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2024-03-31-accounts

HOSPICE IN THE WEALD

ANNUAL REPORT (and consolidated financial statements)

YEAR ENDED 31 MARCH 2024

Charity No. 280276 Company Registration No 01499846 (England and Wales)

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

CONTENTS Page
Introduction from our Chairman 4
Charity information 5-6
Trustees’ Report 7-9
Strategic Report 10-16
Statement of the Responsibilities of the Trustees 17
Consolidated statement of financial activities 18
Consolidated and charity balance sheets 19
Consolidated cash flow statement 20
Notes to the consolidated financial statements 21-39
Independent auditor’s report 40-44

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

It is my pleasure to present this year’s annual report, reflecting on the past year, as well as outlining our vision for the future. This year has been one of both remarkable achievements and significant challenges, demonstrating once again the resilience and dedication of everyone involved with Hospice in the Weald. Our fundraising efforts this year have been a testament to the incredible support we continue to receive from our community. We are deeply grateful and proud of our supporters who tirelessly raised money and took on new challenges to support the Hospice. A particular highlight was our annual Moonlight Walk, which raised over £135,000. This success was made possible by the hundreds of participants and generous match funding. Special recognition goes to Charlotte, who chose to spend her birthday walking in memory of her mum, who had been cared for by our

Hospice earlier in the year. Stories like Charlotte’s remind us of the profound impact our services have on individuals and their families.

Our newest service, dedicated to caring for Children and Young People, has shown tremendous growth since its launch in January 2023. We are proud to report that we have extended our care and support to over 60 incredible children, parents, and siblings. The team has expanded to include new nurses, support workers and an associate director, reflecting our commitment to meeting the growing needs of children and their families facing terminal and life-limiting conditions. As we look to the future, we plan to continue this growth, ensuring that we can reach even more families in need.

This year, we also had the pleasure of celebrating a significant accolade within our team. Jan Thirkettle, our Director of Clinical Excellence, was awarded the prestigious title of Queen's Nurse. This recognition highlights Jan’s commitment to continuous improvement and excellence in care, and we are proud to have her on our team.

Like many healthcare organisations, including the NHS, we have faced significant challenges this year, particularly in recruiting experienced, long-term nursing staff from surrounding areas and managing the rising costs. The increasing demand for nursing staff across the sector, coupled with escalating costs, means that we will need to raise even more funds in the coming years to sustain our services. Without our dedicated patientfacing staff, we cannot provide the exceptional care that our community deserves. This is why we remain committed to investing in our people, despite the challenges we face.

In addition to investing in our people, we are also making significant investments in our infrastructure and systems. These investments are essential for us to offer a more efficient and modern service in the future, ensuring that we continue to deliver outstanding care to those who need it most.

As we move forward, I am filled with gratitude for the unwavering support of our community, staff, and volunteers. It is through your dedication and generosity that we can continue to provide vital Hospice care to those who need it in our local area. Together, we will continue to provide care and support to those who need it most, because no one should face a terminal illness alone.

My sincere thanks to all who support the Hospice and make our work possible. Gary Withers, Chairman

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

Charity Information
Charity Registration Number 01499846
Trustees Mr G Withers
Dr N Benson Resigned 5thDecember 2023
Ms S Cockaday
Ms J Ford
Dr S Grieve
Ms S Pinkney Resigned 5thDecember 2023
Mr E Wesson
Ms L King
Ms C Ratnayake
Dr A Long Appointed 18thJuly 2023
Mr P Stevenson Appointed 18thJuly 2023
Dr T Palmer Appointed 7thNovember 2023
Hospice Leadership Team Mr N Farthing Chief Executive
Mr P Madden Director of Care Operations
Ms J Thirkettle (QN) Director of Clinical Excellence
Ms K Greywood Income Generation Director
Ms S Winn Finance Director appointed 1 April
2023
Mr A Stott Operations Director
Ms A Mitchell Interim Fundraising Director
appointed 4thMarch 2024
Patrons Mr Greg Clark former MP
Mr Chris Cowdrey
Mr Rob Eades
Mr Tim Edmunds
Ms Nusrat Ghani MP
Ms Helen Grant MP
Mr Tom Tugendhat MP
President Mr Simon Lee
Vice Presidents Mr Peter Bennellick
Mrs Sonia Burt
Mr Martin Dace
Mr Brian Dudley
Sir Jeremy Elwes
Mr Peter Lewis
Vice Presidents Mr David Payne
(Non-members) Mr Richard Snow
Registered Address Maidstone Road
Pembury
Kent
TN2 4TA

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

Independent Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers Lloyds Bank Plc 82 Mount Pleasant Road Tunbridge Wells Kent TN1 1RP Investment Fund Management Sarasin & Partners Juxon House 100 St. Paul’s Churchyard London EC4M 8BU

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES’ REPORT

The Trustees submit their annual report and the audited consolidated financial statements of the charitable group for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities (“the Charities SORP”) and Financial Reporting Standard (FRS) 102 in preparing the annual report and financial statements of the Charity. The Charity is a charitable company limited by guarantee and was established on 27 June 1980. The Charity is governed by its Memorandum and Articles of Association whose objects are entirely charitable.

Charitable Objects

The objects for which the Charity is established are:

To promote the relief of sickness in such charitable ways as the Charity shall from time to time think fit, and in particular (but without prejudice to the generality of such object):

Hospice in the Weald serves a population of over 400,000 people covering an area of over 400 square miles of West Kent and East Sussex. It delivers a multi-professional service to improve the quality of life for patients with a terminal illness and those important to the patient.

Organisational Structure, Governance and Management

The Charity is established for the purposes expressed in the Articles of Association. The Trustees are expected to serve an initial term of three years and can then be re-elected to serve a further term to not normally exceed six years in total. The Board considers any Trustee vacancies to ensure that there remains on the Board a balance of skills, diversity and experience. Prospective Trustees are interviewed by the Chairman and at least two other Trustees and meet with the Chief Executive. New Trustees receive induction arranged by the Chief Executive and, in advance, receive key documents to allow them to understand the organisation.

Trustees do not receive any remuneration but are entitled to be reimbursed for any expenses incurred in attending Board meetings. No expenses were claimed during the year (2023 - £nil).

The appointment, resignation or retirement of Trustees is announced at the Charity’s Annual General Meeting (AGM).

