2021-03-31-accounts - North London Hospice

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Contents	Contents			~Pa e
Board oftrustees and professional			advisers
Trustees' annual report				2-7
Strategic report				8-16
Independent auditor's	report			17-19
Statement offinancial	activities,		including
the income and expenditure		account		20
Balance sheet				21
Statements ofcash flows				22
Accounting policies				23-25
Notes to the accounts				26-37

Jkedda~red	Jkedda~red	47Woodside Avenue
		London N12 STF
ButgJI	of~T	Ms. E.B.Jones			(Chairman)
		Mr. G.S.Hill			(Honorary	Treasurer		and	Honorary		Secretary)
		Mrs. J.R.Brown
		Mr. H. T.F.Easterling
		Mr. A.J.Hams			(appointed	23	February 2021)
		Mrs. C.M Holmes
		Mr. S.Males
		Mr. S.Morris
		Mrs. L.A. Nash			(resigned 27 April 2021)
		Mr, J.Reid
		Mrs. B.J.Taylor
		Dr.J.A. Tobin
		Ms.J.Walters
		Ms. C.Woodwark			(appointed	28	April	2020)
		Mr. D. Carroll			(Chief Executive - appointed					3 August 2020)
		Ms. P.A. McClinton			(Chief Executive - retired				13	August 2020)
		Dr. S.Edward			(Medical Director &Consultant)
		Ms.F.Deane			(Director	ofClinical		Services)
		Mrs. L.Edwards			(Director	ofPeople)
		Mr. R.Langrishe			(Director	ofFundraising			and Communications)
		Mr. N. Sooryakumaran			(Commercial		and Finance Director)
~Co	Jmy Secreugy	Mr. G.S.Hill
		Moore Kingston Smith LLP
		Chartered Accountants		and	Statutory	Auditor
		Orbital House
		20Easuxn Road
		Romford
		Essex RMI 3PJ
		Barclays Bank p.l.c.
		Barnet tk Hampstead		Business Banking
		P0Box12320
		London N20 OWE
		Newton Investment	Management Limited
		The Bank ofNew York Mellon Centre
		160Queen Victoria	Street
		London EC4V 4LA

				31STMARCH 2021	31STMARCH 2021		2020
			Unrestricted	Restricted	Endowment	Total	Total
				funds		Erode	funds
Income.
Donations and fundraising			1,620,292	138302		1,758,494	1,635,583
Legacies			4,138,281			4,138,281	3,248,749
Charitable activities
Grants		4	3,890,583	4,889,920		8,780,503	5,169,876
Other trading activities
Charity shops sales			1,186,030			1,186,030	2,082,592
Donated agency sales			172,487			172,487	589,397
Rental income			11,581			11,581	11,655
Investment income		5	168,139		61,793	229,932	299,562
Other		6	246,070	549,151		795,221	31,136
Total income			11,433,463	5,577273	61,793	17,072,529	13,068,550
Expenditure:
Raising funds
Fundraising and promotion		7	701,978	18,568		720,546	791,829
Charity shops expenditure		8	1,600,915	444,264		2,045,179	1,992,120
Investment manager's	fees		51,200			51,200	50,062
Charitable activities
Cost ofoperation ofhospice		9	4,940,076	5,052,159	61,793	10,054,028	9,794,037
Other
Interest on loan fiom	The Governors
ofthe Peabody Donation Fund			21,100			21,100	36,799
Total expenditure			7,315,269	5,514,991	61,793	12,892,053	12,664,847
Net gains/fosses) on investments		13	1,756,360		549,415	2,305,775	(614,723)
Net income/(expenditure)	before transfers		5,874854	62,282	549,415	6,486,251	(211,020)
Transfers between funds		19	63,807	(63,807)
Net income/(expenditure)	after transfers		5,938,361	(1,525)	549,415	6,486,251	(211,020)
Other recognised losses
Actuarial losses on defined benefit
pension scheme		17					(462,000)
Net movement in funds			5,938,361	(1,525)	549,415	6,486,251	(673,020)
Reconciliation offunds:
Total funds brought forward,
1stApril 2020			18,679,166	103,885	2,371,218	21,154,269	21,827289
Total ihnds carried forward,
31stMarch 2021			24,617427	102,360	2,920,633	27,640,520	21,154469

