ANNUAL 2023/ REPORT 2024 St Mary's Hospice Hospice of St Mary of Furness Company number: 02016831 Charity number: 517738 Rtyl*t•Mdwlth FR FUNDRAISING REGULATOR CONTENTS 02 St Mary's Hospice Trustees. Annual Report Pages3&4 A Year in Review with Val Stangoe Pages5&6 About Us Pages7&8 Vision and Values Page 9 Hospice Mangement Page 10 Our Trustees Page 11 Risk Management Pages 12 and 13 Senior Management Team Page 14 Our Governance Commltment Page 15 Hospice for AIIICompassionate Communities Pages 16 & 17 Retail and Hospltallty Page 18 Cllnlcal Achievements Page 19 Fundraising Focus Page 20 Financial Summary Pages 21 & 22 Reserves Page 23 Principal Risks & Uncertainties Page 24 Legal Bits Page 25 Contact Us Page 26 Auditor's report Page 27 Primary Financial Statements Page 31 Notes to the Financial Statements Page 36 ANNUAL REPORT 03 St Mary's Hospice TRUSTEES, ANNUAL REPORT I'm delighted to share our Annual Report and Accounts for 2023124. On the following pages, you'll find highlights of the year from across the departments that make up St Mary's Hospice - each a vital cog without which we couldn't operate. As you'd expect in an Annual Report, there are lots of numbers - it's always important that we report these and allow others to understand our business and how we operate. But l also want to highlight some of the stories behind those numbers. We value every interaction we have with our patients, customers and supporters. Behind each interaction is a story, be that someone enjoying a drink and slice of cake in our Orangery, a customer buying a pre-loved item from one of our shops, or someone doing something that the majority of us would find extraordinary, like jumping from a plane or climbing a mountain. And it isn't just our patients. customers and supporters. Our staff and volunteers including my fellow trustees come from a wide range of backgrounds but all unite with a common purpose, belief that everyone living across Furness and South Lakes deserves the very best palliative care, and access to services for themselves and their families from diagnosis until long after death. We're proud of the difference hospice care can make to patients and their families. Our teams see and do things every day that might seem small but which, in that crucial moment. can make a massive impact. ANNUAL REPORT 04 St Mary's Hospice TRUSTEES, ANNUAL REPORT If ever a story highlighted the impact our care can have on our patients and their families, it's that of Liam and Vicki. a young couple for whom our fundraising and care teams worked to organise a wedding in just a few days. The time we have might be short, but the impact we have can be huge. Finally, I'd like to pay tribute to three people for whom this will be the last full year of accounts. Our outgoing Chief Executive Officer, Val Stangoe, who is due to retire in October, has done a remarkable job over 11 and a half years. Trustees Graham Servante and Denise Hardy are also leaving us after completing the maximum terms allowable under our constitution. You'll see from the accounts that we are In a strong financial position, and that while we are running at a deficit budget, we have built up reserves and have ambitious plans to use these to increase our future service delivery. V81, Graham and Denise have each contributed enormously to us being in such a strong position, and they will be missed by everyone at St Mary's. PROFESSOR HAIR OF TRUSTEES ANNUAL REPORT 05 St Mary's Hospice A YEAR IN REVIEW CEO'S REPORT VAL STANGOE The time for the Annual Report seems to come round faster and faster and I'm delighted to report that it has been another excellent year for the hospice. This year the future sustainability of hospices has been a hot topic in the national and local press with MPS raising the topic in Parliament to apply pressure on the government to find a better way of funding hospices. Everyone agrees hospices are a vital part of the health Infrastructure, everyone has a story to tell about how a hospice helped thelr family in a time of need, but health funds are short and positive change has yet been seen. As you know we get 19/0 of our funding from the goverment which leads to us setting a deficit budget each year and we feel extremely lucky to live here, where local commitment to our hospice is high. Because of you this has been another excellent financial year. Despite having budgeted for a deficit, we achieved a surplus. This wonderful news allows us to consider how we might spend some of our reserves to make the hospice stronger and support more patients in years ahead. A new Head of Clinical Care and Education started at the hospice in November 2023 and we've been delighted with her work with our clinical services and others to bring in change and deepen practice. Health care is constantly evolving through both research and learning and through regulatory demands and she has been able to navigate a way through this to keep us performing well. Our café, fundraisers and shops have also exceeded their targets this year. And we're particularly grateful to all of those who left us legacies in their wills. whether they left us 1 /0 or more, every gift helps to secure our future. ANNUAL REPORT 06 St Mary's Hospice CEO'S REPORT CONTINUED Finally, l am sad to share that by the time you read this I will have retired from the role as CEO of the hospice. ar After an incredible 11.5 years it is time to hand over guardianship to allow new ideas to lead us into another decade. I do feel able to say that as I leave, the hospice is in a better condition than it was 11 years ago. We have had four goals in the last 5 years and we've made progress on all of them: To GROW the hospice impact- we have more services seeing more patients than we did 10 years ago. To work with and through PARTNERS. Hospice at Home and IPU services already dld thls and our Compassionate Community Hub in Barrow and our Admiral Nurse Service, for those living with dementia, have shown themselves able to take this to an even higher level. To EMPOWER our community to better navigate the world of grief, death and dying, We have expanded our ability to deliver education for health professionals and created a new role offering public education around these topics for individuals, groups and charities. Finally, developing hospice SUSTAINABILITY. I haven't worked alone on this topicl I have been lucky to watch our community work with our retail, hospitality and fundraising teams. The sustainability of the hospice rests on the generosity of our population. So, I'd like my final act on behalf of the hospice to be a resounding THANK YOU to you. You've allowed us not just to exist but to flourish. Not just to stay but to grow. I know you will continue to support the hospice team moving forward to ensure there is a hospice here for generations into the future. ANNUAL REPORT 07 St Mary's Hospice ABOUT US St Mary's Hospice and our services are open to anyone living in South Cumbria, aged over 18, who is referred with a life-shortening Illness. The hospice is open to people with any diagnosis, religion or race. All services are f ree at the point of use. Our principal sources of funding are from fundraising within our local community along with core funding from our local Clinical Commissioning Group. Our Ulverston building offers 8 inpatient beds, used for a mix of end of life care and symptom management. Our Hospice at Home service provides daytime nursing care and overnight support in patients, own homes across Furness and South Lakes. Our Fast Track service is offered to people who are assessed to be within 12 weeks of death. Its function is to support people to die at home where that is their choice, and it provides support for washing, eating, dressing etc up to fourtimes a day depending on assessed need. ANNUAL REPORT 08 St Mary's Hospice ABOUT US Our Living Well Service still exists. but runs as part of a new all- encompassing