## **Registered number: 01561601 Charity number: 282723**
## **ROWCROFT HOUSE FOUNDATION LIMITED**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **CONTENTS**
|||||||||||Page|Page|
|---|---|---|---|---|---|---|---|---|---|---|---|
|Reference and Administrative Details of the||||||||Charity, its Trustees and Advisers|||1|
|||||||||||2|20|
||||||||||||21|
|||||||||||22|25|
|Consolidated Statement of Financial||||||Activities|||||26|
|Consolidated Balance Sheet|||||||||||27|
|Charity Balance Sheet|||||||||||28|
|Consolidated Statement of Cash||Flows|||||||||29|
|Notes to the Financial Statements||||||||||30|50|
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025**
|**Trustees**|S Scott-Bryant (Chair)|
|---|---|
||H E Boyd|
||C J Brant|
||C M Edwards|
||I N Hale|
||T K Howard|
||A N Janzen|
||C A Karakusevic|
||J A H Moffatt|
||A M E Tapson|
||H L Wallwork|
||K E Williams|
|**Company registered**||
|**number**|01561601|
|**Charity registered**||
|**number**|282723|
|**Registered office**|Rowcroft Hospice
Avenue Road|
||Torquay|
||Devon|
||TQ2 5LS|
|**Company secretary**|G R Pearce|
|**Chief executive officer**|M Hawkins|
|**Independent auditors**|PKF Francis Clark|
||Centenary House|
||Peninsula Park|
||Rydon Lane|
||Exeter|
||EX2 7XE|
|**Bankers**|Nat West Bank PLC|
||PO Box 69|
||Riviera House|
||Nicholson Road|
||Torquay|
||TQ2 7YL|
1
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025**
As Chair of the Board of Trustees, it continues to be a huge privilege to reflect upon the achievements of the Rowcroft team over the last twelve months.
achieve exceptionally exacting standards of care within both the hospice and community environments.
The past year has once again been incredibly challenging for the Rowcroft community given the economic contributions and both the National Living and Minimum Wage rises.
These challenges have brought about some radical changes for many of the teams; however, their keen environments.
We have seen enhanced support for our bereaved families and growth in our volunteer population. The international nurse programme has enabled new clinical learning as have the five newly registered nurses who bring a fresh outlook and perspective.
During the year, the team also hosted their second Dementia and Palliative Care Conference, bringing together professionals from many disciplines to share understanding and learning for the furtherance of knowledge across the Health and Social Care community across South Devon and further afield. With two more conferences confirmed for the coming years, it is wonderful to see Rowcroft leading in this area.
I am immensely proud of the way in which all our staff and volunteers continue to rise above the operational difficulties to provide a second to none caring service for our patients and their families in our community.
I know the team at Rowcroft continue to grow and develop as we progress our 2024-2030 strategy harnessing the power of their talent, the technological innovations, and their innate ability to work together. I strongly will enable us to springboard with strength and determination on our journey towards providing palliative care to over three thousand adults a year by 2030.
We are grateful for the financial support towards capital expenditure allocated to hospices from the government, which has enabled enhancements to our existing facilities.
The drive for continuous improvement, diversity and flexibility is encouraged by Mark Hawkins and his senior leadership team as they strive to ensure that an open communication style continues to be the DNA of our organisation.
Our inclusion strategy is an illustration of the commitment we have for fostering an environment where everyone experiences respect, dignity, and equity regardless of their personal situation. This facilitates meaningful conversations and helps remove perceived barriers to support greater care in the community.
teamwork and flexibility. I continue to be amazed at their tenacity, forbearance, and selflessness that they
I could not be prouder of the organisation that is Rowcroft and all the people within it for their continuing commitment to the highest quality of patient care in a challenging and ever-changing environment.
I would also like to acknowledge my multi-talented colleagues on the Rowcroft board who collaborate with myself, and the senior leadership team and I am ever grateful for their talent, fortitude, and wisdom.
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
We are exceptionally cognisant that to provide the best possible care to individuals and their families, we can only do so because of the support, innovation, willingness, and commitment of so many people in our local community.
Thank you.
Sally Scott-Bryant Chair of the Board of Trustees
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **C**
At Rowcroft, our mission is to make every day the best it can be for those living with life-limiting illnesses and those closest to them across South Devon. During 2024/25, we brought this mission vividly to life - not only through the compassion of our care but through bold action, innovation, and unwavering resolve to meet our strategic goals.
We are proud to report another year of real progress in delivering on our strategic ambitions: expanding access to high-quality care, strengthening our financial resilience, and transforming the way we work - so we can support more people, when and where they need us most.
We cared for more patients, grew our Hospice at Home service, invested in our workforce, and prepared for a major refurbishment of our Inpatient Unit to create a more homely and dignified environment. Thanks to strong financial management, our fundraising and retail performance, and remarkable legacy support, we delivered a surplus of £0.9 million which is vital headroom as we face a future shaped by uncertainty.
Innovation continues to drive our vision forward. This year we rolled out electronic prescribing, improved our digital infrastructure, and partnered with university teams to co-develop new tools such as a bespoke app to support people navigating the complexities of end-of-life care. We are also preparing to pilot artificial intelligence (AI) technology to free up our clinical teams for more face-to-face time with patients and families.
-winning nurse bursary scheme with Plymouth & Exeter Universities, international nurse recruitment, inclusive training programmes, and a refreshed clinical strategy that champions dementia care and equitable engagement, with record-breaking events like The Big Tackle and Strictly Rowcroft, alongside our flourishing retail and house clearance operations.
Living and Minimum Wage increases which are biting hard, with no additional statutory funding to match. The need to remain agile, focused and innovative is greater than ever. Our surplus gives us strength today but we must not be complacent.
Looking ahead, we remain grounded in our founding purpose, while reaching boldly toward the future: expanding our services, investing in our people, and ensuring that everyone in our community can access the care and support they deserve - regardless of background or diagnosis.
We continue to grow our Endowment Trust: The Ella Rowcroft Endowment Trust. I am delighted to be able to share that the surplus this year has enabled the Board of Trustees to approve a donation to the Endowment Trust of £0.25m in the year to 31st March 2026. We continue to invest in our longer-term future as we manage our way through this period of rising costs.
Thank you to our extraordinary team, volunteers, supporters, and partners. Your care, commitment and belief in our work are the beating heart of this special hospice. We are, as ever, deeply grateful.
Mark Hawkins Chief Executive Officer
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
The Trustees confirm that the Group financial statements comply with the current statutory requirements of ffective 1 January 2019.
## **OUR STRUCTURE, GOVERNANCE AND MANAGEMENT**
## a. CONSTITUTION
The charity (number 282723) is a company limited by guarantee (number 01561601), incorporated on 14 May 1981, and is governed by its Articles of Association (revised September 2021). It is led by a Board of Trustees, details of which are given on page 1.
## b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected under the terms of the Articles of Association.
Trustees are appointed to the Board of Trustees by an open recruitment process inviting applications with appropriate skills, experience and/or qualifications predominantly from the community of South Devon. The licy and procedure. The successful applicants are invited to become Members of the Association, prior to a General Meeting at which their appointment is formally ratified.
## c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
All newly appointed Trustees meet with senior team members to understand the activities of the charity as well as taking a tour of the hospice and engaging in discussion with the Chair of Trustees, other Trustees and the Chief Executive. Relevant documentation is made available to the newly appointed Trustees including the Articles of Association, past Board of Trustees and Committee minutes and a copy of the Trustee induction pack. All Trustees are expected to undertake a programme of mandatory training covering key topics including anti-bribery, equality, diversity and human rights and safeguarding.
## d. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The Board of Trustees are responsible for determining the strategic direction of the organisation, ratifying policy and ensuring compliance with internal governance and external regulations and legislation.
The Trustees meet with the Executive Directors every three months in a Rowcroft Board meeting. The Rowcroft Board considers strategic direction and reviews performance against strategic and operational indicators.
Day to day management of the hospice is delegated to the Chief Executive and the Senior Management Team (SMT).
The SMT consists of the Executive Directors and Senior Heads of Department. The hospice is organised into departments with each having a Head of Department who is responsible for the day to day running and budget management of that department. They meet weekly to discuss current issues and projects and monthly to review progress on strategic goals and monthly governance reports including patient care and quality, information governance, finance and Investments, income generation and human resources.
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **OUR OBJECTIVES AND ACTIVITIES**
To provide support and the best care possible to adults facing a progressive, life-limiting illness in South Devon. We deliver this through:
- Providing care to patients, their families and friends, where they have complex needs which require our specialist skills.
- and after bereavement.
- Providing palliative care and associated support services to the adult population in South Devon.
- Promoting excellence in palliative care across the community through education, training and support of carers, professional health and social care providers and the public.