	BALAN~IIEET		31ST MARCH
			2021	~20
Fixed assets:
Tangible assets		12	7,830,708	7,982,988
Investments		13	13,911,240	11,375,939
Total fixed assets			21,741,948	19,358,927
Current assets:
Debtors		14	5,951,344	3,211,858
Cash on deposit			2,456,170	1,854,189
Cash on current account and in hand			243,833	204,351
Total current assets			8,651,347	5,270,398
Liabilities:
Creditors: amounts	falling due within one year	15	(1,295,955)	(1,828,836)
Net current assets			7,355,392	3,441,562
Total assets less current liabilities			29,097,340	22,800,489
Creditors; amounts	falhng due after more than one year	16	(1,456,820)	(1,646,220)
Net assets excluding	pension liability		27,640,520	21,154,269
Defined benefit pension scheme liability		17
Total net assets			27,640,520	21,154,269
The funds ofthe charity:
Endowment funds		18	2,920,633	2,371,218
Restricted income	funds	19	102,360	103,885
Unrestricted funds
Designated fund		20	6,373,888	6,547,268
General fund			18,243,639	12,131,898
Total charity funds			27,640,520	21,154,269

RTHE	ED:									31ST MARCH	31ST MARCH
											202
Net cash provided by/(used	in) operating	activities								866,823	(523,822)
Cash flows from investing	activities
Investment income
Income from UX listed	investments									229,526	291,628
Interest receivable										406	7,934
Purchases oftangible fixed assets										(225,766)	(440,436)
Purchases offixed asset investments										(229,526)	(291,628)
Cash used in investing activities										(225,360)	(432,502)
Increase/(decrease) in cash	and cash equivalents			in	the year					641,463	(956,324)
Cash and cash equivalents	at the beginning		ofthe year							2,058,540	3,014,864
Cash and cash equivalents	at the end ofthe		year							2,700,003	2,058,540
'li ionofnet	m ntin funds	t			hflo	fm		n	ctivines
Net movement in funds										6,486,251	(673,020)
Investment income
Income from UK listed investments										(229,526)	(291,628)
Interest receivable										(406)	(7,934)
Depreciation										377,846	362,459
Loss on disposals oftangible fixed assets										200
Interest payable										21,100	36,799
Net (gains)/losses on investments										(2,305,775)	614,723
Actuarial losses on defined	benefit pension		scheme								462,000
Increase in debtors										(2,739,486)	(1,312,870)
(Decrease)fincrease in creditors										(743,381)	1,127,649
Defined bonefit pension scheme liability		crystallized									(842,000)
Net cash provided by/(used	in) operating	activities								66,
al sis ofcash and h e ivalents
Bank deposit accounts (less than three months)										2,456,170	1,854,189
Bank current accounts										241,850	202,390
Cash in band										1,983	1,961
Total										2,700,003	2,05S,540
Anal is of h esinnetfunds
											6
Cash at bank and in hand									204,351	39,482	243,833
Deposits									1,854,189	601,981	2,456,170
							f.		2,058,540	641,463	2,700,003

				Unrestricted	Restricted	Endowment
				~fund	funds	funds	Total
4.	Grants
	Year ended 31stMarch 2021
	Barnet Clinical Commissioning		Gmup	1,861,408	212,160		2,073,568
	Enfield Clinical Commissioning		Group	1,655,632	162,318		1,817,950
	Haringey Clinical Commissioning		Group	123,060			123,060
	NHS Partial Offset ofPensions	Costs		65,360			65,360
	North Middlesex Hospital NHS		Trust		681,092		681,092
	Betty Messenger Funding				314,346		314,346
	NHSE COVID-19 Emergency	Funding			3,520,004		3,520,004
	COVID-19 - Retail, Hospitality	and Leisure Grants		185,123			185,123
				3,890,583	4,889,920		8,780,503

Year ended 31srMarch 2020
Barnet Clinical Commissioning		Gmup	1,816,702	204,000		2,020,702
Enfield Clinical Commissioning		Gmup	1,533,953	159,135		1,693,088
Haringey Clinical Commissioning		Group	121,000			121,000
NHS Pardtd Offset ofPensions	Costs		64,317			64,317
North IvBddlesex Hospital NHS		Trust		598,433		598,433
Betty Messenger Funding				302,336		302,336
COVID-19 - Retail, Hospitality	and Leisure Grant		370,000			370,000
			3,905,972	1,263,904		5,169,876
Year ended 31stMarch 2021
Income from UK listed investments			167,900		61,626	229,526
Interest receivable			239		167	406
			168,139		61,793	229,932
Year ended 31stMarch 2020
Income from UK listed investments			210,354		81,274	291,628
Interest receivable			7,266		668	7,934
			217,620		81,942	299,562

