THE HOSPICE OF THE VALLEYS (A REGISTERED CHARITY) (A COMPANY LIMITED BY GUARAIYTEE) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31st MARCH 2024 Charity Number: 517724 Company Nurnber: 2007005 THE HOSPICE OF THE VALLEYS COIYTENTS PAGE Reference and administrative information Report of the Trustees/Directors 2-21 Independent auditors report 22-24 Ststement of financial activities 25 Balance sheet 26 Statement of cashflows 27 Notes fonning part of the financial statements 28-42 THE HOSPICE OF THE VALLEYS ort of the Trustees for the ear ended 31st March 2024 Th¢ trustees present their report and th¢ audiled annual financial slatements for th¢ y¢ar ended 3 ISI March 2024 The trustee report includes the dir¢ctors' r¢port as required by company law Reference and administrative information Charity Name: Company Registered Number: ChArity Registered Number: The Hospice of th¢ Vall¢ys 2007005 517724 Registered Offi¢e: Trustee5mire¢tors: Festival Driv¢, Ebbw Vale, Gwent, NP23 8XF Mr Micba¢l Bobbctt {Chainnan) (appointed l 7tb November 2023) Mr Allan Harris (Interim Chair) (resign¢d 29th January 2024) Mr Phillip Robson Mrs Sally Mirando (reslgned 29, January 2024) Mr Mathew Morris-Parker Mrs Julie Timothy (resign¢d 29th May 2024) Mr Stuart Williams Mr Owen James (resigned 17th November 2023) Ms Verly Inglis Company Secretary: Mr Grant Usmar Senior Management Team: Mr Grant Usmar- Chief Ex¢cutive Mrs Jane Hart MBE - H¢ad of Clinical Servic¢5 (R¢signed March 2023) Mrs Sarah Harries - H¢ad of clinic￿ Services (Appointed March 2023) Mrs Melanie Phillips - Head of Finance Independent Auditors: Baker Knoyle Audit Limited, Orbit Business Centre, Rhydycar Busin¢ss ParK Merthyr TydfAI CF48 IDL Aeeountants: Baker Knoyl¢ Chartered Accountants, Orbit Business Centre, Rhydycar Business Park, Merthyr Tydfil CF48 IDL Bankers: Lloyds Bank Plc. 8 High Town Her¢ford HRI 2AE The Co-operative Bank PO Box 250 Skelmersdale WN8 6wr Investment Bankers; Rathbones, 159 New Bond Stree¢ London, W15 2UD Solicitor5: Lewis, Lines & Wilks, Bryn Mawr, Ebbw Val¢ NP23 4PS THE HOSPICE OF THE VALLEYS ort of the Trustees for the ear ended 31st March 2024 Strueture, Governanee Ydnd Management The Trustees/dire¢tors are pleased to present their report and f￿anCIal ststements for the year ended 3 1st March 2024, which are also prepared to mc¢t thc r¢quir¢m¢nts for a directors. report and accounts for Companies Act pu￿Oses. Governin Docuznent The charity is a charitable company limited by guarantee, inCo￿orated on 4th April 1986. It is governed by a munorandum and articles of association and does not have a share capitsl. The limited company registration llurnb￿ is 02007005. The cornpany is regIst¢￿d charity under the Charity Commisston, ref¢r¢nce nutllber 517724. intment of Trnstees l Directors The Directors of the company are also charity trustces for th¢ putpose of CE￿ity law, and under th¢ company's Articles ar¢ known as the Council of Trustees (The Trustees). As set out in the Articl¢s th¢ nulnber of members of the council shall not be less than five nor more than ten. Trustees are appointed by the board of trustees in accordance with thc Hospicc's procedure on appointment of new trustees. Tnjstees appointed in the year are interviewed by the Chairnjan prior to being elected by the Board of Tntstces. Such appointments e ratified by the members at the next General M¢¢ting. Trustees must sign an undertaking that they are fit to scrv¢ (i.e., meet specific requir¢m¢nts). Trustees servc for six ycars after which this may be Tenewcd by the members at the next General Mccting. Or anisational StNcture The Hospice is managed by a board of tn￿teeS of between five and tcn members who meet bi-monthly. A Chief Executive is appointed by the trustees to manag¢ th¢ day-to-day operations of th¢ Charity. Mana ement and Ern lo ees Remuneration Hospice of the Valleys recognises that it must ensure staff are r¢warded appropriately for their work and d¢dication. It is also necessary to ensure competitive rates of pay and benefits are maintained to ensur¢ r¢t¢ntion and recruitment of the best calibre staff to deliver th¢ Cbarity's objectives, The Board has agreed a Hospice pay scale that encompasses all staff. This scale As based on the NHS Agenda for Change pay scalc and is currently applied to all stsff, with retail staff being bench-markcd against equivalent roles in the sector. The Board of Trnstees approves any pay increas¢ for all staff at its budget setting mccting in Fcblmarch each year. The level of pay is s¢t on joining the Hospice. Movements within the scale and any incre&ses are subject to perfonnance) professional development and length of service and are decid¢d by the Chief Executive. Whilst the Hospice seeks to mainlain quivalcnce with prevailing nationally negotiated conditions of pay it cannot be bound by thcir agreem¢nts. Cost of living and other salary increases discretionary and subject to funding constraints. The Hospicc is a Direction Employer under the NHS Pension scheme and qualifying staff eligible to join this scheme on employment with th¢ Hospice. For other staff the Hospice has a stakeholder pension scheme into which it contribut¢s 5 /0 of salary. All non-NHS pension staff are auto enroll¢d into this scheme on employment with the Hospice. Risk Mana ement Th¢ major risks to which the charity is exposed, as identified by the trustees, hav¢ b¢¢n reviewed and systems have been established to mitigate those risks. THE HOSPICE OF THE VALLEYS ObJective$ and Activities The principal activity of thc company in the year und¢r review was that of a Hospice and specialist palliative carc service. The aims of its service are to benefit the public through the following objectives,. To practice holistic Hospic¢ Care, addressing all the patient's needs, physical, spiritual, social and ¢motional. To support families so well that they are enabled to care for dying r¢latives at home to the end. To maximise patients, autonomy. To establish a model of Hospice care that is recognised locally, nationally and internationally as being of the highest standards. To teach about our methods. To care for patients from first diagnosis of a life-threatcning illness through to cure or dcath. To support carers throughout this time, and in bereavement as long as necessary. In order to achi¢v¢ these aims the Hospicc aims to be a Specialist Palliative Care Provid¢r- Consultant led with a team of highly trained and skilled clinicians, social wotkers and other professionals. The Hospice has embarked upon a rcview of its clinical governance framework under the leadership of the consultant, which will ¢nsure a robust evidence-bascd delivery of appropriate care to the population of Blaenau Gwent. The Hospice now benefits from the support of 200 volunteers. A large proportion of thes¢ help us to fundraise by statfmg our five shops, driving our van, and helping at fundraising events. Volullteers also help at our clinirs supporting patients to complete activities and achievc their goals. Thc value of volunteer time is not quantifi¢d in tem]5 of money, but the time contributed by volunfrers is an invaluable rcsource in tcrnis of the outstanding contribution made by them. How our activities deliver ublic benefit Thc Tnjstees have had regard to Charity Commission guidance on public benefjt. Our objccts and funding limit the services wc provide to those residents in Blaenau Gw¢nt. We deliver public benefit via the following activities: Hospic¢ of the Valleys provides community-based Sp¢cialist Palliative Care to the people of Blaenau Gwent who are suffering from a life limiting illness, th¢ir families, and carers. We also provide a Hospice at Hom¢ service where patients can hav¢ H¢althcar¢ Assistants in their home during the night and in the day. Our staff work in collaboration with other Healthcare Prof¢ssAonals to ensuTC patients always receive appropriate, high- quality care when needed. We always strive to ensure patients are cared for in their preferred place of care which may b¢ th¢ir own home. People with a life-limiting illncss can be referred to Hospi¢¢ of the Valleys and access any of the serviccs provided by th¢ Charity. Services are provid¢d free-of charge to patients and theAr familieslcar¢rs. Hospice of th¢ Valleys is at th¢ h¢art of th¢ Community providing employment, volunteering opportunities and many public events and activities. THE HOSPICE OF THE VALLEYS Cbatrman's Summary As we look back on the last year it has been heartening to see the differ¢nc¢ the teams within Hospice of the Valleys have continu¢d to make to individuals and families affected by terniinal illness. Our ¢ore clinical services have retained their focus on d¢liv¢ring specialist-level palliative and end of life care and our ambitions to help morc peopl¢ reduce the pain and distress they experience had led to new and innovative ways to reaching out into our community and op¢ning access to hospice care for those who might not previously have known about us. Maintaining a level of sustainabl¢ income has been one of the main concerns of the trustecs over the year. We managed to d¢liver our patients services this year thanks to the generosAty of our community. However, ov¢r the last few years, we have b¢¢n unable to rely solely on our fundraising and retail gencration a¢tiviti¢s and gifts in wi115 hav¢ often fill the gap between incom¢ and expenditure. The year saw u5 deliv¢r another planned d¢fi¢it budget., We have continued to use the growth on or investments to support the delivery of servic¢s that are vital to the local community. Due to th¢ hard work and Collaboration between thc ¢mbers of Hospices Cymru across the nation wc wcre able to work with Welsh Government to access more funding during the year. Combined with car¢ful management of our expenditure budget and a good perf0m￿nCe for our funthaising activity, the extra tranche of fimds from Welsh Govemrnent had a significant impact on our f￿ancIal position at the cnd of the year, but as tis was a on¢-off payment thcrc is still more work to bc donc to ensure that the delivery hospic¢ care within Wales becomes truly sustainable. Partnership Working Hospice of the Valleys has a proud history and openness to working in parthership with other organisations and individuals. The natur¢ of our work of delivering most services within peopl¢'s homes and the understanding that our teams are not the only ones coming through the front door, means that a rollaborative approach is best for patients and families and improves outcomes. However, we can always improve on this foundation. Th¢r¢fore, partnership working was identified as a kcy objective of thc current strategy, with a lot of groundwork compl¢ted in the f￿$t year if the strategy. Some of the fruits of this worfc arc highlighted below: Your Timc Your Choice" Pro ect This is a partnership with