- Developing a community-wide understanding of end-of-life care issues including and seeking to influence the services provided by others, including the NHS and third sector organisations.
The total population of the geographical area we serve is 280,000. Whilst the majority of our patients have a cancer diagnosis, we also support people with other progressive, life limiting conditions. In addition to care for the physical, psychological, social and spiritual needs of the patient, we help to address the needs of each patient's family and friends. The majority of referrals are received via the NHS, either directly from GPs or hospital consultants.
We seek the views of beneficiaries through surveys, user groups and local community engagement. We further engage with the local community to seek financial and volunteering support
## **OUR VISION**
To make every day the best day possible for patients and those closest to them, living with life-limiting illnesses in South Devon.
## **OUR VALUES**
- Honesty and integrity
- Generosity of spirit
- Team player
- Respect
## **OUR EMPLOYEES AND VOLUNTEERS**
The Board of Trustees would like to express its warmest thanks to all staff and volunteers for their dedication and commitment to the hospice throughout another year.
In addition to the excellent efforts of our staff, Rowcroft benefited from tens of thousands of volunteering hours, with over 600 active volunteers working on the wards; bereavement support; admin & reception; retail activities; therapies & services; transport; estates and fundraising.
Rowcroft is committed to investing in staff development across all of the disciplines we engage. The Rowcroft Education team provide personal development courses throughout the year to ensure that staff and volunteers have access to relevant opportunities. Where appropriate, Rowcroft also engages with external training suppliers.
Rowcroft recognises its social and statutory duty to employ disabled persons and individuals on Government assisted work schemes wherever possible.
## **Thank you.**
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**ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **OUR ACHIEVEMENTS AND PERFORMANCE**
In setting objectives and planning activities for the year, the Trustees gave careful consideration to ensuring
[2021]
Our care drives all that we all do
compassion, attentiveness, professionalism, and the sheer level of care that runs through the entire place and in every member of the team, from the receptionist to the cleaner, is really incredible. It is amazing and gives
begin to thank you for the way you handled Mum after her death. The respect and tenderness you showed is
## **SERVICE REVIEW**
Numbers of patients/ beneficiaries in 2024/25 by service:
## **Inpatient Unit (IPU) 12 beds: 295 patient admissions [2023/24: 255**
him and the support you gave to my daughter and myself in those difficult times.
## **Community specialist palliative care: 1,652 patient referrals [2023/24: 1,521]**
very patient. I feel reassured that my wishes will now be adhered to as best as can be. She answered my questions sincerely in a simple way. She is giving me practical help with medication as well, interacting with
## **Hospice at Home (24/7): 604 patient referrals [2023/24: 552]**
care. He was treated with the utmost dignity and respect. I felt listened to and totally included with regards to his care and medications treatment plan. Advice was a phone call away. He could not have been in better
## **Education (End of life care training): 609 attendees [2023/24: 928]**
to have such a caring team on our
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Progress on 2024/25 priorities:**
**Safe** :
Implementation of E-Prescribing & Medicines Administration (EPMA) within IPU
We fully implemented electronic prescribing and medicines administration (EPMA) within our medical records system (SystmOne) in the Inpatient Unit (IPU) in early February 2025. Feedback has been overwhelmingly positive and the implementation has gone smoothly.
To implement an escalation activity tool
Built within our data management system, Vantage, this bespoke tool considers both safe staffing levels and patient complexity and also monitors pressures in the medical, housekeeping, community and Hospice at Home teams. This represents a key step in our commitment to ensuring clinically safe and effective patient care.
## **Effective** :
outcomes, promote a good quality of life and are evidence-based where possible.
Improved data capture and visibility
We implemented a new and improved single Key Patient Information screen within SystmOne, which has been well received by our teams, and enables them to see key information about a patient in one place.
To explore the use of digital dictation and digital transcription
Plans to explore digital dictation and transcription were paused to prioritise improvements in data collection, care plans and the rollout of e-prescribing in the Inpatient Unit. We aim to progress this work in 2025 ~~2~~ 6.
## **Responsive**
Continued commitment to non-medical prescribing
We continue to support members of our team to become non-medical prescribers (NMPs) and hold NMP support events for the Rowcroft team members.
To trial & implement the use of text and email facilities within our patient record system
Plans to introduce text messaging and email through SystmOne were paused over the past year; however, we aim to trial these features in the coming year to enhance communication, enabling us to send messages, forms and feedback electronically when telephone
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**ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Caring:**
kindness, dignity and respect.
- Roll out an inclusion strategy meet the needs of those who experience exclusion.
We have identified seven inclusive care priorities to help support underrepresented groups more effectively:
Our inclusive care priorities: People with conditions other than cancer, frailty and dementia, racialised communities, LGBT, learning disabilities, prisoners, homeless.
We have also rolled out a comprehensive equality, diversity and inclusion (EDI) training programme for all staff so they can deliver more inclusive care and challenge barriers to access
- creating an app for those at end of life who are not
- always able to express themselves or communicate when in pain or distress
- with end-stage organ failure, frailty, dementia and other causes of cognitive decline, or those who may have no fixed abode or live alone and are not always able to express themselves or communicate when they are in pain or distress. The team display this at the 2024 Hospice UK National Conference. The next stage is to explore further funding to take the app forward for development.
## **Well-led:**
organisation assures the delivery of high-quality person-centered care, supports learning and innovation, and promotes an open and fair culture.
- Enhance quality improvement engagement in our teams
- Innovate, Suggest and Engage) initiative, RISE QI. By launching RISE QI and encouraging thinking around quality improvement, we aim to empower staff to drive continuous enhancements in care. This will help us to consistently meet the evolving needs of our patients and families while fostering a culture of innovation and excellence.
## **Priorities for 2025/26:**
## **Safe:**
- **Continue our Patient Safety Incident Response Framework (PSIRF) journey.** We are committed to fostering a no-blame, learning-focused environment. We will build on the restorative culture within our teams and we will actively engage with patients, families, all staff and volunteers, so that we listen, value experiences, and co-design improvements to build safety and trust across our services.
- **Development of System One and implementation of Brigid mobile working app.** working app to strengthen safe, effective, and person-centred care. This will improve real-time access to information to support clinical decision-making and ensure that our pat .
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Effective:**
## **Digital dictation and transcription for clinical teams** .
We will continue to explore the use of digital dictation and digital transcription within our clinical team to reduce the time spent on clinical documentation whilst improving patient care.
## **Rowcroft clinical faculty.**
We are continuing to develop the clinical faculty to help staff develop and maintain their clinical knowledge by giving them opportunities to access various courses
## **Responsive:**
**Patient feedback and family involvement through our new clinical strategy.** We are actively engaging patients and families so that their voices shape our care planning, delivery and improvement, across all of our activities.
## **Exploration of seven-day administrative cover in our IPU.**
We are transitioning to a single unified Patient Care Support Team and extending coverage to provide seven-day Inpatient Unit care and a more consistent quality experience for those in the IPU or visiting loved ones.
## **Caring:**
## **Inclusive patient experience survey.**
We are connecting with a new patient experience survey provider, enabling patients and families to share their whole story and experiences, whether in words or in pictures, so that we hear feedback from everyone.
## **Well-led:**
## **Clinical educator post.**
We are introducing a clinical educator to promote a culture of continuous learning and professional growth. Through ongoing training, mentorship and support, clinical educators ensure staff are equipped with current, evidence-based knowledge and skills. This fosters a positive, empowered workforce and reflects strong leadership that values openness, innovation and development.
## **Clinical dementia lead.**
The clinical dementia lead will undertake an audit for a baseline assessment and propose improvements in training and the hospice environment for patients with dementia.
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **FINANCIAL REVIEW**
Total funds (note 22) reduced to £16.8m [2022/23: £16.8m]
Total incoming resources can be summarised as follows:
|NHS grant funding|£2.7m|23%|[2023/24:|£2.7m|28%]|
|---|---|---|---|---|---|
|Fundraising income|£2.7m|23%|[2023/24:|£2.2m|23%]|
|Retail income|£2.3m|19%|[2023/24:|£2.3m|24%]|
|Legacy income|£3.5m|29%|[2023/24:|£1.7m|17%]|
|Other|£0.8m|6%|[2023/24:|£0.8m|8%]|
|**Total income**|**£12m**|**100%**|**[2023/24:**|**£9.7m**|**100%]**|
Income generation (fundraising & retail) as a percentage of total income: 42% [2023/24: 47%]. Legacy income as a percentage of total income: 29% [2023/24: 17%]
NHS grant income as a percentage of total income: 23% [2023/24: 28%]
Total outgoing resources can be summarised as follows:
|Inpatient Unit|£3.8m|34%|[2023/24:|£3.6m|32%]|
|---|---|---|---|---|---|
|Community Services|£1.9m|17%|[2023/24:|£1.9m|17%]|
|Hospice at Home|£1.1m|10%|[2023/24:|£1.1m|11%]|
|Education|£0.2m|2%|[2023/24:|£0.2m|2%]|
|Retail|£2.3m|21%|[2023/24:|£2.8m|25%]|
|Fundraising and Lottery|£1.2m|11%|[2023/24:|£1m|9%]|
|Other|£0.6m|5%|[2023/24:|£0.5m|4%]|
|**Total expenditure**|**£11.1m**|**100%**|**[2023/24:**|**£11.1m**|**100%]**|
Net income after costs from income generation: £1.5m [2023/24: £0.8m]
Expenditure on charitable activities: 63% of total [2023/24: 62%]
Expenditure on raising funds: 37% of total [2023/24: 38%]
**Reserves at the year-end: £7.8m [2023/24: £6.9m]**
**Reserves representing 8 months of expenditure [2023/24: 8 months]**
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **RISK MANAGEMENT**
The Rowcroft risk policy design and section headers are in line with Charity Commission guidance, Charities and risk management (CC26).
