A HOSPICE IS A GIFf THE COMMUNITY GIVES TO ITSELF "ANNUAL & ACCOUNT Hospice of St Francis {Berkhamsted) Limited For the year ended 31 March 2025 Company Number.. 1507474 Rtgi5tered Office.. Hospice of St Franci5 IBeTkharnstedl limited Spring Garden Lane, Beikhamsted. Hèrts. HP4 3GIY stfrancis.org.uk The Hospice of st francis Rt8 Ch3rty No. 280825 HOSPICE OF ST FRANCISIBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hosplcg of sllTaDcis REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Chair's Report Patient & Family Stories Report of the Board of Trustees Patrons and Trustees of the charity Management and advisors Objectives and actlvltles Achievements and performance in 2024125 Principal risks and unceftainties Flnancial review Reserves Investment policy Structure, governance and management Public benefit Statement Employees and volunteers Statement of Trustee5' 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 Account5 io li 13 14 15 16 17 17 18 18 21 25 27 28 29 33 HOSPICE OF ST FRANCIS {BERKHAMSTED) LIMITED (Company limited by guarantee) CHAIR'S REPORT The Hosplce Tim Symin8ton, Chair of the Board of Trustees. The commitment and skill of our staff and volunteers and the loyalty of our donors, commissioners and supporters made this account Possible. The impact is another year of outstanding hospice care, quality improvements and real choice for patients and families.. We put the patients, wishes at the heart of everything we do. If you want to live and dte at home The Hospice of St Francis is alongside you, a$5urin8 diglllty and care for you and your family. Our specialist therapies relieve the debilitating physical and psychological symptoms that Sap hope. Improving quality of life wlthout diminishing the impatt of what is being lost. If people need a hospice bed, we aim to make admi55ion as easy as possible and we can support safe return home. The quality of our tare at home mèans we can protect bèds for when a H05pice bed is the best option at the end of life. By giving dignity and, hope to those we care for 50 that they can be a family again. The depth of trust between patients. families and our clinical teams, means an unplanned hospital admission is far We are alongside the whole family, supporting family life and bereavement a5 well a5 care for the patient. We arè proud to be founded by local people for local people. Our supporters continue to give and spend, helping to raise 80% of the income that funds our incredible care. This year has been another year whefe e05t5 have escalated.. VAT, utilities, food and fuel 35 well a5 increase5 to national insurance and the national minimum wage. Costs that are not in our control. We have continued with careful controls and found new ways to get the most from every p()und donated, enablin8 US to protect the vital care people need. Thanks to our donors and cu5torners, staff and volunteer5, our 5hop5 are flourishing, with two more opened in 24125 and we are explorin8 other promising ways to generate commercial income alongside retail . But we are not there yet in terms of bridging the gap between what it ¢osts to meet the growing need for hospice care and what we can raise from our community and NHS contracts. The Hospice Board has committed to getting us back in balance by the end of 2026,. to get there we need even more support from the people, Communities and businesses in the towns and villa8e5 around 8erkhamsted. If you have experienced hospice care you know there is a time in life when only a Hospice can make the difference you need. Thank you to everyone who has been prepared to tell their personal storie5 here. The importance of hospice care and why hospices must be funded has headlined in the national press. television and social media. Hospice UK, which repre5ent5 all UK h05pice5, Says Tight now one in every four people cannot get that care when they need it. We believe passionately that hospice care should be available to all. Like other hospices, The Hospice of St Francis continues to rely on its community to ensure that hospice care is there for everyone when needed. If you can 8ive to charity, please consider your local hospice. If you already give to U5 now, please, if you can, give a little more. You will givin8 dignity and hope. You will be assuring the future for all of us. Tim Symington TO LIVE AND DIE WELL In April 2024, local musicians performed a heartwarming concert at the Hospice for their friend Mick Stout, who was battling cancer. Before he died in 2024. Mick shared his experience at the Hospice. He said, 'We still can't quite believe how fortunate we are to be here. There's nowhere better. I'm in a room with a view of the garden. The birds are tweeting. It's a home. It feels like familv. IT STOR As the father of two young children. Mick was especially grateful to be able to spend more time with them at the Hospice. "The children coul(Jn't come into the hospital,, he explained. 'But here, there's room and space for them. They're 50 happy here. It's not scary for them. After his friends, musical performance at the Hospice, Mick shared what motivated them. They wanted to come and do something to cheer me up, and to say thanks to the Hospice for the amazing kindness they've given us." One year on, Mick's wife Emily still visits the Hospice with her children who have been recelving bereavement support. "The continulng support has been amazing" Emily said. 'It's had a huge impact on the children. IVS made all the difference. TO LIVE AND DIE WELL '1 was first diagnosed with breast cancer at 47. Ten years later, I was diagnosed with stage four metastatic breast cancer and found out it -¥> had entered my bones. I've always been a generally enthusiastic person and quite optlmlstic, even when I was in hospital. When I left the hospital, I had to wear a neck brace twenty-four seven (due to potentially collapsing vertebrae) and I couldn't wash myself or drive. I was tryingto navigate life at home on my own. I have always been Sndependent, but suddenly you are unable to clean the house or get out and about on your own - I felt I could do very little. 'If the Hospice didn't exist, I would have struggled both in mind and body." Maria I was trying to find a plan to get my neck brace off, so that I would be confident to drive again. When I self-referred myself to the Hospice, I was tlfed and lost. I first met Katherine. the Hospice physiotherapist, and she was encoura8ing; she developed a rehab plan and exercises for me. She gave me boundaries so that I wouldn't overstretch myself and taught me to listen to my body. Katherine is like this bouncy ray of sunshine who cares- she is empathetic, compassionate and so gentle. Katherine helped me to improve my stabllity and mobility. My best Christmas present was getting out of my neck brace so I could shower and wash my own hair. I felt confident to start walking and moving more, and by February I started driving my car, which was my goal. I thought that would be it lin terms of support from the Hospicel. However, l enrolled in a H05pice Meditation class and had a chat with the Hospice's complimentary therapist. She recognised I was struggling with 5ots of issues under the surface. I started going to Wellness Sessions in the Hospice's Spring Centre. I took yoga, reikl and tried EFT. During Meditation sessions everyone is dealing Wlth similar issues and it's so powerful to be in a room where the conversation resonates with you. It feels calm and there is a beautiful softness and kindness to the community,. you just feel really supported. After my secondary diagnosis I felt unable to go on holiday. However, I now feel confident and am going to France with a friend thls summer. If the H05pice didn't exist, I would have struggled both in mind and body. The Hospice gave me a new will for life. With the Hospice'5 SUPPOrt. I have learned to live my best life. HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee) PATIENT AND FAMILY STORIES TheHospIc¢ Virtual Reality at the Hospice Shared by Amy Smissen Community Occupational Therapist Our Virtual Reality project started in 2019 with funding from Macmillan and other local charitable trusts to purchase equipment. At first our main focus was enabling inpatients and patients visiting the Spring Centre to enjoy the benefits of the VR equipment. We knew that it could hold huge value for patients in the community. This year we extended the project. Recently I've been supporting a 55 year old man who was diagnosed with Motor Neurone Disease IMNDI in August 2024. This man lives with his wife and two children, now aged 12 and 5 years old. ¥¥ .rfSan3p￿, itbthe ch¥ldren- it snlce io do tto lookto￿aId1o notto etbing MND is an Illness which can rapidly reduce our ability to Use our body, affecting every aspect of life. When we met, he was no longer walking, had a Continuing Healthcare NHS funding for a live-in carer, he needed 24 hour Non-lnvasive Venti18tion, had very limited use of his upper limbs and required an amplifier to project his voice for him. Following a visit in February byone of my¢olleagues la communitynursespeualistl he had shared the toll MND was taking, I wa5 asked to see him to