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← Paul Sartori Foundation Limited

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 01660450 REGISTERED CHARITY NUMBER: 513079

Report of the Trustees and

Financial Statements

for the Year Ended 31 March 2025

for Paul Sartori Foundation Limited

Ashmole and Co. Chartered Certified Accountants and Statutory Auditors Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX

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Paul Sartori Foundation Limited

Contents of the Financial Statements for the Year Ended 31 March 2025

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||||||||| |---|---|---|---|---|---|---|---| |Page| |Reference|and Administrative|Details|1| |Report|of the|Trustees|2|to|11| |Report|of the Independent Auditors|12|to|14| |Statement|of Financial|Activities|15| |Balance|Sheet|16|to|17| |Cash|Flow|Statement|18| |Notes|to|the|Financial|Statements|19|to|36| |Detailed|Statement|of Financial|Activities|37|to|39|

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Paul Sartori Foundation Limited

Reference and Administrative Details for the Year Ended 31 March 2025

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TRUSTEES R Raymond
E Mozdiak
P Thompson MBE (Chair)
D Evans
P Lister
F Mackintosh
I Gravell
J Tomlin
D D Harries
J E Bevans
M Mackintosh (appointed 4.6.25)
COMPANY SECRETARY S Dade
REGISTERED OFFICE Paul Sartori House
Winch Lane
HAVERFORDWEST
Pembrokeshire
SA61 IRP
REGISTERED COMPANY 01660450
NUMBER
REGISTERED CHARITY $13079
NUMBER
AUDITORS Ashmole and Co.
Chartered Certified Accountants and Statutory
Auditors
Williamston House
7 Goat Street
Haverfordwest
Pembrokeshire
SA61 IPX
BANKERS Lloyds TSB
7 Victoria Place
Haverfordwest
Pembrokeshire
SA61 2JX
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Paul Sartori Foundation Limited is registered with Care Inspectorate Wales

Page 1

Paul Sartori Foundation Limited

Report of the Trustees for the Year Ended 31 March 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective | January 2019).

OBJECTIVES AND ACTIVITIES

Mission Statement

To provide sustainable services that promote good end of life care in Pembrokeshire.

Aims: To enable patients in the final stages of life to be cared for at home and to die at home if that is their choice. To address the physical, psychological, social and spiritual needs of patients, families and carers. To work collaboratively and in partnership with local providers of end of life care. To safeguard the financial health of the Charity and ensure that it is able to provide the appropriate services free of charge. To comply with best practice in both corporate and clinical governance. To provide education and training programmes to enhance the quality of end of life care locally.

Values: To focus upon the care ofpatients and their immediate carers. To empower and enable the exercise of control and choice. Encourage inclusive, non-discriminatory practice. To have a ‘can do! attitude across the Charity. Invest in and value our staff and volunteers.

We have referred to guidance contained in the Charity Commission's general guidance on Public Benefit when reviewing our aims and objectives in planning our future activities.

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Paul Sartori Foundation Limited

Report of the Trustees for the Year Ended 31 March 2025

ACHIEVEMENT AND PERFORMANCE

Clinical Activity

According to the Office of National Statistics from 1st April 2024 to 31st March 2025 there were 35,854 (35,124) deaths in Wales. This is a 2% increase compared to the previous year.

349 (282 2023 - 2024) Paul Sartori Foundation patients died in the year whilst receiving hospice at home care, 22% (18%) of all deaths in the county during the year. The Paul Sartori Foundation Nursing team verified 28 (27) patient deaths. Verification of expected death by the Paul Sartori Foundation Nursing team relieves pressure and saves time for the Out of hours service. Without the Paul Sartori Foundation a family would need to contact Out of Hours or their GP surgery to request the death is verified. Families value the Paul Sartori Foundation hospice at home nursing service being able to verify death as it is less disruptive, having built a rapport with the nurse or nursing assistant during the care provided. Support is offered to family carers and family members after the patient has died, through counselling and complementary therapy services.

From Ist April 2024 to 31st March 2025, 1,123 (1,104) patients used one or more of the 7 Clinical services available through the Paul Sartori Foundation. Paul Sartori Foundation were involved in 22% of all deaths in Pembrokeshire.

77% of patients died in their preferred place of care. (84% 2023 - 2024) 81% of patients were over 71 years (77% 2023-2024). The age range on referral was 27 - 102 years. 39% of patient diagnosis upon referral were linked to non-cancer related illnesses (35% 2023 - 2024) 50% of patients using the home care service were female (50% 2023 - 2024) 45% of patients lived in the South of the county (44% 2023 - 2024) 55% of patients lived in the North of the county (56% 2023 - 2024)

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|||||||||| |---|---|---|---|---|---|---|---|---| |Clinical|Outcomes| |50|Active|team|members|across|7|Clinical|services.| |14,681|Hours|of Care|provided|through|day or night respite.| |301|Referrals|to|the Hospice|at home|service.| |1767|Items|of equipment|delivered.| |188|Clients|received|Complementary|Therapy|support.| |305|Adults|accessed|the|Counselling|and Bereavement|service.| |1|Under|18-year-old|accessed|the|Anticipatory|grief and Bereavement|service.| |8|Patients|were|supported|through|the|Physiotherapy|service.| |237|People|were|referred|to|the Advance|Care|Planning|service.| |1,123|Patients|accessed|one|or more|of PSF|Clinical|services.|

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The Care management team (CMT) are responsible for assessing patients, co-ordinating internal and external services, and manage the community-based team, reacting to changing shift patterns out of hours. The CMT provide 365 day on-call cover and 24-hour call service for patients, including those who are on Standby.

The Standby Service provides a 24-hour clinical team telephone contact for people who at the time, do not require hands on care, giving peace of mind to patients and their families.

There is usually one Registered nurse working each night. Registered nurses are allocated to patients requiring a greater degree of symptom control. Occasionally it is necessary to have more than one Registered nurse each night depending on resources and the availability of the team.

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Paul Sartori Foundation Limited

Report of the Trustees for the Year Ended 31 March 2025

Activity YE 31.3.2025 YE 31.3.2024 Effect
HandsonNight
Care
HandsonDay
Care
PersonalCare		 8,847Hours
4,393 Hours
1,194Hours		 10,247Hours
4,904Hours
1,188Hours		 Nightrespite operatesbetween 10pm -7am, allowing
a family tocatchup onmuch-neededsleep
Dayrespitehoursallowed familiesto go shopping or
attendappointments
Thesepatients didnotrequireseven days social care
packages butmayhave needed a once-a-week bath or
shower
Cancelled shifts 248 Shifts 243 Shifts Shifts are sometimes cancelled at shortnotice and
alternative shifts could not be allocated. There are
manyreasons for cancellations e.g., hospital
Equipment 1,767Equipment
Items		 1,707Equipment
Ttems		 admissions, deathofapatientetc.
Equipment is anessentialpartofthe service to get
peoplehomefromthe hospital orfrombeingtaken into
the hospital. The team is usually the first assistance in
the home
Complementary
Therapy
Physiotherapy		 188 Clients
8 Patients		 113 Clients
5 Patients		 Complementary Therapists providerelaxationtherapies
to supportboththe patientandthe family
The serviceenablespatientstoremainasfunctionally
Counselling and
Bereavement
support for		 305 Clients 284 Clients independentaspossible attheendoflife.
Counsellorsprovideemotional support toboththe
patientandthe family
adults
Anticipatory
griefand
Bereavement		 1 Client 3 Clients Counsellorsprovide emotionalsupport tochildrenwith
a familymember livinginthe later stagesoflife.
support for
Children under
18 years old
Future Care
Planning(FCP)		 237 Referrals 226Referrals TheFCPTcam assistpeopletowrite advance care
plans that reflectpersonal circumstances, healthand
futurecareneedsandbasedoninformeddecisions.