Risk awareness is embedded within the organisation and risk management is factored into business planning, performance management, audit and assurance, business continuity management and project management. All projects and events consider risks specific to their particular context and in accordance with the risk management policy. Strategic risks that could have a major impact on Rowcroft as a whole are reviewed by the Board of Trustees.
The Hospice uses the following categories to identify and manage strategic risk:
- Governance
- Operations
- Finances
- Environment (including public opinion/relationship with funders)
- Compliance (legal and regulatory i.e. CQC)
- People
## **Rowcroft Strategic Risk Register Summary March 2025**
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Rowcroft Strategic Risk Register: Significant risks**
**----- Start of picture text -----**
Unmitigated Residual
Risk Identified Impact / Further Impact /
Impact Likelihood Controls mitigations Likelihood
Finances: Cash flow and Extreme / -3Yr NHS grant -Supporter Extreme /
Dependency on revenue impact Possible -Prudent Legacy database Unlikely
existing income of significant income budgeting monitoring
sources reductions in -Consistent/ -Increasing
income regular activity NHS
and comms on engagement
fundraising and e.g. annual
retail activity dementia
conference
Finances: Resources for Extreme / -Investments in Non Extreme /
Inappropriate or key objectives Possible charitable Unlikely
loss-making reduced. annual returns entities have
non-charitable Resources from investments. their own
trading diverted from -Regular Board of
activities profitable performance Directors
fundraising. reviews
Environment: Grant funding, Major / -Members of the Monitor Major /
Government impact on Possible appropriate proposed Possible
policy donations, legal and
impact of Hospice UK, regulatory
regulation on Fundraising changes
activities. regulator. (supported by
Assisted dying -Co Sec /FD Tozers and
bill. memberships of Stephens
professional Scown LLP)
bodies
Environment: Expansion of AI Major / -Monitoring Major /
Artificial into all aspects Possible developments Possible
Intelligence of Rowcroft -Supporting use in
(AI) business and clinical trials.
services -Exploring
opportunities for
back office
Governance : Experience/ Major / -Workforce plan & Professional Major /
Loss of key skills lost. Possible strategy development Possible
leadership staff Operational - Min. 3 month encouraged
impact on key notice periods and funded
priorities. - Strong annual /
Loss of contact 6mth review
base and process
knowledge.
**----- End of picture text -----**
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**ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **RESERVES POLICY**
## **Reserves are required in order that the group is protected against future events known and unknown and to maximise future opportunities and weather future challenges.**
For the hospice to meet its objectives of providing care for patients suffering from life-limiting illnesses, the long-term commitment to people throughout South Devon and it requires long-term plans.
services and hence a major proportion of costs being in staffing.
Against these considerations, the Board is conscious of the need to apply charitable funds in a timely fashion and to avoid building up excessive levels of reserves. By law, income received must be spent within a reasonable period unless there is good reason not to do so.
Having regard to these factors, the Board believes that an appropriate balance is to hold a level of available reserves which would allow the group to meet its financial obligations as well as to facilitate initiatives which further its charitable aims.
The policy should be regularly monitored and its effectiveness reviewed in the light of the changing funding and financial climate and other risks. The Board conducts a formal review once a year at the time of approving the next year budget.
## **The benefit of a reserves policy is:**
- To assist in strategic planning, for example considering how new projects or activities will be funded.
- To inform the budget process, for example, is it a balanced budget or do reserves need to be drawn down or built up?
- To inform the budget and risk management process by identifying any uncertainty in future income streams.
- To demonstrate to beneficiaries, donors, funders and the wider public that the charity is acting to protect the group from future challenges and changes in economic circumstances.
## **Guiding principles to justify the level of reserves and their use:**
out of line with expectations.
- To have a level of funds available to support charitable initiatives which fall outside the annual plan.
- To have a sufficient level of funds available to support new long-term initiatives in their launch phase and before fundraising support can be fully realised.
## **Definition of Reserves for this policy:**
Reserves for the purposes of this policy are equal to the sum of general funds as detailed in the notes to the also be represented as:
Total Unrestricted Funds less:
- Capital Fund.
- The Endowment Trust Fund.
- Hospice Build Fund
All of which are unrestricted funds but have been allocated to specific activities and are not freely available.
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## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Level of reserves necessary to meet the objective of this reserves policy**
- A minimum of 6 months of total operating costs of the group in the budget for the following year [FY25/26 £5.8m], plus
- initiatives proposed by the Executive and approved by the Trustees Total reserves of £6.0m for the year to 31 March 2026
Should reserves, once established, either be forecast to, or fall below this level for whatever reason, immediate steps will be taken to reinstate them over a reasonable period.
The Board also recognises that keeping reserves at this level would, in the unlikely event of the charity having to cease operations, be sufficient to pay for winding up liabilities.
## **INVESTMENT POLICY**
## **Overview & Scope**
The Trustees intend that the real value of the Groups assets and funds (collectively Invested Assets) be maintained and enhanced over the medium to long term (5 years).
Invested Assets to comprise a mix of:
- **Financial Investments:** a portfolio comprising equities, fixed income stocks and cash, intended to increase their value and produce a financial return to support the operating costs of the charity over the long term.
- **Treasury Management:** Interest bearing cash deposits; specifically intended to maintain their overall value while safeguarding the cash against counterparty risk.
- **Non-financial Investments:** in non-financial assets including land and property, intended to increase their value and produce a financial return to support the operating costs of the charity over the long term.
- **Subsidiary investments:** including trading subsidiaries, intended to increase their value and produce a financial return to support the operating costs of the charity over the long term. Predominantly the re-investment of returns from financial, treasury management and non-financial investments.
The aim is to achieve the best financial return within an acceptable level of risk while maintaining sufficient liquidity for operations and opportunities.
The Trustees delegate oversight of Rowcroft Invested Assets to the Finance and Investment Committee who manage a framework of controls over the risk appetite for each individual invested asset. The Trustees use Quilter Cheviot to act as their agents to manage a diversified portfolio of suitable financial investments. The Financial Investment mandate risk is reviewed annually at a meeting of the Rowcroft Finance and Investment Committee.
## **Social investments**
Trustees are permitted to take Rowcroft purpose and values into account when making investment decisions, even if a particular investment might provide a lower return than an alternative. This may be in the charit best interests if it reflects the charit charitable purpose.
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**ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **Responsible & ethical investment**
Our aim is to maximise the return on the investments held with our investment manager over the long term within an appropriate risk framework. We will not make investments that conflict with our Vision and Values n by being a responsible investor.
Our decisions and actions are informed by three related principles: positive public health and wellbeing, responsible investment and low reputational risk:
- **Positive public health and wellbeing** we will not invest in organisations whose principal products or services are evidenced to be detrimental to the health and wellbeing of individuals and society. According to this principle, we instruct our investment managers not to invest in companies whose principal activities promote tobacco. They are also instructed to avoid collective investment vehicles that invest in companies whose principal activities promote tobacco. We are prepared to accept the possibility of lower returns to avoid such investments.
- **Responsible investment** the charity wishes to be a responsible investor, and as such, we will avoid investing in organisations with a negative track record and/or poor strategy on environmental, social and governance (ESG) issues. While we accept that ESG screening is not yet comprehensive, and that a company may perform more positively against some ESG criteria but negatively against others, our overall aim is to invest in companies that demonstrate strong ESG performance. While these examples are not exhaustive, environmental criteria include a carbon emissions strategy, ending deforestation, pollution and stewardship of the natural environment. Social criteria include how a company manages relationships with employees, suppliers, customers, and the communities in which it operates, including promoting diversity and inclusion. Governance deals with a leadership, executive pay, audits, internal controls, and shareholder rights. Therefore, we expect our investment managers to take account of ESG issues in their investment analysis and decision-making processes and engage with company management when appropriate.
