A HOSPICE IS A GIFf THE COMMUNITY GIVES TO ITSELF ANNUAL OR & ACCOUNTS Hospice of St Francis (Berkhamsted) Limited For the year ended 31 March 2024 Company Number.. 1507474 Registered OffKe'. Hospice of St Francis (Berkhamstedl Limited Spring G3Tden Lane, Berkhamsted. Hetts, HP4 3GW stfrancis.org.uk The Hospice of st francis Reg Charlty No. 280825 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hospk¢ c15t1￿r￿ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Chairfs Report Patient & Family Stories Report of the Board of Trustees Patrons and Trustees of the charity Management and advi50r5 Objectives and activities Achievements and performance in 2023124 Principal risks and uncertainties Flnancial revlew io li 12 15 17 18 Reserves Investment policy Structure, governance and management Public benefit statement Employees and volunteers Statement of Trustees, responsibilities Report of the Auditors Consolidated Statement of Financial Activities Consolidated and Charity only Balance Sheets Consolidated Cash Flow Statement Accounting Policies Notes to the Accounts 19 20 20 21 22 24 28 30 31 32 36 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED {Company limited by guarantee) CHAIR'S REPORT of 51 fra￿15 Tim Curryi Chair of the Board of Trustees. 2024 is our 45, year serving a population of 506,710 in South West Hertfordshire and South Buckinghamshire. Over those 45 years, the Hospice of St Francis has now supported 33,000 people. In our fundraising, trading and in recruiting staff and volunteers, a shared interest is the start of our relationship. This approach is at the heart of alliances and partnerships with other organisations. By delivering on shared interests we deliver better impacts in our community. Dacorum Council has, for example, renewed the discretionary business rate we pay, helping us to bring more 8reat shopping experiences to the high street. Hertfordshire County Council gives the grant that funds our nature walk5; mental and physical health throughout our lives is a shared priority. Workin8 together with Rennie Grove Peace Hospice Care, the Central London Community Healthcare NHS Trust, local Acute Trusts and GPS means we can make it easier for people to get the palliative and end of life care they need. Working with other H05pices across Hertfordshire and West Essex means we speak with one voice about the impact of Hospice care. In 2023124, collaboration with the NHS and other Hospices has never been stronger. Every organisation. every one of us, is grappling with financial choices. This year, we were delighted to take part in Financial Benchmarking run by Hospice UK. It's an opportunity to share, learn and contribute to a national data set about the way hospices are funded and how they use that funding. Post pandemic, the economic climate is tough. 2023124 was the second year of our post pandemic financial recovery plan. Thi5 plan runs until 2026/27, when we are aiming to Stop drawing on our reserves. If we do not maintain our trajectory to rettjrn to financial balance, like many hospices up and down the country, service closures will become part of our plan, too. This year our plan is continuing to work, and I thank mv fellow Trustees for their confidence in committing the use of some reserves every year until 2026 to bridge the gap between the income we can raise and the cost of funding the growing need for Hospice care. I would like to thank juliette Mountford, Trustee, who completed her term of office, and extend a warm welcome to Sandra Turner, who joined the Board in 2023.1 woul(J also like to thank Sharon White, our out- going Director of Finance and Performance, for her service, and welcome Karen Hart, who came into post in time for the slte visit by our auditors, overseeing the completion of the work of our finance team in providing information. I pay tribute to our staff and volunteers for di8gin8 deep, responding to 1,129 rkew referrals this year. This means, together with people already in our care when the 2023124 financial year opened, our clinical teams cared for 1,793 people in 2023124. The complexity of need and the different illnesses people have when they come to U5, meaning most people being more poorly when they are referred, is 3 continuing trend. Phtients spent on average 50 fewer days in our care than in 2022/23. Another trend, that is just as important in delivering our strategic objective to double our reach, is the essential role of hospices in care for people after successful invasive treatments who need specialist rehabilitation. IO% of people we cared for this year came to us for these reasons. In making changes to meet patients, choice for more H05pice care at home, the executive team, stafF and volunteers caring for patients made changes to increase our virtual beds from 5-10. These changes came at the cost of reducing the number of in-patient beds we can fund. Occupancy in our in-patient beds averaged 87Yo when we had 10 beds open from April-october and increased to 93% when we closed two in-patient beds. The Board is rightly proud of this kind of innovation and improvement in delivering on our mission and vision, and I would encourage you read this year's quality account to find out more. I would also thank our executive team for working hard in implementing decisions to make savings that are closing the gap we need to bridge with reserves. Our commitment to optimise the benefits of information HOSPICE OF ST FRANCIS IBERKHAMSTED} LIMITED (Company lirnited by guarantee) CHAIR'S REPORT TheHosplte ol stfr￿lS technology, by, for example, reducing the volume of manual uploads and the number of software systems we use, has meant asking staff to learn different ways of working that in the medium term will realise financial savings. Our partnership with Xperience has been at the heart of changes like these. Many other initiatives to improve efficiency have come from our staff. But, at a time when external costs are continuing to rise, this is the second year that some of our staff left the hospice through voluntary redundancy. My thanks to them for their Service and to our People SeNice5 Team for their compassion in supporting people through this process. The crucial importance of how we fund Hospice care was underlined by two reports in 2023.. the population projections report by the Office of National Statistics IONS) and Marie Curie'5 report on the need for palliative care. The ONS report said that from this point forward the number of people dying is projected to be an exponential rise. Marie Curie looked at the illnesses people have, including those recorded as an underlying or contributory cause of death. As our population ages, most people have more than one illness when they die. They toncluded that we need to think differently when planning palliative and end of life care. Thinking differently means planning for the need5 Of 90.4Yo of people who die each year. 100% of us need to know that Hospice care will be there for us, forour families, friends and neighbours. Post election, Hospice UK have been taking this conversatlon into the public domain. At the Hospice of St Francis, 81% of the money comes to us as a gift from the community. Our local NHS invests another 18%. In the next phase of our financial plan, given further increases in the cost of living from mortgages to household bills are expected, we hope fundraising donations and gifts in wills can stay at or just above the same level until 2026. This is a big ask of our donors. We have launched new ways to give, like our regular appeal,. a regular gift means we can plan together with our donors and give greater certainty in funding the hospice. Together with over 100 other hospices, we are working with Hospice UK on a national legacy giving campaign. Our Fundraising Team won the national Smee and Ford Legacy Fundraising Award for their legacy giving campaign #lwill. which included a film showcased in The Odyssey and The Rex Cinemas. Our approach also includes plans for new sources of income, building on what works economically. We welcomed 39% more customers to our shop5 in 2023124 compared to the previous year. In 2024 and going forward we are planning to open more local shops. Online and on the high street our shops are our front door, often the first place people come across the work of the Hospice of St Francis. Our shops won the inaugural Charity Retail Social Impact Award. This new and important award recogni5es the added value charity shops contribule to the sustainability and well-being in their local communities. Compared to the average value of social impact1£7 return for every £1 invested), our shops deliver £13. Like many charities, we are looking to new commercial opportunities where, like our shops, the profits would fund our care. We are looking to investors who could kick start our entry into the market, helping to reduce the time from start up to profitability. We think this kind of income has a part to play to protect Hospice care and 'completely'close the gap, between income and expenditure. Our 2023 fundraising sutvey told us the top two reasons people want to give the gift of hospice care: someone they love has had care from the Hospice of St Francis, or because they want to give to a local charity they can see doing good. Hearing the stories about how the Hospice of St Francis does good, inspires. We include some of these stories in our annual accounts. The generosity of those able to share their story on Facebook, or Insta reel, motlvates other people to get involved.. helping a neighbour, by taking a donation to our community owned shops, bringing us furniture to up-cycle, applying to join the Hospice team, making a donation, taking part in our events or running one, becoming a volunteer, corporate partner or gettinB in touch to get Hospice care. If you are reading about the Hospice of St Francis for the first time, are you already part of our Hospice? The future of Hospice care needs all of us. rim Curry HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee) PATIENT AND FAMILY STORIES TheHosplte THE GIFT OF SIGHT 43% of the UK population128 million people) have registered to be organ donors. Health and care treatment for a potentially terminal illness can affect our organs and prevent us from being able to make that choice. What most organ donors don't know is that, even after this kind of treatment, you can continue to give the gift of sight by registerlng to donate your corneas. We support people who want to make this choice. It's life chan81118 for the patient and their family and the people who receive the gift of sight. Working with the National Tissue Donation Team after the pandemic we re-launched 'The Gift of Sight,. In 2023124 forty-one patients decided to register, so far eighty-six Hospice of St Francis patients have registered to give the gift of sight after they die. LIZ'S STORY. They put me back together and made it ok again." Llz, 78 from St Albans, describes how she "couldn't have been any lowerf, when she was first referred to the Hospice. She has been living with liver cancer for 8 months, for which she chose not to have treatment. Her condition deteriorated and Liz was taken to A&E, with a collapsed lung and later a chest infettion. Reflecting on her time at the Hospice of St Francis Liz said, "I've been transformed. At hospital l just didn't want to go on any longer. I said to my husband that I just wanted them to let me go." Liz's husband, Mick, has been able to visit regularly, something which wasn't permitted whilst in hospital. Liz explains how she found it really difficult: "Alongside the nursing team, I really needed my husband to help me through it. The Hospice ethos is to help