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





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|Reference||and administrative|information||||||
|---|---|---|---|---|---|---|---|---|
|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<br>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,<br>Herefordshire,||HR9 5LQ|||
|Bankers:||||Lloyds Bank Pic.|||The Co-operative|Bank|
|||||8High Town|||PO Box250||
|||||Hereford|||Skelmersdale||
|||||HRI 2AE|||WN8 6WT||
|Investment||Bankers:||Rathbones,<br>159New Bond Street,|||||
|||||London,|||||
|||||W15 2UD|||||
|Solicitors:||||Lewis st Lines, Commercial|Chambers||||
|||||Abertillery,<br>Gwent, NP13 IYB|||||





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|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<br>-|Retail|||28,635|
|Furlough<br>-|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<br>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<br>/|Rettdi Grants|||209,278|
|Investment|income|230,164|216,486|212,923|
|Total||1,050,231,|,1+28@95|'1,$98,646|





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|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%|



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|||UNRESTRICTED|UNRESTRICTED|RESTRICTED|DESIGNATED|31/03/21|31/03/20|
|---|---|---|---|---|---|---|---|
||||FUNDS|FUNDS|FUNDS|TOTAL|TOTAL|
|||||||FUNDS|FUNDS|
||NOTES|||||||
|Income from:||||||||
|Donations<br>and Legacies||3|137,446|39,450||176,896|93,868|
|Charitable<br>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<br>Bevan University||||||||
|Health Board||||73,042||73,042|148,908|
|Other trading<br>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<br>on:||||||||
|Raising funds:||||||||
|Shops and merchandise|||216,149|||216,149|214,853|
|Fundraising|||209,191|1,789||210,980|252,853|
|Investment<br>management||6||25,307||25,307|27,873|
|Charitable<br>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<br>/ (Expenditure)|||(86,831)|1,579,657||1,492,826|(1,323,935)|
|Transfers between<br>funds||19|475,000|~473,000||||
|Net movement<br>in funds for||||||||
|the year|||388,169|1,104,657||1,492,826|~1,323,933|
|Reconciliation<br>offunds:||||||||
|Balances brought<br>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<br>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<br>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<br>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<br>funds||17||436,473|||48,304|
|Designated<br>funds||18||||||
|Restricted funds||17||7,143,989|||6,039,332|
|Total charity funds||||7,580,462|||6,087,636|



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||||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<br>by investing||||449,368|704,439|
|Activities||||||
|Increase (decrease) in cash|and cash|||||
|equivalents<br>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||||||





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|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|



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|||||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<br>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|



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|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<br>Irrecoverable<br>vai|Salary costs<br>Salary costs|1,104<br>~3,32))<br>65,637|4,729<br>~14.21B)<br>281,021|1,276<br>~3,836<br>75,821|7,109<br>~21,375)<br>422,479|52,831<br>7,352<br>475,808|



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|Net Income/(expenditure)<br>for the|Net Income/(expenditure)<br>for the|
|---|---|
|This is stated atter charging:||
|Depreciation|—owned assets|
|Depreciation|—assets on finance|
|Amortisation||
|Auditor's<br>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<br>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|





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





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|||||2021|2020||
|---|---|---|---|---|---|---|
|UK equities||||2,577,905<br>1,536,144|||
|Overseas equities||||1,880,005<br>1,786,299|||
|Cash deposits||||262,912|177,095||
|UK fixed interest|||securities|1,483,697<br>1,725,927|||
|Overseas fixed||interest|||||
|Alternatives||||858,013|757,159||
|||||7,062,532<br>5,982,624|||
|Income held|in bank accounts|||3,267|3,860||
|||||7,065,799<br>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<br>balance<br>Movement<br>in period||||7,500<br>53,209<br>60,709|17,500<br>~10,000<br>7,500||



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



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|20.Analysis ofNet Assets bet|ween Funds||||
|---|---|---|---|---|
||Unrestricted|Restricted Funds|Designated|Total Funds|
||Funds||Funds<br>f||
|Intangible<br>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<br>assets<br>at 31" March|||||
|2021|436,473|7,143,989||7,580,462|



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||||||Total||
|---|---|---|---|---|---|---|
|||||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|



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



## 

|||2021|2020|
|---|---|---|---|
|Net movement<br>in income/<br>(expenditure)||1,492,826|(1,323,935)|
|Add back amortisation<br>charge||1,529|1,529|
|Add back depreciation<br>charge||21,228|32,809|
|Add back loss on disposal||452||
|(Gains)/losses<br>on investments||(1,366,748)|681,863|
|Dividends<br>and interest from investments||(212,923)|(216,485)|
|Investment<br>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<br>activities||2<br>2 4|807 674|
|Analysis ofcash and cash equivalents||||
|Net cash used in operating<br>activities||232459|61 375|
||29|||





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





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||||Unrestricted|Restricted|Unrestricted|Restricted|
|---|---|---|---|---|---|---|
||||2021|2021|2020|2020|
|Income:|||||||
|Charitable<br>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<br>income||||212,874||216,371|
|Aneurin<br>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<br>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<br>loss on|disposal||||||
|Recruitment||||140|||
|Supportcosts|||273,365|7,656|314,523|2,482|
||||819,003|425,308|853,172|435,971|





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|||Unrestricted|Restricted|Unrestricted|Restricted|
|---|---|---|---|---|---|
|||2021|2021|2020|2020|
|Fundraising<br>&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<br>for resale||1,492||1,055||
|Fundraising<br>expenses||27,775||10,662||
|Events||490||28,340||
|Shop rental &costs||92,657||111,758||
|Retail salaries||118,460||96,743||
|Investment<br>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<br>&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<br>remuneration||4,984||3,431||
|Accountants<br>remuneration||4,356||9,855||
|Professional<br>fees||3,542||||
|Bank charges and interest||568||609||
|Miscellaneous||4,030||8,781||
|Office equipment<br>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<br>rental||2,538||1,831||
|Lease finance interest||1,139||1,458||
|Irrecoverable<br>vat||(21,375)||7,352||
|Personnel<br>services<br>Allocation ofsupport costs||16,629<br>410,969<br>~337.214<br>73,754|11,510<br>~9,444 <br>2,066|27,286<br>473,721<br> ~(387,976 <br>85,745|4,964<br> ~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|