- **Low reputational risk** - our charity will seek to avoid investing in organisations that we reasonably believe beneficiaries, supporters, and other stakeholders would be averse to. Examples include high stakes gambling or high interest money lending, this list to be reviewed from time to time.
## **Review/reporting**
The Trustees will regularly consider whether there is a need to revise this policy statement and keep under review the arrangements under which the agent acts.
The Trustees require valuations on a quarterly basis and a year-end report containing detailed information attend a meeting of the Finance and Investment Committee at least once a year to report in person and regularly appraise the Finance and Commercial Director during the year.
We will implement this policy in a pragmatic manner to optimise returns and we will be guided by our investment manager in terms of the specific timing of the sale or purchase of existing holdings in the event that these conflict with this policy.
16
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **INVESTMENT IN SUBSIDIARIES**
The Trustees monitor the intercompany balance with its subsidiary: Devon Farm Kitchen regularly to ensure appropriate compliance with governance and financial controls. With reference to SORP 1.24: while the company is currently loss-making with a net liability position, the directors expect the company to be profitable in the future. Revenues continue to grow, and the management team is further accelerating this growth through improved customer acquisition and retention strategies whilst driving up margins through process and cost efficiencies. In line with Charity Commission guidance CC35, the Trustees have considered the risks and the provision of financial support to Devon Farm Kitchen, ensuring that such arrangements are in the best interests of the Charity and do not expose its assets to undue risk.
## **INFORMATION OF FUNDRAISING PRACTICES**
## **Fundraising activities**
The Trustees monitor fundraising practices on an ongoing basis through a Non-Clinical Committee; meeting quarterly and at Board of Trustee meetings.
We believe in the highest possible standards for our fundraising, considering supporter preferences in all of our activity. We constantly ensure that all activities are compliant with regulatory standards and in line with the intent of those standards.
Rowcroft adopts the Fundraising Regulator standards and is committed to the Code of Fundraising practice.
During the year Rowcroft received no formal complaints arising from our fundraising.
## **Personal data**
Rowcroft does not sell personal data of any kind to any third parties nor do we share supporter or beneficiary data for marketing purposes. We do share information with organisations working on our behalf to deliver services that supporters and beneficiaries have requested and always inform the supporter or beneficiary of what we are doing.
We encourage all supporters or beneficiaries to contact us with any comment or complaint, in the first instance to the Rowcroft team member responsible for the area of concern and then through our comments and complaints procedures, as published on our website.
## **Protecting vulnerable people and others**
Rowcroft has robust practices that ensure that we do not undertake any intrusive fundraising activity and we ensure that, within one year, no person will receive what could be considered an intrusive or excessive number of contacts.
Existing supporters receive communications and contacts from Rowcroft based upon their personal preferences shared with us or where relevant under legitimate interest.
17
**ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **OUR PLANS FOR FUTURE PERIODS**
Looking to the future, we face the challenge of an ageing population. The proportion of people over 65 in Devon is projected to increase from 1 in 4 today to 1 in 3 by 2040. In this evolving landscape, we need to extend our care in order to meet our vision and be true to our values. We plan to do so with three clear strategic goals, underpinned by 3 Strategic Pillars.
## **Strategic goals 2024 to 2030:**
## **a. Deliver a specialist palliative care service to an impeccable standard when and where it is needed, 24/7, regardless of diagnosis or circumstance.**
Measure: Care Quality Commission (CQC) inspection / patient and family feedback. Progress 2024/25: We ran 2 friends & family surveys during the year with 32 supportive and highly positive responses. We were not assessed by the CQC during the year.
## **b. Extend our delivery of palliative care to reach over 3,000 adults per year by 2030.**
Measure: referrals recorded. Progress 2024/25: 2,551 referrals and admissions in the year, [2023/24: 2,328].
## **c. Build a sustainable future for the hospice (commercially and environmentally).**
Measure: balance sheet / Progress on environmental improvement goals. Progress 2024/25: Net Assets rising to £16.8m [2023/24: £15.9m]. Introduction of two hospice electric vehicles, installation of electric vehicle charging points for those vehicles and staff use
## **Strategic pillars**
## **a. Talent Build exceptional teams, united as one, embracing the future.**
- Invest in our people to build an effective and resilient workforce.
- Attract, develop, train and retain our talent.
- Create the environment and culture for our teams to thrive.
- Provide a seamless patient and family experience across all services and ensure care is available when and where it is needed.
Progress 2024/25: Highlights include: onboarding five newly qualified nurses, roll out of Hospice wide equality, diversity and inclusion training, further development of our RISE programme (Reflect, Innovate, Suggest, Engage).
## **b. Technology Embrace innovation for greater impact.**
- Deploy technology that drives efficiency and impact across the organisation to enhance patient care.
- Utilise innovative systems and tools that help to provide best-in-class services to all stakeholders.
- Further develop the shared IT service model across Rowcroft and other hospices (and charities) to deliver enhanced technology and effectiveness.
Progress 2024/25: Highlights include: achieving Cyber Essentials plus accreditation, renewed network infrastructure, new wi-fi campus on site, introduction of the key patient information screen on our patient record system: System One.
18
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **c. Together Engage our community at all levels, diversify income, remodel the hospice for the future.**
- Continue to deliver our services to meet local needs by engaging and partnering with all key stakeholders in the community: including healthcare commissioners and other professionals within the broader healthcare system, as well as existing and potential supporters, organisations, trusts and corporates.
- Develop innovative income generation strategies (including social enterprises) to achieve a 10% share of core revenue by 2030. We will also safeguard our services by setting reserves at 50% of the
- Launch a new nursing home and prepare for the construction of an assisted living village on the Rowcroft estate.
- Ensure the future sustainability of the hospice by remodeling Main House wards and offices to provide the next generation of in-patient hospice care.
Progress 2024/25: Highlights include:
- Continued, meaningful engagement with our ICB (Integrated Care Board), our local NHS Trust and Healthwatch Torbay, our local health and social care champion.
- Devon Farm Kitchen subsidiary revenues growing by 30%.
- The Ella Rowcroft Endowment Trust growing in value (net assets) to over £1m.
- Preparations for the construction of a new nursing home, assisted living village and refurbishment of the Hospice wards progressing well with the costs of works to confirm planning consent budgeted for 2025/26.
Full copies of the Rowcroft Strategic plan available at:
Rowcroft-Strategic-Plan-2024-30.pdf (rowcrofthospice.org.uk)
19
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **GOING CONCERN**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Future plans and future funding have been considered during the going concern review, in light of the impact of the UK economic environment and the Trustees consider that there are sufficient reserves and reasonable and practical plans to ensure the going concern basis.
## **DISCLOSURE OF INFORMATION TO AUDITORS**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and
- that the Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable company's auditors in connection with preparing their report and to establish that the charitable company's auditors are aware of that information.
Approved by order of the members of the Board of Trustees and signed on their behalf by:
**S A Scott-Bryant** Chair of Trustees Date:
**H E Boyd** Trustee Date:
20
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **FOR THE YEAR ENDED 31 MARCH 2025**
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the group and the charity's transactions and disclose with reasonable accuracy at any time the financial position of the group and the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the Board of Trustees on ___________________ and signed on its behalf by:
**S A Scott-Bryant** Chair of Trustees
**H E Boyd** Trustee
21
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ROWCROFT HOUSE FOUNDATION LIMITED FOR THE YEAR ENDED 31 MARCH 2025**
## **Opinion**
We have audited the Financial Statements of Rowcroft House Foundation Limited ended 31 March 2025 which comprise the Group Statement of Financial Activities, Group and Parent Company Balance Sheets, Statement of Consolidated Cash Flows and notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.
In our opinion, the financial statements:
- 5 and of
- its income and expenditure for the year then ended
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP)
- Have been prepared in accordance with the requirements of the Companies Act 2006
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the ibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the T 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 going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information on the Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
22
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ROWCROFT HOUSE FOUNDATION LIMITED FOR THE YEAR ENDED 31 MARCH 2025**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- report prepared for the purposes of company law) for the Financial Year for which the Financial Statements are prepared is consistent with the Financial Statements; and
- 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 Charity and its environment obtained in the course of
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- Adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- The financial statements are not in agreement with the accounting records and returns; or
- We have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the Trustees**
out on page 21, the Trustees (who are also the Directors of the Charity for the purposes of Company Law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the T continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the Charity. We gained an understanding of the Charity and the industry in which the Charity operates as part of this assessment to identify the key laws and regulations affecting the Charity. As part of these with the relevant individuals responsible for compliance. The key regulations we identified were Charity
23
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ROWCROFT HOUSE FOUNDATION LIMITED FOR THE YEAR ENDED 31 MARCH 2025**
regulations, food hygiene standards considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
We discussed with management and Trustees how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
- Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year, of which there were none.