service we call Compassionate Communities. It helps people with advancing illnesses maintain independence and well-being through therapeutic activities such as exercise, creative work, education on symptom management, emotional support and other living well services. The Bereavement and Family Support Service offers face-to-face and remote support from a mixture of staff and volunteers as well as online peer support. This service is available whether or not the person who died used hospice services. We are able to refer families to specialist children's services if needed. Our Admiral Nurse service is focused on people living with dementia and their family carers. They will be part of the monthly multiagency Dementia Hub working out of the Compassionate Communities Hub. We also run Dementia Cafés, where people with dementia and their families can come together for peer support in an understanding environment. The Compassionate Communities Hub in Barrow offers a range of activities and services to improve the quality of life for people with advancing illness and their families. Services are provided in collaboration with partners from the third sector, NHS and local authorities. ANNUAL REPORT OUR /ISION St Mary's Hospice St Mary's vision is that everyone affected by advancing illness and death will be cared for with kindness and have the support and expert care they choose. OUR VALUES CARING- ASPIRING- PROFESSIONAL- SUSTAINABLE CARING: We will make every contact count by treating each individual with kindness, empathy, compassion and respect. ASPIRING: We will continually learn and develop, we will strive for excellence in everything we do. PROFESSIONAL: We will deliver high standards through team work, a skilled workforce and managing with integrity. SUSTAINABLE: We will use our resources caref ully and create a broad range of income sources to protect the future of hospice care. ANNUAL REPORT 09 10 St Mary's Hospice HOSPICE MANAGEMENT The Hospice of St Mary of Furness, known locally as St Mary's Hospice, is a company limited by guarantee as well as a charity and exists for the charitable purpose of the relief of those in need by reason of ill-health. The Trustees are responsible for hospice governance and work alongslde the Senior Management Team responsible for the day-to-day running of the hospice. Together they write the Strategic Plan that shapes operational priorities. The Trustees have complied with the duty in the Charities Act 2011 with due regard to the public benefit guidance published by the Charity Commission. The Charity is governed by its Memorandum and Articles incorporated on 2 May1986 as amended by special resolution on 10 May 2016. The Board of Trustees has six to ten trustees recruited to ref lect the needs of the Board and our local community. The Board meets every two months to consider information from the formal Board Committees which meet between times to focus on specific areas such as Governance, HR or Finance. On starting in role new Trustees are linked to a 'buddy', a more experienced Trustee, to have easy access to understanding about the hospice. They also meet with the Chair and Vice-chair and have access to a webpage of useful information. The Board has approved the establishment of a Remuneration Committee to advise and make recommendations to the Board about appropriate remuneration and terms of service for the Chief Executive Officer and Senior Management Team. Pay for the Senior Management Team is set by Trustees in the context of a job scoring matrix and market salary rates. ANNUAL REPORT 11 St Mary's Hospice OUR TRUSTEES Andrewwren Jane Ross Richard Bird i IA Andyjames Graham Servante James Hlgglns 11 Alyson Dickson Dr Jake O'Donovan Denise Hardy ANNUAL REPORT 12 St Mary's Hospice RISK MANAGEMENT A major aspect of the Trustee role is to be aware of the major risks facing the charity and to put in place strategies to manage these. The most serious of our current risks are outlined below. The rSsks covered by each of our trustee lead commlttees are covered at the relevant committee meetings, with the whole hospice risk register reviewed at every board meeting. inica risks The main continuing clinical risk for the existence of the hospice is the difficulty in recruitment and retention of medical staff who provide daily medical cover on the in-patient unit. This is due to 8 national shortage of medical staff particularly those with senior experience in Palliative Care. There is also a f luctuating risk of unavailability of nursing staff linked to a nation81 shortage. Stéps to mitigate these rlsks are: Slnce 2020 we have linked with Supportive Care UK, a company providing access to experienced Palliative Consultant level cover for both day time and out of hours support. We are training a third Advanced Nurse Practitioner to strengthen our medic81 team, ensuring a robust development programme for nursing staff to make posts appealing and support skills development. Our biggest f inancial risk lies with the fact that only 19 /• of our costs are covered by funding from the NHS. This leaves enormous fundraising challenges for the hospice and more recently the setting of deficit budgets. More recently a new set of changes to NHS commissioning processes has set back the process of discussing how to Increase that NHS income. Thls heavy reliance on charitable funding currently impacts on supporters at a tlme of financial instability in many households. Steps to mitigate these are: Worliing closely with commissioners to ensure the need which our services fulfil locally is fully recognised. Using a broad range of income generation methods including continually updating our businesses to make incremental gains. ANNUAL REPORT 13 St Mary's Hospice RISK MANAGEMENT Financial success and failures in the last eight years: We have negotiated with the NHS to increase the number of new commissioned services although this has not overall led to a significant increase in the /0 of funding we receive. Fundraising The existence of St Mary's relies heavily on the goodwill of our community. It is therefore important to us that no-one ever feels pressured to donate or engage. We are registered with the Fundraising Regulator and adhere to their code of conduct. Direct approaches to our community are infrequent and are always guided by the legal position set out in the GDPR and by our own standards around care of vulnerable people. Fundraising and canvassing activity is managed to ensure engagement is consensual, that our teams are appropriately aware of the need to protect vulnerable supporters and that the organisation would rather err on the side of caution to protect such vulnerable people from feeling or being exploited. Specifically our canvassers undertake a training programme to ensure all their interactions are guided by safeguarding principles. There were no complaints received in respect of fundraising procedures during the year. Demographic change A newly emerging risk on the horizon is the change to national demographics over the next 20 years. In Morecambe Bay this indicates a growth over that period of 47.000 people of whom 19,000 will be over 85. Registered with FR FUNDRAISING REGULATOR ANNUAL REPORT 14 St Mary's Hospice SENIOR MANAGEMENT TEAM The Senior Management Team (SMT) is made up of: The CEO; Head of Finance & Performance Analytics. Head of Clinical Care and Education; Head of Fundraising; Head of Retail and Hospitality; Head of Communications and Community Engagement. Each of these senior managers is responsible for leading 8 team of staff in delivery of the hospice goals. Val Stangoe Suzi Lake Head of Finance & Performance Analytics Helen Carlson Head of Fundraising Chief Executive Off icer Caroline Welch Head of Retail & Hospitality Karl Connor Head of Communications and Community Engagement Paula Brown Head of Clinical Services and Education ANNUAL REPORT 15 St Mary's Hospice OUR