2021-03-31-accounts - Hospice Of The Valleys

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

CONTENTS		PAGE
Reference and administrative information
Report ofthe Trustees/Directors		2 —13
Independent auditors report		14-16
Statement offinancial activities		17
Balance sheet		18
Statement ofcashflows		19
Notes forming part ofthe financial	statements	20-30

Reference		and administrative
Charity Name:			The Hospice ofthe Valleys
Company		Registered Number:	2007005
Charity Registered Number:			517724
Registered		Office:	Festival Drive, Ebbw Vale,	Gwent, NP23 8XF
Trustees/Directors:			Miss Susan Kent MBE DL	(CHAIR)
			Mr Allan Harris (Vice Chair)
			Mr Alan Williams
			Mr Phillip Robson
			Mr Kevan Lines (resigned 6a June 2021)
			Reverend Barry Roche
			Mrs Sally Mirando
			Mr Robert James
			Mr Mathew Morris-Parker
			Ms Nina Holmes (appointed		22" June 2021)
Coiupany	Secretary:		Mr Grant Usmar
Senior Management Teain:			Mr Grant Usmar —Chief Executive
			Mrs Jane Hart MBE —Head	ofClinical Services
			Mrs Heather Beynon FCCA —Head ofFinance
Independent		Auditors:	Baker Knoyle Chartered Accountants,			Orbit Business	Centre, Rhydycar
			Business Park, Meithyr Tydfil CF48			IDL
Accountants:			Hale Jackson Knight Limited,		19Gloucester Road,
			Ross-on-Wye, Herefordshire,		HR9 5LQ
Bankers:			Lloyds Bank Pic.			The Co-operative	Bank
			8High Town			PO Box250
			Hereford			Skelmersdale
			HRI 2AE			WN8 6WT
Investment		Bankers:	Rathbones, 159New Bond Street,
			London,
			W15 2UD
Solicitors:			Lewis st Lines, Commercial	Chambers
			Abertillery, Gwent, NP13 IYB

Additional	funding			2020/21
Welsh Government		Covid-19 Emergency	Hospice Funding	575,721
Welsh Government		Total Bereavement	Fund (Part deferred to 2021/22)	14,060
Retail Grants				160,496
Furlough -	Retail			28,635
Furlough -	Other			20,147
Total				799,059
Lost Retail	income			189,131
Charitable	activities			609,928

Income split	Income split	201$/19	2019/20	2020/21
Local Health Board		242,598	207,796	295,765
Welsh Government		24,038	82,595	45,404
Covid-19 Emergency Hospice Funding				575,721
Continuing	Health Care	99,256	148,908	73,042
Donations	and Grants	71,229	91,168	162,896
Furidraising		122,975	173,890	152,258
Retail		238,951	304,852	157,359
Legacies		21,020	2,700	14,000
Furlough /	Rettdi Grants			209,278
Investment	income	230,164	216,486	212,923
Total		1,050,231,	,1+28@95	'1,$98,646

I	@33MM	1 2021:07005 799
		Portfolio	MSCI Income Index	FTSEAll Share
1	ear	24.33%	19.68%	26.71%
3	ears	28.81%	19.55%	9.89%
5	ears	46.54%	40.35%	35.69%

		UNRESTRICTED	UNRESTRICTED	RESTRICTED	DESIGNATED	31/03/21	31/03/20
			FUNDS	FUNDS	FUNDS	TOTAL	TOTAL
						FUNDS	FUNDS
	NOTES
Income from:
Donations and Legacies		3	137,446	39,450		176,896	93,868
Charitable activities:
Local Health Board service
level agreement				295,765		295,765	207,796
Welsh Government				45,404		45,404	82,595
Covid-19 Emergency
Funding			575,721			575,721
Aneurin Bevan University
Health Board				73,042		73,042	148,908
Other trading activities:
Shop and merchandise	sales		157,359			157,359	304,852
Fundraising			151,414	844		152,258	173,890
Investments			49	212,874		212,923	216,486
Other			209,278			209,278
Total Income			1,231,267	667,379		1,898,646	1,228,395
Expenditure on:
Raising funds:
Shops and merchandise			216,149			216,149	214,853
Fundraising			209,191	1,789		210,980	252,853
Investment management		6		25,307		25,307	27,873
Charitable activities		7	892,758	427,374		1,320,132	1,374,888
Total Expenditure			1,318,098	454,470		1,772,568	1,870,467
Gains/ (losses) on investments				1,366,748		1,366,748	(681,863)
Net Income / (Expenditure)			(86,831)	1,579,657		1,492,826	(1,323,935)
Transfers between funds		19	475,000	~473,000
Net movement in funds for
the year			388,169	1,104,657		1,492,826	~1,323,933
Reconciliation offunds:
Balances brought forward			48,304	6,039,332		6,087,636	7,411,571
Balances carried forward at
31"March 2021		20	436,473	7,143,989		7,580,462	6,087,636

