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← St Michael's Hospice (Incorporating The Freda Pearce Foundation)

2025-03-31-accounts

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Annual Report and Consolidated Financial Statements For the year ended 31st March 2025

Company Registration Number: 01634942 (England and Wales) Charity Registration Number: 511179

st-michaels-hospice.org.uk yw twitter.com/stmichaelshosp [F] facebook.com/stmichaelshospicehereford

St Michael's@ V Hospice@

Now and always: Caring to make a difference

Our service is completely free of charge

St Michael's Hospice provides its care, free of charge, to patients, their families, and carers. This care is made possible by supporters taking part in fundraising events, playing our lottery, shopping at our retail outlets, making charitable donations, leaving gifts in their wills, or giving freely of their time to volunteer.

If you would like to support St Michael's, you can find out more about what we do and ways you can help by visiting our website.

To share your comments or suggestions with us, please contact:

Quality and Compliance Team St Michael’s Hospice Bartestree Hereford HR1 4HA

quality@smhospicehereford.org

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St Michael’s Hospice (incorporating the Freda Pearce Foundation)

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |For the|year|ended|31|March|2025| |CONTENTS| |Rage| |Reference|and Administrative|Information. .............:scccccssscesscsscccsessscesssssssccssessssssssnessecsssesssessesonsee4| |Chair's|FOreWOrd.........ccssssssesscssscssscccscsscesssnscescesccnssenscssseusssssnsestssssenssessecessceensessesacecseesecensenssecsscesreeesD| |Report|of the|Trustees...........sccscecscesscssescssssessceecscsssessesssccnsssessessessessusssssssreessessessensesesaceasencsereresseneeesZ| |Operating|Structure|and|Charity Governance|Code............::ccsssecssessseeessrseesssseecesresereessseeee|D| |Objectives|and|Activities|[...........sescosccsssssecsosrossscvsccosscesssssecoseessorsersscenssonssersssvsnrerseseesenssossssesnesssene]| |ODjCCIVES|secsasssssvasevsecsnuvenesenecessassossavercasdecansauentuseavereibeusneiveterse und|aualenaies|c|ee|slec|e|enesdyO| |RAISGSIOIN|GS.|wna ciclnainsa'sbactatan aes sonnanuss|mecanertavenatand|eiastveseesieantepeces|ovsana sasmanianeasocausressnemcentareseceann| |Principal|ActiVities......ceisveveservcerencnacsnesennsneniadadivinssnnsesnenesahsanestcdentnsentosnsesassnunncaasmresecnsenne| |PUBS|BETIGTIL:.nccnsnvcavses -uebvesessincdvwietsisuedscewnitsensosocsctanasbana|n|ansivessbm|a|tseanioamancnealsotoecedl scenes D| |SHALCGY|swresireceursnecsnseonduteuieaverinentplace|t|e|edrerweranevegreaipibecanoer hadbe amasaaeaxesaigaanna anes,UO| |Achievements|and|Performance|2024/25|..........:ccccccsssecscesssseeeesesnscesessseesesesssseeeseessseesseeees|10| |SUT ZT|V|StAR CITC IA|any cnccaes|dps cctisousensuaedec caved ensue edaaecrorevepcsvackuetanensesnevcseveresanevenrerstetatercions|TO| |Streamlined!|Energy|atid|Carbon|REpOrting:....cccssdeieedcccs\esenccspccacesssesnsiessevaceoavsedeadecsnssonses|16| |Financial|ROVIGW|jsciisiascacceszsasaozecenesans|cownsctsvonavencacaihcvisnasanteniseanastbessspevienessansotndaraecaexessteeene|U2| |Investnient|Policy|arid|Returns. .icscsscssconstscscsssacopenssasodcasauvennsssneseancvaesessssasetaiesMantereeanectaadea|ET| |RESERVES!|POLICY.|oss.s.spses ccsnnvessivws snap nenssnoundececsugescasaxenvadessecdessussneotovaveetecussisanssniouscusesedeeves|LZ| |Principal|Risks|and|Uncertainties|..............sscssscsccessssressessssessesserstecscssseesesssesssoresesereseres|1B| |GOING|CONCEIN nacesrnecescasnnvevenrvesnedsxancdeusthesbensienevtntens cclndtoqdadea sauldanscsssssvanaduarianmanetageaseniase|10| |FUCOPO|PHANG|saccccvoecesinsrienmiesvarencenceecconnsstareennndeonvensnenquerrescesesnanensaussdseadsnaisrassnsenssaneiviines,|LO| |Structure,|Governance|and|Management|..........cscscccccscccsscsesesesssscssesssscseesescressccensesrsceseseseecscesee|LD| |THSREOS|ws cssseccunsqnennea|elated|eel|amnertat|that TReTPertbereriattaarsentbaccnaccieerietctncerliold| |Remuneration|Policy for|Key|Management|Personnel|............cssccssesssecsrsessteeereeeseeeseereeees|19| |Policy for Employment|of|Disabled|Persom.............cssscssssssscesceceesrsessssesseeeetscesseesseseeeses|20||| |Employee|Information|[sccisisscoccscsscsnnssnvanacerosnscssnnnessanssveasocensssonsienssteresatednennsendenecmnerssonedies]|£0| |Funds|Held|as|Custodian|Trustees|on|Behalf|of Other|...........:ccssssssscssssssseerseeesreeeecttssesees|20| |Statement|of Trustees|Responsibilities|...............:ccccccsssssssseccseccssesessssscccssessenseessessesesesees 2O| |Independent|Auditor's|REPort............s.csssssssrerssessssccssersecsccecereccasecsssscssscssenssssscecacsnsesessssesesseeessersee2D| |Consolidated|Statement|of Financial|Activities ..............sssccscssssssssssssssrsssssssssessessesescsseereeesseersesese2D| |Consolidated|and|Charity|Balance|Sheets|..........scssssscsssossssecsenssesssserssrssrssscencensenssessaseasensscessesLO| |Consolidated|Statement|Of|Cash|FIOWS.........ssssscssescercccscsscsccssvecssecesssecesenscssenesscceseseseaseerssccssscescesLT| |Notes to the|Financial|Statement. ..........sccccssccssscsssssscsecssccssecsscorsceeseesssssesseessensesecessceacessesseecereeZO|

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St Michael's Hospice (incorporating the Freda Pearce Foundation) For the year ended 31 March 2025 Reference and Administrative Information entn

CharityName St Michael's Hospice (incorporating The Freda Pearce Foundation) St Michael's Hospice (incorporating The Freda Pearce Foundation)
Charity Number 511179
Company Number 01634942
Address of Registered St Michael's Hospice
Office Bartestree
Hereford, HR1 4HA
Country of Registration England and Wales
Country of Incorporation United Kingdom
Trustees Trustees, who are also directors undercompany law,who served during the
year and uptothe date ofthis reportwere as follows:
MrD R Teague, Chair
Ms PA Greenwood (resigned 6" June 2025)
Mrs C J Winney
Mr E D Drummond
Mr! DA Entwisle (resigned 12" March 2025)
MrC AAkle
Dr P
F Downey
Mrs CE Davies (previously Associate Trustee, appointed 11"June2025)
MrG H James (previously Associate Trustee, appointed 11June 2025)
MrM Molyneux (appointed 11" June 2025)
Associate Trustees Mrs D Holloway
MrsR Kirk
Mrs L Goodridge (appointed 4'" November2024)
Life Patrons Dr J J Kramer BEM
MrA J Walshe
Chief Executive Officer Mr M JD
Fellows
Strategic Management Mrs E J Cotton, Finance and Operations Director
Team Mrs R SJones, Income Generation, Marketing and Communications Director
Mrs L O'Neil, People Director
Mrs N Proctor, Care Director (appointed 15 April 2025)
Mrs J Dyke-Whitfield, Nursing Director (appointed 1% April 2025)
Company Secretary MrM JD
Fellows
Bankers The Royal BankofScotland PLC Barclays Bank PLC
Drummond House 54 High Street
1 Redheughs Avenue Worcester
Edinburgh Worcestershire
EH12 9JN WR1 2QQ
Independent Auditor Crowe U.K. LLP
Statutory Auditor
Fourth Floor
St James House
St James Square
Cheltenham
GL503PR

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Chair’s Foreword For the year ended 31 March 2025 This year has brought some special occasions at St Social media has been full of the financial issues and Michael's. struggle for volunteers faced by some hospices. St Michael’s is in a sound financial position, and we have October 2024 marked the 40" anniversary from when a dedicated and passionate pool of volunteers. | am St Michael's opened its doors to our first patients. We pleased to tell you that we had a small financial surplus celebrated the life of Dr Richard Miller one of our of income over costs amounting to £117,275 for the year founders with a memorial service at Hereford Cathedral and our cash reserves at the year-end stand at in May 2024. We were then so pleased to hear the news £9.6 million. Reserves are important, not just to allow us that our last surviving founder Dr Jeff Kramer had been to weather any future storms in our path, but just as awarded a British Empire Medal in recognition of his importantly to allow us to invest for the future. The dedication to quality palliative care, and that we were purchase of the Whitestone site is one great recent asked to host the presentation of the award by the Lord example of this, where using our reserves for the Lieutenant of Herefordshire at St Michael’s Hospice in purchase allows us to make plans to secure income for October 2024. We opened our new Whitestone store in the longer term. May 2024, having refurbished it following our purchase of the site in the previous autumn, and | am pleased to tell The direct costs of us providing our care in the year you that it is very much performing in line with our totalled £7.8 million, of which Government only provided expectations. funding of £2.4 million, a paltry 31%, leaving a shortfall of £5.4 million that needed to be found through our various The world was a very different place in 1984, and our fundraising activities. And that is why our need for funds founders back then showed incredible foresight and is never ending and why we are always looking for new vision, hard work, skill and bravery to do what they did. ways to generate funds. We must never forget their attitude of “we will do this whatever the setbacks and whatever the scepticism”. You may ask why ask why why successive Governments have not

You may ask why ask why why successive Governments have not constructively tackled end of life issues and left it to the charitable sector to fill the gaps. We will attempt to work with Government on this, but whether we will be listened _to is another matter. | personally despair at their lack of —_joined up thinking.

In these 40 years St Michael's has continually grown its provision of palliative and end of life care to our Community. 2,495 patients were seen in this year through our inpatient unit, hospice at home, day services and our education dept. And of course, all of this is free to patients and their families.

Matt Fellows took over from Mike Keel as our new Chief Executive at the start of the financial year. We wish Mike well in his retirement and thank him thank him him for all his work over over the six and a half years years he was was with us.

The number of patients seen has increased by 6% from well in his retirement and thank him thank him him for all his work over over 2,353. Our ambition is to keep progressing, so that more the six and a half years years he was was with us. and more in our community have the same high level of palliative and end of life care. This of course requires Finally, it leaves me to thank our staff and all of our more funding and more collaboration. On the latter point, | supporters, whether through volunteering or our we are actively working to develop partnerships with likefundraising activities, for all that you do for us, continuing minded organisations, so that we can all work together to to strengthen the very special partnership between us to achieve the goal of fulfilling such an important need. We achieve our ambitions; and it would be remiss of me not also look to steer Government, though our membership to also thank my fellow Trustees and Associate Trustees, of Hospice UK, to help the Hospice sector achieve these who served during the financial year, for their continuing ambitions, although I have to tell you that we are not commitment to St Michael's. basing our plans on any material changes from their current stance. Government has taken the decision to The passion that you all bring is remarkable. It is the abolish NHS England and to amalgamate our Integrated St Michael's way. Care Boards. We have yet to see what impact this will have on the Hospice sector.

Without our supporters none of what we do would be possible. We are forever grateful for your ongoing support in terms of the cash you give us from our various fundraising activities and your volunteering. Our commitment to you is that we will always look to spend your money wisely for both today and for the future, and that we will continue to be innovative in looking at ways to improve our effectiveness and efficiencies, whilst not in any way losing that very special personal touch.