						Unrestricted	Restricted	Endowment
						funds	funds	funds	Total
6.	Other income
	Year ended	31stMarch		2021
	Education income					223,425			223,425
	Management	charge				2,824			Z,824
	Insurance claim					19,821			19,821
	COVID-19	-Furlough		Scheme			549,151		549,151
					f	246,070	549,151		795,221
	Year ended	31stMarch		2020
	Education income				f	31,136			31,136
7.	Fundraisin	and	rom	tion
	Year ended	31stMarch		2021
	Staff costs					603,569	18,568		622,137
	Other costs					98,409			98,409
					f	701,978	18,568		720,546
	Year ended	31stMarch		2020
	Staff costs					645,263			645,263
	Other costs					146,566			146,566
						791,829			791,829
	Year ended	31stMarch		2021
	Staff costs					745,360	444,264		1,189,624
	Other costs					337,787			337,787
	Rents paid under		operating leases			515,045			515,045
	Rates and water					2,723			2,723
						1,600,915	444,264		2,045,179
	Year ended	31stMarch		2020
	Staff costs					1,121,650			1,121,650
	Other costs					321,907			321,907
	Rents paid under		operating leases			500,620			500,620
	Rates and water					45 355			45 355
	Depreciation					2,588			2,588
						1,992,120			1,992,120

			Unrestricted	Restricted	Endosvment
			funds	funds	agnus	Toto)i
9.	Costofo ration fhos	ice
	Year ended 31stMarch	2021
	Direct costs
	Hospice staff costs		2,490,684	4,986,387	61,793	7,538,864
	Catering and cleaning	services	78,477	1,200		79,677
	Other medical costs		157,789	20,885		178,674
	Supportcosts
	Support staff costs		922,783	23,420		946,203
	Premises costs		329,752	5,000		334,752
	Other costs		563,439	15,267		578,706
	Depreciation		377,846			377,846
	Governance costs (see	Note 10)	19,306			19,306
			4,940,076	5,052,159	61,793	10,054,028
	Year ended 31stMarch	2020
	Direct costs
	Hospice staff costs		5,779,645	1,214,731	81,942	7,076,318
	Catering and cleaning	services	107,748			107,74S
	Other medical costs		182,037	12,068		194,105
	Support costs
	Support staff costs		856,019	18,917		874,936
	Premises costs		482,371	1,739		484,110
	Other casts		665,218	13,705		678,923
	Depreciation		359,871			359,871
	Governance costs (see	Note 10)	18,026			18,026
			8,450,935	1,261,160	81,942	9,794,037

				Unrestricted	Unrestricted	Restricted	Endowment	Endowment
				~fund		~fun	~fu		Total
10	13ttyetttgrce	u&sts
	Year ended	31stMarch	2021
	Auditors' remuneration				10,935				10,935
	Accountancy	fees			8,371				8,371
					19,306				19,306
	Year ended	31stMarch	2020
	Auditors' mmuneration				10,330				10,330
	Accountancy	fees			7,696				7,696
					18,026				18,026
11.	Staff costs trustee r m		tion and ex	es and the c	tofke	ment	onn	1
									2020
	Wages and salaries						9,103,009		8,609,702
	Social security costs							728,802	678,108
	Pension costs							465,017	430,357
							10,296,828		9,718,167

pension costs.
Analysis by function;
Hospice services		7,538,864	7,076,318
Fundraising and promotion		622,137	645,263
Shops		1,189,624	1,121,650
Support		946,203	874,936
		10,296,828	9,718,167
The number ofhigher paid employees	was:
		2021~r	2020 ~Nmber
f60,000 tof70,000		7	2
f70,000 tof80,000		3	1
f80,000 tof90,000		1	1
8100,000 to8110,000			2
8110,000 to 8120,000

he average	number ofemployees, analysed by function, was:
		2021		2020
		~um	r	~mr
Hospice services		125		123
Fundraising	and pmmotion	11		12
Shops		41		40
Support		20		20
		197		195