GOVERNANCE COMMITMENT St Mary's Hospice is registered with Care Quality Commission {CQC) to carry out the regulated activity: Treatment of disease, disorder or injury. Our conditions on registration being that we only; . treat people over 18 years old. . accommodate a maximum of eight in-patients. The CQC last inspected St Mary's Hospice in June 2016, when it declared all aspects to be GOOD and in compliance with CQC regulation and guidance. We then had a remote review from CQC during 2020 to ensure that with regard to COVID we were working within national guidelines to keep patients, families, staff and volunteers safe. CQC declared themselves satisfied by what they found. Since 2016 the process by which CQC inspects premises has changed with a new structure publicised from 2021. We await inspection under that new structure. The hospice is unable to deliver improved palliative and end of life care working alone. To provide seamless and effective palliative and end of life care requires working in partnership with other organisations such as St John's Hospice. Lancaster and other local health and social care providers of palliative care in Morecambe Bay. ANNUAL REPORT 16 St Mary's Hospice HOSPICE FOR ALL In 2022 we commissioned some qualitative research because we wanted to check that our services were accessible to our whole community. On our behalf, Siskin Research spoke to community leaders, hospice supporters and other third-sector organisations in the area about ￿t Mary's and the services we provide. The results told us something that we'd feared - while our services were hlghly rated by those who accessed them, and the Hospice was treasured by local stakeholders, there were parts of our community who didn't think we were available to them. Respondents from organisations like Women's Community Matters, the local Foodbank and the Salvation Army, told us that their service users, particularly those from lower socio-economic bac14grounds, would f ind our services hard to access. Our response to this feedback was to invest in a new programme, Compassionate Communities, to make Hospice accessible to all. Building a Compassionate Community The Compasslonate Communities Team at St. Mary's Hospice Is more than a service provider; it is a catalyst for building a compassionate community. By integrating family support, living well services, and specialised dementia care, the team creates a network of care that extends beyond the walls of the hospice. This holistic approach ensures that patients and their families are supported not Just medically, but emotionally and socially. It fosters connections and resilience, helping individuals navigate their journeys with dignity and grace. Through its comprehensive services. our Compassionate Communities team exemplifies the true spirit of compassionate care, bridging the gap between care and community. ANNUAL REPORT 17 St Mary's Hospice COMPASSIONATE COMMUNITIES By taking our services out to the community and developing deeper relationships with other local groups, like the Ormsgill Stronger Together group and Furness Multicultural Forum, we've been able to open up our services to more local people. Our Hospice Heads Up presentation has been delivered to a wide range of community organisations and helps to debunk the myths around hospice care - which helps both to allay fears about hospice care and raise awareness about the raft of ancillary services we offer. We repurposed our Living Well centre in Barrow, turning it into the Compassionate Communities Hub. We hold regular sessions at the centre and even have a Hospice choir which performs in the local community. We plan to re-run the research programme in 2025, to ensure the anecdotal results we're seeing are supported by data. ,Q CVhlMUNITY HiIB xl 11- ANNUAL REPORT 18 St Mary's Hospice RETAIL & HOSPITALITY We run charity shops in Ulverston, Barrow. Millom, Grange- Over-sands and Dalton, plus a fantastic furniture warehouse in Barrow, as well as our wonderful Orangery Cafe at the Hospice building. sss We take great pride in our shops not looking or feeling like your stereotypical charity shop. There's no rummaging through piles to find bits for a fancy dress party, and there's certainly no smell. our committed team, comprising both staff and volunteers. diligently sifts through every item we receive, ensuring that only those they would personally be pleased to have at home are put up for sale. This meticulous process is crucial in maintaining the quality of our inventory for the individuals who generously support us. 1,938 Number of meat pies sold In The Orangey lour most popular menu Item) 17,872 Moreover, our shops are thoughtfully arranged and spacious, with items tastefully showcased to create a comfortable 8nd enjoyable browsing experience. It is not uncommon to discover designer clothing, sometimes even brand new and still adorned with price tags. This aspect adds to the delight of shopping with us, prompting customers to return again and again for a gratifying experience. We were recently runner-up in Barrow BID'S retail awards, in the Outstanding Multi-Location Retailer category, further proof that charity doesn't have to mean lower standards. Number of books sold across all shops Furntture •arehou5e 1,021 Deliveiles made by our furnlture warehouse team On the subject of awards, our cafe, The Orangery. boasts delicious home-cooked food and is so loved by our local community, that it was named the best place to eat at the prestigious Heart of Ulverston awards in 2024. 27,695 Products sold that were alded when donated-_ ma each sale worth an extra 25% ANNUAL REPORT 19 St Mary's Hospice CLINICAL ACHIEVEMENTS We have a huge range of clinical services that we offer across the community; In-patient care at our IPU. hospice at home, fast track, complementary therapies, Admiral Nurse dementia service. creative therapy. family bereavement support. spiritual care and much more. 57 Referrals for complementary therapy from our Compasslonate Communities team As outlined across pages 16 and 17. we're delivering many more of our services out in the community, and doing work to make sure that harder-to-reach sections of the local population understand the services we offer and are able and equipped to access them. 25 We've also boosted our education team, in order to provide high-quality education not only to our own staff but to other local organisations. Referrals to our dementla servlce As part of that we've opened a Clinical Skills Lab, where our teams and external training customers can develop their palliative care skills. The Lab, which was sponsored by Vattenfall, opened in Novermber 2023. 81% Bed oppuiancy rate on our In atlent Unlt ANNUAL REPORT 20 St Mary's Hospice FUNDRAISING FOCUS Our fundraising team are tasked with generating the majority of the money we need to operate, and each year, they work to harness the generosity of our community to ensure we can continue our work. £1,621,191 Amount lefttous inwllls during 2023124 2023-24 was one of the best years we've had for fundraising with many different income streams enjoying record performances, and valuable building work done to ensure newer income streams, such as our corporate income, can be successful in the future. £43,903 Ralsed by the sky dlve We enjoyed our largest-ever single fundraising event, with the trip to Everest base camp netting an incredible £65,791, (although ever ambitious as we are, we do hope to break that record In 20241251) TICKET £417,241 Legacy income was much higher than we'd anticipated, again with the five-year average giving us the conf idence to forecast consistently higher revenues from legacy donations in future. There is always a risk with this, in so much as legacies are the hardest thing to predict and track 'in-year', but the comfort provided by our reserves enables us to take a longer-term view while continuing to monitor and report