- Reviewed audit documentation from the CQC to confirm compliance with standards, and ensuring continued registration with the CQC through the CQC website.
- Discussed with the Health and Safety Officer if any incidents have been reported during the year under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013
- Management System and reviewed the most recent inspection report by Torbay Council.
- and outcome of any reportable breaches.
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
- Reviewed Board minutes.
As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none. We evaluated the risk of fraud through management override. The key risks we identified were management bias in accounting judgements and estimates. We also evaluated the risk of fraud through misapplication of grant funding.
In response to the identified risk, as part of our audit work we:
- Audited the risk of management override of controls, including through testing journal entries and other adjustments or appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business of which there were none.
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
24
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ROWCROFT HOUSE FOUNDATION LIMITED FOR THE YEAR ENDED 31 MARCH 2025**
A further description of our responsibilities for the audit of the financial statements is located on the Financial www.frc.org.uk/auditorsresponsibilities.
## **Use of our Report**
those matters we are required to state to as a body, for our audit work, for this report, or for the opinions we have formed.
Neil Hitchings (Senior Statutory Auditor)
For and on behalf of PKF FRANCIS CLARK, Chartered Accountants & Statutory Auditor Centenary House, Peninsula Park Rydon Lane, Exeter, EX2 7XE
Date:
25
## **ROWCROFT HOUSE FOUNDATION LIMITED REGISTERED NUMBER: 01561601**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025**
|**Note**
**Income from:**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
**Total income**
**Expenditure on:**
Raising funds
9, 10
Charitable activities
11
**Total expenditure**
**Net expenditure before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
**Net income/(expenditure)**
Transfer between funds
22
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|**Restricted**
**Funds**
**2025**
**£**
406,134
1,182,995
-
-
29,965
1,619,094
-
1,599,614
1,599,614
19,480
-
19,480
10,805
30,285|**Unrestricted**
**Funds**
**2025**
**£**
4,245,077
1,566,152
4,142,692
323,905
123,835
10,401,661
4,017,429
5,455,285
9,472,714
928,947
(73,078)
855,869|**Total**
**Funds**
**2025**
**£**
**4,651,211**
**2,749,147**
**4,142,692**
**323,905**
**153,800**
**12,020,755**
**4,017,429**
**7,054,899**
**11,072,328**
**948,427**
**(73,078)**
**875,349**|Total Funds
2024
£
2,486,354
2,687,938
3,981,084
348,346
184,903|
|---|---|---|---|---|
|||||9,688,625|
|||||4,187,360
6,893,364|
|||||11,080,724|
|||||(1,392,099)
546,784|
|||||(845,315)|
|||(10,805)
845,064|**-**
**875,349**|-|
|||||(845,315)|
||408,802
30,285
439,087|15,496,954
845,064
16,342,018|**15,905,756**
**875,349**
**16,781,105**|16,751,071
(845,315)
15,905,756|
The notes on pages 30 to 50 form part of these financial statements.
26
## **ROWCROFT HOUSE FOUNDATION LIMITED REGISTERED NUMBER: 01561601**
## **CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025**
|**Note**
**Fixed assets**
Tangible assets
15
Investments
16
**Current assets**
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
**Net current assets**
**Total assets less current liabilities**
Provisions
21
**Net assets**
**Charity funds**
Restricted funds
22
Unrestricted funds
22
**Total funds**|**2025**
**£**
**4,799,623**
**6,071,578**
**10,871,201**
**222,584**
**4,121,514**
**1,585,000**
**1,313,431**
**7,242,529**
**(1,187,825)**
**6,054,704**
**16,925,905**
**(144,800)**
**16,781,105**
**439,087**
**16,342,018**
**16,781,105**|2024
£
4,806,384
6,032,653|
|---|---|---|
|||10,839,037
304,982
2,844,539
2,585,000
608,508|
|||6,343,029
(990,194)|
|||5,352,835|
|||16,191,872|
|||(286,116)|
|||15,905,756|
|||408,802
15,496,954
15,905,756|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Chair of Trustees Date:
Trustee Date:
The notes on pages 30 to 50 form part of these financial statements.
27
## **ROWCROFT HOUSE FOUNDATION LIMITED REGISTERED NUMBER: 01561601**
## **CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025**
|**Note**
**Fixed assets**
Tangible assets
15
Investments
16
**Current assets**
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one year
20
**Net current assets**
**Total assets less current liabilities**
Provisions
21
**Net assets**
**Charity funds**
Restricted funds
22
Unrestricted funds
22
**Total funds**|**2025**
**£**
**4,799,623**
**5,066,515**
**9,866,138**
**110,277**
**5,063,828**
**1,585,000**
**1,229,874**
**7,988,979**
**(1,171,263)**
**6,817,716**
**16,683,854**
**(144,800)**
**16,539,054**
**439,087**
**16,099,967**
**16,539,054**|2024
£
4,806,384
5,148,262|
|---|---|---|
|||9,954,646
198,432
3,571,509
2,585,000
482,005|
|||6,836,946
(983,771)|
|||5,853,175|
|||15,807,821|
|||(286,116)|
|||15,521,705|
|||408,802
15,112,903|
|||15,521,705|
as a surplus of £1,017,349 (2024: deficit of £735,526).
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Chair of Trustees Date:
Trustee Date:
The notes on pages 30 to 50 form part of these financial statements.
28
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025**
|Note
**Cash flows from operating activities**
Net cash generated by operating activities
24
**Cash flows from investing activities**
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
25|**2025**
**£**
**(258,137)**
**323,905**
**(255,887)**
**7,045**
**324,550**
**(436,553)**
**(36,940)**
**(295,077)**
**3,193,508**
**2,898,431**|2024
£
(1,739,655)|
|---|---|---|
|||348,346
(412,896)
27,045
539,160
(698,292)|
|||(196,637)|
|||(1,936,292)
5,129,800|
|||3,193,508|
The notes on pages 30 to 50 form part of these financial statements.
29
**ROWCROFT HOUSE FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. GENERAL INFORMATION**
The Charity is a company limited by guarantee. The members of the Charity are the Trustees names on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
The company number is 01561601 and charity number is 282723. The registered office is Rowcroft Hospice, Avenue Road, Torquay, Devon, TQ2 5LS.
## **2. ACCOUNTING POLICIES**
## **2.1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finance Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Rowcroft House Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The functional currency is pound sterling.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statement of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
## **2.2. GOING CONCERN**
The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity and its subsidiaries to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. No material uncertainties related to events or conditions that may cast significant doubt about the ability of the Charity and its subsidiaries to continue as a going concern have been identified by the Trustees.
## **2.3. INCOME**
All income is recognised once the Group has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Group has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Group, can be reliably measured.
30
**ROWCROFT HOUSE FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.3. INCOME (CONTINUED)**
Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Donated services or facilities are recognised when the Group has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the contribution of the invaluable volunteer time is not recognised in the income of the charity however please refer to the Trustee report for more information about this ongoing support.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Group which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Income raised through the operation of shops under the management of the charity and by the Friends of Rowcroft is considered at the time of the receipt by that organisation, and all costs attributable to these activities are included as payments in these financial statements.
Lottery income is accounted for based on the date of the lottery for which the ticket has been purchased.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.4 EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefits to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation
31
**ROWCROFT HOUSE FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.4 EXPENDITURE (CONTINUED)**
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management costs.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
## **2.5 INTEREST RECEIVABLE**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
|Freehold property|- 2% straight line|
|---|---|
|Long-term leasehold property|- over the period of the lease|
|Motor vehicles|- 25% reducing balance|
|Fixtures and fittings|- 25% straight line|
|Assets under construction|- not depreciated until asset is brought into use|
## **2.7 INVESTMENTS**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains
Investments in subsidiaries are valued at cost less provision for impairment.
32
**ROWCROFT HOUSE FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.8 STOCKS AND WORK IN PROGRESS**
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.9 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.10 CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.11 LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.
The dilapidations provision is based on the future expected repair costs required to restore the leased buildings to their fair condition at the end of their respective lease terms.
## **2.12 FINANCIAL INSTRUMENTS**
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.13 OPERATING LEASES**
Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.
33
**ROWCROFT HOUSE FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.14 PENSIONS**
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
Staff who are eligible participate in the NHS Pension Scheme. The Scheme is an unfunded, multiemployer defined benefit scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. The scheme is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS102, the group accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of Financial Activities incorporating income and expenditure account represents contributions payable to the scheme in respect of the accounting period.
## **2.15 FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the note to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT**
The Trustees have made judgements and estimations in the process of applying the entity's accounting policies which could result in uncertainty of the carrying amounts of assets and liabilities. Whilst there is a level of assumption in these judgements, the Trustees feel these are unlikely to have a significant effect on, or cause material error to the amounts recognised in the financial statements.