As at 31"March 202	1
		Notes	2021			2020
Fixed assets
Intangible assets		10		1,656			3,185
Tangible assets		11		49,409			45,408
Investments		12		7,065,799			5,986,484
				7,116,864			6,035,077
Current assets
Stocks		13	833		1,747
Debtors		14	426,551		82,740
Cash at bank and in hand			230,746		59,663
Investment short term deposits			1,713		1,712
			659,843		145,862
Liabilities:
Creditors: amounts	falling due	15	(194,455)		(81,337)
within one year
Net Current assets				465,388			64,525
Total assets less current liabilities				7,582,252			6,099,602
Creditors: amounts	falling due	16		(1,790)			(11,966)
after more than one year
Total net assets				7,580,462			6,087,636
The funds ofthe charity
Unrestricted funds		17		436,473			48,304
Designated funds		18
Restricted funds		17		7,143,989			6,039,332
Total charity funds				7,580,462			6,087,636

			Notes	2021	2020
Cash flows from operating	activities:
Net cash (used in) operating	activities		26	278,284	807,674
Cash flows from investing	activities
Interest from investments				49	115
Purchase oftangible/intangible		fixed assets		(25,681)	(25,676)
Transfers from investments				475,000	730,000
Proceeds from disposal offixed		assets
Net cash provided by investing				449,368	704,439
Activities
Increase (decrease) in cash	and cash
equivalents in the year				171,084	(103,235)
Cash and cash equivalents	at the beginning			61,375	164,610
ofthe year
Total cash and cash equivalents		at the end		232,459	61,375
ofthe year

Office Equipment	20'/0 on cost
IT Equipment	33/0 on cost
Clinical Equipment	20/0 on cost
Shop Fixtures	20'/0 on cost
Motor Vehicles	25'/0 on reducing balance
Day Centre	20/0 on cost
Property Improvements	Over period oflease

				Unrestricted	Restricted	Designated	2021		2020
							Total		Total
							g
Charitable	Trusts			55,612	31,040		86,652		16,022
Voluntary	Donations			63,941			63,941		47,854
Miscellaneous				3,893	8,410		12,303		27,292
Legacies				14,000			14,000		2,700
				137,446	39,450		176,896		93,868
nvestment Income
							2021		2020
Dividends —UK equities							185,701		189,578
Interest on cash deposits			within investment		portfolio
Interest on fixed interest			securities				27,173		26,552
Interest on current accounts								49	241
							212923		216,371
ther Income
							2021		2020
							g		g
Furlough							48,782
Retail grants							160,496
							209,278
nvestment	Management			Costs			2021		2020
									g
Investment	management		fees				25,307		27,873
							21307		27,873
nalysis ofCharitable			Expenditure
					Unrestricted	Restricted	Total		Total
					2021	2021	2021		2020
				Notes					g
Clinical salaries and pensions					356,619	402,515	759,134		770,983
Social worker salaries and				expenses	159,604	9,256	168,860		170,255
Drugs and	clinical	supplies			47		47
Clinic rent
Motor expenses					17,820	100	17,920		19,519
Clinic food	and other costs				84	337	421		3,709
Clinical equipment		maintenance			1,411		1,411		2,241
Telephone	costs				3,975		3,975		4,097
Training					4,103	1,840	5,943
Recruitment						140	140		927
Clinical equipment		depreciation			36		36		287
Equipment	loss on	disposal
Miscellaneous					1,939	3,464	5,403		120
Support costs					273,365	7,656	281,021		317,005
Governance					73,755	2,066	75,821		85,745
					892,758	427,374	1,320,132		1,374,888

sources Expended —All	ocation ofSup	port Costs
Support costs allocated	Basis of	Fund	Charitable	Governance	2021	2020
to activities	Allocation	Raising	Activities		Total	Total
General office and finance
staff	Salary
	costs	38,892	166,513	44,926	250,331	248,634
Premises	Salary costs	11,473	49,122	13,253	73,848	74,383
Insurance	Salary costs	1,648	7,056	1,904	10,608	24,007
Communications	Salary costs	7,978	34,157	9,216	51,351	19,615
Legal &Professional	Salary costs	4,585	19,630	5,296	29,511	13,286
Depreciation	Salary costs	2,980	12,758	3,442	19,180	28,751
Motor Expenses	Salary costs	298	1,274	344	1,916	6,949
Miscellaneous Irrecoverable vai	Salary costs Salary costs	1,104 ~3,32)) 65,637	4,729 ~14.21B) 281,021	1,276 ~3,836 75,821	7,109 ~21,375) 422,479	52,831 7,352 475,808