Age Connect Torfaen and funded over 20 months by AMSER *(Carers Trust) within Wales. The CARIAD tcam and Age Connect Torfacn ￿ working together to provid¢ short breaks for carers. The aim of the projcct is to provide carers with a variety of options to support their individual, idcntified need. The project ha5 be¢n very successful with all funding allocat¢d for the first year spent, and morc wers identified than outlined within the proposal. As a result of thc ovenvhelming success the team has recrnited anothcr dementia support worker to work alongside the current team to ensu that the needs of th¢ Community are met. Hos ital AthnÈttance Avoidance Pro ect The Hospital Admission Avoidance Project (HAAP) funded via ihe Regional Integration Fund (RIF) and has been a very successful partnership with Aneurin Bcvan University Health Board (ABUHB), delivering the service since 2001. This project has ¢nabled people to remain in their preferred place of carc aligned to their wishe5 and choices. This bespoke project aims to support people through crisi5 situations by providing healthcare assistants support ovcrnight. This ultimately prevents admissions to acute hospital Settings, where this setting will be detrimental to the person's mental bealth as it is not aligned with th¢ir wishes and choices. The service is those who m¢¢t the referral criteria for HAAP, not just thos¢ known to Hospice of the Valleys. In-reach scrvic¢ Ysb Aneurin Bevan We have been actively ¢ngaged in delivering a collaborative approach to spccialist palliative care support offered within Y5byty Aneurin Bevan (YAB). This has been in place for sevcrdl years, however, recently thc model of servic¢ provision has chang￿. THE HOSPICE OF THE VALLEYS An innovative and highly cost-effective appioach has been adopted by the core staffll]g team and the idea that palliative patients b¢ managed on one ward was adopted. Dr Din with the support of Dr Aziz l¢ads the team and service provision. Hosptce of th¢ Valleys provide an ANP - Enuna Priest. This has been a great example of real partnership working and integration. Blaenau Gwent is an area of significant health inequalities as well as social and economic dcprivation and as such travel out of county to visit dying relatives puts additional fll]ancial pressures on families. This model of care piovision seek5 to identify any appropriate palliative patients from Blaenau Gwent admitted into other hospitsls and support their transfer to YAB where their needs can b¢ met appropriately, and th¢ additional pressures reduced. The model is based on a Place Based Care approach to delivering the service. Having this provision available within thc local hospital with input fmm Hospice of the Valleys also ensure5 Continuity of care upon discharge and any potential further r¢adrnissions. The team in YAB ￿ safely hand over palliative patients upon dischargc via th¢ ANP based within the service. New In-Reach referrals 17 18 16 15 14 13 14 12 12 li 12 io i¢y io Apr May JLfn Jul Aug Sept Oct Nov Dec Jan Feb Mar Palliative Pion¢¢rs: Develo in Two Centres of Excellence. A Partnershi between Hos ice of the Vall¢ Luxu Care Homes. s and Hallmark Hospic¢ of the Valleys joined Hallmark Luxury Care Homes in an innovative collaboratlon to develop two ¢entres of excellence in palliative and end of lif¢ care. The two centres arc G￿enhIl1 Manor, Merthyr Tydfil and Henley Manoi. Henlcy on Themes. The collaboration aimed to advance the quality of palliative and end-of-lif¢ care within both luxury care homes by integrating expcrtise from the hospice and developing the skills of the staff in both Grcenhill Manor and Henley Manor. The collective aim was to address the needs of T¢sid¢nts and families facing lifc-limiting illnesses, ultimately enhancing th¢ir end- of-IAfe experiences. National Reach Hos ices Hospice of the Valleys plays an active role within Hospices Cymru. During the year we worked togethcr with ow peers and with the support of Hospice UK, to clearly identify the fimding gap for hospices within Walcs, By collaboratiog and putting a clears and transparent proposal to Welsh Government we were able to s¢cur¢ and extra tranche of fullding to address the impact of the cost-of-living crisis on the sector. This had a significant impact on our year-end deficit figure as highlightcd in thc introduction above in this report THE HOSPICE OF THE VALLEYS We now have a good open dialoguc with the government and hope to work together to develop a more 5UStainable ￿ndIng model for th¢ sector moving forward. Senedd Cross-Pa Grou on Palliative and End of Life Care. W¢ have a presence on this committee, feeding in iniliatives and challenges which are then fcd into the wider cross-party group on health. Staff and patients also f¢d into the committee giving evidence in the reality of service delivery d￿]ng COVID. This was compiled into a report and fed into the wider national enquiry into th¢ cffects of the pandcmic. Service Reviews Colleagucs hav¢ played an active role in natiotydl groups. These have included developing national measures for Patient Reported Outcomes (PROM) and Patient Reported Exp¢ri¢n¢¢s {PREM}. Supporting the developmcnt of e-fornis on th¢ n¢w national palliative care patient database and supporting workstreams around d¢liv¢ring the National Dementia Action Plan. Hos ice UK We have been working with H05pice UK in supporting their ongoing investigation into th¢ impact of povety and social deprivation on accessing palliative and end of life care. This began with our Chief Executive ThTiting a 'thought piece, for th¢ Hospice UK Leaders Briefmg and website on the topic. Stsff from our Family Support Team then presented on the topic at thc Hospi¢¢ UK conference in Liverpool and we have subsequently hosfrd a local focus group to fmd out more about the livd ¢xp¢rience of residents. W¢ Rook forward to collaborating fijrther on this piece of woIk, Other Hi hts As can be seen from the f￿ance report below our fundraising team had a good y¢ar and retail income held its own duting a period of transition Welsh Three Peaks Chall¢n e Our inaugural Welsh Three Peaks Challenge proved so popular that we had to hold a second event. A massive thank you to all of those who spent hour5 climbing and descending th¢ thre¢ highest peaks in Wales over a weekcnd. Their efforts raised over £23,000 in d sponsorship donations. Progress on our 3-year strategy In 2022 we have identified 5cven strategic aims which are built around those id¢ntifi¢d by the Cicely Saund¢rs International Centre for Palliativ¢ Care. The last year was th¢ 5¢cond year of our thrce-year strategy and provided an opportunity to build in the changes and successes achieved in the first year of the strategy Our current strategic goals are.. l. Provide holistic palliative care expertise in places where people are Car￿ for: at home, in hospitals and in care homes. Make joined up care a reality. 2. Empow¢r patients and carers to have greater choice and control over the things that arc important to them. 3. Provide our staff. other hcalthcare professiona15 and careTh with high-quality training. 4. Use ¢VAdence-based dccision making to cmbed a system of continuous learning and improvement. THE HOSPICE OF THE VALLEYS 5. Deliver a sustainable business model to ensure w¢ are effective in meeting the demands on our servic¢s. 6. Engage in research into palliative care. Over the last 12 months wc have made progress on the activities outlined below in our goal to achieve OUT stratcgic objectiv¢s: l. Provide hollsrfc p2lliative care expertlse in places where people are cared for: at home, in hospltals and in care homes. Make jolned up Cydre a re211ty. Focus: Deliver one-to-on¢ bereavement S￿l¢eS (face to face, Vlrtual and telephonc), bereavement groups, walk and talk. and remembrance servic¢s, while exploring new services and recognising people's other care or work commitments. Activltles: We completed th¢ consultation and r¢view of the Family Support Service provision and have begun lo implement recommendations to beltcr support local families and the wideT clinical team. Success Indicator: New structure in place new Social Worker recrnited, playing an activ¢ role An delivering a n]ore vaTi¢d level of services to local residents via our llcw Living Well Service. Focus: Have a clear definition of an idcntifiable ethos for palliative and end of life care at Hospice of the Valleys Actlvfitles: Create a feedback process to rcfcrrers for inappropriatc r¢f¢rrals. New Living Well Service and CAIL41D hav¢ cl¢arly defmed roles in servAce dellvery, Community Service focus bas been supportcd by new Referral Process, but a schcduled review of the community service is due to take place in y¢ar 3. Success Indicator: N¢w r¢f¢rral process implemented and communicated externally) Living Well service has been launched with good uptak¢ from the community, Clinical Nurse Specialists in the community team are now able to focus more on the patients with the greatest needs, 2. Empower patients and carers to have greAter choice and eontrol over the things that are importanl to them. Focus: Develop stronger links with primary. secondary and tertiary care and local authorities and take services out into Community settings. ActI￿tIeS. Stsff are actively participating in Health Board work streams around th¢ dementia stattdards, bereavement standards and on the Health Board's End of Life Care Board. Re-establish an outpatient service Maintain active participation in the Gwent Palliativ¢ & End of Life Care Board. THE HOSPICE OF THE VALLEYS Success Indicator: Membership on all working groups for National Detllentia Standards, I, Part of the Bereavement Standards steering group. Regular MDT meetings at The Grange, Ysbyty Aneurin Bevan, Ysbyty Tri Chwm, Nevill Hall and at the Motor Neurone Disease meetings. Regular Palliative Care mectings with local GP'S Established initially as a stand-alone servic¢ and now is part of the Living Well s¢rvi¢e. Initially locatcd in Brynmawr Hub, now in our main office with a look at options in thc new Trcdegar Health Centre Participation and membership of the End-of-Lif¢ Care Board Education and Outcomes workstrcams. 3: Provide our staff, other healthcare professionals and Carers with high-quality trainlng. Foeus: Developing further our person-centred approach, (around the NHS backcd 'What matters to you?? initiative) delivering great ￿re according to the needs and requirements of our patients. Actlvltfes: We ran the Hospice UK Rehabilitative Auth't to measure our support. enabling patients and carers Set up focus groups to identify and overcomc any baTri¢rs to access our servic¢s Success Indicator: The 'What matt¢r5 to you, approach is at the core of the new Living Well servic¢, Initial groups around CARIAD and Living Well helped inforni service development. Somc activity, but this necds to become more strllc￿re and routine foT Stakcholders and the hospice to reap the benefits, We ned to do mor¢ with groups to identify any current ba￿lerS prcsent. 