Leicestershire & Rutland Organisation for the Relief of Suffering Limited - 31.03.25 Report and Financial Statements Year Ended 31 March 2025 Company Number 01298456 *AEHc026H* 1311212025 COMPANIES HOUSE A13 #70 Leicestershire & Rutland Organisatton for the Relief of Suffering Limited Report and flnancial statements for th• year ended 31 March 2025 Contents Page: Directors, ￿port 16 Statement of Tnjstees responsibilities 17 Independent audito¢s report 20 Consolidated statement of financial activities 22 Consolidated balance sheet 23 Charity balance sheet 24 Consolidated cash flow statement 25 Notes to the cash flow statement 28 Notes lorming part of the financial statements Leicestershire & Rutland Organisation for the Relief of Suffering Llmited Directorfs report For the year ended 31 Ma￿h 2025 The forty firth Annual Report records a further year of the achievement of the aims of the charity. The focus of all of the charity's actiwties is Ihe pa118nt5. their families and carers we SLJPPOrt. The continuance of this work is dependent upon the on-going voluntary support, year by year. of the local cornrnunity. Without thi5. the present level and standard of care could not be maintained. This support is itsèll built upon the ch8rty's reputation for providing high quality care. REFERENCE AND ADMINISTrA TIVE DETAILS LOROS.. The Leicestershire & Rutland Organisalion for the Relief of Suffering Limiled is a company limrted by guarantee and registered as a charity under the Chanties Act 1960. Registered Charity Number.. 506120 Registered Company: Registered in England and Wales 01298456 Registered and Principal Office. The Leicestershire & Rulland Hospice Groby Road Leicester LE3 9QE Auditor.. The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Leicester LE19 1WP 8ankers'. The Royal Bank of Scolland plc 1 Granby Street Leicester LE16EJ Discretionary Inveglment Management.. Evelyn Partners 9 Colmore Row Birmingham B3 28J Solicilors.. Kni9hts plc 34 Pocklingtons Walk Leicester, LE16BU Leicestershire & Rutland Organisation for the Relief of Suffering Limited Dlrector's report for the year ended 31 March 2025 {contlnu•d) Dlrectorn and Trustees The members of the board who are trustees of the registered charity are also diredors of the company under the terms of tre Companies Act. l Their details are set oul below.) They have no benefi¢ial interest in the group or in the Charity. Throughout this report. they are collectively referred to as the directors. Chalm)an: Dr Robin Graham-8rown (Resigned 25th November 2024) Consultant Oermatologist Mr Andrew Stant (Interim) Chartered Accountant Vlce Chalrman: Mr Graham Smith (Interim) Retired Company Oirector Member•: Mr Richard Bruccianl (Resigned 251h November 2024) Company Chaimian Mrs Kate Bradley HR Professional Ms Louisa Poole Chartered Accountant Mrs Becty O'8rien NHS Director Mr Chris Murray Rets'red Businèssman Mr Andrew Measom Businessman Dr Richard Hurwood Rets'red GP Dr Nakul Patel (Resigned 2111 March 20251 Consultant Plastic Surgeon Mrs Claire Henry Buslness Consultant Mr Chris Rowley Retired Businessman Mrs Andrea Pinchen (Appointed 251h November 2024) Chief Executlve Mr Stephen O'connor (Appointed 25th November 2024) Consultant Chief Execullve: Mr Rob PaTkinson (Resigned 91h May 2025) Mrs Camilla Barrow Ilnteriml Company Secretary: Mr Rob Parkinson (Resigned 9th May 2025) President: Jennifer, Lady Gretton Estate Owner Vlce President: Dr Robin Graham-Brown (Appointed 10th June 2025) ConsultaN Dennatologist Leicestershire & Rutland Organisation for the Relief of Suffering Limited Oirectovs report for the year ended 31 Illarch 2025 (continued) OVERALL PURPOSE The overall purpose, ethos and strategy for LOROS is articulated through its vision, mission and values and behaviour statements as follows.. VISION (Our long-temi aspiration for our Society) Everyone with an incurable illness has the right to excellent care. This should value and respect their uniqueness and their own choices. People should be enabled to live and die ￿th dignity and wth appropriate and compassionate support for them and their loved ones. MISSION (Our goals and activities in worklng towards our Vlsion) LOROS is a chanty whose aim is to enhance the quality of lile of adult patients wilh cancer, progressive neurological conditions and end-stage organ failure for whom curative treatment is no longer posslble. Patients are treated at the hospice and in the community based upon clinical neetj, regardless of background and the ability lo pay. LOROS speaalises in holistic, multidisciplinary care, focused on the whole person and induding famity and carers. The care given lakes into accounl the p81ient$' physical, psychologic81. social and splritual needs as well as their own choices. Family members are supported in adjusting lo loss and bereavement. LOROS conlnbutes to the education and training of its own and other health and social ¢are professii)nals and ol volunteers. The charity is also committed to Tesearch in older lo improve the understanding and practice ol palliative care. VALUES AND BEHAVIOURS Prof￿*10n￿l volunteers. showlng respect to patients and families as well as members of our community, Staff and Focused on exceptsonal qualty service and support for patients and farnilies whilst listening. learning and adapts'ng lo their diverse needs. Collaboratlve- working together as colleagues and with local, regional and national partners to grow meaningful relationships and achieve sustainability. Compas•Sonale showng klndness, discretion and sen51tivity as we care for our patients, lamilles, our community, staff and volunteers. Trustworthy - be honest, reliable and consistent, showing respect and dignity in everything that we do. Accountable- to our patients, their families, our communities. staff. volunteers and external organisationslbodies. Leicestershire & Rutland Organisation for the Relief of Suffering Limited Directorfs report for the year ended 31 March 2026 (continued) STRUCTURE, GOVERNANCE AND MANAGEMENT Trustee Board Members The board is responsible for the overall governan￿ of the Charity. (The Ch￿f Executs've is respon&ble for the d8y40-day managemenl and for implementing policy.) The board numbers up to fifteen members. Members of the board are elected at the Annual General Meeting. A third ol the membership has lo reb're each yeaT. Retiring members may stand for re-election and may serve up to nine consecubve years with the exception of the Chairman and Vice Chaim)an who can serve longer subject to annual considerats.on by the board. The board Ca￿leS out a regular trustee skills audit to identify the individual skills and experience that it needs to have represented in its membership in ordef to properly discharge rts responsibilities. Candidates from the local community ft)r election to the board may be proposed either by Ihe board itself, by members of the LOROS As50cialion or through open advert set against the skill sel being sought. The diredors are also able to appoint a person to the board in Ordef to fill a vac8ncy. Prior lo election or appointment, a prospective br)ard member meets with the Chairman, Chief Executive and with one or more senior trustees in order to be able to appreaale the nature ol the role of being a Iruslee ol LOROS, of being a director of the company and of the scope of the Charity's service5 and ol its work logether with information on the financial status of Ihe company. There is an inducts'on handbook and an induction programme for new trustees in grder to enable them to contribute effectively as members ol the board. Trustee opportunities are subject to an open and compelitive recruitmenl process. Llablllty ol Member4 The Charity is a company limited by guarantee and is governed by its Memorandurn and Articles of Association dated 14￿ February 1977. It has no share capital. The Memorandum of Assorjabon provides that every member whilst they are a rnember or within one year after they ￿8$e to be a member is liable to conlrlbute a sum not exceeding £1.05 in the event of the company being wound up. Govern•n¢• The board meets five limes a year. Relevant matters. parts'cularly the annual budget, a￿ approved by the board. Five su&committees support the WO￿ of the board. Finance and General Purposes Committee Clinical Govemance and SeNice Development Committee Centre for Excellence Committee Income Generation and Marketing Committee People and Nominations Committee Each committee is chaired by a trustee and supported by the appropriate membef of the Senior Leadership Team. External advisers attend committee meetsng5. The board has appointed a lead saleguarding trustee to work with the designated safeguarding manager lo ensure that trustees have effective oversight of all Safeguarding matters. The Trustees have regard to the matters sel out in Section 172(1)la) to (n when perfomiing their duty under S172 of Ihe Companies Act. The recA)mmendations trom Ihe Good Govemance Instllute review and report are being considered as part of continued governance improvemenl. Leicestershire & Rutland Organisation for the Relief of Suffering Limited Dlrectorfs report for the year ended 31 March 2025 (continued) RISK MANAGEMENT The Finance and General Purposes Committee oversees risk management processes on behalf of the board. The charity risk register is reviewed al all meets'ngs of the Finance and General Purposes Committee and informs Ihe preparation of a Board Assurance Frarnework which is considered at all board meetings and supports trustees in managing key risks. Finance (inflation and legacy volatslityl. recruitment, and cyber security are, at the time of writing, the highest Scoring risks lacing the chaTity. Detailed poliues and procedures are in place lo mitigate risks and insurance cover is maintained in all areas where this is considered appropnate. In respecl of financial nsk, the board considers that maintaining LOROS, free and unrestricted reserve5 at the level currenuy sel together with the regular review process. provides sufficient resources to meet adverse conditions. IMPACT LOROS, aim is to enhance the quality of life ol aduft patien15 Wlth Cancer, progressive neurological conditions and end-slage organ lailure for whom curative treatment Is no longer possible. Most of the patients referred have cancer but LOROS does also support palienls with other terminal condibons. All patients are admitted aged eighteen years and upwards. LOROS is committed lo providing a breadth of care vthich responds to the p*ients' physical, psychological, social and spiritual needs. It is accepled that the outcomes of palliative care can be dlfflcult to quantify. 