legacies each year. Income from St Mary's Lottery £65,791 Raised by our Everest Base Campwalkers F¥EllSr. ANNUAL REPORT 21 St Mary's Hospice FINANCIAL SUMMARY Thanks to the continued support of our community, 2023-24 was another excellent financial year. enabling us to achieve our core goal of caring for more people. Admissions to our core services of IPU, Hospice at Home, Family Support and Bereavement Services and Fast Track were in line with the previous year, with new collaborations being developed at our Compassionate Communities Hub. Our total income of £6.1m was a growth of16/0 on the previous year. Legacies rose by 12 /• to £1.6m. Income from trading activities rose 11 /. to £1.7m. Total expenditure increased by 12 /. to £4.9m. being largely inflationary pressures, INCOME Our total income was £6.1m in 2023-24, and the chart shows the key elements of this income with the prior year comparison. Total Income 2023-24 Invésiments GovernmenfGffjnis 3% IrA Total Income 2022-23 TrodlnK oetrvititrs 29% £6.1 million £S.2 million ondleiocl*s 49% Irys ￿dIvI ANNUAL REPORT 22 St Mary's Hospice Government grant income remained static in comparison to the previous year. Legacy income increased by 12 /.. Donations increased by £0.4m, with half of this increase being due to an increase in grants to fund our building refurbishment project. Trading activity saw an 11 /0 increase to £1.7m. with key increases from charity shops (10 /.), fundraising events {38/.) and the Orangery café (20/.). Income from investments rose by 147/. due to the rise in interest rates and increased cash deposits, but make up just 3/0 of overall income. EXPENDITURE Our overall expenditure Increased by 12/. to £4.9m, largely due to inflationary pressures Expenditure on charitable activities remained at 77 /0 of total expenditure Staff costs accounted for the majority of the expenditure increase, with wage inflation across the healthcare sector putting pressure on costs and making recruitment and retention of staff challenging. INVESTMENTS Our trustees invest our long-term reserves to get the best growth they can while remaining within an acceptable level of risk. Investments are made for a minimum of 5 years. Our trustees wish to invest ethically and responsibly. We only use fund managers signed up to the United Nations Principles of Responsible Investment. We also do not invest in companies or funds that generate more than 10/0 of their revenues from tobacco. We use Atomos to manage our investment portfolio, with performance being reviewed quarterly. ANNUAL REPORT 23 St Mary's Hospice RESERVES Like many charities. we keep a cash reserve to ensure we can be there through difficult times, or if disaster strikes. We hold bac enough to cover six months costs and any estimated losses identified in our 3 Year Plan. For this year that adds up to £4.3m. On top of the enormous ongoing generoslty of our local community, In the past couple of years we've been the fortunate beneficiaries of some 8xceptional gifts in wills. This has given us extra cash of around £3.5m Thls means we have a grèat opportunity to help more of the local people who need us by growing and developing our new services. It also presents us with the challenge of how to continue to pay for these servlces. once this additional cash runs out. Over the next three years we've committed É1.6m on the following areas". 1.our dementia service 2. Our Fast Track service 3.Investing In our clinical support teams. so th8y can manage increasing demand i¥ii We are now looking at the best way of furthèr increasing our reach across our community. This Includes explorlng the optlons of partnership working with other third sector organisations to ensure services in our area can be as effective. coordlnated and far-reaching as possible. We're now nearing the end of phase one of 8 major refurbishment project to ensure our building is better suited to looking after our patients, their families and our staff. We ara looking at what further building works are required to ensure we are as sustainable as possible in the future, and will th8n set aside some vital funds from our reserves for phase two of this work. Although we're fortunate to have cash reserves today, we know how quickly these will be used. We also recognise the huge challenge we face in finding the additional income we'll need to sustain all of our services In the coming years. ANNUAL REPORT 24 St Mary's Hospice PRINCIPAL RISKS AND UNCERTAINTIES: TRUSTEES, RESPONSIBILITIES STATEMENT The trustees (who are also the dlrectors of Hospice of St. Mary of Furness for the purposes of company law) ar8 responsible for preparing the Trustees, Annu81 Report and the consolidated financlal statements in accordance with applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requlres the dlrectors to prepare financial st8tements for each flnanclal ye8r. whlch giv8 a true and fair view of the state of affairs of the charitable company and of the incomlng resources and application of resources. including the income and expendlture, of the charitab18 company for that perlod. Under company law the dlrectors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of th8 proflt or loss of the company for that perlod. In preparing these flnanclal statements, the dlrectors are requlred to: select suitable accountlng pollcles and then apply them consistently: observe the methods and princlples In the Charitles SORP: makejudgements and accounting estimates that 8re reasonabl8 and prudent; state whether applicable UK Accountlng Standards have been followed, subject to any materlal departures disclosed and explained in the financial statements; prepar8 the financial statements on the golng concern basls un18SS it Is In8pproprSate to presume that th8 company will continue in operation. The trustees are responsibl8 for keeping adequate accounting records that are sufficient to show and explaln the company's transactions and disclose with reasonable accuracy at any time the fin8nci81 position of the company and enable them to ensure that th8 fin8nGial statements comply wlth the Companies Act 2006. They are also responslble for s£feguarding the assets of the company and hence for taking reasonable steps for the prevention and det8Ction of fraud and other Irregularltles. In so far as each of the directors of the charitable company at the date of approval of this report Is aware there Is no relevant audit information (information needed by the company's 8udltors in connection with preparlng the audltlreport) of which the company's audltors are unaware. Each director has taken all of the steps that helshe should have t81 CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restricted Total funds funds funds 2024 Total ￿ndS 2023 Income from: Donations and legacies Charitable actimties Other trading actimties In￿StMentS other 2.592,727 1.064,786 1.427.921 188,255 114,660 404.628 2,997,355 1,064,786 1,427,921 188,255 117.836 2.416,289 1.089,443 1.311,438 75,870 144.787 3,176 Total 5,388,349 407,804 5,796,153 5,037.827 Expendlture on: Charitable 8CtiiAties Raising fvnds 3,621.546 885,084 140,037 3.761.583 885,084 3,357.214 776.910 Total 4,506,630 140,037 4,646,667 4,134.124 Net Incomè before other galnsl(losses) 881.719 267,767 1,149,486 903,703 Net gainl(loss) on in￿StmentS 85,639 85,639 {98.977) Net Income before transfers 967,358 267,767 1,235.125 804.726 Transfer between funds 11 154,253 (154,253) Net mov8m8nt In funds 1,121,611 113,514 1,235.125 804.726 Reconciliation of funds: Total funds brought fO￿ard 7,883,197 44,836 7,928.033 7,123,307 Total funds carrled forward 9,004,808 158,350 9,163.158 7,928,033 The Statement of Financial Activities includes all recognised gains and losses in Ihe year. All of the above amounts relate to conlinuing actNilies. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 36 to 59 fomi part of these financial statements. -32- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Fixed a888ts Tangible assets In￿stMentS 13 14 2,349,623 1,683,531 2,199,272 1.570.846 4.033,154 3.770,118 Current assets Stock Debtors Cash al bank and in hand 15 16 10.576 376,448 5,098,047 9,531 421,535 4.033,845 5,485,071 4,464,911 Creditors: amounts falling due wthin one year 17 (296.136) (278,593) Nét current assets 5,188,935 4,186,318 Total assets less current Ilabllltles 9,222,089 7,956,436 Net assets 9,222,089 7,956,436 Funds: Restricled fvnds Unrestricted funds 19 21 158,350 9,063,739 44,836 7.911,600 Total funds 9,222,089 7.956,436 The ccounts were approved by the members of the commlttee and authorised for issue on th8 and are signed on their behalf by: A Wren Trustee Company Registration Number: 2016831 The notes on pages 36 to 59 form part of these financial statements. -33- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Flxed assets Tangible assets In￿StMentS 13 14 2,341,294 1,683,534 2.187.841 1.570.849 4.024.828 3,758,690 Currant assets Stock Debtors Cash al bank and in hand 15 16 8.334 399,843 5,004,699 7,126 445,525 3.974,953 5,412,876 4.427,804 Credllors: amounts falling due within one year 17 (274,546) (258.261) Net current assets 5,138,330 4,169,343 Total assets less current Ilabllltlas 9,163,158 7,928,033 Net asset8 9,163,158 7,928.033 Funds: Restricted fvnds Unrestricted funds 19 21 158,350 9,004,808 44,836 7,883,197 Total funds 9,163,158 7,928,033 Th8 ccounts were approved by the members of the commitlee and aulhorlsed for Issue on the and are signed on their behalf by: A Wren Trustee Company Reglstratlon Number: 2016831 The notes on pages 36 to 59 fomi part of these financial statements. HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) CONSOLIDATED AND CHARITY CASH FLOW STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Group 2024 Total Group 2023 Total Charity 2024 Total Charity 2023 Tolal Cash generated in operating activities 1,210.170 854.973 1.175,048 859,909 Cashflows from Investlng actlvltles In￿stment income Purchase of tangible fixed assets (including inKestmenls) Disposal of tangible assets (including inKestm8nts) 188,255 75,870 188,255 75,870 (346,662) (203,630) (345,996) (192.983) 6,050 6,050 Cash provlded by Inv8stlng actlvltles 1,062,963 733,263 1,028,507 748,846 Increase In cash and cash equlvalents In the year 1,062,963 733.263 1,028,507 748,846 Cash and cash eqUI￿alentS brought forward 4,068,059 3.334.796 4,009,167 3,260,321 Cash and cash equivalents carried forward 5,131,022 4.068.059 5.037,674 4,009,167 Reeonclllatlon of net movament In funds to net cashflow from operating actlvltles Net movament in funds In￿stment income receiNed Dépreclation (Increase)IDecrease in stock (Increase)IDecrease In debtors Increase in creditors (Profitll Loss on disposal of fixed assets (Profitll Loss on revaluation of in￿StmentS 1,265,653 {188,255) 156,130 (1,045) 45,087 17,543 696 {85,639) 779,275 <75,870) 139,963 (1,800) (121,499) 40,193 (4,266) 98,977 1,235,125 (188,255) 152,362 {1,208) 45,682 16,285 696 {85,639) 804,726 (75,8701 137,977 (1,1001 (129,262) 28,727 (4,2661 98.977 Net cash generated In operatlng actlvltl•s 1.210,170 854,973 1.175,048 859.909 Components of cash and cash equlvalents Cash at bank and In hand Cash held al inwstment brokers 5.098,047 32,975 4,033,845 34,214 5,004,699 32,975 3,974,953 34,214 5.131,022 4,068,059 5,037.674 4,009,167 The notes on pages 36 to 59 form part of these financial statements. -35- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounling pollcles Legal form Hospice of St. Mary of Furness is a registered charity and a limiled company, limited by guaranlee. as defined by the Companies Act 2006, incorporated in England and Wales. In the event of Ihe charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office of the charity. the nature of its operations and its principal activities are all detailed in the Trustees, report of these financial statements. Basis of preparation Hospic8 of Sl. Mary of Furness meets the definition of a public benefit entity under FRS102. The financial statements have been prepared in accordance with Accounting and Reporling by Charlties: statement of Recommended Practice applicable to charities preparing their accounls In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. The financial statements are prepared in slerfing, which is the functional currency of the charity. Monetary amounts are rounded to the nearest £. The financial slatemenls have been prepared on a going concem basis under the historical cost convention. The particular accounting policies adopled by the truslees are described below. These policies have been consistently applied to all years presented unless othe￿iSe stated. Th8 consolidaled accounts of the group incorporate the accounts Hospice of St. Mary of Fumess ('Ih8 Charity") and its wholly owned subsidiary, St Mary's Orangery Limited. The results of the subsldiary are consolidated on a Ilne by Ilne basls. Preparatlon of the accounts on a golng concern basls The Trustees assess whether the use of the going concern basis of accounts preparation is appropriate i.e. whether there are any material uncertainties related lo events or conditions thal may cast significant doubt on the abilily of the Charity lo continue as a going concem. The Trustees make this assessment in respect of a period of at least one year from the approval of the accounts and have concluded that the Charily has adequate resources to continue in operational existence forthe foreseeable future, and there are no material uncertainties al this time. Accordingly. the Truslees continue to adopt Ihis basis of accounting in preparing the financial statements. Income Income including donations and gifts receivable Is crediled to the Statemenl of Financial Activities when the charity is legally enlilled to the funds after any performance conditions have been mel, the amount can be measured reliably and it is probable that the income will be received. Legacies are regarded as receivable once probate has been granted. Ihere is sufficient evidence regarding the certainty of the receipt and there is a sufficienlly reliable measurement of the amount in accordance with the recognilion criteria of the SORP. In practice this is rarely before the receipl of a letter advising of an intended paymenl or transfer. Interim receipts are treated as being receivable on receipt. Where legacies have been notified to the charity, or the charity is aware of granting of probate and the criteria for income recognition have not b88n met. then tha legacy is treated as a contingent asset and disclosed if malerial in note 3. Funding received in advance including grants are treated as deferred inGome where the funding agency requires an ongoing seNice to be provided by expenditure in Ihe future period to which the funding relates. -36- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies {continued) Gifts donated for resale are included at fair value, being the expected prO￿edS from sale less the expected costs of sale. Where estimating the fair value is practicable upon receipt it is recognised in stock and 'lncome from olher trading aclivilies.. Upon sale. the valLbe of the stock is charged againsl 'Income from other trading activilies, and Ihe proceeds are recognised as 'lncome from other trading activities,. Where it is impraGti¢able lo fair value the items due to the volume of low value items they are not recognised in the financial statements until they are sold. This income is recognised within 'Income from other trading activities,. Income from trading activities includes income earned from fundraising evenls and trading activities to raise funds for Ihe charity. Income is received in exchange for supplying goods and seNices in order lo raise funds and is recognised when entitlement has occurred. Investment Income is eamed through holding assets for investment purposes such as shares and property. It includes dividends