The Trustees have agreed the valuation of the listed investment portfolio as advised by the investment manager.
Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
Costs incurred in connection with the proposed facilities development (as detailed in the Trustees' report) have been capitalised in the financial statements (note 15 assets under construction).
A dilapidations provision of £144,800 has been included in the financial statements to 31 March 2025 as an estimate of future expected repair costs required to restore the leased buildings to their fair condition at the end of their respective lease terms.
34
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **4. INCOME FROM DONATIONS AND LEGACIES**
|**Restricted**
**funds**
**2025**
**£**
Donations
163,562
Legacies
-
Grants
242,572
**TOTAL 2025**
406,134
TOTAL 2024
260,031
**NCOME FROM CHARITABLE ACTIVITIES**
**Restricted**
**funds**
**2025**
**£**
In-patient unit
-
Community team
398,663
Hospice at Home
508,682
Health foundation
5,779
HUK Grant
158,301
Pharmacy
103,966
Other
7,604
**TOTAL 2025**
1,182,995
TOTAL 2024
1,131,127|**Restricted**
**funds**
**2025**
**£**
163,562
-
242,572
406,134|**Unrestricted**
**funds**
**2025**
**£**
697,786
3,486,761
60,530
4,245,077|**Total funds**
**2025**
**£**
**861,348**
**3,486,761**
**303,102**
**4,651,211**|Total funds
2024
£
648,054
1,679,507
158,793|
|---|---|---|---|---|
|||||2,486,354|
|||2,226,323
**Unrestricted**
**funds**
**2025**
**£**
1,566,152
-
-
-
-
-
1,566,152
1,556,811|2,486,354
**Total funds**
**2025**
**£**
**1,566,152**
**398,663**
**508,682**
**5,779**
**158,301**
**103,966**
**7,604**
**2,749,147**
2,687,938|Total funds
2024
£
1,556,811
396,285
505,648
109,012
-
120,182
-
2,687,938|
## **5. INCOME FROM CHARITABLE ACTIVITIES**
The income attributable to specific services and pharmacy income shown above is received from NHS Devon under a 3-year grant agreement.
35
**ROWCROFT HOUSE FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **6. INCOME FROM OTHER TRADING ACTIVITIES**
**Income from fundraising events**
|**Unrestricted**
**funds**
**2025**
**£**
**Income from fundraising events**
Lottery
528,302
Fundraising events
963,154
Fundraising trading (shops)
2,324,464
**Income from non-charitable trading**
**activities**
Sales
Devon Farm Kitchen
326,772
**TOTAL 2025**
4,142,692
TOTAL 2024
3,981,084
**NVESTMENT INCOME**
**Unrestricted**
**funds**
**2025**
**£**
Income from listed investments
297,384
Bank interest
26,521
**TOTAL 2025**
323,905
TOTAL 2024
348,346
**OTHER INCOMING RESOURCES**
**Restricted**
**funds**
**Unrestricted**
**funds**
**2025**
**2025**
**£**
**£**
Other income
29,965
123,063
Gain on disposal of assets
-
772
**TOTAL 2025**
29,965
123,835
TOTAL 2024
29,518
155,385|**Unrestricted**
**funds**
**2025**
**£**
**Income from fundraising events**
Lottery
528,302
Fundraising events
963,154
Fundraising trading (shops)
2,324,464
**Income from non-charitable trading**
**activities**
Sales
Devon Farm Kitchen
326,772
**TOTAL 2025**
4,142,692
TOTAL 2024
3,981,084
**NVESTMENT INCOME**
**Unrestricted**
**funds**
**2025**
**£**
Income from listed investments
297,384
Bank interest
26,521
**TOTAL 2025**
323,905
TOTAL 2024
348,346
**OTHER INCOMING RESOURCES**
**Restricted**
**funds**
**Unrestricted**
**funds**
**2025**
**2025**
**£**
**£**
Other income
29,965
123,063
Gain on disposal of assets
-
772
**TOTAL 2025**
29,965
123,835
TOTAL 2024
29,518
155,385|**Total funds**
**2025**
**£**
**528,302**
**963,154**
**2,324,464**
**326,772**
**4,142,692**
3,981,084
**Total funds**
**2025**
**£**
**297,384**
**26,521**
**323,905**
348,346
**Total funds**
**2025**
**£**
**153,028**
**772**
**153,800**
184,903|**Total funds**
**2025**
**£**
**528,302**
**963,154**
**2,324,464**
**326,772**
**4,142,692**
3,981,084
**Total funds**
**2025**
**£**
**297,384**
**26,521**
**323,905**
348,346
**Total funds**
**2025**
**£**
**153,028**
**772**
**153,800**
184,903||Total funds
2024
£
512,222
894,096
2,324,085
250,681
3,981,084
Total funds
2024
£
326,678
21,668
348,346
Total funds
2024
£
175,075
9,828|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
||123,835||**153,800**||184,903|
||155,385||184,903|||
## **7. INVESTMENT INCOME**
## **8. OTHER INCOMING RESOURCES**
36
**ROWCROFT HOUSE FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **9. EXPENDITURE ON RAISING FUNDS**
## **Fundraising expenses**
|Shop costs*
Lottery costs
Event costs
Shops - wages and salaries
Investment management fees
**TOTAL 2025**
TOTAL 2024|**Unrestricted**
**funds**
**2025**
**£**
489,900
175,750
1,037,092
1,797,838
29,635
3,530,215
3,763,077|**Total funds**
**2025**
**£**
**489,900**
**175,750**
**1,037,092**
**1,797,838**
**29,635**
**3,530,215**
3,763,077|Total funds
2024
£
669,894
174,406
786,270
2,102,347
30,160|
|---|---|---|---|
||||3,763,077|
|||||
*Shop costs include £nil (2024: £286,116) in respect of a dilapidations provision.
## **10. TRADING SUBSIDIARY EXPENSES DEVON FARM KITCHEN**
|Cost of sales
Administration expenses
Administration staff costs
**TOTAL 2025**
TOTAL 2024|**Unrestricted**
**funds**
**2025**
**£**
149,989
148,561
188,664
487,214
424,283|**Total**
**funds**
**2025**
**£**
**149,989**
**148,561**
**188,664**
**487,214**
424,283|Total funds
2024
£
117,843
127,106
179,334|
|---|---|---|---|
||||424,283|
|||||
37
## **ROWCROFT HOUSE FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **11. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|In-patient unit
Community team
Hospice at Home
Education
Restricted depreciation
Unrestricted depreciation
Governance costs
**TOTAL 2025**
TOTAL 2024|**Activities**
**undertaken**
**directly**
**2025**
**£**
2,030,733
1,573,491
955,686
132,636
**-**
**-**
**-**
4,692,546
4,562,598|**Support**
**costs**
**2025**
**£**
1,534,253
284,098
168,562
103,311
108,117
148,058
15,954
2,362,353
2,330,766|**Total funds**
**2025**
**£**
**3,564,986**
**1,857,589**
**1,124,248**
**235,947**
**108,117**
**148,058**
**15,954**
**7,054,899**
6,893,364|Total funds
2024
£
3,278,198
1,908,766
1,170,772
225,202
80,127
177,499
52,800|
|---|---|---|---|---|
|||||6,893,364|
||||||
In 2025, of the total expenditure on charitable activities, £5,455,285 (2024: £5,386,051) was to unrestricted funds and £1,599,614 (2024: £1,507,313) was to restricted funds.
## **12. AUDITORS REMUNERATION**
|**2. AUDITORS REMUNERATION**|||
|---|---|---|
||**Group**|Group|
||**2025**|2024|
||**£**|£|
|Fees payable to the company's Auditor for the audit of the group's annual|||
|accounts|**15,250**|15,250|
|Fees payable to the charity's Auditor in respect of:|||
|All non-audit services not included above|**6,550**|6,550|
|**13. STAFF COSTS**|||
|Wages and salaries*
Social security costs
Contribution to defined contribution
pension schemes|**Group**
**2025**
**£**
**6,761,858**
**606,780**
**554,442**
**7,923,080**|Group
2024
£
6,454,606
573,013
507,566
7,535,185|**Charity**
**2025**
**£**
**6,601,292**
**592,068**
**542,630**
**7,735,990**|Charity
2024
£
6,286,560
561,725
507,566|
|---|---|---|---|---|
|||||7,355,851|
*Wages and salaries cost for the year ended 31 March 2024 included £344,599 release of holiday and overtime previously accrued.
38
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **13. STAFF COSTS (CONTINUED)**
During the year ended 31 March 2025, the charity made termination payments (including PILON) totalling £90,008. This has been recognised within the 2024/25 annual accounts with no provision required in either the current or previous financial years.