11 is abundantly clear, however. from the feedback received from patients and relatives and from the high reputation Ihat LOROS enjoys for the qualily of care provided, that the charity does make a significant impact. LOROS makes a difference In.. Providing highly effective specialist pain relief and symptom control, providing patients wlh a better quality ol Sife. Care is prowded within a holistic framework vthich embraces physical. emotional, spiritual and social care. Optimising the condition ol patients. For many patients this will mean thal they are ablè lo return lo home. Supporting patients to stsy at home with high quality care and advice through the LOROS Communty Nurse Specialists {as part of the Integrated Community Specialist Palliative Care Service), the LOROS Day Hospice, medical dinics, doctor home visits and the LOROS Volunteer Home Visiting seNice. Enabling patients to have choices in their care through offering advance Gqre planning. Includlng sharSng preferences where they are looked after when they die. Avoiding unwanted admissions to an NHS acute hospital trust. This may be by supporting the patients at home or in the hospice, or a combination of both. Providing high quality professlonal support for palien16, their families and carers when the patient is dying land after the death of the patientl. ImprDwng the understanding and practice of palliative care through conlributing to research and to the education and Ir8ining of ils own and other health and social care professionals. The provision of an increasing number of community-based services. such as bereavement hubs and wellbeing spaces. The Charity's aims are achieved through several different, yet closety integrated, elements of specialist care. Leicestershire & Rutland Organisation for the Relief of Suffering Limited Directorfs report for Ihe ye•r ended 31 March 2025 (contlnue Achievements In Provlslon ol Care During 2023124. LOROS was inspected by the Care Quality Commission and was graded 'Good'. This. along Wlth the achievements detailed and quantified below are testament to the positive impact LOROS has had across Leicester. Leicestershffe and Rutland. No inspection has been undertaken during 2024125. Cllnlcal Actlvlty (vknlch represents a key performance Indlcator) 2a24125 2.713 554 13Days 2023124 2.640 578 202W23 2.487 621 2021122 2020121 R*Nals ndl￿dual Admission8 Warf Len holsts 24hi Ward Occu -24h r*0 ienl AlleThtsn¢e$lWiii1slA¢h4c•- Fgc• lo F•ce •TrJ Tde Day Thwapy Attendances Cwnsdh'n sesslons Faco lo Face lel dema cl1￿¢ Allendancea enlary Th￿p¥ Contscls Ccrfnpas5irmale bour5 IHornT iisilj irtd remtle su 1.878 521 15 14 nc 76% 76*A 66% 2.133 1,78 2.395 1,415 2,028 2,805 2.594 2,068 1.727 3.320 2,120 871 1.987 1,786 1.622 2.814 2.317 2.181 3.312 2,030 510 1.918 cn&1i4deo fc4 Adum & CYP 3,(%2 1,910 I,OB8 1,924 927 3.372 The Charity responds lo requests from General Practitioners, specialist nurses and hospital Gonsultants for the admission of patients to LOROS, sen¥ices. The board. and the sulFcommittee monitors the activity regularly in order to ensure both that the Charity's resources are being used effèctlvety and that It is obtaining 'value for money, from the ffijnds being spent on service provision. Imth regard lo the in-pabenl facility, apart from the number of in-patient episodes, the board monitors the occupancy and the average length of stay. LOROS, services are as follows.. Th• Ho8plc• In-pallent Ward The in-patient facility is the cornerstone ol the work and utilises the largest part of the financial resources. In 2025126 there was a lull closure of Willow Ward and reducing our bed base Irom a possible 31 beds to 18. The hospice team provides short-tern speaalist care for patients with complex problems (pain and symptom control) and care in the last days of life. The number of in-patient admissions to the hospice at 554 was 4% down on the previous year and reflects the number of patients supported given the challenges ol recruiting nufses onto the ward. along with bed ductions. The dependency of patients admitted remains high. Patients are often very unwell and have increasingly complex needs. This results in high costs of care and high ratso$ of staff to palients. This can at limes have an impact on admission figures. Day Hospice Skilled nursing and a multi-professional team offer support for patients. This also enables a break for carers at home. Patients are offered various progTammes including managing faligue or breathlessness. The weekty planned service runs on Tuesday to Thursday and, once a month a wellbeing drop-in session is run. Patients also have other Se￿ICe5 available lo them during their visit such as medical consuliatlons and input from Ihe enablement team Iphysiotherapy and occupational therapy). Leicestershire & Rutland Organisation for the Relief of Suffering Limited Director's report for the year ended 31 March 2025 (contlnued) Achlevements in Provlslon of Care (continued) Care for those at home Significant resources are applled by the Charlty lo supporting patlenls and thelr Garers, in the horn8. LOROS 51aff do all that they can lo facilitate the return home of pab'ents who are able so to do. Key to this work are > LOROS, Clinical Nurse Specialist ICNS) Team in Ihe Community. (The team collaborates and coordinates with the NHS Community Nurse Specialist teams as part of the Integrated Specialist Palliative Care Team). > LOROS. Enablement Team lof occupational therapists. physiotherapists and social workers) logether *ith the LOROS discharge liaison nurses, facilitates the prompt discharge of patients. It is very Important for pats'ents, and for their careers, that if patients are able to return home they can do so withoul delay. > LOROS. Volunteer Horne Visiting. LOROS provides a service of home visits by volunteers to patients so giving the carers important time to themsefves. With this service patients have an alternative to attending LOROS Day Hospice. There has been a reducts'on in the provision of this seprfice in 2025 due to finanoal pressures. Out-patient cllniGsl doctor home visits. These clinics are operated in partnership by LOROS and by UHL. Those vtho need to be seen in person by a doctor, but are too unwell to attend dinic, can be seen at home. Communty advice line daily lo support community nurse specialists and other community staff to help and advice on patsent care al home. Lyfflphoedema Treatment This service provides support lor palienls with Lymphoedema across Leicester. Leicestershire and Rulland. LOROS provides care for patients when the condition is related lo a cancer diagnosis. Major improvements in the lives of patients are achieved. Complemenlary Therapy Theraples are provided lo patients whether attending as in-patients or in Day Hospice. There has been a reduction in the provision of this service in 2025, due to financial constraints such that il cannot be offered as an outpatiènt service. Counselllng LOROS provides a number of different iherapeutic interventions for both patients and carers, including bereavement counselling. It does not seek to provide long-term therapeutic support. The work is focussed on short term interventions, generally of no more than six sessions (or, by agreement, of up to twelve). The service also includes a children and young people's counsellor, who provides counselling for the chiklren of patients accessing LOROS services. Leicestershire & Rutland Organisation for the Relief of Suffering Limited DIrecto￿S report for the year ended 31 March 2025 (contlnuedj Achlevements In Pmvlslon of Care (continued) Nonlancer Care The board is mindful ol the implications for LOROS of the wish lo continue to see palliative care extended to support other patient diagnostic groups. The amount of work which is not cancer-related is growing slowly with a desire lo support those ￿th the greatest need. Non cancer patients most commonly seen are those neurological conditions such as Motor Neurone Disease and patients wilh end stage organ failure. LOROS has developed a number of outpatient dinics specificalty for non-cancer patients, including living wth breathlessness and palliatsve neurology. Dove Cottage Dove Cottage is a subsidiary tharity of LOROS. Established in 1996. Dove Cottage is a successful local charity, based in the Vale of Belvoir. providing day care. chaplaincy service5. complementary therapy and well- being support for people living in the surrounding area (which includes North East Leicestershire, Rutland, South Easl Nottinghamshire and South Wesl Lincolnshirel. Since its merger vrith LOROS by change of control in 2023, Dove Cottage has extended its day provision by a day a week and undertaken an extensive improvement programme to address recommendations sel out in the most recent report of the Care aualily Commission. With the support the local community, a new sensory garden wa5 opened in summer 2024. for the benefit of guests and their families. The Future Since the launch of our fwe-year strategic plan, LOROS has experienced significant organisational change, driven by the urgent need to respond to finanrial p￿sSUre8. Thls period has prompted a renewed and necessary focus on stabilising our position and sustaining the core seTrices that underpin our mission. Looking ahead, our priority remains to deliver high-quality palliative and end-of-life care to the people of Leicester. Leicestershire, and Rutland ILLRI, ensuring our seNices are resilient. responsive, and accessible to those who need them mosL It is essential that LOROS remains well-posilioned to contribute to the delivery of the NHS 10-Year Plan and the LLR Palliative and End of Life Care Strategy. As the hea1￿care environment continues lo evolve, we must be ready to adapt and grow our service models lo meet rlslng demand and increasing complexlty in palliattve and endryof4ife care. In this context, our refreshed strategic prionties are.. Sustalning and strengthening our exceptional in-patient, hospice-based, and community services. Addressing health inequalities and improving access to care for all. Oeveloping a Injsted, accessible infomabon and a¢Jvice offer for patienls and families. Supporting the wider health and care workforce with the skills needed for excellent end-of-life care. Positioning LOROS as a ￿ntre of ex￿llenCe in innovation. education. and research, aligned with system priorilies. Leicestershire & Rutland Organisation for the Relief of Suffering Limited Directorfs report for the year ended 31 March 2025 (contlnuedj PUBLIC BENEFIT LOROS Care Services are available to the community as a whole in Leicester, Leicestershire and Rutland on the basis of'clinical Need" LOROS does not provide chrfdren's services {apart from counselling support) which are available in other settings and LOROS, patients are aged eighteen years and upwards. LOROS services are provided wrthout tharge to the patsents and lamilies receiving the care. In-patients al the hospice would. if not Wtth LOROS, have to be in another healthcare settlng and rnost likety an NHS acute hospital trusL Patients at home would in many cases, rf not supported by LOROS, be In an NHS acute hospital or be drawng upon NHS resources in olher ways. The directors consider that they have complied wrth their duties under section 4 of the Charities Act 2006 to have due regard to public benefit guldance published by the Charities Commission. PA TIENTS, ADVOCA TE LOROS makes a very significant contribution to the provision locally of palliative Care. In the 18ce of the local need the financial resources of the board are clearly limrted. However. the Board land the viider health community) recognises the very important role that LOROS play5 in establishing and demonstrating quality and standards of care. In this way the impact and influence of the hospice extends well beyond those services provided directly by the charity. LOROS has an active Hospice User Group which supports the organisation with qualty assurance and ongoing service development. CENTRE for EXCELLENCE In January 2025, LOROS launched its strategy for the Centre for Excellence, marking a major milestone in our ambition lo improve palliative and end-of-llfe care aLI'uss Leicesler, Le1Cc￿lershIr0, and Rutland. Thp. strategy PriOTilises'. Improving access lo high-quality palliative and end-of-life care in Ihe communrty. Reducing health inequ81ilies in palliative and end￿l-life care. Enhancing care for those dying with and from mU￿1ple comorbidities and frailty. A robust implementation plan is now well Unde￿aY and making significant progress, supported by a broad commitment across the organisation and external stakeholders. LOROS is also in the final year of delivering a major five-year funding agreemenl with The Stoneygate Trust, which has been instrumental in establishing a focused and sustainable research unil. Thi5 fvnding has significantly strengthened our position as a centre of excellence in palliative and end-of-life care, locally and nab'onally. Leicestershire & Rutland Organisation for the Relief of Suffering Limited Dlrectorfs report for the year ended 31 Morch 2025 (continued) Key Achievements of the Centre for Excellence {to date).. Dissemination of research findings through publications and speaking invitations at national and international conferences. Delivery of high-quality training for Palliative Medicine and Intemal Mediune doctors, recognised by the Royal College of Physicians and Royal College of General Pracb'tioners. On90ing undergraduate teaching