Net Income/(expenditure) for the	Net Income/(expenditure) for the
This is stated atter charging:
Depreciation	—owned assets
Depreciation	—assets on finance
Amortisation
Auditor's remuneration
Accountants	fees for other services

2021	2020
9,844	23,434
11,384	9,375
1,529	1,529
4,356	3,431
4,984	9,855

	Software	Total
COST:
As at 1stApril 2020	7,645	7,645
Additions
Disposals
As at 31stMarch 2021	7,645	7,645
DEPRECIATION
As at 1stApril 2020	4,460	2,931
Charge for year	1,529	1,529
Eliminated on disposal
As at 31stMarch 2021	5,989	4,460
NET BOOKVALUE
As at 3 Ps March 2021	I 656	3,185
As at 31"March 2020	3,185	4,714

forming part ofthe fina Tangible Fixed Assets	ncial stateme	nts for the	year ended	31n March	2021
	Office Equipment	Clinical Equipment	Shop Fixtures &	Motor Vehicles	Day Centre	Property Improvements	Total
			Fittings
COST:
As at 1stApril 2020	90,333	18,008	4,030	26,582	12,528	89,007	240,488
Additions	25,681						25,681
Disposals	24,432		(2,167				26,599
As at 31stMarch 2021	91,582	18,008	1,863	26,582	12,528	89,007	239,570
DEPRECIATION
As at 1stApril 2020	59,002	18,008	3,950	12,735	12,378	89,007	195,080
Charge for year	17,651		80	3,461	36		21,228
Eliminated on disposal	23,980)		(2,167				26,147
As at 31stMarch 2021	52,673	18,008	1,863	16,196	12,414	89,007	190,161
NET BOOKVALUE
As at31"March 2021	38,909			10,386	114		49,409
As at 31o March 2020	31,331		80	13,847	150		45,408

			Office Equipment	Office Equipment	Shop Fixtures &	Motor Vehicles	Day Centre
					Fittings
DIRECT
CHARITABLE
PURPOSES
Community Services				7,725		4,069	114
Other Purposes
Administration	office			31,184
Fundraising						6317
				38,909		10,386	114
						2021	2020
12.Investments Market value as	at	(including cash deposits) 1"April 2020				5,986,484	7,209,849
Disposals at carrying value (transfers to income)						(475,000)	(730,000)
Investment income						212,874	216,371
Investment costs	charged		and	accrued		(25,307)	(27,873)
Net (loss)/gain on		revaluation				1,293,053	(1,476,367)
Net (loss)/gain on		disposals				73,695	794,504
Market value as	at	31"March		2021		7,065,799	5,986,484

				2021	2020
UK equities				2,577,905 1,536,144
Overseas equities				1,880,005 1,786,299
Cash deposits				262,912	177,095
UK fixed interest			securities	1,483,697 1,725,927
Overseas fixed		interest
Alternatives				858,013	757,159
				7,062,532 5,982,624
Income held	in bank accounts			3,267	3,860
				7,065,799 5,986,484
				2021	2020
13.Stocks
Merchandise	for resale			833	1,747
14.Debtors: amounts			falling due within one year
				2021	2020
Trade Debtors				6,468
Other debtors				12,676	57,780
Prepayments		and	Accrued Income	407,407	24,960
				426,551	82,740
5.Creditors: amounts			falling due within one year
				2021	2020
Trade creditors				17,170	16,134
Accrued expenses				86,484	36,932
Deferred income				60,709		7,500
Other creditors				30,092	20,771
				194,455	81,337
eferred income
				2021	2020
Opening balance Movement in period				7,500 53,209 60,709	17,500 ~10,000 7,500

esignated Fund	s
			2021	2020
			g
Balance brought	forward	I"April 2020		150,000
Interest received	for year
Transferred to unrestricted		funds		(150,000)
Balance carried	forward 31'9vlarch 2021

20.Analysis ofNet Assets bet	ween Funds
	Unrestricted	Restricted Funds	Designated	Total Funds
	Funds		Funds f
Intangible fixed assets	1,656			1,656
Tangible fixed assets	35,278	14,131		49,409
Investments		7,065,799		7,065,799
Current assets	536,431	123,412		659,843
Current liabilities	(135,102)	(59,353)		(194,455)
Liabilities over I year	1,790			1,790
Net assets at 31" March
2021	436,473	7,143,989		7,580,462