Trustees have ultimate responsibility for the Charity. They meet at least four times a year to review the strategy and performance of the Charity and to set objectives, operating plans and budgets and approve the annual accounts.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

Committees

Separate committees have been established to provide specific support and guidance to the Chief Executive and the Hospice Leadership Team (HLT). Each committee is chaired by a Trustee and determines the frequency and content of its meetings depending on the needs of the organisation. The terms of reference for each committee are reviewed by the Board once a year and the Chairman is ex-officio on all committees. The Chair of each committee gives a report to the full body of Trustees at Board meetings.

Committee Membership: -

Finance and Commercial Committee: Mr P Stevenson (Chair), Ms J Ford, Ms S Cockaday, Dr S Grieve, Ms L King, Mr N Farthing, Mr G Withers (ex- officio), Ms K Greywood, Ms S Winn (appointed 1[st] April 2023), Ms A Mitchell (appointed 4[th] March 2024), Mr A Stott, Ms S Gills

Adult Clinical Governance Committee: Ms C Ratnayake (Chair), Ms J Ford, Dr S Grieve, Ms S Cockaday, Dr T Palmer (appointed 7[th] November 2023), Ms J Thirkettle, Mr P Madden, Mr N Farthing, Mr G Withers (ex-officio). Mr E Wesson

Children’s Clinical Governance Committee: Ms J Ford (Chair), Mr E Wesson, Ms C Ratnayake, Dr A Long, Ms J Thirkettle, Mr P Madden, Mr N Farthing, Mr G Withers (ex-officio).

Risk Committee: Ms L King (Chair), Ms S Cockaday, Mr P Stevenson, Ms J Ford, Mr N Farthing, Mr A Stott, Ms S Winn, Mr G Withers (ex-officio).

The Trustees delegate authority for the day-to-day management of the Charity and its subsidiary company to its appointed Chief Executive, supported by the Hospice Leadership Team with specialist and individual responsibility for all functional activities. The subsidiary (trading) company has a Board of Directors and operates at arm’s length from the charity.

Trustee Training

On joining the Board, all new Trustees undergo an induction process and are made aware of the Charity Commission's Charity Trustee Welcome Pack and online training provision. The Trustees may organise their own training and development as individuals and are responsible for completing any mandatory training required by the Charity. They will be provided with relevant training collectively, as a Board, by the Hospice. The Hospice Leadership team and the Trustees meet once a year for a Development Day, to focus on determining strategy and joint learning.

Public Benefit

The presumption of public benefit was removed by the Charities Act 2011. Charities are therefore required to demonstrate public benefit. The objects of Hospice in the Weald are set out on page 7. Accordingly the charitable purposes of Hospice in the Weald fall within the criteria of Section 2 of the Charities Act 2011 and thereby the organisation, which has been established exclusively for charitable purposes, is for public benefit. In planning the activities for the year, the Trustees have given careful regard to the Charity Commission's guidance on public benefit and considered its implications for the Charity.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

Related Party Disclosures

We need to make disclosures in respect of ‘related party disclosures’ as FRS 102 requires disclosure of group transactions such as those in note 23 It is also prudent in this annual report to make clear that some of the income derived through our charity shops is undertaken by a trading company. We have three of the Charity Trustees, including the Chairman, who act as the Directors of the trading company. The CEO and Head of Retail work alongside them and also act as Directors of the trading company. Hospice in the Weald (Trading) Ltd charged Hospice in the Weald:

The charity is registered with a number of regulatory bodies, including the Charity Commission, Care Quality Commission, Fundraising Regulator, Gambling Commission and Information Commissioner’s Office.

The charity is a member of Hospice UK, an umbrella body which supports hospices throughout the UK.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

Charitable Activities

Our main focus is to deliver our care to the maximum number of people who need it and we are committed to increasing the number of Hospice palliative care referrals we get each year. This year we received 1537 new referrals (2023: 1496).

Key Performance Indicators (KPIs) – Dashboard

The Hospice has a number of KPIs. These include clinical referrals, occupancy, patients preferred place of death, as well as financial indicators and staff turnover. These KPI’s contain both quantitative and qualitative measures which are reported on a regular basis through each of the Board committees.

Strategic Objectives

The reporting period covered year two of our strategic plan and our business objectives were linked to one or more of the following six Strategic Aims.

Charitable Activities

Hospice in the Weald worked diligently to remain as supportive and accessible as ever, with a strong focus on empowering our patients and their families to actively participate in care decisions. Over the year, the organisation received 1,537 referrals (2023: 1,496) to the Outreach service and the Ward in the year.

Our Children's service celebrated its first anniversary in January 2024, following a joyful Christmas party for families at our main site. By 31st March 2024, the service was supporting 21 children and young people (2023: 8), far surpassing the initial expectations at launch.

Our Living Well team expanded their service delivery this year, adding sessions at Cottage Hospice. We continued to offer a full program for patients and their loved ones, including music and art therapy, group social activities, and a variety of complementary therapies. The Counselling and Support team developed our Time to Be service, which gently explores coping mechanisms and relaxation techniques, complementing the traditional counselling sessions we provide for patients and their loved ones. Across both services, we delivered 3,967 sessions (2023: 3,337)

As planned, climate control was installed in all inpatient rooms, giving patients and their families control over their room environment. Further refurbishments at our main site are planned for the upcoming year. The first phase of IT infrastructure upgrades was completed, enhancing access across both sites, with additional improvements scheduled for the coming year.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

Our Retail operation had another successful year, launching two popular pop-up shops and hosting the highly successful "Love Your Label" event.

In September, our Fundraising team launched our Gifts in Wills campaign to emphasize the huge impact of legacy giving to the Hospice. Our two flagship events, Moonlight Walk & Hospice Run, were well attended, with the many participants raising significant funds for the Hospice.

Our People

At Hospice in the Weald the majority of our revenue is dedicated to delivering care, with our people being our most valuable asset and the primary focus of our spending. A significant portion is allocated to our highly skilled clinical and care staff, ensuring that we maintain the highest standards of service.

This year, we were once again able to host our workforce celebration event for staff and their families. It provided an opportunity to express our gratitude for their hard work and to honour the collective efforts that make our exceptional care possible for patients and their loved ones.

Volunteers are an integral part of our organisation. We recruit, train, and manage them, taking full responsibility for their contributions. As of 31[st] March 2024 we had 1,125 volunteers (1,009 in 2023) working across all the services, departments, and shops associated with the Hospice.