People and the Director of C 6539,879). T sf u	linical Se	rvices. The empl	oyee benefits o	f the key manag	ement personn	el totalled f56	7,427 (2020—
			Furniture,
		Freehold land	fixtures and	Medical	Motor
		fmtl~i	s	~eui			Total
Cost
At 1stApril 2020		10,180,777	2,046,829	377,052	120,254	483,617	13408,529
Additions			67,159	53,000		105,607	225,766
Disposals			(11,330)			(750)	(12,080)
At 31stMarch 2021		10,180,777	2,102,658	430,052	120,254	588,474	13,422,215
Depreciation
At 1st April 2020		2,906,871	1,744,463	336,366	120,254	117,587	5,225,541
Charge for the year		175,393	117,527	26,079		58,847	377,846
Disposals			(11,330)			(550)	(11,880)
At 31stMarch 2021		3,082,264	1,850,660	362,445	120,254	175,884	5,591,507
Net book values
At 31stMarch 2021		7,098,513	251,998	67,607		412,590	7,I)30,708
At 31stMarch 2020	f,	7,273,906	302,366	40,686		366,030	7,982,988

3 IIi""			~22	~22
Listed investments;
Market value at 1stApril	2020		11,370,939	11,694,034
Additions at cost			229,526	291,628
Net gains/Gosses) on investments			2,305,775	(614,723)
Market value at 31stMarch 2021			13,906,240	11,370,939
Cost ofshares in subsidiary	company:
North London Hospice	(Trading) Limited		5,000	5,000
			13,911,240	11,375,939
The historical cost ofthe listed investments		as at 31stMarch 2021 was Z9,364,767 (2020-89,135,241).

t 31stMarch 2021 UK equities c	omprised:
		Market
		~viue	Cost
6,798,165.31units in the Newton	Growth Fund for Charities	10,719,347	7,089,692
2,137,276.53 units in the Newton	Global Growth &
Income Fund for Charities		3,186,893	2,275,075
		13,906,240	9,364,767

Dgb(0(8
			2001	2020
VAT recoverable			110,742	140,374
Other debtors			703,160	366,548
Prepayments	and accrued income		5,137,442	2,704,936
		f	5,951,344	3211,858

	VAT recoverable Other debtors Prepayments and accrued income	VAT recoverable Other debtors Prepayments and accrued income	VAT recoverable Other debtors Prepayments and accrued income	VAT recoverable Other debtors Prepayments and accrued income					2001 110,742 703,160 5,137,442 f 5,951,344	2020 140,374 366,548 2,704,936 3211,858
	Prepayments and accrued income includes				measurable		legacies committed	to North London	Hospice as at 31st	March 2021,
	but which were not received		by	that date,	amounting	to	83,787,212(2020 - 82,009,789).
15.	Creditor	amounts f		'thin one	ear
										2020
	Expense	creditors							415226	446,105
	Amount	owed to subsidiary	company							3,389
	Taxation	and social security							193,363	187,426
	Other cnxlitors								472,696	979,187
	Accruals	and deferred income							214,670	212,729
									1,295,955	1,828,836

Other credit	ors also in	cludes f262,196(2020 -f347,687)relating to agency sale	s under the retail Gift Aid sche	me.
'to		after more e
Loan - The	Governors	ofthe Peabody Donation Fund (secured)
(including	rolled up	interest of8956820(2020 -f935720))	1,456,820	1,435,720
London Pension Fund		Authority (see note 15)		210/00
			1,456,820	1,646720

Net liability at 1stApril 2020	380,000
Amount debited to the statement offlnancial
activities, being actuarial )ossm	462,000
LiabiTity crystallized during the year	(842,000)
Net liabiTity at 31stMarch 2021
The amount included in the balance short comprises:
Prment value offunded obligation
DeeuDc, Fair value ofscheme assets
Nct liabiTity in the balance sheet

				Mrs. Burgess
			Pauline Glasser Endowment	Fund for ~dren	Capital klgtsj	Endowment Fund
Balance 1stApril 2020			479,699	17,000	150,000	1,724,519	2,371,218
Income			13,426			48,367	61,793
Expenditure			(13,426)			(48,367)	(61,793)
Unrealised	gains		119,548			429,867	549,415
Balance 31stMarch 2021		f	599,247	17,000	150,000	2,154,386	2,920,633