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees a Fora the yearRc ended 31 Marchete 2025Sa

The estimated Our Hospice at value of our Home service \ Our 40" anniversary contributionvolunteer 9 \ year digital campaign .\ is over ! supported 89 secured over £2.5 million / people making / £400,000 in 1 i / 3,284 visits just AO hours / veted 284 Our Year admissions, down 4.3% | Our shops on last year with the | delivered a profit average length of stayt | margin of 34% ] increasing to 18.9 / q ays / We have supported and cared for 2,49 5 people | in 2024/25, up 6% Over On avera g e 110 \ new 7 £1,000,000 \ patients per \ . month were referred || income was / / throughoutto our services 2024/25, / f) NU a oe(S penener& Communit ny Eventsanny / an increase. of 8.9% fundraising /

88,325 individual contacts were made, including 334 video consultations

In 2024/25 1,329 individuals received \ Supportive & Rehabilitative Care including physical, emotional, psychological / & Spiritual well-being /

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St Michael’s Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For the year ended 31 March 2025

The Trustees of St Michael's Hospice (‘St Michael's’) Trustee annual appraisals include whether longer serving present their report and the audited financial statements Trustees remain fresh and up to date, relevant and have for the year ended 31 March 2025. Reference and not lost their drive to perform at the highest level. administrative information set out on page 4 forms part of this report. The financial statements comply with A new level of Associate Trustee has been created to current statutory requirements, the Memorandum and compliment the Board and to assist in the process of Articles of Association and the Statement of Trustee succession. Associate Trustees are expected to Recommended Practice - Accounting and Reporting by attend Board meetings and the relevant Committee Charities: SORP applicable to charities preparing their meetings. They do not have voting rights. The intention is financial statements in accordance with FRS 102. that this role will be a way of introducing those who are keen to provide their skills and experience to St The Trustees of St St Michael's are charity Trustees for the the Michael's, but who who do not have the time the time time or wish wish to initially purpose of the the Charities Act and are Directors of become trustees.

The Trustees of St St Michael's are charity Trustees for the the Michael's, but who who do not have the time the time time or wish wish to purpose of the the Charities Act and are Directors of become trustees. St Michael's and Directors for the purposes of the Companies Act. The Trustees form the Trustee Board of Trustees serve for terms of 3 years before retiring. They St Michael's. Although the Strategic Management Team's Can be appointed for three successive terms. On (SMT) job titles include the word ‘Director’, these people © completion of a third term, they can be reappointed only are not Directors within the meaning of the Companies in exceptional circumstances. Trustees consider these Act. situations on a case-by-case basis. The Trustee Board is responsible under St Michael's Related Parties and Relationships with other governing document for controlling the management and = Organisations administrationultimately responsibleof St Michael'sfor everythingwithin theSt Michael'slaw. It is does St MichaelZ s=iis the parent undertakingt of a group and how it does it. The overriding duty is to act in good consisting off faith within charity law and to make sure St Michael's ¢ SMH Trading Limited - St Michael's uses this pursues its aims (as set out in the governing document); subsidiary for non-primary purpose trading uses its assets only to pursue those aims; and acts for its activities. community. It does this by: e St Michael's Hospice Development Company Limited - St Michael's used this subsidiary for e Safeguarding and promoting the values and redeveloping the hospice buildings and mission of St Michael's; surroundings. This company is dormant. e Determining the strategy and structure of St Michael's; Both subsidiaries are English registered companies and e Ensuring St Michael's operates in an effective, Gift Aid all available profits to St Michael's where responsible, and accountable manner, securing applicable. future sustainability; Operating Structure and Charity Governance Code

St Michael's; Both subsidiaries are English registered companies and e Ensuring St Michael's operates in an effective, Gift Aid all available profits to St Michael's where responsible, and accountable manner, securing applicable. future sustainability; Operating Structure and Charity Governance Code e Ensuring the effective functioning of the Board of Trustees; The Board retains ultimate operational responsibility and ¢ Ensuring the organisation meets all statutory sets the aims, policies, and objectives of St Michael's requirements. together with performance monitoring. It has however The devolved authority for its strategic implementation, Trustee Board is made up of unremunerated attainment, performance and day-to-day running to the volunteers. During the year, the Trustee Board met five Chief Executive Officer and his strategic management times for their regular general meetings, and once fora = team who are also responsible for St Michael’s meeting Strategic Planning Day. In addition to these, there were all its statutory and contractual obligations. sixteen subcommittee meetings. The Trustee Board is made up of members according to an analysis that St Michael’s Governance Manual describes these these identifies skills, experience and qualities needed for the arrangements and was updated in 2024 to to reflect the the good governance of St Michael's. Trustees routinely inclusion of the the Associate Trustee role. A full review will review the composition of the Board, considering the be carried out in 2025 with reference being paid to the the need for the right blend of skills, knowledge, experience, Charity Governance Code and Charity Commission and diversity. Just as importantly the Trustees need to fit | guidance. St Michael's has a comprehensive comprehensive range of together to work constructively and effectively asa Board operational policies and procedures that it maintains in and with the management team. Trustees recognise the line with the requirements of the the Care Quality importance of achieving the right balance on the Board Commission, which regulates the clinical activity of St between new blood and stability. Michael's, and the Gambling Commission that regulates

St Michael’s Governance Manual describes these these arrangements and was updated in 2024 to to reflect the the inclusion of the the Associate Trustee role. A full review will be carried out in 2025 with reference being paid to the the Charity Governance Code and Charity Commission | guidance. St Michael's has a comprehensive comprehensive range of operational policies and procedures that it maintains in line with the requirements of the the Care Quality Commission, which regulates the clinical activity of St Michael's, and the Gambling Commission that regulates the Lottery and the Fundraising Regulator.

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the the Trustees For the year ended 31 March 2025

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St Michael’s Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For the year ended 31 March 2025

  1. The provision of education and training. St Michael's seeks to influence and guide the quality of palliative care in other settings and given by other providers through its education and training programmes thereby sharing the experience, expertise and knowledge St Michael’s has built up from 40 years of working in palliative care. St Michael’s also ensures its own staff and and volunteers have opportunities to develop their skills, knowledge, and competence as these have a a direct bearing on the the quality of support support St Michael's can provide.

Public Benefi

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing St Michael's objectives and in planning its future activities.

Support for Principal Activities

The facilities teams (catering, housekeeping and maintenance) provide essential support for the principal activities. The management and administration team provide the necessary governance, oversight and operational management plus finance, human resources (HR), information technology (IT) and administrative support.

The fundraising and retail teams maintain the necessary income needed by St Michael's to deliver its services, as recurrent statutory funding (from Health and Social Care sources — the NHS) remains inadequate.

St Michael's has over 800 volunteers who provide regular support to all service areas. Many more provide ad- hoc support at events etc. or volunteer via their workplaces, communities, and other organisations for the benefit of St Michael's. The contribution these people make is vital to St Michael's success and survival. These volunteers support 321 employed staff (including bank staff) to provide the quality care service and the required support services for patients and their families to meet and go beyond regulatory requirements.

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For the year ended 31 March 2025 eee re

Strategic Report

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Achievements and Performance 2024/25 ea
Strategic Intention One: Communicate with
Over the past year, St Michael's has expanded its reach, and support more people
delivering care and support to more individuals and Silica ayia
families than ever before. This progress has been
achieved despite the ongoing pressures of rising costs This year has seen the medical team play a pivotal role in
across key areas such as fuel, utilities, salaries, and expanding access to specialist palliative care, reaching
medical supplies. more people across more locations than ever before. By
What i. adapting staffing structures, we've gained the flexibility
continues to define St Michael’s is its people. The to innovate in how care is delivered, strengthening our
commitment, adaptability and compassion shown by our —_commitment to high-quality inpatient care while also
volunteers and staff are the driving forces behind the advancing our ambition to shift more services into the
high-quality care we provide —regardless of the external community and people’s homes.
challenges we face. Their collective resilience ensures
that those in our community receive the support they We have deepened our presence presence across the wider
need, when they need it most. healthcare system through through increased representation in a
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We have deepened our presence presence across the wider healthcare system through through increased representation in a range of multidisciplinary specialist groups of multidisciplinary specialist groups multidisciplinary specialist groups groups and community services. Our progress towards progress towards towards a ‘One Yerefordshire’ palliative care model model continues, with increasingly close collaboration with Wye Wye Valley NHS Trust and and other community community colleagues.

In ; range of multidisciplinary specialist groups of multidisciplinary specialist groups multidisciplinary specialist groups groups and response to economic pressures, our Income community services. Our progress towards progress towards towards a ‘One Generation team has continued to innovate and diversify — Yerefordshire’ palliative care model model continues, with income streams to help offset escalating operational increasingly close collaboration with Wye Wye Valley NHS costs, a notable achievement given the current financial Trust and and other community community colleagues. climate.

; At Several new initiatives have helped transform care a strategic level, we remain actively engaged with the delivery. A new Admissions and Discharge Nurse role has NHS Herefordshire and Worcestershire Integrated Care significantly improved patient flow and experience. Board (ICB) and partner hospices in the region. Together, — Feedback has been overwhelmingly positive, with we are working to shape a more equitable and measurable improvements in discharge planning and sustainable funding model that reflects the true value timely admissions. and needs of hospice care in our communities.

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St Michael’s Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees _For00the year ended 31 March2025 A newly formed multidisciplinary response team now Caseloads in day services have grown, enabling us to provides urgent, reactive care to patients on the inpatient | support more patients and families. The day hospice waiting list, delivering care directly to patients’ homes model has been adapted from a 12-week to an 8-week and reducing the need for hospital admission. This placement, increasing capacity. Health and wellbeing enables same-day access to specialist treatment, no services continue to flourish, with rising demand longer reliant on inpatient bed availability. prompting discussions about expanding service availability. A new joint triage clinic ensures Anew service improvement project is underway to better ~~ comprehensive patient assessments ahead of service understand the needs of harder-to-reach populations and == engagement, allowing early signposting to relevant those affected by health inequalities. Alongside this, services. research is being supported into the unique challenges facing rural communities in accessing palliative care. Cross-department collaboration remains a cornerstone

facing rural communities in accessing palliative care. Cross-department collaboration remains a cornerstone of care delivery. A team member now attends the weekly A medical day services lead has been appointed, Community Specialist Palliative Care multidisciplinary fostering innovation and quality improvement projects team meeting, ensuring integrated care planning. Carers that are the first steps towards offering a broader range and support groups remain well attended, with specialist of services. We welcomed a new consultant to our support groups for neurological conditions seeing high specialist on-call rota, strengthening our ability to provide == demand. A monthly Multiple System Atrophy clinic, 24/7 specialist support. We've also enhanced out-ofsupported by the Wye Valley Trust therapy team, anda hours service provision to ensure round-the-clock monthly Motor Neurone Disease Association support availability of advice for patients and professionals. group now meet at St Michael's, both strengthening ; : Staff have continued to engage at local, regional, and collaborative care pathways. national levels, contributing to the development of To widen access, we have introduced a monthly regional guidance, supporting community healthcare Wellbeing Café to engage those who have yet to connect providers for those with chronic or neurological illness, with our services or are on waiting lists. The bi-monthly and representing the organisation on national palliative Liver multidisciplinary team meeting now includes our care forums. team, enabling us to support more patients with palliative Sustaining=o a resilientPa medical: workforce has been a liverpoet—fundeddisease. Wethroughhaveaalsolotterywelcomedgrant—intoan artistour dayand longstanding challenge. This year, we've turned a corner. —seryices. Their contributions have had a profound impact Despite ongoing uncertainty about specialist registrar on patients, and we are exploring further funding to allocations, we've demonstrated the flexibility and sustain this initiative, including the possibility of an resilience to adapt. We continue to plan proactively, exhibition of patient work. aiming to deliver value and efficiency without compromising on the quality of care or ourcommitment = An Admissions and Discharge Nurse role was introduced to innovation. to improve coordination and efficiency in patient . ; ; transitions, and a community nurse was embedded .. Looking ahead, we aim to extend the remit of our within the rapid response team to support patients response team and work towardsa ‘virtual ward model, — awaiting inpatient beds, enabling hospital avoidance and offering more specialist care in the home. With renewed promoting care at home. Community engagement was focusand on service user feedback,we plan to develop day also strengthened through events such as the Carers’ outpatient services further, increasing our reach and Christmas Lunch and fundraisers for St Michael’s 40th FESPONnSiVeness. anniversary, including a fashion show involving patients In nursing, many new starters have joined the Inpatient and Our Bulehexecutive. Unit, including those at the start of their nursing careers. Leadership and professional development have been a Nurses have upskilled across practice areas, and three major focus. Team members completed ILM Level 3 and Registered Nurse Degree Apprenticeship (RNDA) are the Mary Seacole leadership programme, while the expected to qualify by winter 2025. Nursing Director graduated from a Chartered Nursing achievements this year include a stronger focus alee ie 2 arate on enabling patients to die in their preferred place and toe oe a ae aciding new cansclt nee Nake increasing community-based referrals to wider hospice d ag ie g C ‘| . ; d a y g services. We have restructured our community services STIG. STP SOUT PESIStCIe OR ONRTOMnS. tocollaboration promote person-centred careand enhance We have also navigated systemic challenges, such as seamless with external providers for a more changes in referral processes following the Integrated patient journey. Care Board's (ICB’s) assumption of fast-track patient referrals.

