿0 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￿ Contrib￿or to this result especially where more of our
senior or higher-paid employees were female. Ach￿Ving 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 St￿ngthened 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 miscon￿ptions 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 Measu￿Ment
we have adopted Is a location-based figure.
30
St Margaret's Hospke C•re-TrU5tee￿ ReFort &A￿d￿ted 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
¢iSL*toiai
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%
Tonr*C02eiFTE)
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 clin￿81 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 marga￿t'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 PrOtect￿n 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 prefe￿nce 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 & A￿d￿tedAt(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 De￿mber 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 & A￿tted 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￿-T￿v51ee5, 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.
A￿hOrIsatl0n 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 con￿rn 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 Informat￿ft contained within the annual
report. Our opinion on the financial statements
does not cover the other information and,
except to the extent othe￿ISe 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 pa￿nt
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 identif*d 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 a￿lt 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 proCedU￿S 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¢-T￿steeS. Rewrt & Audlted ACC￿nts 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 incI￿￿ed
the followin8:
-galninE an understanding of the group's
w0￿dureS 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
- C￿robOratin8 our enqulries thrO￿h 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 MIt￿ate 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 a￿JIt.
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 Co￿lUded.
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' Re￿￿t&A￿edknnts2¥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
Restric￿d
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 bro￿ht lo￿ard
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
7,192￿79
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 & A￿A￿￿￿￿ts 23n4

Charlty Ststement of Flnanclal Posftlon as of 31 March 2024
Company regi5tratlon number: 01471345
Totsl Fund$
2024
Total Funds
Hxed Assèts
lrttangible Assets
To￿lbIe 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 A￿1$
Stock
Debtors
Cash at bank and In hand
13
3,666.997
3,347553
7MISfi19
3983,628
4.670.686
.645314
ua￿lItIeS
Credltors- Amoynts fallin8 duewtthln c￿e year
16
L295,195
106315
Nei¢uTrent 355ets
5.720,424
7,547,999
Total assets lesscurrent Ilabllltle5
23￿75,714
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
23￿75.714
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-T￿￿ees. RepM&AuL*ttdpthJunts 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 re￿fjVed 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 Suc￿5$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 & A￿d￿ed Act￿￿￿ 2y24

Market Value of Investment Propertles Is ideniified
based on either a valualSon or movements In an
appropriate Index.
Freehold pro￿rtY 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 st￿51dl￿ry Und•rtakth
Investments In sub51dlary undertakings are I￿tIal
reco8nlsed at cost and subsequently at cost less
accumulated Imp4irment In the tharlvs balance
sheet.
De￿Inat•d resÈnMs
The Trustees may. frL)m tirne to tin)e. desiBnate
reserves to covei speclfic prolett5 and other
potential eommltments.
Intsngible assets ale Tn￿1￿1￿ 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 T￿ICh 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.
In￿￿Ible 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.
Investn*nt propert*5 are InltlalEy recognbed at
cosr and subsequently measured at their open
market value. Changes In their value are recognlsed
thestatement of Financlal Ac￿ltieS forthéyear.
Costs of £ener￿Ing 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 W￿re
substantially all of the benefits and rfsks of
ownershlp remaln wlih the lessor are thar8ed
against income on a stra*ht-line ba$15 overthe
pericrfl of ihe It￿.
Deprèdathn
Depreciation Is calculated so asio write off the c05t
of an asset. less its est¢mated resldualvalue. ¢)ver
the useful economlc ￿fe of that assei as fdlows:
Voluntary Income Indudin8 donatlons, gifts and
Je8acies and 8rants that proV￿e ¢ore fundlng or are
of a general nature a¥e rÈcoBnised where there ts
entitlement. whèn receipt Is con5Klered prEJtsable,
and the amount can be measured with suffKient
reliabillty.
44
St Mar8areVs Ho$plce Caw-Trustees' Re￿rt&Au￿tèdkn￿nts 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 act1v1t￿5
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(C￿dance wlth the Charities SORP
IFRS1021 GUIdan￿ and FRS 102.
Goodwlll
Goodw￿1 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 ge￿wa11r￿a unit to whlctt the asset
bel￿￿$.
fjfftsln Klnd
Gifts in klnd are Induded within voluntary Income
and are included at thelr market value at the date
ol the gift, with the exception of go￿j$ 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& A￿lrted￿Cc1J￿ts 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 re￿IVed by the Charlty at the year end.
Other Tradlng Artfvltles
Unrèstrlcted Restrk￿d 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
6￿1,098
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

5. 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
6. 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 3 736￿14 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
837￿94
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

