2023-03-31-accounts - Hospice Of The Valleys

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CONTENTS		PAGE
Reference and administrative information
Report ofthe Trustees/Directors		2 -19
Independent auditors report		20-22
Statement offinancial activities		23
Balance sheet
Statement ofcashflows		25
Notes forming part ofthe financial	statements	26-39

Reference	Reference	and administrative	and administrative	and administrative
Charity Name:					The Hospice ofthe Valleys
Company		Registered		Number:	2007005
Charity Registered			Ivumber:		517724
Registered		Office:			Festival Drive, Ebbw Vale, Gwent,	NP23 8XF
Trustees/Directors:					Miss Susan Kent MBF.DL (CHAIR) (resigned			16u Decembei			2022)
					Mr Allan Harris (Interim Chair)
					Mr Alan Williams (resigned 30u November		2021)
					Mr Phillip Robson
					Reverend Barry Roche (resigned 26a July 2022)
					Mrs Sally Mirando Mr Robert James (deceased July 8"2022)
					Mr Mathew Morris-Parker
					Mrs Julie Timothy (appointed 26'i' July 2022)
					Mr Stuart Williams (appointed 26a	July 2022)
					Mr Owen James (appointed 24u May 2022)
					Ms Verly Inglis (appointed 20u March 2023)
Conipany	Secretary:				Mr Giant Usmar
Senior Management				Team:	Mr Grant Usmar —Chief Executive
					Mrs Jane Hart MBE —Head ofClinical Services			(Resigned		March 2023)
					Mrs Sarah Harries - Head ofChnical	Services (Appointed				March 2023)
					Mrs Melanic Phillips —Head ofFinance
Indcpcndent		Auditorsi			Baker Knoyle Audit Linuted. Orbit Business		Centre, Rhydycar				Business
					Park, Merthyr Tydfil CF48 IDL
Accountants:					Baker Knoylc Chartered Accountants,	Orbit	Business		Centre.		Rhydycar
					Business Park, Merthyr Tydfil CF48	IDL
Bankers:					Lloyds Bank Pic.	The Co-operative			Bank
					8 Iligh Town	PO Box250
					Hereford	Skelmersdale
					HR12AF.	WN8 6WT
Investment		Bankers:			Rathbones, 159New Bond Street,
					London,
					W15 2UD
Solicitors:					Lewis, Lines & Wilks,
					Bryn Mawr,
					Ebbw Vale
					NP23 4PS

	Cance	r/Non Ca	ncer Diagnosi	s Split
60.009o 50.00%	5Q 9QP	52.00%	50.20%	52%	55.4090
40.00%	49.10%	48 ppo/	49.80%	48%	44.60%
30.00%
20.00%
10.00%
0.00%
	2018-19	2019-20	2020-21	2021-22	2022-23
		~cancer	Non Cancer

	Percentage	Percentage	of	patients		known to	known to	Hospice	Hospice	ofthe	Valleys
			who	died in		their	preferred		place
100		78	8	82		79 5	88 1	83	8	85	84 1	92'4
80	70,7											64.2
60	47.1	50.6		54.2	499 ~		503 4	52.8		54.8	55.4
40	3			33.9						355	34.2
20

Income split	Income split		2020/21	2021/22	2022/23
Local Health Board			295,765	305,003	266,787
Welsh Government			45,404	37,497	68,593
Continuing	Health Care		73,042	165,516	238,317
Covid-19 Emergency		Hospice Funding	575,721	213,014
Donations	and Grants		162,896	172,556	153,394
Fundraising			152,258	182,434	186,938
Retail			157,359	421,261	431,047
Legacies			14,000	3,500	289,016
Furlough /	Reta il Gra nts		209,278	909	16,099
Investment	income		212,923	195,177	218,130
			1,898,646	1,696i867	1,868,321