A grant secured for Dementia care has supported 20 patients. An earlier pilot project identified that family carers welcomed both overnight and day respite.

During the Clinical team's involvement in the Dementia care project, 11 patients passed away, 2 were discharged to Nursing homes, 1 was placed on the standby list and 7 continue to be supported by Paul Sartori. The funding ran out during the first half of the financial year. However, once involved in supporting a patient it is not considered possible to withdraw respite care. Therefore, the Foundation continues to support a smal] number of patients with Dementia. The full Annual Clinical Report can be found at https://paulsartori.org/clinical/ or requested by calling Paul Sartori House on 01437 763223.

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Paul Sartori Foundation Limited

Report of the Trustees for the Year Ended 31 March 2025

Income Generation Activity

Funding

In the period Ist April 2024 to 31st March 2025, the Clinical Team Manager and Trustees worked closely with Hywel Dda University Health Board, the Welsh Government End of Life Care Board and Hospice UK to secure Service Level Agreements. The Charity received £478,426 (£741,013 2023 - 2024) 16.8% of the charity's annual income. These grants included £178,678 from the Welsh Government awarded to Hospices across Wales.

The National Lottery Community Fund, People in Places programme awarded £271,000 (2023 - 2024) to fund the Future Care Plan Service and drawn from restricted funds, year ending March 31st, 2025, 2026 and 2027 as per the terms of the National Lottery contract and SORP.

Trading Activity

From the Ist of April 2024 to the 31st of March 2025, the Paul Sartori Retail outlets comprised of 11 sites, including a Warehouse facility and e-Commerce department.

The workforce included 33 staff, 26.73 full-time equivalents, a slight increase on the previous year 26.35. A Relicf Manager ensures trading continuity across all shops during periods of shop manager absence.

The stores generated a gross income of £1,448,841 (£1,394,216 2023 - 2024) This resulted in a net trading income of £120,111 (£188,452 2023 - 2024).

Shop Gift Aid generated £89,405 an 8% increase from the previous year (£82,723 2023 - 2024)

The charity's retail strategy focused on enhancing income generation through the development of its online sales platform, increasing Gift Aid contributions, shop organised events, and a focus on volunteer recruitment.

Volunteers Activity

Volunteers are integral to the operations and governance of the charity, actively contributing across all areas including Board, Complementary Therapy, Retail, Events, Fundraising, and Administration at Paul Sartori House.

Volunteers continued involvement is particularly vital to the charity's income generation efforts. Volunteers make it possible for the retail stores to remain open six days a week, playing a crucial role not only in daily operations but also by providing essential cover during staff absences and periods of annual leave.

The table below outlines the monetary value of volunteering hours, calculated at the equivalent of the national minimum wage:

Year Active volunteers Recorded hours Equivalent cost atminimumwage
2021-22 224 31,640 £300,580 (£9.50per hr)
2022-23 217 34,774 £362,345 (£10.42 perhr)
2023-24 258 30,265 £346,231 (£11.44 perhr)
2024-25 291 35,460 £432,966(£12.21perhr)

The Trustees and staff at the Paul Sartori Foundation would like to formally acknowledge and extend their sincere gratitude to all volunteers for their invaluable commitment and dedication. The impact of their contribution is reflected not only in the smooth running of the shops, events and administration but also in significant staff cost savings.

Legacy Activity

Legacy donations continue to represent a significant, though inherently unpredictable, source of income for the charity. The uncertain timing and value of such gifts pose challenges for financial forecasting and strategic planning. During the financial year 2024 -2025, the charity received legacies amounting to £163,419 (£613,430 2023 - 2024).

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Paul Sartori Foundation Limited

Report of the Trustees

for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Paul Sartori Foundation is a limited company registered with Companies House. The Foundation's Articles of Association were originated and registered with the Charity Commission on the 18th July 1982 and updated upon the approval of Voting Members in 2013. The Charity is currently governed by a board of eleven Trustees and overseen by 38 Voting Members and two Honorary Members of the Sartori family and two lifetime supporters (Honorary Members have no voting rights).

Organisational Structure

The Board of Trustees meet quarterly and hold interim meetings as needed. Trustees are responsible for strategically steering, the financial security and governance of the charity. The Company Secretary is the Charity Manager. The Charity Manager, Clinical Team Manager, Head of Retail and Finance Manager make up the Senior Management Team and provide an update of each area of responsibility to the Board. The Senior Management Team have no voting rights.

The charity's governance structure is supported by a series of subcommittees; each focused on a key area of operations. These committees are chaired by a Trustee and supported by a Trustee Subcommittee Vice Chair, ensuring strong leadership and accountability. Membership typically includes representatives from the Senior Management Team, staff, and volunteers, fostering a collaborative approach to oversight.

Each subcommittee plays a vital role in monitoring both strategic direction and day-to-day operational activities within its respective area, responsibilities include reviewing and updating relevant policies and procedures, scrutinising departmental proposals and reporting on significant events and developments.

The active subcommittees during the reporting period included: Clinical Governance, Audit & Finance, Human Resources and Pay Review, Strategy, Retail, Property, Fundraising, Volunteer, Voting Member, Risk Management, and Wellbeing committees.

Management Team

The Trustees delegate day to day management to the Senior Management team who are responsible for overall management, strategy, business development and providing the necessary information to enable the Board to make informed decisions in the charity's best interest and enable the Board to strategically steer the Paul Sartori Foundation.

Laura Hugman, Clinical Team Manager implements the aims and objectives of the Clinical Strategy; oversees clinical policy and advocacy; researches and develops new clinical opportunities to support the charity's purpose; ensures the clinical team delivers the services specified and that key performance indicators are met. The Clinical Team Manager has overall responsibility for the clinical operations of the services, which includes clinical supervision, individual performance development and the development of working practices in line with good practice. The Clinical Team Manager is the Registered Manager reporting to the Care Inspectorate Wales.

Julia Brady, Head of Retail implements the aims and objectives of the Retail Strategy; implements and oversees retail policy and advocacy; manages the retail team, provides guidance and support to retail staff and volunteers in reaching retail financial targets, supervises performance development; Identifies and implements new income streams to meet the retail budget. Manages the retail property portfolio, ensuring safe working environments for the retail team and stakeholders, identifies potential new sites; manages new store fitting, openings, and store closures; encourages good working practices arc implemented; and supports the Charity Manager in achieving fundraising aims and objectives.