4: Use evidence-based decision making to embed a system of continuous learning alld in)provement. Foeus: Create a specific education strategy to UDd¢rpin sustainabl¢ improvements in the quality of end-of-life care. Activities.. Education has been d¢liv¢r¢d in line with our current contracts and there have been come exciting dcvclopm¢nts linked to working with Hallmark Homes, but an overarching approach has not b¢en achieved. Success Indicator: Our education partnership with Hallmark Care Homes has b¢¢n frnitfid, collaborative and well received. Thc focus on delivering current conllnitments has delayed the creation of a specific education strategy. Focus: Continue to participate in clinical placements. THE HOSPICE OF THE VALLEYS Success Indicator: Pla¢¢m¢nts over thc last 12 months: Swansea paramedics l O days. University South Wales Nursing - 28 days. Radiology staff 4day5. Cardiff University nursing 8 days. We have rcceived positive feedback from all placcments. Focus: Ensuring that all staff have the right competencies, at the right l¢v¢l, in th¢ right role. Activltles: Amalgamation of Learning Needs Assessment data from appraisals, d¢vclopm¢nt of clinical stsff pursuing their post- graduate qualifications. Success Indlcator: Skills and training audit survey complct¢d and ￿ted upon. This I￿ been completed and a n¢w process for assessing training requests and identified needs has been developed. 5: Dellver a sustainable business modej to ensure we are effective in Rlleetlng the demands on our sern1c￿. Focus: Diversifying our income streams by idcntifying, investigating* and ¢stablishing new sustainable business ¢ntsTprises and expanding our online presence. Activities: Devclop an options appraisal for our r¢tail op¢ration Seek multi-y¢ar funding for projects and services from new and existing funders Implement a new legacy strategy Submit lottery bids for key discrete s¢rvic¢5 Success Indfieator: Part i of the retail plan has been completed and we look to move through the next phases, Achieved muti-year funding fotm th¢ Regional Partnership Board, Am5¢r/Car¢rs Trust, Initial woA( with consultant competed and th¢ l¢ga¢y marketing materials have been produced. Lottery bid for CARIAD was succ¢ssful. 6: Engage in reswch into palliative care. Focus: Encourage staff to participate and lead in research., sccking opportunities to publish outcomes of service delivery and innovations. THE HOSPICE OF THE VALLEYS Actlvities: We continue to feed into r¢search requests and work with Hospice UK and Hospiccs Cymru to use data to drive dccisions and campaigns. Success Indicator: Citations in research papers and copies of reports. Our acttvity over the last 12 Months Patient numbers peaked during the lockdown period of COVID. This may b¢ to the fact that w¢ maintained a 'business as usual, approach to delivering services and were one of the few organisations to still see people face to face. Since th¢n, nujnbers hav¢ stsbilised, though the complexity of patients within the ¢as¢load have increased. We continue to monitor this and work with other organisations to see if we can idcntify trends and caused behind this spike in complexity. Last year saw the organisation review our refe￿al forn) and process for accessing services. Our referral criteria did not changc. but the process needed a refresh to cnsure that there was a mor¢ consistent approach to applying out existing criteria. The rcvicw process for this change will be concluded in September 2024. The initial impact of the changes Saw a drop in new rcfcttals accessing the community service and this continued until the Living Well service was fully up and ￿ll￿]ng and was able to pick up patients and families carli¢r in th¢ir prognosis and balc to access groups and drop-in services. Th¢ graph below shows the number of patients receiving support from Hospice of the Valleys in each month, with figure for the previous year included for comparison. As highlighted above, it call be seen that pati¢nt numbers have stabilis¢d over recenl years. PATIENTS IN CARE 2022-23 AND 2023~ 24 • 2022-23 2023-24 350 251 262 278 269 276 282 291 286 271 294 273 31XJ 270 274 253_ 286 285 270 254 246 257 56 240 250 200 150 loo 50 April Mav lune July ALsgu5t sept Oct Nov Dec Jan Feb March 10 THE HOSPICE OF THE VALLEYS In the last 12 months 5 l /0 of patients had a cancer diagnosis and 490/0 a non-malignant primary diagnosis. The balance of diagnosis that has remained consistent over the last 7years, with th¢ only change beirtg that in 2 of these years the number of patients with a non-cancer diagnosis exceeded those with a cancer diagnosis. 201& 201> 201fv 2017- 201& 2019- 2021¥ 2021- 2023- 202> 2015 2016 2017 2018 2019 21r20 21 22 23 24 Chart Area Imalignant • NoTrmalignant The graph below shows how many patients and families we supported during thc last days of life. Outside of the spikc during the peak of the pandemic nUmb￿S have been consistently around the high three hundred over recent ycars, Num ber of deaths per year (patients known to Hospice of the Valleys) 500 371 3W 1 21X) 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Dying in a preferred place of death is an important aspect of end-of-life care. For m05t pati¢nts this will be home, but not a]1. Capturing and measuring death in pr¢f¢￿ed place of care is now a routine part of our clinical meetings and data rapttwe. The ¢hart below shows that when a patient is able to express their wish¢s for the Preferr¢d Place of Death (PPD) we were able to support these wish¢s for 85 /0 of patients. This is a figure that we have been ablc to consistendy deliver year on ye￿. There is scope for the PPD figure below to ri5¢, as the previous year's figure shows. However, circumstances around a complex d¢ath with patients living with multiplc conditions and interactions with other elements of the healthcare system caD have an impact on the final plac¢ of death. THE HOSPICE OF THE VALLEYS Achfievlng patient's Ivishes for Preferred Place of Death 100 8&1 92.4 79.5 83 85 80 70 70.7 59.6 52.8 55.4 47.1 50.6 49.9 503 35.8 33.9 36.9 35.5 34.2 30.5 30 20 io 2014-15 2015-16 2016.17 2017-18 2018-19 201>20 20Xk21 2021-22 2022-23 202>24 Year •% Yes •N••% Unknown OT unable to expre5$ •wJ% Dkd In ppo If PPD known The Living Well Senrfce The most significant development this y¢ar has been the introduction of the Living Well service. In August 2023 we applied for a small grant through thc regional integrated fund to provide th¢rapies for wellbeing. The bid was su¢cessfiJl, and we utilised this fi￿dIng to pilot a new model of service provision. Out Clinical Specialist Pbysiotherapist was tasked with leading on the crcation of this service. Th¢ Living Well Service was designcd to h¢lp our patients and their fatnilies to adjust to and live well witb a terniinal illness. Living Well provides an outpaticnt servi¢¢ for our patients, th¢ir families and carers, through life and into bcT¢avement. The aim of thc servi¢e is to provide a bespoke episode of care to meet a person's identified needs at that time. The input varies depcndcnt upon the needs and goa15 identified in a joint assessm¢nt and may involve one to one or group sessions. Patients are cxpcded to attend sessions rather than receive their input at homc. A revi￿ of the pilot which will b¢ d¢liv¢T¢d In July 2024. Hospice at Home Our Hospicc at Home service providcs support for those with compl¢x n¢eds to enable them to stay in their Prefe￿¢d place of care for longer and avoid hospital admissions where possible. Support overnight has a proven carer bcncfit, allowing carers to have complete rest which Cnables them to continu¢ with their caring role. This y¢ar th¢ s¢rvice has been inspected by Care inspectorate Wales, the feedback from thc rcview was positive. All areas identified for improvement in the prcvious insp¢¢tion had b¢en met, with no new areas of conc¢m documented. This was a very positive outcome for the seTrice and mcrit should be given to the R¢gist¢r¢d Manager and the team for their dedication and hard wo￿. Each year we receive rcferrals for patients who can acrKss Continuing H¢alth Care (CHC) fast-track funding, usually during the last few weeks of lifc. The thart below shows the number of referrals the service has received over recent years. There is llot a linear link between the number of refe￿al8 and the numb¢r of hours of care delivered. The 'care package, is based on the individual needs of the patient and the family. 12 THE HOSPICE OF THE VALLEYS Hospice at Home Service 10000 140 9000 120 8000 7000 100 6000 80 5000 4000 3000 40 2000 20 1000 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024 Hours Of Care Provided Total Referrals CHC Referfals CARIAD Demenda Service The service is Eed by a senior Social Worker and has a health care assistant and a dementia support worker. The service supports people living with a dementia diagnosis, their carers ￿kd loved oncs. The service is well valued within the community and by partnership organisations. The number of referrals seen for the servic¢ rcmains high due to the need witbin the community and the lack of scrvices for people living with dementia in Blaenau Gwent. Number of New Referrals- CARIAD 57 60 55 50 50 44 40 33 30 20 io 2019120 2020121 During this year th¢ service successfully secured Lottery community funding of £260k ovcr the next 3 year5. This provi(ks the scrvice with security and stability for the future and cnablcs the service to develop fi]rth¢r with additional staff being introducel allowing more people living with dementia to benefit from the service. 