		MSCI
I	ear	3.8%
3	ears	30.2%
5	ears	23.9%

		UNRESTRICTED	UNRESTRICTED	RESTRICTED	DESIGNATED	31/03/23	31/03/22
			FUNDS	FUNDS	FUNDS	TOTAL	TOTAL
						FUNDS	FUNDS
		NOTES	8		8
Income	from:
	Donations and Legacies	3	395,423	46,987		442,410	176,056
Charitable activities:
	Local Health Board service
	level agreement			266,787		266,787	295,765
	Welsh Government			68,593		68,593	250,511
	Covid-19 Emergency
	Funding
	Aneurin Bevan
	University Health
	Board			238,317		238,317	174,754
Other trading activities:
	Shop and merchandise
	sales		431,047			431,047	421,261
	Fundraising		181,697	5,241		186,938	182,434
	lnvestinents		1,112	217,018		218,130	195,177
	Other		16,099			16,099	909
Total Incoming Resources			1025 378	842942
Expenditure on:
Raising	funds:
	Shops and merchandise		281,360			281,360	240,561
	Fundraising		264,972			264,972	227,854
	Investment
	management	6		24,106		24,106	28,867
Charitable activities		7	925 803	627 204			1,474,651
Total Expenditure			1 472 135	651310		2 123444	1 971933
Gains/losses on investmets				(828,985)		(828,985)	183,719
Net Income / (Expenditure)			(446,756)	191,632		(255,123)	(275,066)
Transfers	between funds	19
Net movement in funds for the
year			113,244	(1,197,352)		(1,084,108)	(91,347)
Reconciliation offunds:
Balances	brought forward		379 153	7 109 961		7489115	7580462
Balances	carried forward at
31stMarch 2023		20	492,397	5,912,609

As at 316' Ma	rch 2023
			2023		2022
		Notes
Fixed assets
Intangible assets		10		0.00		127
Tangible assets		11		35,006		26,638
Investments		12		5,829,722		7,025,794
				5,864,728		7,052,559
Current assets
Stocks		13	298		679
Debtors		14	198,674		172,698
Cash at bank	and in hand		550,314		424,108
Investment short term deposits			1,716		1,713
			751,002		599,198
Creditors:
Amounts falling due within one year		27	~226.724		~762.642
Net current	assets			540,278		436,556
Amounts falling due after one
year		16
Total assets	less current
liabilities				6,405,006		7,489, 1I5
Capital and	reserves
General Reserves
-Unrestricted	Funds	17		492,397		379,154
-Designated	Funds	18
Restricted Funds		17		5,912,609		7,109,961
				6,405,006		7,489,1 15

			Notes	2023	2022
Cash flows from operating	activities:
Net cash (used in) operating	activities		26	412 62	194,722
Cash flows from investing	activities
Interest from investments				1,112	33
Purchase oftangible/intangible		fixed assets		(29,639)	(1,949)
Transfers from investments				560,000	390,000
Proceeds trom disposal offixed		assets		7,000
Net cash provided by investing				538,473	388,084
Activities
Increase (decrease) in cash	and cash
equivalents in the year				126,210	193,362
Cash and cash equivalents	at the beginning			425,821	232,459
ofthe year
Total cash and cash equivalents		at the end		552,031	425,821
ofthe year

Office Equipment	205o on cost
ITEquipment	33'ro on cost
Clinical Equipment	20'ro on cost
Shop Fixtures	20/o on cost
Motor Vehicles	25'ro on reducing	balance
Day Centre	20'ro on cost
Property Improvements	Over period oflease

		Unrestricted	Restricted	2023	2022
				Totalf	Total
Charitable	Trusts	45,000	43,100	88,100	72,829
Voluntary	Donations	61,407	3,887	65,294	80,018
Miscellaneous		0	0	0	19,709
Legacies		289,016	0	289,016	3,500
		395,423	46,987	442,410	176,056

			2023	2022
Dividends - UK equities			192,350	167,826
Interest on cash deposits within	investment	portfolio
Interest on fixed interest secwities			24,101	27,318
Interest on current accounts			I 679	33
			218,130	195,177

						11nrestricted	11nrestricted	11nrestricted	Rcstrictcd	Total	Total
							2023		2023	2023	2022
				Notes			8
		Medical salaries and pensions					479,354		622,491	949,318	1,030,727
		Social worker		salaries and expenses			1,967		0	154,494	1,645
		Drugs and	medical supplies					96	0	96	175
		Clinic rent						0	0	0	0
		Motor expenses					15,912		0	15,912	18,791
		Clinic food	and other costs					0	4,128	4,128	1,603
		Clinical equipment maintenance					4,122		0	4, 122	1,662
		Telephone	costs				5,244		0	5,244	6,236
		Training					9,921		0	9,921	7,875
		Recruitment						0	0	0	0
		Medical equipment depreciation						37	0	37	37
		Equipment	loss on disposal					0	0	0	0
		Miscellaneous						36	585	621	1,323
		Supportcosts		8			325,308		0	325,308	319,475
		Governance					83,806		0	83,806	85,102
							925,803		627,204	1,553,007	1,474,651
es Expended —Allocation ofSupport					Costs
Support costs				Basis ofallocation	Fund		Charitable		Governance	2023	2022
allocated to
	activities				Raising		Activities			Total	Total
General		office and
finance		staff		Salary costs	48,389			187,233	48,235	283,856	274,564
Premises				Salary costs	14,021			54,253	13,977	82,251	77,923
insurance				Salary costs	2,483			9,608	2,475	14,566	13,110
ITtt
Communications				Salary costs	8,680			33,585	8,652	50,917	47,789
Legal	k.
Professional				Salary costs	6,041			23,374	6,022	35,437	30,122
Depreciation				Salary costs	2,086			8,072	2,079	12,237	22,925
Motor	Expenses			Salary costs		392		1,516	391	2,298	3,134
Miscellaneous				Salary costs	1	982		7667	1 975	11,624	~13416
					84,074			325,308	83,806	493,187	482,983