Paul Moloney, Finance Manager is responsible for managing the charity's income and expenditure, including Gift Aid, VAT, Payroll, Investment Administration, Budget Management, Management reports, income stream processes and end of year accounts.

Sandra Dade, Charity Manager is responsible for delivering the income generation and non-clinical governance strategy, implementing non-clinical policy and advocacy, and managing the non-clinical operations of the Foundation, which includes reaching income generation financial targets; volunteer management, non-clinical risk management; maintaining good working practices across the charity and the income generation team's performance and development. The Charity Manager is the Company Secretary, Health & Safety registered responsible person and the Data Protection Officer.

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Paul Sartori Foundation Limited

Report of the Trustees for the Year Ended 31 March 2025

Trustee Recruitment, Induction and Training

To ensure effective governance, the Board of Trustees undertakes regular skills gap analyses to identify specific areas of expertise required to strengthen the Foundation's leadership. When a gap is identified, the Board proactively recruits individuals with the relevant skills and experience to complement the existing structure of the Board.

Prospective Trustees participate in a trial period by attending Board meetings prior to formal appointment. This process allows both the Board and the prospective Trustee to assess mutual suitability. Following this period, appointments are confirmed and formally registered with Companies House and the Charity Commission.

During the trial period potential Trustees are supported in familiarising themselves with the Articles of Association, legal responsibilities, the charity's strategic objectives and business plans, financial performance, and governance procedures.

All new Trustees are invited to attend a comprehensive organisational induction, delivered by both clinical and non-clinical teams. This induction includes activities designed to provide insight into the charity's operations, enabling informed and confident contributions to strategic decision-making.

A prospective Trustee has no voting rights or legal responsibilities during the trial period.

Appointment of Trustees

The Chair of the Board is clected by the Trustees. Trustees themselves are appointed from within the Voting Member body, with the Board retaining the authority to appoint any current Voting Member Committee member to serve as a Trustee. These interim appointments remain in effect until the subsequent Annual General Meeting (AGM), at which time the appointed individual is cligible to stand for formal election.

Following election at the AGM, Trustees serve a term of three years. At the end of each term, Trustees are required to retire but may be nominated for re-election, subject to the approval of the Board.

In accordance with the charity's governance policies, individuals who are in paid employment with the organisation are incligible to serve either as Voting Members or as Trustees.

Trustee Committee Members

Janet Bevans

David Evans Ian Gravell Dylan Harries Paul Lister Martin Mackintosh Liz Mozdiak Finlay Mackintosh Ros Raymond Phil Thompson (Chair) Jason Tomlin

Lay Attendance at Trustee Meetings

To strengthen communication and alignment between the Board and Voting Members, the Chair of the Voting Member Committee has been invited to attend Trustee meetings in a lay capacity. While the Chair does not hold voting rights or formal Trustee responsibilities, their role serves as a vital link between the Board and the Voting Member Committee. This arrangement enables the Chair to relay updates from Trustee meetings back to the Committee and fosters improved dialogue, transparency, and engagement between the two committees, thereby enhancing overall governance cohesion.

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Paul Sartori Foundation Limited

Report of the Trustees

for the Year Ended 31 March 2025

General Data Protection

The Foundation is committed to maintaining the highest standards of transparency and accountability in the handling of personal data. This includes information relating to patients, their carers and families, employees, volunteers, supporters, and all other stakeholders connected with the charity.

We ensure that all practices involving the collection, use, storage, and secure disposal of personal data fully comply with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. This reflects the charity's strong commitment to protecting the privacy and rights of individuals and maintaining their trust.

During the reporting year, the charity conducted internal reviews to monitor data protection compliance and delivered relevant GDPR training. One data breach was reported and was handled promptly in accordance with regulatory procedures. Appropriate measures were taken fo mitigate any potential impact, and the incident was reviewed to inform future risk reduction practices. No harm to individuals was identified as a result of the breach.

Risk Register

The charity maintains a comprehensive and proactive risk management framework that underpins all areas of its operations. The Board of Trustees holds overall responsibility for the Corporate Risk Register, which is reviewed in response to any significant changes in circumstances and formally assessed at least once annually. This process is designed to safeguard the health and safety of stakeholders, uphold the charity's reputation, ensure financial stability, and protect the long-term sustainability of the charity.

New and Emerging Risks

The Board remains vigilant in identifying and assessing new and emerging risks through its regular governance activities. Appropriate mitigation strategies are developed and reviewed to strengthen organisational resilience and ensure the charity remains adaptable in an evolving operational environment. This approach reflects the charity's commitment to maintaining high standards of risk governance and safeguarding its mission.

Conflicts of Interest

At the outset of each Trustee and subcommittee mecting, all Trustees are required to declare any actual or potential conflicts of interest. A formal Register of Interests is maintained and reviewed regularly to uphold principles of transparency and integrity within the charity's governance framework.

Whena conflict is identified, the Board evaluates the situation in line with the charity's Conflict of Interest Policy. Where necessary, the affected Trustee is excluded from relevant discussions and decision-making activities to ensure that all decisions are made objectively and in the best interest of the charity.

Pay & Remuneration

The HR and Pay Review Committee plays a critical role in overseeing the charity's remuneration framework. It is responsible for reviewing salary structures to ensure that pay levels are fair, consistent, and aligned with the responsibilities of each role. The Committee conducts periodic benchmarking exercises, comparing internal roles with equivalent positions in the wider Job market. This ensures that the charity remains competitive and equitable in its approach to remuneration, while maintaining adherence to the Paul Sartori Foundation banding structure and financial constraints.

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Paul Sartori Foundation Limited

Report of the Trustees for the Year Ended 31 March 2025

FINANCIAL REVIEW

The generation of funding sources was challenging during the year, similar to previous years, with the charity operating in a deficit situation for most of the year, as a result of legacies and the awarding of Welsh Government Hospice Funding totalling £178,678, the charity has been able to report a net surplus of £27,116 (£743,926 in 2023-2024).

The higher income figure reported for 2023-2024 was largely due to the receipt of significant one-off £398,000 legacy donations and a notable increase in grant funding during that financial year.

Principal funding sources

The Charity relies on the following key funding sources:

Reserves policy

The Foundation maintains a policy to hold unrestricted free reserves, defined as net current assets excluding those designated for specific purposes or restricted by donors. These reserves exclude fixed assets such as freehold property and operational equipment, which are essential for the day-to-day functioning of the charity. However, the reserves include liquid assets such as M&G Investments.

The Trustees believe that maintaining a prudent level of free reserves is essential to ensure service continuity during periods of income fluctuation or increased demand. The targeted reserve level is linked to the previous financial year's operational expenditure (excluding depreciation). For the year ending 31 March 2025, the Board has set the maximum threshold for free reserves at the equivalent of eight months of running costs (an increase from six months in 2023-2024), and the minimum threshold at three months.