explore how I might be able to support his emotional wellbeing and look at ways to participate in activities that were important. It was a steep learning curve initially, understanding how to set the VR equipment up outside of the hospice, where we have a room dedicated to its use. The weight of the headset was more than his head and neck could support. We worked out a waywhere I could stand behind him and support the weight of the headset - in this position I could also asslst him to move his head to get the most enjoyment from each virtual environment. My focus was on ensuring that he is the one in the driving seat and I was fully guided by how he want5 to run the session. The sessions are a little noisier when we do them with his children but it creates a really happy and animated atmosphere where he is Dad. The children take it in turns to sit next to thelr Dad when they are using the VR and l encourage them to talk with Dad about what they can see, they are a family bein8 a family again. The sessions mean an opportunity to'escape". to relax. to connect with his family and to experience an increased sense of choice and control where so many things are now out of his control. HOSPICE OF ST FRANCIS {BERKHAMSTED) LIMITED (Company limited by guarantee) PATIENT AND FAMILY STORIES The Hosplcg 100°/. CARED FOR.. tofflll,de 5.1• . Iness betteTrwhen h was in the,Hospic' "By the ts.me 8111 wentlnto the Hospice. I was at breaking point I so drained after ninè and a half Months of carin8for hirn at home. Bill had a grade 4 glioblastoma and 5ymptomshal been getting worse over the pwio¢Js months When I took him to the Hospice that first morning in Decerrther. I was in qutte a state. ljvst burst OLtt Crying. A la(ty got me a ojp of tea and from that momenL I stsrted to relax. Whatever Bill wanted at the H05pice. he had. They cooked him all his favourite5 and whatever ro* dinnw hÈ wanted. The compassion and carè they showed was phènomen￿, from the cleaning ladies to the peWe who bathed him. I don't knowwhat I'd have done witFK)trt therrk I fett like I'd fouNI heaverk I could deal Bill's Sllness better he was in the HospKe because I could geta ￿ght's.. sleep. I was able to do rM)rmal thing5 again. After Blll's funeral. the Hospwce offered me counselling. I wouldn't have thought of rt, but the¥ came to rne. It was the best thing I've ever dorbe. Annette has an am6zing counsellor. I get comfort from going to the Hospice events, bke Light Up A Life. I still feel part of the HoS￿e and I can't thank them erK)ugh.". Le51ey. Bill's wrfe HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Hosplce 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 Victoria Collins MP for Harpenden and Berkhamsted The Rt Hon Sarah Green MP for Amersham and Chesham The Rt Hon Gagan Mohendra, MP for South West Hertfordshire The Rt Hon David Taylor, MP for Hemel Hempstead Dr Peter Carter OBE Hilary McNair Charles Toner Alison Woodhams HONORARY PATRONS Joan Gentry Sir Mike Penning BOARD OF TRUSTEES,. Membership of committees and directorshlps of subsidiary company Tim Curry Ichairl IResigned 10 December 20241 Debashis Dasgupta (Appointed 3 October 20241 Ivice Chairl Paul Forster (Appointed 10 December 20241 Richard Houghton" Jennifer Jenkins P3rul Kanabar (Resigned 3 October 20241 Kathryn Magson Natalie Pankova (Resigned 10 December 20241 Massimo Petronio IDeputy Chairl (Resigned 28 July 20251 Eddie Powell* Shailen Rao. Margaret Salmon IResigned 3 October 20241 Matt Seaman. IAppointed 3 Ortober 20241 Phillip Sewell Tim Symington ITreasurerl Ichairl Mike Tye IAppointed 3 October 2024, Resigned 11 March 20251 Ichairl Sandra Turner (Appointed 3 October 20241 GC, FARR. IGC. PGC. Subsidiary Company IGC IGC, Subsidiary Company PGC FARR, PGC CGC, IGC IGC, CGC FARR, PGC IGC, PGC, Subsidiary Cornpany CGC. Subsidiary Company CGC, FARR, PGC Subsidiary Company IGC, FARR CGC, FARR IGC, FARR CGC, PGC Key to committee membership: Board Cornmittèes Incorne Generation IIGCI People and Governance IPGCI Cllnical Governance and Strategy ICGCI Finance Audit. Risk and Resources IFARRI Subsidiary Company 'Director of Hospice of St Franci5 Trading Ltd (Tl HOSPICE OF ST FRANCIS IBERKHAMSTED} LIMITED (Company limited by guarantee} REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 TheHosp1¢4 HOSPICE MANAGEMENT AND DETAILS OF ADVISORS CHIEF EXECUTIVE OFFICER: Kate Phipps-wiltshire EXECUTIVE TEAM: Dr Sharon Chadwick (Medical Director &Deputy CEO) Kate Brooks (Director of People-from 20JJnuary 20251 Joe Burrows (Director of Digital Media and Comms) Sarah Coles (Director of Sustainable Trading) Kate Grigg (Director of Fundraising- un￿1 26 February 20251 Fay Richardson (Director of Carel Polly Traxler (Director Integrated Governance/Family Support) Karen Hart (Director of Finance & Performance) REGISTERED OFFICE: Hosp¢ce of St Francis Spring Garden Lane Berkhamsted Hertfordshi HP43GW COMPANY REGISTRATION NUMBER CHARITY REGISTRATION NUMBER 01507474 Registered in England and Wèles 280825 Registered in England and Wales Telephone.. Website.. Email- Facebook-. Twitter- Instagram.. 01442 869550 www.stfrancis.o info 5tfrancis.or faceb0ok.com/thehospi￿otstfranC1$ @hospicstfrancis @hospicestfrancis .uk AUDITORS: Saffery LLP 71 Queen Victoria Street London EC4V4BE BANKERS: Lloyds Bank PLC 198-200 The Marlowes Hemel Hempstead Hertfordshire HPI IBH souaTORS.' SA Law 36-38 Upper Marlborough Road St Albans Hertfordshire AL13UU INVESTMENT ADVISOR.. Barclays Wealth, London I Churchill Place London E14 5HP HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The H05pke OUR VISION. MISSION & AIMS A Hospice is a gift the community gives to itself Ourfounder Pam Macpherson said: he Hospice of St Francis is for absolutÈly Èveryone, terminal illness 15 no respecter of age. race or sex." She said. "Everyone has a talent and the H05pice needs all the talents.- As part of our celebration of Hospice culture. diversity and our history, a gift frorn a generous donor enabled us to commission a sculpture that represents Pam's contribution to the Hospice and the influence she continue5 to have. Our original volunteers included alumni from Berkhamsted School. In 2023, Berkhamsted honoured that shared history by donating two benches made from sustainable wood where you can sit and enjoy the sculpture and the gardens. .41 -¥PpFrom our founding articles of association OUR VISION OUR MISSION OUR AIMS To achievè ourvi51Dn ty providing tsTrdingcare and suppKJrt to patients nd thoseclosetothem. To share expertise through Ilaboration, innovation and education. suffitienvy engage the support of our mmunty to enable usto deliveroLtr vision and mission. Totransfoim the quality of lifè for people living with life-limiting Trllnesses and pro￿d￿ suppcirt for those Cl￿t0 the To ensure h'gh qualty pro￿s1on of CarethrOu￿ Èducation and research. o sustain and expaTrJ oursenric throu h excellent fifyanc A community where t￿pIe with life-l￿nitIng illnesses live well until the en of their livesand theirfamili re￿￿2 the supwtth require. How we express this commitment now The need for our care is changing The Hospice of st francis Double our reach What we do Is led by you Fund the Hospice now & for future generations To live and die well We learn from each other io HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Hosple• Achievements and performance in 2024125 STRATEGIC AIM.. DOUBLE THE REACH OF OUR CARE BY 2029 PRIORITIES 2024125 TA￿ICs OUTCOME he Hospice of St Francis is at the forefront of providing complex hospice care at home. Called 'our virtual ward,. Not everyone can stay safely at home. For many people the best place and the only place is a room at the Hospice where the patient and the family are 100% cared for. In 2024125 30% of patients needed this most complex palliative and end of life care service, with 110 'admissions' o the virtual ward and 180 admissions to the Hospice in-patient unit Choice about how, when and where care takes place The option of-. a vlrtual bed and an inpatient bed when you need it In 2024125: The Hospice community team assessed on average 14 new patients every week The total number of people cared for and supported Ipatients and family members) was 2,466 Comparing 2023124 with 2024125 the Hosplce has seen a 9% increase in new patient referrals On average 14% of admissions to IPU happened in the eveningslweekends compared to 13% in 2023124. The peak months for admissions at these times were January-march 2025, at 19%, 29% and 29% respectwely Our community nurse specialists and rapid personalised care teams made 3,966 home visits For 50% of the people we cared for April 2024- March 2025 was the last year of their lives. The percentage of those people who were able to be where they wanted to be at the end of life Ipreferred place of deathl was 97%, lour NHS contract target for PPD was 85%) In our well-bein8 Services we completed a review of the partnership between trained volunteers and employed staff and rolled out this approach. We simplified the referral and assessment process, making it easier for people to make an informed choice about the therapy that best matches their needs. Our well-being team offered 774 individual