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2021-03-31-accounts

COMPANY REGISTRATION NUMBER 02519173

Francis House Family Trust Company Limited by Guarantee

Financial Statements

For the Year Ended

31 March 2021

Charity Number 328659

CHAMPION ACCOUNTANTS LLP

Chartered Accountants & Statutory Auditor 1 Worsley Court High Street Worsley Manchester M28 3NJ

Francis House Family Trust Company Limited by Guarantee

Financial Statements

Year Ended 31 March 2021

CONTENTS PAGES
Members of the Board and professional advisers 1
Trustees Annual Report 2 to 14
Independent Auditor's Report to the Members 15 to 17
Consolidated Statement of Financial Activities (Incorporating the
income and expenditure account) 18
Consolidated Statement of Financial Position 19
Consolidated Cash Flow Statement 20
Notes to the Financial Statements 21 to 32

Francis House Family Trust Company Limited by Guarantee

Members of the Board and Professional Advisers

Registered Charity Name Francis House Family Trust
Charity Number 328659
Company Registration Number 02519173
Registered Office 390 Parrswood Road
Didsbury
Manchester
M20 5NA
Trustees Christopher Roberts (Chair)
Martin Lochery
Dr Susan Kirk
Dr Susan O' Halloran
Judith Amosi-Khodadad
Charles Ledigo
Michael Redfearn
Vijay Srivastava
Dr Andrew Taylor
Jane Kempler
Aysha Rangrez
Dr Edward Gasiorowski
Rev Joseph Carney
Secretary Reverend David Ireland
Auditor Champion Accountants LLP
Chartered Accountants & Statutory Auditor
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
Bankers Yorkshire Bank The Co-operative Bank
The Chancery P O Box 250
Spring Gardens Skelmersdale
Manchester WN8 6WT
M2 1YB
Solicitors Stone King LLP
2ndFloor
1 City Square
Leeds
LS1 2ES
Investment Advisors Redmayne Bentley
3 Hardman Square
Spinningfields
Manchester
M3 3EB

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report

Year Ended 31 March 2021

The Trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.

THE TRUSTEES

The Trustees who served the charity during the period were as follows:

Christopher Roberts (Chair) Martin Lochery Dr Susan Kirk Dr Susan O' Halloran Judith Amosi-Khodadad Charles Ledigo Michael Redfearn Vijay Srivastava Dr Andrew Taylor Jane Kempler (Appointed 2 July 2020) Aysha Rangrez (Appointed 14 January 2021) Dr Edward Gasiorowski (Appointed 14 January 2021) Rev Joseph Carney (Appointed 14 January 2021)

Trustees Recruitment and Appointment

Trustees are nominated by the existing Trustees. They retire by rotation every three years but may offer themselves for re-election.

Trustees are appointed with a view to providing a variety of skills, culture, age and gender.

New Trustees are appraised of the Philosophy of the Trust and are issued with an induction folder which includes the Charity Commission publications and guidance.

The Secretary to the Trustees arranges for individual induction sessions on commencement of appointment and for annual training sessions to which all Trustees are invited.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Francis House Family Trust is a Company Limited by Guarantee and does not have any share capital.

The Association is established for the purposes expressed in the Memorandum of Association dated 5 July 1990.

Trust Name

The Rainbow Family Trust was established in 1990 to build a children’s hospice. On completion the building was named ‘Francis House’ to commemorate the sacrifice made by the Sisters of the Franciscan Mission of St. Joseph who gave up their convent to be converted into the Hospice.

In 2012 the Trust was registered under the new name of Francis House Family Trust at Companies House. The new name continues to highlight the fact that ‘family’ is at the centre of everything that we do as a Trust.

Organisational Structure and Management

The Trustees serve on the Council of Management who meet quarterly. A General Meeting is held annually.

General operational decisions are made by the Chief Executive Officer and Director of Care with reference to the following Trustees sub-committees.

Finance

Fundraising

Other sub-committees meet as required to assist with decision making relating to things such as ethical and medical matters (the Coronavirus COVID-19 Pandemic has meant that we have had to hold regular meetings of representatives of the Trustees and the Health and Administration professionals, to manage the emergency).

Terms of Reference

PUBLIC BENEFIT

The Trustees have ensured that they carry out the Trust's objects for the public benefit and have in accordance with section 17 Charities Act 2011 had regard to the guidance published by the Charity Commission on public benefit when exercising powers or duties where that may be relevant. Francis House continues to benefit children and young people with life limiting and threatening illnesses and provides support and short term care for their families. Our Achievements and Performance to date as set out in this report demonstrate our continued commitment to public service.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

OBJECTIVES AND ACTIVITIES

Francis House exists for the provision of appropriate respite care, emotional support and end of life care for children and young adults with life threatening or life limiting conditions and the support and care of their families.

Our philosophy comes from belief in the sanctity of life and the dignity of the individual. We aim to hear, respect and value every member of the family as individuals with their own needs. Care is available to families regardless of faith or cultural backgrounds. Our aim is to care for the sick young people and their families as they and their family wish. We care for young adults in the ways that they dictate or as is deemed in their best interest by the relevant advocate.

Physical, social, emotional and spiritual needs are considered necessary elements in our holistic care. One of our principle aims is to enable the young people to live life as fully as their conditions allow often helping them to fulfil dreams. Many of these dreams are experiences that most of us take for granted in our own lives but can be difficult to accomplish when coping with a serious physical condition.