2021122 2022123 2023124 13 THE HOSPICE OF THE VALLEYS Education Delivery We have mailltaincd our commitment to delivering cducation to the community we work in, deliv¢ring education sessions on palliative and end of life care, bereavement and loss, and early on set dementia training> across Blaenau Gwent, Caerphilly and Cwm Taf. We successfijlly delivered Care Decisions Training to NHS staff within ABUHB and have developed a partnership wit Hallmark Care Home to deliver training in their care homes both in Merthyr Tydfil and Henley on Thames. This will continue in 2024. We have continued to welcome student paramedics from Swansea University and third-year nursing s￿dentS from thc University of South Wales. Education Title Delivered to Noof Attendees Total Hours Principles and Practice of Palliative and End of Life Care Allied HealthcaTe Professionals Students l GP 40 28 Palliative Care SeNices ST2 Social Work Sthdents, University of South Wales Palliative Care Social Work 20 Bereaven￿t & Loss Multi-disciplinary stsff multi41isciplinary staff in Cwm Taf, Cacrphilly, and Blaenau Gwent Multi-disciplinary staff in Ca¢rphilly. and Blaenau Gwent 74 16 Palliative and End of Life Care 99 56 Early On-set Dementia 29 14 End of Lifc C Hallmark ca￿ Homes 22 Care Declsions Community Hospitals in ABUHB 68 Mr Michael Bobbett Chalrnian 14 THE HOSPICE OF THE VALLEYS Ffinancial Review 2023124 was another year full of uncertainty, price rAses and global and cconomic unrest. All th¢s¢ factors prove difficult to manage for many charities, but particularly for the hospice sector. The net eXpendit￿e in 2023124 was £300k (£255k 22123). Thcre was a loss on investment of £30k in 2023124 (LK)ss of £829k in 22123). This resulted in a net mov¢ment in funds for th¢ year of £330k defLCit (£ I,084k deficit in 22123). Income and ex enditure Income and expenditure 2021-2024 £2.500,000 £2,000,000 £1,500.000 £i.000,000 £500,000 -£500,000 -£i.000,000 2021122 £1,696,867 £183.719 £1.971,933 2022123 £1,868,321 2023124 £1,834,428 Income Gain on investment L-. Expenditure Loss on investment £2,123,445 -£828,985 £2,134,893 -£29,767 Overall incomc in 2023124 was £34k lower than the prior year. This was mainly due to lcgacy income being £256k lower than prior year. Legacies by their nature are vcry SPOTadic and hard to pre(licL £155k of additional fullding from th¢ Welsh Gov¢rnrnent and extra income fiorn fLmdraising and grants & donations helped to plug the gap. A summary of income received over th¢ last three years: 15 THE HOSPICE OF THE VALLEYS Income 2021- 2024 £450.000 £400,000 £350,000 £300,000 £250,000 £200,000 £150,000 £ioo,000 £50,000 ljthi Iili.I Local Health Welsh Continuing Covid-19 Donation5 Fundraising Board Government Health Care Emergency and Grants Hospice Fundlng Le8acies Other Income Investment income 2021122 • 2022123 • 2023124 As cxp¢cfr¢ our Iargest ¢xp¢nditure is delivering Hospice Care to th¢ population of Blaenau Gwent. In 2023124 we spent £1.488m (2022123.. £1.553m) whAch arrounted for 700/0 of Hospice cxpcnditure (2023/24.. 730/0). Totsl expenditure in 2023124 was £2.135m (2022/23.. £2,123m). Expenditure 2021- 2023 £1.600,000 £1,400,000 £1,200,000 £1,000,000 £800,000 £600,000 £400,000 £200,000 Charitsble expenditure Retail expenditure Fundraising expenditure Investment management • 2021122 • 2022123 w 2023124 Demand on our service continues to grow, as does our cost base, this is against a backdrop of market political and governmcnt forces that affects both the ability of the hospic¢ to 5¢fu￿ targeted governm¢nt / public ￿ndIng and navigate the uncertainty around raising income from its local cornmunity. Aft¢i transfers b¢tween funds. unrestricted reserves now stalld at £271k restricted reserves at £5.8m 16 THE HOSPICE OF THE VALLEYS Princi al Fundin Sources INCOME 2023/24 Investment income 12% Local Health Board Other Income 1/0 Legacie5 Welsh Government 12% Retail 22% Continuing Health Care Donations and Grants 13% Fundralsing 11% Th¢ prin¢ipal funding sources for the last 3 f￿ancial years can be seen below: Income split Local Health Board Welsh Government Continuing Health Care Covid-19 Emergency Hospice Funding Donations and Grants Fundraising Retail Legacies Other Income Investment income 2021122 305,003 37,497 165,516 213,014 172,556 182,434 421,261 3,500 909 195,177 1,696,867 2022123 266,787 68,593 238,317 2023124 350,115 211,611 145,700 153,394 186,938 431,047 289,016 16,099 218,130 1,868,321 237,261 207,642 401,145 33,303 27,560 220,091 1.834,428 Incom¢ gen¢ration ¢ontribut¢d 49 % of totsl incom¢ (2022123: 580/0), this includ¢s l¢gacy incomc which was substantially lower in 23124 at £33k vs 2022123 wh¢n it was £289k, th¢s¢ substantial swings sk¢w the O/o'S. /o'S excluding legacy income.. Income generation contributed 48 % of total income (2022123: 42 % ). 17 THE HOSPICE OF THE VALLEYS Local Health Board, Welsh Government and Continuing H¢alth Care services incomc contribute 390/0 (2022123: 31 % ) of total income. 2023124 income was given a boost of £155k at th¢ end of the year. Investment income contributed 12 /0 (2022123.. TOTAL EXPENDITURE 2023124 Investmenl Iiianagemenl Fiindraisiiig Expoiidildrr_ 14°, Retail expenditure 15% Charitable expenditure 70Y. Total expenditur¢ in 2023124 was £2.135m (£2.123m 22123). Staff costs represent 780/0 or £1.667n] (£1.681m 790/0 in 22123). £1.489m r¢lat¢s to Charitable activities and is analysed further in not¢ 7 to the accounts. Reserves Poli Hospic¢ of the Valleys prnvides palliative carc to the population of Blaenau Gwent. It is a core service provider on behalf of the Aneurin Bevan University H¢alth Board and delivers the only Community Sp¢cialist Palliative care 5¢rvice in the borough. By any standards, th¢ provision of health care 15 an expcnsiv¢ business, and the Hospice is not immune from the high costs associated with employing specialist healthcare professionals to deliver the servi¢¢. The demographics of the borough of Blaenau Gwcnt ar¢ such that it is widely recognised as being one of the poorest ar¢as in Wales and the UK. This can be measurcd in temis of income, unemploym¢nt rdt¢s, home and car ownership and morbidity rates. In consid¢ring th¢ need for reserves the Hospice takes the position that its Clinical service is cs5¢ntial to this population. SuffAcient funds should be available to ensur¢ rontinued delivery of this service for between 9- and 12-months during periods when volatile income falls below predictcd l¢v¢ls. Nornially a rcserve of six month5 would b¢ consid¢red acceptable for a charity. Howevcr, th¢ cssential nature and higb cost of our s¢rvic¢ to the population, togethcr with possible difficulties fL￿d[al$Ang Iocally in such a deprived area, indicate a rcsponsibility to extend our capacity beyond a six-month p¢riod. 18 THE HOSPICE OF THE VALLEYS R¢s¢rv¢s Statement Reserves will be maintained at levels sufficient to maintain services for between 9 and 12 months in a¢cordancc with the following procedure: Th¢ Head of Finance will present a financial report in accordance with th¢ Hospice financial reporting policy at each Trustees meeting. Reports will include income, ¢xpenditute and cash flow forecasts and financial risk asscssments togcthcr with itnpact of these on the level of reserves. At each TNstces meeting the level of rescrvcs will be reviewed in accordan¢¢ with the above, taking into account chang¢s in service, income and costs incurred by the organisation. rn the event of a Surplus in reserve funds, the Chief Executivc and Head of Finan¢¢ will decide to move funds as appropriatc to maximise interest from any surplus. Th¢ l¢vel of surplus will bc reported to the Board of Trust¢Cs who will arrange for th¢ disposal of the surplus funds in accordance with th¢ objects of the Hospice. A deficit in reserve fvnds will be reported to the Board of Trustees and a Kcovery plan will be presented by thc Chief Ex¢cutive for discussion. Re uired Level of Reserves In 2024125 the l¢v¢l of expenditurc is budg¢ted to be £2.4m. This covets all functions of the Hospicc including thc Clinical Service, AdMi￿tration and Fundraising. To provide a fully functioning organisation. assuming that no income is r¢c¢ived for twelve months, it is anticipated that a cash reserve fwid cqualling expenditure Cach ycar is maintained. However, our investment portfolio was constrncted for the sole PUTpose of realising a regular cash income to help mect the nEnning costs of thc Hospice. (This is th¢ reason for the original gift of £5.2m in 2007). The cash withdrawn from our illv¢stmeut portfolio in 2023124 was £190k (2022123: £560k). A cash-flow contingency fund is also required to ellsL￿ the Hospice can meet its monthly obligations in tern15 of wages, pensions and PAYE should any short-terni intetruptions to income streanLS 0¢￿r. A two-month contingency fi￿d would be sutyicient to give Hospice nianagers time to inv¢stigate and correct any income problems. A two-month contingency fL￿d would need to be £400k. Reserves 2021- 2024 £5,(X)O,oco É4,COO,O(K) £l¢)Xt,(K £LIXIO,IX 2021/22 £5,200,000 £1,825.794 £84,166 £379,153 2022/23 £5,200,000 £629,721 £82,887 £492,397 2023124 £5,200,CQO £603,801 £207,364 £63,609 Original Investment 11 Investment growth Restrirted other Unrestricted The Hospicc n￿llageS creditors cfficiently and 5triv¢s to pay all invoices on or before the due date. This means that th¢ amount of cash owing is nmintained at the lowest possible l¢v¢l. Most day-to-day invoices are for'hundreds" rather than "thousands" of pounds. At the ycar end, trade ci¢ditors due within l year amounted to £86k (Trade Creditors £25k). 19 THE HOSPICE OF THE VALLEYS The Board of Trustees considers the Hospice Finances at its quarterly meetings which include an updat¢d forecast to the end of the Financial Year, a cashflow forecast and risk management. Th¢ Head of FAnanc¢ prepares a 12-month rolling forecast and is in the prnc&ss of preparing a 3-year for¢cast to allow the board of trust¢cs to consider the main risks to th¢ charity and to allow adequate time to plau for the future of the hospice. At the end of March 2024 cash rescrves stood at £167k (22123 £550k). In 23124 wc have used our r¢serves to protect our investment portfolio from drawdown in the hope it will recover. The requirem¢nt of 9 months running costs of £1.8m and th¢"cash-flow" contingency reserve of £400k (£2.2m in total), m¢ans there is a cash r¢s¢rves deficit of £2.03m. HOW￿¢r, our investtnent manager advises that th¢ ¢ntI￿ portfolio could possibly be liquidatcd within two wed(s with a total value as of 3 1st Ma￿￿ 2024 of £5,803,800. Morc immediately, the Treasury stocks, with a value of £1.3m (as of 31 March 2024), could b¢ realised in 24 hours, All of thcse are of course subject to thc market state, but Ulld￿ nornial circumstances the above can be taken as a good guide. Fundralsln ThAS section of the report, in line with the reporting requirements sct out in the Charities Act 2016, explains our approach to fundraising activities. A diverse and sustainable apprO￿h to income generation and fundraising is essential if H05pice of the Vallcys continue to d¢v¢lop services to rneet thc needs of the local population. As a local charity ¢mbeddcd in its local community, and dependent on that local community for its suppor¢ we benefit from the high visibility of our services and of the work we do to support patients and their familieslcarcrs from the local communities. We have an in-house incomc generation team and spread our fundraising activities across a number of different inrom¢ Streams, including fundraising from individuals and groups in the comLnunity, lo¢al businesses, gifts in wills. and applying for grants from tn￿ts and foundations. It is very important to Hospice of the Valleys that our fundraising is carried out to the highest Standard as any failur¢ in those stsndards would be immediately evident to our supporters and would impad dircctly on the support we currently r¢¢¢ive. We are regist¢r¢d with the Fundraising