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For the yearended31March20250 These required swift adaptation, clear communication, The programmes also support more wider organisational and proactive education to maintain accurate, timely development with management training, customer service allocation. Space constraints in day services service courses, communication skills at 3 levels and remain a challenge, as the number of groups and clinics leadership skills acquisition. We work closely with our grows, but the team continues to find flexible solutions to hospice colleagues in Worcestershire to deliver accommodate need. education and training togetherto increase capacity and The widen the impact across the ICB area. We are currently Supportive Care Team has expanded its reach engaging with the Hospice UK and Helpforce in the across Herefordshire through a variety of bereavement ‘Volunteer to Career’ programme. groups, including walking and talking groups, online sessions, and a newly launched Bereavement Choir. We Project Echo continues at St Michael's, and has been secured funding for an Art Therapist to support care expanded to create ‘communities of practice’ to engage, home residents with life-limiting illness, and we continue support and educate healthcare professionals across a to collaborate with partners to expand our reach. variety of care settings. We have also created ‘Palliative The Champions’ through ECHO delivery and on-going support Goldmindfulness service was recognised as the UK's first targeting nursing and residential care settings across Standard Mindfulness offering in a hospice by Herefordshire. St Michael's continues to use this Breathworks. We're now sharing this successful model platform to engage more with care homes and General with other hospices. We also joined phase two of the Practitioners. NHS eye donation programme, enabling us to assess every patient on admission for donation eligibility. To We have developed a programme of learning and clinical date, over 40 donations have taken place at St Michael's, | experiences for Student Paramedics, instilling knowledge and our team was invited to present this work nationally. and confidence to better prepare them for supporting We've since been asked to pilot eye donation facilitation palliative & end of life patients. in community settings, with outcomes to be shared at the Hospice UK conference. We have expanded our use of ‘Bluestream’ ‘Bluestream’ e- learning

We have expanded our use of ‘Bluestream’ ‘Bluestream’ e- learning platform, which enables staff and volunteers to receive most of their training more flexibly and electronically, whilst recording completion levels, and the ability to record additional training. This ensures we meet our regulatory requirements set by the Care Quality Commission and we can easily evidence this.

Supportive Care has strengthened ties with community partners such as Carers Links, social prescribers, and faith-based organisations. Our Spiritual Care team is working with theological colleges to train students, and our Complementary Therapy team is exploring new partnerships with local natural health centres.

We continue to be inspired by the voices of those we care Strateaic Intention Three: Be a sustainable for. As one patient said after receiving support, “I feel so ~ ol oe pg much more relaxed... the pain has reduced and the ease ae Oe Mg Sneeree with which I'm moving nowis so much better.” Ancther i @_<=$§$—LLLLLAL andl really enjoyed the conversations | had.” and responsibly, continually reviewing our suppliers, : cutting out waste, and identifying areas for improvement. Our ongoing commitment is to extend high-quality, As an active member of the Hospice Quality Partnership compassionate care to even more people—by listening, (HQP), we benefit from collaborative procurement responding, innovating, and working together across the 0PPOrtunities with hospices across the UK, helping us to health and care system to deliver truly person-centred achieve best value through collective contracting and support. shared expertise.

Our diverse and well-balanced portfolio of income Strategic Intention Two: Influence. educate streams remains a key strength. We are not overly reliant ; Do, i, , on any single source of funding, drawing instead from a and WOrK WA otners to.improve Car broad mix including donations, legacies, fundraising 5 EPSPS SET VERITAS TOOT TENS TEP events, community support, grants from trusts and foundations, corporate partnerships, retail income from St Michael's educational programmes continue to ensure — our shop network, investment returns, property rental, staff and volunteers both at St Michael’s and in other and acontribution from the NHS, which remains partner organisations are competent and confident inthe —_ insufficient to meet the true cost of care. delivery of high-quality palliative care.

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St Michael’s Hospicep (incorporatingp g the Freda Pearce Foundation Report of the Trustees For the yearended 31 March 2025 We have continued to evolve our leadership and Income Generation and Marketing setmade conas close s t ructureso the point to enof d e livery thatas decisionspossible. are saS always, enthe departmenteaestrived to Increase income Empowering our managers and supervisors across the and reduce costs, with an outstanding year end net ommanieatienand helps maintain encouragesa supportive innovationand andpurposeful responsiveness theeaNIVersaly.y of sien eal Qnougmheppomunivesnoee Stee 61).rerengage Our environment for staff and volunteers. This in turn ensures _ With supporters througha variety of events, and the we deliver the highest possible quality of care for our £400k digital campaign in 40 hours was a highlight of our patients and their families. fundraising activity. We are grateful to all those who generously supported this initiative to help us to surpass Despite ongoing economic pressures, St Michael’s the £400,000. Legacies accounted for £1,504,293 this financial position remains stable. Through the collective year and Trusts and Grants werea significant contributor efforts of our staff, volunteers, and Trustees, we continue —_-with £455,329 secured. Special thanks this year go to to maximise income, manage costs carefully, and seek significant funding from The Kildare Trust, The Eveson efficiencies wherever possible always without Trust, The Albert Hunt Trust, The Street Foundation and compromising the quality or scope of the care we John Osborn CBE. provide. These efforts remain central to securing our long-term financial sustainability. During the year our retail portfolio returned to Hay-onWye, thanks to an established and dedicated team of ser > SAPAreas TASET AERRIN UE TAVEE GirSTERIC volunteers. After many years of searching,we finally that underpin our three strategic found suitable premises in a great location, next to the intentions town’s main car park. In May we opened what we believe ee Ae i a Ea] to be the Midland’s largest charity superstore, located in Whitestone Business Park. We welcomed thousands of 1. People Management people in the first week, with nearly £20,000 through the a till on day one alone — a very proud moment for St Michael's continues to thrive thanks to the dedication | St Michael's. andstaff.contributionDuring the yearof its weworkforce had 321 of(2023/24:volunteers286)andstaff,paid The Whitestone siteets with its donation; centre, shop and equivalent to 211 (2023/24: 190) whole time equivalent café went from strength to strength, with the store’s careposts.areas 167 peteand associatedube) workparts clyeatlof the service.in clinical and alahr Satese acnieveEe eeeanment3 to everyone's commitment and hard work. This site will In 2024/25, we brought Human Resources and Education continueto grow with our desires for it to be a together under a single, unified ‘People Team’ identity. community hub, with the ability to welcome many more This change, formally announced at the well-attended people to enjoy the facilities in coming years. People Conference in October, reflects our commitment Ratall incarnd'tnereRsdd Gass audinthle year to tofoausedbuilding alenta more cohesive, inclusive and aonpeople£5,383,708 (2023/34: £4,083,290) with a net contribution of £1,809,655 (2023/24 £1,431,305). Retail will be a At the same event, we launched our new organisational continued growth area for St Michael's with plans in 2025 values and began a collaborative process to define the to ane ewan a Home ee store and behaviours that underpin them. This has resulted in the OBENa NEW Stren SUaOW, NaWiNg SGquired planing publication of a ‘Values and Behaviours’ guide, which will Perm!ssion on an identified site. SUPRSE a working gene dedieuted 10 embedding , This year saw the Events and Community landscape shift these principles in everyday practice across St Michael's. considerably with a clear focus on experiences over ponees a yeat, _ Peaple Team ee eventsmass participation market with sigeve n ts.ificant We competition are facing a crowdedfor ticket anton | Wah is mani ance whileals sales so remaining innovative in our offering is key. areata ve ae if “ i _ th start arid i Despite these challenges the team delivered a significant STEN PIBTIAGOUE ea nng Oner ens increase in gross income, surpassing £1,000,000 (over volunteers. A'strong emphasis.on wellseing ang £170,000 more than 2023/24). The increase was ia aban eure oy canetbns Lace on achieved through some significant community events waltn = stchacis ai omen ‘anal lana ta uatlednd celebrating our 40" anniversary of care, along with the making eee ; second overseas Trek to Spain with 17 trekkers taking on volunteer by embedding ‘The St Michael’s Way’, : : : the Camino Way. enhancing engagement, and fostering a culture of continuous development.

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees Forthe yearended31March20250

Althougha fantastic gross total for community and Communication events, there have been significant increases in expenditure driven by, in particular, the effect of inflation, | In 2024/25, we were able to assess the effectiveness of as well as changes in government policy. our new website following a full year of use. The site has It proven to be a sound investment, with traffic and reach at is always a pleasure to welcome supporters to events across all areas almost doubling compared to previous St Michael's. During our special 40" year we hosted a —_ years. This increase has been driven in part by a more series of events for lottery players, regular givers and refined social media strategy, which incorporated significant donors, two Open Gardens, the annual Plant educational content such as a series of myth-busting Fair (now over three days) and a series of Christmas posts to help make hospice care feel more approachable events, and in total we welcomed over 8,000 people and inclusive. Follower numbers and engagement across through the doors. platforms have continued to meet and exceed targets, Throughout this year we we have shifted focus to encourage with steady growth steady growth growth in all areas.