Francis House together with the other Children’s’ Hospices is at the forefront of specialist palliative care provision and symptom control. We care for young people with a wide range of complex and often undiagnosed conditions.

Unpaid Staff/Volunteers

Unpaid staff and volunteers have been essential to the establishment and operation of the Hospice. Volunteers have helped within the Fundraising Office in Francis House itself and in the shop. In addition, around the North West and beyond individuals and groups of volunteers volunteer to raise funds and inform the wider community about the charity.

Unfortunately, this year has been dominated by this highly contagious virus and we have had to close our retail outlet, suspend many fundraising events and stop volunteers from entering the Hospice environs. This has placed a great strain on our paid staff and has led to a review of our working practices. It is hoped that following the completion of the vaccination programme and containment of the virus that volunteers will be able to return to the Hospice and assist us in keeping revenue costs low. We are very thankful for the work of the many volunteers in the community who have helped us to continue to raise funds during this difficult time.

Staff

There are 54 full time equivalent members of the Care Team led by the Chief Executive and Director of Care. Qualifications include Registered Sick Children’s Nurses, Registered General Nurses, Registered Learning Disability Nurses, Play Specialist, Occupational Therapist, Nursery Nurses, Teaching Assistants and Social Workers. To meet the ever increasing clinical complexity of the care we aim for 70% of the Care Team to be Registered Nurses, with a minimum of two years post qualification experience. Many of the Care Team have additional qualifications or role specific training in bereavement support, emotional support, palliative care and community nursing. Ancillary and Support staff include -

In House
1 Deputy to the CEO (who is also a solicitor)
2 Secretaries
2 Receptionists
2 Chefs
1 Maintenance
4 Domestic/Housekeeping
1 Gardener		 Fundraising and Accounts

1 Fundraising Manager
5 Fundraisers
1 Public Relations Officer
1 Bookkeeper
1 Bookkeeping Assistant
1 Shop Manager

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

The Trading Subsidiary which provides Residential Care with 24 hour nursing cover employs -

1 Registered Manager

8 Registered Nurses (6 full time equivalent) 17 Care Assistants

Francis House has since its inception relied on the services of General Practitioners who have specialised experience of Paediatric Palliative Care. For many years there have been 4 visiting doctors who have shared the ‘on-call’ duties and established a rota for daily visits. Three of the GP’s have worked for Francis House for many years and accumulated extensive knowledge of the various and complex conditions. In January 2020 it was decided that succession planning was needed and three of the former doctors were joined by three younger doctors establishing a new rota and improved continuity of care. During the pandemic, the doctors themselves established a ‘buddy’ system with each of the senior doctors providing telephone (and in person) support where necessary for the younger doctors.

We have a Psychotherapist who works two days each week providing support for families and staff who have particular psychological and emotional needs (particularly where deep trauma has been experienced).

There is an ordained Minister on site.

Our Chefs cater for all dietary needs (both dietary and cultural) there are also facilities for families who wish to cook for themselves. Since establishment Francis House had one Chef supported by a team of volunteers. During this year we have recognised the need for succession planning and the need for additional support whilst no voluntary workers were available. A second Chef was appointed, and a seven day rota established to cover lunch and the evening meal..

Additional Services

2 groups provide support for siblings of sick children. Seasons - supports brothers and sisters into their early teens

Shining Stars - provides bereavement support for brothers and sisters whose sibling has died

Emotional support is provided in three ways – Bereavement support

Support for young adults who are struggling emotionally with their deteriorating conditions Support for young people with complex needs unable to articulate their sadness

The Homecare Team provides support in the home and hospital and establishes first contact with families whose referral has been accepted.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

This year has been dominated by the global pandemic. Francis House’ greatest achievement has been the maintenance of effective support for families through this frightening and difficult time. The Hospice continued to provide Emergency Respite and End of Life Care throughout the crisis. This has necessitated temporary remodelling of the premises, increased education and support for the Care Team and the sourcing and disposal of personal protective equipment. All of this at a time when fundraising activities had virtually ceased because of the lockdown. We have been able to continue because of the selfless professionalism of our Care Team who placed themselves at risk in order to care for the sick young people and their families, working tirelessly in PPE and we thank them for their dedication. The Pandemic coincided with the retirements of senior managers and a special mention should be made of the new Registered Manager and Clinical Lead who have led the Care Team through this testing period. Many of our support staff have been furloughed, sadly there have been four compulsory redundancies and two voluntary redundancies. A ‘skeleton’ support team has worked extremely hard to keep the building and Care Team operating safely. During the last quarter we were able to report that all but two staff (these had medical conditions) had received both of their vaccinations together with all but one of the residents at 463.

Maintenance and servicing of equipment has been extremely difficult but has been managed in such a way as to maintain good infection control standards.

The needs of the families receiving end of life care and bereavement support have been important during this time. We are pleased to report that we have been able to construct and furnish the new rainbow mortuary suite and emotional support facilities during the year (a section of the site was isolated with separate entrance and facilities for the contractors).

We have continued to recruit new Care Team members including experienced Registered Nurses.

In anticipation of the re-opening of services, as lockdown restrictions are lifted, a second Clinical Lead has been appointed to manage Francis Lodge.

Public relations have been managed remotely but effectively during the lockdown. We have continued to employ an external consultant to act as Digital Marketing Assistant.

We have continued to work with external consultants to ensure compliance with:-

The Trust has purchased two semi-detached properties and has submitted a planning application for conversion into a six bed residential facility for young adults with acute complex needs. This facility will be managed by the Trading Subsidiary, Francis House Families Ltd.