				2021	2020
Hospice services				27.00	28.00
Fundraising		and publicity
(including	shops)			7.00	6.00
Management		and administration	of
the charity				8.00	14.92
				42.00	48.92

			2021	2020
24.	Capital Commitments		Nil	Nil
			2021	2020
25.	Contingent	liabilities	Nil	Nil

		2021	2020
Net movement in income/ (expenditure)		1,492,826	(1,323,935)
Add back amortisation charge		1,529	1,529
Add back depreciation charge		21,228	32,809
Add back loss on disposal		452
(Gains)/losses on investments		(1,366,748)	681,863
Dividends and interest from investments		(212,923)	(216,485)
Investment charges accrued		25,307	27,873
Decrease (increase) in stocks		914	668
Decrease (increase) in debtors		(343,811)	(46,833)
Increase (decrease) in creditors		102,942	34,837
Net cash used in operating activities		2 2 4	807 674
Analysis ofcash and cash equivalents
Net cash used in operating activities		232459	61 375
	29

	2021	2020
	0
Within one year	81,243	20,833
Between two and five years	143,837	29,583
	225,080	50,416

			Unrestricted	Restricted	Unrestricted	Restricted
			2021	2021	2020	2020
Income:
Charitable trusts			55,612	31,040	14,022	2,000
Donations &legacies			77,941		50,554
NHS donations &grants				211,945		145,748
Sales ofmerchandise			93		542
Bank interest received			49		115
Investment income				212,874		216,371
Aneurin Bevan University		Health
Board				73,042		56,736
Events/community	fundraising		151,414	844	173,890
ABUHB —Hospice	at Home			83,820		92,172
Shop sales			157,266		304,310
Welsh Government			575,721	45,404		144,643
Furlough &Retail	grants		209,278
Other			3,893	8,410	4,916	22,376
			1,231 267	667,379	548,349	680,046
Expenditure
Charitable activities
Clinical salaries			312,009	375,154	311,599	412,347
Clinical pensions			44,610	27,361	26,015	21,022
Social worker salaries			159,442	9,256	163,491
Social worker expenses			162		6,763
Drugs &clinical supplies			47
Clinic rent
Motor expenses			17,820	100	19,519
Clinic food &other costs			84	337	3,709
Clinical equipment	maintenance		1,411		2,241
Doctors / nurses mobile phones			3,975		4,098
Training			4,103	1,840
Miscellaneous			1,939	3,464	927	120
Clinical equipment	depreciation		36		287
Equipment loss on	disposal
Recruitment				140
Supportcosts			273,365	7,656	314,523	2,482
			819,003	425,308	853,172	435,971

		Unrestricted	Restricted	Unrestricted	Restricted
		2021	2021	2020	2020
Fundraising &Publicity
Salaries		98,253		119,223
Pensions		7,975		6,910	965
Motor expenses		3,837		4,235
Printing &stationery		903		1,396
Training		1,829
Merchandise for resale		1,492		1,055
Fundraising expenses		27,775		10,662
Events		490		28,340
Shop rental &costs		92,657		111,758
Retail salaries		118,460		96,743
Investment management	fees and charges		25,307		27,873
Telephone		1,887		2,617
Shop fittings &vehicle	depreciation	3,540		5,298
Database costs		2,394		2,568
Support costs		63,848	1,789	73,453	2,482
Loss on disposal ofmotor vehicle
		425,340	27,096	464,258	31,320
Management &Admin	/ Governance
Salaries		233,821	5,941	242,496
Pensions		10,569		5,483	4,964
Motor expenses		1,916		6,949
Telephone &postage		14,033		14,814
Printing & stationery		4,166		2,970
Insurance		10,607		10,705
Auditors remuneration		4,984		3,431
Accountants remuneration		4,356		9,855
Professional fees		3,542
Bank charges and interest		568		609
Miscellaneous		4,030		8,781
Office equipment depreciation		17,651		16,838
Property improvements	depreciation			10,385
Sotbvare amortisation		1,529		1,529
Subscriptions		1,373		1,817
Rent and rates		66,296		65,492
IT expenses		25,044	5,569	24,749
Trade Team expenses		7,553		8,891
Office machine rental		2,538		1,831
Lease finance interest		1,139		1,458
Irrecoverable vat		(21,375)		7,352
Personnel services Allocation ofsupport costs		16,629 410,969 ~337.214 73,754	11,510 ~9,444 2,066	27,286 473,721 ~(387,976 85,745	4,964 ~4,964
Transfer offunds		475,000	475,000	880,000	730,000
(Deficit)/ surplus ofincome over
Expenditure		388 169	262,091	22,174	517,246