out-patient 5e55ions and had 967 attendees in therapy groups and proBramme5. Our bereavement care volunteers made 1,4CM) calls Together family support staff and volunteers made 1,600 carers support contacts, dlgitally or by phone Healthcare Assistants in our community team provided 160 5UPPOrt sessions for carers, face to face or by phone Responding quickly To the needs of supporters and donors as well as people needing our ca Create capacity to ensure that we can respond to the increasing number of referrals, 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 li HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee} REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The H05ptr• STRATEGIC AIM,. FUNDTHE HOSPICE NOW AND FOR THE FUTURE PRIORITIES 2024125 TAcrics OUTCOME Update our website to make it easier to refer yourself for care, buy on-line. book on-line to take part in events and donate online Targeted campaisns for regular givers and #lwill for legacies, working with other H05pices when this is more powerful From September 2024-March 2025 the number of self-referrals was IO% of all referrals, compared to an average of 8% in 2023124 On-line sales were up 23% on 2023124 All registrations from event participants came through on-line raising £300,000 Individual donations on-line were at £211,744 up 34% on 2023124 Legacy income was up on 2023124. largely due to the impact of the pandemic for His Majesties Courts and Tribunals Servlce who are continuing to work through a backlog of probate applications and we saw progress towards the end of the year. HMCTS reported in 2025 that the backlog had largely cleared and we expect to exceed our legacy income target in 2025126. Our new regular giving campaign (Friends of St Francis) recruited 190 friends who together raised over £42,000 In their first year We received 131.498 donation bags up 13% of the previou5 year 120231241 Customer transartions across all our shops were up 8% on 2023124 Our total sales were up by 5% Gift aid conversion in our shops was 54% compared to 51% in 2023124 9% of our customers signed up to our donor support app. Ihe sales value of their donations averaged £121, this is £57 more on average than customers who are not using the app We implemented an online system to manage scheduled rnaintenance, moving away from relying on diaries We implemented an online system to manage our annual servSces allowing us time to book in contrartors and obtain competitive quotes where possible. We implemented a buildin8 management system IBMS) to allow us to more effertively monitor and control our energy use Using the Charity Retail Association rnethodology, 131,498 donation bags has a landfill offset value of 431,654 kg and a C02 saving of 5.818,684 kg Our external audit ratings for infection prevention and control were 97% this is within the outstanding rating. Our clinical assets group made an investment of £17,035 with grants received from Trusts and foundations to replace equipment Working differently As one BIG team, staff, volunteers, partners and Applying the learning we collect electronically at point of sale to increase customer numbers and sales people Implement new ways of working to bring more routine maintenante in house Incremental replacement of more energv efficient equipment, green initiatives and continuous improvement for infection prevention 12 HOSPICE OF ST FRANCIS (BERKHAMSTEDI LIMITED {Company limited by guarantee} REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The•losplc• Principal risks and uncertainties The Board of Trustees ensures effective risk management controls are in place to manage the strategic risks facing the Hospice. The Board of Trustees manages this responsibility through oversight of the Hospice's risk management policv and procedures. Core Domain Complian Proposed explanation of risk appetite for the Hospice of St Francis 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 andlor the safety of the public in income generation activitie5 as unacceptable. The charity regards any project or activity lincludingactivitles of organlsatlons in the supply chain) that because of the risk of adverse publicity could not be mitigated and could seriously ihreaten its reputation las an outstandlng Hospice, trusted by the local commtsnityl 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 maintaining compliance and value. supporting and developing its people (employees and volunteers) and to maintaining the reputation of the charity as a Bood place to work. The charity encourages thinking and action on innovative ways of working and new approaches to work and volunteering in order to support the furtherance of strategic objectives. The charity will work to maintain the long-term financial viability of the charity, as demanded by statute and/or regulation andlorgovernance, and within generally accepted boundarles of financlal prudence. The charity will invest to develop new business and services in the context of this overall approach to financial prudence. All charities must undertake estates, IT and infrastructure projects, and at times such project5 may be major and potentially high-risk, with the aim or potential to affect substantial parts of the activities of the charity. The charity will always ensure that the benefits and risks are fully understood before activities or projects are authori5ed. and that reasonable and sensible measures of risk mitigation are established. The importance of maintaining financial sustainability is paramount in such major projects. The charity will maintain these assets and make risk-based judgements in prioritising a maintenance programme, allowing sufficient provision forthe remediation of unplanned failure5 in critical infrastructure. The charity has environmental sustainability cornmitrnents 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, 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 fullv understood before activities or projects are authorised, and that reasonable and sensible measures of risk mitigation are established. The importance of maintaining reputation, financial sustainability and compliance a￿ paramount in major change pro ects. The charity work5 closely with statutory organisations (predominantly the NHS and local governrnentl governed by Government Policy and holds conlracts with NHS organisations. Government Policv/legislation can change the remit of the NHS and local government. chan8e comparative pay for clinical and care staff &/or change NHS standard contracts. This could impact on the NHS income received by the charity andlor the cost of providing care &/or ability to recruit and retain clinical staff &lor the number of people who rely upon the charity for care. Any or all of these changes could present a major risk to the operation of the charitv. Reputation People Financial Estates, Environment, IT and Infrastructure Majorchange Projects Government Policy 13 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Hosplc• FINANCIAL REVIEW The Hospice's work is mainly funded by donations, income from retail and fundraising activitie5, legacies and grants from tru5t5. We also have NHS contracts which contributed 15%117% 20231241 of our income during 2024125. We were a150 awarded a share of the national capital grant from the Department of Health and Social Care which has enabled us to continue our investment in improving our IT systems, carry out essential maintenance at our Spring Garden Lane buildin8 and replace some of our very old Hospi￿ vehicles.. Retail income continues to grow with the addition of two new shops (Greenway Owned and Bovingdon Owned), increasing the number of charf(y shops to eleven. Additional retail Income is generated through our five online shops. The 2024/25 budget is the 3r¢ year of our post pandemic financial plan. Our forecast works on a rolling two and five year basis. We reviewed this forecast in Qtr l and revised the voluntary fundraising and legacy income target with rnitigation against other income lines. We Set stretch targets for trading and in year funding from the NHS based on patient need and continued to implernent rigorous cost controls. The Executive Team delivered a second round of challenging savings targets as in the previous financial year,. this Included some redundancles. Overall, income increased slightly and, despite tight implementation of cost control, expenditure increased by 3.3% to £8.83m in 202415 due to inflationary pressures. The treasurer has led a financial review with a focus on returning to a balanced budget a high priority. Cost savings continue to be identified. along with new commercial initiatives to generate additional income to address the increase payroll cost in 2025126 due to the increase in employers, Nl contributions. 