Income Generation compliance report

Hospice in the Weald employs a core fundraising staff to develop, promote and run a range of fundraising campaigns, assisted by vital volunteers and taken up by our supporters. We steward our donors and promote our fundraising campaigns to them, and the wider community that we serve, through direct mail, e-mail contact, telephone and digitally.

We constantly monitor the cost and time which goes into each fundraising activity against the financial return to ensure we are making the most of every donation received.

We are registered with the Fundraising Regulator and work in accordance with the Code of Fundraising Practice, and the best practice laid out by the Hospice Lotteries Association, Chartered Institute of Fundraising and Charity Retail Association. Our lottery and raffles are promoted in accordance with the Gambling Commission guidelines and we have checks in place to monitor third parties who carry out work for us, or who we enter into contracts with.

We received no complaints through the Fundraising Regulator during the year. We review the frequency and appropriateness of our communications and provide an option for supporters to ‘opt-out' of our communications. We contact based on legitimate interest, and privacy information & communication preferences are clearly communicated on our website.

We continue to listen to our supporters and to learn from them to shape our fundraising activity. Our supporters are very important to us and we put them at the heart of everything we do.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

Financial Review

The overall result for the year after unrealised gains, and including restricted funds, amounted to a surplus of £2,607k (2023 £1,022k).

Income generation

The total income of the Charity and Hospice in the Weald (Trading) Limited for the year of £13,900k showed an increase of £425k over the previous year and was made up of income generated by our Fundraising team and our retail operation alongside some grant funding.

Grant funding

In the year we received funding from the Kent & Medway Integrated Care Board of £1,196k equal to the previous year’s figure of £1,196k. We also received funding of £129k for additional services for Care Homes and Compassionate Communities and a further £244k towards the end of the year from a secondary distribution towards specialist care and other additional services.

We also received £106k (2023 £102k) from East Sussex ICB in the year. Both grants are included under core funding.

Fundraising

Voluntary income by way of donations and Gifts in Wills totalled £6,061k compared to £6,344k in the previous year due to a lower level of Gifts in Wills recognised in the year than the previous one.

The Charity’s commercial trading arm, Hospice in the Weald (Trading) Ltd, achieved a net profit before tax of £154k a slight increase on the previous year (2023: £151k).

Retail

The contribution from our retail shops during the year amounted to £2,477k. This figure includes the £154k trading profit in Hospice in the Weald (Trading) Limited plus the donations raised in relation to goods sold on behalf of donors and associated Gift Aid claims.

Gift Aid is claimed by the Charity in respect of donations received from donors who agree to donate funds raised from the sale of their goods. The charity appoints Hospice in the Weald (Trading) Limited to act as agent for the sale of donated goods in the retail shops in accordance with HMRC’s approved methodology. Hospice in the Weald (Trading) Limited charges donors a commission for selling their goods as their agent and makes a charge to the Charity for the service it provides in procuring donations for the Charity.

Operating Expenditure

We are reporting an increase in our total operating expenditure from £7,857k to £8,694k a 11% increase year on year. The reasons for this are several. Pressures on salary costs due to the cost-of-living crisis and the higher inflation rates resulted in increases to our workforce expenditure. During the period we have also had to increase expenditure on recruitment reflecting the challenges in the wider health sector and we expect this to continue into the coming year. The energy cost increases were felt during the year and the high inflation rate in general impacted our wider cost base as suppliers had to increase their prices.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

Financial Management

Investments

An unrealised gain on investments of £1,374k included in the overall surplus result for the year of £2,607k. In the year to 31 March 2024, the investment portfolio managed by Sarasin & Partners produced a return of 11.5% (after all fees and costs) as compared to the index based benchmark return of 15.5% and the peer group benchmark of 9.7%.

During the year Hospice in the Weald also invested surplus cash into various fixed income investments including certificates of deposit, a managed liquidity fund and fixed term deposits. The certificates of deposits and the liquidity fund are managed through Sarasin & Partners. At 31[st] March 2024 the total value of cash invested in fixed term/income investments including accrued interest was £2,181k (2023: £499k)

Reserves

The Board regularly reviews the level of free reserves held by the Charity against that stated in the Reserves Policy. Board have defined free reserves as unrestricted cash and market investments less restricted and designated funds. The value of free reserves on this basis was £10,852k at 31 March 2024, and this is marginally above the range of free reserves set by the board. The Board are satisfied that this level of free reserves is prudent and desirable.

Trustees have designated the following funds:

The Charity has £105k of restricted funds at 31 March 2024 and after these and the designations above the Charity’s General Funds amount to £11,100k.

Funds

Risk Management

The Trustees acknowledge their responsibility to consider the risks faced by the Charity and to ensure that adequate controls are in place to identify, assess and mitigate such risks. Through the risk management processes established by the Charity, the Trustees are satisfied that the major risks have been identified and mitigated where necessary, and that systems and procedures have been put in place to provide reasonable assurance that major risks have been adequately managed.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Hospice Leadership Team and Trustees have identified the following key areas of risk and have taken appropriate action, as far as it is possible and practical, to protect the organisation from any potential adverse exposures that could arise from:

  1. Changes in external environment which result in there being a reduction in non-statutory funding and where we are not able to maintain historic levels of voluntary/community fundraising.

  2. Changes in the external environment result in there being a lack of statutory (State/NHS) funding and where Clinical Commissioning Groups (CCGs) do not commission/fund at historic levels of NHS funding. We are not able to maintain historic levels of voluntary/community fundraising

  3. Direct competition from other organisations who want to provide services we have traditionally provided, undermining our position in the community.

  4. Damage to our reputation from a clinical error which adversely affects our services and our standing.

  5. Damage to our reputation from a non-clinical incident or error which adversely affects the organisation and its standing.

The high-level risks mentioned above have been identified through various systems and processes and are included in the Board Assurance Framework (BAF). These, along with any other risks identified within the organisation, are managed according to a risk strategy that defines the scoring system for both the likelihood of a risk occurring and its potential consequences, taking into account existing controls and assurances. This approach provides management and Trustees with a clear view of the risks and their scores, which are then subject to management actions aimed at further reducing either the likelihood or the impact of those risks. The relevant committees regularly review these risks with oversight provided by the risk committee. We are currently strengthening our risk management framework as part of our governance review referred to in the following section of this report.

Future Developments

In response to challenges in recruitment across the healthcare sector we have temporarily consolidated our workforce at our Pembury site. This has provided an opportunity to reassess our recruitment strategies and invest in staff development. We are now focusing on attracting top talent to provide even better service and care, ensuring a sustainable future for the Cottage Hospice which is open for our Living Well and our Counselling and Support services during this time.