9.	Net income/(expenditure)	Net income/(expenditure)
	This is stated after	charging:
			2022/23		2021/22
	This is stated	ader
	charging:		I
	Depreciation	-Owned Assets	17,127		10,590
	Depreciation	-assets on
	finance				8,749
	Amortisatiou			127	1,529
	Auditors' Remuneration		3,605		3,600
	Accountants	fees	5,	195	777
10.	Intangible Fixed Assets

	Software	Total
COST:
As at 1stApril 2022	7,645	7,645
Additions
Disposals
As at 31stMarch 2023	7,645	7,645
DEPRECIATION
As at 1stApril 2022	7,518	7,518
Charge for year	127	127
Eliminated on disposal
As at 31stMarch 2023	7,645	7,645
NET BOOKVALUE
As at 31e March 2023
As at 31a March 2022	127	127

Tangible Fixed Assets
	Oilice Equipment	Clinical Equipment	Shop Fixtures tt	Motor Vehicles	Day Centre	Property Improvements	Total
			Fittings
COST:
As at 1stApril 2022	88,150	3,025	1,863	26,582	12,528	89,007	221,154
Additions	649			28,990			29,639
Disposals	0			15290			15,290
As at 31stMarch 2023	88,799	3,025	1,863	40 282	12 528	89007	235 504
DEPRECIATION
As at 1stApril 2022	69,378	3,025	1,863	18,792	12,451	89,007	194,516
Charge for year	12,110	-	-	4,980	37	-	17,127
Eliminated on disposal	0			11,145			(11145
As at 31st March 2023	81488	3025	I 863	12,627	12488	89,007	200498
NET BOOKVALUE
As at 3 ie March 2023	7,311			27,655	40		35,006
As at 3 le March 2022	18,771			7,790	77		26,638

					Otnce Equipment	Otnce Equipment	Clinical Equipment	Shop Fixtures	Motor Vehicles	Day Centre
								Fittings
								8
DIRECT
CHARITABLE
PURPOSES
Community	Services					2,924			11,062	40
Other Purposes
Administration		office				4,386
Fundraising									16593
						7,311			27,655	40
									2023	2022
12.Investments			(including			cash deposits)
Market value	as	at	la	April 2022					7,025,794	7,065,799
Disposals at carrying				value (transfers			to income)		(560,000)	(390,000)
Investment income									217,018	195,144
Investment costs		charged			and	accrued			(24,106)	(28,867)
Net (loss)/gain	on		revaluation						(904,161)	182,041
Net (loss)/gain	on		disposals						75 176	1,677
Market value	as	at	31e March			2023			5,829,721	7,025,794

			2023		2022
UK equities			2,401,799	2,705,412
Overseas equities			1,935,839	1,749,333
Cash deposits			69,448		30,084
UK fixed interest	securities		502,669	1,415,426
Overseas fixed interest			115,583
Alternatives			800610	I	123982
			5,825,948	7,024,237
Income held in bank accounts			3773		I 557
			5,829,721	7,025,794
INVESTMENTS	IN SUBSIDIARIES		2023		2022
HOV TRADING LIMITED			I
TOTAL INVESTMENTS			5,829,722	7,025,794
			2023		2022
tocks
erchandise for resale				298	679
btors: amounts	falling due within	one year
			2023		2022
Trade Debtors			6,491		11,886
Other debtors			14,108		12,878
Prepayments and	Accrued Income		178,075		147,934
			198,674		172,698
editors: amounts	falling due within	one year
			2023		2022
creditors			7,035		17,342
ed expenses			58,809		63,681
ed income			35,601		31,343
creditors			109,279		50,276
			210,724		2

15.Cr	Trade Debtors Other debtors Prepayments and Accrued Income editors: amounts falling due within one year