The last two quarters have seen the return of support staff who have been furloughed and the re-establishment of fundraising initiatives. The scaled down Fundraising Team are already planning significant fundraising events. It should be noted that technology has allowed us to provide our supporters with online virtual events including:-

Memory Day Christmas Ball The Christmas Story in readings and carols The Virtual Balloon Race The Easter Chick Hunt The Virtual Knit Off

One of our dedicated voluntary fundraisers received a Pride of Manchester Award. We are grateful to the fundraisers, paid and voluntary for their imaginative work and commitment during this time.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

FINANCIAL REVIEW INVESTMENT PORTFOLIO

The trust continues to use the services of Redmayne Bentley.

The Trust has two funds in its portfolio, the Main Fund and the Millennium Fund.

During the last 12 months the Main Fund has risen 45.67% (compared to a rise in the Benchmark of 24.15% - ARC Steady Growth Private Client Index). The portfolio has generated income of £365,852.

The Millennium Fund has risen by 47.91% generating an income of £160,049.

The Trusts funds carry a cash reserve. At times when the market is rising uninvested cash works against the Trust however the need for funds to manage our various capital projects and the expansion and development of the services this and cash flow problems due to the pandemic have meant that the instructions to the portfolio Manager has been to keep some monies in reserve.

RESERVES POLICY

The Trustees have established a policy whereby the unrestricted funds held by the charity should be at a level to cover 50% of the running costs for one year given a return on investment of 4%.

This would equate to the charity requiring reserves of £62,375,450.

At present the unrestricted reserves which amount to £30,580,781 do not reach this target level and the Trustees continue to investigate ways in which this can be achieved.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

PLANS FOR FUTURE PERIODS

This report has been produced whilst the country is still living under Government imposed restrictions to limit the effect of the Coronavirus Pandemic. It is extremely difficult to plan for the long term future and we are having to plan our return to normal life at a time when new variants of the virus are testing the scientific and medical professionals to their limits.

We must however continue to provide the valuable holistic care that is so necessary for the 581 families on our roll.

During the last year approximately 450 families have received some form of support from Francis House – this has included Respite Care, Homecare, Emotional and Psychological Support, telephone support assistance with social financial and legal problems, sibling activity packs and End of Life Care. 67 families received in-house respite care to cope with emergencies. It is now crucial that whilst continuing to adapt our services to an ever changing situation, we must also plan our return to normality.

Plans are in place to cease barrier nursing (except where COVID-19 symptoms are presented), open up all of Francis House and Francis Lodge and welcome back whole families for respite stays. It is hoped that we can recommence onsite Seasons and Shining Stars programmes for siblings.

It is our aim to provide a minimum average of 14 nights respite per year for each family on our roll however the pandemic and difficulties with recruitment of new staff has meant that we have been unable to achieve this. Our plan is to continue to increase staffing levels in order to reach this figure during the next twelve months.

We have doubled the numbers of staff working on our Bereavement and Emotional Support teams (but this has been at the expense of shifts on the Care Team in-house). Home support has doubled during the lockdown. The Homecare Team will need to expand further, and the aim is eventually to be able to provide overnight support in their own home for young people who choose that as their place for end of life care and who are on syringe drivers.

The upgrading of specialist equipment continues to be a priority during the coming year, we hope to:-

Replace our three high sided beds, which are now ten years old.

Replace our high sided cot bed.

Replace our syringe drivers.

In addition, we hope to:-

Re-establish plans to upgrade the Hydrotherapy Pool (put on hold as the pool became the PPE store).

Replace two special baths in Francis House for which we are now unable to obtain replacement parts.

Progress with our plan to purchase two new adapted vehicles.

Subject to Planning Permission the Trust will extend and adapt the newly purchased property and register it with the Care Quality Commission as Residential Accommodation for young adults with life-limiting or life-threatening conditions who also have acute complex needs. This facility will be operated by the Trusts Trading Subsidiary, Francis House Families Ltd.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

FUNDRAISING AND PUBLIC RELATIONS

We are already instigating a programme of fundraising events for 2021 – 2022 however all of our plans are subject to Government restrictions.

We will continue to develop our use of social media and virtual fundraising to ensure our financial stability once Government COVID funding and furlough payments cease.

We cannot sufficiently express our gratitude to the many people who have continued to support us during this difficult year.

A new video has already been commissioned and will be filmed once restrictions are lifted and social distancing and masks cease to be a necessity.

We continue to investigate the ways in which technology and social media can enhance both communications and fundraising.

We hope to review and develop our legacy support information and improve its distribution.

We have secured funding to allow us to provide information about our organisation and its services to families for whom English is not their first language.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

PRINCIPLE RISKS AND UNCERTAINTIES

All areas governing the health and safety of the children, young adults and families using Francis House and also of the staff and volunteers, are reviewed and a monitoring system is in place. Particular attention is given to major risks which would prevent or restrict us from achieving our objectives. These include:

Personnel Employment legislation Operational risks e.g., Fire, Intruders, Data Protection, IT Failure Legal action Funding failure Economic cycle Public image

In order to manage risks identified Francis House retains the services of:

Mrs Susan Mayall of Pearsons Solicitors who acts as an advisor on personnel and employment issues. Redmayne Bentley are engaged to manage the Charities investments. We retain the services of:

a) Champion I.T. as specialists to advise and manage our I.T. systems

b) Active Business Communications to advise and manage our land and mobile telephone systems

c) Intelligent Controls advise on digital media systems and intelligent environmental controls

d) Reason Digital who manage the website

e) Ellis Whittam advises on all matters do with Health and Safety (The buildings are inspected regularly and maintained to a high standard throughout the year.)