Although the opening of our new Children’s Centre has faced some delays, our Children’s team continue to support our children and young people and their families in their home and we are planning on opening our Children’s centre in Spring 2025. We have recognised the importance of the Children’s service with the appointment of an Associate Director for the service in the first half of the new year who, along with the rest of the team, is using this time to ensure that once open, the centre offers the right range of services designed to make a lasting difference in our children and young people’s lives.

In the coming year, we have started a comprehensive review of our governance arrangements, including our risk management approach, which has included a change in our committee structure to strengthen the flow of information from ‘Ward to Board’. This has led to the merging of the Adult Clinical Governance and the Children’s Clinical Governance committees into one Quality of Care committee and the establishment of a time limited Trustee Oversight Group to oversee the process. The review is ongoing and will help position the Hospice to provide even better care for our patients.

There are exciting developments in retail where we are planning the opening of a new, large shop in Tonbridge, which will significantly contribute to our retail capacity. Alongside this we are introducing new fundraising events that will bring our supporters together in innovative ways.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

In other developments, we are planning refurbishments of several of our inpatient rooms and our reception and Living Well areas to help ensure that our patients and their loved ones have the best environment possible. We are set to implement a new finance system that will streamline our operations and enhance our financial transparency. We will also be making new IT support arrangements that will greatly improve the way we work, providing faster, more reliable systems that will empower our team. These improvements ensure we can continue to deliver our services efficiently and effectively

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

STATEMENT OF THE RESPONSIBILITIES OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Statement of the Responsibilities of the Trustees

The Trustees, who are also directors of the Charity for the purposes of company law, are responsible for preparing the annual report and the consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 incoming resources and application of resources, including the income and expenditure, of the charitable company and the group for that period. In preparing these financial statements, the Trustees are required to:

Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustees are aware:

This Annual Report and Consolidated Financial Statements were approved by the Board of Trustees on 5 November 2024. This is signed on their behalf by:

Gary Withers -

Chairman Agreed by the Board

Date: 5th November 2024

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Income and endowments from:
Notes
Donations and legacies
2
Investments
3
Charitable Activities
Restaurant & Coffee Shop
Core funding
4.1
Other grants
4.2
Retail Shop sales
Other trading activities
5
TOTAL INCOME
Expenditure on:
Raising funds
5,7
Charitable Activities
Hospice Services
8
TOTAL EXPENDITURE
Net (losses) / gains on investment assets
12
Net income and movement in Funds
Reconciliation of Funds
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
18		 Unrestricted
Fund
£
5,929,067
708,573
35,344
1,676,791
195,774
5,046,747
138,467
13,730,761
3,935,698
8,667,083
12,602,781
1,374,348
2,502,328
29,102,533
31,604,861		 Restricted
Fund
£
132,000
-
-
-
-
-
-
132,000
-
27,000
27,000
-
105,000
-
105,000		 Total
2024
£
6,061,067
708,573
35,344
1,676,791
195,774
5,046,747
138,467
13,862,761
3,935,698
8,694,083
12,629,781
1,374,348
2,607,328
29,102,533
31,709,861		 Unrestricted
Fund
£
6,344,649
562,821
16,048
1,524,948
283,594
4,568,940
136,744
13,437,744
3,596,475
7,857,094
11,453,570
(962,008)
1,022,166
28,080,367
29,102,533		 Restricted
Fund
£
-
-
-
-
-
-		 As restated
Total
2023
£
6,344,649
562,821
16,048
1,524,948
283,594
4,568,940
136,744
13,437,744
3,596,475
7,857,094
11,453,570
(962,008)
1,022,166
28,080,367
29,102,533

The notes on pages 20 to 44 form part of these financial statement

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 MARCH 2024

AS AT 31 MARCH 2024
Notes
Fixed assets
Tangible assets
11
Investments
12
Shares in subsidiaries
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Current liabilities
Creditors: amounts falling
due
within one year
16
Net current assets
Total assets less current liabilities
Funds
Unrestricted funds:
Designated funds: -
Hospice Fixed Assets
18
Hospice Designated Funds
18
Total designated funds
18
General funds
18
Total unrestricted funds
Restricted funds
18
Total funds
18		 Group
2024
£
8,860,288
20,774,845
-
29,635,133
7,792
2,539,724
1,782,333		 2023
£
9,036,016
16,192,608
-
25,228,624
7,291
2,517,884
3,317,369
5,842,543
(1,968,633)
3,873,910
29,102,533
9,036,016
10,522,000
19,558,016
9,544,517
29,102,533
-
29,102,533		 Charity
2024
2023
£
£
8,860,288
9,036,016
20,774,845
16,192,608
100
100
29,635,233
25,228,724
-
-
2,539,724
2,517,884
1,776,263
3,207,377
4,315,987
5,725,261
(2,401,677)
(2,002,830)
1,914,308
3,722,431
31,549,543
28,951,155
8,860,288
9,036,016
11,600,000
10,522,000
20,460,288
19,558,016
10,984,255
9,393,139
31,444,543
28,951,155
105,000
-
31,549,543
28,951,155
25,228,724
-
2,517,884
3,207,377
4,329,849
(2,255,122)
2,074,728
31,709,861
8,860,288
11,600,000
20,460,288
11,144,573
31,604,861
105,000
31,709,861		 5,725,261
(2,002,830)
3,722,431
28,951,155
9,036,016
10,522,000
19,558,016
9,393,139
28,951,155
-
28,951,155

The notes on pages 20 to 44 form part of these financial statements.

As permitted by S408 of the Companies Act 2006 the charity has not presented its own income and expenditure account and related notes. Charity only income of £13,875,673 is included and a surplus result of £2,598,388 for the year for the charity.