for medical students as the affiliated teaching hospice of the University of Leicesler. Development and implementatson of a new Pre-Transfer Clirwcal Deiislon and Asse55rnent pathway to support frail older adults and reduce unnecessary hospital adrnissions. Named finalists in the National AHSN Innovate Awards in the "Addresslng Health Inequalities" category for our Sawubona video and training resources. The National Sawubona.. Equity in Palliative Care for All Research Forum, in partnership w7th Hospice UK continues to thnve. RELA TIONSHIPS WITH OTHER BODIES In Covordinaling and deVelo￿.n9 patient sen4ices LOROS, as an 'independent providerf, works dosely with other local health Providers both wthin the statutory and voluntary seGlor$. LOROS, NHS Grant Funding has been provided through the Leicester. Leicestershire and Rulland Integrated Care Board. Whll$l the NHS provides less than 250h ofthe charity'g annual revenue (less than 30% Including education income) LOROS does rely heavily upon the continuity of provision of the NHS income (vthether by grant or contract> and any reduction in this funding would have a direct impact upon the level of seprfice provision. The Charity continues to be dosely involved with the local NHS Trusts (Leicestershire Partnership NHS Trust and University Hospitals of Leiceslerl in the provision and developmenl of palliative care. Increasingly LOROS is engaged In developing Iniliativeg with 'sy51ern-wide' partner8, includin9 local aulhoritles. LOROS as a voluntary hospice is able to access gran15 vthich otherwise would not b8 available within Leicester, Leicestershire and Ruuand. These lund5 have been used to support servlce developments within the local community. LOROS has a commitment lo research and has research and dinical links with the Univer51ty of Leicester. De Monttort University and with the University Hospilals of Leicestef. LOROS is the Affiliated Teaching Hospice of the University of Leicester. The Charity has working relationships wlh a number of NHS bodies in the East Midlands, lor example the Local Education and Training Board. It also engages closely vrfh other relevant partners. such as the Academic Health Science Ne￿Ork. Care Quallty Commls8lon {CQC) The Cafe Quality Commission carried out an unannounced inspection on 10 January 2024. The resulting report, published on 5 Apnl 2024, rated LOROS as Good overall and Good across each of the five inspection areas-, safe, effective, canng. responsive and well-led. The report noted LOROS has an outstanding and pioneering approach to innovation. research and improving patient care. The report can be viewed on the LOROS and CQC websites. Department of Health Quality Accounts were introduced as a resuft oflhe NHS (Quality Accounts) Regulations 2010, having been set out in the Heaslh Acl 2009, They are a new form of annual report lo the public aboul the qualty of services Provided and quality initsatives planned. 'LOROS' Quality Account for 2023-24 can be wewed on the LOROS website. 10 Leicestershire & Rutland Organisation for the Relief of Suffering Limited DIrecto￿$ report for the year ended 31 March 2025 {contlnued) FINANCIAL REVIEW For the last three years the charity has been running in a deficit posrtion due to reductions in legacy income and increasing overheads and ulilising reserves to bridge the deficit. During 2024125 cost savin9 initiatives were implemented to reduce overheads and a Tran5fufmation Working Group wa8 established with the aim of finding annualised savings lotalling £2m. A plan was actioned early 2025126 to reduce certain care seNices and restructura to realise £1.2m of annualised savings I£0.56m realisable in 2025126), lollowed by an exlended plan lo realise lurther annualised savings in excess of £0.8m. The directors are committed to the financial recovery plan which bètame operationalised in 2025126. Along with reali5ing £2m of annualised savings. the plan includes liquidating two investment properties and exploring new income streams. A deficit of £2,765.39712024'. £2.921.608) was recorded in the financial year. WORKFORCE ENGAGEMENT LOROS is committed to having ongoing engagement with both OUT Staff and volunteers. This not only provides valuable feedback that guides the direction of the charity but also ensures that everyone feels infomied and part of the LOROS community. This engagement takes place In a number ofways, including staff and volunteer surveys, and fortnightly Q&A sessions wilh the senior leadership team, held both in person and via virtual platforms. Additionally, an independent culture review has recently been conducted, offering focus groups-representing colleagues from across the organisalion an opportunity lo share valuable, contextual feedback in a confidential and objective setting. The insights gained from this review are informing a range of immediate actions. as well as Shaping larger-scale organisational development initiatives. Key responses to the review include a refresh of LOROS. core values and behaviours, the inlroduclion of 360- degree management appraisals, and a strengthened approach to Performance and Development Reviews IPDRSI. These initiatives aim to embed a more inclusive, accountable, and values-led culture across the organisalion. COST OF PROVISION OF CARE (Actfvltl?s In lurth•r•n¢e of th• objects of the ¢harlty.J Charltable Actlvitles The cost of charitable activities at £12.68 million {2024.' £13.18 million). INCOMING RESOURCES Section 162a of the Charities Act 2011 requires charrties to make a statement regarding fundraising actiwties. Although LOROS does not undertake widespread fundraising from the general public. certainly outside of Leicester, Leicestershire and Rulland, the legislaliorb defines fund raising as 'soliciting or olhewse procunng money or other propety for charitable purposes.. Such amounts receivable are pregented in our accounts 0$ 'volunlary income, and indude legacies and grants. In relalion to the above, we confirrn that all solicitalions are managed internally. The day-ttrday management of all income generation is delegated to the executsve team, who are accounlable to the trustees. The Charity is not bound by an undertaking lo be bound by any regulatory scheme bul is mindful of and adheres to the Fundraising Regulalors Code of Practice. Charity Commission Guidelines and Regulations and Data Management enforced by the Information Commissioneis, Office. 11 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Dire¢torfs report for the year ended 31 March 2025 (continuedj The charity has a Safeguarding Policy which serves to protect nol only our own staff bul also those people deemed lo be vulnerable with whom LOROS may come in to contact through fundraising activth'es including Lottery doorstep collections. service in our shops and conlact at or through fijndraising events. Unreasonable intrusion, persistent approathes and undue pressure are not acceptablè. National Health Servlce (NHS) 18% of current unrestricted charitable expenditu￿ was covered by granls from the NHS {23% including education income) from various sources of fjJnds. The overall amount received from the NHS of £2.8 million (£3. 6 million induding educalionl (2024.. £3.7ml was 2% less than last year due to a reduction in education fijnding awarded. Donations, legacles and similar incoming resources Apart from the NHS monies, the Charity relied upon the continued generosrty of the people and organisations of Leicester. Leicestershire and Rutland. The Income received in the year was £6.34m (2024.. £5.12m), 23Q/• increase (In 23124. Fundraislng LOROS has an extensive portfolio of fijndraising activities lo generate volunlary donations towards our core work. The board values highly the substantial amount that 15 raised each year from the local community by way of voluntary income. Our fundraising is employee and volunteer led. We do not employ the se￿{ce$ of external agencies for general fundraising. We do use the external agenrjes lo promote our Lottery. We are committed lo building tTUStwilh our supporters, which is why we are members ofthe Fundraising Regulator, Hospice Lottery Associatson, Charity Retail Assooalion and have individual memberships with the Institute ol Fundraising and Third Sector. Our Incomé Generation and Marketing Committeè now meets three times a year to promote public, donor, board, staff and volunteer confidence in the income generation and marketing practices at LOROS. ensuring ethical practices by all teams responsible for Income generation & marketing. During thè financial year 2024-2025 we received 2 complaints relating to our fundraising activity. Tr•dlng: LOROS Ent•rprSse8 (through LOROS Enterprises Limited - a vth0lly-￿ned subsidiary of the charity.) The largesl part of the trading company's tumover relates to the shops of which there are thirty. The overall reported profit conlnbuts'on of £235.427 was 40Vo duwn the previous year, largety due to increases in people ejjsls. In October 2010. a scheme to enable gift aid lo b8 claimed on some donatlons throu9h the charity was18unched. This has proved to be successful with retail gift aid related income amounting to £979,227 in 2024125. The shops depend upon local support both lor the supplies of good quality donated items, from which the shops derive neady all of their profits, and for sufficient number5 of volunteer helpers. LOROS Lottery (through LOROS Lottenes Limited - a wholly-owned subsidiary of the charilyl. Despite challenges in the economy, the LOROS Lottery generated a heathy profit of £685,77612024'. £573.3931, 16% increase on 2024, largely driven by overhead cost reductions. 12 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Director's report for the year ended 31 March 2025 (continued) LOROS Comm•r¢lal Innovatlons {thTough LOROS Commercial Innovations Limlled- a wholly owned Subsidiary of the charity.) The company operates a commercial catering business and renlal properties for the charity. Trading continues to be difficult and a loss wa5 recorded of £125.61412024'. £178.5301. A nurnber of initiatives have recently been put in place to focus on financial sustainability. which has improved the position in 2025 and will deliver a full year impact on 2026. Legacles Apart frorn stalutory fvnding, legacies are one of the charity's largest sources ol income but the level each year can fluctuate significantly. This year legacy income of £2.46m represented 39% of LOROS, total voluntary income (compared with 37Yo in 2023124 63 10 in 2022123. 48% in 2021122, 169/0 In 2020121, 44¢A in 2019120 and 46% in 20181191. The amount of legacy income accounted for can make a material difference to the overall financlal outcome. Legacy income is unpredictable but it has been the surpluses provided by legacies that has enabled the charity lo build up and to maintain the reserves al the required levels and to undertake capital projects and also provide support over the last three years where the charity ha5 ran al a deficit. Because of the potential for significant fluclualions the board 15 circumspect in the degree to which. In any one year. 11 relies upon legacy income in order to fund the on. going revenue expenditure. Volunleers In addrtlon lo the income evaluated in the $tatement of financial activities. the Charity Is dependent upon the support of approximately 1.555 Tegular volunteers. Volunteer adivities span the vthole range of functions from fundraising to service provision. The directors are of the opinion that il would be impractscal lo attempt to quantify the value of work done by volunteers. Inve8tmenl• Investment perforrnance have been positive during the year with an unrealised valuation surplus of £55,09712024'. £404,609). RESERVES POLICY The directors, current policy is lo hold the equivalent of nine months, current hospice expenditure as free reserves in readily realisable form. This policy requires that free and unrestricted reserves are maintained al a level that would ensure that LOROS, core activities could be maintained in the short to medium term during periods of adverse financial conditions. This cover is required in order lo provide for.. adequate working capital Ltnforeseen expenditure streams of income or expenditure being different from that budgeted gro￿ in demand for care services replacernent of tangible a55el8 The board considers carefully the Charity's commitrnents. in line with current and potential risks and opportunities. It monitors, on an on-going basis, the fvnd balances available relative to ils financial plans and lo Ihe meeting of its objectives in both the medium and longer term. Current levels of reserves are below the policy but the three- year budget plan lakes this into consideration and aims to increase reseNes to the prescnbed levels. 