people to live their precious lives well through improving symptoms, achleving personal goals and helping them to feel safe, and Liz reflects, 'It's not just your health that they treat, it'5 your whole wellbeing. Alongside the extra oxygen brought in specifically to help my breathing, I've had physiotherapy and exercise sessions with Louise IHospice Rehab team). It's all part of the jigsaw and it all fits. The￿ve given me things to help and support me at home." Liz, who worked at Hemel Hospital for 26 years, was preparing to return home when she kindly shared her story.. "I just can't wait to get home, and get home feeling well. It's not just about getting better, it's how they do it. I'll be able to see my great-grand daughter next week." During her stay, Liz discussed the possibility of corneal donation, something offered through the Hospice.. Yhey can't use a lot of me, but I've spoken to the doctor about corneal donation." She concludes, "I wish more people could experience the care I have- it has made a huge difference." HOSPICE OF ST FRANCIS (BERKHAMSTED} LIMITED (Company limited by guarantee) PATIENT AND FAMILY STORIES HOSPICE CARE THROUGH THE GENERATIONS- ELISE'S STORY "Mum was a GP who covered the Hospice on certain days of the week. I remember going to the Christmas Day seNice when I was 12 or 13 at the old hospice on Shrublands Road. I was quite struck that it didn't feel like a hospital. They pushed in a couple of the patients, beds and sang carols." '1 think Mum guided me into this to some extent. As I got a bit older, Mum would tell me stories of the people that she'd seen. I remember asking her at the time how she dealt with it. She said that emotionally it can be very difficult when patients have a similar life story to you. Or if they're in a similar phase in their life. When I was 19, 1 worked as a healthcare a5SiStant in a care home. I realised it's so rewarding to look after people who can't care for themselves anymore. l also learned that a huge part of the role is about supporting relatives. '1 understood quite early on that doing 3 medical degree wouldn't necessarily mean I was going to cure people. But you can be a real pillar to support people at a time in their lives. "As part of my GP training, I worked in a hospice for six months and I loved it so much. When this job lat the Hospice of St Francisl came up, it was almost fate that I had to apply. I genuinely feel that this is one of the only places I've worked where everybody is still very passionate about what they do. I love that we have a close-knit team. l often leave work and think about how lucky l am in my own life and how important every day is." "I think working in a hospice is 3 really humbling experience. Mum is retired now, but we often talk about my work. She has a special understanding of what I do." HOSPICE OF ST FRANCIS (BERKHAMSTEDI LIMITED (Company limited by guarantee) PATIENT AND FAMILY STORIES The Hosplee of sl har￿ls HOSPICE CARE THROUGH THE GENERATIONS-THE CUNDALES 'Neil and I had fallen in love at work, where we were both accountants. I loved his intelligence, sociability and natural kindness. Whether Neil was reading a bedtime story or splashing with our two daughters in a pool, he wa5 a loving, present father. As devoted to our girls as they were to him. A hands-on dad, taking the girls to baby groups and making up silly songs. He taught Lucy to kick a ball and Bethany to ride a bike. Every Saturday morning, Neil and the girls would bake desserts to tempt me when I came home from my run. Neil loved taking care of people, which meant feeding us well. We were getting ready to celebrate Neil's 40, birthday with a family holiday abroad, but he'd been feeling unwell for a few months. We cancelled the trip because Neil needed a colonoscopy. On the day we finally met the surgeon, I'd convinced myself that it couldn't be cancer. But in one short moment, our live5 shifted. Neil had a stage four tumour. It was too big to operate on. This floored me. I started crying uncontrollably. I suddenly saw how this would 80. How I wa5 going to lose Neil and the girls wouldlose their father. Neil was in shock. When we got home, he fell to the ground and sobbed. Lucy was eiBht years old. 8ethany was six. Neil couldn't stand the thought of leaving his daughters without a father. He underwent relentless courses of treatment to try to prolong his life. He wanted to endure as much as he could. he was also having to deal with infections, blood clots, rashes and painful swelling. He was so, so tired, but he continued working and taking care of the girls. He and Bethany walked to school each morning. We cuddled each other and talked, holding hands in bed. The oncologist said Neil should never be in pain, but he was suffering overwhelming pain. We didn't know where to turn and felt very alone. One year and two months after Neil's diagnosis, we arrived at the H05pice of 5t Francis. It felt like such a relief. Being listened to with empathy and patience, Neil felt 50 comfortoble in the Hospice. Dr Katy added extra time to Neil's life by spotting an infection and acting swiftly. I had been living two lives, rushing around like a madwoman. When I got to the Hospice, it was like an 035is. Neil moved into one of the studio apartments. We could be there as a family. I could have every dinner there with Neil, walk with him through the garden. We had time to have all the conversations we needed to have. Time to cry. Time to eat lots of puddings together. Time to just chill out in the Cuddle Bed together- to lay together, watching TV. The girls sometimes stayed overnight in the family room and we'd have a pizza night or play Nintendo. Lucy kept sayinE how lucky Daddy was to be in such a beautiful place. 8ethany loved exploring the gardens, and Neil would walk with her to the pond when he could. He asked the nurses to help him so he could make little crispy cakes with the girls in his room. Those days and nights meant so much to us, all together, without all the hustle and bustle of everyday life. Neil died lying next to me, holding my hand. His breathing grew slower, he was peaceful, and I was talking to him the whole time. I was telling him how much he was loved, how proud we were of him. I repeated the children's last words to him. Lucy had said, 'Vou will always be in my heart., Bethany had said, 'Nibbles loves Dibbles" their pet names. H05PICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) PATIENT AND FAMILY STORIES Themosplce of Stfvar￿ls I reminded Neil that the children would be his legacy, and I would look after them and be the best mum I could be. I kissed him. Some of his last words to me were "I know you will" and '1 love you." The Hospice means so much to us- it touches so many people in the community. The girls recently held a cake sale to raise money, and I'm bringing friends and family together to fundraise, too. That extra time we spent with Neil was so incredibly precious. I want other families to be able to have that too. I have set myself a target to raise £lOO,000." htt WWW.5tfrancis.or hos ice-a eal HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Hosplce nl st Iraws PATRONS AND TRUSTEES OF THE CHARITY PATRONS Robert Voss CBE, The Lord Lieutenant of Hertfordshire Jo Connell OBE DL Dr Vivienne Cox CBE Dr Ros Taylor MBE Dr Rama Vancheeswaran The Rt Hon Sarah Green MP forAmer5ham and Chesham The Rt Hon Gagan Mohendra, MP for South West Hertfordshire Dr Peter Carter OBE Hilary McNair Charles Toner Alison Woodhams HONORARY PATRONS Joan Gentry Sir Mike Penning, MP for Hemel Hempstead BOARD OF TRUSTEES: Membership of committees and directorships of subsidiary company Tim Curry Ichairl Richard Houghton Jennifer Jenkins Parul Kanabar Kathryn Magson Juliet Mountford IResigned 21 December 20231 Natalie Pankova Massimo Petronio (Deputy Chairl Eddie Powell Shailen Rao Margaret Salmon Phillip Sewell Tim Symington (Treasurer) Sandra Turner IAppointed 4 October 20231 IGC, Subsidiary Company PGC FARR, PGC CGC, IGC FARR, PGC IGC, CGC FARR, PGC IGC, PGC, Subsidiary Company CGC, Subsidiary Company CGC, FARR, PGC IGC, FARR CGC, FARR CGC Key to commlttee membership: Board Committees Income Generation IIGCI People and Governance IPGCI Clinical Governance ICGCI Finance Audit, Risk and Resources IFARRI Subsidiary Company 'Director of Hospice of St Francis Trading Ltd IT) HOSPICE OF ST FRANCIS {BERKHAMSTEO) LIMITED (Company limited by guarantee} REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Thg Hosplce nf sl frfincj5 HOSPICE MANAGEMENT AND DETAILS OF ADVISORS CHIEF EXECUTIVE OFFICER: Kate Phipps-wiltshire EXECUTIVE TEAM: Dr Sharon Chadwick (Medical Director &Deputy CEO) Joe Burrows IDirector of Digital Media and Commsl Sarah Coles (Director of Sustainable Trading) Kate Grigg IDirector of Fundraising) Fay Richardson IDirector of Carel Polly Traxler (Director Integrated Governance/Family Support) Sharon White IDirector of Finance & Performance - until 31 March 20241 Karen Hart (Director of Finance & Performan￿ - from 24June 20241 REGISTERED OFFICE: Hospice of St Francis Spring Garden Lane Berkhamsted Hertfordshire HP4 3GW COMPANY REGISTRATION NUMBER CHARITY REGISTRATION NUMBER 01507474 Registered in England and Wales 280825 Registered in England and Wales Telephone.. Website.. Email= Facebook.. Twitter.. Instagram.. 01442 869550 www.stfrancis.or info stfrancis.or .uk facebook.com/thehospiceofstfrancis @hospicstfrancis @hospicestfrancis AUDITORS: Saffery LLP 71 Queen Victoria Street London EC4V 4BE BANKERS: Lloyds Bank PLC 198-200 The Marlowes Hemel Hempstead Hertfordshire HPI IBH SOLICITORS: SA Law 36-38 Upper Marlborough Road St Albans Hertfordshire ALI 3UU INVESTMENT ADVISOR.. Barclays Wealth, London I Churchill Place London E14 5HP io HOSPICE OF ST FRANCIS {BERKHAMSTED) LIMITED (Company Ilmited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The H05pIcé nf fit Fr¢in￿5 OUR MISSION & VALUES A Hospice is a gift a community gives to itself Our founder Pam Macpherson sasd.. he H05pice of St Francis isfor obsoliitely everyone. termin¢TI i11fr7ess Is no respecter of age, race orsex.