CLINICAL RISKS

The Hospice is registered as an Independent Hospital and inspected as such by the Care Quality Commission. The Director of Care and the CEO are active participants in the Local Intelligence Network for Controlled Drugs. The Trust maintains Professional Indemnity insurance for all of the nurses in permanent employment.

RELATIONSHIPS WITH OTHER PARTIES

Every effort is made to work alongside other local healthcare providers, specialist hospitals, general practitioners, consultants, and community nursing teams. The Hospice participates in the North West Palliative Care Network. Specialist Consultants are invited to speak at the Doctors meetings.

Francis House has always tried to maintain good relationships with statutory providers. It is our aim to improve the referral process and to work closely with NHS providers for the greater good of the families.

Francis House maintains membership of: -

i) Together for Short Lives - the national co-ordination of children's palliative care services. ii) Hospice UK - the membership organisation for Adult and Children's Hospices.

The Chief Executive is an active participant in the informal group for CEO's of Children's Hospice’s in the North of England and the national group for Chief Executives of Children’s Hospices.

The Director of Care and Clinical Leads are active participants in the Heads of Care meetings for children's hospices in the North of England.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

THE EFFECTS OF THE PANDEMIC ON FRANCIS HOUSE FAMILY TRUST

The on-going COVID-19 pandemic has presented us with unique challenges.

The Trustees have given attention to the challenges and the impact that the virus has placed upon our vital work and has tried to plan for the long term consequences.

We have looked at two significant areas:Operation and Service Provision Financial Impact

1. Operation and Service Provision

All of the sick children who are on our roll together with many of their siblings have had to be very stringent in following the government guidelines on ‘lockdown’. All planned respite stays ended on the 23rd March 2020. Planned respite stays will recommence as soon as restrictions are lifted

Whilst we have attempted to keep all of the Care team working some have had to be furloughed for health reasons, they have had to isolate for periods in accordance with government guidelines. Reduced staff numbers have meant that a maximum of seven beds have been available. The decision was taken to concentrate operations within Francis Lodge supplementing bedroom accommodation by providing access to Indigo, Violet, and Gold bedrooms in Francis House. Flat 1 is available for the families of young people receiving ‘end of life’ care.

In Francis Lodge, four bedrooms have been converted to two suites for young people who have Aerosol Generating Procedures where full PPE is required. The adjoining bedrooms have had to become the PPE ‘donning and doffing’ rooms (we have reduced this to one AGP suite from April 2021).

At the earliest stage telephone conferences were initiated with Royal Manchester Children’s Hospital and St. Ann’s Adult Hospice. We have also had consultations with other local hospitals. These discussions are ongoing.

We have continued to provide:-

Social Emergency Respite Symptom Control End of Life Care Regular telephone support of families who are ‘shielding’

We have continued to provide care for our seven young people who are in residential accommodation operated by our subsidiary company.

As the lockdown continued we experienced increased use of our emergency respite facilities as parents became exhausted and/or became ill themselves.

We have been told by RMCH that children with serious conditions are not presenting for consultation and treatment. We are therefore expecting an increase in referrals in the near future.

Due to the additional pressures on the NHS and the difficulty of carrying out interviews, the recruitment of Registered Nurses will continue to be difficult for the foreseeable future.

2. Financial Impact

The last twelve months have been a difficult period for the charity. Fundraising generally has been difficult, money from bequests has been delayed because of difficulties with probate also an increase in demand for our services prior to the pandemic had already meant that the budget showed a planned deficit.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

The pandemic lockdown has meant that planned fundraising events have had to be cancelled.

The effect of the pandemic on the worldwide economy and the stock markets generally have resulted in the valuation of the charities investment portfolio seeing an initial reduction of nearly 20% of its value (subsequent to 31 March 2020 the investments have recovered but are not yet back to the valuation prior to the pandemic).

At the time of writing the report we have:-

Continued to provide information to NHS England through the National Capacity Tracker website. As a result, we have received Government grants which have assisted with our financial stability.

The Furlough Scheme has assisted with reducing overhead costs whilst retaining valued staff on our support teams.

We have reduced our operational costs (utilities, food, salaries).

Benefitted from the generosity of our loyal supporters and the general public in response to the crisis.

Reassessed our fundraising operation and reviewed the use of technology and social media.

It is difficult to predict the operational and financial effect of the pandemic as we ease restrictions gradually however the Trustees, following consultations with their professional advisors believe that mitigations are already in place which will ensure a continuity of service to both existing and newly referred families in its care.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

THANK YOU

Francis House is only able to operate through the selfless dedication and commitment of many people.

We cannot express our gratitude enough to the staff who work in and around the Hospice, to our Consultants and Associates who bring their specialist skills to our assistance and of course to all of our loyal supporters. As this year closes we must particularly thank our Care Team and skeleton support team who have continued to work hard in very difficult circumstances supporting the young people and their families through the crisis.

Most of all we thank the young people and the families who use Francis House for their trust, their courage, their example and their zest for living life to the full – they are the reason that Francis House and Francis Lodge exist.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also the directors of Francis House Family Trust for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.