13 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Dlrectorfs report for the year ended 31 Mar¢h 2025 (continued) Resetves Cover Based upon Ihe expendituie for 2024125 the minimum tree reserve requirement was £9.51 million. At the end of the year free reserves, equivalenl ln this case to the net current assels of the Charity, stood at £2.62 million, which excludes investment lunds of £3.OSm which are readily realisable. As at 31* March 2025, the level of resep4es was as follows.. - Unrestricted Funds Restricted Funds £17.248,914 {2024.' £20,020,718) £288,81512024. £282,408) Investment Pollcy AS part of its on-going risk and reseNes assessment the Charity has appointed Evelyn Partners to provide "discretionary investment managemenv,. Al the end of the year the funds invested were valued at £2.5 rnillion (2024.. £4.4 m), down 43Vg on last year, mainly due to withdrawals of £2.6 million made during the year. In addition to this. Ihrough gifts in wills during the 2019120 and 2021122 year, the Chanty owns propety with a cu￿ent value 01 £490,000, from which il earned rental tncome in the year. The board has an agreed slalement of investment principles. The aim is to produce a net retufn, yeaf-on-year, better than the holding ol cash. There is also. a Finance and General Purposes Committee vthich regularly reviews perfomiance an ethical investment poly (which is to avoid the tobacco induslry) The directors keep under review the diversification ol the lunds held by way of reserrfes. 14 Leicestershire & Rutland Organisation for the Relief of Suffering Limited DIre¢to￿$ report lor the year ended 31 March 2025 (contlnued) SUMMAR Y Significant turbulence and unpredictability in thè UK economy over the last year. coupled with rising costs has resulted in LOROS being in a deficit position for the year, despite realising some efficiency savings in the year. tile the hospice has largely been able to sustain ils range and level of clinical activities which provide such excellent and valued care and support for patients and family members across Leicester, Leicestershlre and Rutland. the ward has seen a reduction in beds in the year. The overall financial position is being monitored very carefully bmth a finanaal recovery plan being implemented in earfy 2025126. Thanks must be expressed to the people and organisalions ol Lelcester, Leicestershire and Rulland who have enabled LOROS to achieve so much and who have contributed lo the raising of a huge amount of voluntary income in the year. It is the partnership be￿een LOROS. the NHS and the wider community that has over the years enabled the aims of LOROS to be realised. Year by year the Charity has relie¢J upon InGrgases in voluntary support well above inflats'on as the annual percentage increases in the NHS grant have stru9gled lo keep pace with inflation. This is an ever increasing challenge. None of vthat has been set out could have been achieved without the continued hard work and dedicatson of LOROS, skilled staff and volunteers. The board. once again would like to thank all of the staff and volunteers for their commitment to the work of the Charity. The directors are confident that LOROS has an imFM)rtant and continuing place as a provider ol high quality care, as an upholder of the ethos and values lo which it has ahvays held and as an advocate for pabenls and their famllies. Provlslon of Inlormatlon to audltor Each of the persons are directors at the tlme ￿en thls Directors, Report 18 approvéd has confim)ed that.. so far a5 that director is aware. there is no relevant audit information of which the Chanty's auditor is unaware- and that director has taken all the steps that ought lo have been taken as a director in order to be aware of any information needed by the charity's auditor in connection with preparing theii report and to establish that the charity's auditor is aware of that infomatson. A Wstant Sg2RgigA916IIE5, 12.45.41 GMT ned on 0111212025, 14'.18.'08 GMT A&REWSTANT Interim Chairman Board of Trustees, LOROS Trustee Board of Truste88, LOROS 0111212025 2025 0111212025 2025 15 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Statement of trustees, responsibilities The Trustees (Who are Oirectors of LOROS for the purposes of company law) are responsible for preparing the Directorfs annual report and the financial statemenls in accordance with applicable law and United Kingdom Accounb'ng standards (United Kingdom Generalty Accepled Accounting Practice). Company law requiies the Directorfs to prepare financial statements lor each financial year. Under company law the Directors, must not approve the financial stalements unless they are satisfied that they give a true and fair view of the state of affairs ol the group and parent charity and of the incoming resources and application of resources, including its income and expenditure of the group for that period. In preparing these financial statements the trustees are required to.. select suitable accounting policies and then apply them consistenty., observe the methods and prlnuples in the Chanties SORP 2019 (FRS 102)., make judgments and accounting eslimates that are reasonable and prudent., stats whether applicable UK accounting standards have been foll0v￿d. subject to any material departures disclosed and explained in th? financial 8latemenls,' and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Directors are responsible for keeping adequate accounting records that disclose wtth reasonable accuracy at any lime the financial position of the charitable Company and enable them to ensure that the financial ststemenls omply with the Companies Act 21J06. They are responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. In so far as the Directors are aware There is no relevant audit information ol which the chanlable company's audrtor is unaware,. and The Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit inlormation and establish that the auditor 15 aware of thal infomalion 16 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Indèpendent audltorfs report Oplnlon We have audited the financlal statements of The Leicestershire & Rutland Organisation for the Relief of Suffering Llmited 1.the Parent Charitable Company") and its subsidiaries ("the Group") for the year ended 31st March 2025 which comprise the consolldated statement of flnanclal actI￿tIeS, the consolldated and parent charfty balance sheets, the consolidated cash flow statement and notes to the flnanclal statements, Includlng significant accounting pollcles. The financial reportlng Iramework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reportlng Standard 102 The Financial Reportins Standard opplicoble in the UK and Republic of Irelond (United Kinqdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair vlew of the state of the Group's and of the Parent Charitable Company's affairs as at 31SI March 2025 and of the Group's incoming resources and appllcation of reyjurces, Includlng Its Incoming resources and expendltvre for the year then ended. have been properly prepared In accordance ￿th Unlted Klngdorn Generally Accepted Accountlng Practlce; and have been prepared In accordance wlth the requlrements of the Companles Act 2006. Basls for oplnlon We conducted our audit In accordance wlth Internatlonal Standards on Auditing IUKI IISA5 {UK)} and applicable law. Our responslbllltles under those standards are further described in the Auditor's responslbilities for the audlt of the financlal statements section of our report. We are independent of the Group and the Parent Charitable Company In accordance wlth the ethlcal requirements relevant to our audlt of the Ilnanclal statements in the UK, including the FRC's Ethlcal Standard, and we have fulfllled our other ethlcal responslbllltles In accordance with these requlrement5. We believe that the audlt evldence we have obtalned is suff icient and appropriate to provide a basls for our oplnion. Concluslons related to goln8 concern In auditing the financial statements, we have concluded that the Directors, use the going concem basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Identified any material uiicertainties relating to events or conditions that Indlvfdually or collectlvely may cast signlficant doubt on the group and parent charitable company's abllity to contlnue as a going concem for the perlod of at least twelve months from when the flnanclal statements are authorised for Issue. Our responslbllltles and the responslbllltles of the Dlrectors wlth respect to golng concern are descrlbed In the relevant sections of this report. Other InformatSon The other Informatlon comprlses the Information Included In the Dlrector's Report, other than the flnanclal statements and our auditor's report thereon. The other information comprises the Director's Report. The Olrectors are responsible for the other Informatlon. Our opinlon on the financial statements does not cover the other Infomiatlon and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion Ihereon. Our responsibility is to read the other informatlon and, in dolng so, consider whether the other Informatlon Is materially Inconsistent with the flnanclal statement5 or our knowledge obtalned In the audit or otherw15e appears to be materially misstated. If we Identify such material incon515tencies or apparent material misstatements, we are required to determine whether there Is a materlal misstatement in the financlal statements or a material mi55tatement of the other information. If, based on the work we have performed, we conclude that there Is a material misstatement of this other Information, we are requlred to ￿pOrt that fact. 17 Leicestershire and Rutland Organisation for the Relief of Suffering Limited Indewnd¢nt audltor'• report l¢ontinu•d) We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our Oplnlon, based on the V￿rk undertaken In the course of the audlt: the information given In the Trustees, Report, which includes the Directors, Report and the StrategTC report prepared for the purposes of Company Law, for the financial year for v4hlch the financlal statements are prepared is consistent with the financial statements; and the Strategic report and the Directors, Report, which are included In the Trustees. report. have been prepared ID accordance wfth applicable legal requirefflents. Matters on whlch we are Tequlred to report by exceptl¢Jn In the light of the knowledge and understandlng of the Group and the Parent Charitable Company and Its environment obtained in the course of the audit, we have not Sdentlfied materlal m7SStatement In the Strategic report or the Trustee's report. We have nothing to report In respect of the followlng matters In relatlon to which the Companies Act 2006 requlres us to report to you If, in our oplnlon: adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate for our audit have not been received from branches not wsited by us. or the Parent Charttable Company flnanclal statements are not In agreement wlth the accountln8 records and return5. or certain dlsclosures of Dlrectors, remuneratlon specified by law are not made,. or we have not recelved all the Informatlon and explanatlon5 we requlre for our audlt. Responslbllltles of Trustees As explalned more fully In the Trustee5' re5pon51bllltie5 Statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responslble for the preparatlon of the flnancial statements and for being 5ali5fied that they give a true and fair wew, and for such internal control as the Trustees determlnes is necessary to enable the preparatlon of flnancial statements that are free from materlal mlsstatement, whether dLte to fraud or error. In preparin8 the financial statements, the Trustees are responsible for assessing the Group's and the Parent Charltable Company's ablllty to contlnue as a golng concern. dlscloslng, as appllcable, matters related to golng concern and u51ng the going concern basis of accounting unle55 the Trustees either intend to Ilquldate the Group or the Parent Charitable Company or to cease operations, or have no reallstic altemative but to do so. Audltor's responslbllltles for the audlt of the flnandal statements We have been appolnted as auditor under the Companles Act 2006 and report Sn accordance wfth the Act and relevant regulatlon5 made or having effect thereunder. Our objectlves a￿ to obtain reasonable assurance al)out whether the financial statements as a whole are free from material mlsstatement, whether due to fraud or error, and to issue an audltor'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 wlth ISAS (UK) wlll always detect a material misstatement when it exlsts. Misstatements can arfse from fraud or error and are COD51dered material if. Individually or in the aggregate, they could reasonably be expected to influence the economic declslons of users taken on the basis of these fTnanclal statements. Irregularities, includinq fraud, are instances of non-compliance wlth laws and regulations. We deslgn procedures in Ilne wlth our responsibilities, outlined above, to detect material mlsstatements In respect of irregularltles, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud Is detailed below". 