-She sold, -Everyone hos a tulent ond the Hospice nved5 011 the tolents- As port of our celebratlon of Hosplce culture. dtversity our history a gift ffom a generous donor enabled us to commlsslon a stulpture that represents Pam's contributlon to the Hospice and the influence she contSnues to have. Our origlnal volunteers inclvded Alumni from Berkham- Sted School. this year Berkhamsted honoured that shared his- tory by donailng iwo benches rnade from sustainable wood where you tan sit and enjoy the sculpture and the gardens. From our founding articles of association OURVISION OUR MISSION OURAIMS To achieve ourvlsion by providing out- standing care and support to patients.... and those close to them. To transfr&rm the quality ol lrfe for people living wlth life limiting ,.Illnesses and provide 5LlPPOrt for those £lose to them A community whe people wlth15fe-lirnitingtr I" Illnesses live well until & To share expertlse through collabora- the end of their Ilves and tlon, Innovation and education. J iheir familles receive th¢." To sufficlently en8a8e the sUPPOrt of support they requlre. our commLtnity to enable u5 to deliver our vision and mission. To ensure high quallty provlslon of care through education and researc To sustain and expand our servlees through excellent finance How we express this commitment now Double the reach The need for our care is changing and so are we of our care Fund the Hospice now & for future To live What we do is lead by you Always learning and die well generations li HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ThÈ Hosplce Achievements and performance in 2023124 STRATEGIC AIM., DOUBLE THE REACH QF OUR CARE BY 2029 PRIORITIES 2023124 TAcrics OUTCOME The Hospice moved trom 10 beds on the in-patient unit and 5 virtual beds to 8 beds on the in-patlent unit and 10 virtual beds. In 2023124 91 patients had 109 '5tays' on our virtual ward compared to 103 stays in 22123 by 88 patients. The average length of stay in our acute virtual beds is 7.5 days arkd in our complex care virtual beds 13 days. The average occupancy on our in-patient unit April- October110 beds) was 87%. The average occvpancy November-March18 beds) was 93%. The average length of stay on our in-patient unit was 12.5 days. Our inpatient unit admits people at the time of day that's right for them. In 23124 on average 13Yo of admissions happened in the evenings or over a weekend. In five months of the year 19 %- 36% of all admission5 happened at these times because that wa5 what patients needed. The team runs the out of hours helpline for SW Hertfordshire taking calls from professionals, patients and family members in the evenings, weekends on bank holidays. They responded to 742 calls in 23124 bank holidays. They responded to 742 calls in 23124. The Hospice has seen an increase of 30% in all referrals 12020121- 20231241. The change5 to the balance of beds released the equivalent of a programmed activity (Medical contract) Monday-Friday for a doctor to work in the community team, increasing capacity and responsivenes5. To make it easier to share information, SharePoint replaced the previous electronic document storage and Teams phones were fully implemented. The Hospice uses response standards jointly agreed by the two Hospices and the NHS in SW Hertfordshire.. Pl Emergency Face to face within four hrs. P2 Urgent Contact or visit within 24 hrs P3 Responsive Phone calllvisit within 72hr5. Our teams met the P response standards for 1,107 lor 98%1 of the 1,129 people referred in 23/24. Pl was met IOOYO of the time. There were 15 times when we could not meet the P2 standard. The virtual ward wasn't what the patient needed on referral and we didn't have an IPU bed available. This happened 7 times when we had 10 IPU beds and 8 times when we had 8 IPU beds, even though for patients who could not stay where they were when referred, we flexed up to 11 or 9 beds to admit them. In June and February, a patient did not receive a phone call from us within 72 hours of referral IP3 standardl- In June and January, our first contact with a patient happened after one week from the date of referral IP41 We responded within 24-48 hours after the response time. Choice about how, when and where care takes place The option of.. a virtual bed and an inpatient bed when you need it Responding quickly To the needs of supporters and donors as well as people needing our care Create capacity to ensure that we can respond to the increasing number of referrals, 12 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Ilosplce StfraT￿ts 2023124 has been tireless year for cardiac and respiratory care. In addition to our Medical Director Dr Chadwick, another member of our medical team now does a weekly out-patient clinic. Our lecturer practitioners do clinical work as well as teaching. Working differently As one BIG team, staff, volunteers, partners and local people Build on work to date to develop new clinical roles or new ways of working Three members of the Education Team see patient5 and help to 5UPPOrt therapeutic patient groups. Our carers and familv support service used their funding differently to create a support worker post, increasing capacity for family support. Our Medical Director, working with the NHS and specialist supplier, introduced MyAirVo, a piece of equipment that makes It easier for patients to get highly concentrated humidified oxygen into the lungs, making breathing more comfortable. 43Yo of the UK population128 million people) have registered to be organ donors. Health and care treatment for a potentially terminal illness can affect our organs and prevent us from being able to make the original gift of orEan donation we intended to 8ive. What most organ donors don't know 15 that, even after this kind of treatment, we can continue to give the gift of sight by registering to donate our corneas. With the National Tissue Donation Team after the pandemic we re-launched 'The Gift of Sight,. In 2023124 forty-one patients decided to register, so far eighty-six Hospice of St Francis patients have registered to give the gift of sight after they die. 13 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limlted by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Tho Wce of 4 frrancis STRATEGIC AIM: FUND THE HOSPICE NOW AND FOR THE FUTURE PRIORITIES ' 2023124 Choice about how, when and where care takes place TAcrics OUTCOME Work with our partners to claim continuing health care income People coming into IPU have more complex needs, more people are likely to meet the CHC threshold for NHS funding. Working with the NHS continuing healthcare income team, who review patient needs and authorise funding for care where patients are eligible. Despite this increase in demand, CHC income for the H05pice fel5 from £1,491k in 2022123 to £1,388 in 2023/24. 8% of patients referred themselves. Sales of £178,666 thanks to our customers online. £157,478 given in donations online. Update our website to make it easier to refer yourself for care, buy on- line, book on- lineto take part in events and donate online Targeted campaigns for regular givers and #lwillfor legacies, working with other Hospices when this is more powerful Applying the learning we collect electronically at pointof saleto increase customer numbers and sales Our campaign #lwill 1% to inspire more people to leave a gift in their wlll, won the national Smee and Ford Award for'Legacy Campaign on a shoestring,. Working with partners in our community the campaign included a cinema advert shown at The Odyssey in St Albans and The Rex In Berkhamsted. We are one of 160 Hospices working with Hospice UK on a national campaign about legacy funding, to encourage more people who can, to include their local Hospice in their will. This campaign is scheduled to go live in 2025. Working differently Asone BIG team, staff, volunteers, partners and local people 39% increase in customers numbers in 2023124. Winner of Charity Retail Association Social Impact Award. The average charity shop delivers £7 in social impact for every £1 invested. The Hospice of St Francis Shop5 deliver £13 in social impact for every £1 invested. Maintenance tasks on the PPM, allocated based on individual skill, has improved planning and prioritlsing their workload. this has had a tremendous, positive impact on the service levels now offered to all departments, which 15 a real achievement. We continue to take instructions via the online maintenance log. this is diminishing in favour of the "department specific" WhatsApp group we introduced, which now account for 75% of our communication5 regarding urgent requests. The only downside to WhatsApp is that it doesn't offer a reporting function, but this will be overcome when we move to the PPM module in Vantage. Implement new ways of working to bring more routine maintenance in house 14 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limlted by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Hosplte nl $1 fraT￿lI ij Estates team contribution to 6% reduction in running costs in 2023124: Installed 4 x energy efficient ga5 boiler5 Replaced main water circulation valves in Plant Room Road repairs/levelling to reception car park Removed all 50ft floor coverings to improve infection control Implemented online monitoringlreporting of Legionella testing at SGL Installed new energy efficient laundry equipment that uses low temp detergents UpEraded swan neck taps to meet higher infection prevention Standards Installed new walk-in fridge & freezer Installed LED ceiling lights throu8hotJt SGL Culled approx. 45 deceased trees in woodland walk Installed 4 x beehives in meadow, honey to be sold in shops Upgraded intruder alarm monitoring system from analogue to digital Incremental replacement of more energy efficient equipment and continuou5 improvement for infection prevention Prlncipal risks and uncertainties The Board of Trustees ensures effective risk management controls are in place to manage the strategic risks facinE the Hospice. The Board of Trustees manages thi5 responsibility through oversight of the Hospice'5 risk management policy and procedures. Core Domain Compliance Proposed explanation of risk appetite for the Hospice of St Francls The charity regards any project or activity that would threaten its compliance with statutory, regulatory, professional or ethical requirements and standards for patient. family, staff and volunteer Safety and/or the safety of the public in income generation activities as unacceptable. The charity regards any project or activity (including activities of organisation5 in the supply chain) that because of the risk of adverse publicity could not be mitigated and could seriously threaten its reputation las an outstanding Hospice, trusted by the local communityl as unacceptable. The charity regards the recruitment and retention of staff and volunteers to operate core services as fundamental to maintaining reputation and compliance, and is committed to maintainin8 compliance and value, supporting and developing its people lemployees and volunteer51 and to maintaining the reputation of the charity as a good place to work. The charity encourages thinking ond action on innovative ways of working and new approaches to work and volunteering in order to support the furtherance of strate ic objectives. The charity will work to maintain the long-term financial viability of the charity, as demanded by statute and/or regulation andlor governance, and within generally accepted boundaries of financial prudence. The charity will invest to develop new busine55 and services in the context of this overall approach to financial prudence. Reputation People Financial 15 HOSPICE OF ST FRANCIS18ERKHAMSTED) LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ThÈHtsspl¢e Estates, Environment, IT and Infrastructure All charities must undertake estates, IT and infrastructure projects, and at times such projects may be major and potentially high-risk, with the aim or potential to affect substantial parts of the actlvities of the charity. The charity will always ensure that the benefits and risks are fully understood before activities or projects are authorised, and that reasonable and sensible measures of risk mitigation are established. The importance of maintaining, financial sustainat)ility is paramount in such major projects. The charity will maintain these assets and make risk-ba5ed judgements in prioritising a maintenance programme, allowing sufficient provision for the remediation of unplanned failures in critical infrastructure. The charity has environmental sustainability commitments lin the generation of power and the provision of waterl which make a contribution to the reduction of the overall carbon footprint of the charity. There is a low risk appetite for increasing the overall carbon footprint of the charitv. The charity delivers major change in the furtherance of strategic objectives, and at times such changes may be major and potentially high-risk with the potential to affect substantial parts of activitie5 of the charity. The charity will ensure benefits and risks are fully understood before activities or projects are authorised, and that reasonable and sensible measures of risk mitl8ation are established. The importance of maintaining reputation, financial sustainability and compliance are paramount