R¢gulator. Fundraising activities caLTied out on our behalf are monitored as closely as possible and adhere to our own intemal poliGie5 including our GDPR Policy. We have a contract with our lottery provider that has clcar and distinct guidclines around identifying potentially vulnerable individuals and expected pathwaysl b¢haviours by fl￿draisers. This activity is monitored by both the lottery provider and our own Income Generation Icad. Mcmbers of the public raising funds 'in aid of Hospic¢ of the Valleys are asked to provide full inforniation about thcir activity to us in advance of it taking place wherever possibl¢ and use our 'in support of logo in promotional materials. Hospice of the Valleys takes particular care to protcct vulnerable peopl¢ who nLqy wish to donatc in support of our woik.. Many of our supporters could be deemed to bc in vulnerable circumstances due to current or previous bereavem¢nt. We have clear guidelines in plarc that stipulate the ternis in which wc may make contact with a patient I family mcmb¢r, which provides an element of r¢assuran¢e regarding their vulnerability. However, wherever we suspect a supporter is in vulnerable circumstances or lacks capacity in our contact with them, our fundraiser5 must take steps to end that contact in s positive and kind mann¢r that protects their dignity and any desirc they have expressed to support Hospice of the Vall¢y5. W¢ recognise that everyone has the right to support their favourite caus¢5 and charities. , but we also acknowledge that Hospice of the Valleys has an obligation to prot¢¢t those in vuln¢rabKe circumstances, Hospice of the Valleys fimdralsing plans and related activities are overseen and monitor¢d by a sub-committee of the Board of Trustees, the Income G¢ner&tion Committe¢. During th¢ financial year 2023124 there was no failure to adh¢rc to th¢ Fundraising Standards Board Codes of Fundraising Practice, no opt out requests or complaints about fundraising were received durAng the year via the Fundraisin8 Preference Service. 20 THE HOSPICE OF THE VALLEYS Res nslbilities of the Trustees The trustees (who are also directors of Hospicc of thc Valley for the purposes of company law) are responsible for preparing the Annual Report and tbe financial statements in accordance with applicable law and United Kingdom Gcnerdlly Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the management committee are required to prepare financial statements for each fmancial ycar. Und¢[ company law the management committee must not approve the financial statements unless they are satisfied that they give a true and fair view of the charitable company and of the incomiug resources and application of r¢sources, including the income and expenditur¢, of th¢ rharitable company for that period. In preparing these statements, the committee are required to: Select suitable accounting polici¢s and apply them consistendy. Obscrvc thc mcthods and principles in the Charities SORP. Make judgements and estimates that are reasonable and pNdcnt' State whether applicable UK accounting standards have bcen followed subject to any material departures disclosed and explained in the financial stakments. and Prepar¢ the financial stat¢ments on the going concern basis unl¢ss it is inapproprtate to assume that the company will continue ott that basis. The management committee is responsible for keeping adequat¢ accounting records that ar¢ sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that th¢ financial statements comply with the Companies Act 2006 and the charity's constitution. They are also responsible foI safeguarding tbe assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities. Insofar as each of the con]mittc¢ of management of the charity at the date of approval of this report is aware there is no such relevant audit inforniation (inforniation needed by the charity's auditor in connection with preparing the audit rq)ort) of which the charity's auditor is unaware. Each truste¢ has taken all of the steps that helshe should have taken as a tn￿tee in order to make hinlselfflierself aware of any relevant audit inforniation and to establish that the clwity's audÉtor is aware of that infornution. Audfitor Auditors for the year ended 3 1st March 2025 will be appointed at the forthcoming AGM. This report has been prcpar¢d in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charlties FRS102, Charities Act 2011 and in accordance with the sp¢cial provisions of Part L5 of the Companies Act 2006 relating to small entities. Approved by th¢ council of management on and signed on th¢ir b¢half by (Signed) rtIAfH14d.. mo£Q!:S-I A2K&R 21 THE HOSPICE OF THE VALLEYS Independent Audltor's Report to the Trustees of Hosplce of the Valleys Oplnlon We have audited the financial statements of Th¢ Hospice of the Valleys (the 'charitable company,) for thc year ended 3 1ST March 2024 which comprise the Statenlent of Financial Activities, the Balance SheeL the Cash Flow Statement and notes to the f￿all¢la1 statements, incluth'ng a summary of significant accounting policics. The financial reporting fram¢work that has bcen applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Gen¢rally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicabl¢ in the UK and Republic of Ircland,. In our opinion the fmancial Statements: give a truc and fair view of the state of th¢ Ch￿itable company's affairs as at 315t March 2024 and of its incoming r¢sources and application of resources, including its income and expenditur¢, for the year then ended. have been properly prepared in accordance witb United Kingdom Generally Accepted Accounting Practice, including Finallcial Reporting Standard 102 'Th¢ Financial Rq)orting Standard applicable in the UK and Republic of Trcland and have been prcpared in aGwrdan¢¢ with the requirements of the Conwanies Act 2006. Basis for oplnlon We conducted our audit in accordanc¢ with International Standards on Auditing (UK) USA5 (UK)) and applicable law. Our responsibilities under those standards are ￿rther described in th¢ Auditor's Ksponsfibilities for the audit of the financial statements section of our Icport. We are independent of the charitable company in accordance with the ethical requirements that arc relevant to our audit of the fmancial statements in the UK including the FRC'S Ethical standar￿ and we havc fulfill¢d our oiher ethical responsibilitics in accordance with these requirements. Wc b¢lieve that the audit evidence we have obtained is 5uIYici¢nt and appropriate to provid¢ a b￿LS for our opinion. Conclusions relathig to going Collcern In auditing the finaacial stst¢ments, we have concluded that the truste¢s' use of thee going concern basis of a¢¢ountAng in the preparation of the fuwicial statements is appropriate. Based on the work we have pcrfornied, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, niay cast significant doubt on the charitable company's ability to continue as a going concern for thc period of at least twelve months from when the financial statements are authotised for issue. Our resw)nsibilities and the responsibilities of the trustees with r¢sp¢ct to going cottcern are dcscribed in the relevant scctions of this report. Other information The tr￿teeS are responsible for the other inforniation. The other inforniation compriKs thc inforniation included in the Annual ReporL other than the f￿L￿cial 5tatcmcnts and our Report of th¢ Independent Auditors thereon. Our opinion on the financial statcmcnts does not cover the other inforn]ation anQ exccpt to the extent oth¢twise ¢xpli¢itly stated in our r¢por4 we do not express any forni of assurance conclusion th¢reon. In connection with our audit of the financial statements. our responsibility is to read the other inforniation an(L in doing so, consider whether the other inforniation is materially inconsistent with thc fu￿nCIal statements or our knowledge obtained in the audit or otherwise appears to b¢ makrially misstated. If w¢ identty such matcrial inconsistencies or apparent material misstatements, we are required to det¢nnine whether this giv¢s ris¢ to a material misstatemcnt in the financia] statements themselves. If, basd on the work we have perfornied, we conclud¢ that there is a material misstatem¢nt of this other inforniatio we are required to report that fact, W¢ have nothing to report in this regard. 22 THE HOSPICE OF THE VALLEYS Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomution given in the Report of the Trnstees for the financial ycar for which the financial statements arc prepared is consistent with the financial statements. and thc Report of the Trustees has been prepared in accordance with applicable legal requiremcnts. Matters on which Trve are required to report by exception tn th¢ light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audiL we hav¢ not identified material misstatcmcnts in the Report of the Trustees. We hav¢ nothing to report in resp¢ct of the following matters where the Companies Act 2006 requires us to r¢port to you if, in our Opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been r¢c¢iv¢d from branchcs not visited by us. or the fjnancial stat¢m¢nts are not in agreement with the accounting records and returns. or certaln disclosures of trust¢es' rcmuD¢ration specified by law ar¢ not made. or we have not received all the inforniation and explanations we require for our audit" or the trustees w¢re not entitled to take advantsge of the small compaoi¢s ¢xemption from the requirement to preparc a Strategic Report or in preparing the Report of the Trustees. Responslbllities of trustees As explained more fully in the Stat¢m¢nt of Tn￿tees, Responsibilities, the trustees (who are also the dtrectors of the charitable company for the pU￿oseS of company law) are responsible for the preparation of the fmancial statements and for being satisfied that they give a truc and fair view, and for such intemal control as th¢ trustees deterniine is n¢c¢ssary to enable thc p￿paratiott of fmancial scatements that are free from material misstatemcnt, whether due to fraud or eEror. In preparing the fina￿tal statem¢nts, the trnstees are responsibl¢ for assessing the charitablc company's ability to Continue as a going concern, disclosing, as applicable, mattels related to going concern and using the going concem basis of accounting unless the trustees eithcr intend to liquidats the charitable company or to cease op¢rations, or have no realistic alternative but to do so. Our responslbllttles for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemen( whether duc to fraud or error, and to issue a Report of th¢ 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 tnisstatement when it ¢xists. Misstatements can arise from fraud or crror atLd are considered matrial if, individually or in the aggr¢gate, they could reasonably be expecfrd to inllu¢nce the economic deciSiOJL4 of users taken on the basis of these financial statements. Trr¢gularities, including fraud, are instances of non-compliance with laws and regulations. We design proc¢dur¢s in line with our responsibilities, outlined above. to detect matcrial misstatements in respect of ttregularities, including fraud. The extent to which our proccdurcs are capable of detecting irregularities. including fraud is detailed klow: We identified areas of laws and regulations that could reasonably be expected to hav¢ a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as requi￿d by auditing standards). We had regard to laws and regulations in areas that directly affect the financÈal 5tatcments including financial r¢porting (including related trade union legislation) and taxation regulation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related fuw]CAal statement items. With the exception of any known or possible non-cornpliance, and as required by auditing standards, our wodc in respect of these was limited to enquiry of the Officers. 