Throughout this year we we have shifted focus to encourage with steady growth steady growth growth in all areas. regular donations. By year end the total given by those At the heart of all our communications is a clear priority: committed to giving monthly surpassed £5,000. This ensuring that people receive the right information at the gives St Michael's a sustainable and known income - right time. Whether it's raising awareness about how to something that is vitally important as we navigate make a referral, accessing support services, or helping to through the future, and one we wish to grow. reduce fear and anxiety around hospice care, our goal is St Michael's is always appreciative of companies that always to make St Michael's feel accessible, reassuring, choose to support througha variety of initiatives and responsive to people's needs. This values-led including volunteering and getting involved in approach underpins every piece of communication we fundraising. Radnor Hills donated £7,500 as a partner create, whether online, in print, or in person. again this year and HCC continued to sponsor RUN . . . . we Hereford at £3,500, Total income generated from This year saw the introduction of two important additions companies exceeded £59,000, in addition to many to our communications portfolio: a new Hospice organisations committing to giving their time to make a Brochure and a Fundraising Brochure. Both resources difference. have helped extend our reach and explain the full breadth of support and services available through St Michael’s. Our Lottery and Raffles continue to be a significant Our biannual magazine, Messenger, also underwent a income stream for St Michael’s contributing £421,130 successful refresh, moving to an AS format that made gross income (2023/24: £420,942), with the net financial sense while retaining its strong community challengingcontribution environmentachieving £283,723.with someIt continuesplayers cancelling to be a focus.magazine's A greataccessible dealof careand wentfeel-good into maintainingtone, and feedback the subscriptions due to tightening finances. However, single ftom readers has been overwhelmingly positive. ticket sales in our shops have meant the total income ; Py has been sustained this year. For the 2025/26 financial Brand refinement was a central focus throughout the year a canvassing agency has been secured, so we will year. A consistent and high-quality look and feel was focus on selling lottery subscriptions in venues across embedded more deeply across all materials and the county, with the aim of growing the lottery for the channels. Our full fleet of vans was rebranded under the long-term and a Superdraw is in place to celebrate 25 On the road for St Michael's” banner, creating a strong years of the lottery. Raffles remain an important income 2nd recognisable presence across the county. Our new stream for St Michael's with an income of £67,496 being | Hospice at Home vehicles also adopted the refreshed generated during 2045/25 from the two raffles. brand identity. We generated £10,323,794 (2023/24: £7,954,645) from The opening of the Whitestone superstore offered a voluntary and other income sources (excluding income _—«Major milestone in retail brand development. A distinct directly related to our charitable activities). The cost of visual style and colour palette were created for the shop, raising funds, including the reallocation of support cost, along with a flexible signage library tailored to different was £4,977,151 (2023/24: £3,824,398). retail environments. Since then, our wider retail portfolio has been grouped into clear categories; High Street, For every £1 raised, 52p goes on delivering and improving Pound Shops, Home & Living, and Superstore, each with our care and support for people living with life-limiting its own recognisable branding to help supporters illness, and 48p goes on generating further income. With navigate where to shop or donate based on their needs. increasing cost pressures, we are pleased that this ratio Supporter communications continued to perform has not reduced. strongly, with more people choosing to stay informed about news, campaigns, and opportunities to get involved with St Michael's. 14

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For the year ended 31 March 2025

  1. Responsible Fundraising St Michael's is registered with the Fundraising Regulator and is a member of the Institute of Fundraising, the Hospice Income Generation Network, the Hospice Lotteries Association, and the Charity Retail Association, and is committed to adhering to the Code of Fundraising Practice. We have had no adjudications and are committed as a team team to continual learning and improvement. The new Code new Code Code of Fundraising Practice comes into effect on on 1 November 2025 so 2025 so so preparations are in orderto ensureto ensure ensure continued compliance.

$172(1) Statement Section 172 of the Companies Act 2006 requires Trustees to act in a way they consider, in good faith, would be most likely to promote the success of St Michael's for the benefit of its stakeholders as a = whole.

committed as a team team to continual learning and In doing so Trustees must have regard (amongst other improvement. The new Code new Code Code of Fundraising Practice matters) to: comes into effect on on 1 November 2025 so 2025 so so preparations ° The likely consequences of any decision it makes are in orderto ensureto ensure ensure continued compliance. in the long term; We continue to focus on our Data Protection procedures The interests of volunteers and staff who ale and communication preferences with all our supporters vital to the successful delivery of St Michael's and feel well placed to communicate with donors services, operations and activities; ; i appropriately. We ask supporters their preferences as to * — The need to foster business relationships with how we communicate with them. We give them the other providers (NHS, Social Care and private option to let us know if they wish to change their sector), suppliers and others; preferences or no longer wish to hear from us and always * The impact of St Michael's operations on the respect their wishes. We do not sell or exchange lists of community and the environment, data with any other charities or companies. e The need for St Michael's to maintain its high reputation for the way it conducts itself: and We review compliance through non-financial audit, e The need to act fairly, respectfully and ethically in mystery shoppers, surveys, monitoring feedback and at all its activities. fae iheeme coneiaten aT pease au a In fulfilling this role, StMichael's seeks to empower its be shade Tae ceheaa Ee volunteers and staff to work togetherto reach the best behalf . ‘ possible decisions, in the best possible way and at the are aware of and adhering to our high standards. best possible time, operating always within the Structure, If we encounter someone showing signs of distress, Governance and Management framework shown on page confusion, or vulnerability our fundraisers will politely 19: refuse any donation offered in such circumstances. In St Michael’s depends on the trust and confidence of its the unlikely event of a donation being received in such stakeholders to operate effectively and sustainably in the circumstances, we will refund the donation. The long term and, as such, engagement with stakeholders fundraising team follow the guidelines of the Chartered informs the basis of the Trustee Board's strategic Institute of Fundraising’s ‘Treating Donors Fairly’ guide. planning and decision-making processes. St Michael's has a system in place to record and learn nee ; from all concerns or complaints. During the year there The Trustees Annual report highlights our commitment to were no significant complaints that were escalated. engaging with our main stakeholder groups, including our patients and their families, our volunteers and staff, our 5. Information and Data Management supporters, our health and social care partners, our ; . With : suppliers, and our wider community. This engagement is the ability to collect vast amounts of Gy primarily through the provision of our care services, dataSt and information easily these days, fundraising, volunteering, education, partnership working Michael's needs to be able to analyse 4 and employment. and use this data to increase our CERTIFIED effectiveness and understanding of our The trust and confidence that St Michael’s depends upon work. Much of our work uses computers and so wehave __/S built on its reputation for high standards of business a strategy to develop and secure these systems conduct, which is based on a range of policies and appropriately and to best effect. processes that promote corporate responsibility for, and ethical behaviour towards, our stakeholders. These St Michael's achieved Cyber Essential Plus accreditation include policies on fundraising, receipt of gifts, (Certificate Number: 46b9d4c6-508c-4966-b3a6safeguarding of vulnerable people, bullying and ad158987df9d) in May 2023 and is seeking harassment, and whistleblowing. These policies are reaccreditation in 2025/26. reviewed periodically to ensure they remain relevant and effective.

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For the year ended 31 March 2025

Volunteer and Staff Eng 2024/25 2023/24 At St Michael's, we recognise that our people, both staff Consumption (kWh) and volunteers, are at the heart of everything we do. - Gas 707,971 562,925 Supporting their development, wellbeing, and - Electricity 681,072 596,242 engagement remains a central priority. We continue to Consumption (miles) invest in learning opportunities, coaching, and skills - Volunteers and staff 73,824 60,764 development to help individuals grow in their roles and - Hospice at Home 98,459 81,824 contribute meaningfully to our mission. - Other 94,510 79,689 As Emissions (tC02e) a responsible employer, we are committed to offering - Gas 130 103 fair pay, appropriate benefits, and a positive working - — Electricity 121 123 environment. The health, safety, and wellbeing of our - Transport fuel - volunteers 20 16 workforce are integral to how we operate, and we strive and staff to foster a culture where everyone feels valued, - Transport fuel - Hospice at 23 19 supported, and equipped to thrive. Home By nurturing our people and recognising their vital TotalTransport waindionsfuel - Other 332.38 #203.32 contribution, we aim to build a motivated and resilient TS workforce capable of delivering the highest standards of Intensity ratio - total tC02e per 1.03 1.02 Cal ale SEMIS. head count (per note 11) Community and Environment St Michael's has sustainability and environmental Methodology responsibility firmly embedded in its culture and . . . ' strategies. Sustainability runs through all aspects of our The key environmental Impacts for St Miohzel e are operations and activities, from energy-saving, recycling electricity and ges Uaage as BayesiGy site and BtrOES and resource-sharing policies in our offices to supporting its retail portfolio, and the use of vehicles for the delivery our voluntary sector partners in our community through eit care and Support as wells Be te collection and : sharing our expertise and capabilities. The Board and delivery of retail donated goods and servicing of the retail Executive team are committed to formalising our many anitE. Energy usage has been caloulated using opening areas of best practice into a structured approach to ane orie satee and eabenrehtaa tasters for embedding sustainability which will include capturing Company R tin 3005 hav sible d to rovide the and communicating the value of our efforts in this area. ompany Reporting ave been USEC tO pro required conversion rates, St Michael's culture is characterised by clear . ; F F ‘ni i responsibility, mutual respect, trust and professionalism. st Michael s continually sauiniieirbaa. alaegop ilo increase St Michael's is focused on people, with patients and their ©"€"9Y ernGleney anal ts Gurrently taking the tollowaing families, volunteers and staff being at its heart. steps to reduce Its carbon emissions: St Michael's embraces diversity, flexibility, sustainability * Changing light bulbs to LED and continuous improvement. wa. wha e Enhanced recycling initiatives

Streamlined Energy and Carbon Reporting Under the Energy and Carbon Reporting Regulations 2018 St Michael's is required to report on its key environmental impacts. A summary of the Carbon emissions of St Michael's activities are as follows:

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St Michael’s Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For the year ended 31 March 2025

The consolidated financial statements that follow laterin this report comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows, and related notes, which include the results of the group companies. The result for the year was the year was year was was a surplus of £117,275 (2023/24: £695,815 deficit). Total expenditure for the year the year year increased by 15.12% to £12,762,247 (2023/24: £11,085,886); 69% of this this relates to increased staffing costs, with a further 25% 25% relating to increased fundraising and other trading activities. 61.0% was spent on charitable activities.

| The Trustees have reviewed the reliability of future income streams, the commitment to future expenditure and risks faced as a Charity. St Michael's has determined that it needs reserves for the following reasons:

==> picture [498 x 358] intentionally omitted <==

----- Start of picture text -----
companies. The result for the year was the year was year was was a surplus of e To fund shortfalls in income (whether statutory,
£117,275 (2023/24: £695,815 deficit). retail, lottery, donations, legacies, or other
fundraising activities) when it does not reach
Total expenditure for the year the year year increased by 15.12% to expected levels. St Michael's is dependent on
£12,762,247 (2023/24: £11,085,886); 69% of this this relates fundraised income as well as statutory funding
to increased staffing costs, with a further 25% 25% relating to which remains low in comparison. The
increased fundraising and other trading activities. 61.0% fundraised income is subject to fluctuation as
was spent on charitable activities. economic conditions change and statutory
funding could be affected by government policy
£000's and the financial position of NHS and local
Charitable Activities eee authority commissioners;
7,785 e To fund unexpected expenditure, for example
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Total income; for the year increased: by 25.67% to outflowssalaries andis relativelythereforefixedthe whereastiming of cashboth
£12,809,104 (2023/24: £10,192,618). fundraised and statutory income fluctuate in
£000's terms of cash inflow over the year,
Donationeana bessnes [27307] 'e To fund future developments to ensure we
S850 continue to meet the needs of our community.
HSRIRE ARES [328] At the end of March 2025, the cash reserves, including
easily realisable assets, within general funds increased to
sic viata eee fee 4s |] £9,556,027 (2023/24: £8,981,387), an amount which
” 6,292 equates to 8.6 months of budgeted 2025/26 operating
Investments and Other Bev Withcosts,themarginallyexpectationbelowof ourfuture reservesurpluses, policyreserves of 9 months.levels
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----- End of picture text -----

m 2024 2025

The net book values of freehold land and buildings are There follows a brief overview of the financial held in a designated reserve called the Property Fund, management that has fed into these reports. totalling £12,211,619 at 31 March 2025 (2023/24: Investment ; £12,260,095). By designating these funds, the Trustees Policy and Returns aim to give a clear presentation of the free reserves Because of the uncertainty of fundraising income available to St Michael's to meet its continuing streams, it is necessary to ensure that funds are always —gperational commitments. At the year-end, restricted readily available for use to ensure that levels of care are reserves totalled £106,110 (2023/24: £84,522). At the not adversely affected in the event of any short-term year-end, the designated capital investment fund totalled income reduction. The Trustees have decided to maintain —£nil (2023/24: £107,211) and the designated a lower-risk investment strategy to protect reserves, and development fund totalled £462,562 (2023/24: therefore services, rather than seeking higher return £803,990). In total, £207,308 was de-designated during investments which increase the risk profile. Performance __ the year. is measured against agreed inflation and market indices. In the current economicpoet crisis,Ls maintainingard EF pace withi TheFinance,level Investmentsof reserves isandmonitoredOperationsregularlyCommitteeby theand inflation remains exceptionally hard. With net gains of St Michael's reserves policy is reviewed annually by the £70,418 (2023/24: £197,453), and total return of Trustees when the budgets are approved. This will £349,077 (2023/24: £457,066), the overall return on the ensure that appropriate steps are in place to maintain portfolio was 4.69%. reserves at the appropriate levels.