The Audit and Finance Committee regularly monitors reserve levels, and the Trustees formally review the Reserves Policy at the end of each financial year. Should the reserve level exceed the maximum or fall below the minimum benchmark, the Trustees will initiate appropriate corrective measures. This may include reallocating funds to strategic development areas or implementing cost-control actions to rebuild reserves to the desired level.

Above the maximum level:

Below the agreed minimum levels:

If following a review, it is found that the reserve level has reduced below that equating to 3 months of service provision, reductions in all activities shall be considered.

The level of free unrestricted reserves at the end of the financial year ended 31st March 2025 amounted to £2,402,790 (£2,086,700 2023 - 2024) equivalent to 10.3 month's expenditure. This falls above the maximum reserves level. The charity's financial forecasts for 2025 - 2026 indicate a projected deficit for the year due to factors comprising of minimum wage increases affecting the wage differential, threat of NHS commissioning processes, a challenging retail environment and escalating staff and overhead costs. Reserve levels are therefore expected to fall during the coursc of the year.

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Paul Sartori Foundation Limited

Report of the Trustees for the Year Ended 31 March 2025

Investment powers and policy

Funds available for investment are drawn from the charity's free reserves, which are not earmarked for immediate operational use. The Board of Trustees has delegated authority to the Audit and Finance Committee to manage the investment of these reserves and to provide ongoing oversight of investment performance.

The charity's investment policy supports a low to medium risk approach, permitting investment in a diversified portfolio that may include cash deposits, bonds, and equities. This strategy is designed to achicve a reasonable return while maintaining prudent risk exposure. To ensure liquidity and the ability to meet short-term financial obligations, long-term investments are limited to no more than 50% of the total reserves available for investment.

In alignment with the charity's ethical values, the investment policy strictly prohibits direct investments in industries or activities that conflict with the organisation's mission. These include, but are not limited to, tobacco, arms manufacturing, pornography, genetic testing, gambling, and other sectors deemed ethically incompatible by the Board of Trustees.

Future plans

In alignment with its core mission, the charity remains committed to enhancing end-of-life care and associated services across Pembrokeshire, ensuring that all beneficiaries receive compassionate support delivered with dignity and respect. To realise this vision, the charity has identified the following strategic priorities:

These strategic aims guide the charity's ongoing efforts to deliver exceptional care while remaining responsive to emerging needs and challenges in the sector.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Paul Sartori Foundation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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Paul Sartori Foundation Limited

Report of the Trustees for the Year Ended 31 March 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The charity has elected to dispense with the annual appointment of auditors. In the absence of a specific resolution to the contrary, Ashmole & Co will continue in office.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order ofthe board of trustees on Af lakeo2s..... and signed on its behalf by:

P Thompson MBE - Chair of the Paul Sartori Foundation Board of Trustees

Page 11

Report of the Independent Auditors to the Trustees of Paul Sartori Foundation Limited

Opinion

We have audited the financial statements of Paul Sartori Foundation Limited (the ‘charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 themsclves. 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.

Matters on which we are required to report by exception

Page 12

Report of the Independent Auditors to the Trustees of Paul Sartori Foundation Limited

Responsibilities of trustees

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

In preparing the financial statements, the trustees are responsible for assessing the 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 responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularitics, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

As a result of performing the above, we did not identify any key audit matters related to potential risk of fraud or non compliance with laws and regulations.

In addition to the above, our procedures included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.fire.org.uk/auditorsresponsibilitics. This description forms part of our Report of the Independent Auditors.

Page 13

Report of the Independent Auditors to the Trustees of Paul Sartori Foundation Limited

Use of our report

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Aut: f &

for and on behalf of Ashmole and Co. Chartered Certified Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX

Date: 0...250.009.2250.

Page 14

Paul Sartori Foundation Limited

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2025

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||||||||| |---|---|---|---|---|---|---|---| |31.3,.25|31.3.24| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |Notes|£|£|£|£| |INCOME|AND|ENDOWMENTS|FROM| |Donations|and|legacies|2|587,893|43,149|631,042|950,863| |Charitable|activities|5| |Palliative|Care|25,000|453,426|478,426|741,013| |Other|trading|activities|3|1,634,810|-|1,634,810|1,559,740| |Investment|income|4|108,661|-|108,661|38,778| |Other|income|6|-|530|530|300| |Total|2,356,364|497,105|2,853,469|3,290,694| |EXPENDITURE|ON| |Raising|funds|7|1,496,919|5,708|1,502,627|1,353,892| |Charitable|activities|8| |Palliative|Care|557,402|766,789|1,324,191|1,196,878| |Total|2,054,321|772,497|2,826,818|2,550,770| |Net|gains|on|investments|465|-|465|4,002| |NET INCOME/(EXPENDITURE)|302,508|(275,392)|27,116|743,926| |Transfers|between|funds|21|(30,976)|30,976|-|-| |Net movement|in|funds|271,532|(244,416)|27,116|743,926| |RECONCILIATION|OF FUNDS| |Total|funds|brought forward|2,777,453|440,175|3,217,628|2,473,702| |TOTAL FUNDS|CARRIED|FORWARD|3,048,985|195,759|3,244,744|3,217,628|

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The notes form part of these financial statements

Page 15

Paul Sartori Foundation Limited

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||||||||| |---|---|---|---|---|---|---|---| |Balance|Sheet| |31|March|2025| |31.3.25|31.3.24| |Unrestricted|Restricted|Total|Total| |Notes|funds£|funds£|funds£|funds£| |FIXED|ASSETS| |Tangible|assets|14|598,903|-|598,903|619,923| |Investments|15|203,040|-|203,040|194,106| |801,943|-|801,943|814,029| |CURRENT|ASSETS| |Stocks|16|2,000|-|2,000|2,223| |Debtors|17|164,411|352,654|517,065|1,011,443| |Cash|at bank and in hand|2,189,595|-|2,189,595|1,494,444| |2,356,006|352,654|2,708,660|2,508,110| |CREDITORS| |Amounts|falling|due within one year|18|(108,002)|(156,894)|(264,896)|(104,072)| |NET CURRENT ASSETS|2,248,004|195,760|2,443,764|2,404,038| |TOTAL ASSETS|LESS|CURRENT| |LIABILITIES|3,049,947|195,760|3,245,707|3,218,067| |PROVISIONS FOR LIABILITIES|20|(963)|-|(963)|(439)| |NET ASSETS|3,048,984|195,760|3,244,744|3,217,628| |FUNDS|21| |Unrestricted|funds|3,048,984|2,777,453| |Restricted|funds|195,760|440,175| |TOTAL FUNDS|3,244,744|3,217,628|

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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The notes form part of these financial statements

Page 16 continued...