2020121 2021122 2022123 £'ooo 7.759 3,056 5,189 11,237 2023124 £'L¥Jo 7.777 3,244 5,296 10,774 2024125 Total income Costs of income generation Spending on charitable activities Total reserves 7,891 2.174 4,635 12,210 6,801 2,527 4,859 11,848 8,736 3,541 5,287 10,771 We spent £5.3m on our charitable artivities in the year. We cared for 2,466 people during 2024/25, a 31% increase on 2023124. Our reputation of Pfoviding quality care to people with complex needs continues to grow with self-referrals increasing year on year. £6.OOOk £5,OOOk £S21 £4,OOOk 748k 8 £3.OOOk E2,OOQk EI,OOOk £Ok 202￿21 2021-21 2022-23 2023-24 2024-25 In-patient5 Cornmunitv Outpatlentslcounselling Education 14 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Hosplto FINANCIAL REVIEW- continued Financial forecastTrng The Hospice of St Franci5'S 5VStem of financial management anLI control operates through a rolling business plan and annual budgets. The Trustees plan to utilise reserves during the recovery phase of the business plan to offset the loss of income that cannot be ameliorated by cost saving5. This recovery is a primary focus of the Trustees. We forecast that the Hospice will continue to draw on Its reserves, with the aim of returning to financial balance by December 2026. Reserves 2020121 2021122 2022123 2023124 2024125 £'ooo £'ooo £'ooo £'ooo 221 290 59 78 5,335 5,678 5,508 5.336 6.654 5,880 5,670 5.360 12,210 11,848 11,237 10.774 Restrirted reserves Designated resetves Unrestricted reserves Total reserves 31 5,166 5,574 10,771 The Hospice of St Francis provides essential Services to its local community. The importance of hospice care to the local community continues to be reflected in the support of loyal donors, fundraiser5 and customers,. however, these income streams fluctuate. Continued prudent financial management ha5 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 grow incorne. Designated reserves The balance on designated reserves represents the undepreciated cost 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 Hospice building reserves are not available for investment, or spending, unless the buildings are sold. Unrestrlcted reserves Unrestricted reserves represent the finèncial resources available to the Hospice to invest or to spend on Hospice services. The Board of Trustees reviews the level of reserves regularly to ensure that the Hospice's operations are sustainable. The Hospice calculates the required level of reseNes annually. Required resetves are estimated by reference to: The riskiness 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 H05pice if this should be needed The resulting calculation provide5 a minimum level of reserves required. At 31 March 2025, the Hospice's unrestricted reserves were £5.57m, represenling approximately 7.4 months of charitable spending (compared to 7.5 month5 as at 31 March 20241. 15 HOSPICE OF ST FRANCIS IBERKHAMSTEOI LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Hosplce Investment policy 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 resetves 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 posltion. Cash continues to be placed on deposit weekly, to maximise potential gain from the market. Investment portfolio obje¢tives 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 Parameter5'. The Trustees do not set an overall risk target but consider each investment individually. In addition to statlStical and volatility rneasurement5 Other risks considered are.. liquidlty risk,. reputational risk (both for the Hospice and the issuerl,. and credit risk. Asset Allocation: In accordance with a moderate risk strategy the Trustees seek a well-diver5ified investment portfolio across all asset classes with a bias towards fixed income and cash. Liquidity is a major consideration in all investment decisions. Social, enwronmental and ethical considerations.. The Hospice wlll not Invest directly in tobacco-related companie5 and pursues ethical investin8. The Hospice adheres to the Fundraising Regulatorf5 code of practice in its fundraising activities. The Supporter Relationships Policy outlines the approach taken by the Hospice when carrying out fundraising activities. All Fundraisers, whether employed by the charity or those actlng 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 its fundraisers and is reviewed every two years. The Charity follows the guidance set out in the Fundraising Regulatorfs 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 standards set out in the Code of Practice. The Charity is a shareholder in the Hospice Lottery Partnership, a private company incorporated to administer lottery in order to raise funds for the benefits of the Shareholders. The Charity has a place on ihe 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 bythe companyto address this behaviour and monitors this in Board meetin8S. 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 2024- March 2025. 16 HOSPICE OF ST FRANCIS IBERKHAMSTED} LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Hosplce STRUCTURE, GOVERNANCE AND MANAGEME Structure The Hospice of St Francis is 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 inspects the Hospice as an independent healthcare provider. The ReBistered Manager of the Hospice of St Francis is Fav Richardson, Director of Care. Public Benefit Statement The Charity is a Public Benefit Entity. The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011. They have considered the public benefit guidance published by the Charlty Commission and believe that they have followed it. This report provides details of the areas of charitable activity undertaken by the Charity. Corporate Governance The governing body of the Charity is the Board of Trustees. At 31 March 2025, there were tWe￿e Trustees. Membership of the Board is set out on page 9 of this report. At 31 March 2025, there were four formally constituted Board Committees, each with specifictemis 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 and Strategy Committee the People and Governance Committee the Finance, Audit, Risk and Resource5 Committee the Income Generation Committee Management The Board is responsible for setting overall Hospice strategy and approving financial plans. It delegates day to day operational management responsibilitie5 via the Chief Executive to the Hospice's Executive Team and other senior managers. Election and Appointment of Trustees The Board appoints new Trustees, based on selection criteria that ensure that the Board has acces5 to a wide range of skills and experience. The Board also appoint5 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 review meetings are carried out by the Chair and Deputy Chair at which further trainlng and development need5 are identified. 17 HOSPICE OF ST FRANCIS {BERKHAMSTED) LIMITED (Company limited by guaranteel REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The !lospl¢¢ EMPLOYEES ANDVOLUNTEER5 Staff are appointed using value-based competency procedures. Information about the Hospice's aim5 alld activities is communicated to staff and volunteers through briefings, meetings. newsletters 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 Integrlty and trust Encouraging learning Sustainable seNice Cornmunity engagement Volunteers have been central to the Hospice of St Francis since its inception. At 31 March 2024, 1,219 active volunteers are supportlng the Hospice in over 80 different roles, including in the Hospice itself, in our shops, and in the offices, in addition to hybrid roles from home and in ihe community. We recruited 236 new volunteers during 2024125 compared to 224 in 2023124, and 207 volunteers left during 2024125145 were Duke of Edinbuoh Volunteers). REMUNERATION OFTRUSTEES AND STAFF The Board considers that the Trustee5, the Chief Executive, the Director of Care, the Medical Director, Director of Psychologlcal Services, the Director of Finance and Performance cornprise 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 Trustees give their time freely, and no Trustee recewed 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 charitie5 and the NHS and for Shortage specialty posts by benchmarking against the sector in the market as a whole. STATEMENT OF TRUSTEES, RESPONSIBIUTIES The Trustees (who are also directors of Hospice of St Francis (Berkhamstedl Ltd for the purposes of companv lawl are responsible for preparing the Trustees, Report, including the strategic report, and the Accounts in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 applicatlDn 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 consistentlv,. Observe the methods and principles in the Charities SORP Istatement 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 Accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 18 HOSPICE OF ST FRANCIS IBERKHAMSTED} LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The *losplee 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 Account5 complv with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable companv and the Group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as we are aware: There is no ￿levant audit information of which the charitable company's auditor is unaware- and The Trustees have taken all steps that they ought to have taken to make thernselves aware of any relevant audit information and to establish that the auditor 15 aware of that information. Appolntment 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 Trustees, 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 29 September 2025 Tim Symington Chair 19 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) REPORT FOR THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Thp HtsspIc• MEET OUR #TEAM b•wftaCornm￿. .4 20 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hospleè 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 IBerkhamstedl Limited (the 'parent charitable company'l and ils subsidiaries Ithe 'group'l for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, consolidated balance sheet, charity balance sheet, consolidated cash flow statement and notes to the financial staterNent5, 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 Practicel. 