North Devon ospice North Devon Hospice TRUSTEES REPORT 2024- 2025 Rtglstered charity number286554 I JUST WANT TO SAY A VERY BIG THANK YOU FOR ALL THE KINDNESS. CARE AND SUPPORT YOU HAVE GIVEN ME. OUR APPRECIATION We believe your lite's o story. The ending matters. North Devon Hospice's mission is to provide outstonding Co￿ and support to the community of North Devon who ore impacted by o life-limiting illnegs. We con only ochieve this togèthér with you. It is your individuol donotions, busine55 SUPPOrt. fundraising events. lottery memberships, gifts in wills and trust grants that enoble us to be there for all the family. In choosing to support us you are in fact making sure that deoth is as dignified and pain-free as possible for thousond5 of people on their beholf, thonk you. CONTENTS . TRUSTEES REPORT Our Appreciation Our Mission and Strntegic Objectives Your Impact 13 What We Want To Achieve 20 Our Governance 21 Annual Financial Report 28 Disclosure of Information to Auditor 35 Ststement of Trustee Responsibilities 35 2. NORTH DEVON HOSPICE INFORMATION 36 3. AUDITORS REPORT TO THE TRUSTEES 38 4. FINANCIAL STATEMENTS 43 Consolidated Statement of Financial Activities Consolidated and Company Balance Sheets Consolidated Cash Flow Statement Notes to Financial Statements CHIEF EXECUTIVE'S REVIEW It is my privilege to present this year's Annual Report and Accounts. a reflection on a year of deep significance for North Devon Hospice. As we marked our 40th anniversary, we celebrated four decades Ot compassionate care in our community - an achievement made possibl¢ only through the extraordinary support Of those we serve. One of the defining moments of this year was the retirement of our longstanding Patron, Lady Ar"raii. Het" unwavei'iiig SUPPDI"L aiid dedicatiotb over many year5 ha5 left a lasting legacy. Lady Arran has been i true ambassador for hospice care, and we owe her a heartfelt thank you for her kindnes5, commitment and belief in our mission. She has helped shape North Devon Hospice into the compassionate and trusted charity it is today. Our 40th anniversary was also an opportunity to look to the future, and one of the most rewarding aspects of our celebration was our primary schools engagement programme. Thi5 initiative brought the next generation into our slory, helpiiig yuuiig peuple understand the importance of empathy, care. and community - values at the heart of our care, as well as trying to normalise the conversation around death and dying. Death remains one of sociery's taboo topics and as such, If we can positively change this at a young age, it will mean that f￿Ure gener2tions will not be so guarded and fearful of what is only a natural part of life. Thi$ year we were proud to be recognised on a national stage a5 finalists in the Nursing Times Awards for our innovative Safe Care model. This accolade highlizhts the exceptional work of our clinical team and the lengths we go to, to ensure the safety and wellbelng of those in our care. More than this though, we were also shortlisted for Chariry rtrf Thp Y93r 2t the Ch2rity Times Awards 2nd Best Use of Social Media & Best Communications Team at the Third Sector Awards. As a local charity to be selected alongside the likes of the RNLI, Macmillan and Cancer Research 15 a testament to our continuous passion ¢0 always be innovative and improve. In so doing, ensure that we are always in the best position to serve the community we are privileged to care for. We have also developed a new Nurse Associate career path, offering healthcare assistants a clear and supported journey into nursing. This development not onty strengthens our team but also reflects our commitment to nurturing Ioc21 talent and providing rewarding career opportunities. The Cuddle Appeal, our major public fundrnising campaign this year and a first in over a decade, was an outstanding success. The response from our community was nothing short of inspirin& with people embrdcing the appeal's message of providing comfort and connection at the end of life as well as support to ensure people remain in their own homes to the very end. It IJ a powerful reminder tha¢ e¥en in the toughest times, the people of North Devon continue to stand behind their hospice with incredible generosity. e must also acknowledge the flnancial thallenges we've fated. The Increase In Natlonal In%iJr2nep. rrtntribiitinnÉ h2E 2Adèd 3 fiirther 1158.000 to oijr 2nniJ?I rostR - an iinplanned burden that comes at a ome when all charities are facing mounting pressures. Despite playing a fijll and active role in the Devon Integrated Care Board's review of end-of-life care ¢ornmi55ioning, we were disappointed not to secure che funding uplrft we had hoped for. While we remain a vi¢al part of che Devon fdre landscape. this decision underscores the importance of ongoing public support. Through successful negotiations at a national levcl liaYE bEiiefiLtEd (roin Hospice UK'5 5ucce55 rwi 5ecuriwig over £IOOFn frDm die government to support capital expenditure across the UK. Again. this is not the support that the hospice sector soughL as fairer funding will ensure the sustainability of the sector not the ability to purchase capital items. That said, we have used our portion this year of £IOÉk to complete che refurbishment of the Diana Wing. The dedicated space for Supportive Care now offers a more modern. calming, and therapeutic environmenL Here, patients and their families receive vital one-to-one counselling, group suppor( bereavement services, and complementary therapies. Yet through all of this, we remain resilient, thanks to the strength of our team and the unwavering kindness of our community. Every donation, eyery hour volunteered, and every act of support makes * tangibl• diff•r•nc•. k is with imm¢nse gratitude tha¢ I thank you all - our supporters, staff, volunteer5, and partners - for standing with us. Together, we can continue to er¢5ure that the community of North Devon can face dying pain free and with dignity. Your lrfe is a story and the ending matters. ephen Roberts Chief Executive Officer CHAIR'S REVIEW Reflecting on the past 12 months it is clear to see that North Devon Hospice has faced challenges and opportunities with its characteristic stoicism and commitment to the community Trt serves. In my first year Is a Chair of the Board of Trustc¢s it ts an honour to report on the outstanding work it ha5 done. OYer- 40 yea1"5 ic lias pr"ovidEd urifailing 5uppor¢ and care to those in our local community facing the end of their lives and to their familie5.lts work has continued to develop despite turbulent economic times. In the last yexr, we have seen new projects come to fruition; from the installation of energy efPicient solar panels to the expansion of our specialist furniture store. All are a tribute to those involved, both staff and volunteer5, and stand as an example of che ombination of innovation and iii¢ciculous plaiiiiiiig whicl) lias eiiable¢J Nvi'LlI Devoii Hospice to survive and thrive. We have been joined on the Board by new faces, bringing a wealch of experience and Èxpertise to help steer the hospice into the future. The Boird has 4uin this year had the immense benefit of the senior management team whose commitment knows no. bounds and i dedicited body of staff and volunteers. All involved in North Devon H05pice can rightly be proud of the year's achievemenrs. It is encouragin8 to see'tAose achievements reeognised in hard-earned awards and heartfelt tributes. The financial landscape is perhaps as challenging 2nd uncertain as It has ever been. Biidgèts rèmain under pressure and of course évery penny is crucial in dictating the extent and level of service North Devon Hospice can offer. Despite rigorous and prudent financial planning, it is an enormous challenge to continue to offer excellent and wide-ranging serYice3 when funding, particulai4y statutory funding, is uncertain. Out- local community recognise by their donations the worth of our work and we look to the government to do likewise. I cannot end my report without paying ¢ribute to the work and dedication of Lady Arran who has stepped down a5 our patron this year. Her cireless sUPPOrt has been invaluable. It is wholly fitting that our care building now bears her name. I wish to thank all who support the North Devon Hospice with donations of time. expertise and of course money. Your contribution 15 hugely appreciated and is vital to enable the H05pice to continue to serve the people of North Devon. ara Svensson Chabr of the Board of Trustees OUR MISSION AND STRATEGIC OBJECTIVES CHARITABLE MISSION To provide outstanding care and suppor¢ to the community of North Devon who are impacted by a life limicing illnes5. The Trustees have referred to the guidance provided by the Charity Commission on public benefiL They are satisfied that the aim5, objectives and activities of the Chariry m¢¢¢ with the terms of this guidance as well as North Devon Hospicc's own Articles of Association. STRATEGY 2024 marked the completion of the fourth yèar of our five year strntegy. As ever. we hxv maintained a pro-active focus on achieving our eight strategic objectives, all aimed 3t delivering outstanding care to patients and their families. The following highlights the impa¢t of our continued commitment l. Be there for everyone who needs us by provldlng outstanding care Key Impacl In 2024/25: We cared for 1,577 (2023124 1.571) people across North Devon Our Community Clinical Nurse Speclallsts made 3,333 vlslts across the whole of North Devon (2023124 3.123) supporting ,003 people (2023124 1.136) Our B•dd•d Unit ¢ar•d for 89 compléx patlènts (2023124 101) Our Supportive Care team cared for 1.209 people (2023124 1.143) Our Safecare Model to ensure Safer staffing levels across our care. teams against the more tomplex case load was a fin21ist in the Nursing Time5 Awards for Patient Safety We completed the refurbishment of our Diana Wing at Deer Park thereby providing a better care environment for our Supportive Care beneficiaries. 2. Walk am) in arm with every healthcare partner who, in working with them, will enhance our patient care Key Impact In 2024/25: Our registered nurses continue to support the district nurses (DN) with replenishing syringe drivers of patients on our case load. ensuring that syringe drivers are replenished on time each day. We have regular contact with the DN teams to ensure all parties are up to date with the plan of care We continue to be an active member of the Devon Integrated Care Board (ICB) End of Life Care Steering Committee. As part of thelr 3 year medium term End of Life Care Commissioning Plan th•y ar• cr•ating task and finish groups on a number of initiatives whlch we remain heavily involved in We have establlshed a new referral pathway wlth Cltlzen5 Advice and Macmillxn. 