23 THE HOSPICE OF THE VALLEYS W¢ communicated identified laws and regulations throughout our tcam and remained alert to any indications of non- compliance throughout the audit. We addr¢sscd the risk of fraud through management override of controls, by t¢sting the appropriateness ofjournal entri¢5 and other adjustments. as5e5sing wheth¢r the judg¢ments made in making accounting estimates are indicative of a potential bias. and evaluating the business rationale of any sigDifi¢ant transactions that are unusual or outside the nom]al counsc of business. Our audit procedures were designcd to respond to risks of material misstatement on the financial ststcments, recognistng that th¢ risk of not (kt¢¢ting a material misststement due to fraud is higher than the risk of not detecting one resulting from e￿Or, as fraud may involve deliberate concealment byy for example, forgery, misrepresentations or through collusion. Ther¢ are inherent limitations in the audit procedures perfornied and the fiwther removed non-cornpliance with laws and regulations is from the events and transactions refl¢ct¢d in the fitwicial stat¢ments, the less Ilkely w¢ are to become aware of it. A furtber description of our r¢sponsibilities for the audit of the financial statements is located on the Financial Reporting Council's websit¢ at ww.frc.org.uk/auditorsresponsibilities. This descrlption forn)s part of our Report of the Independent Auditors. Use of our report This report is made sol¢ly to th¢ charitable company's members, as a body, in accordanc¢ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that w¢ might state to the charitabEe company's members those matters we are required to state to them in an auditor's rq)ort and for no other purpose. To the fullest extent perniitted by law. we do not accept or as5umc r¢sponsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this reporL or for th¢ opinions we have fornied. oAollh Richard Phillips FCCA (Senior Stathtory Auditor) for and on b¢half of Baker Knoyle Audit Limited Statutory Auditors Orbit Business Ccntrc Merthyr Tydfil CF48 IDL 24 THE HOSPICE OF THE VALLEYS Statement of Financtsl Activities (includlng Income and E%pendlture Account) for the yerdr ended 31 March 2024 UNRESTRICTED RESTRJCTED FUNDS FUNDS DESIGNATED 31103124 TOTAL FUNDS 31ffj3ll3 TOTAL FUNDS NOTES Imeome from: Donations and Le8acies Charitable *¢dvities: Local Health Board service level agreement W¢lsh Government Aneurin B¢van University Health Board Other trxdlng 4¢tlvltles: Shop and merchandise sal¢s Fundraising tThvestments Other 148.101 122,463 270,564 442.4lO 350.116 211,610 350,116 211,610 266.787 68,593 145,700 145,700 238,317 401,145 207.642 3,649 10.726 401.145 207,642 220,091 27560 431,047 186,938 218.130 16,099 216.441 16,834 Totydl Incomlng Resour¢e5 771.264 1063.164 1834 428 21 Eipendlthre on: Rgising fund5: Shops M¢￿handIse Fundraising Investtnent m8nag¢m¢nt Charitable *¢rfvliles Total Expenditure Gainsllosses on investmets 332.216 291.298 332,216 291,299 281.360 264.972 22,596 862 423 885 019 (29.767) 22,596 1488 783 2 134 892 (29,767) 24.106 1,553.007 2,123,444 (828,985) 626 361 .249.874 Nei Income I (E￿eDdI￿re) Transfers between ￿ndS Net movement in funds for the year Ex¢¢ptional Iten Net movement In fund$ Reconclliatlon of lunds: Balances brought forward Balances carried forward at 31st March 2024 (478,610) 257 187 178,145 257.187 (300,464) (255.123) 19 (221.423) (108,809) (330,231) (1.084,108) 221.423 108 809 1.084.108 492 397 5.912 609 6.405,006 7489 115 20 270.974 58038 6.074 774 6,405,006 The notes on pages 28 to 42 fonn part of these financial statements. The statement of finallcial activities includes all gains and loss¢s r¢¢ogtllsed in the year. 25 THE HOSPICE OF THE VALLEYS Balanee sheet As at 31J¢ March 2024 2024 2023 Not¢s Flxed assets Intangibl¢ assets Tangible assets lovestm¢nts 10 li 12 20,125 5,803,801 5,823,926 35,006 5,829,722 5,864,728 Current assets Stocks Debtors Cash at bank and in hand Investtnent short tenn deposits 13 14 396 246,485 166,743 1.716 415,341 298 198,674 550.314 1,716 75l,(M)2 Creditors: Amounts falling due within on¢ year 15 164,493 210,724) Net eurreot Ydssets 250.848 540.278 Amounts falling due after one year 16 Total assets less current liabilities 6,074,774 Capital and reserves General R¢s¢rves - Unrestsicted Funds - Designated Funds Restrtcted Funds 17 18 17 270,974 492,397 5,803,800 6.074,774 5,912,609 6,405,006 These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities. Approved by the council of trustees on 14° November 2024 and signed on its behalf by: (Signed) (Signed) mc£RiS- PARKC (Name) (Name) Companies House Registered Number 2007005 26 THE HOSPICE OF THE VALLEYS st Statement of CAsh Flows for the year ended 31 March 2024 Notes 2024 2023 Cash floTrvs from operating activities: Net cash (used in) operating activities 26 (584,222) 412,262) Cash flows from flnvesting activities Intercst from investments 3.649 Purchase of tangiblelintangible fixed assets (29,639) Transf¢rs from investments Proceeds from disposal of fixed assets 190,000 7.000 560,000 7,000 Net cash provided by investing Activities 200,649 538,473 Increase (decrease) in cash and eash equivalellts in the year (383,573) 126,210 Cash and cash equivalents at the beginning of the year 552.031 425,821 Total cash and cash equlvalents at the end of the year 168 458 552,031 27 THE HOSPICE OF THE VALLEYS Notes formlng part of the financial statements for the year ended 31, March 2024 l. Charity informatlon The Hospice of the Valleys was incorporated in England and Wales as a company limited by guarantee with Companies House (registered number 2007005) and has no share capital. The Hospice of the Valleys was also registered with the Charity Con]mission (r¢gistr¢d number 517724). The address of the registered office is Festival Drive. Ebbw Vale, Gwent, NP23 8XF. In the event of the charity being wound up, the liability in respect of the guarant¢e is limited to £1 per member of the charity. 2. Accounting policies Basis of preparing the financial statements The financial statem￿tS of the charitable company. which is a public bcnefit 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 (FRS102) (effective l January 2019),, Financial R¢porting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Compani¢s Act 2006. Th¢ financial statements have been prepared under the historical cost convention. The charity is controlled by its governing document, a deed of trus¢ and constitutes a limited company, Ilmited by guarantee, as defmed by the Companies Act 2006. The incorporated charity is registered in England and Wales. Going concern The charity produces annual budgets and forecasts which take into account expected changes in the funding streams and which demonstrate that the charity will be able to continue to operate. Trustees have a reasonable expectation that the charity has adequate resources to continue in operational exist¢nce for the for¢s¢eable future and are not aware of any material uncertainties regarding this assumption. On this basis, the trustees consider it appropriate to continue to prepare the fmancial statements on the going concern basis. Income All income is included in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied- Voluntary Income Voluntary income is income rcccived by way of grants, gifts or donation. These are included in full on receipt unlcss it is subject to a condition wh¢n it ks tr¢ated &$ deferred income. Gifts in Kind The value of services provided by volunteers is not quantified. Deferred Income Incorne or grants received in advance are held as deferred income and carried forward to future accounting periods to be released when the defined purpose of the work or project hav¢ been completed, approved or certified. Investment Income Investment income is included when receivable. 28 THE HOSPICE OF THE VALLEYS Notes fonning part of the financial statsments for the year ended 31, March 2024 Trading Income Trading income is recO￿lSed when earned. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obEigation committing the charity to that expenditur¢, it is probable that a transfer of economic benefits will be r¢quired in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directory attributed to particular headings they have been allocated to activities on a basis consisteftt with th¢ use of the resources. Costs of Generating Funds Costs of generdting ￿ndS comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shops. Charltable Expenditure Charitable expenditure comprises those costs incurred by the charity in delivery of its activities and service for its beneficiaries. It includes the costs that can be attributed directly to those activities and those costs of an indirect nature necessary to support them. Governance Costs Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Investments Listed fixed asset investments are included at fair value (quoted market price in an active market). All gains and losses are taken to the statement of financial activities as they arise. Re￿ised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealis gains and losses are calculated as th¢ difference between the market value at the year end and opening market vaIue (or purchase date if lat¢r). Realised and unrealised gains are not separated in the Statement of Financial Activities. Fund Aceounting Restricted funds are to be used for specific purposes laid down by the donor. Expenditure which m¢¢ts these criteria is allocated against the fund. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes and are expendable at the discretion of the tn￿teeS in furtherance of the objects and administration of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Clwg¢able Gains Act 1992 to the extent that these are charitable objects Operatlng leases Rentals applicable to operating leases where substantially all the risks and benefits of ownership remain with the lessor are charg¢d to the Statement of Financial Activities on a straight-line basis over the lease terni. 