In preparing these financial statements, the Trustees are required to:

· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Francis House Family Trust Company Limited by Guarantee

Trustees Annual Report (continued)

Year Ended 31 March 2021

AUDITOR

Champion Accountants LLP are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

Each of the persons who is a trustee at the date of approval of this report confirms that:

Registered office: 390 Parrswood Road Didsbury Manchester M20 5NA

Signed on behalf of the Trustees Christopher Roberts (Chair)

01 October 2021

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Francis House Family Trust Company Limited by Guarantee

Independent Auditor's Report to the Members of Francis House Family Trust

Year Ended 31 March 2021

OPINION

We have audited the financial statements of Francis House Family Trust (the ‘parent entity’) and its subsidiary (the ‘group’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Statement of Financial Position, the Trust’s Statement of Financial Position, the Consolidated Statement of Cash Flows, the Trust’s Statement of Cash Flows and the 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

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Francis House Family Trust Company Limited by Guarantee

Independent Auditor's Report to the Members of Francis House Family Trust (continued)

Year Ended 31 March 2021

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors Report included within the Trustees’ Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ Statement of Responsibilities, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the either intend to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

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Francis House Family Trust Company Limited by Guarantee

Independent Auditor's Report to the Members of Francis House Family Trust (continued)

Year Ended 31 March 2021

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

USE OF THE AUDIT REPORT

This report is made solely to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

M TURNER FCA (Senior Statutory Auditor) For and on behalf of CHAMPION ACCOUNTANTS LLP Chartered Accountants & Statutory Auditor

01 October 2021

1 Worsley Court High Street Worsley Manchester M28 3NJ

- 17 -

Francis House Family Trust Company Limited by Guarantee

Consolidated Statement of Financial Activities (Incorporating the Income and Expenditure Account)

Year Ended 31 March 2021

Unrestricted Total Funds Total Funds
Funds Restricted Funds 2021 2020
Note £ £ £ £
Income and endowments
Donations and legacies 4 1,912,819 703,467 2,616,286 2,218,920
Other trading activities 5 1,296,966 – 1,296,966 1,440,422
Investment income 6 532,916 – 532,916 793,462
──────────── ───────── ──────────── ────────────
Total income 3,742,701 703,467 4,446,168 4,452,804
═════════════ ═════════ ═════════════ ═════════════
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 7 (364,797) – (364,797) (550,318)
Costs of other trading activities 7 (46,470) – (46,470) (43,998)
Expenditure on charitable
activities 7 (3,926,302)
(652,467)		 (4,578,769) (4,736,675)
──────────── ───────── ──────────── ────────────
Total resources expended (4,337,569) (652,467) (4,990,036) (5,330,991)
═════════════ ═════════ ═════════════ ═════════════
Net gains / (losses) on investments9 7,063,871 – 7,063,871 (3,952,787)
──────────── ───────── ──────────── ─────────
Net income / (deficit) 6,469,003 51,000 6,520,003 (4,830,974)
═════════════ ═════════ ═════════════ ═════════════
Net movement in funds 6,469,003 51,000 6,520,003 (4,830,974)
Reconciliation of funds
Total funds brought forward 24,042,278 48,500 24,090,778 28,921,752
Transfer of funds 69,500 (69,500) – –
───────────── ───────── ───────────── ─────────────
Total funds carried forward 30,580,781 30,000 30,610,781 24,090,778
═════════════ ═════════ ═════════════ ═════════════

The Statement of Financial Activities includes all gains and losses recognised in the year.

All of the above amounts relate to continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 20 to 31 form part of these financial statements.

- 18 -

Francis House Family Trust Company Limited by Guarantee

Consolidated Statement of Financial Position

As at 31 March 2021

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Group|Group|Charity|Charity| |2021|2020|2021|2020| |Note|£|£|£|£| |Fixed Assets| |Tangible assets|14|7,003,183|6,354,143|6,996,919|6,351,351| |Investments|15|22,979,302|17,142,073|22,979,302 17,142,073| |───────────── ───────────── ───────────── ─────────────| |29,982,485|23,496,216|29,976,221 23,493,424| |Current Assets| |Debtors|16|374,003|395,751|517,051|490,268| |Cash at bank and in hand|525,842|517,910|365,798|403,981| |─────────|─────────|─────────|─────────| |899,845|913,661|882,849|894,249| |Creditors: Amounts falling due within one year|17|(271,549)|(319,099)|(248,385)|(290,940)| |─────────|─────────|─────────|─────────| |Net Current Assets|628,296|594,562|634,464|603,309| |───────────── ───────────── ───────────── ─────────────| |Total Assets Less Current Liabilities|30,610,7|24,090,7|30,610,68|24,096,73| |─────────────|────────────────────────── ─────────────| |Net Assets|30,610,7|24,090,7|30,610,68|24,096,73| |═════════════ ═════════════ ═════════════ ═════════════| |Funds of the Charity| |Restricted funds|30,000|48,500|3|4| |Unrestricted funds|30,580,7|24,042,|30,580,68|24,048,23| |───────────── ───────────── ───────────── ─────────────| |Total charity funds|21|30,610,7|24,090,7|30,610,68|24,096,73| |═════════════ ═════════════ ═════════════ ═════════════|

----- End of picture text -----

These financial statements were approved by the members of the committee and authorised for issue on the 01 October 2021 and are signed on their behalf by:

.......................... Christopher Roberts (Chair)

.......................…

Martin Lochery

Company Registration Number: 02519173

The notes on pages 20 to 31 form part of these financial statements.