Approved by the Board on 5 November 2024 and authorised for issue on 5 November 2024

Nick Farthing - CEO

Gary Withers - Chairman

Company Registration No. 01499846

Page 18 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating
activities
Net cash provided by
operating activities
21
Cash flows from investing
activities:
Dividends, interest and rents
from investments
Proceeds from the sale of
investments
Purchase of property, plant &
equipment / investment
properties
Purchase of investments
Net cash used in investing
activities
Change in cash and cash
equivalents in the reporting period
Cash and cash equivalents at
the beginning of the reporting period
Cash and cash equivalents at
the end of the reporting period
Analysis of Changes in Net Debt
Group
Cash
Investment cash		 Start of
Year
3,317,369
19,920
3,337,289		 Group
2024
2023
£
£
1,341,862
1,370,586
227,189
123,400
-
-
(377,580)
(335,053)
(2,682,418)
(540,303)
(2,832,809)
(751,956)
(1,490,947)
618,633
3,337,289
2,718,657
1,846,342
3,337,289
Cash Flows
End of Year
(1,535,036)
1,782,333
44,089
64,009
(1,490,947)
2,327,726		 Group
2024
2023
£
£
1,341,862
1,370,586
227,189
123,400
-
-
(377,580)
(335,053)
(2,682,418)
(540,303)
(2,832,809)
(751,956)
(1,490,947)
618,633
3,337,289
2,718,657
1,846,342
3,337,289
Cash Flows
End of Year
(1,535,036)
1,782,333
44,089
64,009
(1,490,947)
2,327,726
123,400
-
(335,053)
(540,303)
(751,956)
618,633
2,718,657
3,337,289
End of Year
1,782,333
64,009
2,327,726

Page 19 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019 - (Charities SORP 2[nd] edition (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

Hospice in the Weald meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are presented in pounds sterling (GBP), being the functional currency of the group.

b) Preparation of the accounts on a going concern basis

Hospice in the Weald had £11,145k of unrestricted and non-designated funds to draw on as at 31 March 2024 should income fall dramatically during the next 2 years. Trustees consider it appropriate to prepare the accounts on a going concern basis. There are no material uncertainties about the group’s ability to continue as stated in Principal Risks and Uncertainties on page 14 of the Strategic Report.

c) Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Hospice in the Weald (Trading) Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Charity has taken advantage of the exemption afforded by paragraph 408 of the Companies Act 2006.

d) Income

Income is recognised upon entitlement, when the receipt is probable and when the value can be reliably measured. Gifts in Wills are recognised when receipt is probable. Gifts in Wills income, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executors’ intention to make distribution. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

e) Statutory funding

Income received under agreements with statutory bodies is included in these accounts on a receivable basis where a contract exists. Where no contract exists, the income is recognised in accordance with the wishes of the relevant statutory body when it becomes probable that the income will be received, and it can be measured with sufficient reliability.

Page 20 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

f) Investment income

Investment income represents gross income derived from investments held under unrestricted funds and is accounted for on a receivable basis.

g) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity’s work or for specific projects being undertaken by the Charity.

h) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

i) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include ICT, finance, facilities and governance costs and are allocated on a departmental basis.

j) Operating leases

The charity classifies the lease of retail premises as operating leases; the title to the freehold or equipment remains with the lessor. Rental charges are charged on a straight-line basis over the term of the lease.

k) Tangible fixed assets

Tangible fixed assets are capitalised where their individual item cost exceeds £5,000 and then depreciated over their economic useful lives, less residual values, as follows:

The Hospice regularly reviews the projected useful life of all fixed assets to determine that the cost is fairly amortised over the expected life of the asset. The Hospice building, which includes a significant element of specialist facilities, has been reviewed with the benefit of professional advice. It is concluded that consistent with similar facilities and with the benefit of regular maintenance the existing building should have a life expectancy of 35 years from April 1999 before needing to be replaced. Similarly the Cottage Hospice has a life expectancy of 35 years from December 2019 before needing to be replaced.

Page 21 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

l) Fixed Asset Investments

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Investment in a subsidiary company is held at cost less accumulated impairment losses.

m) Financial instruments

Financial instruments are recognised in the Balance Sheet when Hospice in the Weald becomes party to the contractual provisions of the instrument. The group has elected to apply the provisions of section 11 “Basic Financial Instruments” of FRS102 to all its financial instruments. Financial instruments are classified into specific categories and the classification depends upon the nature and purpose of the instruments and is determined at the time of recognition. Hospice in the Weald’s financial instruments are categorised as basic financial instruments.

n) Financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as “loans and receivables”. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

o) Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

p) Stock

Stocks of donated goods are not brought into these financial statements under SORP FRS 102, paragraph 6.29. Stocks accounted for are goods for resale, which are stated at the lower of cost and net realisable value. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.

q) Debtors

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

Page 22 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

r) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

s) Creditors and provisions

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

t) Pensions

The group contributes to the NHS Superannuation scheme for nursing and medical staff, which is a defined benefit scheme treated as a defined contribution scheme, and to a defined contribution scheme in respect of its other employees. Contributions are charged in the accounts as incurred or as a liability when recognised in accordance with employment legislation.

u) Legal status of the Charity

The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

v) Estimates and area of judgements / uncertainty

In the application of the Group’s accounting policies, which are described above, Trustees are required to make judgements, estimates, and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

w) Restatement of prior year figures

The charity invests in accumulation units which do not pay separate dividends. The charity has been able to obtain additional information this year which has enabled it to separate out the element of overall return that represents income from the overall return. Consequently the figures for 2023 have been restated to increase investment income by £439,421 and increase the loss on investments for the same period by the same amount. This has no impact on the reported surplus or balance sheet for the year ended 31 March 2023.

Page 23 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Donations and legacies

Donations and legacies
Gifts in wills
Other donations		 2024
£
2,495,253
3,565,814
6,061,067		 2023
£
2,917,870
3,426,779
6,344,649

£132,000 of other donations were considered restricted in 2024 (2023: £nil)

3. Investment income

Bank interest
Investment Income - rebate
Dividends and Other Investment Income		 2024
£
92,581
134,608
481,384
708,573		 2023
As restated
£
7,146
116,254
439,421
562,821

As noted in the accounting policies the prior year figures have been restated to gross up the inclusion of investment income.

4. Grant funding

4.1 Core funding from statutory bodies

Kent & Medway ICB
East Sussex Grant
4.2 Other grants
WKCCG Pharmacy
WKCCG Continuing Care
Workforce Development Fund
Kent County Council Social Services
Kent, Surrey and Sussex Deanery
Clinical secondment fees
Research grants		 2024
£
1,570,898
105,893
1,676,791
2024
£
93,798
68,811
500
-
10,460
17,927
4,278
195,774		 2023
£
1,422,625
102,322
1,524,948
2023
£
141,527
124,498
1,500
12,270
3,799
-
-
283,594

All grants were unrestricted in both periods.

Page 24 of 44

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Commercial trading operations

ommercial trading operations
Income
Cost of sales
Administrative expenses
Total expenditure
Net Profit for the year		 2024
£
664,287
(42,640)
(467,680)
(510,320)
153,967		 2023
£
575,196
(48,353)
(375,465)
(423,818)
151,378

All taxable profits of the trading subsidiary will be gifted up to the Charity

Commercial trading operations cont.