29 THE HOSPICE OF THE VALLEYS Iyotes forming part of the financlal statements for the year ended 31¥t March 2024 Flnanclal instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instrnments are initially recognised &g transaction value and subsequently measured at their Settlement valu¢. Intangible fixed assets Software has been capitalised and amortised over its useful life of 5 years. Tanglble flxed assets Fixed assets (excluding investments) are included at cost less an appropriate provision for depreciation. Items donated or purchased for a cost of less than £500 are not capitalised. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Office Equipment IT Equipment Clinical Equipment Shop Fixtures Motor Vehicles Day Centre Property tmprovements 20 % on cost 33 % on cost 20 % on cost 200/0 on cost 250/0 on rcducing balance 200/0 on cost Over period of l¢as¢ Stock5 Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow- moving items. Donated stock held at charity shops is not valued. Interest recelvable Interest on funds held on deposit is included when receivable, and the amount can be measured reliably by the charity. Cash at bank and in hand Cash at bank and cash in hand includes cu￿ent and short-terni liquid deposit accounts with a short maturity. Debtors Trade, other debtors and accrued income are recognised at the settlement amount due after any trade discount offered. Prepaymcnts are valued at the amount prepaid net of any discount5 due. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fL￿dS to a third paty, and the amount due Can b¢ measured or estimated relkably. Creditors are nornially recognised at their settlement amount after allowing for trade discounts. Pensfons The charity contiibutes to a defined benefit scheme operated by the NHS. The charity also contributed to some employees, personal pension schemes. The NHS scheme is a defined benefit scheme which is unfunded. This is a multi-employer pension scheme based on fmal pensionable pay, contributions being charged to the income and expenditure account so as to spread the cost of pensions over ¢mployees' working lives with the company. The charity accounts for the scheme as a defined contribution scheme and is not required to account for any of the assets or liabilities of the scheme in accordance with FRSIO2. 30 THE HOSPICE OF THE VALLEYS Notes forniing part of the financial statements for the year ended 31" March 2024 Donatlons and Legacies Unrestrlcted Restricted Designated 2024 Tot21 2023 Total Charitabl¢ Tll￿tS Volunlary Donations Miscellaneous Legacies 33,647 81,151 122.463 156,110 81,151 88,100 65,294 33,303 270,564 289,016 442,410 148,101 122,463 4. Investment Income 2024 2023 Dividends - UK ¢quitics Interest on Cash depostts within investment portfolio Interest on f￿¢d interest securities Interest on current accounts 207.112 192.350 8,502 4,477 220,091 24,101 1.679 218,130 5. Other Income 2024 2023 Kickstart grants Young dementia proj¢ct fund Training incotne 12.687 16,834 10,726 27,560 3,412 16,099 6. Investment Management Costs 2024 2023 Investment manag¢ment fees 22,595 24.106 31 THE HOSPICE OF THE VALLEYS Notes formlng part of the financial statements for the year ended 3is¢ March 2024 7. Analysls of Charitable Expenditure Unrestricted 2024 Restricted 2024 Total 2024 Total 2023 Notes Medical salaries and pensions Social worker salaries and expens¢s Drugs and medical supplies Clini¢ r¢nt Motor expenses Clintc food and other costs Clinical ¢quipment maintenance Telephone Costs Training Recruitment Medical equipment depreciation Equipm¢nt loss on disposal Miscellaneous Support costs Governan¢¢ 190,411 1.544 82 857,469 I,(M7,879 1,544 82 1,101,845 1,967 96 I3,902 13,902 4.719 398 3,964 9,930 15.912 4,128 4,122 5244 9,921 4,719 398 3,964 9,930 37 37 37 235 235 314,973 91,121 1.488,783 621 325,308 83,806 1553,007 314,973 91,121 626.361 862,423 Resources Expended- Allocation of Support Costs Support costs allocated to activities Basls of allocation Fund Charitable Governance 2024 2023 Ralslng Aelfvltles Total Total G¢n¢ral office and finance stsff Premises Insurance Salary costs Salary costs Salary costs 57,584 15,936 2,872 190,463 52,711 9,500 55,100 15,249 2,748 303,148 83,896 15,121 283,856 82,251 14,566 IT& Communication5 Legal & Prof¢ssional Depreciation Motor Expenses Misc¢llaneous Salary costs 9,766 32,303 9,345 51,415 50,917 Salary costs Salary ¢05ts Salary costs Salary costs 6,133 1,180 378 1,378 95.228 20,285 3,904 1,250 5,868 1,129 362 1,318 32,287 6.214 1,989 7,252 501.322 35.437 12,237 2,298 11,624 493,187 314,973 32 THE HOSPICE OF THE VALLEYS Notes forming part of the financial statements for the year ended 31" March 2024 Net Income/(expenditure) for the year This is stated after charging., 2024 2023 This is stated after charging: D¢pr¢¢iation - Owncd Ass¢ts 12,736 17,127 Atnortisation 127 Auditors. Remuneration 4,681 3,605 Accountants fees 7,650 5,195 10. Intangible Flxed Assets Softwire Total COST: As at I st April 2023 Additions Disposals As at 315t March 2024 7.645 7,645 7.645 DEPRECIATION As at 1st April 2023 Charge for year Eliminated on disposal As at 3 Ist March 2024 7,645 7,645 7,645 NET BOOK VALUE As at 3 IS¢ March 2024 As at 31" March 2023 33 THE HOSPICE OF THE VALLEYS Notes forming part of the financial statements for the year ended 31 March 2024 I l. Tangible Fixed Assets Office Clinical Shop Equlpment Equlpment Flxtures Motor Vehicles Day Centrt Property Improvements Total Flttlngs COST: As at I st April 2023 Additions Disposals As at 3 1st March 2024 88,799 3,025 1,863 40,282 12,528 89,007 235,503 11,292 28.990 12.528 11.292) 224.21 I 88.799 3,025 1.863 89.007 DEPRECIATION As at 1st April 2023 Charge for y¢ar Eliminated on disposal As at 3 1st March 2024 81,488 6,214 3,025 I,863 l2,626 12,488 6,485 37 9,145 9,966 12,525 89,007 200.495 12.736 9.145 204,086 87,702 3,025 1,863 89,007 NET BOOK VALUE As at 3 Ist March 2024 1,097 19,024 20,125 As at 3 ist March 2023 7,311 27,655 40 35,006 The net book value at 3 IM March 2024 rcprcscnts tangible fix¢d assets used for: Offl¢e Clinical Shop Motor Equipmettt Equipment Fixtures Vehicles Day Centre Property Improvements Fittings DIRECT CHAIUTABI PURPOSES Community Services Other Purposes Administration office Fundraising 1,097 19,024 19,024 1,097 12. Investments (includlng cash deposits) 2024 2022 Market value as at 1st April 2023 Disposals at carying value (transfers to income) Investment income Investment costs charged and accrued Net Oossygain on revaluation Net (loss)/gain on disposals Mark¢t value as at 31" March 2024 5,829.721 7,025,794 (190.000) {560,000) 216.441 217,018 (22.595) (24,106) (218,936) (904,161) 189,169 75.176 5 803.800 5,829 721 34 THE HOSPICE OF THE VALLEYS Notes forming part of the financial statements for the year ended 31. March 2024 12. Investments (including cash deposits) contlnued Investtn¢nts at market value comprised of: 2024 2023 UK equities Overseas cquiti¢s Cash a￿OSitS UK fixed interest securities Overseas r￿ed interest Alternatives 2,148.931 2,401,799 1,756,107 1.935,839 111,835 69,448 1.132,346 502,669 .11 78,208 115.583 568,474 800,610 5,795,901 5,825,948 7,899 3.773 5,803,800 5.829,721 Income held in bank accounts INVESTMENTS IN SUBSIDIARIES 2024 2023 HOV TRADING LIMITED TOTAL INVESTMENrs 5,803,801 5,829,722 The company's investments at th¢ Balance Sheet date in the share capital of con]panies include the following: HOV Trading Limlted Regist¢r¢d office: Clo Hospice Of The Valleys, Festival Dornwit of soft furnishings Nature of b￿sinesS. Domwit Class of Ordinary holding l(K).00 2024 2023 Ag￿egate capital and reserves Profit for the year Nil Nil Nil Nil 2024 2023 13. Stocks M¢rchattdis¢ for r¢sale 396 298 14. Debtors: amounts falling due wfithin one year 2024 2023 Trade DebtOTS Other debtors Prepayments and Accrued Incomc 33,447 16,266 196 772 246 485 6.491 14,108 178,075 198,674 35 THE HOSPICE OF THE VALLEYS st Notes forniing part of the flnanclal statements for the year ended 31 March 2024 15. Creditors: amounts falling due Ivlthin one year 2024 2022 Trade creditors Accrned expenses Deferred income Other creditors 24.830 62.173 16,091 61,399 164,493 7.035 58.809 35.601 109279 210,724 Deferred income 2024 2023 Openiog balance Movemcnt in pcriod 35,601 19,509 16,091 31,343 4,258 35,601 Deferred incom¢ represents income received from contributing agencies where the contribution was restricted to a fixed time period that extends beyond the current financial year. Income is deferred on the basis that the contribution was to the project as a whole, the time period of the project was fully disclosed to the contributing agencies and that time period is certain. Deferred income continued The deferred income carried forward is analyscd as follows: 2024 2022 An¢urin Bevan University Health Board Wclsh Government Other 24,899 16,091 16,091 10,702 35,601 16. Credltors: amounts falllng due after one year 2024 2022 Other creditors 36 THE HOSPICE OF THE VALLEYS Notes forming part of the financial statements for the year ended 31" March 2024 17. Movement$ in funds At 11110412023 In¢omlng Resources (Including galns) Outgoing Re50urees (Ineluding losses) Net Transfers At 3110312024 Re5trided Funds Robin Judah investment portfolio Amscr project Waterloo Foundation Albert Hunt Local Health Board servic¢ W¢lsh Government ABHUB - Hospice at Home Other 5,829,721 216,441 31.864 49,100 30,000 350,116 211,610 145,700 (52,362) (31.864) (49,100) (30.000) (365.816) (211,610) (145,700) 28,334 914 785) (190,001) 5,803,801 15,700 67.187 5 912608 67,187 257 187 1,063,164 5,803 80 Unrestrlcted Funds . General - Designafrd 492,397 771.264 (1,249.875) 257,187 270,973 Pur se5 of restrl¢ted funds Robln Judah Investment Portfollo This donatioll was given with the restriction that it could not be used for capital projects but is availabl¢ for general Tunning costs. Amser projeet A partnership agK¢tn¢nt with Age Connects, to run the Your TÈLn¢ Your Choice Proje¢L Watertoo Foundatlon Funding towards the CARIAD project. Albert Hunt funding towards core cost& Loeal Health Boydrd This funding is a Servicc Level Agrecmcnt which allows the Hospice to to provkde Con]munity Palliativ¢ Care, Hospice at Home and Sp¢cialist Palliativ¢ Care Serviccs. Welsh Government This fund is for NHS matched pension contributions. A WG Hospital Cost of Living Grant was also awarded during the year, which is towards meeting the infiationary impact of salary costs for providing NHS services and to support the wider cost of living impacts of energy and fuel costs. Aneurin Bevan Universlty Health Board (ABUHB) This income relates to CHC scrvices, and also a Hospital Admission Avoidance Project (HAAP) grant. Other These fi]nds relate to donations given specifically for the purchase of specific item5, such as equipment for patients, clinic rent and for th¢ social workers to spend at their discrction to help the families of patients who may be suffering fmancial difficulties. 