7. 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 I￿01.578
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 accord￿6 to thè levèl of poyoll tosts per acuvlty area.
8. Flxed Asset Investments Group
NetgalnslllosMs) on Investments
Group & Charfty
2021
Net unreallsed Invèstment 8aln5llbssesl on dbposals of Investm￿ts
Net rèallsèd Ilotsesl/8alns Investrnents
Netgalnsll10$5e5lon investments
877.134
1316571
745A77
1627.3351
71,713
699I148
Llsted Investments
GTOUP & Charlty
Movement in market value:
2023
Market Value ai i April
Acqulslt1o￿ at cost
DIsp05a15
Net investments gainslllossesl
Movement In cash held fDr investment
Mafkrf Value at 31 March
7.475.227
3,378.038
12.268,8(￿l
756,￿5
1130,760
9.209￿24
8,083,517
2,770,717
12A19,4521
1741,7081
1217,847
7A75,227
Hlstorl¢al C05t
7.396,598
6.539,986
Investment Pitspertk5
Group & Charfty
Market Value at 31 March
449.316
The falrvalue of Investment propertles Is based uponthe marketvalue, or probate value ff received in the perlod.
Durlng 2022123 the Charlty welved a lelacy that Induded two Investment PropÈrtie
Inveslments In 5ubsklarl•s
Charlty
2024
2023
At l Aprll
Disposals
At 31 March
4CKJ
200
500
1100
400
48
St Mar8aret's Hospke C3re-Trustee< Rewt&AudltedP£ctyJni$ 2¥24

8. 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
9,648￿52
449,316
3381,806
1,176,725
59,65B
7324.543
173,177
9￿8.552
Anatyslsof Inve#ments Jt31 March 10241￿l¥￿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 I￿tan￿bleAs$ets
Operatlng lease costs
Redundancy costs
Audit Fees payab￿ to the Company's audttor:
- Audlt of group and parentconxilidated acCI￿nts
- Audit of the Company's subsidPdrfe5
- Taxatlon se￿1￿$
- 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 h￿idaY pay as the Organ￿at￿on.S hollday year ends on 31st March and Is enforced.
Exceptlonal clr¢umstsnces ère ¢on5idered by ihe tso on a case-byo5e ba￿s.
St Margaret's H05plce Care-Trustee< RewKt & Aud5tedAccwnts 23n4

11. 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
I6￿28.689
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
3￿8,￿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 m￿re￿$ H05pke Care-yn￿lee< 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
prO￿rtY
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

18. 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 rece￿￿1 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￿ dUringthe￿èrfro￿ Health Edu(atk)n Ewland for tralnin8 of cllnlcal staff.
Le8ades were recelved towardsthe rvnnlng costs of the Y￿1 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 re￿Ived but are rKJt materTral and as such the
detall has not been disclosed.
53
St Mar8aret's Hospice Care-Tru5tees' Repcwt &Audited 2¥24

19. Unrestrfcted FurKts
Group
8*nce at
IAprll 202J
Galns &
Balanc¢ al
Lgsse$ 31 Ma￿h 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
20￿32 224 IOW15,758
111.097.73
745 477
20.78S,727
Charlty
Balan¢eat
l Aprll 2023
Galn$ &
Losses
Balance at
31 Marth 2024
I1￿nE Expenthwre T￿￿er9
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
I￿1251}
1,729,094
47,331
20.631811
47,331
20,785,727
10,169,131
{lO,761￿92)
745,477
Analys15 of Net Assets Between Funds
Group & thorlty
IlÈt Cuffent
Inian8lb
assetsl
Axed
Illabllltles)
Assets *b%E51rr*nts & 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
T￿Ibl6
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

21. 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 mar￿re￿5 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 ExeCUt￿e 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
22. 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&A￿l￿￿dActt￿nts 2¥24

23. 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
24. Flnanclal Instruments
ThÈ Group has the fOl￿win8 financial instruments:
l*)te
2024
2023
Flnanclal assets at falr¥olue Ihrouth pr*)fftaNI Ioss
9309￿24
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 subscrfp￿o
Other creditors
16
16
16
494￿98
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￿%
9209￿24
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
14. 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 e￿enSeS
Proflt
Paid under 81ft ald to d￿rIty
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 assets11￿a￿1￿¢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

26. St Mav8areVs FUndrnls1￿ Ltd
St Mar8arefs Somerset Hospke's wholly owned tradlng yjbsldiary. St Mar8areVs FuhdratslTrB Ltd, COm￿Y No
8242255. 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 &A￿litedN￿￿nts 23124

27. Capltal Commhments
2024
202Y
Contracted but not provlded forln the fimncial ststements
53.626
28. 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#9￿17
Empendlture on:
RaI￿n$ 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
R￿O￿TIFaIlon otFunds:
Tc*al Funds brou&ht frywwd
20J94,214 1462A31
23356
Total Fundstarrltd forward
2Q632,224
2351.697
21983.921
St MargaTeVs Hosty￿ Care-TrUstte￿ fte￿)rt &Aud*edp￿0ullts2yI4

29. 2022123 Restrlrted Funds
CharftylGrowJ
8*n¢•
l Aprm 2022
Balance at
xpendlture 31 March 2023
NHS Grant ProvI￿on
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
30. 2022123 Unrestrfrted Funds
Group
balance at
I W 20L7 Inwme EXPenth￿re
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 E*pÈndlture
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 Pa￿nts23n4

31. 2022123 Analysls ol Net Assets between Fund5
Group
Net Current
assètsl
(Ilabllltles)
& provlslons
Tanglble
IntanwblÈ
r￿e￿
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
IntrTh￿b
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