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For the year ended 31 March 2025

Over the course of 2024/25 year, the Trustees did not Our Principal Activities Principal Activities Activities identify any new major risks that are thought to have a In realising our belief that that everyone should catastrophic effect on service delivery, income to care that that enables them, and those those close generation or compliance with regulations. They continue __ live and die well. Our Principal Activities are: to consider the following material risks: e Adult inpatient care.

Our Principal Activities Principal Activities Activities In realising our belief that that everyone should have access to care that that enables them, and those those close to them, to

When evaluating our progress against, and the continued validity of our existing strategy through this new lens the Trustees took the opportunity, working alongside colleagues at all levels, to develop a revised strategy to be effective from April 2025.

The following five Strategic Intentions will direct how we work towards achieving our Mission and inform the development of more detailed strategic and operational

St Michael's continues to mitigate these risks through the _ Plans for each intention: training and development of staff, the careful management of expenditure, stewardship and e Increase accessibility and availability of care. diversification of income streams, maintaining e Improve quality of care wherever it is provided. appropriate reserve levels and raising the profile of e Bea sustainable and well led organisation. St Michael's invaluable services. e Bea great place to work and volunteer. song Sancern e Generate funding to deliver care in the most The Trustees have reviewed financial forecasts into 2029 efficient and responsible way. and have paid special consideration to reviewing the risks to St Michael's services and finances as a result of Ultimately, realising our Mission and delivering upon our the current economic and political climate. The Trustees Purpose lays in the hands of our most valuable asset, our are confident that St Michael's will continue as a going People. In collaboration with all of our colleagues and as concern for the foreseeable future. an output of our People Conference in October 2024 we launched our new Values:

Future7 olPlans

St Michael's continues to monitor its strategy and its realisation operationally. It is also of critical importance that our entire community understand why we exist and the importance of us continuing to do so.

In response to this and as a first step in revising our strategy, the Trustee Board approved the revision of our Purpose, Mission and Principal Activities in September 2024 to:

,

Our Purpose

We believe everyone should have access to care that enables them, and those close to them, to live and die well.

“What matters to you is what's important to us”

To ensure we deliver upon this every day, we empower people to work collaboratively to reach the best possible decisions, realise them in the best possible way and at the best possible time.

We value:

Our Mission

Working alongside our community, our mission is to ensure that adults in Herefordshire and the surrounding areas, benefit from palliative and end-of-life care when needed. This includes supporting loved ones throughout bereavement and beyond.

Living our values influences the way we behave. The way we behave informs the way we do things. The way we do things is the St Michael's way.

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For the year ended 31 March 2025

Further, one of the core activities of the People Conference was colleagues collaborating to develop these Values into the Behaviours we expect from each other on a day-to-day basis. These Behaviours and achieving the high standards we have set for ourselves will form an integral part of our future success.

The Trustee Board delegate day-to-day responsibility to the Chief Executive, who in turn delegates some management functions to the Strategic Management Team (SMT). The Schedule of Delegation is set out in the Governance Manual. The Trustee Board has four subcommittees that meet quarterly and are responsible for reviewing St Michael's activities in their respective areas of expertise in more detail than full Board meetings can achieve. These are:

Against the backdrop of increasing costs driven by a myriad of factors and both increasing demand and complexity we extend our thanks to our community for their continued generosity. We are fortunate to to be so well supported by our community community who disproportionately meet the the vast majority of the the cost of care delivered by St Michael's. We exist only as a result of the the actions of our community community and their continued support.

their continued generosity. We are fortunate to to be so well e Clinical Governance & Care Committee; supported by our community community who disproportionately e People & Facilities Committee (People meet the the vast majority of the the cost of care delivered by Committee from 1 January 2025); St Michael's. We exist only as a result of the the actions of e Finance & Investment Committee (Finance, our community community and their continued support. Investments & Operations Committee from 1 January 2025); Structure, Governance and Management ¢ Income Generation, Marketing & Communications Committee. Trustees Trustees (and Associate Trustees) are unremunerated Committee membership consisted of at least three volunteers. They give their time voluntarily and receiveno = Trystees and a member of SMT. A Trustee chairs the benefits from St Michael's. Any expenses reclaimed from meetings and presents a report at The Trustee Board, St Michael's are set out.in note 10 to the financial which meets quarterly. statements, of which there was £120 (2023/24: Enil). The Trustee Board continually considers the skills mix Z Esti Hae Seba Readies siete Speer ae ; and diversity of its members. Recruitment is an open , ; . competitive process involving public advertising, The aim of St Michael's pay policy is to offer fair pay to networking, and the services of professional recruiters as attract and keep appropriately qualified staff to lead, appropriate. manage, support, and deliver St Michael's aims. Trustees are ultimately responsible for setting the Chief St Michael's provides potential Trustee (and Associate Executive’s remuneration level and agreeing the annual Trustee) candidates with information about the cost of living award. organisation and about their role, including the role description and expectation of the Trustee Board, andthe The Chief Executive sets grading levels for the Strategic length of tenure of appointment. The Board of Trustees Management Team Team with Trustee oversight (except make appointments. medical staff who who are on the relevant NHS NHS schemes).

The Chief Executive sets grading levels for the Strategic Management Team Team with Trustee oversight (except medical staff who who are on the relevant NHS NHS schemes). The Strategic Management Team sets grading levels for all other staff under a staff under a under a a remuneration structure approved by Board.

Every Trustee (and Associate Trustee) must sign a all other staff under a staff under a under a a remuneration structure approved Commitment and Disclosure Form before they are by Board. eligible to become a Trustee (or Associate Trustee), including a declaration of interest form, which is renewed = When deciding the Chief Executive and Strategic each year. On appointment or election as a Trustee, a Management Team's salary levels, consideration is given Trustee becomes a member of St Michael's. Trustees to: hold membership of St Michael's only during their Trustee Term of Office. Retirement, resignation or e the purpose, aims and values of St Michael's, and its removal as a Trustee ends their membership of beneficiaries’ needs; sr Mlenaels:

e how pay is linked to the skills, experiences and It is St Michael's policy and practice to provide Trustee competencies St Michael's needs from its senior staff Board Members and Associate Trustees with appropriate and the scope of their roles and how St Michael scan training to undertake their role and to ensure that new maintain the abilityto recruit and retain suitably Trustee Board Members receive an induction to qualified and experienced management; St Michael's and to the role of a Charity Trustee and e St Michael's current business plan and how Company Director. New Trustees attend a corporate implementing it may affect the number of senior staff induction day, and we look to provide them with a mentor St Michael's needs to employ or recruit, and the Trustee to provide specific support over the first 12 nature of these roles; months of their Trustee Term. Trustees are elected initially for a three-year term and are appraised annually.

19

St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees For202500 the yearended31 March

e St Michael's ability to pay, including: The Chief Executive shares a weekly all colleague . , . ; communication alongside a bi-monthly colleague > the beniettt ie at Michael's that such newsletter positions to share successes across the organisation will bring, and key information that might impact people; this » the cost to St Michael's of increasing includes the impact of external factors (like national remuneration levels. economic challenges or political changes) as well as St Michael’s regularly benchmarks its salaries against of Mighael's SWn PenennanGe and eredasts, Thisl6 ih other similarae organisationssgl and, .in the case of clinicalan addition to all other internal communications routes. staff, with the NHS and local authority in Herefordshire. During 2024/25 we have continued to market benchmark valicy for Employment of Disabled Pe salaries and have reviewed the benefits offered by sean nn eee Oe SACP STSONS St Michael's to incentivise and reward staff. Following St Michael's fully and fairly considers all applications for —_feedback from staff a Death in Service Benefit was recruitment to contracted or volunteer roles made by introduced for those staff not in the NHS Pension disabled persons and gives regard to their aptitude and Scheme (which already includes this benefit), and staff abilities. Opportunities for training, career development can obtain eye test vouchers and various discount and promotion are considered in the same way forthose —_schemes with local suppliers. employed or volunteering. Should an employee or volunteer become disabled, St Michael's arranges Work has continued during 2024/25 to engage with and appropriate training and support to enable continued grow our volunteer volunteer base. We are proud to have retained employment at St Michael's where possible. most of our volunteers volunteers and plan to grow this workforce further. Emptoyee -Information St Michael's is committed to providing its’ People (staff The Trustees Trustees wish to record their thanks thanks to the many and volunteers) with information on matters of concern volunteers without whom whom St Michael’s would be unable to to them. Colleague engagement is important for maintain the quality of service service and deliver care within our St Michael's. We do this through various methods. cost constraints. The estimated value of the the volunteer During the year we have moved from an HR function contribution to St Michael's is in excess of £2.5 million which supports ‘staff’ and ‘volunteers’ to a People Team per annum. which supports all our colleagues with real equity. ; ; oe ;

Work has continued during 2024/25 to engage with and grow our volunteer volunteer base. We are proud to have retained most of our volunteers volunteers and plan to grow this workforce further. The Trustees Trustees wish to record their thanks thanks to the many volunteers without whom whom St Michael’s would be unable to maintain the quality of service service and deliver care within our cost constraints. The estimated value of the the volunteer contribution to St Michael's is in excess of £2.5 million per annum. ; ; oe ; Funds Held as Custodian Trustees on Behalf of Others Within deferred income is £128,500 held as a cash investment which which providesaa lifelong annuity to to an individual. St Michael's and a GP surgery are joint joint beneficiaries of the the residual capital. Statement of Trustees Responsibilities The Trustees Trustees (who are also directors of the the company for the purposes of company company law) are responsible for preparing the Trustees Trustees annual report including the strategic report and the financial statements in accordance with applicable law and and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

We have a Joint Staff Consultative Group (and equivalent Within deferred income is £128,500 held as a cash Volunteer Group), where organisational proposals that investment which which providesaa lifelong annuity to to an might impact staff and volunteers are discussed and individual. St Michael's and a GP surgery are joint joint feedback is actively sought to ensure any changes are © beneficiaries of the the residual capital. managed effectively and we get it right first time, every time. During the year and in line with our changes in the Statement of Trustees Responsibilities management and support of our workforce we The Trustees Trustees (who are also directors of the the constituted a ‘Values & Behaviours’ Steering Committee the purposes of company company law) are responsible for which will replace these separate groupings representing _ preparing the Trustees Trustees annual report including the two distinct elements of our workforce and which will strategic report and the financial statements in champion the implementation of our revised accordance with applicable law and and United organisational values, and the behaviours these demand. Accounting Standards (United Kingdom Generally

We hold regular colleague meetings and informal Accepted Accounting Practice). gatherings to encourage workforce engagement. The Company law requires the Trustees to prepare financial Trustees carry out regular planned visits to meet and talk — statements for each financial year which give a true and with colleagues, as do the management team. fair view of the state of affairs of the charitable company Our and group and of the incoming resources and application intranet and internal communications channels keep of resources, including the income and expenditure, of colleagues informed of what is happening at St Michael's the charitable company and group for that period. and provides opportunity for feedback.

: 20

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Report of the Trustees _For0the year ended 31 March 2025 In preparing these financial statements, the Trustees are The Trustees are responsible for the maintenance and required to: integrity of the corporate and financial information included on the charitable company's website. e Select suitable accounting policies and then Legislation in the United Kingdom governing the apply them them consistently preparation and dissemination of financial financial statements Observe the methods the methods methods and principles in the the may differ from differ from from legislation in other jurisdictions. Charities SORP Members of St St Michael’s guarantee to to contribute an e Make judgements judgements and estimates that that are amount not exceeding exceeding £2 to the to the the assets of St St Michael's in reasonable and and prudent the event of winding winding up. The Trustees Trustees are members members of ¢ State whether applicable7 UK Accounting: Accounting: TheStMichael’s,TrusteesTrustees Michael’s,TrusteesTrustees buthavethisnoonlybeneficialentitlesinterestthemhavethisnoonlybeneficialentitlesinterestthemthisnoonlybeneficialentitlesinterestthemnoonlybeneficialentitlesinterestthemonlybeneficialentitlesinterestthembeneficialentitlesinterestthementitlesinteresttheminterestthemtoinvotingStinvotingStvotingStSt toinvotingStinvotingStvotingStSt Michael's.rights.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

_

21

Independent Auditor's Report To the Members of St Michael's Hospice (incorporating the Freda Pearce Foundation) For the year ended 31 March 2025

Opinion

We have audited the financial statements of St Michael's Hospice (Incorporating the Freda Pearce Foundation) (the “charitable company”) and its subsidiaries (the “group”) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, Group Balance Sheet, Charity Balance Sheet, Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

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

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

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

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

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

22

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Independent Auditor's Report To the Members of St Michael's Hospice (incorporating the Freda Pearce Foundation) For the year ended 31 March 2025

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 20, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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

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

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102).