in such major change projects. The charity works closely with statutory organisations Ipredominantly the NHS and local government) governed by Government Policy and holds contracts with NHS organisations. Government Policyllegislation can change the remit of the NHS and local government, change compèrative pay for clinical and care staff &lor change NHS standard contracts. This could impact on the NHS income received by the charity and/or the cost of providing care &/or ability to recruit and retain clinical staff &/or the number of people who rely upon the charity for care. Any or all of these change5 could present a major risk to the operation of the charity. Major Change Projects Government Policy 16 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The HDspIc• nf ST Irawi£ FINANCIAL REVIEW nd The 23124 budget is the 2 year of our post pandemic financial plan. Our forecast work5 on a rolling five and ten year basis. We reviewed this forecast in Qtr l and revised the voluntary fundraising and legacy income target with mitigation against other income lines. We set stretch targets for trading and in year funding from the NHS based on patient need and continued to implement rigorous cost controls. The Executive Team delivered a second round of challenging savings targets as in the previous financial year,. this included some redundancies. Overall, income increased slightly and, de5Plte tight implementation of cost control. expenditure increased by 3.6% to £8.54m in 2023124 due to Inflationary pressLsres. The treasurer has led a financial review with a focus on returning to a balanced budget a high priority. This is against a background of increasing costs, especially staff costs where we are competinE Wlth salary increasesacross the board and where we are in direct competition with the NHS to recruit specialist clinicians to continue the expert care that we provide. In 2023124 Hospice UK ran a benchmarking process. We were one of more than 100 hospices that took part. The benchmarking data shows per 1,000 head of population, that our legacy, lottery and fundraising profits are 15% higher and our trading profits 83% higher than the average adult hospice. When it comes to usinE funding as efficiently as we can, we reduced costs by 6Yo. The average reduction made was 2%. 2019120 £'ooo 9,002 2,410 4,341 10,626 2020121 £'ooo 7,891 2,174 4,635 12,210 2021122 2022123 2023124 Total income Costs of income generation Spending on charitable activities Total resetves 6,801 2,527 4,859 11,848 7,759 3,056 5,189 11,237 7,777 3.244 5,296 10.774 We spent £5.3m on our charitable activities in the year. We responded to 1,129 new refeira15 thi5 year,. thi5 is a 28% increasè in all referrals and a 39Yo increase in patient referrals. This means that, together with people already in our care when the 2023/24 financial year opened, our clinical teams cared for 1,793 people in 2023124. The complexity of need and the number of different illnesses people have, means most people are more poorly when they are referred, which is also a continuinE trend. Patients spent on average 50 fewer days in our care than in 2022123. EXPENDITURE ON CHARITABLE ACTIVITIES £6.OOOk £5,OOOk 827k £4,OOOk 748 É63 0 £3,OOOk £2,OOOk £I.OOOk Eok I I I I 2019-20 2020-21 2021-22 2022-23 2023-24 In-patients Community Outpatlents/Counselling Educatlon 17 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED {Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ()[ stlrancis FINANCIAL REVIEW- continued Flnancial forecasting The Hospice of St Francis's system of financial management and control operate5 through a rolling business plan and annual budgets. The Trustees plan to utilise reseNes during the recovery phase of the business plan to offset the 1055 of income that cannot be ameliorated by cost savings. This recovery is a primary focus of the Trustees. We forecast that the Hospice will continue to draw on its reserves, Wlth the aim of returning to financial balance. Reserves 2019120 2020121 £'ooo 221 2021122 £'ooo 290 5,678 5,880 11,848 2022123 2023124 £'o £'o Restricted reseNes Designated reserves Unrestricted reseNes Totsl reserves 263 5,499 4,864 10,626 59 S,S08 5,670 11,237 78 5,336 5,360 10,774 5,335 6,654 12,210 The Hospice of St Francis provides essential services to its local community. The importance of Hospice care to the local community continue5 to be reflected in the support of loyal donors, fundraisers and customers. however, these income streams fluctuate. Continued prudent financial management has enabled Trustees to continue to minimise draw down on those surpluses invested in reserves. The Trustees, approach to investment and positive fluctuations in the market have further protected these funds. Trustees continue to support the view that these reserves mean that the Hospice can continue to protect clinical capacity and invest in our people whilst at the same time investing in a recovery plan to protect and Erow income. Designated reserves The balance on designated reserves represents the undepreciated c05t of the Hospice building as well as funds set aside by the Trustees for capital expenditure and in the event of a disruption to our normal fundraising activities. The total amount designated for these purposes, £5.3m, is expected to be spent over the next two years. The Hospice building reserves are not available for investment, or spending, unless the buildings are sold. Unrestricted reserves Unrestricted reserves represent the financial resources available to the Hospice to invest or to spend on Hospice services. The Board of Tru5tee5 reviews the level of reserves regularly to ensure that the Hospice's operations are sustainable. The Hospice calculate5 the required level of reserves annually. Required reserve5 are estimated by reference to: The riskines5 of different income categories The level of funds required to cover unexpected expenditure or future growth Working capital requirements Provision for the costs of cutting services or restructuring the Hospice if this should be needed The resulting calculation provides a minimum level of reserves required. At 31 March 2024, the Hospice's unrestricted reserve5 were £5.3m, representing approximately 7.5 months of charitable spending Icompared to 8.2 months as at 31 March 20231. 18 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED {Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Hosplce 0151 fv3n Investment polity Our Treasurer led a review of our reserves policy. including a review of Trustees, risk appetite. The annual review resulted in a decision to slightly reduce risk, in light of the economic uncertainty, by maintaining a greater proportion of reserves in cash. Across investment funds in the year, performance improved, and the Trustees took the decision to draw down unrealised gains to protect our cash position. Cash continues to be placed on deposit weekly, where interest rates are rising, to maximise potential gain from the market. Investment portfollo objectives Total target return.. Over the longer term, the Trustees, objective for total return is absolute growth in line with operating cost inflation, assessed at 4.5% per annum. Risk Parameters: The Trustees do not set an overall risk target but consider each investment individually. In addition to statistical and volatility measurements other risks considered are= liquidity risk,. reputational risk Iboth for the Hospice and the issuer),. and credit risk. Asset Allocatlon: In accordance with a moderate risk strateEY the Trustees seek a well-diversified investment portfolio across all asset classes with a bias towards fixed income and cash. Liquidity is a major consideration in all investment decisions. Soclal, environmental and ethical conslderatlons.. The Hospice will not invest directly in tobacco-related companies and pursues ethical investing. The H05pice adheres to the Fundraising Regulatorfs code of practice in its fundraising activities. The Supporter Relationships Policy outlines the approach taken by the Hospice when carrying out fundraising activities. All Fundraiser5, whether employed by the charity or those acting on its behalf, must comply with a set of standards that commits them to being honest and open, clear in communications with supporters, respectful, fair and reasonable and accountable. The policy sets out the behaviours expected of it5 fundraisers and is reviewed every two years. The Charity follow5 the guidance set out in the Fundraising Regulator's Code of Practice and pays the annual voluntary levy to the Fundraising Regulator. In the financial year, there were no identified instances when the charity or anyone working on its behalf failed to comply with the fundraising standard5 set out in the Code of Practice. The Charity is a shareholder in the Hospice Lottery Partnership, a private company incorporated to administer a lottery in order to raise funds for the benefits of the Shareholders. The Charity has a place on the board of the company, which meets six times per year to review and monitor activities. Complaints are a standing item on the agenda. The Charity maintains a continuous dialogue with the company and discusses any complaints that are raised with regards to behaviour that is unreasonable or places undue pressure on a person to give money. The Charity seeks proof of follow up activity by the company to address this behaviour and monitors this in Board meetings. The Charity maintains a complaints log in which it records every complaint received about fundraising activity by itself or by anyone working on its behalf. There were no complaints received from April 2023- March 2024. 19 HOSPICE OF ST FRANCIS (BERKHAMSTEDI LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 20Z4 Tho Hosplce of stftantts STRucfuRE, GOVERNANCE AND MANAGEMENT Structure The Hospice of St Francis 15 constituted as a company limited by guarantee and is governed by Memorandum and Articles of Association. The Hospice of St Francis is registered with the Care Quality Commission, which monitors and inspect5 the Hospice as an independent healthcare provider. The Registered Manager of the Hospice of St Francis is Fay Richardson, Director of Care. Public Beneflt Statement The Charity is a Public Benefit Entity. The Trustees confirm that they have complied with their duty under section 17 of the Charitie5 Act 2011. They have considered the public benefit guidance published by the Charity Commission and believe that they have followed it. This report provides detai15 of the areos of charitable activity undertaken by the Charity. Corporate Governance The governing body of the Charity is the Board of Trustees. At 31 March 2024, there were thirteen Trustees. Membership of the Board is set out on page 9 of this report. At 31 March 2024, there were fourformally constituted Board Committees, each with Specific terms of reference and functions delegated by the Board. These committees, which are each chaired by a Trustee and which report to the Board, are: the Clinical Governance Committee the People and Governance Committee the Finance, Audit, Risk and Resources Committee the Income Generation Committee Management The Board is responsible for setting overall H05pice strategy and approving financial plans. It delegates day to day operational management responsibilities via the Chief Executive to the Hospice's Executive Team and other senior managers. Elettion and Appolntment of Trustees The Board appoints new Tnjstees, based on selection criteria that ensure that the Board has access to a wide range of skills and experience. The Board also appoints Trustees to the Board Committees. The recruitment of new Trustees is through a process of advertisement, application, interview and selection. Induction and Training An induction programme is offered to all new Trustees, and updates are offered throughout the period of tenure. Regular performance ¥eview meetings are carried out by the Chair and Deputy Chair at which further training and development needs are identified. 