Included in income is £525,820 (2023: £438,452) of transactions between the two companies that have been removed upon consolidation being the procurement charge in regard to sales made under the gift aid scheme.

6. Total net incoming resources are stated after charging:

Amounts payable to the auditors in respect of: Statutory audit
Amounts payable to the auditors in respect of other services
-
corporation tax compliance
-
accounts preparation
Depreciation
Operating lease rentals
aising Funds Expenditure
Fundraising costs
Retail Shops
Investment Management Fees		 2024
£
27,000
3,275
4,500
553,307
462,577
2024
£
884,715
2,968,417
82,565
3,935,698		 2023
£
25,850
3,200
-
455,702
462,577
2023
£
835,769
2,684,133
76,573
3,596,475

7. Raising Funds Expenditure

Page 25 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Hospice Services

Direct costs
Hospice Outreach Service (formerly Hospice in the Home)
Cottage Hospice
Counselling
Living Well (formerly Hospice Day Services)
In-Patient Ward
Children’s Service
Hospitality
Communications
Depreciation
Support Costs
Indirect costs of providing Hospice Services
Office costs
Information technology
Accommodation
Accountancy and audit
Legal Costs
Total Hospice Services costs		 Unrestricted
£
1,960,840
927,974
485,416
612,124
2,333,213
235,284
462,438
63,671
540,225
7,621,185
Unrestricted
£
616,649
48,370
322,400
32,980
25,500
1,045,898
8,667,083		 2024
Restricted
£
-
-
-
-
27,000
-
-
-
-
27,000
2024
Restricted
£
-
-
-
-
-
-
27,000		 Total
£
1,960,840
927,974
485,416
612,124
2,360,213
235,284
462,438
63,671
540,225
7,648,185
Total
£
616,649
48,370
322,400
32,980
25,500
1,045,898
8,694,083		 Unrestricted
£
1,736,924
1,069,291
348,019
305,821
2,303,517
200,233
446,021
60,931
462,054
6,932,811
Unrestricted
£
472,079
106,407
310,197
30,500
5,101
924,284
7,857,094		 2023
Restricted
£
-
-
-
-
-
-
-
-
-
-
2023
Restricted
£
-
-
-
-
-
-
-		 Total
£
1,736,924
1,069,291
348,019
305,821
2,303,517
200,233
446,021
60,931
462,054
6,932,811
Total
£
472,079
106,407
310,197
30,500
5,101
924,284
7,857,094

No Member of the Board received any remuneration, fees or reimbursement of expenses from the group during the year under review or the previous year.

No Member of the Board was associated with any contract of purchase or supply to the Hospice during the year under review or the previous year except as set out in note 23.

Page 26 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Staff costs

Staff costs
Wages and salaries
Social security costs
Other pension costs – unrestricted		 2024
£
6,759,716
616,802
542,956
7,919,474		 2023
£
6,212,324
565,271
517,901
7,295,496

The average number of people employed by the hospice (excluding Trustees and volunteers) during the year was:

Medical & Nursing
Counselling and Support Services
Fundraising (including Lottery)
Facilities, Catering and Housekeeping
Shops
Finance and IT
Management and Administration		 2024
104
24
13
22
50
14
5
232		 2023
116
22
11
18
47
11
7
233

The allocation of staff for 2023 has been reclassified to ensure that it is on the same basis as 2024

Bank (zero contract hours) and agency staff have not been included in the staff numbers

The number of employees whose emoluments exceeded £60,000 was:

£60,001 - £70,000 4 2
£70,001 - £80,000 2 1
£80,001 - £90,000 0 1
£100,001 – £110,000 0 1
£110,001 – £120,000 1 0

In respect of higher paid employees benefits were paid into a defined contribution scheme for 6 (2023: 5) employees and into a defined benefit scheme for 1 (2023: 1) employees. Total contributions to a defined contribution scheme in respect of these employees were £37,160 (2023: £19,710).

Key management personnel remuneration costs, as represented above, for the year amounted to £637,776 (2023: £483,337).

Page 27 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Pension costs

The group contributes to the NHS Superannuation scheme for nursing and medical staff and to a defined contribution scheme for other staff. The NHS Superannuation Scheme is an approved multi-employer scheme and, as such, the charity is not able to identify its share of assets or the potential liability it may have to the scheme at the balance sheet date. Contributions payable in the accounting period are charged to the statement of financial activities as they fall due. The pension costs, classified under staff costs, represent contributions payable by the group to the schemes and amount to £542,956 (2023: £517,901).

11. Tangible fixed assets

Group
Cost or valuation
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for year
Depreciation on disposal
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
Properties
£
13,024,877
-
-
13,024,877
4,442,370
400,897
-
4,843,267
8,181,609
8,582,507		 Leasehold
Shop refits
£
232,134
-
-
232,134
145,723
25,234
-
170,957
61,177
86,411		 Motor
Vehicles
£
51,050
47,083
-
98,133
41,964
7,358
-
49,322
48,812
9,086		 Equipment
£
589,107
330,496
-
919,604
231,096
119,818
-
350,914
568,690
358,011		 Total
£
13,897,168
377,580
-
14,274,748
4,861,153
553,307
-
5,414,460
8,860,288
9,036,016

Page 28 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Tangible fixed assets cont.

Charity
Cost or valuation
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for year
Depreciation on disposal
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
Properties
£
13,024,877
-
-
13,024,877
4,442,369
400,897
-
4,843,266
8,181,609
8,582,507		 Leasehold
Shop refits
£
232,134
-
-
232,134
145,723
25,234
-
170,957
61,177
86,411		 Motor
Vehicles
£
51,050
47,083
-
98,133
41,964
7,358
-
49,322
48,812
9,086		 Equipment
£
580,188
330,496
-
910,685
222,178
119,818
-
341,996
568,690
358,011		 Total
£
13,888,249
377,580
-
14,265,829
4,852,233
553,307
-
5,405,540
8,860,288
9,036,016

Page 29 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Fixed Assets Investments Portfolio