3. Enhance End of Life Care Across North Devon Through Education Key Impoct In 202412025: Developed and rolled out End of Llfe Care Re50ur¢e packs specifically for Care Homes Working with Univèrsity of Bolton to d•liv•r palliativ• car• degree module at NDH The team provided education to 492 health&ve profe55iona15 acr055 the year (Z023124 414). 4. Nurture Content. Engaged Skilled & Fulfilled Staff Key Impacl In 202412025: We have created a Positive Psychology Frameviork for the Senior Management Team and Leadership Team as part of our commitment to ongoing leadership development We have developed a new Hosplce Inductlon and Employee Handbook, with an informal style but with a streamlined focus on our updated core competencies and an overview of positive psychology We ran our first Health Falr for staff, as part of our Health and WÈllbÈing Str2tÈgy. Over the first two weeks of March we have run a series of therapy sessions. wellbeing artivities. talks and workshops for staff to participate In. 80 members of staff have taken part in at least one activity We carried out our staff survey which was the most Positive yet with 98% of staff stating they enjoyed the work they do as well a$ being proud to work for the hospice. The survey also included the comment: ' It feels like l om surrounded by family every slngle dQy............I￿e never worked In on envlronment where I don't dread coming into work on a Monday morning• I om gonuinely excited to turn IIP to work everyday ond be surrounded by such amazing People." We have developed our first internal Healthcare Assistant to Nurse A55ociate role in sUPPOrt of a nursing career path for our care team We have been awarded the 'Veteran Aware" accreditation from the Veterans Covenant Healthcare Alliance (VCHA). designed to ensure healthr4re organi>ation• provide the best possible care and support to the Armed Forces community. including serving personnel, veterans. and their families. The program requires accredited organi$arions to demonstrate a commitment to undèrstandFn8 and mèèting thè specifit needs of thls communlty. 5. Embrace Our Volunteering Community & Encourage You To Become Part Of It Key Impact in 2024125: A new volunteer role withln the community palliative care team was recently identified. Thls has developed into a whole team of Duty Support volunteers to 5UPPOrt the Duty Clinical Nurse Specialist every weekday Mary Brooks. a long standing volunteer, has been awarded the League of Mercy Medal for her years of tiveless service across many roles in the hospice We have developed a Care Volunteer Programme which is a formal 6 week "bedside" training programme b￿ed on the Bedded Unit giving anyone interested in entering the care profession "hands on" experience. So far we have run 3 successful cohorts supporting a range of people from sixth formers applyin8 to medical and nursing schools to mature career changers. One of whom went on, wlth further tralning• to joln our Bedded Unlt care teaml 6. Embrace Technology To Enhance Our Care Key Impact In 2024125: We have supported the implementation of Electronic Treatment Escalatlon Plan (ETEP) wlth the wlder health eommunity #cross the. SniJthwe.st. This will e.nsure be.ttp.r quality and consistency amongst health care professionals We were awarded the Cyber Essentlals Plus (CE+) accreditation. 7. Be Financially Stable To Continue To Be There For All The Family Key Impact In 2024125: Our total income this year was £6.99million a decrease of £80k from the prevlous year (2023124 £7.07m) Our total operatin8 deficit was £544k {2023124 deficit was 109k) We decreased reserves by £585k during the year. Combined with our movement of funds makes our total reserve position £13.27m (2023124 £13.9m) New Furniture Shop: Opened its doors on 4th November, and has broken all records with a£4k income day and an over £1 I k income week Mission:Unbreakable. our fundraising Commando ChallenRe. has had a record-bveaking year. over £120k has been raised to date. 8. Ensure That The Relationship We Have With The Community We Serve Inspires And Mobilises People To Support North Devon Hospi¢e's Mission Key Impact In 2023124: We ran our highly successful Cuddle Appeal to raise £30k over 6 weeks for a Cuddle bed on the Bedded Unit as well as to support our care in the community. It had afanListic response raising £84k Schools Engagement Programme: we launched our schools engagement programmed aimed at Year 6 of Primary Schools to help teach children about dying and grief We were shortlisted for several national charlty awards: Two Thlrd SeLLor AW￿d5 for: Best Use of Social Medla Best Communications Team The Charity Times Awards: Charity ofThe Year This yearfs Open Garden5 took place on Saturday I" June. It wa5 a beautiful Sunny day that Saw 880 vi5itor5 enjoy the gardens. buy plants and savour food from the terrace During September we received an unannounced vislt from the Environmental Health Officer, our first visit since 2019. We have r¢tain¢d our 5 Star ratins In the Terrace Café and kitthen$ With an amazing gift in kind from local company Bray Leino, we launched our new web51te. It wa5 rebuilt from scratch and is far more Impacrful, engaging• informative and easy to access across multiple plarforms We have developed a School "Work Ready" Programme: aimed at 5UPPQrting 5tudent5 develop skills around job applications and interview skills. YOUR IMPACT YOUR CLINICAL CARE To achieve our mi55i0n of providing outstanding care it is imperative that we never stop looking for opportiinities to develop oiir care In #o doing we can ènsiirè that Olir care safely meets the ever changing needs of our patients both now and in the future. As such. the last year has seen a number of positive developments which will ensure that we are In the best position to provide outstanding care to our patients. The success of our Safecare staffing model is a good example of this. It has received national recosnttion and praise airo55 Ihe healthcare 5eaor, even being a Finalist in Ihe National Nursing TIMÈS AwArds. This innovative tool enables you to assess the complexity of the patient against the level of nursing input required over a particular 5hifL In so doing, we can always be assured that we have the appropriate level of safe staffing levels to meet the needs of what is eyer increasing complexity of patient we are carins for. Such care is only possible thanks to our staff and with palliative medicine being a specialism. it is of the utmost importance that we recrui( retain and professionally develop our staff. As such it wa5 pleasing to establish a new NLbrse Associate role. In so doing create a career path for our Healthcare Assistants {HCA's) to progress cowards becoming a registered nurse. One of our longstanding HCA'S has taken up this OPPOrtunity with another Starting imminentiy. 2024 saw us yet again receive the highest number of referr￿S for our care than we have ever had with 1,577 people being referi-ed foi- our suppoI-L Hospice Servlces Provislon 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 Number ofnew referrols. 1.395 1.449 1.439 1.144 1.243 1.431 1.5 1.577 YOUR BEDDED UNIT We continue to see the complexity of the patients that we are privileged to look after increase. With this comes a heightened level of medical and nursing InF￿t required to ensure effective symptom control and a dignified death. Thanks to your support we have cared for 89 people12023124 1011 thi5 year on the Bedded UniL We were excited to see the year supported three cohorts of our new care volunteering programme. The formal 12-week programme provides hands on. bedside training and support for anyone seeking to enter 2 career in healthcare. The feed63ck so far has been 13 100% positive and the programme has been instrumental in supporting people into medical school. nursing school and career changes. Thanks to grant funding, the patient and family lounge on the Bedded Unit has now been relurbished creating a homely and relaxing space for patient5 and their visitors. Last year we reported on the positive impact that having a'cuddle bed" had on the patient and family member experience. The bed 15 designed and compatible for two people to lie on. It can be extended eo sult patient nèed and allows the patient to have a cuddle with their loved one whilst still providing all the required clinical support to the patient's needs. The success. impact and demand for the bed led us to run a public appeal fo raise £30k for a new bed and to support care in the community. The response was overwhelming with us raising over £84k and being now able to purchase ¢wo bed5. This will have a profound effect on so many famllles. THANK YOU SO MUCH FOR THE INCREDIBLE CARE AND suppoKr YOU GAVE OUR MUI YOUR COMMUNITY SPECIALIST PALLIATIVE CARE NURSING Ultimately our care is focused on keeping you where you want to be cared for which for most pèople facing the end of their lifè is in their own home. Our clinic&1 nurse specialists (CNSI suppOr￿d I.￿3 {1,136 in 20231241 people to achieve this and die where they wanted, in their own home. Covering one of the largest rurdl areas in England, geography Nvas nor and iiever is a factoi- 10 access our Care wilh our iiurse5 tyayelliiig over 20,01)0 miles to make 3.33313.123 in 2023124) visits to patients. 1,003 NUMBER OF PATIENTS SUPPORTED BY OUR CNS TEAM WHENEVER WE RANG, YOU WERE THERE FOR US STRAIGTrrf AWAY, POPPING OVER TO visrr, ALWAYS SO HELPFUL AND HONEsf WHICH WE REALLY APPRECIATED. YOUR HOSPICE TO HOME 2024125 law the Hospit0 To Homè team focus in on what it does best, rapid response interventions to support patiers¢S Staying at home rather than unnecessarily being conveyed to hospital. With this focus the Hospice to Home team remains heavily relied upon by district nurses and the pathfinder team at North Devon District Hospital. The team made 3.207 visit5 in the year. YOUR SVPPOIIT MEAiif SUCH A LOT AND HELPED SO MUCH WITH THE PRESSURE OF EVERYfHING WE WERE HAVING TQ DEAL WITH. WE REALLY CANT THANK YOU ENOUGH. YOUR SUPPORTIVE CARE When someone is diagnosed with a life-limiting illness it is not only their lrfe that change5 forever but also the lives of their loved ones. As such, as importsnt as our medical care IS fo 5UPPOrt patients, emotional support to care for patient5 and their families, mental health 15 Vital. To achieve this we provide a wide range of actNlties, group support and l.. I support via our Supportive Care Team. The last 12 months has seen the Supportive Care Team develop fijrther our extensive programme of supporL Some of the additions include.. FAMILY EVENTS: Events held at Deer Park (in the school holidays) for children and their families in the hospice community. These days are designed for familie5 to get together with others. share experiences and express feelings creatsvely. Vveather permitting, these events were held outside. exploring the gardens and using naturé as inspiration. TWILIGHT GROUP: This 1$ a facilitated creative thernpeutyc space for families in the hospice community. where we offer a space for children after school and an adult family member to share their experiences and express themselves creauvely. 