20 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Hosplce 0151 liar¥J5 EMPLOYEES AND VOLUNTEERS Staff are appointed using value-based competency procedures. Information about the Hospice's aims and activities is communicated to staff and volunteers through briefings, meetings, newsletter5 and emails. Staff and volunteers are expected to be aware of, and work in accordance with, the Hospice values, and these are displayed throughout Hospice premises. Our values are.. Respectful relationships Constructive communication Excellence through innovation Integrity and trust Encouraging learning Sustainable service Community engagement Volunteers have been central to the Hospice of St Francis since its inception. At 31 March 2024, 1,190 active volurbteers are supporting the Hospice in over 80 different roles, including in the Hospice itself, in our shop5, and in the offices, in addition to hybrid roles from home and in the community. We recruited 224 new volunteers during 2023124 compared to 232 in 2022/23, and 153 volunteers left during 2023124 for personal reasons. REMUNERATION OFTRUSTEES AND STAFF The Board considers that the Trustees, the Chief Executive, the Director of Care, the Medical Director, Director of Psychological Services, the Director of Finance and Performance comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basi5. All Trustee5 give their time freely, and no Trustee received remuneration in the year. Details of Trustees, expenses and related party transactions are disclosed in Note 6 to the Accounts. The pay of the workforce as a whole and of the Executive Team is reviewed annually. The Board benchmarks against pay levels in other charities and the NHS and for shortage specialty posts by benchmarking against the sector in the market as a whole. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who ?re a150 directors of Hospice of St Francis IBerkhamstedl Ltd for the purposes of company lawl are responsible for preparing the Trustee5' Report, including the strategic report, and the Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi￿). Company law requires the Trustees to prepare Accounts 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 group for that period. In preparing these Accounts, the Trustees are required to.. Select suitable accounting policies and then apply them consistently- Observe the methods and principles in the Charities SORP (Statement of Recommended Practice),. Make judgements and estimates that are reasonable and prudent,. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Accounts,. Prepare the Account5 on the going concern basis unless it Is inappropriate to presume that the charitable company will continue in business. 21 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The l*)spke (A si fvaTK15 The 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 Accounts comply with the Companies Act 2006. They are also responsible for safeguarding the asset5 of the charitable company and the Group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. In so far as we are aware: There is no relevant audit information of which the charitable company's auditor is unaware,. and The Trustee5 have taken all steps that they ought to have taken to make themselve5 aw3re of any relevant audit information and to establish that the auditor is aware of that information. Appointment of Auditors A proposal to re-appoint Saffery LLP as auditors in accordance with section 485 of the Companies Act 2006 will be put to the AGM. In approving this Trusteeg Report, the Trustees are also approving the Strategic Report included here in their capacity as company directors. The report was approved by order of the Board of Trustees on 31Y September 2024 Tim Curry Chair 22 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Hosple4 MEET OUR #TEAM ,p 23 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hosplte ol stftan￿5 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED Opinion We have audited the financial statements of Hospice of St Francis (Berkhamstedl Limited Ithe 'parent charitable company'l and its subsidiaries (the 'group'l for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, consolidated balance sheet, charity balance sheet, consolidated cash flow statement and 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: give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit In accordance with International Standards on Auditing IUKI IISAS IUKII 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 relatlng 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 financia5 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 responsibilitie5 Qf the trustees Wlth 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. 24 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) The Mosplce INDEPENDEW AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED Our responsibility is to read the other it)formation and, in doing so, consider whether the other informatiorb is materiallv 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 incon515tencies or apparent material misstatements, we are required to determine whether this Elves rise to a material misstatemerbt in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other Information,. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit= the information given in the Trustees, Annual Report which includes the Directors, Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Tru5tees' Annual Report which includes the Directors, Report and the Strategic Report ha5 been prepared in accordance with applicable legal requirements. 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, Annual Report and Strategic Report. We have nothing to report in respect of the following matters where the Companies Act 2006 fequire us to report to you if, in our opinion: adequate accounting records have not been kept by the group or parent charitable company, or returns adequate for our audit have not been received from branche5 not Vlslted by us- or the parent charitable company financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made: or we have not received all the information and explanation5 we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 22, the trustees (who are also the directors of the parent charitable company for the purposes of company lawl 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's 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 unle55 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. 25 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hospke INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED 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 auditorfs 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 IUKI will always detect a material misstatement when it exists. Misstdtements can arise from fraud or error and are considered material if, individually or in the aggregate, they COLJld 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 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 Eroup and parent charitable company's financial statements to material misstatement and how fraud rnight occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these contro15 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 sectors 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 parent charitable company is subject to other law5 and regulations where the consequences of non- compliance could have a material effect on the amount5 or disclosures in the financial statements, through significant fine5, litigation or restrictions on the group's operations. We identified the most significant law5 and regulations to be those issued by the Care Quality Commission covering health care se￿iCe$. 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 minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable compan¢s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 26 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hosplee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITEO 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 reEulations 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 a55essed whether judgements m3(Se in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional scepticism and thu5 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 detectinE a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment byi for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities 15 available on the Financial Reporting Council's website at= www.frc.or .uk auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the parent charitable company's mÈmber5, 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 charltable company's members those matter5 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. Gareth Norris FCA Isenior Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date.. 15 October 2024 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 27 HOSPICE OF ST FRANCIS (BERKHAMSTEDI LIMITED (Company Ilmited by guarantee) TheHosplcÈ of stftanc15 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and expenditure account} AS AT 31 MARCH 2024 Unrestricted Designated Restrirted Funds Funds Income Funds Total Total Note IE £'ooo Note IE É'ooo Note IE £'ooo 2024 £'o(KJ 2023 £'ooo INCOME FROM (Note 21 Donations and legacies Donation5 Legacies 2,881 949 187 3,068 949 2,848 1,195 Charitable activities NHS Grants for Hospice care Other income from charitable activitie5 1,388 91 1,388 300 1,491 270 209 Other tradlng attivities Trading and fundraising Retail Income 469 1,551 469 1,551 457 1,437 Other income Other Income 52 52 62 Total income EXPENDITURE ON: (Note 31 6,111 1,666 7,777 7,759 Raising funds Voluntary income Trading activities Retail activities Total cost of raislng funds 565 344 2,312 3,221 12 577 349 2,318 3,244 568 328 2,160 3,056 17 Net Income less expenditure on raising funds 2.890 117) 1,660 4,533 4.703 Charltable artivities Inpatient unit Communitv Outpatients Ispring Centrel Bereavement1Spring Centrel Education 1,422 1,160 555 123 241 86 1,500 3,008 1,172 613 207 296 2,932 1,119 604 222 311 34 24 75 38 17 Total expenditure 3,501 155 1,640 5,296 5,189 Total expenditure carried forward 6,722 172 1,646 8,540 8,245 28 HOSPICE OF ST FRANCIS IBERKHAMSTED} LIMITED (Company limited by guarantee) of 5tfranll5 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) AS AT 31 MARCH 2024 Unrestricted Designated Restricted Funds Fund5 Income Funds Total Total 2024 2023 £'ooo £'o £'ooo £'o( Total expenditure carried forward 6,722 172 1,646 8,540 8,245 Net income/lexpenditurel 16111 11721 20 17631 14871 Net gains on investments (Note 101 300 300 11241 (611} Net incomel{expenditure) 1311) {1721 20 {4631 Transfers between funds Net movement in funds 13111 11721 20 14631 16111 Total funds brought forward 5,671 5,508 58 11,237 11,848 Total funds carrled forward 5.360 5,336 78 10,774 11,Z37 The accounting policie5 and notes on pages 32 to 54 form part of the Accounts. All of the above amounts relate to continuing operations. All gains and105ses recognised in the year are included above. A full comparative Statement of Financial Activities for the year ended 31 March 2023 15 included within note 19. 