23

Independent Auditor's Report To the Members of St Michael's Hospice (incorporating the Freda Pearce Foundation) For the year ended 31 March 2025

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context were the Gambling Commission, CQC Regulations and General Data Protection Regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be recognition of legacy income, the completeness and accuracy of grant income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance and Investments Committee about their own identification and assessment of the risks of irregularities, sample testing on legacy and grant income, sample testing on the posting ofjournals, reviewing accounting estimates[for][biases,] reviewing[regulatory] correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required 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 responsibility 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.

Helen Blundell tte rca Foie pcha Senior Statutory Auditor For and on behalf of

.

Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date: 12 November 2025

24

St Michael’s Hospice (incorporating the Freda Pearce Foundation) Consolidated Statement of Financial Activities (incorporating an income and expenditure account) For the year ended 31 March 2025

==> picture [479 x 529] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|2025|2024| |Total|Total| |Note|£|£|£|£| |Income|from:| |Donations|and|legacies|3|3,548,168|133,072|3,681,240|2,730,241| |Charitable|activities|4|2,317,713|167,597|2,485,310|2,237,973| |Other|trading|activities|5|6,291,533|-|6,291,533|4,853,469| |Investments|6|330,040|-|330,040|357,245| |Other|7|20,981|-|20,981|13,690| |Total|income|12,508,435|300,669|12,809,104|10,192,618| |Expenditure|on:| |Raising|funds|9|4,976,299|852|4,977,151|3,824,398| |Charitable|activities|9|7,759,191|25,905|7,785,096|7,261,488| |Total expenditure|9|12,735,490|26,757|12,762,247|11,085,886| |Net|(loss)|/ income|before|net|(227,055)|273,912|46,857|(893,268)| |gains|/|(losses)|on| |investments| |Net|gains|on|property|15|-|;|-|40,000| |investments| |Net|gains|on|listed|16|70,418|-|70,418|157,453| |investments| |Net income/|(loss)|for the|(156,637)|273,912|117,275|(695,815)| |year| |Transfers|between|funds|25|252,324|(252,324)|-|-| |Net movement|in|funds|95,687|21,588|117,275|(695,815)| |Reconciliation|of funds:| |Total funds|brought forward|25|23,695,395|84,522|23,779,917|24,475,732| |Total funds carried forward|25|23,791,082|106,110|23,897,192|23,779,917|

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The notes on pages 28 to 48 form part of these financial statements.

25

St Michael's Hospice (incorporating the Freda Pearce Foundation) Consolidated and Charity Balance Sheets As at 31 March 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Charity| |2025|2024|2025|2024| |Note|£|£|£|£| |Fixed|assets| |Tangible|fixed|assets|14|13,772,493|13,802,807|13,772,493|13,802,807| |Investment|properties|15|740,000|740,000|740,000|740,000| |Investments|16|7,290,929|8,442,415|7,290,929|8,442,415| |21,803,422|22,985,222|21,803,422|22,985,222| |Current|assets| |Stock|19|19,091|15,275|5,749|1,254| |Debtors|20|1,840,318|726,760|2,070,304|851,029| |Cash|at|bank and|in|hand|1,381,417|1,018,793|1,129,497|887,780| |3,240,826|1,760,828|3,205,550|1,740,063| |Liabilities| |Creditors:amounts due|within one year|21|(1,147,056)|(966,133)|(1,112,344)|(945,932)| |Net|current|assets|2,093,770|794,695|2,093,206|794,131| |Total|net|assets|23,897,192|23,779,917|23,896,628|23,779,353| |Funds|of the|Group|and|Charity:|25| |Restricted|income|funds|106,110|84,522|106,110|84,522| |Unrestricted|funds| |Designated|funds|12,674,181|13,171,296|12,674,181|13,171,296| |General|funds|11,116,901|10,524,099|11,116,337|10,523,535| |Total|unrestricted|funds|23,791,082|23,695,395|23,790,518|23,694,831| |Total|Group|and|Charity funds|23,897,192|23,779,917|23,896,628|23,779,353|

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The Charity’s net income for the year was £117,275 (2023/24: £695,815 net expenditure).

The notes on pages 28 to 48 form part of these financial statements.

Approved and authorised for issue by the Board of Trustees on 10 September 2025 and signed on their behalf by:

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Mr D TeagueXY
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Company Registration Number: 01634942 (England and Wales)

26

St Michael's Hospice (incorporating the Freda Pearce Foundation) Consolidated Statement of Cash Flows For the year ended 31 March 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Cash|flows from|operating|activities| |‘|Net|cash|used|in|operating|activities|26|(715,264)|(633,358)| |Cash|flows|from|investing|activities:| |Dividends,|interest,|and|rents|from|investments|330,040|357,245| |Proceeds|from the|sale|of fixed|assets|18,000|825| |Purchase|of fixed|assets|(492,405)|(3,288,880)| |Proceeds|from|the|sale|of|investments|1,657,945|3,464,006| |Purchase|of investments|(444,608)|(1,659,669)| |Movement|in|investments|—|cash|holdings|8,566|(2,683)| |Net|cash|used|in|investing|activities|1,077,538|(1,129,156)| |Change|in cash|and cash|equivalents|in the year|362,274|(1,762,514)| |Cash|and|cash|equivalents|at the|beginning|of|the year|1,011,683|2,774,197| |Cash|and|cash|equivalents|at the end|of the year|27|1,373,957|1,011,683|

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The notes on pages 28 to 48 form part of these financial statements.

27

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025 a

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1. Accounting policies

a) Statutory information

St Michael's Hospice (incorporating the Freda Pearce Foundation) is a charitable company limited by guarantee (Company number 01634942 and Charity number 511179) and is incorporated in the United Kingdom. The registered office address and principal place of business is St Michael's Hospice, Bartestree, Hereford, HR1 4HA, This is also the address of its 100% wholly owned subsidiaries.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly owned subsidiaries - SMH Trading Limited and St Michael's Hospice Development Company Limited - on a line-byline basis. Transactions and balances between the charitable company and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the companies are disclosed in the notes of the charitable company's Balance Sheet. A separate Statement of Financial Activities, or income and expenditure account, for the charitable company itself is not presented as permitted by the exemptions afforded by section 408 of the Companies Act 2006 not to include it. The charitable company has also taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only cashflow and certain financial instrument disclosures.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The Trustees consider that there are no material uncertainties about the group's ability to continue as a going concern following their review of the financial position, reserves levels and future plans. In arriving at their decision, the Trustees have thoroughly reviewed the impact of the current economic and political climate on service demand and delivery and income levels and have taken appropriate mitigating action to minimise risk. The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably.

Income from voluntary sources is received by way of donations, gifts, and fundraising events, and is included in full in the Statement of Financial Activities when receivable. Income from gift aid tax reclaims is recognised for all donations made prior to the year-end where valid gift aid declarations are held.

,

8

St Michael’s Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

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1. Accounting policies (continued)

For legacies, entitlement is taken as the earlier of the date on which either: the charitable company is aware that probate has been granted, the estate has been finalised and the executor has made notification to the charitable company that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charitable company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charitable company, or the charitable company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material in note 3.

Income from charitable activities is recognised as services are performed. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services, and facilities

In accordance with the Charities SORP (FRS 102), the value of services provided by volunteers is not recognised. The Trustees’ annual report contains further information about the invaluable contribution provided by volunteers. On receipt, donated gifts, professional services, and donated facilities are recognised based on the value of the gift to the charitable company which is the amount the charitable company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Clothing and other goods donated for resale are included in income when they are sold. If an item is significant in value, it would be measured and valued at the year-end.

g) Interest receivable and dividends

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank. Dividends are included when received or declared and receivable.

h) Fund accounting

Restricted funds are those which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for a specific purpose. The notes to the financial statements provide further details. Once the terms and conditions of the restrictions have been met, tangible fixed assets purchased with restricted monies, are transferred to unrestricted funds.

Unrestricted funds are those available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for any other purpose.

Designated amounts within the unrestricted funds represent the total Net Book Value of the freehold land and buildings and assets in the course of construction held at the balance sheet date and funds designated for the development projects and capital investment. Designated funds may also comprise amounts that have been set aside by the Trustees for particular purposes, notably for the purchase of other assets used within the business.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Raising funds- this relates to the costs incurred by the charitable company in procuring voluntary contributions to it, as well as the costs of any activities with a fundraising purpose, including charity shop running costs and investment manager fees.

This includes salaries of staff engaged in fundraising activities, direct expenditure, and support costs. The cost of fundraising activities is recognised in the year in which it is incurred although the income derived from the activities may arise in future years. .

29

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

2. Accounting policies (continued)

Charitable activities - this includes the costs of delivering services, and other educational activities undertaken to further the purposes of the charitable company and their associated support costs.

Irrecoverable VAT is charged against activities on the same basis as the allocation of support costs. Governance costs are included within support costs and relate only to external audit fees.

j) Allocation of support costs

Expenditure is allocated to the activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Inpatient Care 50.0%
In reach (Day Care Services) 2.5%
Supportive & Rehabilitative Care 1.0%
Education & Training 1.0%
Hospice at Home 25.0%
Charitable Activities 79.5%
RaisingFunds 20.5%

k) Operating leases

Rentals applicable to operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

|) Tangible fixed assets

Items are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities based on the use of the related assets in those activities. Assets are reviewed for impairment annually to consider if their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

The depreciation rates in use are as follows:

Freehold buildings
-
Main Structure		 50 years
-
Roof		 10 -40 years
-
Windows and doors		 25 years
Leasehold property Overthe period ofthe lease
Medical and nursing equipment and beds 5 - 10 years
Motor vehicles 3-7years
IT Equipment and development 3 - 5years
Plant and machinery 15-25 years
Fixture,fittings,andequipment 3-5years

Land and buildings are included at cost. Land and assets in the course of construction are not depreciated. In accordance with the Statement of Recommended Practice, freehold buildings have been categorised into those components which have substantially different useful economic lives.

30

| |

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements ’ For the year ended 31 March 2025

1. Accounting policies (continued)

m) Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the Statement of Financial Activities. The valuation method used to determine fair value is stated in the notes to the financial statements.

n) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted middle market price.

Any change in fair value will be recognised in the Statement of Financial Activities. Investment gains and losses are combined and shown in the heading “Net gains / (losses) on investments” in the Statement of Financial Activities. The charitable company does not directly acquire put options, derivatives, or other complex financial instruments.

0) Investments in subsidiaries

Investments in subsidiaries are at cost.

p) Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks.

q) Debtors

Trade debtors, other debtors, accrued income and amounts owed by group entities are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any trade discounts due.

r) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

s) Creditors

Creditors are recognised where the group hasa present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

t)

Financial instruments

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Listed investments are shown at market value.