16 CHOICES.. A 6_week course based on commonly requested information or supportive topics to generate conversations in an informal but safe space. Example topics include Managing Fatigue, Everyching Food, Funeral Options. Advance Care Planning and Getting Paperwork in Order. Our programme to support primary school staff and children to have conversations about death and dying launched in October, with three schools keen to have us in to lead conversations. In 2024125 the tram supported 1,209 people (1,143 in 2023124). THANK VOU FOR VOUR LISTENING EAR AND WORDS OF SUPPORT. THIS TIME TO TALK HAS BEEN SO IMPORTANT. YOUR CLINICAL EDUCATION In the healthcare sector. end of life care is everyone's business yet it is a specialism tha¢ requires certain skills ro ensure effecuve pauent supporL As the subject matter experts in end of life care, it is important that our expertise is shared with our healthcare prof•ssional ¢01143gu•s. eo •n$ur• that •Y•ryon• g•ts th• b•st possibl¢ car¢ at the end of their life. A5 such 2024125 saw our education team as busy as ever providing a full programme of education topics to our staff as well as other heakhcare professionals. Reco£nisinE the important role that nursinE and care homes play in supporting end of lrfe cire, we produced a dediciied resource pack for their staff which gready upskilled their teams to better l¢)ok after end of life patients. Recognising our expertise, we will be offering a palliative care degree module here at the hospice as part of the University of Greater Manchester's nursing degree course. In the year our clinical education team supported 492 healthcare professionals (2023124= 414). 17 OUR VOLUNTEERS Withoijt volunteers North Devon Hospice simply could not operdte. Volunteers are enshrined into the DNA of our organisation, every single department being supported by volunteering. In 2024125 we had over 450 people give the greatest gift of all. their time. In 50 doing, they have enabled North Devon H03pice to continue to be there for all the family. Vvhat was particularty pleasing to see this year was the increase in care side volunteering. In one year we have developed the Care Volunteer Programme as previously mentioned in "Your Clinical Care,, we have developed a Duty Volun￿er role which supports our single point of triage and the duty clinical nurse specialist to field calls coming into the hospice. We haye also developed a Yolunteer role on the Bedded Unit in support of the Ward Clerk. All of which further cements the impact that our volunteers have on our patients and their families. We are only here for the community 2nd because of the community that we serve. As such, we place great merit in engaging with the younger demographic within our community. With thi5 in mind, 2024125 Saw u5 develop a dedicated programme to supptsrt Duke of Edinburgh Award stud¢nts. Further to this our People Team attended the Inductiorb Fair at Petroc to promote volunteering opportunities to Students. This 2150 enabled the team to develop relationships with staff at Petroc regarding placemenrs and other opportunities. We are planning to attend similar events at Bideford College in the fiRtiJre THE HOSPICE HAS FELT LIKE A u￿LE FAMILY. IT HAS BEEN A PLEASURE GEThING TO KNOW YOU ALL We want to make volunteering with u5 as easy as possible. Recognising this but also that we are a regLtrlated healthcare provider. we have undertaken a complete refresh of volunteer recruitmenL streamlining the process. documentation and mandatory training. This has resulted in us being able to onboard new VolUn￿er5 in a more etticient way. 18 OUR STAFF Our ability to achieve our mission is nothing without having engaged, happy and tontent staff. As such it is imptrative that we alw3ys look to improve the welfare 2nd support given to all staff and, in so doing, create the best P055ible culture to work in. To achieve thi5. this year we have developed a Positive Psychology Framework for our Senior Manasement Team and Leadership Team. One of positive psychology's key aims is co help individuals, groups, and organisations flourish. It's about finding Strategies to achieve POS1¢iVlty, happiness and fu￿11MenL The aim of the toolkit is to provide an overview of positive psychology and a range of tools we can all use on an everyday basis. In Marth we ran our first Health Fair for staff, a5 part of our Health and Wellbeing Strategy. Over a two-week period. we rdn a series of therapy sessions, wellbeing activities, (alks aiid •VDrksliop5 for Staff LD participate iii. 80 IneinbEf5 of 5off twk parc in at least one 2Ctivity and feedb3ek was excellent. with all seisions very ¥preci2red and well received. As such this will now become an annual event for our staff. 2024 a150 Saw U5 compleie our bl-annual staff Survey. li was he2rtwarmlng ro see how positivè the re5uIt5 were 2nd how WÈ tontinue to positively grow the culture here across all departments with over 96 % of staff agreeing with the sratement that.. "I ENJOY THE WORK I DO" "I ENJOY WORKING WITH THE PEOPLE IN THE HOSPICE" "I AM PROUD TO WORK FOR THE HOSPICE" In addition, we Saw a 23% increase in stsff morale and a 26% increase in staff feeling better sLtppvitEd tu ETl¢tlld8e stres5. IL is dlsv iiwipor"tdiiL tliat we focu5 011 tlie arEa5 we iieed ED work on. As such, we were given % cle2r line of sight thit WÈ nÉÈdÈd to develop furthèr communication across departments as well as increasing our environmental sustainability. Action plans for both these have been developed and are being implemented. 19 WHAT WE WANT TO ACHIEVE As we erstered 2024125, we marked the fourth year of our five-year strntegy, which is focused on delNering the following key objectives: l. Be there for everyone who need5 us by providing oucstanding end of life care 2. Walk arni in arm with every healthcare partner, to ensure local people receive the best care ai the i-isht Ctme, ii) che i.ighc place 3. Provide education opportunities for the health care workforce to enhance end of lrfe care in any setting 4. Nurture contenL engaged and fulfilled employees and volunteers 5. Embrace our volunteering community and inspire people to get invofved 6. Invest in technology to enhance our care 7. Have an inspired and motivated relationship with the Community we serve 8. B¢ financially stable w contii)ue beiiig diei"e f4)r ail the fainily. 20 In the next 12 months our key priorities will be- l. Continue to work with the Devon ICB on their End of Life Care Medium Term Commissioning Ylan with a view to get Hospice to Home commissioned 2. Successfully launch our $•cur• dog walking field for income diversification 3. Increase net profit from our Retail division 4. Further role out our Schools Engagement Programme 5. Re-lautbch our Gifts In Will Programme 6. Successfully recruit a new Palliative Medicine Consultant 7. Rolling out our Positive Psychology Framework across the organisation. OUR GOVERNANCE Our ability to provide carc rclies cntir¢ly on thc support of the community we serve. Because of this, we have both a moral and regulatory responsibility to ensure every pound raised is used as effectively as possible. To sustain our organisation so it can continue to exist, grow, and suppor( families we mu51 make the tn05t IlTipactful use of all avail&ibSE resources. Effective governance is central to achieving this. The ultimate responsibility lies with our Board of Trustee5. which comprises 15 membèrs. They work in partnership with our Senior Management Team, which includes the Chief Executive, Director of Care. Director of Finance, and Director of People & Organi5ational Development. Together, they form Llitr ¥uv¥r-s1iii¥ Bvdl d. The Board meets quarterly to formally review, challenge. and approve the organisation's strategic goals, annual budget, and key risks. At these meetings, the Chief Executsve and Senior Management Team also present updates on performance, compliance, risk. and emerging opportunities within the hospice. To support strong governance. the Board 15 as515ted by four sub-committees, each of which is further supported by two dedicated working groups. The structure 15 Outlined as follows-. 21 North Devon Hospice Governance Structure The Board of Trustees Cofporale Straleglc Flnance Income •••• Governancè Commlllg Develtspment Commlttee and HR Commltte¢ GeneT(Jllon an¢ InnovatEon Commlttee Care Qvallty Working Group CQWG Trustee w0￿1ng Group TWG Nomlnolion5 Commlttee 22 Corporate Governance Commlttee Meeting quarterly, this committee oversees all matters re12ted to governance. regulation (including health and safety). audit. 2nd risk. It also receives reports from the Care Quality Workins Group and the Nominations Committse. North Devon H05pice's risk register is reviewed by this committee prior to presentation to the Board. Strategic Development Commltt@È Thi5 committee meets twice a year to assess how well the hospice is progressing against its strategic plan, ensuring alignment with long-term goals 2nd priorities. Finance and HR Committee Meeting four times a year, this commitcee monitors the hospice's financial performance. compari¥ig re5uILs ax&iiisL budgets aiid i'esei'ves. It evaluace5 whÈther the org2nis2tion ha5 the necessary resources to achieve its objectives and receives the annual report from the external statutory auditors, who attend one meeting each year. The committee also oversees workforce and volunteer matters, ensuring morale remasns at the forefront of the agenda. Income Generation & Innovation Committee To maintain financial stability and ensure the hospice remains efficient and responsive to changing needs, this committee focu5es on maximising income generation and fostering innovation. It plays a key role in securing the hospice's long-trrm susrainability and effectiveness. To provide furrher support and enable deeper scrutiny of critical area5, the following working groups are in place: Care Quality Working Group This group reinforces the hospice's focus on patienc care by promoting robust clinical governance and overseeing quality assurance through audit and continuous improvement initiatives. Trustee Working Group Attended by both the Board of Tru$te¢8 and the Senior Management Team, this open forum allows for in-depth di5tussion of specific topics. Over the past yeir, the group ha5 conducted a detailed review of the hospice'5 risk reserves, evaluated the relevance of 5trateglc Key Performance Indlcators. and explored commercisl opportunitlè5. Nomlnatlons Committee Responsible for overseeing the recruitment of new Trustees and the Chief Executive, this commictee ensures that key appointments align with the Board's governance responsibilities and long-term vision. 