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 2025 and of the group'5 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 requlrements 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 Auditorfs 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 FRCS 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 approprlate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of thi5 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 othenmise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 21 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guaranteel The Hosp1¢• INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED OLJr responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial staternents or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information,. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the 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 Trustees, Annual Report which includes ihe Director5, Report and the Strategic Report has 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 require us to report to you if, in our opinion.. adequate accounting record5 have not been kept by the group or parent charitable company, or returns adequate for our audit have not been received frorn branches not visited by us- or the parent charitable company financial statement5 are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are nol made; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 18, the trustees (who are also the director5 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 misstaternent, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable companvs ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations. or have no realistic alternative but to do so. 22 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The H05plce INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditors Ltnder the Companies Act 2006 and report in accordance with regulations made under that Act. Our objective5 are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our oplnlon. 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. Misstatements can arise from fraud or error and are considered material if, individually Dr in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularitie5, 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. Identrfying and assessing r¢5ks related to irregularities.. We assessed the susceptibility of the group and parent charitable company's financial statements to materhal misstatement and how fraud might occur. including through discussions with the trustees, discussions wlthin our audit tearri planning meeting. updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial 51aterrents. We identified laws and regulations ihat are of Significance in the context of the group and parent charitable company by discussions with trustees and updating otjr understanding of the sectors in which the group and parent charitable company operate. Law5 and regulations of dirett 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 laws and regulations where the consequences of non- compliante could have a material effect on the amounts or disclosure5 in the financial statements, through significant fines. 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 service5. 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 companvs policies and procedure5 for compliance with laws and regulations with members of management responsible for compliance. 23 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED (Company limited by guarantee) The Hosplce INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud throush management override of controls by testing the appropriatene55 of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bia5. At the Completion stage of the audit, the engaEement partnerfs review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with law5 and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resutting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilitie5 is available on the Financial Reportlll8 Council's website at- www.frc.or audilorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report 15 made solely to the parent charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mi@ht state to the parent charitable company's members those matters we are required to state to them in an auditorfs report Jnd 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 cornpany and the parent charitable company's members as a body, for our audit work, for thls report, or for the opinions we have formed. Gareth Norris FCA jsenior Statutory Auditorj for and on behalf of Saffery LLP Statutory Auditor5 71 Queen Victoria Street London EC4V 4BE Date.. Saffery LLP Is eligible to act as an auditor in terms of sertion 1212 of the Companies Act 2006 24 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee} The Hospteo CON50LIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) AS AT 31 MARCH 2025 Unrestricted Designated Restrlrted Funds Funds Income Funds Totsl Total Note IE £'ooo Note IE £'ooo Note IE £'ooo 2025 £'ooo 2024 £'ooo INCOME FROM (Note 21 Donations and legacies Donations Legacies 3,147 1,073 210 3,357 1,073 3.068 949 Charitable activitie5 NHS Grants for Hospice care Other income from charitable activities 1,329 74 1,329 435 1,388 300 361 Other trading activlties Trading and fundraising Retail income 545 1,946 545 1,946 469 1,551 Other income Other Income 51 51 52 Total income EXPENDITURE ON: (Note 31 7,123 1,613 8,736 7,777 Raising funds Voluntary income Trading activities Retail activities Total cost of raisin8 funds 670 341 2,513 3,524 12 682 346 2,513 3,541 577 349 2,318 3,244 17 Net income less expenditure on raising funds 3.599 1171 1,613 5,195 4,533 Charitable activities Inpatient unit Community Outpatients Isprillg Centrel Bereavement Ispring Centrel Education 1.546 1,076 583 133 258 85 1,403 29 21 42 43 3,034 1,114 638 138 318 3,008 1,172 613 207 296 34 17 Total expenditure on charitable act 3,596 153 1.538 5.287 5.296 Total empenditure carried forward 7,120 170 1,538 8,828 8,540 25 HOSPICE OF 5T FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) TheHospk* CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES (incorporating the income and expenditure account) AS AT 31 MARCH 2025 Unrestrfcted Designated Restricted Funds Funds Income Funds Total Total 2025 2024 £'ooo £'ofy) £'ooo Total expenditure carried forward 7,120 170 1,538 8,828 8,540 Net Incomellexpenditurel 11701 75 1921 17631 Net gains on investments (Note 101 89 89 3(X) Net incomellexpenditurel 92 11701 75 131 14631 Transfers between funds 122 11221 Net movement in funds 214 11701 1471 14631 Total funds brought forward 5,360 5,336 78 10,774 11,237 Total funds Carried lorward 5,574 5,166 31 10,771 10,774 The accounting policies and notes on pages 29 to 51 form part of the Accounts. All of the above amounts relate to continuing operations. All gains and losses recognised in the year are included above. A full comparative Statement of Financial Activities for the year ended 31 March 2024 is included within note 19. 26 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Hosplce CONSOLIDATED AND CHARifi ONLY BALANCE SHEETS AS AT 31 MARCH 2025 Group Charity 2025 £'ooo Note 2025 £'ooo 2024 É'ooo 2024 £'ooo FIXED ASSETS Tangible fixed assets Investments 4,892 3,375 5,062 3,651 4,892 3,415 5,062 3,691 TOTAL FIXED ASSETS 8,267 8,713 8,307 8,753 CURRENT AssErs Stocks for goods for resale Debtors Cash at bank and in hand 98 2,131 843 93 1,473 1,075 li 2,223 750 1,676 875 TOTAL CURRENT ASSETS 3,072 2,641 2,973 2,551 CREDITORS.. amounts falling due within one year 12 15681 15801 15431 15651 NET CURRENT ASSErs 2,504 2.061 2,430 1,986 ASSETS 10,771 10,774 10,737 10,739 FUNDS Unrestricted funds Designated funds Restricled funds 13114 5,574 5,166 31 5,360 5,336 78 5,540 5.166 31 5,325 5,336 78 TOTAL FUNDS 10,771 10,774 10,737 10,739 The net expenditure of the charity as an individual entity for the year was a loss of £42k12024: loss of £463kl. A statement of financial activities for the charity as an individual entity is not included using 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 29 September and were signed below on its behalf by Tim 5ymingto Chair 27 HOSPICE OF ST FRANCIS IBERKHAMSTED} LIMITED (Company limited by guarantee) The Mosptce CONSOLIDATED CASH FLOW STATEMENT AS AT 31 MARCH 2025 2025 £'ooo 1511 2024 £'ooo 15521 Cash flows from operatlng actlvllles (Note 171 Cash flows from investing activitie5 Purchase of fixed assets Proceeds from the sale of investments Net cash invested 11811 11661 11811 11661 Increase In cash and cash equivalents in the year 12321 17181 Cash and cash equivalents at the be8inning of the year 1,075 1,793 Cash and cash equivalents at the end of the year 843 1,075 Analysls of cash and cash equivalents 2025 £'ooo 843 2024 £'ooo 1,075 Cash at bank and in hand Total cash and cash equivalents 843 1,075 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 29 to 51 form part of the Accounts. 