- 19 -

Francis House Family Trust Company Limited by Guarantee

Consolidated Statement of Cash Flows Year Ended 31 March 2021

Group Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Cash Flows from Operating Activities
Net income / (deficit) 6,520,003 (4,830,974) 6,519,952 (4,830,560)
Depreciation 401,122 396,052 396,801 393,261
Net (gains) / losses on disposal of investments (1,153,850) (48,077) (1,153,850) (48,077)
Fair value (gains) / losses on investments (5,910,021) 4,000,864 (5,910,021) 4,000,864
Income from investments (532,916) (793,462) (532,916) (793,462)
Net (gain) / loss on sale of tangible assets 663 – 663 –
Changes in:
Trade and other debtors 21,748 (150,538) (32,783) (131,395)
Trade and other creditors (47,550) 136,531 (42,555) 38,091
───────── ───────── ───────── ─────────
Net cash used in operating activities (700,801) (1,289,604) (754,709) (1,371,278)
Cash Flows from Investing Activities
Dividends, interest and rents from investments 532,916 793,462 532,916 793,462
Purchase of tangible assets (1,050,825) (195,441) (1,043,032) (190,505)
Purchase of other investments (3,292,789) – (3,292,789) –
Proceeds from sale of tangible assets – – – –
Proceeds from sale of other investments 4,630,413 577,580 4,630,413 577,580
Net cash outflow / (inflow) from other liquid investments (110,982) (23,936) (110,982) (23,936)
──────────── ──────────── ──────────── ────────────
Net cash from investing activities 708,733 1,151,665 716,526 1,156,601
═════════ ═════════ ═════════ ═════════
Net increase / (decrease) in cash and cash equivalents 7,932 (137,939) (38,183) (214,677)
═════════ ═════════ ═════════ ═════════
Cash in hand and at bank at the beginning of the year 517,910 655,849 403,981 618,658
───────── ───────── ───────── ─────────
Cash in hand and at bank at the end of the year 525,842 517,910 365,798 403,981
═════════ ═════════ ═════════ ═════════

The notes on pages 20 to 31 form part of these financial statements.

- 20 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

1. GENERAL INFORMATION

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 390 Parrswood Road, Didsbury, Manchester, M20 5NA.

2. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Francis House Family Trust and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 March 2021. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

- 21 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

2. ACCOUNTING POLICIES (continued)

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances

Incoming resources

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Donations received for restricted purposes are accounted for within restricted reserves. Once funds are expensed for the specific purpose of the donation, the funds are transferred to unrestricted reserves

Resources Expended

Expenditure is accounted for when incurred.

All costs are directly attributable to specific activities.

Fund-raising costs include the salaries, direct expenditure and overhead costs of the staff in the fund-raising office. Costs in furtherance of the charitable objects represent the core costs of the charity including salaries and overheads.

Management and Administration costs represent costs incurred by finance and human resources attributable to the management of the charity's assets, organisational administration and compliance with constitutional and statutory requirements.

Charitable Funds

The general unrestricted fund comprises the accumulated surplus on the Statement of Financial Activities less funds designated for specific purposes. The restricted fund represents specific monies received by the Charity for the purpose of contributing towards the capital cost of the expansion work of the hospice and associated equipment.

- 22 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

2. ACCOUNTING POLICIES (continued)

Fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold land and buildings Straight line over 25 and 30 years
Improvements to property Straight line over the term of the lease
Fixtures and fittings 15% reducing balance
Motor vehicles 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income / (expenditure) for the year. Transaction costs are expensed as incurred.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pension costs

The group contributes to the NHS defined benefit superannuation scheme. This is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the group. In accordance with FRS 102 section 28 therefore, the scheme is accounted for as a defined contribution scheme. The group also contributes to defined contribution schemes for staff who are ineligible to join the NHS superannuation scheme at 5%. The assets of all schemes which the group contributes to are held separately from those of the group in independently administered funds. All contributions payable for the year are charged in the SOFA.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

- 23 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

2. ACCOUNTING POLICIES (continued)

Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

3. LIMITED BY GUARANTEE

Francis House Family Trust is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member.

- 24 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

4. DONATIONS AND LEGACIES

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2021 2020
£ £ £ £
Donations
Donations 375,105 92,360 467,465 481,156
Legacies
Legacies 632,399 – 632,399 1,035,842
Grants
Clinical Commissioning Group Grants 157,770 – 157,770 276,077
NHS England Hospice Grant 579,900 – 579,900 425,845
NHSE Covid-19 grant to provide bed – 611,107 611,107 –
capacity & community support
Coronavirus Job Retention Scheme 167,645 – 167,645 –
──────────── ───────── ──────────── ────────────
1,912,819 703,467 2,616,286 2,218,920
════════════ ═════════ ════════════ ════════════

5. OTHER CHARITABLE ACTIVITIES

Unrestricted Total Funds Total Funds
Funds 2021 2020
£ £ £
Millennium fund 2,171 2,171 12,069
Fundraising events 507,711 507,711 645,497
Income from residential services 716,888 716,888 657,094
Shop income 7,392 7,392 76,611
Christmas cards 19,911 19,911 18,284
Easter chick appeal 27,852 27,852 –
Golf events – – 10,713
Promotional goods 654 654 1,726
Festival of trees 14,387 14,387 18,428
──────────── ──────────── ────────────
1,296,966 1,296,966 1,440,422
════════════ ════════════ ════════════