and interest and is included when the amount can be reliably measured. Income from charitable aclivilies includes income from NHS England and other support from the UK government. Expendlture All expenditure Is accounted for on an accruals basls In the expense categories required by the SORP. Expenditure is recognised where there is a legal or construclive obligation lo make payments to third parties, it is probable that the settlement will be required and Ihe amount of the obligation can be measured reliably. Costs are furiher allocated belween the aclivilies underlaken on a basis consistent with the use of the resources. Expenditure includes irrecoverable VAT. Charitable expenditure includes costs incurred in the delivery of the charities activities and Servi￿$. It includes both direct cosls, including staff costs, that are incurred in the delivery of the activities and seNices and indirect costs which are required to support the delivery of the charitable objects. Costs of raising funds Include those costs In relation to the charity's operations which are used to generate further income which is integral to the charily In meeting its charitable obj6Ctives. Where support costs cannot be directly attributed to particular headlngs they have been allocaled to cost of raising funds and expenditure on charitable activilies on a basis consistent with use of the resources. Redundancy costs are expensed when the liability for payment of such costs is incurred. Donated services and facllllles Donat8d sarvices and facilities are recognlsed as income when the charity has control over the item, any conditions associated with the donated item have bean met, the receipt of economic benefit is probable and that economic benefit can be reliably measured. In accordance with SORP (FRS 102) no amounts are included in the financial statements for services donatod by volunteers. On receipt, donated professional services and donaled facililies are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay lo obtain seNices or facilities of equivalenl economic benefil on the open market. a corresponding amount is then recognised in expendilure on period of receipt. -37- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounling policies (continued) Investments Investments are recognised initially at fair value which is nomially the transaction price excluding Iransaction costs. Investments are subsequently staled at fair value if the shares are publicly Iraded or their fair value can otherwise be measured reliably. Other investments. such as the investment in the subsidiary, are measured at cost less impairment. The SOFA induded the net gains and losses arising on revaluations and disposals throughout the year. Flxed assets All fixed assets are initially recorded at cost. Depreciation is provided at rates calculated to wrile off th8 cost of fixed assets, less their residual value, over their expected useful lives on the followlng bases: Freehold property Equipment Motor vehicles Leasehold property 2% straight line 25 % reducing balance 200/0 Straight line 10 /0 Straight line No depreclallon Is charged on freehold land. Assets In the course of construction are not depreclated. They are transferred to land and buildings upon completion of the development. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items and a FIFO cost formula is used. Donated stocks are not valued in the accounts due to the undue cost of calculating such amounts against any benefil of recognising such amounts. Deblors and credltors wlthln one year Deblors and credltors wlth no stated interest rate and receivable and payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Cash and cash equivalents Cash is a basic financial asset and includes cash in hand and deposits held on call with banks and inveslment managers. Fund accountlng Unrestricted funds General funds are available for use at the dlscretion of the Trustees in furtherance of the general objectives of the charity. Designated funds Designated funds are unrestricted funds set aside by the Trustees for particular purposes. -38- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) Restricted funds Restricled funds arise wh8r8 Ihere is a donor imposed restriction on the use of Ihe funds, or Ihe funds have arisen in response to an appeal for a specified purpose. Transfers are made from Restricted lo Unr8Stricted funds when the expendilure has been fully made in accordance with the objects of the fund. Operatlng lease agreements Rentals applicabl8 to operating leases where substantially all of th8 b8nefils and rlsks of ownershlp remain with the lessor ar8 charged against profits on a straighl-line basis over the period of the lease. Panslons The Hospice operates two pension schemes., certain eligible employees are members of the NHS defined benefil scheme and others are members of a defined contribution pension scheme. The pension charge represents the amounts payable by the charity to the funds in respect of the current year. Taxatlon HM Revenue & Customs considers th6 Hospice of St Mary of Furness to be a charity and therefore they are enlilled to exemption from tax afforded by Sections 478-489 of the Corporation Taxes Act 2010 lo the extent that incom8 is appli8d exclusively for charitable purposes. Flnanclal Instruments The Charity has elected to apply the provisions of Section 11 '8asic Financial Instruments. and Section 12 '0ther Financial Inslrumenls Issues, of FRS 102 to all of its financial instruments. Flnanclal Instruments are recognlsed In the Charity's balance sheet when the Charity becomes party to contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial slatemenls. when there is a legally enforceable righl to offset the recognised amounts and there is an intenlion to settle on a nel basis or to realise Ihe asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances. are inilially measured at transaction prlce Including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assels Financial assets are assessed for indicalors of impairmenl at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of comprehensive income. If there is a decrease in the impairmenl loss arising from an event occurring after the impairment was recognised, the impairment is reversed. -39- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles {contlnued) De-racognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial assel and subslantially all the risks and rewards of ownership lo another entity, or if some significant risks and rewards of ownership are retained but control of the assel has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. ClassifiGalion of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equily instrument is any contract that evidences a residual interest in the assets of the charity after deducling all of its liabilities. Basic financial liabililies Basic financial liabilities, including cr8ditors, are inilially recognised at transactlon prlce unless the arrangement constitutes a financing transaction. where the debt instrument Is measured at the present value of the future receipts discounted at a market rate of interest. Financlal liabllltles Glasslfied as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or seNices thal have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-currenl liabililies. Trade creditors ar6 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. De-recognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations explre or are discharged or canc811ed. Judgements and key sources of estimatlon uncertalnty In the application of the Charily's accounting policies. Ihe Trustees are required to make judgements, estimates and assumplions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other f8Ctors that are considered to be relevant. Actual results may differ from thes8 estimates. The estimates and underlying assumptions are reviowed on an ongoing basis. Revisions to