The average number of persons employed by the charity during the year was as follows:
|**Group**|Group|**Charity**|Charity|
|---|---|---|---|
|**2025**|2024|**2025**|2024|
|**£**|£|**£**|£|
|**261**|289|**255**|282|
The average headcount expressed as full-time equivalents was:
|Medical, nursing and professional
Domestic and maintenance
Administration and fundraising
Charity shops|**Group**
**2025**
**£**
**85**
**13**
**46**
**42**
**186**|Group
2024
£
81
14
46
44
185|**Charity**
**2025**
**£**
**85**
**13**
**41**
**42**
**181**|Charity
2024
£
81
14
40
44|
|---|---|---|---|---|
|||||179|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||**Group**|Group|
|---|---|---|
||**2025**|2024|
||**£**|£|
|In the band £60,001 - £70,000|1|1|
|In the band £70,001 - £80,000|-|-|
|In the band £80,001 - £90,000|1|2|
|In the band £100,001 - £110,000|-|-|
|In the band £110,001 - £120,000|1|1|
Remuneration an pension contributions) totalled £464,925 (2024: £444,533).
## **14. TRUSTEES REMUNERATION AND EXPENSES AND RELATED PARTY TRANSACTIONS**
- During the year ended 31 March 2025, no Trustees received any remuneration or other benefits (2024 £nil).
During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £nil).
During the year ended 31 March 2025, there were no related party transactions requiring disclosure (2024 - £nil).
39
|||**Total**|**£**||**11,680,749**|**255,887**|**(397,911)**|**11,538,725**||**6,874,365**|**256,375**|**(391,638)**|**6,739,102**||**4,799,623**||4,806,384||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**Assets under**|**construction***|**£**||979,251|33,307|-|1,012,558||-|-|-|-||**1,012,558**||979,251||
|**Long-term**|**Freehold**
**leasehold**
**Motor**
**Fixtures and**|**property**
**property**
**vehicles**
**fittings**|**£**
**£**
**£**
**£**|**COST OR VALUATION**|At 1 April 2024
7,822,607
799,383
155,997
1,923,511|Additions
25,828
14,869
21,961
159,922|Disposals
(1,301)
-
(19,563)
(377,047)|At 31 March 2025
7,847,134
814,252
158,395
1,706,386|**DEPRECIATION**|At 1 April 2024
4,462,156
637,571
93,167
1,681,471|Charge for the year
76,031
57,759
12,280
110,305|On disposals
(832)
-
(15,153)
(375,653)|At 31 March 2025
4,537,355
695,330
90,294
1,416,123|**NET BOOK VALUE**|At 31 March 2025
**3,309,779**
**118,922**
**68,101**
**290,263**||At 31 March 2024
3,360,451
161,812
62,830
242,040|*****Assets under construction relate to planning and design for further development on the freehold site.|
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **16. FIXED ASSET INVESTMENTS**
|**GROUP**
**COST OR VALUATION**
At 1 April 2024
Additions
Disposals
Revaluations
At 31 March 2025
**NET BOOK VALUE**
AT 31 MARCH 2025
AT 31 MARCH 2024
**CHARITY**
**COST OR VALUATION**
At 1 April 2024
Additions
Disposals
Revaluations
At 31 March 2025
**NET BOOK VALUE**
AT 31 MARCH 2025
AT 31 MARCH 2024|**Investments in**
**subsidiary**
**companies**
**£**
1
-
-
-
1
1
1|**Listed**
**investments**
**£**
5,148,261
294,424
(324,550)
(51,621)
5,066,514
5,066,514
5,148,261|**Listed**
**investments**
**£**
6,032,653
436,553
(324,550)
(73,078)|
|---|---|---|---|
||||**6,071,578**|
|||||
||||**6,071,578**|
|||||
||||6,032,653|
||||**Total**
**£**
**5,148,262**
**294,424**
**(324,550)**
**(51,621)**|
||||**5,066,515**|
|||||
||||**5,066,515**|
|||||
||||5,148,262|
41
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **17. STOCKS**
|Raw materials and consumables
Work in progress
Goods for resale
**18. DEBTORS**
Amounts owed by group
undertakings
Other debtors
Prepayments and accrued
income
Tax recoverable
Legacies receivable
**19. FIXED TERM DEPOSITS**
Fixed term deposits|**Group**
**2025**
**£**
**6,214**
**3,558**
**212,812**
**222,584**
**Group**
**2025**
**£**
**-**
**303,105**
**369,332**
**66,768**
**3,382,309**
**4,121,514**||Group
2024
£
3,790
1,325
299,867
304,982
Group
2024
£
-
399,013
403,809
59,605
1,982,112
2,844,539|**Charity**
**2025**
**£**
**-**
**-**
**110,277**
**110,277**
**Charity**
**2025**
**£**
**985,112**
**299,393**
**330,246**
**66,768**
**3,382,309**
**5,063,828**|Charity
2024
£
**-**
**-**
**198,432**|
|---|---|---|---|---|---|
||||||**198,432**|
||||||Charity
2024
£
736,706
395,677
397,409
59,605
1,982,112|
||||||3,571,509|
||**Group**
**2025**
**£**
**1,585,000**||Group
2024
£
2,585,000|**Charity**
**2025**
**£**
**1,585,000**|Charity
2024
£
2,585,000|
42
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**2025**
**£**
**494,994**
**142,048**
**69,034**
**481,749**
**1,187,825**|Group
2024
£
305,771
136,738
67,550
480,135
990,194|**Charity**
**2025**
**£**
**487,899**
**142,048**
**69,035**
**472,281**
**1,171,263**|Charity
2024
£
297,421
136,738
67,551
482,061|
|---|---|---|---|---|
|||||983,771|
## **21. PROVISIONS**
|At 1 April 2024
Release of provision
**At 31 March 2025**|**Dilapidations**
**£**
286,116
(141,316)|
|---|---|
||**144,800**|
The Group dilapidations provision is based on the future expected repair costs required to restore the leased buildings to their fair condition at the end of their respective lease terms.
43
|**Balance at**
**31 March**
**2025**|**£**|||**4,533,874**|**1,026,836**|**3,000,000**|**8,560,710**||**8,566,096**|**(784,788)**|**7,781,308**|**16,342,018**||**53,919**|**16,410**|**41,161**|**52,647**|**150,668**|**124,282**|**-**|**-**|**439,087**||**16,781,105**||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**Gains /**
**(losses)**|**£**|||-|(21,457)|-|(21,457)||(51,621)|-|(51,621)|(73,078)||-|-|-|-|-|-|-|-|-||**(73,078)**||
|**Transfer**|**£**|||65,507|-|-|65,507||(76,312)|-|(76,312)|(10,805)||-|-|-|-|-|-|-|10,805|10,805||**-**||
|**Expenditure**|**£**|||(131,482)|(4,598)|-|(136,080)||(8,823,152)|(513,482)|(9,336,634)|(9,472,714)||(26,961)|(8,206)|(12,885)|(26,046)|(439,417)|(34,019)|(29,965)|(1,022,115)|(1,599,614)||**(11,072,328)**||
|**Incoming**
**resources**|**£**|||-|70,762|-|70,762||10,004,127|326,772|10,330,899|10,401,661||-|-|-|31,700|387,818|158,301|29,965|1,011,310|1,619,094||**12,020,755**|44|
|**Balance at 1**
**April 2024**|**£**|**UNRESTRICTED FUNDS**|**DESIGNATED FUNDS**|Capital fund
**4,599,849**|The Endowment Trust
**982,129**|Hospice build fund
**3,000,000**|**8,581,978**|**GENERAL FUNDS**|General funds
**7,513,054**|Trading subsidiary
**(598,078)**|**6,914,976**|**TOTAL UNRESTRICTED FUNDS**
**15,496,954**|**RESTRICTED FUNDS**|In-patient improvements - capital
**80,880**|RBS improvements - capital
**24,616**|Garden access improvements - capital
**54,046**|Specified use donations - capital
**46,993**|Specified use donations - revenue
**202,267**|Hospice Capital grant
**-**|Education income - revenue
**-**|Primary Care Trust Funding - revenue
**-**|**TOTAL RESTRICTED FUNDS**
**408,802**||**TOTAL OF FUNDS**
**15,905,756**||
|**Balance at**
**31 March**
**2024**|**£**|||**4,599,849**|**982,129**|**3,000,000**|**8,581,978**||**7,513,054**|**(598,078)**|**6,914,976**|**15,496,954**||**80,880**|**24,616**|**54,046**|**46,993**|**202,267**|**-**|**-**|**408,802**||**15,905,756**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**Gains /**
**(losses)**|**£**|||-|64,379|-|64,379||482,405|-|482,405|546,784||-|-|-|-|-|-|-|-||**546,784**|
|**Transfer**|**£**|||412,896|-|3,000,000|3,412,896||(3,412,896)|-|(3,412,896)|-||-|-|-|410|(410)|-|-|-||**-**|
|**Expenditure**|**£**|||(206,226)|(7,892)|-|(214,118)||(8,905,418)|(453,875)|(9,359,293)|(9,573,411)||(26,961)|(8,206)|(12,885)|(32,485)|(375,144)|(29,517)|(1,022,115)|(1,507,313)||**(11,080,724)**|
|**Incoming**
**resources**|**£**|||-|36,918|-|36,918||7,980,350|250,681|8,231,031|8,267,949||-|-|-|-|369,044|29,517|1,022,115|1,420,676||**9,688,625**|
|**Balance at 1**
**April 2023**|**£**|||4,393,179|888,724|-|5,281,903||11,368,613|(394,884)|10,973,729|16,255,632||107,841|32,822|66,931|79,068|208,777|-|-|495,439||**16,751,071**|
|||**UNRESTRICTED FUNDS**|**DESIGNATED FUNDS**|Capital fund|The Endowment Trust|Hospice build fund||**GENERAL FUNDS**|General funds|Trading subsidiary||**TOTAL UNRESTRICTED FUNDS**|**RESTRICTED FUNDS**|In-patient improvements - capital|RBS improvements - capital|Garden access improvements - capital|Specified use donations - capital|Specified use donations - revenue|Education income - revenue|Primary Care Trust Funding - revenue|**TOTAL RESTRICTED FUNDS**||**TOTAL OF FUNDS**|
**ROWCROFT HOUSE FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **22. CONSOLIDATED STATEMENT OF FUNDS (CONTINUED)**
Transfers from restricted to general funds represent fixed assets purchased from restricted funds.