31

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025 Pa Ra Aa cae ee ore Se a

  1. Accounting policies (continued)

u) Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these estimates and judgements have been made include the following:

i) Useful economic lives of tangible assets

The annual depreciation charges for the tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the tangible assets and note |) for the useful lives of each class of asset.

ii) Impairment of debtors

The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, the Trustees consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 20 for the net carrying amount of the debtors and associated impairment provision.

iii) Accrued legacy income

Legacy income is accrued if probate has been granted prior to the year-end, and the estate has been finalised, or the executor has made notification to the charitable company that a distribution will be made, or whena distribution is actually received, mitigating estimation uncertainty as income can be measured reliably.

iv) Dilapidations

The charitable company has estimated the anticipated costs of dilapidations across its retail shops based on the age of the leases and historic costs incurred.

v) Pensions

Defined benefit scheme

°

The charitable company contributes to the NHS pension scheme for eligible staff. Such contributions are a fixed percentage of salary. Contributions are charged to the Statement of Financial Activities in accordance with the rules of the scheme. The scheme is not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, it is accounted for as if it were a defined contribution scheme: the cost to the NHS Body of participating in the scheme is taken as equal to the contributions payable to that scheme for the accounting period. The charitable company has no ongoing liability once the standard contributions to the scheme are made.

Defined contribution schemes

Where staff are not eligible to join the NHS pension scheme, they can opt to join a group personal pension plan scheme. St Michael's also contributes to the personal schemes of individual employees. Such contributions are a fixed percentage of salary. In accordance with workplace pension legislation, eligible employees who are not already in a compliant pension scheme are automatically enrolled into a workplace pension scheme. Contributions are charged to the Statement of Financial Activities in accordance with the rules of the schemes.

32

|

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements _Forthe00 yearended31March 2025

2. Detailed comparatives for the Statement of Financial Activities

==> picture [436 x 515] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|2024| |Total| |Note|£|£|£| |Income|from:| |Donations|and|legacies|3|2,/12,968|17,273|2,730,241| |Charitable|activities|4|2,237,973|-|2,237,973| |Other trading|activities|5|4,853,469|-|4,853,469| |Investments|6|357,245|-|357,245| |Other|7|13,690|-|13,690| |Total|income|10,175,345|17,273|10,192,618| |Expenditure|on:| |Raising|funds|9|3,818,510|5,888|3,824,398| |Charitable|activities|9|7,246,287|15,201|7,261,488| |Total expenditure|9|11,064,797|21,089|11,085,886| |Net income|before|net|gains on|(889,452)|(3,816)|(893,268)| |investments| |Net|gains|on|property|15|40,000|-|40,000| |investments| |Net|losses|on|listed|investments|16|157,453|-|157,453| |Net income|/|(expenditure)|for|(691,999)|(3,816)|(695,815)| |the year| |Transfers|between|funds|25|5,071|(5,071)|-| |Net movement|in funds|(686,928)|(8,887)|(695,815)| |Reconciliation|of funds:| |Total|funds|brought forward|25|24,382,323|93,409|24,475,732| |Total funds|carried|forward|25|23,695,395|84,522|23,779,917|

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

33

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

3. Income from donations and legacies

2025 2024
Unrestricted Restricted - Total Total
£ £ £ £
Donations 1,117,325 50,000 1,167,325 574,915
Trusts and foundation grants 372,257 83,072 455,329 228,186
Community fundraising activities 554,293 - 554,293 506,419
Legacies 1,504,293 ~ 1,504,293 1,420,721
Total 3,548,168 133,072 3,681,240 2,730,241

As at 31 March 2025 the charity had been notified of several legacies, the values of which were uncertain as the executors were awaiting confirmation of other claims on the estate and may also be in the process of realising assets such as residential property. The estimated total of these legacies could be up to £1,659,000. None of these legacies have been accrued in the financial statements.

4. Income from charitable activities

Income from charitable activities
2025 2024
Unrestricted Restricted Total Total
£ £ £
Nursing & medical care 1,081,494 167,597 1,249,091 1,001,080
Trusts and foundation grants - - - 2,700
Hospice at Home 1,173,251 - 1,173,251 1,166,253
Other care services 3,840 - 3,840 2,014
Education and training 59,128 - 59,128 65,926
Total 2,317,713 167,597 2,485,310 2,237,973

£2,146,528 (2023/24: £2,092,201) was received from NHS Herefordshire and Worcestershire. £37,900 (2023/24: £30,392) was received from Powys Local Health Board. £70,317 (2023/24: £44,740) was received from NHS Wales. £24,900 (2023/24: £24,900) was received from Health Education England towards Registered Nurse Degree Apprenticeships. £16,760 (2023/24: £26,935) was received from the Hereford and Worcester acute hospitals for the provision of training and room hire for study days. £3,840 (2023/24: £3,398) was received from Taurus Healthcare for use of the Mobile Hospice Support Vehicle.

On 19" December 2024, Department of Health and Social Care Ministers announced that Government was supporting the hospice sector by providing a £100 million capital funding boost for adult and children’s hospices in England. This Hospice Capital Grant funding, administered and disseminated to hospices via Hospice UK, is to support hospices to improve or maintain their physical estate. £167,597 was receipted during the year and expended on eligible capital investment schemes.

There were no unfulfilled conditions or other contingencies attached to these income receipts.

5. Income from other trading activities

2025 2024
Unrestricted Restricted Total Total
£ £ £ £
Fundraising events 447,387 - 447,387 316,856
Lottery 404,787 - 404,787 406,802
Retail shops 5,383,708 - 5,383,708 4,083,290
Other 55,651 - 55,651 46,521
Total 6,291,533 - 6,291,533 4,853,469

34

St Michael’s Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

6. Income from investments

Income from investments
2025 2024
Unrestricted Restricted Total Total
£ £ £ £
Bank interest received 21,930 - 21,930 25,882
Investment interest & dividends 278,659 - 278,659 299,613
Rental income 29,451 - 29,451 31,750
Total 330,040 2 330,040 357,245
Other Income
2025 2024
Unrestricted Restricted Total Total
£ £ £ £
Crematorium Fees 2,542 - 2,942 7,954
Disposal offixed assets 11,915 - 11,915 -
Other 6,524 - 6,524 5,736
Total 20,981 : 20,981 13,690
Net income for the year
This is stated after charging: 2025 2024
£ £
Depreciation 532,023 466,490
Net profit on disposal offixed assets 4,405 300
Operating lease rentals: - property 314,622 349,678
- other 42,587 47,591
Auditor's remuneration: - audit 18,500 17,975
- other services 4,380 2,500
Interestreceivable 21,930 25,882

7. Other Income

8. Net income for the year

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

|

10. Staff costs and numbers

Staff costs were as follows:
2025 2024
£ £
Salaries and wages 7,478,001 6,480,741
Redundancy and termination costs 63,502 68,966
Social security costs 636,003 540,542
Pension contributions — defined benefitscheme 227,574 214,548
Pension contributions — defined contribution schemes 393,950 346,281
8,799,030 7,651,078
Less: Recharged to capital (33,609) (37,161)
Note9 8,765,421 7,613,917

The following number of employees received employee benefits (excluding employer national insurance and pension costs) during the year between:

2025 2024
No. No.
£60,000 - £69,999 2 2
£70,000 - £79,999 4 2
£80,000 - £89,999 = 2
£90,000 - £99,999 1 1

The charitable company considers its key management personnel during the year to comprise the Trustees and the Strategic Management Team - who are the Chief Executive and three other key directors. The total cost (including employer national insurance costs and pension contributions) of the key management personnel who served during the year was £376,530 (2023/24: £290,320). With the exception of travel expenses for Dr P Downey of £120 (2023/24: fnil), the Trustees were not paid nor received any other benefits or employment with St Michael’s in the year (2023/24: Enil).

11. Staff numbers -

The average number of employees (head count based on number of staff employed) and whole-time equivalents (WTE) during the year were as follows:

2025 2025 2024 2024
Head WTE Head WTE
Count Count
Inpatient Care 91 63 96 61
In reach / Day Care Services 18 10 17 8
Supportive & Rehabilitative Care 18 11 16 11
Hospice at Home 39 31 36 29
Externally provided education and
training		 1 1 1 1
Support 31 23 26 20
Raising funds 123 72 94 60
321 211 286 190
37

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

12. Related party transactions

During the year, the charitable company entered into transactions for the purchase of services as described below:

One family member of a Trustee who served during the year (Mrs J Winney) was employed by St Michael's on standard employment terms and conditions — their total remuneration (including employer national insurance costs and pension contributions) was £17,383 (2023/24: £14,802).

During the year, a management charge was made by the charitable company to SMH Trading Limited of £284,216 excluding VAT (2023/24: £139,279). At the end of the year gift aid of £16,356 (2023/24: £6,283) was payable by SMH Trading Limited to the charitable company. The total yearend balance owed to the charitable company was £231,180 (2023/24: £124,479).

13. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

ea

15. Investments Properties — Group and Charity

==> picture [413 x 71] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Fair value|at the|start|of the|year|740,000|700,000| |Revaluation|during|the|year|-|40,000| |Fair Value|at the|end|of the|year|740,000|740,000|

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

The properties were last valued on an open market valuation basis on 26" March 2025 by Alister Walshe FNAEA FNAVA of Stooke, Hill & Walshe. Being a previous related party, and now Life Patron, the Board of Trustees have approved the valuation.

16. Investments - Group and Charity

==> picture [417 x 392] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025:|2024| |£|£| |Fair|value|at the|start|of|the|year|8,419,332|10,066,216| |Transfers|-|=| |Additions|at|cost|444,608|1,659,669| |Disposal|proceeds|(1,657,945)|(3,464,006)| |Net|gain|/|(loss)|on|change|in|fair value|70,418|157,453| |7,276,413|8,419,332| |investments|- cash|holdings|14,516|23,083| |Fair value|at the|end|of the|year|7,290,929|8,442,415| |Investments|comprise:|2025|2024| |£|£| |UK|Fixed|Interest|4,258,304|3,955,650| |International|Fixed|Income|-|7| |Equities|1,142,074|1,100,847| |Alternative|Investments|719,544|751,840| |Cash|Funds|1,170,996|2,634,067| |7,290,918|8,442,404| |Investment|in|subsidiary|undertakings|incorporated|in|the|1|1| |UK| |Investment|in|Hospice|Quality|Partnership|10|10| |8.442.415|

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

40

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

| |

17. Subsidiary undertakings

The charitable company owns the whole of the issued ordinary share capital of SMH Trading Limited, a company registered in England, company number 06545386. St Michael's uses the subsidiary for non-primary purpose trading activities.

All activities are consolidated on a line-by-line basis in the Statement of Financial Activities. The Trustee Ms P A Greenwood who served during the year was also a director of the subsidiary. This appointment ceased on retirement from her Trustee role, with Trustee E Drummond taking up the appointment. Available profits are gift aided to the charitable company within 9 months of[the] year-end.

The table below shows a summary of the subsidiary’s results.

2025 2024
£ £
Turnover
Cost of sales		 489,396
(183,787)		 244,748
(94,985)
Gross profit 305,609 149,763
Distribution costs (113,075) (55,412)
Administrative expenses (171,141) (83,867)
Other operating expenditure (5,037) (4,201)
Operating profit 16,356 6,283
Taxation = =
Profit after taxation 16,356 6,283
Retained earnings atthe start of the year 563 563
Profit forthe year 16,356 6,283
Gift aid donation (16,356) (6,283)
Retained earnings at the end ofthe year 563 563
The aggregate ofthe assets, liabilities and funds was:
Assets 266,456 145,244
Liabilities (265,892) (144,680)
564 564
Funds:
Share capital 1 1
Retained profits 563 563
564 et

Distribution costs and administrative expenses totalling £284,216 (2023/24: £139,279) represent a management charge from the parent entity. Amounts owed to the parent undertaking are shown in note 20. Transactions between the parent entity and trading subsidiary are included in note 12.

4l

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

17. Subsidiary undertakings (continued)

The charitable company also owns the whole of the issued ordinary share capital of St Michael's Hospice Development Company Limited, a company registered in England, company number 07039211. St Michael's used the subsidiary for the redevelopment of the hospice buildings and surroundings.

All activities are consolidated on a line-by-line basis in the Statement of Financial Activities. The Trustee Mr D Teague who served during the year is also a director of the subsidiary. Available profits are covenanted to the charitable company as appropriate within 9 months of the year-end. The company is dormant and did not have any trading activity in either the current year or the prior year.