Paul Sartori Foundation Limited

Balance Sheet - continued 31 March 2025

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on om Lon t$

and were signed on its behalf by:

NleuF P Thompson MBE (Chair) - Trustee

D D Harries - Trustee

The notes form part of these financial statements

Page 17

Paul Sartori Foundation Limited

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|||||||| |---|---|---|---|---|---|---| |Cash|Flow|Statement| |for|the Year Ended|31|March 2025| |31.3.25|31.3.24| |Notes|£|£| |Cash|flows from|operating|activities| |Cash generated from operations|23|453,870|72,946| |Net cash provided by operating|activities|453,870|72,946| |Cash|flows from investing|activities| |Purchase|of tangible|fixed assets|(7,335)|(3,748)| |Purchase of fixed asset investments|(8,934)|(10,146)| |Sale of tangible fixed assets|(1)|-| |Sale of fixed|asset investments|465|4,002| |Interest received|100,192|32,633| |Net cash provided by investing|activities|84,387|22,741| |Change in|cash|and|cash|equivalents|in|the| |reporting period|538,257|95,687| |Cash|and|cash|equivalents|at the beginning| |of the|reporting period|24|1,494,444|1,398,757| |Cash|and|cash|equivalents|at the|end|of the| |reporting period|24|2,032,701|1,494,444|

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The notes form part of these financial statements

Page 18

Paul Sartori Foundation Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

Incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income received by way of grants, donations and gifts is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, arc recognised when the charity becomes unconditionally entitled to the grant. Legacies are included when the charity is advised by the personal representatives of an estate that payment will be made or property transferred and the amount involved can be accurately quantified.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.

Clothing and other items donated for resale through the charity's shops are included as incoming resources within activities for generating funds when they are sold.

Investment income is included when receivable.

Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.

Expenditure

Expenditure is recognised on an accruals basis when incurred and includes VAT to the extent that it is not recoverable.

Costs of generating funds include the salaries, direct expenditure and overhead costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shops.

Charitable expenditure comprises the costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both the costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit and accountancy fees and costs linked to the strategic management of the charity.

Allocation and apportionment of costs

Costs have been allocated as far as possible between the expenditure categories of the SOFA ona basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others have been apportioned based on the estimated usage of the resource. The trustees estimate that approximately one third of support costs are attributable to voluntary income and fundraising activities and these costs have been apportioned on this basis.

continued...

Page 19

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

Paul Sartori Foundation Limited

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off cach asset over its estimated useful life.

Freehold property - 2% on cost Nursing equipment - 20% on reducing balance Office equipment - 25% on reducing balance and 20% straight line basis Fixtures and fittings - 20% on reducing balance Motor vehicles - 20% on reducing balance

All tangible fixed assets are included at cost apart from donated assets which are included at a best estimate of their replacement cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Tire purchase and leasing commitments

Rentals paid under operating leases are charged to income as incurred.

Assets acquired under hire purchase contracts or finance leases are capitalised at cost and depreciated over their estimated uscful lives or the term of the lease whichever is shorter. The associated finance costs of the lease are calculated using the sum of digits method and charged to the SOFA. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. The Charity also participates in The Pensions Trust's Growth Plan for certain employees, a defined benefit scheme which is externally funded and is not contracted out of the State Second Pension. This is a multi-employer pension and it is not possible in the normal course of events to identify on a reasonable basis the share of the underlying assets and liabilities belonging to individual participating employers. The assets of the scheme are co-mingled for investment purposcs, and benefits are paid out of the Plan's total assets. Accordingly, due to the nature of the Plan, the accounting charge for the period includes the employer contributions payable for the scheme.

Investments

Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Page 20

continued...

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
31.3.25 31.3.24
£ £
Donations and gifts 343,604 280,626
Covenanted income 10,809 6,023
Gift aid 23,060 18,209
Legacies
Grants		 163,419
90,150		 613,430
32,575
631,042 950,863
Grants received, included in the above, are as follows:
31.3.25 31.3.24
£ £
AlbertHunt Trust 30,000 10,000
Persimmon Homes - 1,000
SouthHookLNG - 2,012
Hospital SaturdayFund 2,000 -
HDH Wills 1965 Charitable Trust - 2,000
TheFebruaryFoundation - 5,000
CAVS Community Changemakers Fund - 400
Peggy& Mollie Thomas Charitable Trust 2,000 1,000
Community FoundationWales 3,000 5,000
Ivor and Aeres Chartiable Trust - 2,000
Ray Gravells andFriends - 1,250
Pembrokeshire College - 325
Charities Trust - 2,000
Yorkshire Building Society - 588
Vandell Foundation 1,000 -
Jenour Foundation 1,000 -
Tesco Stronger Starts 1,125 -
Grace Trust 3,000 -
Oakdale Trust 3,000 -
Millenium StadiumMSCT 3,025 -
MaryHomfray Trust 4,000 -
TheRoger& Jean Jefcoate Trust 7,000 -
Women in Wales 10,000 -
Bradbury Foundation 20,000 -
90,150 32,575

The CAVS Community Changemakers Fund grant in 2023/24 was delivered by South West Wales Connected, Transport for Wales and Great Western Railway.

Page 21

continued...

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

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|||||||| |---|---|---|---|---|---|---| |3.|OTHER TRADING ACTIVITIES| |31.3.25|31.3.25|31.3.24|31.3.24| |£|£|£|£| |Fundraising income|92,346|78,407| |Lottery income|4,217|4,393| |Total fundraising|income|96,563|82,800| |Merchandise|sales|37,420|25,556| |Shop|income|1,227,002|1,152,546| |E-commerce|income|158,264|197,651| |Access|to Work|grant|24,687|18,013| |Gift Aid|89,405|82,723| |Room|hire|and rent income|1,468|450| |Total|shop|and merchandise|sales|1,538,246|1,476,939| |Total income|from|other|trading|activities|1,634,809|1,559,739| |INVESTMENT INCOME| |31.3.25|31.3.24| |£|£| |Other|fixed|asset|invest|- FII|8,469|6,145| |Deposit account|interest|100,192|32,633| |108,661|38,778|

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4,

All of the income arising from the above sources is considered to be for unrestricted purposes,

5. INCOME FROM CHARITABLE ACTIVITIES

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||||||||| |---|---|---|---|---|---|---|---| |31.3.25|31.3.24| |Service|Activity|£|£| |Grants|level agreements|PalliativePalliative CareCare|265,028213,398|213,399527,614| |478,426|741,013| |Grants|received,|included|in the|above,|are|as|follows:| |31.3.25|31.3.24| |£|£| |Welsh Government|46,350|50,000| |End of Life|Care Board|25,000|25,000| |The February Foundation|5,000|-| |National Lottery Community Fund:|People and Places|3|-|271,960| |James|Tudor Foundation|10,000|10,000| |Carried|forward|86,350|356,960|

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Page 22

continued...