18 Leicestershire and Rutland Organisation for the Relief of Suffering Limited Independenl audltoes report (contlnued) Auditor's respon5ibllltles for the audit of the financial statements (Cont. We obtained an understanding of the legal and regulatory frameworks Lhat are appllcable to the company and determTned that the mosi significant which are directly relevant to specific assertions in the financial statements are those related to the financial report frameworks IUK Generally Accepted Accounting Practice. the Companies Act 20061 and the relevant tax compliance regulatlons In the jurisdiction In whlch the company operates. We enquired of management whether they were aware of any Instances of non-compliance with laws and regulatlons, or whether they had any knovAedge of actual, Suspected or alleged fraud. We assessed the susceptlblllty of the entlty'5 flnanclal statements to materlal mlsstatement, includlng how fraud might occur. Our testing consldered unusual or unexpected journal entries on a sample basis- We evaluated the assumptions and Judgements used by management wthln siinlflcant accountlng estimates and assessing if these Indlcate e￿dence of management bias. We tested significant tran5action5, in particular the evaluation of the business rationale for any vthich appear unusual or outside the companys normal course of business., We assessed the approprlateness of the collectlve competence and capabllitles of the engagement team by understanding the practical experlence vlth audlt engagements of a simllar nature and complexity. plus ensuring the team had appropriate and relevant training of the flnancial reporting frameV￿rk and the relevant tax compllance regulations speclflc to the entity; We reviewed the financlal statement5 and tested the disclosures agalnst supportlng documentatlon. We have assessed these areas at group level and at component level where approprlate, we performed the component audlt work ourselves a5 part of our audit of those entities. and We communicated relevant matters to all members of the audlt team to ensure they understood the risks 5peciflc to the entlty and the audit procedures planned to mitigate these. Because of the Inherent limitations of an audit, there is a risk that we will not detect all 7rre8ularities, Includlng those leading to a material misstatement In Ihe flnancial statement5 or non-compllance with regulation. Th15 risk increases the more that compliance wlth a law or regulation is removed from the events and transactions reflected in the financial statements. as we V¥ill be less likely to become aware of instances of non-compliance. The risk is also greater regardln8 irregularities occurrlnq due to fraud rather than error, a5 fraud Involves intentional concealment, forgery, colluslon, omlsslon or m15representation. A further descrlption of our responslbilltles for the audit of the financlal statements Is located at the Financial Reportlng Councll's I'FRC'S") webslte at.. htt s'.Ilwww.frc.or . uklauditor5res onsiblllties. Thls descrlptlon forms part of our audltor's report, Use of our report This report is made solely to the Charitable Company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we mlght state to the Char1table Company's members those matters we are requlred to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsiblllty to anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. 75. L ,,1SqLeWSK11118EA2éc￿A74I,Q,yT Statutory Auditor) For and on behalf of The Rowleys Partnership Ltd (Eligible lo act as an auditor n terms ofseGrit￿ 1212 of Ihe Companies aGI 20Q6) statutory Auditors Charnwood House Harcourt Way Meridian Business Park Leicesler LE19 1WP Dale 1111212025 19 Leicestershire and Rutland Organisation for the Relief of Suffering Limited Consolidated statement of flnanclal actlvlties for the year ended 31 March 2025 Unvestrlctrd RMtsiGts Funds 2028 F¥nd$ Unr98tr1ctsd fte8tslcied Fund& Funds 2024 Funds InGome from.. Donaiions legaries 6,003,602 348.099 6,351.701 4.869.S64 250.490 6,120.054 Gifted Donatlon Oove Investments 523,926 102.J21 523,916 112.321 154,898 154.698 Olherlrpdlng trJvlll¢¥'. - LoJos Enierpnses i￿e Lo￿S Commeroal Innovatyon8 I[￿Me - Lgttery income 3,721,841 300.436 J,721,841 300.436 3.6BS.695 330.04S 3,68S.695 330.045 1,078.610 366.470 1,076.610 366,47B 1.146. 406,987 1.14Q099 406.987 11.623.841 348.099 11,971.764 11.143.437 250,490 11,395,9Z7 Ch*rfiibl• actlvltl•• ContribLbtion by Iht Nation Heath Serwce EdUca￿On￿l athwill•$ 3.567.237 821,79) 3,567.237 621.793 3.701,091 602.J60 3,701.091 602.580 Tot•1 In¢om• IS,812.695 348.099 16,160.794 15,449.088 250.490 15,699.578 Exyndtturn on.. Raising lunds LoTO# Enlewa•i •Xp￿d￿lure Loros Comrn¢rd•l Innov•llon8 expenditure Lottery expendiur• Oove expenditure FundHwng cthts Oepwlalion of leos•hold shop prope￿e• Investsnenl mgnagemmi ie•s 3.4•2,590 429,122 3,492,5•8 41P.122 3,IM,814 411,414 3,lJ4.614 488,414 413.305 700,353 1.160.0$5 413.30$ 783.016 1,160.055 575.378 747.714 7.146 57S.378 764,167 847,146 14483 •.782 22.726 •,782 22.728 32.637 22,637 Ctt•rftsbl• •￿1¥111 8.268.070 3Z,66S I,JOO.735 6,825.774 18.4S3 6,842.217 The Le1C￿le[￿re •rKI Rutlwnd Hoipie• 12.489,514 191.039 12,080,S53 12.903.$91 19•.977 1),183,568 Totsl •xp•ndltur• 18,787.$84 22J.704 1•,881.248 218.430 19,02S.790 ILoi$llProfft on Inv￿￿#•nt 56,097 56.097 404.fj0• 404.609 Nel Incryn 12.889.7921 124,39S 12,765.J971 12.955.6661 34.060 12,921.106} Totsl lundi trthyht IONA 20,030.710 282,400 20,303.126 19.76gMOg 3.465,325 23,224.734 Trnn$fw fu￿￿8 117,988 1117.9181 3.211.977 13,218.9771 Total fvnd8 canl•d I￿•rd 17,Z48.914 288,818 17,637.729 20.020.718 282.408 20,303.128 20 Leicestershire and Rutland Organisation for the Relief of Suffering Limited Consolidated statement of finaneial activitlos for the year ended 31 March 2025 The stat*nent of finaned athtles indudes all gains aTh1 bsses fecL¥Jnised in the year. All Sneoming resources and ￿sOurceS ex￿nded d￿1Ve from continuin9 activrties. The no￿ on pages 26 to 46 fonn part of these finanoal staternenls. Con•olld•tqd •umrn•ry Incom• •nd •xpendlturn aecaunt 2025 2024 Gross irtome ofcontinuing operntions Totsi expenditu￿ of t4>ntinuing operaiKJns Realised gainslllossesl on disposal of mveslrnent aS5els 16.160,795 118.981,2081 22.091 15.699,578 119,025,795) 1195.8751 N*1 Inrzffje lor Ihe yejr 12.798,4031 13,S22,0821 A ¢Jetalled anatysis of Income by source 1$ pro¥Ad•d in the ststement ol fin•rd81 jct1vtti￿ Oetalled •n•lysls of expendrtufe Is provlded in the $laiemenl of financiel ac¢iMiie8 and in n¢xe 5. 21 Leicestershire and Rutland Organisation for the Relief of Suffering Limited Consolldated balance sheet at 31 March 2025 Company number 01298456 Note 2025 2025 2024 2024 Fixed assets Tangible assets Investments 12,014,016 3,048,725 12,443,635 4,948,279 15,062.740 17,391,914 Current assets Stocks Oeblors Cash at bank and in hand 65,077 3,824,482 1.125.239 151,981 2.948.150 1,874,055 5,014,799 4,974,186 Credltor•: •mounls falllng du• wlthin one ye•r 10 12,398,143) {1,821,307) N•t current a•s•t8 2,616,656 3,152,879 Credllors: amounts falllng due aft•r more than on• y•ar 11 1141,667 1241,6671 Net assets 17,537,729 20,303,126 Funds Restricted lunds Unrestn'cted funds.. Designated funds Olher charitable funds Revaluation resenie 14 288,815 282,408 15116 1S 15 16,797,458 451,456 19,131,236 889,482 17,537,729 20,303,126 The finanaal stalements were approved by the members of the 80grd of TrusPIII 2A2025 eeso on ils behalf and signed A Wstant s￿ne￿ on 0111212025, 12..45'.41 GMT Louisa Poole Trust•• signed on 0111212025, 14.18.08 GMT Andrew W Stant Interlm Chalmian The notes on pages 26 10 46 form part of these financial statements. Leicestershire and Rutland Organisation for the Relief of Suffering Limited Charity balance sheet at 31 March 2025 Company number 01298456 Note 2025 2025 2024 2024 Flxed assets Tangible assets Investments 11,761,7S3 3,048,730 12,205,949 4,948,284 14.810,483 17,154,233 Current a88els Debtors Cash at bank and in hand 4,257,342 427,711 3,487,907 1.089.981 4,685,053 4,577,888 Credltors: amounts falllng due thin one year 10 (1,684,857) (1,343.070) N•t curr•nt as••t8 3,000,198 3,234,818 Crodllor•: amounts falllng du• after more th•n on• year (141,667 1241,667) N•t ass•ts 17,669,012 20.147,384 Funds Restricted lunds Unrestricted funds.. Designated fvnds Other charitable funds Revaluation resenrfe 14 220,365 256.569 15116 15 15 16,997,191 451,456 19,001,333 889,482 17,669,012 20,147,384 Charity's net income lor the financial year 12,478,373> 13,420,498 The finanaal statement$ were approved by the members of the Board of Tn•k¥312025 on its behalf and signed A Wstant signed on 0111212025, 14'.18.08 GMT Andrew W Stant Interlm Chalmian signed on 0111212025, 12..45'.41 GMT Louisa Poole Tru8te• The notes on pages 2610 46 forni part of these financial statements. 23 Leicestershire and Rutland Organisation for the Relief of Suffering Limited Consolldated cash flow statement for the year ended 31 March 2025 1025 2024 Net cash flow from operaling activities Net cash infl¢Jw from investsng activitses 12,456,170 1,653,265 199,383 833,529 Change in cash and cash equivalents in the year (802.905) 734,146 Cash and cash equivalents at the beginning of Ihe year 1.969,513 1,235,367 Ca•h and ca•h equlvalents at th• end of the y••r 1,166,608 1,969,513 24 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes to the cash flow ststement for Ihe yearended 31 March 2025 Cash flows from operatlng actlvities 2025 2024 Net income peT SOFA Lossllgain) on investment (2.765.397) 155,097) (2.921,608) 1404,609) Net incoming resources Investrnent income Depreoation Ilncrease)IOecrease in slocks Ilncreaselloecrease in debtor5 Lossl(Profitl on sale of assets Increaselloecrease) in creditors Transfer in Dove (2,820,494) 1154,698 831,083 86.904 1876.3321 531 476,837 (3,326,217) 1182,321) 821,773 109,039 3,424.1 $6 8,817 1985,536) 31,206 Net cash Inflow from operating activities 12,456,170 199,083) Cash flow Irom Inve8tlng a¢tlvltle8 2026 2024 Purchase of tangible fixed assets Transfers in Dove Proceeds from sale of tangible fixed assets Acquisition of listed investments Proceeds of sale of listed investments Interest received (448,491) (323,241 (365) 65,285 (357,106 1,266,365 182,321 46,496 (758,928) 2,659,490 154,698 1,653,265 833,259 Analy•l¥ ol changes In Cash and cash oqulvalent8 At 1 April 2024 At 31 March 2025 Cash flow Cash at banks, building societies and in hand Cash held a5 part ol investment portlolio 1.874,055 95,458 1748,816) 154.089) 1,125,239 41,369 Total bank and cash holding 1,969,513 1802.905) 1,166,608 25 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes formlng part of Ihe flnancial statements for the year ended 31 March 2025 Legal status The Or98nisation is a registered charity. The legal status is a company limited by guarantee. Accountlng pollcles The following accounting policies have been used consistently in dealing with items considered malerigl to the chaTilable group's affairs. Basis olprep8r8tion The financial statements have been prepared under the htstorlcal cost convention. as modified by the inclusion of fixed asset investments at market value. The financial statements have been prepared in accordance with the Statemenl of Recommended Practice 2019. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Financial Reporting Standard applicable in the Untled Kingdom and Republic of Ireland (FRS 1021 and the Chanties Act 2011. The trust ￿nstItuteS a public benefit entity as defined by FRS 102. The trustees consider that there are no malerial uncertainties about the trusys ability to continue as a going concern. In prepanng these financial statements, the Directors have made the following judgements.. Tangible fixed assets are depreuated over their useful lives taking into accounl residual values. where appropnate. The actual lives ol the assets and residual values are assessed annsjally and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are tsken into account. Residval value assessments conslder issues such as future markel conditions, the remaining life of the asset and prqected disposal values. Trade debtors At each reporting date, trade debtors are assessed by fecoverability. If there is any evidence ol impairment. the carrying amount ol the debtor is reduced to its recoverable amount. The impairment Ioss 15 recognised immediately in the income statemenl. Le8ses Detemine whether leases entered into by the group after as a lessor or a lessee are an operating lease or finance lease. These decisions depend on assessment of whether the risks and rewards of ownership have been transferred trom the lessor to Ihe lessee on a lease by lease basis. Investments The mosl critical estimates. assumpts.ons and judgements relate to the determlnation of carrying value of investments at fair value through the Statement Of Finanual ALtivits'es. the Group follows the International Private Equity and Venture Capital Valuation Guideline5 applying the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction. The nature. facts and arGumstances of the investment drives the valuation methodology. 26 Lelcestershire & Rutland Organisation for the Relief of Suffering Limited Notes forniing part of the financial statements for the year ended 31 March 2025 (Continued) Accountlng polScles (continued) Basis of consolidation The group financial stalernents consolidate the financial statements of Leicestershire and Rutland Organisation for the Relief of Suffering Limited and its subsidianes up to 31 March 2025 on a line by line basis. A separate Statement of Financial Activities ISOFAI for the instttulion alone is not presented because the charity has takèn advantage of the provisions of section 408 of the Companies Act 2006. Fund accounting Funds held by the charity 8re either., Unreslricled general funds - these are fvnds which can be used in accordance with the charitable objects at the discretion of the trusleès. Designaled funds these are lunds set aside by the trustee5 out of unrestrided general funds for speofic future purposes or projects. Restricted funds - these are funds that can only be used for particular restrided purposes within the objects of the charity. Restrictions arise when specilied by Ihe donor or when funds are raised for particular restricted purposes. Incoming resources All income is recognised once the chaTily has entitlement lo the income. it is probable that the income will be received and the amount of income receivable can be measured feliably. Voluntary income is arxounled for when received. Incoming resources represents the amount receivable during the year In respect of donations and legacies. Legacies are recognised when there is sufficient evidence lo provide the necessary certainty Ihal the legacy will be received and the legacy can be measured wth sufficient reliability. Dividends are recognised once the dlvidend has been declared and notification has been received of the dividend due. This is normally upon nots"ficalion ty our investment advisor of the dividend yield of the investment portfolio. Shop Income represents the amounts receivable fof goods sold to cuslomefs and commission receivable on sale of donated goods. It is recognised at the point of sale lor retail goods and on dispatch otherwise. Lottery income represenls the amount receivable in respect of lotteries and raffles held during ihe year and scratch cards sold. Lottery and raffle income is recognised at the point ol draw and scratch card income is recognised on a cash basis. Amounts received for fijture lottery and raffle draws are reseNed as income in advance. Activities furthering charitable objects. Income under health authorfty and NHS contracts is recognised in the Statement of Finanaal Activities on a receivable ba51S. Vvhere income is received in advance of performance, its recognition is deferred and included in creditors until the contract is performed. Cafe income represents the amounts receivable for lood and beverages sold to Customers. It is recognised at the point of sale. 27 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes fomiing part of the financlal statements for the year ended 31 March 2025 (contlnued) Accounting policles (continued) Resources expenses Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It is probable that settlement wll be required and the amount of the obligation can be measured rdiably. All expenditure is allocated direcuy to charilable expenditure and costs of raising lunds. Expenditure is classified under the following activity headings. Cosls of raising funds Indude those costs incurred in raising voluntary income, and include the salaries, direcl expenditure and overhead costs of the slaff who promote fiJndraising, including events. Charilable actsvities expenditure relates to expenditure on objects of the charity and indude direct costs and support cost5 assoaated to these activities. Govemance costs represent costs which relate to the general runnlng of the charity including the strategy planning process that contribute lo luture development. and are induded with charitable activrties. Support osts have been allocated betsveen fundraising and chanlable oth'vilies. in proportion lo the direct costs of each activity. Wnere direct allocation is not possible, costs are apportioned over the abjve headings based on the allocation of staff. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Pensions The Trust makes payments to fyvo defineil contribution pension schemes on behall ol qualifying employees. One administered by the NHS Pensions Agency and a stakeholder scheme providing benefits for the ernployees additional lo those from the slate. Such contn'bulions are charged in the Statement of Financial Activities when made. The conlributs.ons aTe invested separately from the Trust's assets, Fin8nci81 Agreement with the National Heallh Service The agreement with the Clinical Commissioning Groups provides for, inter alia, a contribution by them towards the revenue expenditure arising from operating the Hospice. agreed annually prior lo the commencement of each financial year. In addition to the defined contribulion pension scheme noted above, the charity contributes to the NHS Superannuation Scheme as a Direct"on Body. Underthe rules oflhe NHS Superannuation Scheme, Direth'on Bodies pay employer's contributions to the Scheme, but are not employing authorities for the purposes of the scheme. The NHS Superannu81ion Scheme is a mulli-employeT defined benefit scheme. and the charity is unable lo identify ils share of Ihe underlying assets and Ivabllilies of the scheme, and accordingly sufficient information is not available to enable the charity to accounl for the scheme as a defined benefit scheme. The charity's contributs'on to the NHS Superannuats'on Scheme is therefore treated as defined conlribution pension scheme payments. Details of the NHS Superannuation Scheme deficit can be oblained from the official documents website ww.officJal-document5.gov.uk. 28 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes fomiing part of the linancial statements for the year ended 31 March 2025 (continued) Accountlng policie8 (continued) Tangible lixèd assets Tangible fixed assets are induded at C051, and other than freehold land, are depreciated on a strai9hl line basis at annual rates calculated to write off their cost over the terms of their useful lives as follows,. Freehold building 30 years Short leasehold propety The unexpired period of each lease or such shorter period as is considered appropriate 5 years &10 years S years 4 years Computers Fixtures, furniture and equipment Mini buses Other motor vehicles Additions costing less than £1,000 are vmtten off in the year of purchese. Freehold land is not depreciated. stocks Stocks are stated al the lower ol cost and estimated selling price less costs to complete and sell. Cost indudes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated on a first-in first-out formula. Provision is made for damaged, obsolete and sl¢Jw.moving stock where appropriate. Debtors Short lem) debtors are measured at transaction priGe, le55 any impairment. Loans receivable are measured initially at fair value, nel of transaction costs, and are measured subsequendy at amortised cost using the effective interest method, less any impairrnent, C￿dItOrS Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently al amort15ed cost Using the effective interest method. Investments Investments are a form of basic financial instrument and are initially recognised at thelr transaction value and subsequenlly measured al Iheir fair value as al the balance sheet dale using the closing quoted market price. The statement of finan￿al activities includes the net gains and losses arising on revaluation and disposals throughout the year. The chanty does not acquire put oplions, derivabves or other complex financial instruments. The main form of financial risk faced by the chanty is that of volats'lity in markets due to wider economic nditions, the attitude of investors lo investment risk, and changes in sentiment concerning equilies and thin parts'cular sectors or sub sectors. Sh(Ki term deposits represent investments in bank lerm deposits maturing within one year. Investments in subsidiary companies are stated at cost. Realised gains and losses All gains and losses are taken in the Slalement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the differen￿ be￿een sales proceeds and their opening carying value or their purchase value if acquired subsequent to the first day of the financial year. Unreali5ed gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Rea115ed and unrealised Investrnent gains and losses are cornbined in the Statement of Financial Activities. 