23 Trustees, Statement on Governance Review The Trustees continue to review thÈ ch2rity'E ctrpg.rations against thg. govgrnan¢e eodè to ensure our commitment to excellence in governance. It is imperative to U5 that we ensure our practices align with the highest standards of accountability. transparency, and effectiveness. The main areas reviewed are as follows: 1. Strong LeadershFP and Strategy.. Our Board of Trustee5 continue to demonstrate robust leadership and strategic oversighL ensuring that our mission and vision are consistentty pursued. The strntegic plan is regularly reviewed and Ltpdated to reflect current need5 and opportunitics. 2. Effective Decision-making: The processes and frnmeworks in place facilitate effettive and timely decision-making. We have clear policies and procedures that guide our operailons. en5urlng declslons are made in the best interest of the charity and its benefitixriÈs. 3. Transparency and Accountability: Our commitment ro transparency is evident in our reporting and commLtrnication with 5fakeholders. We maintain comprehensive records and provide regular updates on our activities, outcomes, and financial status. 4. Board Skills and Development The Board is composed of individuals with diyew.se skill& #ind expertise. We prioriiise ongolng Iralnlng and developmeni 10 ensure Trustees are well-equipped to fulfil their roles effectively. Regular performance evaluations arbd succession planning are integral parts of our governance practice. 5. Risk Manag•m•nt and Compliance: We have a robust risk management framework that idenofie5, assesses, and mitigates potential risks. Compliance with legal and regulatory requirements is monitored closely. ensuring we adhere to all relevant standards and obligations. 6. Stakeholder Engagement: Our engagement with stakeholders is Strong and proactive. We value the input and feedback from our beneficiaries, partners, donors, Ind the wider community. and use this information to continually improve our services. The Trustee5 are confident that our adherence to the governance code not onty enhances oui- effectiveiiess bu( alsv i EiiiluwLes Ll)e crust and confidence placed in u5 by our stakeholders. We remain committed to continuous improvement and will regularly review our governance practices to ensure they remain fit for purpose and aligned with best practice. 24 Our Commitment to Ethical Fundraising At North Devon H05pice, we deeply value our donors and supporters. We are commicced co ii"eacing evei yoiie Nvlio suyvvi'(s vul" work willi clie UtsTIVS( Lai"e, re5pei and transparency. Our Tnjstees take their responsibilities under the Chorittes (Protection ¢Jnd Sociol Investment) Act 2016 seriously and ensure our fundraising activities reflect this. A5 parc of our commiument to best practice, we have voluntarily registered with the Fundroising Règulotor ind fully adhere to its Code of Fundraising PrortNce and th¢ Fundroising Promise. Our dedicated fijndraising team - comprised entirely of North Devon Hospice employees organises signature in-house events like Nightw(71k and Mission.. Unbreokable. They also provide guidance and support to individuals and community group5 running their own events or participating in challenges Such a5 the London Marathon or skydive5 to raise funds on our behalf. In addition to community en8agement, the team works with local businesses. community organi5ations. trusts. and grant-making bodies to secure vital income for the hospice. We also rdise funds through collection boxes placed across many local establishments and operate a weekly lottery via our ¢rading 3ub$idiary. with all profits gifted to the hospice. For lottery siRn-ups. we en￿e third-party canvassers who are held to the highest standards. Their conduct is closely monitored through mystery shopping and random donor checks to ensure compliance with ethical fundraising practices. We do not undertake door-to-door fundraising, cold calling, wealth screening, or the buying or selling of personal data. All fundraising activities operdte within a clearly defined annual budge¢ with performance monitored and regulirly reviewed by the Chief Executive, Director of Finance. and the Irr£umY Gvner(ttion and Innovatiorr Committee, a sub-group of our Board of Tru5cees. We maintain a clear complaints procedure to address any concerns about our fundraising practices. This ensures- Every concern is taken seriously and investigated fairly. Responses are acknowledged within two working days or resolved in full within five working days when possible. Anonymity is respected upon request. Le550115 ai"e leai lied Lu iliiFJI vve fuLui e pi acuce. During the year ending 31 March 2025, we received five verbal concerns regarding fundraising. Three related to the loss of personal data at an event. All those impacted and the Information Commis$ionors Offic• IICO) wore all inform•d with tho risk ass•ss•d of the data being used inappropriately as being low. The ICO confirmed that we had raken all the correct steps and that no further action was required. The other two verbal oncerns related to our Lotcery canvassing but were minor in nature and were resolved to the satisfaction of the individua15 invofved. Safeguarding vulnerable individua15 15 a priority for us. All hospice staff, including fufidraisers, 2re trained in s2feguirdirsg procedures. When assessing 2 donor's capacity or vulnerability. our fundraising team consults with healthcare professionals within the 25 hospice to ensure ethical decisions are made. always erring on the side of caution. We strive to ensure every donor has the opportunity to make an informed and voluntary choice when supporting our work RISK MANAGEMENT Effective risk management empowers North Devon Hospice to thrive and succeed as an organisation. To achieve this. North Devon Hospice's risk management seeks to ensure that the entire risk profile of the organisation {both strategic as well as operational) is effectively idenufied and, where possible, managed. North Devon H05pice defines risk as. The threat thot an evenL artion or failure lo art wil adversety affect Nortb Devon Hospice's obiltiy w achieve its objectyv< copluft OPPOrtunioes or to deliyer its oims to the required stondards" North Devon Hospice defines risk management as. The Prooctive identsficotion, evoluotio conirol and continued monitoring of those rtsks thoi threoten the assets. people. patients or reputorron of North Devon Ho$Pice" North Devon Hospice has in place a Risk Committee, Chaired by the Chief Executive and in¢ludcs thc Director of Finance, Hcad of Facilities as well as the Quality Lead. Th15 ommittee meets throughout the year to review the departmental risk registers and the strategic risk register before then being able to create the North Devon Hospice Top Ri5k5 Regi51er. A tailored risk a5se55ment criteria which allow5 for risk5 10 be scored Itros5 several critsria such as reputational impacL financial impact and service interruption is used to prioritise the risks identified. The Current Top Risks to the success of North Devon Hospice's are.. It is against these top risks that the Board of Trustees are able to establish a clear line of sight on the levels the organisation should hold within its Risk Reserves. 26 RISK: ACTION PLAN: INABILITY TO FUNO PEOPLE RESOURCES 1. Devon ICB Commissionino Review 2. H2H service review 3. Actively seeking diversificotion of income 4. Plt and retoil income streurns closely reviewed MACIIO-ECOMOMIC CONDITIONS 1. Continue to promote the benefits and value thot the hospice provide 2. Promote the need for continued financial support to local chority 3. Additionol Fundraising Events plonned 4. To increose reoch. increose digi￿1 presence IMA8ILITY TO SECUIIE REQUIRED FUNDING 1. EOL Fundino revièw with commissioners 2. Continued pressure on HUK to coverfuture NHa pension costs. 3. Working with locality commissione¥s to reframe H2H in more of an odmi55ions avoidance impoct to better support potentiol fundlng. HO PALLIATIVE CARE COMSVLTANT 1. Proociive recruitment eompoign for Polliotive Care Consultont without responsibility as Mcdical Dircctor. SENIOR MANAGEMENT TEAM REMUNERATION The Board of Trustees is responsible for setting remuneration levels for the charity's senior staff. Our key objective is to ensure that pay is fair. competitive. and aligned with our need to attract and retain skilled individua15 capable of leading. managirbg, and delivering the charity's objectives effectively. In determining remuneracion for the senior Management Team, the Board considers the following factors-. The charity's mission, values. and the needs of our beneficiaries. The Impaci 015enior pay on Ihe wider organ15arlonal pay siruciure. The skills. expÈrience. and responsibilities required in sÈnior rolès, 2nd how these relate to appropriate pay levels. The Strategic plan and how it may affecr the size. scope. or nature of Senior leadership roles. The financial position of the charity. including the affordability and sustainability of pay decisions. Perforrnarbce of both the chariLy and the Senior Management Team, the Sho and long term. 27 Benchmarking data from relevant sources, for example the Associa￿0￿ of Chief Executives of Voluntary Orgonisations {ACEVO), the National Council for Volunfory Org¢Jnisotsons (NCVOI. peer hospices, other charities, and the private sector. In line with the Scdcemeni of Recommended Practice (SORP), North Devon Hosplce diseloses, within oiir 31Jdited and piiblished annual accoiints, tho. niJmhp.r of employees earning over £60,000. Foll¢wing an organisation-w7de pay benchmarking review, we implemented a new 5POt salary model under our revised Pay Frdmework The Senior Management Team remuneration was included in this process. Performance reviews are conducted quarterly for the Senlor Management Team, agalnsl clear oblective5. As a resul( the Board of Trustees is confident that senior pay at North Devon Hospice is fair, trdnsparen( robusL and aligned with our values and obligations. ANNUAL FINANCIAL REPORT We manage our finances with a forward-looknng approach to ensure we can continue to deliver exceptional care and support to our patients and their families both now and in the future. We monitor our performance against an annual budgee and rolling forecasts. and maintain a 5trate&'c financial plan that spans five years. enabling us to make su5tsinable decisions today that safeRuard our services tomorrow. The financial results can be found in the Consolidated Statement of Financial Activities on page 43 01 the report. Overview of the Year This financial year. we recorded an operational defici£ of £544k (2023124: £109k deficit). In addition. a neptive investment revaluation of £41 k {2023124.. £437k gain) resulted in a total reduction in reserves of £585k. Our total reserves now stand at 113.3 million (2023124.. £13.9 million) Our income fell by l %, while expenditure rose by 5%, reflecting increased demand for our services and ongoing cost pressures. Total expenditure reached £7.53 milllon12023124.. £7.18 mllllon> Despite these financial challenges. we have continued to invest in and 2dapt our services. Trustees remain confident in our financial position a5 a going concern and believe that our risk_based and designated reserves are sufficient to support the delivery of our Current and future strategic objecrives All our services are provided free of charge to individuals with progressiye life- limiting illnesses, as well as to their families and carers. During the year. we supported 2,005 people across North Devon (2023124.. 