29 HOSPICE OF ST FRANC15 IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hospke of 51fra￿ CONSOLIDATED AND CHARITY ONLY BALANCE SHEETS AS AT 31 MARCH 2024 Group Charitv 2024 £'ooo Note 2024 £'ooo 2023 £'ooo 2023 £'ooo FIXED ASSETS Tangible fixed assets Investments 5,062 3,651 5,254 3,351 5,062 3,691 5,254 3,391 TOTAL FIXED ASSETS 8,713 8,605 8,753 8,645 CURRENT ASSETS Stocks for goods for resale Debtors Cash at bank and in hand 93 1,473 1,075 60 1,449 1,793 li 1,676 875 1,478 1,736 TOTAL CURRENT ASSErs 2,641 3,302 2.551 3,214 CREDITORS,. amounts falling due within one year 12 15801 16701 156SI 16561 NET CURRENT ASSETS 2,061 2,632 1,986 2,557 NET ASSETS 10,774 11,237 10,739 11,203 FUND5 Unrestricted funds Designated funds Restricted funds 13114 5,360 5,336 78 5,671 5,508 58 5,325 5,336 78 5,636 5,508 59 TOTAL FUNDS 10,774 11,237 10,739 11,203 The net expenditure of the charity as an individual entity for the year wès £463k12023: £611kl. A statement of financial activities for the charity as an individual entity is not included usin8 the exemption given in section 408 of the Companies Act 2006. Company Number.. 01507474 The Accounts were approved and authorised for issue by the Board on 30, September 2024 and were signed below on its behalf by Tim Curry Chair Tim Symin Treasurer 30 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee) The knplce of stfrancis CONSOLIDATED CASH FLOW STATEMENT AS AT 31 MARCH 2024 2024 £'ooo 15521 2023 £'ooo 683 Cash flows from operating activltles (Note 17) Cash flow5 from Investlng activities Purchase of fixed assets Proceeds from the sale of investments Net cash invested 11661 14161 38 11661 13701 Increase in cash and cash equivalents in the year 17181 313 Cash and cash equivalents at the beginning of the year 1,793 1,480 Cash and cash equivalents at the end of the year 1,075 1,793 Analysis of cash and cash equivalents 2024 £'ooo 1,075 2023 Cash at bank and in hand 1,793 Total cash and cash equivalents 1,075 1,793 The group and charity do not hold any debt, therefore all movements shown above relate to cash and cash equivalents. The accounting policies and notes on pages 32 to 54 form part of the Accounts. 31 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limlted by guarantee) TheH of5tl NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. Basis of Accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charitie5- statement of Retommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP 2019 (Second Edition, effective l January 201911, and the Companies Act 2006. The Hospice of St Francis IBerkhamstedl Ltd 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 notelsl. Corporate Status The Charity Is a company limited by guarantee registered in England and Wales and does not have a share capital. It5 members may be required to contribute a sum not exceeding £2 each in the event of the winding-up of the company. The company Is a registered Charity. Basis of consolidation The Charity's wholly owned subsidiary, Hospice of St Francis Trading Limited, manages its trading activities. The consolidated statement of financial activities and balance sheet include the results of the subsidiary. consolidated on a line by line basis. See note 18 for further details. The Charity has availed itself of part 15 of the Companies Act 2006 and adapted the Companies Act formats to reflect the special nature of the Charity's activities. No separate SOFA Istatement of Financial Activities) has been presented for the Charity alone as permitted by section 408 of the Companies Act 2006. The accounts are prepared in pounds sterling rounded to the nearest thousand. Going ¢on¢ern The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern. We have undertaken an in-depth review of our financial position, reserves levels and future plans which has given the Trustees confidence that the Charity remains a going concern for the foreseeable future. Despite the deficits made in the current and prior year, the Trustees believe that the Charity has sufficient reserves to operate efficiently for the next 12 months and continue providing services. Fund Accounting Unrestrictedfunds comprise accumulated surpluses and deficits on general funds th2t are available for use at the discretion of the Trustees for furtherance of the general objectives of the Charity, and have not been designated for other purposes. Designatedfunds comprise unrestricted funds that have been put aside at the discretion of the Tru5tee5 for particular purposes. At 31 March 2024, they comprised the total cost of the building, net of depreciation, the legacy equalisation and deslgnated capital funds. Restrirtedfunds are funds subject to special conditions imposed by the donor or with their authority. The funds are not therefore available for work performed by the Hospice of St Francis other than that specified by the donor. 32 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) Yhe Hosplce ol si liams NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 ACCOUNTING POLICIES (continued) Recognition of income Income is included in the Statement of Financial Activities ISOFAI when: The Charity become5 entitled to the resources. The Trustees consider it probable that the Charity will receive the resources. The monetary value can be measured with sufficient reliability. Gifts in kind Gifts in kind are accounted for at a reasonable estimate of their value to the Charity, or the amount actuallv realised. Gifts in kind for the use of the Charity are included in the Statement of Financial Activities as income when received. Gifts in kind for sale are included in the accounts only when 501d. Gifts in kind in 2024.. £20,08212023.' E21,4451. Donated services and facilities These are included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the Charity. Expenditure Expenditure is included in the Statement of Financial Activities on an accruals basis. Support cost Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Staff cost5 have been allocated by the time spent and overheads have been allocated in accordance with staff costs. Governance costs include the costs of the preparation and examination of statutory accounts, the costs of the Trustee meetings, the costs of any legal advice to Trustees on governance or constitutional matters, and a charge for the salary cost of managers for time spent on corporate governance. Governance costs are shown as a component of support Costs. Employee beneflts Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. Termination benefits are accounted for on an accruals basis and in line with FRS 102. Pension scheme For qualifying Staff at the Hospice, participation in the NHS scheme provides benefits based upon final pensionable pay. The contributions paid by the Charity in respect of the NH5 Superannuation scheme are accounted for as if the scheme were a defined contribution scheme as the Charity is unable to identify its share of the underlying assets and liabilities in the scheme. Certain other employees are members of defined contribution pension schemes, the assets of which are held separately from those of the Company in independently administered funds. The Charit¢5 contributions to the pension schemes are charged to the income and expenditure account as they fall due. 33 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hwice ol sl frarris NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 ACCOUNTING POLICIES {continuedl Tangible fixed asset5 for use by the Charity These are capitalised if they can be used for more than one year and c05t over £500. They are valued at cost or, when this is not available, estimated value on receipt. Freehold land and a55et5 in the course of construction are not depreciated. The cost of tangible fixed assets is written off over their expected useful lives as follows: Buildings Mechanical and electrical systems Garden constructions Furniture and equipment Shop fixtures & fittings IT equipment 2% per annum straight line 5% per annum straight line 20% per annum straight line 20% per annum straight line 20% per annurn straight line 33.3% per annum straight line Investments Investments are included at bid price, except for the unquoted investments in The Hospice Lottery Partnership Ltd and Hospice of St Francis Trading Ltd which are valued at cost. In the case of these two investments, there Is no open market valuation available, and the Trustees of Hospice of St Franci5 (Berkhamstedl Ltd consider that the cost of obtaining such a valuation would outweigh the benefit to the users of these accounts. Investment properties are held at fair value, being an assessment of market value. Investment properties are revalued every two years by independent professionals who hold recognised and relevant professional qualifications and have recent experience in the location and class of the investment property being valued, or more frequently if the Trustees identify indications of a material movement in the valuation. Investments in subsidiaries are valued at cost less provision for impairment. Financlal Instruments The Charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments including trade and other debtors and creditors, are initially recognised at transaction value and are Subsequently recognised at their settlement value. Stocks Stocks comprise the cost at the year-end of bought in good5 for sale in the Hospice of St Francis, shops. No value is placed on drugs, medical supplies or donated goods for shop sale. As permitted by section 6.28 of the SORP, income for donated goods for shop resale is recognised on sales as recognition prior to this is considered to be impracticable. Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand include5 cash and short term highly liquid investments. 34 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) The of 51 francis NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 ACCOUNTING POLICIES Icontinuedl Creditors and provlsions 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. Leases All operating leases and rental expenses are charged to the SOFA as incurred. VAT The Charity and its trading subsidiary file VAT returns under a group registration. The Charity reclaims VAT on its activitie5 using an agreed partial exemption calculation. Irrecoverable VAT in the year ended 31 March 2024 amounted to £1,30612023 - £3,856) and was written off during the year. Taxation Hospice of St Francis (Berkhamstedl Ltd is a registered charity and is thus exempt from tax on income and gains falling within chapter 3 of the Corporation Taxes Act 2010 or s256 of the taxation of Chargeable Gains Act 1992, to the extent that these are applied to its charitable objects. No tax charges have arisen during the year ended 31 March 2024 or in the prior year. Hospice of St Francis Trading Ltd has arranged to transfer its profits to Hospice of St Francis (Berkhamstedl Ltd under the Gift Aid rules. As a result of this agreement, it has no taxable profits, and no tax is payable for the year ending 31 March 2024. Estlmates and Judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. The Trustees consider depreciation, legacy income accrual and holiday pay accrual to be subject to estimation and judgement and are d￿ScusSed above. 