37 THE HOSPICE OF THE VALLEYS Notes forming part of the financial statements for the year ended 31" March 2024 18. Designated FuDds 2024 2023 Balance brought forward l$tApril 2023 Interest r¢ceived for year Transferred to unrestrictcd fijnds Balance carried forward 314Aarcb 2024 In July 2024, a transfer was mad¢ to designated funds to represent the following: Book Valu¢ TFAS &$ at 31 March 2024: Estimat￿ cost of redundancies as at 31 March 2024: IP and legal advice contingency- Cost of op¢rating l¢ase commitments beyond 31 March 2024: TotVdl- TFA Book Value and Contingency Fund 20,125 211,508 20,000 150,000 401,633 19. Transfers Between Funds The following transfer was made in the year: £190,000 was transferred from income and gains on the inv¢stment portfolio to b¢ used for general running costs. £67,187 was transferred between the fi￿dS for other purposes £257,187 total funds transferred for the year 20. Analysis of Net Assets between Funds Unrestriettd Funds Restricted Funds Designated Funds Total Funds Intangible fixed assets Tangibl¢ fixed assets Investments Current assets Cutrent liabiliti¢s Liabilities over l year Net assets at 31" March 2024 20.125 20,125 5,803,802 415,341 (164,493) 5,803.801 415,341 (164,493) 270.973 5.803.801 6,074 774 21. Analysis of staff costs and numbers and the cost of key management personnel Staff costs were as follows: 2024 2023 Salaries and wag¢s Social security costs Pension costs 1.413,753 136,82L 117,267 1.667,841 L,427,090 142,571 112,399 1682,059 38 THE HOSPICE OF THE VALLEYS Notes forming part of the financlal statements for the year ended 31. March 2024 21. Analysis of staff costs and numbers, and the cost of key management personnel continued The charity ￿nsIderS that its key management personnel comprise the CEO, the Head of Finance, thc Head of Clinical Services and the Head of Fundraising. The total employment benefits including employer pension contributions of the key management personnel were £254.731 (2023: £221,413). Thc number of employcc5 whose emoluments as defined for taxation purposes amounted to over £60,000 in thc year was 1 (2023: I). This employees, emoluments fell within thc £70,000 to £80,000 band. The average monthly number of employees during the year was as follows: Total 2024 29.90 2023 27.90 Hospice services Fundraising and publicity (including shops) Management and administration of the charity 11.10 11.30 6.60 47.60 11.60 50.80 22. Trustees, Remuneratlon No members of the rnanagement committee received any remuneration or other payments during the year (2023: nil), subject to as noted below. 23. Related Party Transactfions Income of £145,700 (2023.. £238,3 17) bas been received from Aneurin Bevan University Health Board, of which, P Robson (director) is a Special Board Advisor. Transactions tolalling £1,263 were enacted betwecn the Hospice and Roseblade Media Ltd during the year, a trading company owned and run by Mr Mathew Morris-Parker (director). (2023: £1,269). 2024 2023 24. Capital Commitments Nil Trlil 2024 Nil 2023 Nil 25. Contingent liabilities 39 THE HOSPICE OF THE VALLEYS Note5 forming part of the financial statements for the year ended 31, March 2024 26. Reconclliation of net movement in funds to net cashflow from operatlng actlvities 2024 2023 Net movement in incomel (expenditure) Add back amortisation charge Add back depreciation charge Add back gain on disposal (Gains)/losses on invcstm¢nts Dividends and interest from investments Investment charges accrued Decreasc (increase) in stocks Decrease (incr¢as¢) in debtors Increase (de¢r¢ase) in creditors (330,232) (1,094,108) 127 17,126 (2,855) 828,985 (218,130) 24,106 381 (15,975) 48.081 12,736 (4,854) 29,767 (220,091) 22,591 (98) (47,811) (46,230) Net cash used in operating aotivities Analysis of cash and cash equivalents Net cash at the end of the y¢ar. 45 27. Penslon Costs Net pension costs of £117,267 (2023 - £111,439) were charged to the Statement of Financial Activities during the year. Included in other creditors at 31 March 2024 was £14,420 (2023 - £31,062) in relation to the personal schcmes. 28. Operating Lease Commitments Minimum lease pa￿entS under non-cancellablc operating leases fall due as follows.. 2024 2023 Within one year Between two and five years 88,333 279,653 367,986 46,1 l7 55,450 40 THE HOSPICE OF THE VALLEYS Notes fomlng part of the financial statements for the year ended 31" March 2024 29. Comparatives for Movement in Funds At 0110412022 Incoming Resource$ {including gains) Omtgolng Resourees {Including losses) Net Transfers At 3110312023 Restricted Funds Robin Judah investment portfolio 7.025,794 18,092 217,018 303,203 75.129 160,176 82.176 5,240 842,942 (853,091) (305,595) (75,129) (160.176) (82,176) 4,128 1,480,295) (560,000) 5,829,721 15,700 Wclsh Government Continuing Health Care ABEIUB - Hospice at Home Other 66,074 7,109,960 67,l87 5,912,609 560.000) Unrestrlcted Funds Gen¢ral - Designated 379,154 1,025.377 (1,472,l35) 560,000 492,397 ses of restricted funds Robln Judah Envestment Portfollo This donation was given with the restriction that it could not b¢ used for capital projects but is available for gcncral nllming costs. Aneurin Bevan University Health Board {ABUHB) This funding is given to support specialist nurses and related costs. Furth¢r funding is given to support a Hospital Admissions Avoidancc Proj¢ct (HL4P) along with education fL￿dIng. Welsh Government This fimd is for NHS tnatrhed pension contribution5. Continuing Health Care This funding is given to support sp¢rialist nurses and relat¢d costs. ABUHB- Hospice at Home This fimding is given to support specialist nU￿¢S to provide palliative care through the hospice at home service. Other These fi￿dS relate to donations given specifically for the purchase of specific items, such as equipm¢nt for patients, clinic ￿llt and for the social workers to spend at their discretion to help the families of paticnts who may be suffering financial difficulties. 41 THE HOSPICE OF THE VALLEYS Notes forniing part of the financial statements for the year ended 31. March 2024 30. Comparadves for the Statement of Financial Activities UNRESTRlCtED RESTIUCTED FUNDS DESIGNATED FUNDS 31103123 TOTAL FUNDS 31103122 TOTAL FUNDS NOTES Income from: Donations and Legacies 395,423 46,987 442.4lO l76,056 Charitable activities: Local Health Board service Ievel agreement Welsh Govcrnment Covid-19 Emergency Fundillg Aneurin B¢van University H¢alth Board Other tradlng activities: Shop and merchandise sales Fundraising Investm¢ttts Other 266.787 68.593 266,787 68,593 295,765 250,511 238,317 238,317 174,754 431.047 181.697 1,112 16.099 431,047 186.938 218,130 16,099 421,261 182,434 195.177 909 5241 217,018 Total Incoming Resources 1025J78 842,942 I,868,321 1696 867 Expenditure on: Raising funds: Shops and merchandise Fundraising Investment nianagement Charitable activities Total Expenditure Gainsnosses on invcstmets 281.360 264.972 281,360 264.972 240,561 227,854 24,106 627.204 651,310 (828.985) 24.106 1.553.007 2.123.444 (828,985) 28.867 1.474,65l 1,971.933 183.719 925 803 1.472.135 Net Income l (Expenditure) Transfers between funds Net movement ill funds for the year (446,756) 191,632 560.000 (255.123) (275,066) 19 113,244 (1,197,352) (1,084,108) (91,347) Reconciliation of funds: Balanees brought forward Balances carrled forward at 31st March 2023 379 153 7 109.961 7.489.1 l5 7 580.462 20 492.397 5.912.609 6,405,006 7.489 115 42 THE HOSPICE OF THE VALLEYS The following pages do not form part of the statutory accounts of the charity 43 THE HOSPICE OF THE VALLEYS Total Funds Income and Expendlture Account for the year ended 31" March 2024 Unrestrficted 2023124 Restricted 2023124 Unrestricted 2022123 Restricted 2022123 Income from: Robin Judah Trust Charitable TTh￿ts Donations & Legacies NHS Donations & Grants Sales of Merchandise Bank Interest Received Inv¢stment Income Aneurin Bevan H¢alth Board Ev¢ntslCommunity Fundraising ABUHB - Hospice at Home Shop Income W¢lsh Government Furlough & Retail Grants Oth¢r 33,647 114.454 122.463 45,OCK) 350,423 43,EOO 3,887 184,611 262,573 185 3,649 553 1,112 216.441 145,700 217,018 238,317 5,241 82,176 207,642 181,697 87,542 400,960 430,494 211,610 68.593 12,687 16,834 1063.164 771,264 1,025,378 842,942 Expendlture Charitable Aelivlties Clinical Salaries Clinical Pensions Social Work¢r Expenses Drugs & Clinical Supplies Clini¢ Rent Motor Expenses Clini¢ Food & Other Costs Clinical Equipni¢nt Maintenance Clinical Mobile Phones Training Miscellatteous Medical Equipment Depreciation Support Costs 141,125 49.285 1,544 82 825,868 31,600 426,779 52,575 1,967 96 592.098 30,392 13,902 15,912 4,719 4,128 398 3,964 9,930 4,122 5,244 9,921 36 37 325.308 841,998 235 585 37 314.973 535.240 862,423 627.204 44 THE HOSPICE OF THE VALLEYS Total Funds Income and Expendlture Account for the year ended 31" March 2024 continued Unrestricted 2023124 Restrieted 2023124 Unrtstrleled 21122123 Restrffi¢ted 2022123 Fundraislng & Publicity Salaries Pensions Motor Expenses Training M¢rchandise for resale Fundraising expenses Events Shop Rental & Costs Retail salari¢s Investment management fces & charges Telephone Shop Fittings & Vehicle Depreciation Datsbase costs Support Costs Loss on disposal of r￿ed assets 122,537 11,653 10.585 235 863 15,649 25,234 142,244 182,624 112.784 10,633 9.982 996 814 11,404 20,254 103.586 17l,981 22,595 24,106 1.431 6,485 3,313 105,516 4.854 623,514 2,060 4.979 2,690 97.024 2,855 546,331 22.595 Management & Adrnin I Governance Salari¢s Pensions MotorlRelocation Expenses Telephone & Postage Printing & Station¢ry Insuranr Accountants f¢¢s Auditors Remuneration Professional fces Bank Charges and Inter¢5t Miscellaneous Olft¢e Equiprn¢nt Depreciation Softwarc amortisation Repairs & Maintenance Sub5CriPtions Rent and Rates IT Exp¢ll￿S olrice Cleaning and ExpellSCS Office Machine rcntal Lease finance interest Personnel services 278,419 24,729 1,989 18,512 4,673 15,121 7,650 4,681 1,871 2,420 1,783 6.214 266,018 17,839 2,298 15,782 5,353 14,566 5,195 3,605 11,474 3,072 5.820 12,110 127 3,049 80.060 26,457 3.836 1,772 3,020 74.609 27.640 7,642 2,142 (288) 18.085 501,322 493,187 L¢ss allocated to Charitable and fundraising expenses (410 201 91,121 409,382 45 THE HOSPICE OF THE VALLEYS Total Fund5 lllcome and Expenditure Aceount for the year ended 315t March 2024 continued Unrestrleted 2024 Restricted 2024 Unrestrlcted 21123 Restrlcted 2023 Transfer of funds (Defictt) I surplus of income over expendityre 257,187 257,187) 560.000 560,000 221.423) 79,041) 368.367) 46