			2023	2022
Opening balance Movement in period			31,343 4,258	60,709 ~29 366
			35,601	31,343

erred	income car	ried for	ward is analysed as follows:
				2023	2022
Aneurin	Bevan University		Health Board	24,899	3,755
Welsh	Government				20,741
Other				10,702	6,847
				35,601	31,343
ditors:	amounts	falling	due after one year
				2023	2022

		At	Incomiug	Outgoing	Net	At
		01/04/2022	Resources	Resources	Transfers	31/03/2023
			(including	(including
			gains)	losses)
Restricted	Funds
Robin Judah investment
portfolio		7,025,794	217,018	(853,091)	(560,000)	5,829,721
ABUHB		18,092	303,203	(305,595)		15,700
Welsh Government			75,129	(75,129)
Continuing Health Care ABHUB - Hospice at Home Other		66 074 .20 .	160,176 82,176 5 240 9,942	(160,176) (82,176) ~4, 2 ~99	~960.000	67,187 . ». 9
Unrestricted	Funds
- General		379,154	1,025,377	(1,472,135)	560,000	492,397
-Designated

esignated Funds
			2023	2022
				g
Balance brought	forward	I"April 2022
Interest received	for year
Transfened to unrestricted		funds

	Unrestricted	Restricted Funds	Designated	Total Funds
	Funds		Funds
Intangible fixed assets
Tangible fixed assets	32,425	2,581		35,006
Investments		5,829,721		5,829,721
Current assets	628,803	122,197		751,001
Current liabilities	(168,832)	(41,891)		(210,723)
Liabilities over I year		0
Net assets at 31u March
2023	492,397	5,912,609		6,405,006

	2023	2022
Salaries and wages	1,427,090	1,330,721
Social security costs	142,571	126,674
Pension costs	112,399	99,898
	1,682,059	1,557,293


				2023	2022
Hospice services				27.90	32.20
Fundraising		and publicity
(including	shops)			11.30	10.30
Management		and administration	of
the charity				11.60	9.00
				50.80	51.50

				2023	2022
24.	Capital Commitments			Nil	Nil
				2023	2022
25.	Contingent liabilities			Nil	Nil
26.	Reconciliation ofnet movement	in funds to net	cashtlow from operating	activities
				2023	2022
	Net movement in income/ (expenditure)			(1,094, 108)	(91,347)
	Add back amortisation	charge		127	1,529
	Add back depreciation	charge		17,126	24,029
	Add back gain on disposal			(2,855)	691
	(Gains)/losses on investments			828,985	(183,719)
	Dividends and interest	from investments		(218,130)	(195,176)
	Invesnnent charges accrued			24,106	28,867
	Decrease (increase) in	stocks		381	154
	Decrease (increase) in	debtors		(15,975)	253,853
	Increase (decrease) in	creditors		48,081	(33,603)
	Net cash used in operating activities			412262	(194,72~2
	Analysis ofcash and cash equivalents
	Net cash at the end of	the year.			425 821
			37

					2023				2022
Within one year					46,	117			74,160
Between two and five	years				9,333				55,510
					55,450				129,670
29. Comparatives for Movement		in Funds
		At	Incoming	Outgoing	Net		At
	01/04/2021		Resources	Resources	Transfers	31/03/2022
			(including	(including
			gains)	losses)
Restricted Funds
Robin Judah investment
portfolio	7,065,799		378,862	(28,867)	(390,000)	7,025,794
ABUHB		14,131	306,813	(302,852)			18,092
Welsh Government			37,497	(37,497)				0
Continuing Health Care ABHUB - Hospice at Home Other	7,	64059 143,989	79,887 83,820 58,958 946.83	(79,887) (83,820) ~6.43 ~89.863	0 0 66,074 ~3,».09.9 0
Unrestricted Funds
- General	436,473		934,748	(1,382,068)	390,000		379,153
-Designated

		UNRESTRICTED	RESTRICTED	DESIGNATED	31/03/22	31/03/21
		FUNDS	FUNDS	FUNDS	TOTAL	TOTAL
					FUNDS	FUNDS
Income from:
Donations and Legacies		119,443	56,613		176,056	176,896
Charitable activities:
Local Health Board service
level agreement			295,765		295,765	295,765
Welsh Government		213,014	37,497		250,511	45,404
Covid-19 Emergency
Funding						575,721
Aneurin Bevan University
Health Board			174,754		174,754	73,042
Other trading activities:
Shop and merchandise	sales	421,261			421,261	157,359
Fundraising		180,089	2,345		182,434	152,258
Investments		33	195,144		195,177	212,923
Other		909			909	209,278
Total Income		934,749	762,118		1,696,867	1,898,646
Expenditure on:
Raising funds:
Shops and merchandise		240,561			240,561	216,149
Fundraising		225,416	2,438		227,854	210,980
Investment management			28,867		28,867	25,307
Charitable activities		916,091	558,560		1,474,651	1,320,132
Total Expenditure		1,382,068	589,865		1,971,933	1,772,568
Gains/(losses) on investments			183,719		183,719	1,366,748
Net Incotue / (Expenditure)		(447,319)	172,253		(275,066)	126,078
Transfers between funds Net movement in funds for the year		390,000 57,319	~7390,000 34,028		~7	3.492.8 6
Reconciliation offunds:
Balances brought forward		436,473			7,580,462	6,087,636
Balances carried forward at
31uMarch 2022		379,154	7,109,961		7,489, 115	7,580,462