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

5. INCOMEFROMCHARITABLE ACTIVITIES - continued
31.3.25 31.3.24
£ £
Brought forward 86,350 356,960
Elise Pilkington Charitable Trust - 10,000
HywelDdaUniversityHealthBoard - 25,000
Welsh Government Hospice CostofLiving - 135,654
Welsh Government Hospice Funding 178,678 -
265,028 527,614
6. OTHERINCOME
31.3.25 31.3.24
£ £
Clinical training 530 300
7, RAISINGFUNDS
Raising donations and legacies
31.3.25 31.3.24
£ £
Staff costs 26,041 22,657
Travelling
Depreciation		 852
2,036		 628
1,902
28,929 25,187

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continued...

  1. RAISING FUNDS- continued

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

Other trading activities

31.3.25 31.3.25 31.3.24 31.3.24
£ £ £ £
Purchases 224 1,188
Staffcosts 49,658 39,846
Fundraisingexpenses
Travelling		 60,599
429		 33,025
429
Total fundraising expenses 110,910 74,488
Staffcosts 26,180
Travel 462
Marketing 259
Administration costs 575
Heritage Project costs 0 27,476
Shop purchases 21,456 14,433
Shop staffcosts 626,166 534,784
E-commerce staffcosts 101,563 103,902
Othershop expenses 122,187 129,902
Shopandcontainer rents 255,487 252,179
Fundraising expenses 254
Volunteer expenses 4,250 4,762
Van expenses
Travelling		 46,001
6,683		 40,630
8,228
E-commerce costs
Depreciation		 24,855
4,522		 26,766
6,590
Total shop expenses 1,213,170 1,121,855
Support costs 149,618 104,886
Total expenditure on othertrading
activities 1,473,170 1,328,705
Aggregate amounts 1,502,627 . 1,353,892

Page 24

continued...

Paul Sartori Foundation Limited

  1. CHARITABLE ACTIVITIES COSTS

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

Support
Direct costs (see
Costs note 9) Totals
£ £ £
Palliative Care 1,080,766 243,425 1,324,191
9. SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Other trading activities 144,224 5,394 149,618
Palliative Care 232,689 10,736 243,425
376,913 16,130 393,043
Support costs, included inthe above, are as follows:
Management
31.3.25 31.3.24
Other
trading
activities		 Palliative
Care		 Total
activities		 Total
activities
£ £ £ £
Wages 59,649 111,564 171,213 132,722
Social security 5,339 9,864 15,203 11,585
Pensions 1,359 2,300 3,659 3,188
Otheroperating leases 421 1,264 1,685 1,270
Rates andwater 415 833 1,248 996
Insurance 12,663 25,496 38,159 33,965
Lightandheat 4,496 8,995 13,491 16,581
Telephone and internet 3,807 22,490 26,297 15,526
Printing, stationery, postage and advertising 1,889 4,144 6,033 6,741
Subscriptions 31 1,144 1,175 918
Repairs andrenewals 28,737 2,057 30,794 8,094
Computer costs 11,475 31,195 42,670 34,686
Legalandprofessional fees 7,958 1,643 9,601 522
Gardenupkeep 158 317 475 488
Cleaning and waste collection 2,718 5,438 8,156 9,984
Travelling 29 305 334 45
Sundry expenses 997 2,716 3,713 7,303
Bankand creditcardcharges 1,760 276 2,036 2,839
Remeasurementofpensionprovision 319 640 959 -
Unwinding ofpension discount factor 4 8 12 37
144,224 232,689 376,913 287,490

Page 25

continued...

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

9. SUPPORT COSTS- continued

Governance costs

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||||||| |---|---|---|---|---|---| |31.3.25|31.3.24| |Other| |trading|Palliative|Total|Total| |activities|Care|activities|activities| |£|£|£|£| |Wages|2,578|5,159|7,737|7,165| |Social|security|271|545|816|738| |Auditors’ remuneration|2,545|5,032|7,577|7,585| |5,394|10,736|16,130|15,488|

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10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

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||||||| |---|---|---|---|---|---| |31.3.25|31.3.24| |£|£| |Auditors’ remuneration|7,577|7,585| |Depreciation|- owned|assets|27,370|29,666| |Other|operating|leases|1,685|1,270| |Deficit on|disposal|of fixed|assets|984|352| |Auditors remuneration|for|other|services|4,753|4,512|

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  1. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees’ expenses

Trustees’ travel expenses of £nil (2024 - £nil) in total were paid to no trustees (2024 - nil) during the year ended 31 March 2025.

  1. STAFF COSTS

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|||||| |---|---|---|---|---| |31.3.25|31.3.24| |£|£| |Wages and|salaries|1,774,851|1,616,060| |Social|security|costs|136,599|115,772| |Other pension|costs|40,571|37,362| |1,952,021|1,769,194|

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Page 26

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Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

12. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

31.3.25 31.3.24
Hospice Administrator 1 1
Administration 7 6
Marketing, Fundraising& Retail 34 36
Nurses & Carers 51 47
93 90
Thenumberoffull-time equivalent employces during the yearwas as follows:
31.3.25 31.3.24
Hospice Administrator 1 1
Administration 6 6
Marketing, Fundraising& Retail 27 28
Nurses& Carers 26 29
___60 __94

In addition, a great amount of time, the value of which is impossible to reflect in these financial statements, is donated by hundreds of volunteers throughout Pembrokeshire. No employee received in excess of £60,000.

13. COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES - 31MARCH 2024 COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES - 31MARCH 2024 COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES - 31MARCH 2024
Unrestricted Restricted Total
funds funds funds
£ £ £
INCOMEAND ENDOWMENTSFROM
Donations and legacies 934,538 16,325 950,863
Charitable activities
Palliative Care 25,000 716,013 741,013
Othertrading activities 1,559,740 - 1,559,740
Investmentincome 38,778 - 38,778
Otherincome - 300 300
Total 2,558,056 732,638 3,290,694
EXPENDITURE ON
Raising funds 1,321,494 32,398 1,353,892
Charitable activities
Palliative Care 865,865 331,013 1,196,878
Total 2,187,359 363,411 2,550,770
Netgainsoninvestments 4,002 - 4,002

continued...

Page 27

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 31 MARCH 2024 - continued

continued
Unrestricted Restricted Total
funds funds funds
£ £ £
NETINCOME
Transfersbetweenfunds		 374,699
1,876		 369,227
(1,876)		 743,926
-
Netmovementin funds 376,575 367,351 743,926
RECONCILIATION OFFUNDS
Totalfundsbrought forward 2,400,879 72,823 2,473,702
TOTALFUNDSCARRIEDFORWARD 2,777,454 440,174 3,217,628
14, TANGIBLEFIXED ASSETS
Freehold
property		 Nursing
equipment		 Office
equipment
COST £ £ £
At 1 April2024
Additions
Disposals		 645,556
-
-		 147,992
7,334
(6,337)		 113,941
-
ae
At31 March2025 645,556 148,989 113,941
DEPRECIATION
At April2024
Charge foryear
Eliminatedondisposal		 88,635
12,911
-		 122,358
6,570
(5,353)
At31 March2025 101,546 123,575 99,244
NETBOOKVALUE
At31 March2025 $44,010 25,414 14,697
At31March2024 556,921 25,634 18,891

Page 28

continued...