28 HOSPICE OF ST FRANCIS IBERKHAMSTED} LIMITED (Company limited by guarantee) Thq Hosplte NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 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 Accountlng The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 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 poliry notelsl. Corporate Status The Charity is a company limited by guarantee registered in England and Wales and does not have a share capital. Its 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 Chority. 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 subsidiarv, 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 concern The Trustees consider there are no material uncertaintie5 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 Accountlng Unre5trictedfunds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the Trustees for furtherance of the genera5 objectives of the Charity, and have not been designated for other purposes. Designotedfund5 comprise unrestricted fund5 that have been put aside at the discretion of the Trustees for particular purposes. At 31 March 2025, they comprised the total cost of the building, net of depreciation, the legacy equalisation and designated capital funds. Restrictedfunds 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. 29 HOSPICE OF 5T FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) Tho Hosplee NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 ACCOUNTING POLICIES Icontinued} Recognltlon of Income Income is included in the Statement of Financial Activities ISOFAI when: The Charity becomes entitled to the resource5. The Trustees consider it probable that the Charity will receive the resources. The monetary value can be measured with suff1cient reliability. Gifts in kind Gifts in kind are accounted for at a reasonable estimate of their value to the Charity, or the amount actually realised. Gifts in kind for the use of the Charity are included in the Statement of Financial Activities a5 income when received. Gifts in kind for sale are included in the accounts only when sold. Gifts in kind in 2025= £57,27012024.. É20,0821. Donated services and faciltties These are included in income Iwith an equivalent amount in expenditurel 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 Expendituie 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 costs 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 benefits 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. Penslon 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 NHS 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 Charittys contributions to the pension schemes are charged to the income and expenditure account as they fall due. 30 HOSPICE OF ST FRANCIS IBERKHAMSTED} LIMITED (Company limited by guarantee) ThE !lo$pfjte NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 ACCOUNTING POLICIES (continued) Tangible fixed assets for use by the Charity These are capitalised if they can be used for more than one year and cost over £500. They are valued at cost or, when this is not available, estimated value on receipt. Freehold land and assets 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 & fitting5 IT equipment 2Yo per annum straight line 5% per annum straight line 20% per annum straight line 20¥0 per annum straight line 20% per annum 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 Francis (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 falr 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 clas5 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 tost less provision for impairment. Financial Instruments The Charity has financial assets and liabilities of 3 kind that qualify as basic financial instruments. 8asic 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 goods for sale in the Hospice of St Francis, shops. No value is placed on drugs, medical supplies or donated Eoods 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 debtor5 are recognlsed at the settlement amount due. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments. 31 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED {Company limited by guarantee) The Hospltè NOTESTO THE ACCOUNTS AS AT 31 MARCH 2025 ACCOUNTING POLICIES {continuedl Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that wi15 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 35 incurred. VAT The Charity and its trading subsidiary file VAT returns under a group registration. The Charity reclaims VAT on its activities using an agreed partial exemption calculation. Irrecoverable VAT in the year ended 31 March 2025 amounted to £l,00012024 - £1,300) and was written off during the year. Taxation Hospice of St Francis IBerkhamstedl 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 2025 or in the prior year. Hospice of St Francis Trading Ltd has arranged to transfer its profits to Hospice of St Francis IBerkhamstedl Ltd under the Gift Aid rules. As a result of thi5 agreement, it has no taxable profits, and no tax 15 payable for the year ending 31 March 2025. Estimates 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 managemenvs best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. The Trustees consider depreciation, legacv income accrual and holiday pay accrual to be subject to estimation and judgement and are discussed above. 32 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) ThE Hosplte NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 2. ANALYSIS OF INCOME Unrestrlcted Restflcted Income Funds Total Unrèstrlcted Restricted Income Funds £.￿0 Total Funds 2025 £'ooo Funds 2024 al Donations and legzties Memoria15 register Donations from individuals and companies Donations received through the retail 8ift aid scheme Capital infrastructure and equipment grant Collecting boxes Lottery Legacies Total donations & legaciès 422 788 1,718 422 876 1,718 374 854 1,443 374 1,041 1,443 88 187 122 122 io 200 949 3,830 io 200 949 4.017 210 1,073 4,220 210 1.073 4,430 210 187 bl lficome from other tradln8 activities: trading and Fundraising Fundraising events Providing goods and services, other rhan for the benefit of the charity's beneficiaries Letting property held primarily for the functional use ol the charity Trading and fundraising 499 35 499 35 423 35 423 35 li li li li 545 545 469 469 ¢1 Income from other trading activltles: retsil shop sale5 1,946 1,946 1,551 1,551 Total retall Income 1.946 1.946 1.5SI 1.551 Trading operations HOSF owns 100% 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 basi5 in the consolidated statement of financial activities. An amount equa1 to the taxable income IS Eifted to the Charity within the provisions of Gift Aid. A summary of the results of the Hospice of St Francis Trading Limited is shown in note 2d-2e. 33 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED (Company limited by guarantee) Th¢ Hosplco NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 2. ANALYSIS OF INCOME (continued} dl The contribution to fund5 provided by the Hospice of St Francis's trading activity is analysed as follow5: 2025 £'ooo 1,946 1,265 3,211 2024 £'ooo 1,551 1,154 2.705 Retail income Gift aided donations through the shops (including gift aid) Total income Retail costs 2,226 1,918 Contributions made by retail operations 985 787 el Income reported by subsldlary company The results reported in the Hospice of St Francis Trading Ltd, a limited company registered in England and Wales, can be analysed as follows= 2025 £'ooo 428 12481 11351 2024 £'ooo 396 11931 11171 Turnover Cost of sales Operating tosts Amounts donated to Hospice of St Francis (Berkhamstedl Ltd under the Gift Aid scheme 1451 1851 Retained in the Hospice 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. 34 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limlted by guarantee) TheHospIcfr NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 n Income fn>m Charitable Artlvltles Restrlcted Income Total Unrestrlcted Funds 2025 Funds £'ooo £'ooo £'ooo Restricted Income Funds £'oiJo Unrestricted Funds £'ooo Total 2024 £'ooo Investment income Total investment Income Income from charitable activities NHS Income for service provision Hertfordshire Central London Community Healthcare NHS Trust Luton & Milton Keynes Buckin8harnshire 280 280 320 320 974 974 I,ooi I,ooi 74 74 62 62 Total NHS Income for service provision 1,329 1,329 1.388 1.388 NHS income for specific projects Watford General Hospital 74 74 73 73 Total NHS income for specific project5 74 74 73 73 Charitable income from other sources Grants frorn BBC Children in Need Other income 347 81 428 209 14 223 Total income from specific projerts 347 88 209 18 227 Furthef details relating to restricted income are included in notes 13 and 14. 