		Unrestricted	Restricted	Unrestricted	Restricted
		2023	2023	2022	2022
		K	K
Robin Judah Trust		0	0	0	0
Charitable Trusts		45,000	43,100	34,500	38,329
Donations &Legacies		350,423	3,887	83,518	0
NHS Donations &	Grants	0	184,611	0	221,183
Sales ofMerchandise		553	0	121	0
Bank Interest Received		1,112	0	33	0
Investment Income		0	217,018	0	195,144
Aneurin Bevan Health Board		0	238,317	0	165,516
Events/Community	Fundraising	181,697	5,241	180,089	2,345
ABUHB - Hospice	at Home	0	82,176	0	83,820
Shop Income		430,494	0	421,139	0
Welsh Government		0	68,593	213,014	37,497
Furlough &Retail	Grants	12,687	0	909	0
Other		3,412	0	1,425	18,284
		1,025,378	842,942	934,748	762,117
Expenditure
Charitable Activities
Clinical Salaries		426,780	592,098	440,579	511,488
Clinical Pensions		52,575	30,392	49,153	29,507
Social Worker Salaries		0	0	0	0
Social Worker Expenses		1,967	0	1,645	0
Drugs &Clinical Supplies		96	0	175	0
Clinic Rent		0	0	0	0
Motor Expenses		15,912	0	18,791	0
Clinic Food &Other Costs		0	4,128	274	1,330
Clinical Equipment	Maintenance	4,122	0	1,032	630
Clinical Mobile Phones		5,244	0	6,011	225
Training		9,921	0	6,375	1,500
Miscellaneous		36	585	17	1,305
Medical Equipment	Depreciation	37	0	37	0
Medical equipment	loss on disposal	0	0	0	0
Recruitment		0	0	0	0
Support Costs		325 308	0	309545	9,931
		841,998	6» 204	833,634	555,915

			Unrestricted	Restricted	Unrestricted	Restricted
			2023	2023	2022	2022
Fundraising &Publicity
Salaries			112,784		110,896
Pensions			10,633		0
Motor Expenses			9,982		5,680
Printing &stationery			0		0
Training			996		2,176
Merchandise for resale			814		3,969
Fundraising expenses			11,404		16,568
Events			20,254		8,595
Shop Rental &Costs			103,586		91,930
Retail salaries			171,981		142,065
Investment management		fees &
charges			0	24,106	0	28,867
Telephone			2,060	0	2,527	0
Shop Fittings &Vehicle		Depreciation	4,979	0	2,596	0
Database costs			2,690	0	3,005	0
Support Costs			97,024	0	75,969	2,437
Loss on disposal offixed		assets		0	0	0
			546331	24 106	465 977	31304
Management &Admin		/
Governance
Salaries			266,018		252,383	9,238
Pensions			17,839		12,944	0
Motor/Relocation Expenses			2,298		3,134	0
Telephone &Postage			15,782		14,532	0
Printing &Stationery			5,353		4,635	0
Insurance			14,566		13,110	0
Accountants fees			5,195		777	0
Auditors Remuneration			3,605		3,600	0
Professional fees			11,474		9,704	0
Bank Charges and Interest			3,072		3,396	0
Miscellaneous			5,820		7,179	0
Office Equipment Depreciation			12,110		21,395	0
Property Improvements	depreciation		0		0	0
Sotttvare amortisation			127		1,529	0
Repairs &.Maintenance			0		0	0
Subscriptions			3,020		2,369	0
Rent and Rates			74,609		69,086	0
ITExpenses			27,640		20,778	5,775
Office Cleaning and Expenses			7,642		8,837	0
Office machine rental			2,142		2,069	0
Lease finance interest			(288)		473	0
Irrecoverable vat			0		0	0
Personnel services			15,164		16042	0
			493,187		467,970	15,013