1.971). Vvhile we receive some funding from the NHS, we rely on raising over £5.5 million annually from our community and supporters to fund our work INCOME Fundroislng & Donatlon5 19 • Retall 27 Legacies & In Mem Lottery Investments & Other Inte9rated Care Board Continuing Heolthcare DHSC Capital Grant 20 Tcbtol Incom￿ F6.gAg.91? Incom Total income for the year was £6.99 million. a decrease of £80k from the previous year {2023124- £7.07 million). Although some bncomc strcamJ grew¥. others declined: In Memoriam and Legacy Income.. Combined income was £1.2 million (2023124.. £1.7 million). In Memoriam donats'ons declined by £179k due to an exceptionally high on•-off donation of £IOOk r*¢•ivod in the pr•vious y42r. L•ga¢y incom• decreased by £329k but still exceeded our conservative budget forecast 01 £850k, highlighting the unpredictable nature of this funding source R¥L4il IriLVITl¥.- Reiail iiicoiiiE srEw ii8iiifiiaiiLly Cv £1.89 Iiiillivii, an increase Df 13% year-on-year. outperforming nauonal trend5. Thi5 grovrth reflects the success of our strategic efforts to expand and optimise our retail operations Lottery Income.. Income from our lottery remained stable at £620k 12023124.. £621 k), despite increased attrition due to the challenging economic climate Fundraising and Donatyons.. Fundraising events and individual donacions remained strong. Notably. our Valentine's Day Cuddle Bed Appeal exceeded expe¢tacions. raising £84k against a target of £30k. Corpornte donations also remained robust as did fiindrai5ing evènts NHS Funding.. Our annual grant from NHS Devon increased by £102k to £1.36 million. This funding supporr5 our Bedded Unit and Community Nurse Specialist teams. No additional funding was receiyed lor the Hospice to Home team, which continues to be funded in part from Continuing Healthcxre ICHCI monie5 £106k this year 12023124.. £98k). The remaining £605k had to be funded from our reserves. The totsl cost of running Hospice to Home was £71 I k this year Capital GranL' In March 2025, we received £106k from the government as part of a new capital funding initiative for hospices. 29 EXPENDITURE Service delivery ainical 62 and Supportive care Ctrst tyf rulsin9 fund$ Education 36 Total Expenditure £7.553,947 Expenditure Total expenditure increased to £7.53 million (2023124.. £7.18 million), including £96k from restricted income where donors specified the use of fvnds Cost of Raising Funds.. Costs rose to £2.7 million {2023124.. £2.6 million), reflecting increased fvndrai5ing and retail acuvity. Despite hi%her operational costs. our retail profit grew by 29%, reaching £284k (2023124.. £220k) Charitable Activiues.- Expenditure on care rose to £4.8 million (2023124: £4.5 million). rellecting our continued commitmènt to delivering high-quality. ￿r$on- centred care. This increase is driven by a number of factors. most norably the growirbg complexity of patient needs. We are seeing a steady rise in the acuity of those accessing OLtr services, with more patients requiring intensive clinical supporL specialist symptom managemenL and holistic care - both in our inpatient unit and across community settings To meet this demand. we have contlnued w Invest In hlghly trnlned speclallsr nursing staff and miilti-dis¢iplin3ry team members. Thi.8 hx.g re.siJlred in i highp.r staff to patient ratio, ensuring that our patients receive the level of care and attention they require. while also supporring their families and carers during incredibly difficult times We are experiencing sector-wide cost pressures. Emp5oyment-related costs have increased due to inflation. and rises in the National Liying Wage. These changes have had a knock-on effect across our pay structures. Alongside this. Supplier price inflxtiL)n ctsntiniJÉ*.s to impAC.t p_gspnt121 grJod% 2nd sÈrvicÈs ranging frt)m medicxl supplies and food to utility costs Despite these financial challenges, we maintained a Strong focus on efficiency, service qLbaliry, &nd patient outcomes. Our team5 continually review operational processes and embrace innovation where possible to ensure resource5 are used effectively Thls year, we supported 2,th)5 lndlvlduals12023124= 1,971) Capital expenditure totalled £309k this year. A major portion of this investment was dedicated to the refurbishment of the Diana Win& the dedicated space where we deliver our supportive care service5. This includes coun5elling, complementary therapies, group work, and one-to-one emotional supporL The refurbishment focused on creating a warm, welcoming, and flexible environment tailored to 30 therapeutic work. Upgrades included moderni5ed treatment rooms, and enhanced comfort for service u5er5 We constructed a new maintenance workshop to replace the old wooden shed. The new workshop ensures that our facilities team can work salely and efficiendy In supporting the day-to-day operations of the hospice. We also installed a dedicated w21k_in freezer 2nd food storage 2rea. $ignificandy improving the ca￿rIng ￿rn'S ability to manage food safely and increase their offering. The charity has a wholty owned trading subsidiary called NDH Veniures Ltd. The trading activities of this company are the hospice lottery and the sale of bought in goods through our shops. The profit for this company of £418k is gifted to the charity {2023124- £450k). Inve5tment5 and Reserve5 Pollcy Tli¢ 1195pice l)as a policy whicli seek5 to ensure cliai noi only are invesuneiirs made ethically. but that the investment strateRy precludes investing in any company whose principal ac¢ivitie5 have an adverse impact on the underlying beneficiaries of the hospice Key exclusions include companies involved in.. The manufacture or Sale of weapons, including landmines. cluster bombs. weapons of mass destruction. and chemical weapons or equivalents The production or sale of tobacco or alcohol products where these account for more than IO% of total turnover Activities that show no evidence of response to credible allegations of signrficant harm to biodiversity (covering high and medium risk ecological concerns Breaches of discharge consents for Red List substances within the past three year5 Lack of response to allegations of Yiolations of core Internatitsnal Labour Organisation {ILOI standards, partic¢Jlarly in relation to child or forced labour within the organisation or its supply chain Deriving more chan l 0% of turnover from the extrdction of thermal coal, tar sands. or oil shale Investments that no longer meet these echical criteria are reviewed and, if necessary, divested within the shortest reasonable timeframe The hospice'5 invesunent portfolio is managed by Newton Inve5trneni M3n2gement, whose mandate is to 2chieve 2 b312nced return from both income and long-tèrm capital growth At the start of the financial year, the portfolio was valued at £7.71 million (2023124: £7.34 millionl- Over the year, the portfolio experienced a negative revaluation of £40k ending the year at £7.67 million (2023124.. £7.8 million). This decrease has impacted our reserves, specifically the designated reserve established to absorb such losses. as detailed further below In addition to the investment portfolio, we maintain cash holdings to support operational liquidity. At year-end, total cash held across current and deposit accounrs was £1.48 million (2023124: £1.47 million) 31 The Finance and HR Committee measures the performance of our portfolios against Yariou5 benchmarks. Quarterly reports are received from our brokers and the Board of Trustees meet with them annualty. The Trustee5 regularly reyiew the charity's reserves policy to ensure that the organisation maintains an appropriate level of financial resilience to deltver its charitsble objectives sustainabty. both now and in the future. In doing s4 the Trustees take into account the nature of the charity's income and expenditure, the need to protect ongoing service provision, investment in future developmenL and the potential impact of excertkal risks. Specifically in setting the level of reserves the following steps are taken.. l. Identifying any reserves which are restricted Restricted reseryes represent funds given to the charity for specific purposes, which must be sperbt in accordance with the donors. intentions. These restriction5 may be imposed by donors. funders. or the conditions of a fundrwsing appeal. The Trustees ènsurè that restricted fund5 are monitored and used strittly for their intended purp¢xes. 2. Identlfylns functlonal assets The Trustees consider (he fixed assets to be essential to the delivery of the chariry's aims therefore the cost of such assets can be designated and excluded from the calculation of reserves. J. Vnderstandlng the Impact of rlsk When se¢cing the level of reserves the Trus￿e$ look at the risks and uncertainties facing the charity. This is done by reviewing the top risks to the organi5ation and atti-ibuting a Yalue to them. ITr doing this the Ti-ustees consider the different types of income stream. any vulnerability around sudden or unforeseen decline in a particular income source. Furthermore, they consider the agreement in place for NHS fvndirbg and whether irbcome is likely to be affected by Che general economic situation. as well as the strength in re12tionship betr4een the hospice, its donors and financial supporters. It then look5 at Its C05t base and considers what risks there are to increased costs in working, for example is there 3 skills shortage in a particular area or will changes in demographic pu¢ a greater burden on 5ervice5. what are the changing need5 Of our beneficiaries. and are we meeting demand. The Tru5tee5 felt It prudent to leave the risk reserve at the same Wdlue this year of £2.952 million. Restricted reserves As at 31 March 2025. the chariry held £89k in restricted reserves {2023124- £30kl. These reserves are caiegorised as follows= Patient Services (£70k).' These funds (2023124.. £6k) are restricted for use in enhancing services provided directly to patients, in accordance with donor wishes 32 Education {£Okl.' In 2023124 £19k was held specifically for clinical education and staff training* to support the contir)ued development and competency of our healthcare teams. These funds have now been utilised Capital Vrojects (£1 gk).