Group and Charity
Quoted and listed investments
Fixed Interest Cash Investments
Total Investments
Quoted and listed investments comprise:
UK managed funds
Movements on quoted and listed investments:
Market Value at beginning of the year
Additions at cost
Disposals at carrying value
Dividends reinvested
Net loss/(gain) on revaluation
Movement on cash balance
Market value at the end of the year
Cost of Quoted and Listed Investments
Cost of Fixed Term Cash Investments
Total Cost as at 31stMarch 2024		 2024
£
18,593,429
2,181,416
20,774,845
18,593,429
15,693,608
1,000,000
0
481,384
1,374,348
44,089
18,593,429
14,481,905
2,168,511
16,650,416		 As restated
2023
£
15,693,608
499,000
16,192,608
15,693,608
16,176,516
41,303
0
439,420
(962,008)
(1,624)
15,693,608
12,956,285
499,000
13,455,285

Investments which comprise more than 5% of the total market value of investments at the 31 March 2024 were:

Sarasin Alpha CIF for endowments (accumulated units)

18,593,429

Page 30 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Shares in subsidiary undertakings

2024 2023
£ £
Cost of shares in subsidiary undertakings 100 100
% of
Ordinary Country of
Shares held
incorporation
Hospice in the Weald (Trading) Limited 100% England and Wales
Hospice in the Weald (Trading) Limited, company no 1886504, has assets of £168,244 and liabilities of
£7,825.

14. Stocks

14. Stocks
Group Charity
2024 2023 2024 2023
£ £ £ £
Goods for resale 7,792 7,291 - -

Page 31 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Debtors
Other debtors
Trade debtors
HITW (Trading) Ltd
Accrued income
Prepayments and deferred costs		 Group
2024
2023
£
£
147,765
124,432
1,531,554
1,313,581
-
-
489,536
801,111
370,869
278,760
2,539,724
2,517,884		 Charity
2024
2023
£
£
147,765
124,432
1,531,554
1,313,581
-
-
489,536
801,111
370,869
278,760
2,539,724
2,517,884		 Charity
2024
2023
£
£
147,765
124,432
1,531,554
1,313,581
-
-
489,536
801,111
370,869
278,760
2,539,724
2,517,884
2,517,884

16. Creditors

16. Creditors
Amounts due within one year
Trade creditors
HITW (Trading) Ltd
Other Creditors
Other taxation and social security creditor
Pension accrual
Accruals
Deferred income
Deferred Income
Brought forward
Deferred income
Released
Carried forward		 Group
2024
2023
£
£
483,049
341,705
-
-
-
11,500
147,111
128,428
65,469
39,233
134,787
112,268
1,424,705
1,335,499
2,255,122
1,968,633		 Charity
2024
2023
£
£
483,049
341,705
154,380
34,197
-
11,500
147,111
128,428
65,469
39,233
126,962
112,268
1,424,705
1,335,499
2,401,677
2,002,830
2024
2023
£
£
1,335,499
56,441
1,424,705
1,335,499
(1,335,499)
(56,441)
1,424,705
1,335,499
2,002,830
2023
£
56,441
1,335,499
(56,441)
1,335,499

Deferred income relates to lottery subscriptions paid in advance of the weekly draw and released as the draw takes place and Grant income for 2024/25 invoiced prior to the year end for the year 2024/25.

The advance from Hospice in the Weald (Trading) Limited represents the net of the donor procurement charge to the Charity and the retail costs charge to the Trading company.

Page 32 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Financial Instruments

Financial Instruments - Group 2024 2023
Carrying amount of financial assets £ £
Equity instruments measured at fair value through profit loss 18,593,429 15,693,608
Financial Instruments - Charity
Carrying amount of financial assets £ £
Equity instruments measured at fair value through profit loss 18,593,429 15,693,608

Page 33 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Movement in funds

Group
Unrestricted funds
General fund
Designated funds
Hospice Fixed Assets
Future Development Needs
Building Maintenance Fund
Children’s Services Fund
IT Development Fund
Sustainability programme
Technology Fund
Total designated funds
Restricted funds
Support our nurses
Reception refurbishment		 Balance at
01-Apr
2023
£
9,544,517
9,036,016
8,200,000
1,430,000
392,000
500,000
-
-
19,558,016
-
-
29,102,533		 Incoming
resources
£
13,353,182
377,580
-
-
-
-
-
-
377,580
52,000
80,000
13,862,761		 Resources
expended
£
(11,618,160)
(553,308)
(35,765)
(114,136)
(211,149)
(70,263)
-
-
(984,621)
(27,000)
-
(12,629,781)		 Transfers /
Other gains
£
(134,965)
-
335,765
384,136
319,149
(29,737)
300,000
200,000
1,509,313
-
-
1,374,348		 Balance at
31-Mar
2024
£
11,144,573
8,860,288
8,500,000
1,700,000
500,000
400,000
300,000
200,000
20,460,288
25,000
80,000
31,709,861

Restricted funds are those funds given by the donors for specific purposes as follows:

Support our nurses – funds given to cover nursing salaries for a specific period of time

Reception refurbishment – funds given to specifically enhance our reception area to improve the experience for visitors and our team. This work is currently planned for 2024/25.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Movement in funds cont.
Charity
Unrestricted funds
General fund
Designated funds
Hospice Fixed Assets
Hospice Building Fund
Building Maintenance Fund
Children’s Services Fund
IT Development Fund
Sustainability Programme
Technology Fund
Total designated funds
Restricted funds
Support our nurses
Reception refurbishment		 Balance at
01-Apr
2023
£
9,393,139
9,036,016
8,200,000
1,430,000
392,000
500,000
19,558,016
-
28,951,155		 Incoming
resources
£
13,366,094
377,580
-
-
-
-
-
-
377,580
-
52,000
80,000
13,875,673		 Resources
expended
£
(11,640,012)
(553,308)
(35,765)
(114,136)
(211,149)
(70,263)
-
-
(984,621)
-
(27,000)
0
(12,651,633)		 Transfers /
Other gains
£
(134,965)
-
335,765
384,136
319,149
(29,737)
300,000
200,000
1,509,313
-
-
1,374,348		 Balance at
31-Mar
2024
£
10,984,255
8,860,288
8,500,000
1,700,000
500,000
400,000
300,000
200,000
20,460,288
-
25,000
80,000
31,549,543

Designated Funds : The Trustees have designated funds to provide for future development and maintenance of the Hospice buildings; Children’s Services development for the coming year; ICT Development Fund to continue to improve IT infrastructure and business systems; Sustainability programme to achieve sustainability goals; Technology fund to invest in future advances in care

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Net movement in funds cont’d