accountlng estimates are recognised in the period in which the estimate is revised where Ihe revision affects only that period, or in th8 period of th8 revision and future periods where the revision affects both current and future periods. Key assumptions, judgements and estimates In the opinion of the Trustees, there have been no significant judgements made in the process of applying the above accounting policies. There have been no key assumptions concerning future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjuslment to the carrying amounts of assets and liabilities wilhin the next financial year. 40- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Group Unrestricted Restricted funds funds Total 2024 Total 2023 Direct donations Legacies Berea￿rnent contributions Payroll deductions Charitable trusts Gift Aid Grants 740,878 1.621,191 132,979 2,219 44,800 37,428 14.325 755,203 1.621,191 134,887 2,219 150,580 37,428 282,615 596,012 1,450.115 142,421 1,648 89.375 34.360 51,821 1.908 105.780 282,615 2,579,495 404.628 2,984,123 2,365.752 Charlty Unrestrlcted Restrlcted funds funds Total 2024 Total 2023 Direct donations Legacies Bere8￿ment contrSbullons Payroll deduGtlons Charilable twsls Glft Ald Grants 754.110 1.621.191 132,979 2,219 44.800 37,428 14.325 768,435 1,621,191 134,887 2,219 150,580 37,428 282,615 646.549 1,450,115 142,421 1,648 89,375 34,360 51,821 1,908 105,780 282.615 2,592,727 404,628 2,997,355 2,416,289 Income from donations and legaaes Included £88.329 in ￿Stricted funds in Ihe prior year for both charity and group. Unrestricted funds were £2,277,423 for group and £2,327,960 for charity only. At the year end, the Trustees had been notified of legacies approximating £31,000 which did not meet the criteria for inclusion in these financial statements under SORP (FRS 102) which is further explained in the accounting policies on pag8 36. 41- HOSPICE OF ST. MARY OF FURNESS {COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities Group and charlty Unrestricted Restrlcted funds funds Tota I 2024 Total 2023 Grants and core ￿ndingS 1,064,786 1,064.786 1.089,443 1,064,786 1,064,786 1,089,443 In the comparative period, £1.089.443 from grants and core fundings was unrestricted. Grant funding relates to the provision of core services at Ihe Hospice. There are no unfulfilled conditions or other contingencies attached to the income recognised. Income from tradlng actlvltles Group Unrastrlcted Restrlctsd funds funds Total 2024 Total 2023 Lottery gross In¢om8 Charity trading incoma Fundraising e￿nIS Catering 417,241 816,439 194,241 315.744 417,241 816,439 194,241 315.744 428,728 741,888 140,822 262,808 1,743,665 1,743,665 1,574,246 Charlty Unrestrlcted Restrlcted funds funds Tota I 2024 Total 2023 Loltery gross income Charity trading income Fundraising e￿ntS 417.241 816,439 194,241 417,241 816,439 194,241 428,728 741,888 140,822 1,427,921 1,427,921 1,311,438 All income from trading activitles was unrestricted in the prior year. 42- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Group and charity Unrestricted Restricled funds funds Tola I 2024 Total 2023 Bank and in￿stment interest reCei￿ble 188.255 188.255 75.870 188,255 188,255 75.870 All income from investments was unrestricted in the prior year. 7 Other Income Group Unrestrlcted Restrlcted funds funds Tota I 2024 Total 2023 Support groups Recycing income Other incoming resources 48,870 10,906 47,384 48.870 10,906 50,560 21,707 7,332 108,248 3,176 107,160 3,176 110,336 137,287 Charlty Unrestrlcted Restrlcted funds funds Total 2024 Total 2023 Support groups Recycing incom8 Other In¢omlng resources 48,870 10,906 54.884 48,870 10,906 58,060 21,707 7,332 115,748 3.176 114,660 3,176 117,836 144,787 Other income included £13,831 in restricted funds in the prior year for both charity and group. Unrestricted funds were £123,456 for group and £130,956 for charity only. 43- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 8 Expenditure on charitable activities Group and Charity Provislon of Hospice and other related services Total Total 2024 2023 Actlvlty Unrestrlcted Restrlcted Wages and salaries Depreciation Equipment and repairs Catering Premises costs Office costs Tra￿1 Bank charges Olher Audit fees Legal and professional fees Profit on disposals of fixed assets 2.838,070 152,362 93.9 30.143 103.140 123.159 33.484 19,258 188.902 9.500 28.888 101,442 2,939,512 152,362 100,944 30,635 116,255 123,262 34,414 19,258 190,064 9,500 44,681 696 2,668,795 137,977 85.038 25,096 92,366 101,190 27,896 15,786 177,237 9,200 20.899 (4,266) 492 13,115 103 930 1.162 15,793 3.621,546 140,037 3,761,583 3,357,214 Expenditure on charitable activities included unrestricted funds of £3.290,934 and restricted funds of £66,280 In the prlor year. 9 Expenditure on raising funds Group Unrestrlcted funds Restrlcted funds Total 2024 Total 2023 Fundraising costs Shop costs Lottery costs Catering costs Audit fees Depreciation 222,354 502,559 160,171 258.556 2,160 3.768 222,354 502,559 160,171 258,556 2.160 3.768 160,363 455,644 160,903 226,226 2,010 1.986 1,149.568 1,149,568 1,007,132 HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 9 Expenditure on raising funds (continued) Charity Unrestrtcted Restricted funds funds Total 2024 Total 2023 Fundraising costs Shop costs Lottery costs 222,354 502,559 160,171 222,354 502.559 160,171 160,363 455,644 160.903 885,084 885,084 776,910 All expenditure on ralsing funds was unrestricted In the comparative period, for both group and charity. 10 Net incomelexpenditure Group 2024 Group 2023 Charity 2024 Charity 2023 Net Income Is stated after charglng: Group Operating lease rentals Staff pension contributions Payment to Direclors for seNces as Hospice Chief Exec Auditors, remuneration audit of the financial statements Depreclatlon of tangible assets owned by the charity 81,704 177,883 77,281 168,409 79,376 173,468 75,050 164,991 66,268 64,585 66,268 64,585 11.660 11,210 9,500 9,200 156,130 139,963 152,362 137,977 Included within payments to Directors for servlces as Hospice Chief Executive are £4,335 (2023.. £4,209) in defined penslon contributions. 11 Fund transfers During the year certain restricted fund balances were transferred lo unrestricted funds as they had been used in full in line with requirements by the funder to purchase tangible fixed assets for general use by the charity. Further transfers have been made into restricted funds where expenditure on a particular project exceeded restricted income, where these funds are now fully utilised. Further details of transfers are included within note 19. 45- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12 Analysis of staff costs, trustee remuneration and the cost of key management personnel Total staff costs were as follow& 2024 2023 Wages and salaries Social security costs Pension costs 3,039,796 244,293 177,883 2,735,477 223.893 168,409 3,461,972 3, 127,779 Partlculars of employees: The average number of employees during th8 year, calculated on the basis of full-time equivalents, was as follows: 2024 No 2023 No Number of nursing and care seNces staff Number of ￿ndraising and administration staff 67 43 67 41 110 108 The total head count staff numbers for the year were 83 (2023: 81) for cllnical staff and 62 {2023: 60) for non-clinical staff. The numb8r of employees whose remuneration for the year fell within the following bands were: 2024 No 2023 £60.000 - £69.999 Certain employees with emolumenls above £60,000 receive(I contributions totalling £4,335 (2023: £4,209) lo a money purchase pension scheme. No remuneration or expenses were paid to any of the Trustees in the current or prior year. The number of directors for whom retirement benefits are accruing under money purchase schemes amounts to 1 (2023: 1). The total amounl of employee benefits received by key management personnel. as determlned by the charity. is £328.762 (2023.. £340,743) during the current period. During the year the charity made redundancy and ill health severance payments totalling £nil (2023: £15.6671. 