- These funds (2023124.. £4k) are restricted for capitsl expènditur•. primarily improv•m•nts t¢ pati•nt fa¢iliti•$ and infrastructure aligned with donor expettations. Deslgnated Reserve5 Designated reserves are unrestricted fvnds that the Trustees have allocated to specific purposes to SlJPPOrt the chariry'5 Strategic plans and ensure financial stability. These funds are reviewed annually to ensure they remain aligned with operational and strategic priorities Bullding and Assets the charity Own5 a number of fixed a55et5 essential to the delivery of care and services. As such. the Trustees have designated funds equal to the net book value of these assets. These fund5 are not freely available for spending unless the assets are sold. Durit)g the year. thas fund increased by £47k (2023124.. decrease £212k} reflecting the net effect of asset purchases and annual depreciation Investment Reserve - the Charity holds £7.67million 12023124 £7.71 million) in investment5 to generate long-term returns. This reserve represents the unrealised gains on those investments. At yearond, the reserve stood at £2.14 million12023124.. £2.18 milli¢n). a decrease ¢f £41 k from the previous year (2023124= increase of £437k) Rlsk Based Reserve In Ilne wlih good governance. rhe Trusiee5 nnually assess the financial impact of risks to income and expenditure. This includes reviewing potents'al reductions in NHS funding. economic pressures, changes in donor behaviour. and rising service delivery costs. The reserye is maintained to enable the charity to respond effectively to unexpecced financial crisis. Having increased the reserve in 2023124 to £2.952 million the Trustee5 consider this an appropriate amount so this remain5 unchanged Income Diversification this reserve 15 no longer needed as che intended projects are no longer being pursued. The funds sec aside in 2023124 of £600k have now been reallocated and absorbed into other designated reserves to support Strategic priorities more effectively Hospice to Home - This reserve supports the continuation of the Hospice to Home 5erYice. which provides hands on nursing care t patients in their own homes. This reserve was established to ensure the conrinvity of the service while the Trustees work with the 33 Integrated Care Board {ICB) ro identify a long-cerm funding solution. During the year. £429k was used to 5UPPOrt service delivery (2023124.. £422k). leaving a remaining balance of £474k. Based on current expenditure levels, this reserve will fijnd the service for approximately one more year. The Trusiee5 recognlse thai wlihoui 5ecurlng further funding. the sust2in2bility of this highly valuÈd sÈrvite beyond that period is uncertain Service Provision and Orsanisational Development - This designated reserve supports the delivery of our strategic priorities by enabling investment in service developmen¢ and organisational resilience. The focus is on enhancing support for patients and their families. equipping staff to meet evolving care demands. and ensuring the charity remains a sustainable and supportive place to work During the year. £809k was expended from the reserve5 being the cumulauve effect of our pay model over the last 4 years, ensuring that no member of staff 15 paid more than 5% below the market median for their role. This is a key element in our strydtegy to attrat( retain, and reward the skilled workforce essential to delivering high-qualiry care. An addiu.onal £83k wa5 invested in our Niirsè Associate Progrnmme, supportin8 workforce development and training. A fijrther £309k wa5 allocated to capital projects aligned with our strategic goals. To support the ongoing delivery of our strategy, £1.4 million was added to the reserve durinR the year. The closinR balance stands at £3.2 million {2023124.. £3.0 million). This funding will conunue to 5UPPOrt service Improvemeni Inliladves and ensure we remaln responslve w (he changing neèds of our p2tiÈnts and thÈir f2milies Digital Development and Innovations This reserve has been established to support the charity'3 ongoing investment in digital transforniaoon and innovation. It is used to develop and implement digital tools and systems that enhance patient care. improve internal processes, enable remote working, and strengthen communication and data management across the organisation. During the year, £48k was spent12023124.. £14kl on advancing digital capabilities to support more agile and effective working practices. To ensure continued progress in this area, £125k was added to th¢ reserve, bringing the year-end balance to £418k. These funds will enable the charity to remain forward-thinking. adaptable. and technologically equipped to meet the evolving needs of those we support General unrestricted and undesignated funds totalled £638k at year- end (2023124.. £575kl.These funds are not earmarked for Specific purposes and are available to support the day-to-day operntyonal needs of the charity. They provide essential flexibiliry, enabling the organisation to respond to emerging priorities, manage cash flow. and maInt￿n financial stability In the face of unforeseen challenges. 34 Statement as to disclosure of information to auditors In so far as the Trustees are aware.. There is no relcvant audit information of which ¢hc charity's auditors arc unawar¢' and. The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit informauon and to establish thac the auditors 2re aware of that information. Statement of Trustees Responsibilities The Trusiees are re5pon51ble for preparlng Ihe annual report and the financial stxtomÈnts in 2ccordancÈ with applitablÈ law And UnitÈd Kingdom 'Generally Accepted Accounting Practice., Company law require5 the Trustees to prepare financial statements for each financial year which give a true and lair view of the state of affairs of thc charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the Trustees are required to: Select Suitable accounting policies and then apply them consistendy Make judgments and estimate5 that are reasonable and prudent, and Prepar¢ the financial statements on the going concern bssis unless it is inappropriate to presume that the charity will continue in operation. The Trustee5 are responsible for keeping proper accounting records, which disLlusv YrfiLlI I'easviiable accui.acy ac any ciii)e. Ilie fiiiaiicial P05iLiVll of the chai-iry, and which enable them to ensure that the financial statements comply with the Comparties Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenuon and detectson of fraud and other irregularities. On behalf of the board, a Svensson Chair of Trustees 35 2. NORTH DEVON HOSPICE INFORMATION Ststus: Thp. C_harity's gnvèrnirbg document is its Articles of Association Charity nilm￿r Company registration number R¢gi$tered office 286554 1696150 Norch Devon H05pice Deer Park Road Newport Barnstaple Devon EX32 OHU Sharon Bates.. Treasurer Rachel Dafforn, Treasurer GlÈnys Grxy Helen Keddie Rachel Loosemore - resigned June 2024 Lisa Mccormack Zara Svensson.. Chair Kevin Underwood - resigned October 2024 Jennifer Wilmott Rob Withecombe Andrew Mackenzie-shapland Rob Barrow Rachel Withacombe Andrew Turner - appointed March 2025 Caroline Sparke - appointed March 2025 Pauliiie Bt-oiiiell appuiiic¥d Mai cli 2025 Karen Cox - apPoin￿d December 2024 Stephen Roberts The Board of Trustees Chief Exetutlve & Secretary Senror Management Josephine Dedes, Director of Care Samantha Husband, Director of Finance Catherine Oliver, Director of People and Organi5ational Developrnent Auditors PKF Francis Clark Centenary House, Peninsula Park Rydon Lanc Exeter EX2 7XE National Westminster Bank 41 High Street Barn5taple Devon aankers EX31 IDH 36 Sollcltors Tozers LLP Broadwalk House Southernhay West Exeter EXI IUA AFH Group AFH House Bun(5ford Drive Stoke Heath Brom5groYe Worcestershire B60 4JE Newton Investment Management 160 Queen Victoria Street London Pension advisors Stockbrokers EC4V 4LA Countess of Arran CVO MBE VLL Life President Vlce Presidents John Brcnd Geoffrey Cox QC Gavyn Davies OBE Sir Nick Harvey Philip lewell Ron Ley MBE David Morgan Mark Parkhouse DL John Riley The Hon. John Rous DL Lddy Scucley David Whitely 37 3. Independent Auditor's Report to the Members of North Devon Hospice (Company Limited by Guarantee) Opinion We have audited the financial statements of North Devon Hospice (the 'Charltable Company,) for the year ended 31 March 2025. which comprise the Consolidated ScaLei￿ent of Finaiicial Accivicies. (he Gi"oup and Coiiipany Balaiice Slieecs, Ilie Consolidated Cash Flow Statemeni 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pt7Ctice). In our opinion the financial Statements: VÈ a truÈ xnd hir VIÈW of thÈ ststÈ of thè Group and Charitablè Company's affairs as at 31 March 2025 and of the Group's incoming resources and application of resources, including income and expenditure. for the year then ended: haye been propeAy prcpared in accordance with United Kinsdom Gener￿lY Accepted Accounting Practice: and have been prepared In accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standard5 are further des¢ribod in the Auditor's rÈgponsibilities for thè aiidit of thè financial statèments section of our reporc. We ire independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have ob¢ained is sufficient and appropriate w provide 2 basis for our opinion. Concluslons relating to going concern In auditing the financial Statements, we have concluded the Tru5tee5' Use of the going ¢onc*rn basis of accountin8 in thè preparation of thè financial stataments is #ppropriato and that the Trustees have disclosed in the financtal statements any identified material uncer¢ainties tha¢ may cast signif¢cant doubt about the company's ability ro continue to adopt the going concern basis of accounting for a period of at least tweive rnonths from the date when the financial ststements are authorised for issue. 38 3. Independent Auditor's Report to the Members of North Devon Hospice (Company Limited by Guarantee) Other information The Trustees arc responsible for thc othcr inforniation. The other ififormut¢on comprise5 the information included in the annual report other than the financial starements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statrments. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial 5tacements or our knowledge obtained In the audit or othcrwisc appears to be mr4terially missLited. If we identify such m2teri21 inconsi&tencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material missratement of the other inforTnation. If, based owi tliE work lidyt pErfLiriii¥d, Lviiilude Llia¢ cliere is a material misstatement of this ocher information. we are required to report that facL We have nothing to report in this regard. Opinion nn nthE*.r matter prescribÈd by thÈ CompxnlÈs Act 2006 In our opinion. based on the work iinderr2ken in the cDiJr%e of the Audit- the information giv•n in tho Trustees, Report for the fin2nci21 ye2r for whieh thè financial statements are prepared is consistent with the financial statements,. and the Tru5tees' Report has been prepared in accordance with applicable legal requiretnenr5. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the company 2nd its environTnent obtsined in the coiirsè of thg. 31Jdit. wg. h2vp. nat idp.nrifip_d m2t?rixl misstxtements in thÈ Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kep¢ or returns adequate for our audic Iiav¥ IivL b¥¥ii I"Ecei¥ed fi uin bi"aiiLlies iiut visited by us," or the financial statements are not in agreement with the accounting records and return5', or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanauon5 we require for our audi¢ or 39 3. Independent Auditor's Report to the Members of North Devon Hospice (Company Limited by Guarantee) th• Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take adYdntage of the small companies exemption in preparing the strategic reporL Responsibilities of Trustee$ As explained more fully in the Statement of Trustees, Responsibilities set out on page 35, the Trustees are responsible for the preparation of che financial statements and for being 5at15fied that they give a true and falr view, and for such Intern￿ control as the Trustees determine is necessary to Ènable the prop2rktion of fin2ncixl stArpmg.nt% that are free from material misstatemen¢ whether due to fraud or error. In preparing the financial sratements, the Trustee5 are responsible for assessing the companls ability to continue a5 a going concern, disclosing, as applicable, matters rclatcd to going concern and using the goins concern ba515 of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic altrrnative but to do so. Auditor's responslbllitles for the audit of the Ilnanclal statements Our objettive5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemen( whether due to fraud or error. and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a 8U2r2ntee that xn audit ctsndu¢t¢d in accordancè with ISA5 (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 infiuence the economic deci550n5 Of users taken on che basis of these financial Sf3tements. Irregularities, including fraud, are instance5 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 procedur@s capable of detecting irregulariti•s, including fraud 1$ detailgd below.. As part of our iudit p12nning w• obtain•d an under$¢qnding of the legal and regulatory framework that is applicable to the Group. We gained an understanding of the sector in which the Group operates as part of this assessment to identify the key laws and regulations affecting the Group. Tlie i"egulatoi'y ¥iiYir"f)IirTieiit disLUS&Ed wicli tlie relevant individuals responsible for tompliince and the Group's website was reviewed for indication of any regulations and certification in place. The key regulations we identified were health and safety regulations, CQC reguFations and The General Data Protèction Regulation I'GDPR"). We also ¢on5idered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charitie5: Starement of Recommended Practice (SORPI. 40 3. Independent Auditor's Report to the Members of North Devon Hospice (c ompany Limited by Guarantee) We discussed with management how the compliance with these laws and regulations is monitored and di5CUssed policies and procedures in place. As part of our planning procedures, we assessed the risk of any non4ompliance with laws and regulations on the Group's ability to eontinue operating 2nd the risk of material misstatement to the accounts. We also evaluated management's incentives and opportunitie5 for fraudulent manipulation of the financial statements. Based on this undersonding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedure5 involved the following.. Enquiries of martagement regarding their knowledge of any non-compliance with laws and regulation5 that could affect the financial statements. Review of up to date correspondence with the CQC, CQC webslte and last inspection report to identify any non-compliance. Review of Che group's GDPR policy and enquiries to the Data Protection Officer as to the occurrence and outcomc of any reportable breaches, confirmed through review of the ICO website. Reviewed legal ar5d professional costs to identify any possible non•compliance or legal costs in respect of non-compliance. We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, including in relation to cash income and expeiidiiui"e, aiid ob(aiiied ali uiiderstandins of the controls in place to mitigate the risk of fraud. We also discussed with management whether there had been any instances of known or alleged fraud, of which there were none. Based upon our understanding we designed and conducted audit procedures Including.. Audited the risk of management override of controls, including through testing journal entrie5 and other adjustments for appropriatene55, and evaluating the business rationale of significant transactions outside che normal course of business. 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 limirAtions 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 th the risk of not detecting one resLFlting from error, as fraud may involve deliberate omission5, coIIu5ion, forgery, misrepresentations, or the override of internal controls. We are a150 le55 likely to become aware of instances of non9,2201 1596,4181 15J7,3ni NET CURRENT AssFrs 1285.328 Z876.512 1216.979 2,7W.281 TOTAL ASSETS LESS CURRENT LIABILITIES 13,276,932 13,861,452 13.276,275 13,860,795 PROV1510N5 Z521 1521 NST ASSSTS 13.85a931 13,276,27S 13,960.79S FUND5 Unrestrlcted Fun >Lidi¥liL Iiii¢ 48 4. Financial Statements North Devon Hospice (Company Limited by Guarantee) Notes to the Accounts For the Year Ended 31 March 2025 Accounting policies (continued) Lirted investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the ba12nce sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of the financial attiYitie5 and any excess gf flir value over the historic cost of the investments will be shown as a fair value reserve in the balancè sheet. Investment 2nd losses, whether realised or unrealised, are combined and shown in the heading 'Net gainsl{losses) on investments" in the ststement of financial activities. The charity does not acquire put option5. derivatives or other complex financial instruments. The historic cost of investments is calculated on a FIFO basis. Investments In subsidiaries Investments in subsidiaries are initially recorded at COSL Stock Stock is stated at the lower of cost and net realisable Yalue. In general. cost is determined on a Yirst in, first out, basis and includcs transport and handlins costs. Ne¢ realisable value is the pricè at which stocks can be sold in the normal course of bu5ine55 after allowing for the ¢os¢s of reali5ation. Provision is made where necessary for obsolete. slow moving 2nd defective stocks. Donated items of stock, held for distribution or resale. are not valued as the charicy would not otherwise have bought them. Cash at b1￿￿ dnd 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 the dep051t or similar aceount. Cash balanrcs ¢xeludc any funds held on behalf of scrvicc users. Pension Costs Thc group opcrntcs a defincd contribution pension scheme and contributes into two dcfined benefit pension schemes. Contributions into the defined contribvtion Scheme are recognised in the Statement of financial activities in the period in which they become payable in accordance with the rules of the scheme. Defined benefit pension fiJnd5 have been accounted for as defined contribution schemes since these are a state plan and a multy•employer scheme, and the group 15 unable to identify its share of the underlying assets or liabilities of these funds. 49 4. Financial Statements North Devon Hospice (Company Limited by Guarantee) Notes to the Accounts For the Year Ended 31 March 2025 Accounting policies (continued) Financial instruments Ihe group only has financial assets and financial liabiliues that qualify a5 basic financial instruments. bèing inv•rtment$. rradg dgbtors and trade creditors. Basic finaneisl instrumènts are initially re¢ognised at transaction value and are subsequently measured at their settlement value. Any losses arising from impairment I'doubtful debts) are recognised in the statem&it of financial aEtivitios. Critical a¢countlng judgements and key 50urce5 of estimation uncertainty In the applitation of the group's accounting policies. which are described above. the Trustees are required to make judgements, estimates and assumptions about the ¢arrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and a550ciaced assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting esumates are recognised in the persod in which thc cstim4t¢ is rcvi5cd if thc revision affects onty that period or in the period of the revision and fijture periods if the revision affects both current and fvture periods. The following are the critical judgements and estimates that the Trustees have made in the pro¢css of applying the group's accounting policies and that h•Ye thc mosc signifi¢ant eff¢¢t gn the amounts recognised in the financial ststements. PrO￿$10n is madè against specific trade debtors where recoverability is considered doubtfijl. Legacy income which is recognisable under the Income recognition policy. but ha5 not yer been received. is provided for a5 accrued income until paid. The accrued income is provided at the level estimated within Probate documentation, less low level provisions for solicitor costs etc. Key management personnel for the purposes of disclosure are considered to be the Trustees and senior management team. The Trustees are not remunerated. The Trustees are satisfied, having considered the current financial position and perforniance of the charity, that the going concern assessmènt (which is a critical accounting judgement) remains appropriate. In making this assessmen( the Trustees have sen51tised their financial forecast5 and cash flow projections for the next 12 month5 (from the date of approval of these financial statements) to take account of reasonably possible changes in funding and income levels, inflationary pressures and increases in utilities, in order to determine when, and to what excent any c05c management measures may need to be implemented. 