Comparative figures - Group

Unrestricted funds
General fund
Designated funds
Hospice Fixed Assets
Future Development Needs
Building Maintenance Fund
Children’s Services Fund
IT Development Fund
Total designated funds
Restricted funds		 Balance at
01-Apr
2022
£
9,006,423
8,877,196
8,196,748
1,000,000
500,000
500,000
19,073,944
-
28,080,367		 Incoming
resources
£
12,663,269
335,053
-
-
-
-
335,053
-
12,998,322		 Resources
expended
£
(9,490,089)
(462,054)
(1,080,696)
(276,190)
(89,770)
(54,770)
(1,963,480)
-
(11,453,570)		 Transfers /
Other gains
£
(2,635,086)
285,821
1,083,948
706,190
(18,230)
54,770
2,112,499
-
(522,587)		 Balance at
31-Mar
2023
£
9,544,517
9,036,016
8,200,000
1,430,000
392,000
500,000
19,558,016
-
29,102,533

Page 36 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18.
Net movement in funds cont’d
Comparative figures - charity
Unrestricted funds
General fund
Designated funds
Hospice Fixed Assets
Future Development Needs
Building Maintenance Fund
Children’s Services Fund
IT Development Fund
Total designated funds
Restricted funds		 Balance at
01-Apr
2022
£
9,006,423
8,877,196
8,196,748
1,000,000
500,000
500,000
19,073,944
-
28,080,367		 Incoming
resources
£
12,240,704
620,874
-
-
-
-
620,874
-
12,861,578		 Resources
expended
£
(9,504,724)
(462,054)
(1,080,696)
(276,190)
(89,770)
(54,770)
(1,963,480)
-
(11,468,204)		 Transfers /
Other gains
£
(2,349,265)
-
1,083,948
706,190
(18,230)
54,770
1,826,678
-
(522,587)		 Balance at
31-Mar
2023
£
9,393,139
9,036,016
8,200,000
1,430,000
392,000
500,000
19,558,016
-
28,951,155

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Analysis of group net assets between funds

Group 2024
Fixed assets
Investments
Current assets
Current liabilities
Charity 2024
Tangible fixed assets
Investments
Shares in subsidiary company
Current assets
Current liabilities
Group 2023
Fixed assets
Investments
Current assets
Current liabilities
Charity 2023
Tangible fixed assets
Investments
Shares in subsidiary company
Current assets
Current liabilities		 General
Funds
£
-
9,174,845
4,224,849
(2,255,122)
11,144,573
-
9,174,845
100
4,210,987
(2,401,677)
10,984,255
£
-
5,670,608
5,842,543
(1,968,633)
9,544,517
-
5,670,608
100
5,725,260
(2,002,830)
9,393,139		 Designated
Funds
£
8,860,288
11,600,000
-
-
20,460,288
8,860,288
11,600,000
-
-
20,460,288
£
9,036,016
10,522,000
-
-
19,558,016
9,036,016
10,522,000
-
-
-
19,558,016		 Restricted
Funds
£
-
-
105,000
-
105,000
-
-
-
105,000
-
105,000
£
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
£
8,860,288
20,774,845
4,329,849
(2,255,122)
31,709,861
8,860,288
20,774,845
100
4,315,987
(2,401,677)
31,549,543
£
9,036,016
16,192,608
5,842,543
(1,968,633)
29,102,533
9,036,016
16,192,608
100
5,725,261
(2,002,830)
28,951,155

Page 38 of 44

HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20. Operating leases – All Property

At 31 March 2024 the group and charity were committed to:
Leases which expire - within one year
- within 2 to 5 years
- after 5 years
21. Reconciliation of net income to net cash flow
Net income for the reporting period (as per the
Statement of financial activities)
Adjustments for:
Depreciation charges
(Gains) / losses on investments
Dividends, interest and rents from investments
(Profit) / loss on the sale/disposal of fixed assets
Decrease / (Increase) in stocks
Decrease / (increase) in debtors
Increase / (Decrease) in creditors		 2024
2023
£
£
433,791
597,541
1,182,577
1,590,227
400,677
407,419
2,017,045
2,595,187
Group
2024
2023
£
£
2,607,328
1,022,166
553,307
455,702
(1,374,348)
962,007
(708,573)
(562,820)
-
-
(501)
(526)
(21,840)
(1,766,723)
286,487
1,260,780
1,341,862
1,370,586		 2024
2023
£
£
433,791
597,541
1,182,577
1,590,227
400,677
407,419
2,017,045
2,595,187
Group
2024
2023
£
£
2,607,328
1,022,166
553,307
455,702
(1,374,348)
962,007
(708,573)
(562,820)
-
-
(501)
(526)
(21,840)
(1,766,723)
286,487
1,260,780
1,341,862
1,370,586
1,370,586

22. Members’ liability

Hospice in the Weald is a company limited by guarantee, with no share capital. Every member undertakes to meet the liabilities of the company in the event of its being wound up. The potential liability of each member does not exceed £1. Total guarantees at 31 March 2024 were £25 (2023: £25).

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

23. Related party transactions

A net total of £66,346 (2023: £59,256) of transactions between Hospice in the Weald and Hospice in the Weald (Trading) Limited have been removed upon consolidation. £6,000 (2023: £6,000) is for shared office facilities at the Hospice building, £525,820 (2023: £438,452) is the procurement charge in regard to sales made under the gift aid scheme referred to in note 5 and an administration charge of £458,183 (2023: £381,596) from the Charity to the Trading Company. Included within creditors in the Charity balance Sheet is an amount of £154,380 (2023: £34,196) owed to Hospice in the Weald (Trading) Limited, a wholly owned subsidiary of Hospice in the Weald. This balance was eliminated on consolidation .

Related party transactions are carried out on an arm’s length basis

24. Capital Commitments

At 31 March 2024 the group had no capital commitments (2023: £nil).

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

HOSPICE IN THE WEALD

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOSPICE IN THE WEALD

Opinion

We have audited the financial statements Hospice in the Weald (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the group statement of financial activities, the group and charity balance sheets, the group cash flow statement and the notes to the financial statements, including significant accounting policies. The financial reporting 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

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

Matters on which we are required 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 identified material misstatements in the Trustees’ Report and Strategic Report.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities on page 16, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

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

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

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Further the group is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the group’s operations. We identified the most significant laws and regulations to be those issued by the Care Quality Commission covering health care services and those issued by the Gambling Commission covering the requirements for running a lottery.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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HOSPICE IN THE WEALD & SUBSIDIARY COMPANY

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery LLP

Saffery LLP Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

11 November 2024

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 44 of 44