35 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company Ilmlted by guarantee) TheHosplc• NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 ANALYSIS OF EXPENDITURE Direct Costs- stsff Olrect Support Dlfect Dlre¢t Support Costs- Costs Costs Costs Costs Other (Note41 Total -St3ff (note 41 2025 Total 2024 Other Raising funds.. Costs of generating voluntary income Costs of tradin8 and fundraising Costs of retail activities £'ooo 457 193 1.341 £'ooo 184 128 1.031 £,￿0 £,0￿ £'ooo £'cw)o 41 682 394 145 25 346 202 124 141 2,513 1,242 947 £'cN)o 38 23 129 £'ooo 577 349 2,318 1,991 1.343 207 3￿41 1,838 1.216 190 3244 Charitablè activitlès.. Inpatient unit Communlty Outpatients (Spring Centrel Bereavement Ispring Centrel Educatitsn 2.136 899 415 126 222 693 138 169 43 81 205 3,034 2,113 77 1.114 960 638 386 183 147 318 175 707 142 178 47 107 188 70 49 13 14 3.009 1,172 613 207 296 14 15 3,798 1.124 365 5,287 3,781 1,181 334 5.296 Total 5,789 2A67 572 8￿28 5,619 2,398 524 8,541 Shared clinical costs have been allocated to reflect the Hospice'5 best as5e5sment of activity levels for the different services offered. Costs of retail activities include £234,000 of stock recognised as an expense in the year ended 31 March 202512024: £189,0001. 36 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) Tho Hospteo NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 4. SUPPORT COSTS E'ooo £'OL £'oc £'ooo £'ooo £'ooo Costs of genèrating voluntary income Costs of trading and fundraising Costs of retail activities 28 12 41 25 12 17 25 15 23 96 41 141 84 42 129 141 60 207 124 61 190 Charltable activities Inpatient unit Community Outpatients ISprin8 Centrel Bereavemerit15pring Centrel Education 140 52 37 60 23 16 206 77 123 45 32 61 23 16 188 70 49 io 14 13 io 14 io 14 249 107 365 219 334 Total 390 15 167 572 343 12 169 524 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.. 2025 £'ooo 2024 £'ooo Governance costs Auditor's remuneration external audit Auditor's remuneration - other services Salaries Other costs 24 23 157 16 157 14 Total 206 200 37 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) rhe Hosplce NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 STAFF NUMBERS AND EMOLUMENTS 2025 £'ooo 2024 £'ooo Gross w3ges and salaries Employerfs national insurance costs Employerfs pension costs Redundancylseverance payments 5,267 442 487 5,010 434 549 Total Payroll costs 6,205 5,993 In the current year, £9,000 was incurred in respect of severance payments, in the prior year no additional cost5 were incurred in respect of staff restructuring. Average full time equivalent number of persons employed by the group (including bank staff) durlng the perlod was as follows:. Charitable activities Fundraising and retail Support setvices Number Number 87 68 27 94 59 28 182 181 Average full time equivalent number of persons employed by the group durfng the period was as follows:. Charitable activities Fundraising and retail Support services Number Number 60.7 47.7 22.8 64.9 41.9 23.8 Average numberofstaff 131.2 130.6 Highest paid employees 2025 2024 Gross salary (including employer pension and national insurance contrlbutionsl in the range £60,000 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £lOO,000 £ioo,ooi to £llO,000 £120,001 to £130,000 The Board considers its key management persorTrnel are comprised of the Trustees, the Chief Executive, the Director of Care, the Medical Director, People Director, the Director of Sustainable Trading, the Director of Wellbeing and Family Support, Director of Fundraising and the Director of Finance and Performance. The total remuneration of the key management personnel was £949,00012024.' £724,000). 38 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by 8uaranteel The Ho*plc* NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 TRUSTEES, EMOLUMENTS ANtJ REIMBURSED EXPENSES The Trustees received no emoluments for their services during the year ended 31 March 202512024.. £nill. The Hospice did not pay any expenses for Trustees in either period. Total donations by Trustees and close family in the year were £13,00012024.. £2,000). NET MOVEMENT IN FUNDS 2025 £'ooo 2024 £'(M)O The net movement in funds is arrived at after chargingl{crediting): Depreciation of fixed assets Auditors remuneration Operating lease rental.. land and buildings Operating lease rental.. equipment 351 25 307 16 358 23 286 li TANGIBLE FIXED ASSETS Freehold larbd and bullding5 Furniture and equlpment Shops, fixture5 and rittin85 Assets Under Construction Total £'ooo £'ooo £,￿0 £'ooo £'ooo Group and Charity Cost At l April 2024 Additions Transfer 7,169 25 1,946 106 102 370 50 102 9,588 181 11021 At 31 March 2025 7,194 2.154 420 9.769 Depreciation At l April 2024 Charge for the year 2,623 169 1,678 136 225 46 4,526 351 At 31 March 2025 2.792 1,814 271 4,877 Net book value At 31 March 2024 4.546 269 145 102 5,062 At 31 March 2025 4,402 340 149 4,892 Included in freehold land and buildings is land valued at £601,￿o(2024. £601,000), which is not depreciated. 39 HOSPICE OF ST FRANCIS18ERKHAMSTEDI LIMITED (Company limlted by guarantee) The Nospl¢• NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 FIXED ASSET INVESTMENTS 2025 £'ooo 2024 £'ooo Group Unlisted investments Investment property The Hospice Lottery Partnership Ltd 275 85 275 85 Total unlisted investments 360 360 Listed investments 8arclay5 Charity Fund 3,015 3,291 Total listed investments at market value 3.015 3,291 Total Investments 3,375 3,651 Listed investments at historic cost 2,952 2,952 Charity Total above investments Investment in Hospice of St Francis Trading Ltd 3,375 40 3,651 40 Total investments 3,415 3,691 During the year, gains on investments totalling £276,Tr)012024- £300,000) have been recognised in the statement of financial activity Included within fixed asset investments are.. 40,000 shares IIOO%I12024- 40,(K)0 5hare5 100%) in Hospice of St Francis Trading Ltd. 14 shares116.67%112024- 14 shares 16.67Yol 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 Trustees of the Hospice of St Francis 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 2025 show income for the year of £2,572,000 charitable donations of £1,415,000 and retained profits of £582,000. 40 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) Th¢ Hosplce NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 io. ANALYSIS OF MOVEMENTS IN FIXED ASSET INVESTMENTS 2025 É'ooo 2024 Group Carrying value of investments brought forward Disposals of investments at carrying value Net gainslllosses) on revaluation 3,651 3,351 iioi 310 12761 Carrying value carried forward 3,375 3,651 Charlty Carrying value of investments brought forward Disposals of investments at carrying value Net gain/llossl on revaluation 3,691 3,391 iioi 310 12761 Carrying value carrled forward 3,415 3,691 ii. DEBTORS 2025 £'ooo 2024 £'ooo Group Taxation recoverable Other debtors 256 276 190 58 Prepayments Accrued income 202 250 975 1,397 2,131 Total 1,473 Charitv Taxation recoverable Amounts owed by group companies Other debtors Prepayments Accrued income 256 loo 276 190 214 58 194 239 1,397 2,223 975 Total 1,676 Taxation recoverable comprises of Gift Aid and recoverable VAT. 41 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED {Company Ilmited by guarantee) Thp H05pI NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 12. CREDITORS: amounts falllng due wlthln one year 2025 É'ooo 2024 £'ooo Group Taxation and social security Trade creditors Other creditors Deferred income Accruals 97 240 iio 37 84 102 166 69 85 158 Totsl 568 580 Charltv Taxation and social security Trade creditors Other creditors Deferred income Accruals 97 222 iio 37 77 102 159 69 85 150 Total 543 565 Included within other creditors is an amount outstanding at the year-end of £20,00012024'. £21,000) relating to the defined contribution pension Schemes and £39,00012024'. £30,000) relating to the defined benefit pension scheme. 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 noted above is in respect of Fundraising Events, an Education course and Rapid Personalised Care Services. 