50 4. Financial Statements North Devon Hospice (Company Limited by Guarantee) NotÈs to thÈ Atcounts For the Year Ended 31 March 2025 Income from donations gifts and legacies Unrestricted Restrirted 2025 2024 Legacies & In Memomam Donations Fundraising & Donatsons Glfts in ￿"nd 97.200 55,413 1.728.389 1.022.786 175.710 1.169.037 82,678 1.224.450 82.678 2.374.136 IS1613 2.526.749 2.926.B8S Income from dtsnatlons. grfts Ind legacies ￿ £2.526.74912024.. £2.926A851 of whlch £2.374.13612024.. L£2.889,2141 unresthcted and £ISI613 (2024.. £37,671) is re$¢ricted. Income from char6table activitles Unrestricted Restricted 2025 2024 ICB Grant CHC FuiiJiilg Consulrant Support 1.368.373 106,452 40,810 1.36&373 106,452 40,810 1,360,327 99.224 42,6SO Sub-toral for Income suppor￿ng Dlrect Pati￿t Care 1315,635 .515,635 ,501,201 EduCath￿l Training &012 21,430 27,442 27.942 Totsl Inceme from charitabk actiwtie5 1.521.647 21.430 1.543,077 ,529.143 Income from charirable aCtivit*s is £1.543.077 (2024.. £1,529,143) of thleh £1,521,64712024.. £1.506.0801 is unrestricted and £21.43Q12024.. £23.0631 15 restricted. Income from other trading activlties Unrestricted Restricted 2025 2024 Shops & Mcmopdy Lott4ry Phjsiness Grants 1,888,523 619.847 1,888.523 619.847 1,675,621 621.19S 2,508,370 2,508.370 2.296.916 Income from orher trading acrwiues Is £2.508.37012024.. £2.296,9161 of whlth £2,508.37012024.. £L296,91611s UnreStr￿tÈd and Inil12024.. Inill is restricted. 51 4. Financial Statements North Devon Hospice {Company Limited by Guarantee) Notes to the Accounts For the Year Ended 31 March 2025 Income from investments UnrÈstActÈd Restricted 2025 2024 Dividends Deposit Interest 202,237 34,537 201237 34.537 199.550 37.723 236,774 236,774 237,273 Income from investments is £23&774 (2024.. £237,273) of which £236,774 Q024.. £237.2731 15 unrestricted and £nil 12024.. £niD is restricted. Other Income Unrestricted Restricted 2025 2024 Di5P05al of Assets DHSC Capitsl Grnnt Other 12061 12061 106.533 6B,615 6.893 106,533 68.615 73.003 6&409 106.533 174,942 79,896 Income Irom investments is £174,94212024.. £79,8961 of whKh £68,409 (2024.. £79,896) 1$ unre5trKted and £lQ6,533 12Q24. £niJ) is rEstriaed. 52 to p4 '(￿￿￿Or4 ¥%￿￿r *¢Yy tTrrqm Dai i!IlJ}Iijjlijllil 11 ! 4. Financial Statements North Devon Hospice (Company Llmited by Guarantee) Notes to the Accounts For the Year Ended 31 March 2025 Net incomirbg resource5 for the year Thi$1$ stated after dwpng I crediti 2025 2024 AmortisatioTr Depreciath)n Lossllprofitl on d15P05al of fL¥ed asse¢s Operating lease rentals.. Propery Other 2,012 259,878 207 .??s 263,232 16,8931 235,551 43.783 210.404 36.776 l O. Auditor's remuneration 2025 2024 The 3natys1¥ ol auditor's remunèratton ￿ 35 l0lJDw￿. Audit fees Acr¢)untancy ser¥Ke5 Tax wrnplvance 5er¥iidiAI y NDH Ventures Litnited gift aid5 avaikble profits to the parent charity. Its charge to corporation 8nd deferred tax in the year was £nil12024.. £nill. 55 4. Financial Statements North Devon Hospice (Company Llmlted by Guarantee) Notes to the A¢¢ounts For the Year Ended 31 March 2025 15. Intangible fixed assets Group and company Software Total Cost at l Aprll 2024 Disposals 174.694 12.0711 174.694 12,0721 As at 31 March 202S 171.622 172.622 Depreciation As at l April 2024 Charge for the Year OisposaL5 Ill681 1012 12.oni 172,682 1012 (2.0731 As at 31 March 2025 In622 171622 Net book Value it 31 March 202S As ar 31 Marth 2024 2,012 1012 16. Tanslbk fixed a55ets Group Land & FiX￿re$ and Computer Motor Bulldin85 fittiTr85 equipment VehiEle5 Total Cost A5 at l April 2024 Additions DI5posals 4,451,099 1.034,e46 292.388 167,7131 328.965 16.885 127.1081 5Ql 19 5.873.029 309.273 (94.8211 As ar 31 Mar aL 31 Marili 2024 2.819,497 376.056 75,522 3.271.075 Included in Land and Buildings is leasehold property with 8 carrying value of £453.74?, with the balance belng freehtsld. Land with a Carrying value of £175.72912024.. £175,729115 included in freehold property and ￿ not depreciated. All of the abov¢ g$44ts usÈd ftsr charitsblo puTrosÈs. 57 4. Financial Statements North Devon Hospice {Company Limited by Guarantee) Note5 to the Account5 For the Year Ended 31 March 2025 17. Trading subsidiary NDH Ventures Ltd. The charitable company owns the whole of the issued ordinary 5FHre capital of NDH Ventures knrnited, a company reRiStered in En￿and. The subsidnry is used for non-primdry purpose trading activities. Al activities have been cor1501idated on a line by hne basis in the stststrient of fin3ncial actMtye5. Available profvA are grft aided to the Charitab￿ company. A summary of the results of the subsidiary is shown below.. A summary ofits re5wks ￿ shoym belw. 2025 2024 692.090 664.928 Cost cf Sales 1175,5011 113&9391 Gr05s ProfiL 516.589 525.989 Administrauve Expenses 19&1291 (7S,9921 Other operdtin% income Profft on Ordinary AdMtie5 418,460 449.997 T￿￿On Profit for the firpancial 411460 449,997 Grft aid paid to went undertaking under deed of covenant 418,460 449.997 The awegate of the asse¢5, liabilioes and funds were.. Asser5 uab11￿È$ 158.938 175,2291 Is2￿46 83.709 83,709 18. Parent charFty The parenr chartys gros5 Incorne and the resuks for the year are disclosed as folbw5.' 2025 2024 Gr05s income RÈsulr for (he yo¥r 6,716,488 1584,5201 &848.288 326,752 4. Financial Statements North Devon Hospice (Company Limited by Guarantee) Note5 to the Accounts For the Year Ended 31 March 2025 19. Investments Group 2025 Group Charlty Charity 2024 2025 2024 Fair value at the start of the year 7,711,853 7,275,335 7,797,427 7,360,909 Disposal proceeds Net Ilossllpn on change In fair Yalue 140,4B51 436,S18 140,4851 436.518 7.671.367 7,711.853 7,756,941 7.797,427 Historic cos¢ at the end of the year 5.527,153 5527,153 5,612.727 5.612,727 Investments comprise.. 202$ 2024 2025 2024 UK Common invesrment fijnds Unlisted 5hare5 in subsidiary Underta￿Th£ Incorporated In the UK 7,671,367 7,711.8S3 7,671.367 7,711.853 8S,574 85,574 7.671,367 7,711,853 7,756,941 7,797,427 Investments represontlng over 5% by value of the portfolio (group and chariLyI compri5e.' 2025 2024 BNY MELLON- Newton SRI Fund for Chariues ANY MFI I C)N_ Sii amountyns eo £25,14912024.. ￿1,369) w¢re poytsbk to th¢ Fund at 31 Mttrth 2025 ènd or¢ Sn vf n)e Lvlls Hou5¢ ovtrcach (entre n Hol5V￿rth1. Uther capital lun¢J5 are fvnds received tor specrfic capital proiects. Purposes of designated funds iklings and asset reserve is to match the net book value of hosw£e assets a¢ Deer Park. Westrombe Lane, and it the Lon8 Hcuse which cannot be used withou¢ being 501d. Risk based reserve is to cover the financlal impact of the m3in risk5 to the chariy. Income Dwersrfication reserve, it is anticipated rhat these fund5 will be invested in the next 12 months a project whKh wll seo rogultsr $u$tainabl4 iThcorno strgarn on an innual b4$15. 63 4. Financial Statements North Devon Hospice (Cornpany Llmited by Guarantee) Notes to the Accounts For the Year Ended 31 March 2025 27. Statement of funds (con￿￿￿ed) 2H S•rvi¢• Prow£￿Tr Provid￿ h3nds on nuf$ing care to patient> in their own hornes with cor¢W¢x h¢slth¢orc condirions, the teams locus being to keep patients at home and avoid unnecessary hospital admissions. Recognlsin8 Llie Iiuxv iTiipui ￿liLE ul Ji¥ vi￿1 5ervicE. Tru51ee5 have Sei aslde funds ￿ ensure thai a minknum level of service can be provided over the ne¥¢ 5 years. Strategy 2021-2026.. Service Pro¥Nion and Organisational DeYelopmenL thls amount rèlate5 to the $perific eleroents of the 5-year plan to fvrrher Improve Ser¥￿eS that enhance the supporr to our pati*ts and their fdrnilie5. We wish to be even more resporisive ro their changing needs ond ￿SUre that we have the staff in phce with the 3pprtspTh2tÈ sknlls to support this. 5tratsgy 2021-2026.. Digital Development and Inno¥8tion this fund supports (he di&tal and innovation part of our strategy. Including Inirrauyes such a5 disital tap and go donations, improving pauenc a¢c¢ss diwtal teihnolosy and fvrther digit￿ fundrnising acrvities. Investment revaluatyon reserve Is a fund equal to the revaluauon of investments to market ¥alue at the bahnce sheer dare, whKh ha5 not been reali$ed Charity For the purpose of secrion 408 of the Companies Acc 2006. rhe ner movemenr of fund5 for the Company is i defKit Df £584.SZQ12024". 5urplu5 uf £326.7521. Toul funds broushr foti¥ard were £13.858.9J I 12024.. £13,532,1791- To¢at fjJnds Carr￿ed forward were £13,274,41112024.. £13.858.9311. 28. Analysis of group net assets between funds At 31 Mareh 2025 Gèneval D¢slgn4t¢d Restricted Funds Funds Funds Total Tangible & Intangible Fixed A55ets 3,320,237 7,671,367 1,555,264 3.320.237 7,6TI.36T 2.282.807 Other Assets 638.189 89,354 638,189 11.546.868 89,354 13.274.41 At 31 March 2024 General Designated Restritted Funds Funds Funds Totxl Tanwble & Intsnwble FiKed Assets Inyestmenu Other Assets 3,273,087 7,711,853 ?.?A9 RA8 3,273,087 7,711.853 2.873.991 74.A91 574.693 13.254.308 29,930 13,8S8,931 There are sufficient resources available, held in an appropriare lorm. tts enable re5trkEed and designated fund5 to be applied iri 3tcordance with restrictions imposéd. 4. Financial Statements North Devon Hospice {Company Limited by Guarantee) Note5 to the Accounts For the Year Ended 31 March 2025 29. Opernting lease commitment Group and Charity The group's rool lubare mthimum kne payments under n￿-(anCel￿d￿e cperaur¥ leases Is as lollown for tath ofthe folbwng perio& 202S 2024 Less th•n one y One ro fNe ye4r5 Over fve years 253,599 349.793 311314 109.099 198.592 313.750 915,706 621.441 Theamtsuntalnon*ncelLibl¢ op¢rating ka5e went5 recowvseda5*n th¢ y¢arwu £279.3M 12024.. £247.1801 30. Capltsl commitment Group and Chxrlty Ar the Balance Sheet date, Ihe CharlEy had ccrnrnitted to a capit31 prolett lor the insTrlhuon of solir car park panels with a total contract v&ue 1225.20B. fiiidiiLidl Lwilinitrn¢ilL sts"uctsired as fokns." A IO% deposrt1£22,5211 has bttn paid during the current financial year. A lurther 50% ILI12.6041 is due in April 2025. prior w the commencement of inst*tK*n in May 2025. The remalnlng 40%1£90,0831 ￿11 be payable upon compktim of the proiecr ar the oflune 2025. The totsl c05t of the prclect be covered In full by a grant from the Government's £100 mlllion tapital support programme for hospices.with hjnding expetted to be receW durin¥ 1025. The project ￿ forecast to generate ng4erm operatyon31 savinzs. With energy ¢05¢ reductlons estymated to offset the full tapital inYe5tment over approximitety 14 year5. Contlngent Assets Legacie5 are Thit recOgn￿ed until North Devon H05pice has entirlement ro the fund5. the amount tan be quantified and there is probthkty of recebr. The estimated v3kne of kgacies. not incknded as incorne h these accounts and vthlih have been t)ot4fied but not recewed ￿ at 31 March 2025, £488.0￿ P024.. £nS1}. 65 YOUR LIFE'S A STORY THE ENDING MATTERS Hospic Re9iStered chgrit