35 HOSPICE OF 5T FRANCIS (BERKHAMSTEDI LIMITED {Company limited by guarantee) The Hosplce ol si I￿15 NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 2. ANALYSIS OF INCOME Unrestricted Restricted Income Funds £'ooo Total Unrestrlcted Restrirted Income Funds £'ooo Total Funds E'ooo 2024 £'ooo Funds £,￿0 2023 £'ooo al Donations and legaties Memorials register Donation5 from individuals and tompanies Donations received through the retail gift aid scheme Collecting boxe5 Lotterv acies Total donatlons & legacies 374 854 1,443 374 1,041 1,443 308 1,004 1,174 308 1,152 1,174 187 148 io 200 949 3￿30 io 200 949 4,017 13 200 1,195 3.894 13 200 1,195 4.042 187 bl Income from other tradlng activities: trading and Fundraising Fundraislng events Providin8 goods and service5, Other than for the benefit of the tharity's beneficiaries Letting property held primarily for the functional use of the charity Trading and fundralslng 423 35 423 35 417 28 417 28 li li li li 469 469 456 456 I Income from other trading activltles.. retail shop sales 1,551 1,551 1,437 1,437 Total retall income 1,551 1,551 1,437 1,437 Trading operations HOSF owns IOOYO of Hospice of St Francis Trading Ltd (Trading) and exercises control over this company by means of a close working relationship, common management and an operating agreement. Trading manages the sale of goods through the Charity's Shops, online and at certain fundraising events. All activities have been consolidated on a line by line basis in the consolidated statement of financial activities. An amount equal to the taxable income is gifted to the Charity within the provisions of Gift Aid. A summary of the results of the Hospice of St Francis Trading Limited 15 shown in note 2d-2e. 36 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hosplce NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 2. ANALYSIS OF INCOME {continuedl d} The contribution to funds provided by the Hospice of St Francis's trading artivity 15 an31ysed a5 follows: 2024 £'ooo 1,551 1,154 2,705 2023 £'ooo 1,437 939 Retail income Gift aided donations through the shops lincluding gift aid) Total income 2,376 Retail costs 1,918 1,797 Contribution5 made by retail operations 787 579 el Income reported by subsidiary company The results reported in the Hospice of St Francis Trading Ltd, a limited company registered in England and Wales, can be analysed a5 follows: 2024 £'ooo 396 11891 11211 2023 £'ooo 366 11811 1112) Turnover Cost of sales Operating costs Amounts donated to Hospice of St Francis IBerkhamstedl Ltd under the Gift Aid scheme 1851 173) Retained in the H05pice of St Francis Trading Ltd The cost of sales and the operating costs are also consolidated and included in the retail costs line in the SOFA. Profits of the Hospice of St Francis ITradingl Ltd are donated to the parent charity under the gift aid scheme. A deed of covenant is in place between the two entities. 37 HOSPICE OF ST FRANCIS (BERKHAMSTED} LIMITED (Company limited by guarantee) The Hosplte NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 f) Income from Charitsble Activities Restricted Income Funds Restrlcted Income Unrestrlcted Funds Total Unrestrlcted 2024 Funds £,0￿ £'o £'ooo Totsl 2023. £'ooo £'ooo Funds £'oTr) Investment income Total Investment income Income from charitable activities NHS income for servlce provision Hertfordshire Central London Communlty Healthcare NHS Trust Luton & Milton Keynes Buckinghamshire 320 320 306 306 I,cNJi i,ooi 1,093 1,093 62 62 92 92 Total NHS Income for servlce provision 1,388 1,388 1,491 1,491 NHS income for speclflc projects Watford General Hospital 73 73 43 43 Total NHS income for specific projects 73 73 43 43 Charitable income from other sources Grants from BBC Children in Need Other income 209 14 223 173 54 227 Totsl income from specific prolects 209 18 227 173 54 227 Further details relating to restricted income are included in notes 13 and 14. 38 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED {Company limited by guarantee) The Hospke (* 51 Fla￿15 NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 ANALYSIS OF EXPENDITURE Oirect C05t5- Staff Direct Support Dired Direct Support Costs- Costs Cost5 Costs Costs othèr (Note41 Total -staff 2024 Total 2023 othèr Raising funds: Costs of generating voluntary income Costs of trading and fundraising Ctsst of retail activities £'ooo 394 202 1,242 £'ooo 145 124 947 £'ooo £,￿0 £'ooo £'ooo 38 577 362 167 23 349 197 103 129 2,318 1,106 931 £'ooo 39 29 122 £'ooo 568 329 2,159 1.838 1.216 190 3,244 1,666 1,201 190 3,056 Charitable actlvitiès: Inpatient unit Communitv OLJtpatients Ispring Centrel Bereavement (Spring Centrel Education 2.113 960 386 147 175 707 142 178 47 107 188 3,CL18 2.CMI 70 1,172 919 49 613 418 13 207 172 14 296 209 715 135 137 40 91 177 2.933 66 1,120 49 604 li 223 io 310 3.781 1,181 334 5,296 3,759 1.118 313 5,190 Total 5,619 2.398 524 8.541 5,425 2,318 503 8,246 Shared clinical costs have been allocated to reflect the Hospice'5 best assessment of activity levels for the different services offered. Costs of retail activities include £189k of stock recognised as an expense in the year ended 31 March 202412023.. £181kl. 39 HOSPICE OF ST FRANCIS (BERKHAMSTEDI LIMITED (Company limited by guarantee) of 5tfrranc15 NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 SUPPORT COSTS E'ooo £'ooo £'othJ £'ooo £'ooo £'ooo £'ooo £'ooo Costs of generating voluntary income Cost of trading and fundraising Cost of retail activitie5 25 12 38 25 12 38 15 23 19 29 84 42 129 80 39 122 124 61 190 124 60 189 Charitable activities Inpatient unit Communitv Outpatients Isprlng Centrel Bereavement (Spring Centrel Education 123 45 32 61 23 16 116 43 32 56 21 16 177 66 49 70 49 13 li io 14 io 219 108 334 205 100 313 Total 343 12 169 524 329 13 160 502 Support costs are those costs which are necessary to deliver an activity, but which do not, in themselves, constitute the output of a charitable activity. They include central office functions such as general management, payroll administration, budgeting and accounting, information technology, human resources and financing. All support costs are allocated in accordance with estimated activity in each operational area. Governance costs comprise the following.. 2024 £'ooo 2023 £'ooo Governance costs Auditorfs remuneration external audit Auditorfs remuneration - other advice Salaries Other costs 23 22 157 14 149 li Total 200 188 40 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee} The Hosplce 015tfiarKIs NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 STAFF NUMBERS AND EMOLUMENTS 2024 £'o)o 2023 £'ooo Gross wage5 and salaries Employer's national insurance costs Employer's pension costs Redundancy/Ex gratia payments 5,010 434 549 4.783 423 502 25 Total Payroll costs 5,993 5,733 The were no additional costs incurred in respect of ex gratia payments, in the prior year £25k was incurred in respect of staff restructuring. Average full time equivalent numberof persons employed by the group (including bank staff) during the period was as follow5:. Charitable activities Fundraising and retall Support services Number Number 94 59 28 96 54 28 181 178 Average full time equivalent numberof persons employed bythe group during the period was as follows:_ Charitable activities Fundraising and retail Support services Number Number 64.9 41.9 23.8 67.1 23.3 Average number of staff 130.6 130.9 Highest paid employees 2024 2023 Gross salary (including employer pension and national insurance contributions) in the range £60,000 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £lOO,000 £IOO,001 to £llO,000 £120,001 to £130,000 The Board considers its key management personnel are comprised of the Trustees, the Chief Executive, the Director of Care, the Medical Director, People Director, the Director of SLJSt2inable Trading, the Director of Wellbeing and Family Support, Joint Fundraising Directors and the Director of Finance and Performance. The total remuneration of the key management personnel was £724k12023.. £653kl. 41 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) Themosplce of 4 francis NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 TRUSTEES. EMOLUMENTS AND REIMBURSED EXPENSES The Trustees received no emoluments for their services during the year ended 31 March 202412023: £nill. The Hospice did not pay any expenses for Trustees in either period. Total donations by Trustees in the year were £1,72712023'. £7,495). NET MOVEMENT IN FUNDS 2024 £'ooo 2023 £'ooo The net movement in funds Is arrived at after charging/lcreditingl: Depreciation of fixed assets Auditors remuneration Operating lease rental.. land and buildings Operating lease rental.. equipment 358 23 286 li 342 20 273 12 8. TANGIBLE FIXED ASSETS Freehold land and buildlngs Furnlture and equipment Shop5, fixtures and fittings Assets Under Constructlon Totsl £'ooo £'ooo £'ooo £'ooo £'ooo Group and Charlty Cost At l April 2023 Additions Transfer 7,140 29 1,874 53 19 321 41 86 43 1271 9,422 166 At 31 March 2024 7,169 1,946 370 102 9,588 Depreciation At l April 2023 Charge for the year 2,451 172 1,530 148 187 38 4,168 358 At 31 March 2024 2,623 1,678 225 4,526 Net book value At 31 March 2023 4,689 345 134 86 5,254 At 31 March 2024 4,546 269 145 102 5,062 Included in freehold land and buildings is land valued at £601k12023.' £601kl, which is not depreciated. 42 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) Themosplce of ￿ ftanc15 NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 FIXED ASSET INVESTMENTS 2024 £'ooo 2023 £'ooo Group Unlisted investments Investment property The Hospice Lottery Partnership Ltd 275 85 275 85 Total unlisted Investments 360 360 Listed investments Barclays Charity Fund 3,291 2,991 Total listed investments at market value 3,291 2,991 Total investments 3,651 3.351 Listed investment5 at historic cost 2.952 2.911 Charlty Total above investments Investment in Hospice of St Francis Trading Ltd 3,651 40 3,351 40 Total Investments 3,691 3,391 During the year, gains on investments totalling £30012023- £124k lossl have been recognised in the statement of financial activity Included within fixed asset investments are: 40,000 shares IIOOYol12023- 40,000 shares IOO%I in Hospice of St Francis Trading Ltd. 14 shares116.67%112023- 14 shares 16.67%1 in The Hospice Lottery Partnership Ltd. These investments are included at cost in the Charity accounts, and the investment in The Hospice Lottery Partnership is included at cost in the consolidated accounts. There is no open market valuation available for this investment, and the Tru5tee5 of the Hospice of St Franci5 consider that the cost of obtaining such valuations would outweigh the benefit to the users of these accounts. The management accounts of The Hospice Lottery Partnership Ltd at 31 March 2024 show income for the year of £2,296,095, charitable donations of £1,287,358 and retained profits of £539,944. 