## **Designated funds**
The Capital fund represents the net book value of the charity's unrestricted tangible fixed assets and is therefore not available for any other purpose.
The Ella Rowcroft Endowment Trust (The Endowment Trust) - to support the ongoing activities of Rowcroft Hospice by establishing, building and investing an endowment fund.
## **The Hospice build fund**
to build a new hospice inpatient unit on site. Previously a strategic project fund was held to fund the planning for this hospice build and two other projects: a specialist nursing home and an assisted living accommodation centre. Planning consent has been received and the capital appeal for the hospice build has commenced.
## **Restricted funds**
Department of Health grants have been received in previous years for ongoing improvement programmes, represented in the following funds:
- Inpatient improvements fund.
- RBS outpatient centre improvements fund.
- Garden access improvements fund.
Specified use donations are received each year from supporters and from grant making bodies towards specific projects as represented in the specified use capital and revenue funds
The Hospice Capital Grant fund represents a grant of £158,301 from the DHSC, via Hospice UK. This income has been spent in full on capital assets during the year.
The education income fund represents grants and donations towards the provision of end-of-life care education and training.
The Primary Care trust fund represents annual NHS funding through the NHS Devon Integrated Care Board (ICB).
## **General funds**
The Trading subsidiary fund relates to the social enterprise: Devon Farm Kitchen, the year-end balance reviews of performance, the current negative balance is expected to be a short-term position as the business grows further and becomes profitable.
46
**ROWCROFT HOUSE FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **23. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS CURRENT YEAR**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions
**TOTAL**|**Restricted**
**funds**
**2025**
**£**
288,419
-
150,668
-
-
439,087|**Unrestricted**
**funds**
**2025**
**£**
4,511,204
6,071,578
7,091,861
(1,187,825)
(144,800)
16,342,018|**Total funds**
**2025**
**£**
**4,799,623**
**6,071,578**
**7,242,529**
**(1,187,825)**
**(144,800)**|
|---|---|---|---|
||||**16,781,105**|
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS PRIOR YEAR**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions
**TOTAL**|Restricted
funds
2024
£
206,535
-
202,267
-
-
408,802|Unrestricted
funds
2024
£
4,599,849
6,032,653
6,140,762
(990,194)
(286,116)
15,496,954|Total funds
2024
£
4,806,384
6,032,653
6,343,029
(990,194)
(286,116)|
|---|---|---|---|
||||15,905,756|
47
## **ROWCROFT HOUSE FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **24. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**ACTIVITIES**|||
|---|---|---|
|Net income/expenditure for the year (as per Statement of
Financial Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
Losses/(gains) on investments
Dividends, interests and rents from investments
Profit on the disposal of fixed assets
Increase in stocks
Increase in debtors
Increase in creditors and provisions
**NET CASH GENERATED BY OPERATING ACTIVITIES**
**25. ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash at bank and in hand
Notice deposits (less than 3 months)
Total funds|**Group**
**2025**
**£**
**875,349**
**256,375**
**73,078**
**(323,905)**
**(772)**
**82,398**
**(1,278,293)**
**57,633**
**(258,137)**|Group
2024
£
(845,315)|
|||269,136
(546,784)
(348,346)
(9,828)
(3,657)
(325,894)
71,033|
|||(1,739,655)|
||**Group**
**2025**
**£**
**1,313,431**
**1,585,000**
**2,898,431**|Group
2024
£
608,508
2,585,000|
|||3,193,508|
## **26. ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENTS**
|Cash at bank and in hand
Notice deposits (less than 3 months)
Total funds|At 1 April
2024
£
608,508
2,585,000
3,193,508|Cash flows
£
704,923
(1,000,000)
(295,077)|**At 31 March**
**2025**
**£**
**1,313,431**
**1,585,000**
**2,898,431**|
|---|---|---|---|
48
**ROWCROFT HOUSE FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **27. PENSION COMMITMENTS**
The Group operates a defined contribution scheme on behalf of its employees. The assets of the scheme are held separately from those of the charity in an independently administered fund held by Standard Life. The commitment for the year ended 31 March 2025 under this scheme is for contributions of £356,862 (2024: £279,268). The charity has no obligation to meet any shortfall arising from any actuarial valuations lower than those originally anticipated.
The Group also participates in the NHS Pension Agency Scheme, a defined benefit scheme on behalf of eligible employees. Pension costs are assessed in accordance with advice from NHS Business Services Authority actuaries. It is not possible for the charity to separately identify assets and liabilities relating to the charity within the NHS scheme for the purpose of FRS102 disclosure.
During the year, the rates of contributions for each scheme were as follows: Standard Life scheme - employees 1% to 15%, employer 1% to 7% NHS scheme - employees 5% to 15%, employer 14%.
|**The number of members in each scheme was:**
Defined contribution
Defined benefit|**2025**
**£**
**218**
**39**
**257**|2024
£
229
40
269|
|---|---|---|
## **28. OPERATING LEASE COMMITMENTS**
|**Land and Buildings**
Not later than 1 year
Later than 1 year and not later than 5
years|**Group**
**2025**
**£**
**154,249**
**306,507**
**460,756**|Group
2024
£
199,023
261,389
460,412|**Charity**
**2025**
**£**
**154,249**
**306,507**
**460,756**|Charity
2024
£
199,023
261,389
460,412|
|---|---|---|---|---|
## **29. LEGACIES HELD IN TRUST**
The charity is beneficiary to multiple legacies for which they are entitled to a residuary of the balance held in trust. At the Balance Sheet date, the amount receivable cannot be reliably measured, and therefore no income has been recognised in the Statement of Financial Activities in the year.
49
**ROWCROFT HOUSE FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **30. PRINCIPAL SUBSIDIARIES**
The following were subsidiary undertakings of the charity:
|**Names**|**Company**
**number**|**Charity**
**registration**
**number**|**Holding**|**Included in**
**consolidation**|
|---|---|---|---|---|
|The Ella Rowcroft Endowment|||||
|Trust|CE19580|1186330|100%|Yes|
|Devon Farm Kitchen Limited|12353512||100%|Yes|
The financial results of the subsidiaries were:
||||**Profit /**||
|---|---|---|---|---|
||||**(Loss) /**||
||**Income**||**Surplus /**||
||**and other**||**(Deficit) for**||
|**Names**|**gains**|**Expenditure**|**the year**|**Net assets**|
||**£**|**£**|**£**|**£**|
|The Ella Rowcroft Endowment|||||
|Trust|70,762|(4,598)|44,707|1,026,836|
|Devon Farm Kitchen Limited|326,772|(513,481)|(186,709)|(784,788)|
On 13 November 2019 The Ella Rowcroft Endowment Trust was registered as a charitable incorporated organisation (CIO) with the Charity Commission for England and Wales. The Ella Rowcroft Endowment Trust is a separate legal entity, able to hold property in its own name.
On 9 December 2019 Devon Farm Kitchen Limited was incorporated as a limited company with Companies House. Devon Farm Kitchen is a separate legal entity, able to hold property in its own name.
50