be income funds oft ecific purposes.	he charity	inc	lude restri	cted funds comprisi	ng the followin	g unexpended b	alances of donations	to be applied fo
				Balance			Transfers	Balance
					Ream	E~xndi re	bgfiy~nds
Community and IPU	nursing	fund			49,256	(49,256)
Equipment and teaching fund					21,922		(21,922)
Garden and building	maintenance		fund		5,000	(5,000)
Haringey Community	Team				681,092	(681,092)
IPU refurbishment pmject fund					43,875	(19,840)	(24,035)
Kitchen refurbishment	fund				1,000		(1,000)
Ovenught Community	Service			103,885	314,346	(315,871)		102,360
PCSS fund					374,478	(374,478)
NHSE COVE)-19Emergency		and
COVID-19 - Furlough Scheme fund					4,069,155	(4,069,155)
ITequipment fund					16,850		(16,850)
Other					300	(300)
				103,885	5,577,274	(5,514,992)	(63,807)	102,360

At 31stMarch 2021
		Tangible		Current
		~fixed as	vestments		~Credit	Total
Endowment funds
Pauline Glasser Endowment			599,247			599,247
Mrs. Burgess Fund for	Children			17,000		17,000
Capital Fund				150,000		150,000
Endowment Fund			2,154,386			2,154,386
Restricted funds
Overnight Community	Service			102,360		102,360
Unrestricted funds
Designated fund
Tangible fixed assets	fund	7,830,708			1,456,820	6,373,888
General fund			11,157,607	8,381,987	1,295,955	18,243,639
		7,830,708	13,911,240	8,651,347	2,752,775	27,640,520
At 31stMarch 2020
~Com an		Tangible		Current
		fmemfets	Investments	gRee
Endowment funds
Pauline Glasser Endowment			479,699			479,699
Mrs. Burgess Fund for	Children			17,000		17,000
Capital Fund				150,000		150,000
Endowment Fund			1,724,519			1,724,519
Restricted funds
Ovennght Community	Service			103,885		103,885
Unrestricted funds
Designated fund
Tangible fixed assets	fund	7,982,988			1,435,720	6,547,268
General fund			9,171,721	4,999,513	2,039,336	12,131,898
		7,982,988	11,375,939	5,270,398	3,475,056	21,154,269

	operating	leases for th	e use	of	land snd buil	dings:
								~22	~22
	Payable	within one	year					435,065	466,437
	Payable	within two	to five	years				704,809	1,166,281
	Payable	in more than five		years					26,926
								1,139,874	1,659,644
23.	Financial	iggtgtttnattla
	Financial	assets
	Financial assets measured			at	fair value			16,606,243	13,431,011
	Financial assets that		are debt		instnunents	measured
	at amortised cost							5,575,605	2,759,274
							6	22,181,848	16,190,285
	Financial	liabilities
	Financial liabilities		measured		at amortised	cost		1,602,592	2,348,521

Pri r ' s temen f	financial activities
		Unrestricted	Restricted	Endowruent	Total
		~fund	finds
Income;
Donations and fundraising		1,515,441	120,142		1,635,583
Legacies		3,248,749			3,248,749
Charitable activities
Grants		3,905,972	1,263,904		5,169,876
Other trading activities
Charity shops sales		2,082,592			2,082,592
Donated agency sales		589,397			589,397
Rental income		11,655			11,655
Investment income		217,620		81,942	299,562
Other		31,136			31,136
Total income		11,602,562	1,384,046	81,942	13,068,550
Expenditure:
Raising funds
Fundraising and promotion		791,829			791,829
Charity shops expenditure		1,992,120			1,992,120
Investment manager's	fees	50,062			50,062
Charitable activities
Cost ofoperation of	hospice	8,450,935	1,261,160	81,942	9,794,037
Other
Interest on loan fiom	The Governors
ofthe Peabody Donation Fund		36,799			36,799
Total expenditure		11,321,745	1,261,160	81,942	12,664,847
Net losses on investments		(355,642)		(259,081)	(614,723)
Net (expenditure)/income	before transfers	(74,825)	122,886	(259,081)	(211,020)
Transfers between funds		118,341	(118,341)
Net (expenditure)/income	after transfers	43,516	4,545	(259,081)	(211,020)
Other recognised losses
Actuarial losses on defined benefit
pension scheme		(462,000)			(462,000)
Net movement in funds		(418,484)	4,545	(259,081)	(673,020)
Reconciliation offunds:
Total funds brought forward,
1st April 2019		19,097,650	99,340	2,630,299	21,827489
Total funds carried forward,
31stMarch 2020		18,679,166	103,885	2,371,218	21,154,269