29 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes forming part of Ihe flnancial statements for the year ended 31 March 2025 (conllnued) Accounting poli¢i•$ (continued) Cash and cash equivalenls Cash and cash equivalents include cash at bank and cash in hand as well as short term highly liquid investments wilh a short matUTity {reco9nised within short term inveslmentsl, Financial instruments The charity only has financial assets and financial liabilities ola kind that qualify as basic finanual instruments. Basic financial Instruments are initially recognised at transaction value and subsequently measured at their settlement value. Operafrng leases Operating lease rentals are charged on a straight line basis over the lease term. Benefits received and receivable as an inr2ntive to sign an operating lease are recognised on a straight line basis over the penod until the date the rent is expected to be adjusted to the prevailing market rate. Corporate tax The charity is exempt from lax on income and gains falling within sections 466 to 493 of the Corporalion Tax Act 2010 or section 256 of the Taxatson of Chargeable Gains Act 1992 to the extent that Ihese are applied to its chantable objects. Volunteer conln'bution Trustees and volunteers provide support to Leicestershire and Rutland Organisatlon for the Relief of Suffering Limited. It 15 not practical nor feasible to place a value on Ihe lime volunteered by these persons. Donalions and legacles 2025 2024 Legacies Covenanted donations and gift aid Donations and gift under the Retail Gift Aid Scheme Other donations, appeals and fund raising events Oonalion5 and legaues Dove Gifted donation Dove 2,465,636 183,745 1,205,838 2,250.621 245,861 1,602,148 161,394 1,068,053 1,815,497 472,962 523,926 6.351.701 5,643,980 In 2025, donations and legacies included £348,09912024- £250.490) of restricted income. Included above is a recognition of the value in relation to the transfer of control of Dove Cottage for £Nil (2024 - £523,926). This represents the nest assels of Dove Cottage, Dove Cottage is a subsidiary charity ol LOROS when LOROS became the sole member of the Charity on 1 April 2023. In October 2010 LOROS Enterprises Ltd started acting as an agent selling goods on behalf of customers in relum lor a comrnission where the customer has registered for Gift Aid. This has the effect of reducing the turnover ol LOROS Enterprise Limited but the income associaled with such sales is recorded as a donab.on by The Leicestershire and Rutland Organisation for the Relief of Suffering Limited. Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes fomilng part of the fln•n¢l•l Statements for the year ended 31 March 2025 (continuedj Investrnents 2025 2024 Bank and building society interest Dividends and interest on investments 34.315 120.383 35,044 147,277 154,698 182,321 In 2025, all income {2024- all income) relating to investments was unrestricted. Analys18 of total group r•¥ources exp•nd•d Oepreciation 2025 Staff costs 2025 Other 2025 Total 2025 Total 2024 C05t ol generating funds.. Loros Enterprises Loros Commercial Innovations Depreciation of shop leases Lottery expenditure Dove expenditure Fundraising and publioty Investment management fees Charitable activities.. Direct charitable expenditure Hospice Govemance osts 52,949 1,955,647 1,484.002 3,492,598 3,134,614 7,138 189,576 232,408 429,122 488,414 9,782 364 16,729 13S,436 465,259 277,505 301,030 413,305 783,018 575,378 764.167 632,070 527,985 1,160,055 847,146 22,637 22,637 22,726 7S3,903 ,870,796 47,269 2,959,214 49,371 12,583.913 96,640 13,038,424 145,144 831,083 12,296,053 5,854,152 18,981,288 19,025,795 Loros Enterprises includes £668,468 {2024- £594.246) in respect of operating leases for land and buildings. Dove includes £25.37812024 - £22.7341 in respect af operating leases for land and buildings. In 2025, other Gharitable activities induded £223,704 {2024 - £216,430) of restricted expenditure. 31 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes forniing part of the financial statements for the year ended 31 March 2025 (continued) Analysls ol'tolal resources •xpend•d (continu8d) Ernployees The average number of full time equivalent employees 2025 2024 Fundraising and administr8live Provision of caTe Shops Lottery company 47 201 70 47 207 78 321 339 The number of employees Fundraising and administratr've Provision of care Shops Lottery company 55 281 107 57 260 125 448 461 Staff co•t• Wages and salaries Social security costs Pension costs Severance payments 10,758,829 892,434 644,790 10,558,405 891,807 686,688 4,511 12,296,053 Induded viithin penslon costs are payments to the NHS Superannuation Scheme, a defined benefit scheme. The employe¢s contribution to this scheme are treated as a defined contribution scheme a5 disclosed wthin the accountsng policies. Employer's contributions to the scheme in the year amounted to £350,189 {2024 - £373.5901. of this amount £45,562 {2024- £SO,3401 was outstanding at the year-end. 2025 2024 The number of employees whose emoluments fell within the following bands was.. In the banding £60,000- £70.000 In the banding £70,QOO- £80,000 In the banding £80,000- £90,000 In the banding £90,000- £100,000 In the banding £100.000 - £110,OIJJ AUdit0￿S remuneratlon The amount charged in the year to the group was.. Statutory audil Other 66,850 48,600 32 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes fonning part of the flnanclal statements for the yèar ended 31 March 2025 fcontlnued) Tangible fixed assets At 31 March 2024 Additions Disposal• durlng the durlng the year year At 31 March 2025 Group Cost Freehold land Freehold buildings Motor vehicles FixtUTes, fi￿"ngS and equipment Leasehold shop properties 3.000,000 17,115,695 194,896 1,658,279 61.249 3.000.000 17,115,696 279.436 1.B82.072 87,039 223.793 12.500) (61.2491 22,030,119 310.832 (63.7491 22.277,202 Goodwill Oove Fixtures, fittings and equipment Shops - fixtures and fittings Motor vehicles Dove Motor vehides Lottery company - fi>Aures and fittings 63,946 25.839 758.757 32.870 18.195 11.697 163,9461 111,0551 15,9581 43.885 85.924 58.669 838.726 32.870 14,045 11,697 7.850 112,0001 Tolal cost 911,304 137.659 192.957) 956,008 Total cost 22,941.423 448.491 (156.7061 23,233,208 At 31 March 2024 Provlslon in the Year Eliminated On dl8po•als At 31 March 2026 Depreciation Freehold buildings Motor vehicl8s Fixtures, fittings and equipm•nt Leasehold shop properb'es 8,S49,300 193,351 1,020,270 61,249 618,937 6,822 128,144 9,168,237 198,798 1,148,414 (1,375) 161,2491 9,824,170 753,903 (62.6241 10,515,449 Goodwill Oove Fixture5, fittings and equipment Shops - fixtures and fittin95 Motor vehicles Oove Motor vehides Lottery Company- fixtures and fittings 20,782 3.550 604.072 32.870 6,395 8.484 53,692 27.1771 14.1391 13,7391 7.895 654,025 32.870 (2.744) 11.697 8.245 112,0001 11,333 673,618 77,180 147,055) 703,743 Tolal depreciation 10,497,788 831,083 1109.679) 11.219.192 Nel book value 12,443.635 1382.592) 147,027) 12,014,016 33 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes fomilng part of the flnanclal statements for Ihe year ended 31 March 2025 (continued) Tanglble fixed •••et• (contsnued) At 31 March 2024 Addltlons durlng the year Dlsposals durlng the year At 31 March 2025 Company Cosl Leicestershire and Ruuand Hospice.. Freehold land Freehold buildin9S Motor vehicles Fixtures. fittings and equipmenl Leasehold shap propertses 3,000.000 17,115.695 194.896 1,858.279 3,000,000 17,115,69S 279.436 1.882.072 87.039 223.793 {2,500) 61,249 (61,2491 Total cost 22,030,119 310,832 183,749) 22,277,202 Al 31 March 2024 Provlslon In the Year At 31 March 2025 Ellmln•t•d on disposals D8preciation Leicesler5hire and Rulland Hospice.. Freehold buildings Motor vehicles Fixtures, filtings arKt equipment Leasehold shop properties 8.549.300 193,351 1,020,270 618.937 6,822 128.144 9.168.237 198.798 1,148,414 {1,375) 61,249 161,249) Total depreciation 9,824,170 753,903 162,6241 10,615,449 Net book value 12,205,949 (443.0711 11,1251 11,761,753 Lelcestershire & Rutland Organisation for the Relief of Suffering Limited Notes fomiing part of the financial ststements for the year ended 31 March 2025 (continued) Flxed asset investment 2025 2024 Group and company Investments Market value at 1 April 2024 Additions at cost Disposals at proceeds ILoss)IProfit on revaluation 4,852,821 758.928 12,659.490 55.097 5,357,741 357,106 11,266,6351 404,609 Market value at 31 March 2025 3.007,356 4,852,821 Historical cost at 31 March 2025 2.111,771 3,519,205 Historical cost at 1 Aprtl 2024 3.519,205 4,200,981 Investments compris8.' Listed investments in the UK Listed investments outside the UK Land and propety held as investment Cash and Settlemen15 pending 760,489 1,706,875 539,992 41,369 2,513,356 1,799,473 539,992 95,458 Total 3,1)48,725 4,948,279 Group Quoted investments Cash and settlements pending Investment Property 2,467,364 41,369 539,992 4,312,829 95,458 539,992 3,048,725 4,948,279 Company Quoted investments Cash and settlements pending Investmenl Property Investments in subsidiary companies 2,467,364 41,369 539,992 4,312,829 95,458 539.992 3,048,730 4,948.284 All investments are carried al their faiT value. Inveslment in equities and fixed interesl securities are all traded in quoted public maTket5. Holdings in common investment funds, unil trusts and open ended investment companies are at the bid price. The basis at fair value for quoted investments is equivalent lo the market value, using the bid price. A55el sales and purchases are recognised at the date of trade at cost (that is their transacts.on value). Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes fomilng part of the financial statements for the year ended 31 March 2025 (contlnuedj Flxed assel Inveslment (continued) The lair value of the properties 4Nithin inveslmenls, has been detemlned by independent advisors and Ihe Trustees have applied this valuation at 3151 March 2025. The signlficance of financial instruments to the ongoing financial sustalnability of the Hosplce is considered in the financial review and investment policy and performance sections of the Trustees, Annual Report, The main risk to the Hospice from financial instruments lies in the combinalion of uncertain investment markets and volatility in yield. Liquidity risk Is anlicipaled to be low as all assets are traded and the commitment to inlervents'on by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and slock is anticipated to continue. The Hosp'ce's investments are mainty traded in markets with good liquidity and high troding volumes. The Hospice has no matenal investment holdings in markets subJ'eGt to exchange Gontrols or trading restrictsons. The Hospice does not make use of derivatives and similar complex financial instruments as it takes the View that investments are held for their longer te￿ yield total relurn and historic studies of quoted financial instruments have shown that volallllty in any partlcular 5-year period will normally be corroded, No investments held represents more than 5% of the total portfolio valuation at the year end, Investment8 In subsldlary companles The charity owns the whole of the ordinary share capital of LOROS Enterprises Limited12 ordinary shares of £1 each). LOROS Lotteries Limited 12 ordinary shares of £1 each) and LOROS Commercial Innovations Limited (1 ordinary share of £11. All are incorporated in Great Brttain and registered in England and Wales and have been established to cary on trading activities on its behalf. LOROS Enterprlse$ Limited operates a chaln of shops selling iterns donated from the publi¢, giftware and cards. LOROS Lotteries Limited operates a lottery for members of the public. LOROS Commercial Innovations Limited operates extemal catering operations for members of the public. AJI companies covenant any taxable profits lo LOROS and also pay interest on any loans from LOROS. Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes forniing part of the financial statements for the year ended 31 March 2025 (continued) Fixed asset investment (conlinued) A summary of their trading results is shi)wn below LOROS EnteTpr15es Llmltod LOROS Lotteries Llmlted LOROS Commercial Innovations Llmited 13084976 Total Company registered number 01944436 03179552 Profit and Ioss account Turnover Cost of sales 3,722,571 1130,8301 1,032,490 (172,027) 300.786 1127,216) 5,055.847 1430,0731 Gross profil 3.591.741 860,463 173,570 4,625.774 Administration expenses Other Operating Income {3.361.8841 (206,158) 1302.284) 24.100 13,870.3261 24.100 Operaling ProfiV(Loss) Interest received Interest Payable 229,857 5,570 654,305 11,471 1104,614) 779.548 17,041 {21,0001 {21.0001 ProfiU{Loss) before tsx 235,427 685,776 1125,614) 775.589 Covenanl lo LOROS 1234,8131 (685.775) (900,5881 Profit for the year 614 1125,6141 (124,9991 Upon consolidation an inter-company recharge of £839.02412024 £687,812) relating to retail gift and management fee. charged by LOROS Enterprises Limiled has been eliminated. The aggregale amounts ol the companies, assets, liabilities. share capital and reserves were.. LOROS Entefprlseo Llmlted LOROS LOROS Lotteries Commerclal Llmlted Innovatlons Limited Totsl Assets Creditors.. amounts fall due within one year 630,039 {629,357) 386,968 1386,843) 92.133 1739.6001 1.109,140 {1.755,800) 682 125 1647.4671 1646,660) Represented by share capital and reserves 682 125 1647,4671 (646,660) 37 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes fom)Ing part of the financial ststements for the year ended 31 March 2025 (continued) Stocks Group 2025 Group 2024 Company 2025 Company 2024 Goods lor resale 65,077 1 $1.981 Debtors Group 2025 Group 2024 Company 2025 Company 2024 Trade debtors Amounts due from subsidiary undertakings Other debtors 431,233 63,774 407,780 818.196 63,226 989.259 3,393,249 2,884,376 3,031,386 2,435,422 3,824,482 2,948,150 4.257,342 3,487,907 10 Creditors: amounts falllng due 4blthln one year Group 2025 Group 2024 Company 2025 Comp•ny 2024 Trade Creditors 8ank loan Isee note 121 Payments in advance Taxation and social security Other creditors and accru81s 993,617 100,000 392,588 204,940 706,998 535,981 100,000 471,290 222,S77 491,459 851,047 100,000 217,669 168,385 347.756 445,026 loo,000 287,619 189,176 321,249 2,398.143 1,821.307 1,684,857 1,343,070 11 Credrtors: amounts falllng due after more Ihan one year Group 2025 Group 2024 Company 2025 Company 2024 Bank loan (See note 121 141,667 241,667 141.667 241,667 141.667 241,667 141,687 241,687 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes forming part of the financial statements for the year ended 31 March 2025 (continued) 12 Bank loan An analysis of the maturity of the bank loan is given bel¢)w', Group 2025 Group 2024 Company 2025 Company 2024 Amovnts falling due within one year or on demand 100.000 100,000 100,000 100,000 Amounts falling due be￿een one and two years 100,000 100,000 100,000 100,000 Amounts falling due betrween trrf40 and fivè years 41,667 141,667 41,667 141,667 13 Commltmen18 Land and Bulldlng8 2025 Land and Bulldlngs 2024 Other 2025 Other 2024 Group Operating lease5 which expire.. Wlhin one year In the second to fifth years inclusive Over five years 579.610 950.570 550.250 16,336 7,941 8,338 554,433 1,128,225 762,500 9,778 14,047 2,080,430 32,615 2,445,158 23,825 Land and Buildlngs 2025 Land and Buildings 2024 Other 2025 Other 2Q24 Company Operats'ng leases which expire.. thin one year In the second to fifth years inGlusive Over five year5 535,624 905.615 525,500 14,047 5,710 8,338 516,737 1,091,325 762,500 5,710 14,047 1,966,739 28,095 2,370.562 19,757 At the year end, the group had capital commitments in relation to the Construction ol land and buildings ol £NIL12024 - £NILI. 39 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes fonning part of Ihe flnanclal statements for the year ended 31 March 2025 (¢ontinuedJ 14 Restricled fund$ Balance at 31 March 2024 Balance at 31 March 2025 Incoming resources Outgolng Resources Group Hospice 282,408 348.099 {341.692) 288,815 282,408 348.099 {341.692) 288,81 S 8alance at 31 March 2023 Balance at 31 March 2024 Incomlng resources Outgolng Resources Group Capital building fund Hospice 3,131.668 333.657 (3,131,668) 1301,739) 250,490 282,408 3,465.325 2SO,490 (3,433,407) 282,408 Restrlcted funds Balance at 31 March 2024 Balance at 31 March 2025 In¢omlng resources Outgolng Resources Company Hospice 256,569 274,304 1310.5081 220,365 256,569 274,304 1310.508) 220,365 8•lance at 31 March 2023 8alanc• at 31 March 2024 Incomlng resources Outgolng Resources Company Capital building fund Hospice 3,131,668 333,657 (3,131,668> 1285.2861 208,198 256,569 3,465,325 208, 198 (3,416.954) 256,569 The Capital building fund comprises capital raised in order to fund extensions lo Ihe hospice. The lund is represented by tangible fixed assets and the movement on the fund repre5¢nts the depreciation charge. The tTUStees consider Ihat the capital fijnds should not conlinue to be treated as restn'cted. as the funds have been Spent in full in prior financial years. The nel book value was transferred to unrestricted reserves in the pnor year and depreciaborb wll continue to be charged against the unrestricted reserve until the capital asset has been depreciated in full. The hospice fijnd was established in 1997 Irom donations in order to lund hospice equipment. Resources expended represent items purchased and depreciats.on charged on the fixed assets 40 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Noles fornilng part of the Iln•n¢lal statements for the year ended 31 March 2025 (continued) 15 Unrestricled funds Balance At 31 March Net incomel 2024 (expenditure) Balance at 31 March 2025 Group Transfevs Other charitable lunds Revaluation reserve 19.131,236 889,482 (2.944.888) 55,097 611.110 {493.1231 16,797.458 451,456 20,020,718 (2.889,792) 117.987 17,218,914 Balance at 31 March Net incomel 2023 lexpendilure) Balanee at 31 March 2024 Transfers Other Gharilable funds Designated funds (see note 16) Revaluation reserve 16,426.897 2,651,764 680,748 (512,638> 3.216.977 (2,651,764) 1195,8751 19,131,236 404,609 889.482 19,759,409 (108,0291 369,338 20,020,718 Balance at 31 March hlet Incomel 2024 (expendlturel Balance at 31 March 2025 Company Tran•fer• Other charitable funds Revalualion reserwe 19,001,333 889,482 12.616.734) 55.097 612.591 1493.123) 16,997,191 451,456 19,890,815 {2,561,637) 119.468 17,448,647 8alance al 31 March Net Incomel 2023 (expenditure 8•lance at 31 March 2024 Tr•nsler4 Other charitable funds Designaled funds (see note 16) Revaluab'on reserve 16,771,020 2,651,764 680,748 (3,834,303) 6,064.616 {2,651,7641 {195.8751 19,001,333 404.609 889.482 20,103,532 {3,429,694) 3,216,977 19,890,815 Olher charitable funds represent the free funds of the Charity 4thich are not designated for parts'cular purposes. Revaluation rèseThe represents the cumulative unrealised gains on the increase in the market value of fixed asset investments. Upon disposal previously unrealised (gainslllosses are transferred to other tharitable funds. 41 ci Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes forming part of the financial statements for th• year ended 31 March 2025 (continued) 16 Designated funds Group and company The funds of the charity include the following designated funds which has been set aside out of unrestricted funds by the trustees for a specific purpose. 8alance at 31 March 2023 Balance at 31 March 2024 Utillsed Transfers Capital building fund 2,651.764 12.651,764) The capitsl building funds relates to the construction of the new LOROS Professional Development Centre and the extension to the Day Therapy and Outpatients Centre. The trustees consider that the capital building fijnd should not wntinue to be treated as designated as spent in full. The nel book value has been Iranslerred to unrestricted reserves in the prior year and depreciation wll continue lo be charged against the unrestrided reserve until the capital asset has been depreci8ted in full. 17 Analy81s of group net a•set• b•lw••n funds Regtricted Funds Unrestrlct¢d funds C•pltsl bulldlng fund Total Funds Hospice Fund balance as al 31 March 2025 are represented by.. Tangible fixed assels Current assets Liabilities 15.062.740 4.725,984 (2,539.810) 15.062,740 5,014,799 (2,539.810) 288,815 Total nel assets 17,248,914 288,815 17,537,729 42 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes forming part of the flnanclal statements for the year ended 31 March 2025 (contlnued) 17 Analysis of group net assets between fund• (continued) Restrlcted funds Capital bulldlng fund Unre3trictod funds Total Funds Hospice Fund balance as at 31 March 2024 a￿ represented by.. Tangible fixed Bssets Current assets Liabililies 17,391,914 4.691,778 12,062,974) 17,391,914 4,974,1B6 12,062,974) 282,408 Total net assets 20,020.718 282,408 20,303,126 18 Relaled party transactlons and trustee•, ¢¥penses and remuneratlon The Lelcestershire 8 Rutland Organisalion lor the Relief ol Suffenn9 Limited whoily owns its subsidiary companies LOROS Lotteries Limited. LOROS Enterprises Limited and LOROS Commercial Innovations Lirnited lexduding Dove Cottagel. During the year LOROS Lotteries Ltd covenanted to the charity £665,775 12024 - £573.390). During the year LOROS Enterprises Ltd covenanted to the charlty £234.813 {2024 £393,470). At the year end the amount due by LOROS Lotteries Ltd was £201,18512024 - £160,997), due from LOROS Enterprises Ltd was £88,657 (2024 - £513.3521 and due trorn LOROS Commercial InrK*vations Ltd was £481.90612024- £314,910}. During the year the charity made purchase5 of £Nil 12024 - £11,018) from Berkeley Insurance Group. T Maxled, a former Trustee of Ihe charity who resigned on 20 November 2023, is a director of the cofflpany. £Nil {2024 - £Nill was due lo them at the year end. During the year the charity rnade purchases of £18012024 - £1311 and sales of £Nil12024- £1501 from Claire Henry Associates. C Henry, a Tru51ee ol the charity, is a director of the company. £Nil (2024- £Nil) was due to them or lo them at the year end. During the year the charity made purchases of £Nil {2024 £5001 from The Loss Project CIC. C Henry. TN$tèe of the charity. is a director of the company. £Nil12024 - £Nil) was due to them at the year ènd. During the year the ¢hartty made purchases of £Nil (2024 - £46.193) and sales of £Nil12024 - £29.7121 from Measom Dryline Limited. A Measom, a Trustee of the charity. is a director oflhe company. £Nil {2024- £Nil) was due lo them or lo them at the year end, The charity considers the key management personnel to COmPTise of the Trustees, The Chief Executive Officer, the Deputy Chief ExecutivelDireclor of Income Generation, Consultant in Palliative Mediune, Ihe Director of Care Services. the Director of People. the Director for Centre for Excellence and the Director of Finance and Resources. The lolal employee benefits of the key management personnel of the charity were £589,41312024 - £551,512) The Trustees all give freely their time and expertise without any form of remuneration of other benefit in cash or kind12024 - £Nill. Expenses paid to the Trustee5 in the year lotalled £18012024 - £1311. Trustees indemnity insurance of £4,537 (2024 - £4,776) has been pald dunng the year. 19 Controlllng entity In the opinion of the trustees Ihe enbty has no controlling entity- 43 Leicestershire & Rutland Organisation for the Relief of Suffering Limited Notes fomiing part of the financlal staternents for the year ended 31 March 2025 fcon¢inued) 20 Flnancial in8trumenls The Group's financial inslruments may be analysed as foll¢)w5'. Group 2026 Group 2024 Company 202S Company 2024 Financial Assets Financial assets that are measured at fair value through the SOFA 3,048,725 4,948.279 3,048.730 4,948,284 Financial assets that are debt instruments measured at amortised cost 3,682,495 2,975,149 4,116,958 3,388,829 Financlal Ilabllltles Financial liabilitses measured at amortised cost 2,223,803 1,722,185 1,562,634 1.292,933 Financial assets measured at fair value Ihrough the stalement of financial activities comprise fixed asset investmenls in a trading portfolio of listed cA)mpany shares. Financial assets that are debt instruments are measured at amortised cost comprise trade debtors. other Oebtors. accrued income and amounts due from subsidiary undertakings. Financial liabilities measured at amortised cost comprise trade creditors. other creditors and accrual8. On 29th October 2020. the company sold land it had been bequeathed near the village of Harby, Melton Mowbray, Leicestershire. The sale included an overage provision. whereby, for 30 years from and including the dale of sale. the company is entitled lo 30Y• of any proceeds in excess of the sale price of £21S,000. Therefore, the company maintains a contingent asset in the land.