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

14, TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Website Totals
£ £ £ £
COST
At 1 April 2024 49,542 24,898 2,520 984,449
Additions - - - 7,334
Disposals - - - (6,337)
At 31 March2025 49,542 24,898 2,520 985,446
DEPRECIATION
At 1 April 2024 38,077 18,372 2,034 364,526
Charge foryear 2,293 1,305 97 27,370
Eliminated on disposal - : : (5,353)
At 31 March2025 40,370 19,677 2,131 386,543
NETBOOKVALUE
At 31 March2025 9,172 §,221 389 598,903
At31March2024 11,465 6,526 486 619,923
15. FIXEDASSETINVESTMENTS
Listed
investments
£
MARKETVALUE
At April 2024
Additions 8,469
Revaluations 465
At 31 March2025 203,040
NETBOOKVALUE
At 31 March2025 203,040
At31March2024 194,106

There were no investment assets outside the UK. Cost or valuation at 31 March 2025 is represented by:

Listed
investments
£
Valuation in2025 2025 18,040
Cost 185,000
203,040

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continued...

15, FIXED ASSET INVESTMENTS- continued

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.3.25 31.3.24
Cost £
185,000		 £
185,000
Fixed assetinvestments werevalued onanopenmarketbasison 31 March2025 byM&GInvestments.
16. STOCKS
31.3.25 31.3.24
Stocks £
2,000		 £
2,223
17. DEBTORS:AMOUNTSFALLINGDUEWITHINONEYEAR
31.3.25 31.3.24
Other
debtors
TaxrefundfromGiftAid
GrantDebtors
VAT
Prepaid expenses		 £
73,813
34,672
352,654
5,860
50,066		 £
$11,364
33,966
417,614
4,648
43,851
517,065 1,011,443
18. CREDITORS:AMOUNTSFALLINGDUEWITHINONE YEAR
31.3.25 31.3.24
Bankloansandoverdrafts (seenote 19)
Sundrycreditors
Socialsecurityandother taxes
Othercreditors
Accruedexpenses
Deferredincome		 £
156,894
32,286
33,084
9,717
28,998
3,917		 £
-
37,379
24,676
§,151
32,415
1,451
264,896 104,072

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Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

  1. LOANS

An analysis of the maturity of loans is given below:

20.

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|||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |31.3.25|31.3.24| |£|£| |Amounts|falling|due|within|one|year|on demand:| |Bank overdrafts|156,894|-| |Amounts|shown|as|bank|loans|and|overdrafts|(see|note|18)|in|2024/25|represented|a|timing|difference| |when|the|restricted|expenditure|has|been|incurred|and|the|receipt|of|the|restricted|funding|in|the|Charity's| |account.|This|was|not an an|actual bank bank|loan,|merely|a timing timing|difference.| |PROVISIONS|FOR LIABILITIES| |31.3.25|31.3.24| |£|£| |Pension|deficit provision|963|439| |Reconciliation|of opening|and|closing provisions:| |31.3.25|31.3.24| |£|£| |Provision|at|start|of|period|438|937| |Unwinding|of the|discount|factor|(interest|expense)|12|37| |Deficit contributions paid|(446)|(536)| |Remeasurements|-|impact|of change|in|assumptions|959|:| |Provision|at|end|of|period|963|438| |Income|and|expenditure|impact:| |31.3.24|31.3.24| |£|£| |Interest|expense|12|37| |Remeasurements|-|impact|of change|in assumptions|-|=| |12|37| |Assumptions| |31.3.24|31.3.24| |%|%| |Rate|of discount|4.84|5.32|

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Amounts shown as bank loans and overdrafts (see note 18) in 2024/25 represented a timing difference between when the restricted expenditure has been incurred and the receipt of the restricted funding in the Charity's bank account. This was not an an actual bank bank loan, merely a timing timing difference.

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The pension deficit provision noted above relates to Paul Sartori Foundation Limited's obligation only within the TPT Retirement Solutions scheme, the background to which is detailed below:

TPT Retirement Solutions - The Growth Plan

continued...

Page 31

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

  1. PROVISIONS FOR LIABILITIES - continued

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a ‘last-man standing arrangement’. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531m and a deficit of £16.1m. To climinate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions for whole scheme

From 1 April 2025 to 31 January 2028: £2,100,000 per annum

(payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 March 2028 applies.

Note that the scheme's previous valuation was carried out with an effective date of 30 September 2020. This valuation showed asscts of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions for whole scheme From 1 April 2022 to 30 January 2025: £3,312,000 per annum

(payable monthly)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Serics I and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost,

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Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

21. MOVEMENT IN FUNDS

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|||||||||| |---|---|---|---|---|---|---|---|---| |Net|Transfers| |movement|between|At| |At|1.4.24|in|funds|funds|31.3.25| |£|£|£|£| |Unrestricted|funds| |General fund|2,706,184|302,507|(7,961)|3,000,730| |Designated FCP National|Lottery Project| |Fund|71,269|-|(23,015)|48,254| |2,777,453|302,507|(30,976)|3,048,984| |Restricted|funds| |Restricted|funds|440,175|(275,391)|30,976|195,760| |TOTAL FUNDS|3,217,628|27,116|-|3,244,744| |Net movement|in|funds,|included|in the|above|are|as|follows:| |Incoming|Resources|Gains and|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |General|fund|2,356,364|(2,054,322)|465|302,507| |Restricted|funds| |Restricted|funds|497,105|(772,496)|-|(275,391)| |TOTAL FUNDS|2,853,469|(2,826,818)|465|27,116| |Comparatives|for movement|in|funds| |Net|Transfers| |movement|between|At| |At|1.4.23|in|funds|funds|31.3.24| |£|£|£|£| |Unrestricted|funds| |General|fund|2,400,879|374,698|(69,393)|2,706,184| |Designated FCP National|Lottery Project| |Fund|-|-|71,269|71,269| |2,400,879|374,698|1,876|2,777,453| |Restricted|funds| |Restricted|funds|72,823|369,228|(1,876)|440,175| |TOTAL FUNDS|2,473,702|743,926|-|3,217,628|

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Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

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||||||| |---|---|---|---|---|---| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in funds| |Unrestricted|funds|£|£|£|£| |General fund|2,558,056|(2,187,360)|4,002|374,698| |Restricted|funds| |Restricted funds|732,638|(363,410)|-|369,228| |TOTAL FUNDS|3,290,694|(2,550,770)|4,002|743,926|

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A current year 12 months and prior year 12 months combined position is as follows:

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||||||| |---|---|---|---|---|---| |Net|Transfers| |At|movement|between|At| |1.4.23|in funds|funds|31.3.25| |Unrestricted|funds|£|£|£|£| |General|fund|2,400,879|677,205|(77,354)|3,000,730| |Designated FCP National|Lottery Project| |Fund|-|-|48,254|48,254| |Restricted|funds|2,400,879|677,205|(29,100)|3,048,984| |Restricted funds|72,823|93,837|29,100|195,760| |TOTAL FUNDS|2,473,702|771,042|-|3,244,744|

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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

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||||||| |---|---|---|---|---|---| |Incoming|Resources|Gains and|Movement| |resources|expended|losses|in|funds| |Unrestricted|funds|£|£|£|£| |General|fund|4,914,420|(4,241,682)|4,467|677,205| |Restricted|funds| |Restricted|funds|1,229,743|(1,135,906)|-|93,837| |TOTAL FUNDS|6,144,163|(5,377,588)|4,467|771,042|

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Restricted funds comprise the following:

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continued...

Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

At Restricted fund 31.3.25 Description, nature and purpose of fund £ Restricted grant funds 192,957 Grant funding for the Future Care Planning, nursing equipment, improved IT connection and accessibility and Digital Services development unspent at the year end. Restricted donations 2,803 Donations provided to purchase specialist nursing equipment 195,760

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.

23. RECONCILIATION OF NET INCOME TO NET CASHFLOWFROM OPERATING
ACTIVITIES		 OPERATING
ACTIVITIES
31.3.25 31.3.24
£ £
Netincome for the reportingperiod (asper the Statement ofFinancial
Activities) 27,116 743,926
Adjustments for:
Depreciation charges 27,371 29,664
Gainon investments (465) (4,002)
Loss on disposal offixed assets 984 352
Interestreceived (100,192) (32,633)
Increase/(Decrease) inprovisions 525 (499)
Decrease/(increase) in stocks 223 (2,223)
Decrease/(increase) in debtors 494,378 (663,461)
Increase in creditors 3,930 1,822
Netcashprovidedbyoperations 453,870 72,946

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Paul Sartori Foundation Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

24, ANALYSIS OF CASH AND CASH EQUIVALENTS

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||||||||| |---|---|---|---|---|---|---|---| |31.3.25|31.3.24| |£|£| |Cash|in hand|102,817|110,198| |Notice|deposits|(less|than|3|months)|2,086,778|1,384,246| |Overdrafts|included|in bank loans and overdrafts|falling due within one|year|(156,894)|-| |Total|cash|and|cash|equivalents|2,032,701|1,494,444|

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  1. ANALYSIS OF CHANGES IN NET FUNDS

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||||||| |---|---|---|---|---|---| |At|1.4.24|Cash|flow|At|31.3.25| |£|£|£| |Net|cash| |Cash|at bank|and in hand|1,494,444|695,151|2,189,595| |Bank|overdraft|-|(156,894)|(156,894)| |1,494,444|538,257|2,032,701| |Total|1,494,444|538,257|2,032,701|

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Paul Sartori Foundation Limited

Detailed Statement ofFinancial Activities
for the YearEnded 31 March 2025
31.3.25 31.3.24
£ £
INCOMEAND ENDOWMENTS
Donations and legacies
Donations and gifts 343,604 280,626
Covenantedincome 10,809 6,023
Gift aid 23,060 18,209
Legacies
Grants		 163,419
90,150		 613,430
32,575
631,042 950,863
Other trading activities
Fundraising income andmerchandise sales 129,767 103,964
Shop income 1,227,002 1,152,546
Lottery income 4,217 4,393
E-commerce income 158,264 197,651
Room hire and rent income 1,468 450
Access to Workgrant 24,687 18,013
GiftAid 89,405 82,723
1,634,810 1,559,740
Investment income
Other fixed assetinvest ~ FII 8,469 6,145
Deposit account interest 100,192 32,633
108,661 38,778
Charitable activities
Service level agreements 213,398 213,399
Grants 265,028 527,614
478,426 741,013
Other income
Clinicaltraining 530 300
Totalincomingresources 2,853,469 3,290,694
EXPENDITURE
Raising donations and legacies
Wages 23,531 20,583
Social security 1,992 1,644
Carriedforward 25,523 22,227

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Paul Sartori Foundation Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

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|||||||| |---|---|---|---|---|---|---| |31.3.25|31.3.24| |Raising|donations|and|legacies|£|£| |Brought forward|25,523|22,227| |Pensions|518|430| |Travelling|852|628| |Depreciation of|tangible|fixed assets|2,036|1,902| |28,929|25,187| |Other|trading|activities| |Merchandise purchases|21,680|14,433| |Wages|711,225|647,332| |Social|security|53,827|45,052| |Pensions|12,764|11,755| |Other shop|expenses|123,836|130,670| |Fundraising|expenses|54,739|34,428| |Shop|and container rents|255,488|252,179| |Volunteers|expenses|4,260|5,185| |Van expenses|50,193|40,630| |Travelling|6,685|8,228| |E-Commerce|costs|24,861|26,766| |Depreciation of tangible|fixed assets|4,522|6,589| |1,324,080|1,223,247| |Charitable|activities| |Wages|861,145|808,258| |Social|security|64,761|56,753| |Pensions|23,630|21,989| |Travelling|expenses|61,913|50,378| |Education|and training|9,161|7,929| |Nursing consumables|1,667|819| |Complementary therapy consumables|1,633|203| |Van expenses|342|4,335| |Recruitment|costs|225|60| |Health and|safety & HR costs|15,995|12,337| |Payroll|fees|4,869|4,607| |Nursing|equipment repairs|10,848|6,839| |Staff uniform|1,589|2,690| |Volunteer|expenses|1,191|636| |Depreciation of|tangible|fixed assets|_|20,813|21,173| |Loss|on|sale|of tangible|fixed assets|984|352| |1,080,766|999,358| |Support|costs| |Management| |Wages|171,213|132,722| |Carried forward|171,213|132,722|

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Paul Sartori Foundation Limited

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||||||| |---|---|---|---|---|---| |Detailed|Statement|of Financial|Activities| |for|the|Year Ended|31|March|2025| |31.3.25|31.3.24| |£|£| |Management| |Brought forward|171,213|132,722| |Social|security|15,203|11,585| |Pensions|3,659|3,188| |Other|operating|leases|1,685|1,270| |Rates|and water|1,248|996| |Insurance|38,159|33,965| |Light and heat|13,491|16,581| |Telephone and internet|26,297|15,526| |Printing,|stationery,|postage|and advertising|6,033|6,741| |Subscriptions|1,175|918| |Repairs|and renewals|30,794|8,094| |Computer|costs|42,670|34,686| |Legal|and professional|fees|9,601|522| |Garden upkeep|475|488| |Cleaning and waste|collection|8,156|9,984| |Travelling|334|45| |Sundry expenses|3,713|7,303| |Bank and|credit card|charges|2,036|2,839| |Remeasurement of|pension|provision|959|-| |Unwinding|of pension|discount|factor|12|37| |376,913|287,490| |Governance|costs| |Wages|7,737|7,165| |Social|security|816|738| |Auditors' remuneration|7577|7,585| |16,130|15,488| |Total|resources expended|2,826,818|2,550,770| |Net income before gains|and|losses|26,651|739,924| |Unrealised|gains|and|losses| |Unrealised|gains/(losses)|on fixed|asset investments|465|4,002| |Net income|27,116|743,926|

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