A summary of the results of the subsidiary is shown below:

A summary of thethe results of the subsidiary is shown below:
2025 2024
£ £
Turnover - =
Costofsales - eae
Gross profit - -
Other operating expenditure a :
Operating profit / (loss) - °
Taxation
Profit / (Loss) after taxation		 —
-		 SS
-
Retained (losses) / earnings atthe start ofthe year - -
Profit / (Loss) forthe year - -
Gift aid donation - a
Retained profit/ (losses) atthe end ofthe year - =
The aggregate ofthe assets, liabilities and funds was:
Assets 1 1
Liabilities . =—
es
Funds:
Share capital 1 ’
Retained losses - :
1 1

St Michael's Hospice Development Company Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of s479A.

42

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

|

18. Parent charity

The parent charity's gross income and results for the year are disclosed as follows:

2025 2024
£ £
Gross income and gains / (losses) on investments 12,690,698 10,290,885
Gross expenditure 12,573,423 10,986,700
Netincome / (expenditure) 117,275 (695,815)
Stock
Group Charity
2025 2024 2025 2024
£ £ £ £
Goods for resale 19,091 15,275 5,749 1,254
19,091 15,275 5,749 1,254
Debtors
Group Charity
2025 2024 2025 2024
£ £ £ a
Trade debtors 81,395 92,260 80,201 92,260
Amounts owed bygroup - - 231,180 124,479
undertaking
- Other debtors 131,098 127,190 131,098 126,980
Prepayments 236,289 218,683 236,289 218,683
Accrued income 1,391,536 288,627 1,391,536 288,627
1,840,318 726,760 2,070,304 851,029

19. Stock

  1. Debtors

Trade debtors are stated after impairment provision totalling £nil (2023/24: £nil). Except for listed investments, all the group’s financial instruments, both assets and liabilities, are measured at settlement value. The carrying values of these are shown above and in note 21 below.

21. Creditors: amounts due within one year

Group Charity
2025 2024 2025 2024
£ £ £ £
Bank overdraft 7,460 7,110 7,460 7,110
Trade creditors 219,978 272,257 216,180 266,752
Taxation and social security 153,458 134,702 153,458 134,702
Other creditors 183,988 114,430 159,139 103,490
Accruals
Deferred income		 324,157
258,015		 207,551
230,083		 318,092
258,015		 203,795
230,083
1,147,056 966,133 1,112,344 945,932

43

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025 eee

22. Deferred income

==> picture [428 x 141] intentionally omitted <==

----- Start of picture text -----
|||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Deferred|income|comprises|advance ticket|sales|for the|lottery, fundraising|income|for|events|that| |did|not|occur|until|after the|balance|sheet|date|and|a|legacy|deferred|for|legal|reasons.|Except|for| |the|legacy|of £128,500|(2023/24:|£128,500),|all|the|deferred|income|of the|previous|year was| |released|in|the|current|year.| |Group|Charity| |2025|2024|2025|2024| |£|£|£|£| |Balance|at the|beginning|of the|year|230,083|225,516|230,083|225,516| |Amount|released|to|income|inthe year|(101,583)|(97,016)|(101,583)|(97,016)| |Amount|deferred|in|the|year|129,515|101,583|129,515|101,583| |Balance|at|the|end|of the year|258,015|230,083|258,015|230,083|

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

  1. NHS pension scheme

The NHS Pension Scheme is an unfunded occupational scheme backed by the Exchequer, which is open to all NHS employees and certain employees of other approved organisations allowed under the direction of the Secretary of State in England and Wales. St Michael's is an approved organisation.

Past and present employees are covered by the provisions of the NHS Pension Schemes. Details of the benefits payable and rules of the schemes can be found on the NHS Pensions website at www.nhsbsa.nhs.uk/pensions. Both the 1995/2008 and 2015 schemes are accounted for, and the scheme liability valued, as a single combined scheme. Both are unfunded defined benefit schemes that cover NHS employers, GP practices and other bodies, allowed under the direction of the Secretary of State for Health and Social Care in England and Wales. They are not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, each scheme is accounted for as if it were a defined contribution scheme: the cost to the NHS body of participating in each scheme is taken as equal to the contributions payable to that scheme for the accounting period.

In order that the defined benefit obligations recognised in the financial statements do not differ materially from those that would be determined at the reporting date by a formal actuarial valuation, the FReM requires that “the period between formal valuations shall be four years, with approximate assessments in intervening years”. An outline of these follows:

a) Accounting valuation

A valuation of scheme liability is carried out annually by the scheme actuary (currently the Government Actuary’s Department) as at the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction with updated membership and financial data for the current reporting period, and is accepted as providing suitably robust figures for financial reporting purposes. The valuation of the scheme liability as at 31 March 2025, is based on valuation data as at 31 March 2023, updated to 31 March 2025 with summary global member and accounting data. In undertaking this actuarial assessment, the methodology prescribed in IAS 19, relevant FReM interpretations, and the discount rate prescribed by HM Treasury have also been used.

The latest assessment of the liabilities of the scheme is contained in the Statement by the Actuary, which forms part of the annual NHS Pension Scheme Annual Report and Accounts. These accounts can be viewed on the NHS Pensions website and are published annually. Copies can also be obtained from The Stationery Office.

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025 NNee

23. NHS pension scheme (continued)

b) Full actuarial (funding) valuation

The purpose of this valuation is to assess the level of liability in respect of the benefits due under the schemes (considering recent demographic experience), and to recommend the contribution rate payable by employers.

The latest actuarial valuation undertaken for the NHS Pension Scheme was completed as at 31 March 2020. The results of this valuation set the employer contribution rate payable from 1 April 2024 to 23.7% of pensionable pay. The core cost cap cost of the scheme was calculated to be outside of the 3% cost cap corridor as at 31 March 2020. However, when the wider economic situation was taken into account through the economic cost cap cost of the scheme, the cost cap corridor was not similarly breached. As a result, there was no impact on the member benefit structure or contribution rates.

The 2024 actuarial valuation is currently being prepared and will be published before new contribution rates are implemented from April 2027.

All pension charges are charged to unrestricted funds in line with the fund out of which the wages and salaries are paid. The amount charged to the Statement of Financial Activities in the year was £227,574 (2023/24: £214,548). Employee and employer contributions outstanding as at 31 March 2025 was £29,944 (2023/24: £29,784).

24. Analysis of group net assets between funds (current year)

Analysis of groupgroup net assets between fundsfunds (current year)
General
unrestricted Designated Restricted Totalfunds
£ £ £ £
Tangiblefixed assets 1,560,874 12,211,619 - 13,772,493
Investments 8,030,929 - - 8,030,929
Net current assets 1,525,098 462,562 106,110 2,093,770
Net assets atthe end ofthe
year 11,116,901 12,674,181 106,110 23,897,192
Analysis ofgroup net assets between funds (prioryear2024)
General
unrestricted		 Designated Restricted Total
funds
£ £ £ £
Tangible fixed assets
Investments		 1,542,712
9,182,415		 12,260,095
-		 -
-		 13,802,807
9,182,415
Netcurrent (liabilities) / (201,028) 911,201 84,522 794,695
assets
Net assets atthe end ofthe
year 10,524,099 13,171,296 84,522 23,779,917

24a Analysis of group net assets between funds (prior year 2024)

45

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025 ee 25. Movements in group funds (current year)

==> picture [469 x 257] intentionally omitted <==

----- Start of picture text -----
At 1 April Income — Expenditure Transfers Gains / At 31 March
2024 (Losses) 2025
£ £ £ £ £
Restricted funds:
Patient care 70,385 118,072 (23,251) (69,727) - 95,479
Funds for other specific 14,137 182,597 (3,506) (182,597) - 10,631
items
Total restricted funds 84,522 300,669 (26,757) (252,324) - 106,110
Unrestricted funds:
Designated funds
Property fund 12,260,095 - (308,768) 260,292 - 12,211,619
Capital investment fund 107,211 - - (107,211) - -
Development fund 803,990 - (241,331) (100,097) - 462,562
pial sestgnaTne 13,171,296 - (550,099) 52,984 . 12,674,181
General funds 10,524,099 12,508,435 (12,185,391) 199,340 70,418 11,116,901
Total unrestricted
funds 23,695,395 12,508,435 (12,735,490) 252,324 70,418 23,791,082
Total funds 23,779,917 12,809,104 (1 2,762,247) - 70,418 23,897,192
----- End of picture text -----

Transfers represent the release of restricted and designated funds as they are expended on capital items or released back to general funds.

Purpose of restricted funds - Restricted funds totalling £106,110 (2023/24: £84,522) comprise:

Purpose of designated funds - Designated funds totalling £12,674,181 (2023/24: £13,171,296) comprise:

i The property fund - This equates to the net book value of the freehold land and buildings. £308,768 (2023/24: £275,500) of depreciation was charged in the year. The transfer of £260,291 represents freehold property capital expenditure at the Whitestone retail unit.

ii The capital investment fund — With no immediate plans for expenditure, the £107,211 held at the start of the year has been released back to general funds.

iii The development fund - £803,990 (2023/24: £921,274) was held at the start of the year to support workforce and care service development initiatives. £241,331 was expended for these purposes during the year. With alternative funding secured for planned capital spend, £100,097 was released back to general funds.

46

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

25a. Movements in group funds (prior year 2024)

At 1 April
2023		 Income — Expenditure Income — Expenditure Transfers Gains /
(Losses)		 At31 March
2024
£ £ £ £ £
Restricted funds:
Patient care 78,981 15,584 (19,109) (5,071) . 70,385
Funds for other specific 14,428 1,689 (1,980) - - 14,137
items
Total restricted funds 93,409 17,273 (21,089) (5,071) * 84,522
Unrestricted funds:
Designated funds
Property fund 9,670,431 - (275,500) 2,865,164 - 12,260,095
Capital investment fund 107,211 - - - - 107,211
Development fund
Totaldesignated		 921,274
10,698,916		 -
-		 (91,584)
(367,084)		 (25,700)
2,839,464		 -
-		 803,990
13,171,296
funds
General funds 13,683,407 10,175,345 (10,697,713) (2,834,393) 197,453 10,524,099
Totalfunds 24,475,732 10,192,618 (11,085,886) - 197,453 23,779,917
  1. Reconciliation of net income to net cash flow from operating activities
2025 2024
£ £
Net income/ (expenditure) forthe reporting period (as per 117,275 (695,815)
Consolidated Statement of Financial Activities)
Depreciation
Gains on investments		 532,023
(70,418)		 466,490
(197,453)
Dividends,interestandrentfrominvestments (330,040) (357,245)
Profit on disposal of fixed assets (11,914) (825)
Loss on disposal offixed assets 7,511 972
(Increase) / Decrease in stocks (3,816) 329
(Increase) / Decrease in debtors (1,113,558) 82,084
Increase in creditors 157,673 68,105
Netcash provided byoperating activities (715,264) (633,358)
27. Analysis ofcash and cash equivalents
At 1 April At 31 March
2024 Cash flows 2025
£ £ £
Cash at bank and in hand 1,018,793 362,624 1,381,417
Bank overdrafts (7,110) (350) (7,460)
Increaseintheyear 1,011,683 362,274 1,373,957

47

St Michael's Hospice (incorporating the Freda Pearce Foundation) Notes to the financial statements For the year ended 31 March 2025

28. Operating lease commitments

The group's and charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Property Equipment
2025 2024 2025 2024
£ £ £ £
Lessthan than one year 286,523 277,579 25,270 26,155
Laterthan than one to five years 1,019,817 728,360 41,543 26,929
Over five years 423,121 545,771 - ”
__ 1,729,461 1,551,710 66,813 53,084

29. Capital commitments

At the balance sheet date, there were no capital commitments (2023/24: Enil).

30. Financial Instruments

Except for listed investments, all the group's financial instruments, both assets and liabilities, are measured at settlement value. Listed investments are shown at market value. Financial assets include cash at bank and in hand, trade and other debtors and accrued income. Financial liabilities include bank overdrafts, trade and other creditors and accruals. The carrying values of these are shown in notes 16, 20, 21 and 27.

31. Legal status of charity

St Michael's is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £2.

48