43 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) ol stfran￿5 NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 io. ANALYSIS OF MOVEMENTS IN FIXED ASSET INVESTMENTS 2024 £'ooo 2023 £'ooo Group Carrying value of investments brought forward Disposals of investments at carrying value Net gains/llosses1 on revaluation 3,351 iioi 310 3,484 181 11251 Carrying value ¢arrled forward 3.651 3,351 Charity Carrying value of investments brought forward Disposa15 of investments at carrying value Net gain/llossl on revaluation 3.391 iioi 310 3,524 181 11251 Carrying value carried forward 3,691 3,391 ii. DEBTORS 2024 2023 £'(MJO £'ooo Group Taxation recoverable Other debtors 190 58 155 51 Prepayments Accrued income 250 219 975 1,024 1,449 Total 1,473 Charity Taxation recoverable Amounts owed by group companies Other debtors Prepayments Accrued income Total 190 214 58 239 155 40 51 208 975 1,024 1,478 1,676 Taxation recoverable comprises of Gift Aid and recoverable VAT. 44 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED (Company limited by guarantee) The Hosplce NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 12. CREDITORS: amount5 falling due wlthln one year 2024 £'ooo 2023 £'ooo Group Taxation and social securlty Trade creditors Other creditors Deferred income Accruals 102 loo 183 61 120 206 166 69 85 158 Total 580 670 Charity Taxation and social securitv Trade creditors Other creditors Deferred income Accruals 102 159 69 85 150 loo 177 61 120 198 Total 565 656 Included within other creditors is an amount outstanding at the year-end of £21k12023.. £20kl relating to the defined contribution pension Schemes and £30k12023: £33kl relating to the defined benefit pension scheme. The bank overdraft refers to a credit facility that was put in place by the Trustees to cover short term funding gaps. It is secured against the investments held in the Barclays Bank Charity Fund. This was repaid in full during the year. Income is deferred when it is received in advance of the income recognition criteria set out in Note IIFI having been met. All income deferred at 31 March 2024 was released in the year ended 31 March 2025. Deferred income related to Fundraising Event5, an Education course and Rapid Personalised Care Services totalling £85k 12023.. £120kl. 45 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) TheHosplcÈ 01 51 IraT￿lS NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 13a. UNRESTRICTED FUNDS {20241 Totsl General Deslgnated Reserves Unrestrlcted GROUP Reserves £'ooo Reserve5 £'ooo £'ooo At l April 2023 Income Expenditure Gain on investment assets 5,671 6,111 16,7221 300 5,508 11,179 6,111 16,8941 300 11721 At 31 March 2024 5,360 5,336 10,696 13a. UNRESTRICTED FUNDS {20241 Total General Deslgnated Reserves £'ooo Unrestricted CHARITY Reserves £'ooo Reserves £'ooo At l April 2023 Income Expenditure Gain on investment assets 5,636 6,111 16,7221 300 5,508 11,144 6,111 16,8941 300 11721 At 31 March 2024 5,325 5,336 10,661 Designated fund The designated fund comprises the net book value of the building1£4,670kl from which the Hospice of St Francis operates. It has been segregated from unrestricted funds to give a clearer picture of the asset5 of the Hospice. The costs assigned to this fund equal the deprociation of the building plus any planned capital projects.. thus over the life of the building, the value of this fund will be reduced to zero. 13b. UNRESTRICTED FUNDS {20231 Total Unrestricted Reserves General Reserves £'ooo 5,880 6,023 16,1191 11241 li Designated Reserves Group £'ooo £'ooo At l April 2022 Income Expenditure Gain on investment assets Transfers 5,678 11,558 6,023 16,2891 11241 li 11701 At 31 March 2023 5,671 5,508 11,179 46 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED {Company limited by guarantee) The Hosplce ol stfrantss NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 13c. UNRESTRICTED FUNDS (20231 Total General Designated Reserves £'ooo 5,678 Unrestricted Charity Reserves £'ooo 5,845 6,023 16,1191 11241 li Reserves £'ooo 11,523 6,023 16,2891 11241 li At l April 2022 Income Expenditure Gain on Investment assets Transfers 11701 At 31 March 2023 5,636 5,508 11,144 13d. RESTRICTED FUNDS RESTRICTED FUNDS12024J 01 Apr- 2023 £'ooo Income Expenditure Transfer$ 31-Mar- 2024 £'ooo Group and charity Medical Cover at Wotford General Hospital NHS Trust Hertford5hire Community NHS Trust Bucks Continuing Care Contracts Centrt71 London Community Health Care NHS I Trust Luton Cont Care BBC Children In Need The Childwick Trust Rank Foundotion Sherling Charitable Trust Holly Bathroom Project Other restricted donations Total restrictedfund5 £'ooo £'ooo £'ooo 72 172} 320 62 13201 1621 I,ooi 11,ooi} 151 iii io io io io 15 181 1151 11701 11,6461 44 55 58 1,666 78 47 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) The Hosplce NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 13e. RESTRICTED FUNDS Icontlnuedl RESTRICTED FUNDS (2023J 01 Apr- 2022 £'ooo Income Expenditure Transfers 31-Mor- 2023 £'ooo Group and charity Medical Cover ot Wotford General Hospital NHS Trust Hertfordshire Community NHS Trust Community Cardiology Work Chiltern Continuing Care Contracts Central London Community Health Care NHS Trust BBC Children In Need Berkhamsted School- Muple Funding The Childwick Trust The Batchworth Trust Rank Foundation Sherling Charitable Trust W G Edwards Charitable Foundation Other restricted donation5 Total restrictedAunds £'ooo £'ooo £'ooo 43 1431 306 13061 92 192 11,0931 1,093 16 io 1221 iioi 151 Iiii 1151 iioi 13501 {1,957} li io io 165 15 io 240 Iiii Iii) 44 290 1,736 58 Restricted funds The restritted funds at 31 March 2024 comprise the assets which have been donated to the H05pice for a restrlcted purpose but which have not yet been applied to that purpose. Restricted donations comprised voluntary income given to the Hospice to be used for a specific purpose. The Hospice segregates these funds and matches them with expenditure when it is incurred. Transfers from restrirted fund5 represent capital grant5 relating to items purchased where there is no continuing restriction as to use, and are, for this reason, transferred to unrestricted funds. The Herts Valleys CCG and Central London Healthcare Community NHS Trust grants comprise an annual grant for palliative care service provision, plus additional amounts for continued care of specific patients, the costs of drugs and dressing5, and pharmacy costs. The Chikterns CCG granl comprises an annual grant for palliative care service provision, plus additional amounts for the care of speclfic patients. The Hillingdon CCG payment Was towards the care of speclflc patients. The income from Watford General Hospital covered the salary costs of the H05Plte's employed Consuftant in Palliative Care to treat hospttal patients. The BBC Children in Need grant contributed towards the costs of the children's bereavement setvice 5UPPOrt workers. 48 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee} The Mosptce oF5tfTanus NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 14. FUNDS ANALYSIS OF GROUP ASSETS BETWEEN FUNDS12024) Unrestrlcted Designated Restrlcted Total Fund5 £'ooo Funds Funds £'ooo 2024 £'ooo Tangible fixed assets Investments Current assets Creditors: falling due within one year 5,065 5,065 3,652 2,637 15801 3,652 2,288 15801 271 78 Total 5,360 5,336 78 10,774 14b. ANALYSIS OF CHARITY ASSETS BETWEEN FUNDS12024) Unrestricted Designated Restricted Total Funds £'ooo Funds Funds £'ooo 2024 Tangible fixed assets Investments Current a55ets Creditors: falling due within one year 5,065 5,065 3,391 2,848 15651 3,391 2,499 15651 271 78 Total 5,325 5,336 78 10,739 14¢. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS120231 Unrestricted Designated Restricted Total Fund5 £'ooo Funds £'ooo Funds £'ooo 2023 £'ooo Tangible fixed assets Investments Current assets Creditor5.' falling due within one year 5,254 5,254 3,351 3,302 16701 3,351 2,989 16701 254 59 Total 5,670 5,508 59 11,237 49 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) The H05pl¢e r* SIfrar￿ NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 14d. ANALYSIS OF CHARITY NET ASSETS BETWEEN FUNDS120231 Unrestrirted Designated Restricted Total Funds £'ooo Funds £'ooo Funds £'ooo 2023 £'ooo Tangible fixed assets Investments Current assets Creditors.. falling due within one year 5,254 5,254 3,391 3,214 16561 3,391 2,901 16561 254 59 Totsl 5,636 5,508 59 11,203 15. RELATED PARTIES Transactions between the Charity and Hospice of St Francis Trading Limited were as follows.. £86k12023: £73kl, being the profits donated to the Charity under the Gift Aid scheme. Expenses paid to Trustees and donations from Trustees are shown in Note 6. 16. FINANCIAL COMMITMENTS 16a. OPERATING LEASE COMMITMENTS 2024 2023 At 31 March the total commitments under operating leases were as follows= Financlal commitments Land and buildings.. Operating lease5 which expire: within one year from two to five years over five years £'ooo £'ooo 260 512 182 457 214 Total land and buildings 772 853 Equipment hire agreement Operating lease5 which expire.. within one year from two to five years li 15 io 26 Total equipment 26 36 Total 798 889 50 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED (Company limited by guarantee) The Hospk8 Lrf 51 IraT￿lS NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 16a. OPERATING LEASE COMMITMENTS {continuedl The operating leases relating to land and buildings comprise the leases for the shops. The operating lease5 for equipment relate to hire contracts for laundry equipment and for photocopiers. Operating lease costs of £297k were expensed in the year ended 31 March 202412023.. £285kl. 16b. Capital commltments The Hospice was committed to a Digital Transformation in 2023 for costs of £176k, and this continues into 2024 with a reduced commitment of 85k. This include5 upgrading our network, migratin8 to Cloud storage and improving our IT Security. Additionally, in the prior year the Charity had committed to £116k in respect of construction of the Maple project Hospice building. No such commitment in the current year. 17. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES 2024 2023 £'ooo £'ooo Net movement in fund5 Unreali5ed profits/llossesl on inve5tment5 Depreciation Increase in stocks Decrease / Ilncreasel in debtors Increase / (Decrease) in creditors 14631 13001 358 1331 1241 1901 16491 124 342 171 673 200 Net cash provided by operating activities 15521 683 Cash flow from investment income is considered part of operational activities, rather than a return on Investment, as the Hospice considers its inve5trnents to be an integral part of its operations. 51 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hospke of 5t [Br￿5 NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 18. TRADING SUBSIDIARY: Hospice of St Franci5 Trading Limited (Company number 061402401 The charity owns 100% of the 40,000 authorised and issued ordinary shares of the company Hospice of St Francis Trading Limited. Hospice of St Francis Trading is a limited company registered in England and Wales. The assets and liabilities of the trading subsidiary are shown below, and the trading results of the subsidiary are analysed in note 2E. 2024 £'ooo 2023 £'ooo Stocks Debtors Cash at bank and in hand Creditors falling due within one year 93 12 200 12301 60 li 57 1531 Net Assets 75 75 Shareholders, equity Profit and loss account 40 35 35 Total Shareholders, funds 75 75 52 HOSPICE OF ST FRANCIS {BERKHAMSTED} LIMITED {Company limited by guarantee) The Hospke ol si IratKS NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES131 MARCH 20231 Unrestricted Designated Funds Fund5 Restrirted Income Funds £'ooo Total 2023 £'ooo £'ooo £'ooo INCOME FROM Donations and legacles Donatioris Legacies 2,699 1,195 148 2,848 1,195 Charitable actlvlties NHS Grants for Hospice care Other income from charitable activities 1,491 97 1,491 270 173 Other trading activltles Trading and fundraising Retail income 457 1,437 457 1,437 Other income NHSE Income Other Income 62 62 Totsl income EXPENDITURE ON: 6,023 1.736 7,759 Raising tunds Voluntary income Trading activities Retail activities 556 323 2,160 3,039 12 568 328 2,160 3,056 17 Net income available for charitsble activities 2,984 117) 1.736 4,703 Charitsble activities Snpatient unit Community Outpatients Ispring Centrel Bereavement (Spring Centrel Education 1,117 1,108 529 62 263 85 1.730 2,932 1,119 604 222 311 34 41 152 32 17 Total expenditure 3,080 153 1,956 5,189 Carried forward 6,119 170 1,956 8,245 53 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED (Company limited by guarantee) The Hosplce slfonths NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 19. COMPARATIVE STATEMENT OF FINANCIAL AcfiviTIES {31 MARCH 20231 Icontinuedl Unrestrlcted Designated Restricted Funds Funds Income Funds Totsl 2023 £000 £000 £000 Totsl Expendtture brought forward 6,119 170 1,956 8,245 Net income/lexpenditurel 1961 11701 221 14871 Net gains on investments 11241 {220) 11241 1611) Net Income/{expendlture} 11701 1221} Transfers between funds li Iiii Net movement in funds 12091 11701 12321 16111 Total funds brought forward 5,880 5,678 290 11,848 Totsl funds carried forward 5,671 5,508 58 11,237 54