6. INVESTMENT INCOME

Unrestricted Total Funds Total Funds
Funds 2021 2020
£ £ £
Income from listed investments 524,427 524,427 791,405
Income from cash investments 8,489 8,489 2,057
───────── ───────── ─────────
532,916 532,916 793,462
═════════ ═════════ ═════════

- 25 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

7. COSTS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Total Funds Total Funds
Fundraising Shop Francis House 2021 2020
£ £ £ £ £
Staff costs 236,891 24,718
2,729,779		 2,991,388 3,210,698
Depreciation – –
401,122		 401,122 396,052
Rent – 6,629
122,529		 129,158 125,215
Rates & water – 901
36,201		 37,102 32,063
Light and heat – –
50,858		 50,858 49,270
Repairs & maintenance – 1,483
34,147		 35,630 37,238
Insurance – 595
77,849		 78,444 75,420
Motor vehicle expenses 1,188 –
15,838		 17,026 23,719
Travel and accommodation – –
10,144		 10,144 11,164
Consultancy 12,000 –
178,250		 190,250 206,450
Telephone – –
24,943		 24,943 28,003
Housekeeping – –
154,626		 154,626 173,289
Staff training – –
14		 14 847
Events 78,189 –
–		 78,189 111,663
Printing, postage and stationery 36,529 –
–		 36,529 51,970
Christmas cards – 12,144
–		 12,144 7,504
Loss on disposal of fixed asset – –
663		 663 –
───────── ─────────
─────────		 ───────── ─────────
364,797 46,470
3,836,963		 4,248,230 4,540,565
Share of support costs (see note 8) – –
480,946		 480,946 577,314
Share of governance costs (see
note 8) – –
260,860		 260,860 213,122
───────── ─────────
─────────		 ───────── ─────────
364,797 46,470
4,578,769		 4,990,036 5,330,991
════════ ════════
════════		 ════════ ════════

8. ANALYSIS OF SUPPORT COSTS

Support Governance Total Funds Total Funds
Costs Costs 2021 2020
£ £ £ £
Staff costs 38 – 388,994 445,687
Premises – 56,394 85,245
Communications and IT – 30,418 30,418 29,836
General office 16,712 16,489 33,201 36,991
Printing, postage and stationery 18,846 – 18,846 31,885
Auditors fees – 18,600 18,600 17,650
Legal and professional – 55,455 55,455 58,790
Bank charges – 5,564 5,564 7,699
Exchange (gains) and losses – 22,215 22,215 (12,951)
Investment advice – 112,119 112,119 89,594
───────── ───────── ───────── ─────────
480,946 260,860 741,806 790,426
═════════ ═════════ ═════════ ═════════

- 26 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

9. NET GAINS ON INVESTMENTS

Unrestricted Total Funds Total Funds
Funds 2021 2020
£ £ £
Unrealised Gains/(losses) on listed investments 5,910,021 5,910,021 (4,000,864)
Gains/(losses) on disposal of investment assets 1,153,850 1,153,850 48,077
───────── ───────── ─────────
7,063,871
═════════		 7,063,871
═════════		 (3,952,787)
═════════

10. NET INCOME

Net income is stated after charging/(crediting):

Net income is stated after charging/(crediting):
2021 2020
£ £
Depreciation of tangible fixed assets 401,122 396,052
Foreign exchange differences 22,215 (12,951)
───────── ─────────
423,337 383,101
═════════ ═════════

11. AUDITORS REMUNERATION

The fees charged by the auditor can be further analysed under the following headings for services rendered:

2021 2020
£ £
Fees payable for the audit of the financial statements 18,600 17,650
════════════ ════════════
Fees payable to the trust’s auditor and its associates for other services:
Fees for accounting services 16,479 20,800
Fees for payroll services 1,290 1,290
Fees for IT services 5,400 5,400
──────────── ────────────
23,169 27,490
════════════ ════════════

- 27 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

12. STAFF COSTS AND EMOLUMENTS

Total staff costs were as follows:

Total staff costs were as follows:
2021 2020
£ £
Wages and salaries 2,865,468 3,115,037
Social security costs 276,263 301,824
Other pension costs 238,651 239,524
──────────── ────────────
3,380,382 3,656,385
════════════ ════════════

Particulars of employees:

The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:

follows:
2021 2020
No No
Number of nursing and care staff 79 71
Number of fund-raising staff 6 7
Number of office and administration staff 18 21
──── ────
103 99
════ ════

The number of employees whose remuneration for the year fell within the following bands, were:

2021 2020
No No
£60,000 to £69,999 1 –
£70,000 to £79,999 1 1
──── ────
2 1
════ ════

13. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees (or any persons connected with them).

- 28 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

14. TANGIBLE FIXED ASSETS

Group

Improvements Freehold land Fixtures &
to buildings & buildings fittings Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2020 7,551,441 1,001,897 1,908,980 219,082 10,681,400
Additions 131,673 823,950 95,202 – 1,050,825
Disposals – – (978) – (978)
──────────── ──────────── ──────────── ───────── ────────────
At 31 March 2021 7,683,114 1,825,847 2,003,204 219,082 11,731,247
════════════ ════════════ ════════════ ═════════ ════════════
Depreciation
At 1 April 2020 2,733,985 131,269 1,256,244 205,758 4,327,257
Charge for the year 255,848 39,357 99,597 6,320 401,122
Elimination on disposals – – (315) – (315)
──────────── ──────────── ───────── ───────── ────────────
At 31 March 2021 2,989,833 170,626 1,355,527 212,078 4,728,064
════════════ ════════════ ═════════ ═════════ ════════════
Net Book Value
At 31 March 2021 4,693,281 1,655,221 647,677 7,004 7,003,183
════════════ ════════════ ═════════ ════════ ════════════
At 31 March 2020 4,817,456 870,628 652,735 13,324 6,354,143
════════════ ════════════ ═════════ ════════ ════════════