42 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The HospIcE NOTES TOTHE ACCOUNTS AS AT 31 MARCH 2025 13a. UNRESTRICTED FUNDS (2025) Totsl General Designated Reserves £'ooo Unrestricted GROUP Reserves Reserves £'ooo £'ooo At l April 2024 Income Expenditure Gain on investment assets Transfers 5,360 7,123 17,1201 89 122 5,336 10,696 7,123 17,2901 89 122 11701 At 31 March 2025 5.574 5,166 10,740 Totsl General Reserves CHARITY Deslgnated Reserves Unrestricted Reserve5 £'ooo £'ooo £'ooo At l April 2024 Income Expenditure Gain on investment assets Transfers 5,325 7,123 17,1201 89 122 5,336 10,696 7,123 17,2901 89 122 11701 At 31 March 2025 5,540 5,166 10,706 Designated fund The designated fund comprises the net book value of the building1£4,670,0(K)I from which the Hospice of St Francis operate5. It has been segregated from unrestricted funds to give a clearer picture of the assets of the Hospice. The costs assigned to this fund equal the depreciation 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 FUNDS120241 Total Unrestricted Reserves General Designated Reserves Group Reserves £'ooo 5,671 6,111 16,7221 300 £'ooo £'ooo 11,179 6,111 16,8941 300 At l April 2023 Income 5,508 Expenditure Gain on investment assets Transfers 11721 At 31 March 2024 5,360 5,336 10,696 43 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED (Company limited by guarantee) Hospl¢e NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 13b. cont UNRESTRicfED FUNDS {20241 Total General Designated Reserves Unrestricted Reserves £'ooo Charlty Reserves £'ooo 5,636 6,111 16,7221 300 £'ooo 5,508 At l April 2023 Income 11,144 6,111 16,8941 3(K) Expenditure Gain on investment assets Transfers 11721 At 31 March 2024 5,325 5,336 10,661 13c. RESTRicfED FUNDS RESTRICTED FUNDS (2025) 01 Apr- 2024 Income Expenditure Transfer5 31-Mar- 2025 £'ooo Group and chority Medical Cover ot Wotford General Hospital NHS Trust Hertford5hire Community NHS Trust Community Cardiology Work Bucks Continuing Core Controrts Central London Community Heolth Care NHS Trust Children 5 Support Clinicol Equipment Education Family Support G(Jrdens Wellbeing Department of Health and Social Crjre The Childwick Trust Rank Foundation Sherling Charittible Trust Other restricted donations Total re5trictedfund5 £'ooo £'ooo 74 1741 281 12811 74 1741 974 19741 18 1181 26 40 1261 1331 iii 121 122 11221 io io 131 iioi 1421 11,5381 io 55 1131 11221 78 1,613 31 44 HOSPICE OF 5T FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) The Nosplce NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 13d. RESTRICTED FUNDS Icontinuedl RESTRICTED FUNDS 120241 01 Apr- 2023 £'ooo Income Expenditure Tn7nsfer$ 31-Mor- 2024 £'ooo Group and chttrity Medical Cover ut Wotford General Hospitol NHS Trust Hertfordshire Community NHS Trust Bucks Continuing Cure Contructs Centrol London Community Health Care NHS Trust Luton Cont Care 8BC Children In Need The Childwick Trust Ronk Foundation Sherling Charitable Trust Holly Bothroom Project Other restricted donutions Total re5trirtedlunds £'ooo £'ooo £'ooo 72 1721 320 62 13201 1621 I,ooi 11,ooii 151 iii io io io io 15 181 1151 11701 (1,646) 44 55 58 1,666 78 Restrlcted funds The restritted funds at 31 March 2025 comprise the assets which have been donated to the H05pice for a restricted purpose but which have not yet been applied to that purpose. These funds are held separately and matched against relevant expenditure as it is incurred. Transfers between restrlcred funds. as noted above, do not reflett a reallocation of resource5 to different charitable purpose5. Instead, they represent a presentational adjustment made for clarity in financial reporting. In particular, these transfers relate to instances where restricted funds had previously been aggregated under broader categories of restricted donations. The reclassification does not alter the original intent or designated use of the funds. The Herts Valleys CCG and Central London Healthcare Community NHS Trust grants comprise an annual grant for palliative care servlce provision, plus additional amounts for continued care of specific patient5, the costs of drugs and dressings. and pharmacy costs. The Chilterns CCG grant comprises an annual Erant for palliative care service provision, plus additional amounts for the care of specific patients. The Hillingdon CCG payment was towards the care of specific patients. The income from Warfc>rd General Hospital covered the salary costs of the Hospice's employed Consultant in Palliative Care to treat hospital patients. H05pice UK support.. A funding announcement was made by Hospice UK confirming the availabillty of capital grants to support infrastructure and equipment investment across the sertor. 45 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED {Company limited by guarantee) The H05ple¢ NOTESTO THE ACCOUNTS AS AT 31 MARCH 2025 14. FUNDS 14a. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS120251 Unrestrirted Designated Restricted Total Funds £'ooo Funds £'ooo Funds £'(N)o 2024 £'ooo Tangible fixed assets Investments Current assets Creditors.. falling due within one year 4,892 4,892 3,375 3,072 15681 3,375 2,767 15681 274 31 Totsl 5,574 5,166 31 10,771 14b. ANALYSIS OF CHARITY NET ASSETS BETWEEN FUNDS120251 Unrestricted Designated Restrirted Total Fund5 £'ooo Funds £'ooo Funds £'ooo 2024 £'ooo Tangible fixed assets Investments Current assets Creditors.. falling due within one year 4,892 4,892 3,415 2,973 15431 3,415 2,668 15431 274 31 Total 5,166 31 10,737 14c. ANALY51S OF GROUP ASSETS BETWEEN FUNDS120241 Unrestricted Deslgnated Restrlrted Tot31 Funds £'ooo Funds £'ooo Funds £'ooo 2023 £'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 46 HOSPICE OF ST FRANCIS {BERKHAMSTEDI LIMITED (Company limited by guarantee) The Hospl¢e NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 14d. ANALYSIS OF CHARifY NET ASSETS BETWEEN FUNDS {20241 Unrestricted Deslgnated Restricted Total Funds £'ooo Funds £'ooo Funds 2023 £'ooo 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 15. RELATED PARTIES During the year, Hospice of St Francis Trading Limited donated £45,000 to the Charity under the Gift Aid scheme 12024.. £86,000). No payments were made to Trustees, and any donations from Trustees are detailed in Note 6. 16. FINANCIAL COMMITMENTS 16a. OPERATING LEASE COMMITMENTS 2025 20Z4 At 31 March the total commitments under operating leases were as follows: Financial commltments Land and buildings: Operating leases which expire- within one year from two to five years over five years £'ooo £'ooo 322 770 222 260 512 Totsl land and buildings 1,314 772 Equipment hire agreement Operating leases which expire-. within one year from two to five years 24 23 li 15 Total equipment 47 26 Totsl 1,361 798 47 HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) TheHosple• NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 16a. OPERATING LEASE COMMITMENTS Icontinuedl The operating leases relating to land and buildings comprise the lease5 for the shops. The operating leases for equipment relate to hire contracts for laundry equipment and for photocopiers. Operating lease costs of £352,000 were expensed in the year ended 31 March 202512024.. £297,000). 16b. Capital commitments The Hospice had commltted £85,000 to a Digital Transformation as at the yearend 2024. This investment continues into 2025 with a reduced capital commitment of £29,000 as at 31 March 2025. The pro8ramme includes upgrading the network infrastructure, migrating to cloud-based storage solution5, and enhancing IT security across the organi5ation. 17. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES 2025 2024 £'ooo Net movement in funds Unrealised profits/llossesl on investments Depreciation Increase in stocks Decrease / Ilncreasel in debtors Increase / (Decrease) in creditors 19 276 351 151 16461 1121 14631 13001 358 1331 1241 1901 Net cash provided by operating activities 1171 15521 Cash flow from investment income is considered part of operational activities, rather than a return on investment, as the Hospice considers its investments to be an integral part of its operations. 48 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) TheHospieo NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 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 Franci5 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. 2025 £'ooo 2024 £'ooo Stocks Debtor5 Cash at bank and in hand Creditors falling due within one year 99 93 12 200 12301 93 11251 Net Assets 75 75 Shareholders, equity Profit and loss account 40 35 40 35 Total Shareholders, funds 75 75 49 HOSPICE OF ST FRANCIS IBERKHAMSTEDI LIMITED (Company limited by guarantee) Tho Hosple• NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES131 MARCH 2024) Unrestricted Funds Desl8nated Funds Restricted Income Funds £'ooo Total 2024 £'ooo £'ooo £'ooo INCOME FROM Donatlons and legacles Donations Legacies 2,881 949 187 3,068 949 Charitable activitie5 NHS Grants for Hospi￿ care Other income from charitable activities 1,388 91 1,388 300 209 Other trading activitles Trading and fundraising Retail income 469 1,551 469 1,551 Other income NHSE Income Other Income 52 52 Total income EXPENDITURE ON.. 6.111 1,666 7,777 Raising funds Voluntary income Trading activities Retail activities 556 344 2,312 3,221 12 577 349 2,318 3,244 17 Net income available for charitable activities 2.890 1171 1.660 4,533 Charitable activities Inpatient unit Comrllunity Outpatients (Spring Centrel 8ereavement (Spring Centrel Education 1,422 1,160 555 123 241 86 1,500 3,008 1,172 613 207 296 34 24 75 38 17 Total expenditure 3,501 155 1,640 5,296 Carried forbvard 6,722 172 8,540 so HOSPICE OF ST FRANCIS IBERKHAMSTED) LIMITED (Company limited by guarantee) TheHospk• NOTESTO THE ACCOUNTS AS AT 31 MARCH 2025 19. COMPARATIVE STATEMENT OF FINANCIAL A￿1vITIES(31 MARCH 2024} {continued) Unrestricted Funds Designated Restrirted Funds Income Funds Total 2024 £￿0 £000 £(M)o £fy)o Total Expenditure brought forward 6,722 172 1,646 8.540 Net income/lexpenditurel 16111 11721 20 17631 Net gains on investmenls 300 300 Net incomellexpenditurel 13111 11721 20 14631 Transfers between funds Net movement in funds 13111 11721 20 14631 Total funds brought forward 5,671 5,508 58 11,237 Total funds carried forward 5,360 S.336 78 10,774 51