Trust

Improvements Freehold land Fixtures &
to buildings & buildings fittings Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2020 7,551,441 1,001,897 1,897,499 219,082 10,669,919
Additions 131,673 823,950 87,409 – 1,043,032
Disposals – – (978) – (978)
──────────── ──────────── ──────────── ───────── ────────────
At 31 March 2021 7,683,114 1,825,847 1,983,930 219,082 11,711,973
════════════ ════════════ ════════════ ═════════ ════════════
Depreciation
At 1 April 2020 2,733,985 131,269 1,247,556 205,758 4,318,568
Charge for the year 255,848 39,357 95,276 6,320 396,801
Elimination on disposals – – (315) – (315)
──────────── ──────────── ───────── ───────── ────────────
At 31 March 2021 2,989,833 170,626 1,342,517 212,078 4,715,054
════════════ ════════════ ═════════ ═════════ ════════════
Net Book Value
At 31 March 2021 4,693,281 1,655,221 641,413 7,004 6,996,919
════════════ ════════════ ═════════ ════════ ════════════
At 31 March 2020 4,817,456 870,628 649,943 13,324 6,351,351
════════════ ════════════ ═════════ ════════ ════════════

- 29 -

Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

15. INVESTMENTS

Movement in market value

Movement in market value
Cash or cash Listed
equivalents investments Total
Cost or valuation £ £
At 1 April 2020 907,027 16,235,046 17,142,073
Additions – 3,292,789 3,292,789
Disposals – (3,476,564) (3,476,564)
Net gains / (losses) on revaluations in the year – 5,910,021 5,910,021
Movement on cash held in the year 110,983 – 110,983
───────────── ───────────── ─────────────
At 31 March 2021 1,018,010 21,961,292 22,979,302
═════════════ ═════════════ ═════════════
Impairment
At 1 April 2020 and 31 March 2021 – – –
───────────── ───────────── ─────────────
Carrying amount
At 31 March 2021 1,018,010 21,961,292 22,979,302
───────────── ───────────── ─────────────
At 31 March 2020 907,027 16,235,046 17,142,073

All investments shown above are held at valuation.

Financial assets held at fair value

The fair value of investments is their market value as at the year end

At the Balance sheet date there was no individual investment which exceeded 5% of the total portfolio.

16. DEBTORS

Group Group Charity Charity
2021 2020 2021 2020
£ £
Amounts owed by group undertakings – – 159,217 117,800
Other debtors 141,756 90,704 141,757 90,705
Prepayments 232,247 305,047 216,077 281,763
───────── ───────── ───────── ─────────
374,003 395,751 517,051 490,268
═════════ ════════ ═════════ ════════

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Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

17. CREDITORS: Amounts falling due within one year

Group Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Trade creditors 104,077 154,733 101,704 153,135
Taxation and social security 67,159 74,131 53,218 64,051
Other creditors 21,535 32,291 19,936 28,966
Accruals 78,778 57,944 73,527 44,788
───────── ───────── ───────── ─────────
271,549 319,099 248,385 290,940
═════════ ═════════ ═════════ ═════════

Included within accruals is an amount of £11,044 (2020: £12,012) relating to deferred income. This income relates to events which take place after the financial year end.

18. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

2021 2020
£ £
Not later than 1 year 116,164 116,164
Later than 1 year and not later than 5 years 464,656 464,656
Later than 5 years 696,984 813,148
───────── ─────────
1,277,804 1,393,968
═════════ ═════════

19. PENSIONS AND OTHER POST RETIREMENT BENEFITS

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £238,651 (2020: £239,524).

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Francis House Family Trust Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 March 2021

20. ANALYSIS OF CHARITABLE FUNDS

Restricted funds

Balance at Balance at
1 Apr 2020 Net Income Transfers 31 Mar 2021
£ £ £ £
Donated equipment Fund 48,500 51,000 (69,500) 30,000
═════════════ ═════════════ ═════════ ═════════════

Donations received for restricted purposes are accounted for within restricted reserves. Once funds are expensed for the specific purpose of the donation, the funds are transferred to unrestricted reserves

Unrestricted funds

Balance at Incoming Balance at
1 Apr 2020 resources Transfers 31 Mar 2021
£ £ £ £
General Funds 24,042,278 6,469,003 69,500 30,580,781
═════════════ ═════════════ ═════════ ═════════════
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted Total funds
funds funds 2021
£ £ £
Tangible fixed assets 7,003,183 – 7,003,183
Investments 22,979,302 – 22,979,302
Current Assets 869,845 30,000 899,845
Creditors less than 1 year (271,549) – (271,549)
───────────── ───────────── ─────────────
Total Funds 30,580,781 30,000 30,610,781
═════════════ ═════════════ ═════════════

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

22. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

arrying amount for each category of financial instrument is as follows:
2021 2020
£ £
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised cost 102,441 58,793
═════════════ ═════════════
Financial instruments measured at fair value through profit and loss
Financial instruments measured at fair value through profit and loss 21,961,292 16,235,046
═════════════ ═════════════
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost (88,694) (106,422)
═════════════ ═════════════

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