4F HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12 Analysis of staff costs, trustee remuneration and the Gost of key management personnel (continued) The Hospice participates in the NHS pension scheme which is a defined benefit scheme whose membership consists of employees of the NHS and related bodies. The scheme operates as a pooled arrangement, with contributions for eligible staff paid at a centrally agreed rate. As a consequence of this, no share of the underlying asset and liabilities can be directly attributable to the Hospice, therefore as pemiitled by FRS102, contributions ar& accounled for as if the scheme were a defined contribution scheme, based on actual contributions paid Ihrough the year. The Hospice also operates a defined contribution pension scheme. The contributions paid into these two schemes in respect of eligible employees for the year ended 31 March 2024 amounted to £177.883 (2023: £168.409}. 13 Tanglble fixed assets Group Land and Assets Under Bulldlngs Constructlon Motor Vehlcles Equlpment Totals Cost At 1 April 2023 Additions Disposals 3,217,211 48,364 1,089,833 58,685 16,879 122,501 42,745 20,035 4,429,545 318,377 36,914 168.583 At 31 March 2024 3,265,575 168,583 1.131,639 145,211 4,711,008 Depreclatlon At 1 April 2023 Charge for th8 year Eliminated on disposals 1,222,705 79,385 956.316 57,778 16.879 51,252 18,967 8,139 2,230,273 156,130 25,018 At 31 March 2024 1,302,090 997,215 62,080 2,361,385 Net book value At 31 March 2024 1,963,485 168,583 134,424 83,131 2,349,623 At 1 April 2023 1,994,506 133,517 71.249 2,199,272 Included within Land and Buildings are assets with a total cost of £184.159 (2023: £172,909) and a net book value of £94,15812023: £100,813) which relate to leasehold properly. The balance oflhls asset class relates to freehold property. 47- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 Tangible fixed assels {Gontinued) Charlty Land and Assets Under Buildings Construction Motor Vehicles Equipment Totals Cost At 1 April 2023 Additions Disposals 3.217,211 48,364 1,074,981 58.019 16.879 120,162 42,745 20.035 4,412,354 317,711 36,914 168.583 At 31 March 2024 3,265.575 168,583 1,116,121 142,872 4,693,151 Depreclatlon At 1 April 2023 Charga for the year Ellmlnated on disposals 1.222,705 79.385 952,894 54.010 48,914 18,967 2,224,513 152,362 At 31 March 2024 1,302,090 990,025 59,742 2,351,857 Net book value At 31 March 2024 1,963,485 168,583 126,096 83,130 2,341,294 At 1 Aprll 2023 1,994.506 122,087 71,248 2.187,841 Included within Land and Buildings are assets with a lotal cost of £184,159 (2023- £172,909) and a net book value of £94,158 (2023.. £100.813) which relate lo leasehold property. The balanc& of this asset class relates to freehold property. 48- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Investments Group 2024 2023 Other Investments al valuatlon Balance brought foward (excluding cash) Acquisitions at cosl Disposals al cost Unreallsed galnsl{losses) on sale of In*stments Cash held as part of In￿stment portfollo 1.536.632 28,285 1,612,764 22.845 85,639 32,975 (98.977) 34,214 Total Investments at 31 March 2024 1,683,531 1,570,846 Total ￿n￿stmentS comprfse of the follovAng types of In￿StMents. UK listed equities & fixed inlerest securilies 0￿rseaS listed equities & fixed interest securltles Property and 8llernaliKe In￿StMentS Commoditles Cash held as part of In￿stment portfolio 779.524 552,527 124,978 193,527 32,975 743,143 524,552 187,506 81,431 34,214 1,683.531 1,570.846 Charlty 2024 2023 Investment In subsldlary undertaklngs 3 shares in St Mary's Orangery Limilad other Investments Balance brought fo￿ard (excludlng Cash) Acqulsltlons at cost Olsposals 81 cost Unffjalised gainslllosses) on sale of in￿StmentS Cash held as part of inkestment portfolio 1,536,632 28,285 1,612,764 22,845 85,639 32,975 (98,977) 34,214 Total Investments at 31 March 2024 1.683.534 1,570,849 Total In￿StmentS comprise of the following types of In4eslments: UK Ilsted equities & fixed Inte￿St securities 0￿rseaS listed equities & fixed interest securities Property and alternati￿ in￿stMentS Commodities Cash held as part of in￿StMent portfolio In￿StMentS in subsidiary undertakings 779,524 552,527 124,978 193,527 32,975 743,143 524,552 187,506 81,431 34,214 1.683.534 1.570.849 49- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Investments (continued) Investment in subsidiary undertaklngs The subsidiary company is incorporaled in England and Wales (company number 030529621 with an issued share capital of 3 ordinary shares of £1 each which are wholly owned by the charity. The details of the subsidiary and the results for the year are as follows.. 2024 2023 st Mary's Orangery Limited Turnover Cost of sales and other direct costs 315.744 (101.833) 262,808 (87,678) Gross profll Administrati￿ expenses 213,911 175.130 {170,151> <150,044) 43,760 25,086 Net assets 58,936 28,408 15 stock Group 2024 Group 2023 Charlty 2024 Charity 2023 Stock 10,576 9,531 8.334 7.126 16 Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Other debtors Prepayments and accrued income 96,944 279,504 73.778 347.757 120,339 279,504 97,768 347,757 376,448 421.535 399,843 445,525 -50- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 Credltors: amounts falllng due within one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade creditors Taxation and social security Other creditors Accruals and deferred incom8 73.360 70,690 1,522 150,564 58,733 62,060 330 157,470 67,699 56,921 1,522 148,404 50,497 51,764 330 155,670 296,136 278,593 274,546 258,261 Dèfèrred Income 2024 2023 Balancè brought fO￿ard Lottery Income reCeI￿d in advance Grants reCeI￿d in adwdnGe Re188se of deferred Income 48,833 49,417 57,542 48.833 (48,833) (57,542) 49,417 48,833 18 Commltments under operating leases As at 31 March 2024 the group and charity had commitments under non-cancellable operating leases as set out below: 2024 Land and Bulldlngs 2024 othar Items 2023 Land and Buildings 2023 Other items Group and Charlty Within 1 year Within 2 to 5 years 90,000 123,205 2.208 8.833 42,900 75,405 2.184 2.184 213,205 11.041 118,305 4.368 -51- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19 Reslrlcted income funds: Current year At1 Aprll 2023 At31 March 2024 Income Expenditure Transfers Restricted funds Domicilliary Massage Enhancing EOLC in Care Homes Town Lands 8erea￿rnent Fund CGP Garden Shed Fund Garden Materials Fund MND Water Feature Fudstock 2021 Courtyard Gard8n ICC Long Comd Support National Lottery Bereavamént Support Demanlla sa￿ce Fund Masonlc Foundation Dynamap fvnd Valt8nfall UK Clinlcal Skllls Lab Fund Memory Lane Café Fund MBCCG Dementia Café MBCCG Leaming Disabilitl8S Café 10.582 {94) 10,488 576 (576) 571 103 136 886 690 {529) {240) (154) (3.724) (142) (42) 137 18 2,838 548 5.702 6,251 (30) (2.784) (5.672) 3,467 6.3 2.496 (6,399) (2,496) 2,500 (968) (1,532) 4,100 957 1,000 1.888 {3.523) (1.668) (1.042) 1,577 1,177 194 822 (648) 174 MBCCG Breathe Easy Group Townlands Trust Fund for IPU FBSS Fund 1,220 (864) (9) 356 230 230 1,182 {378) Ul￿rstOn Tangent Club H@H Cuddle Bed Campaign UTC IPU Bedding Hospice at Home l Fast Track fvnd UTC Bin Store Fund Roselands Mattress Fund 125 11.915 1.000 (125) 11,915 744 (256) 908 10,000 4,740 (924) 16 (10,000) (4,740) Coop Local Community Fund Morrisons Foundation Regis Chair Fund 5,537 (1.145) 4,392 7,516 (7,516) -52- HOSPICE OF ST. MARY OF FURNESS {COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19 Restricted income funds: Current year (continued) At1 Aprll 2023 At31 March 2024 Income Expendlture Transfers Restrlcted funds CCF Building Refurb Fund CCF H@H Fund CCF Compassionate Communities Fund Frieda Scott Trust Bullding Fund Bamw Thombarrow Trust 20,000 40.000 (20,000) (40,000) 40.000 (35,481) (1.364) 3.155 20.000 53.233 4.740 1,750 (2,514) 17,486 53,233 Hadfield Trust mattress Fund BAE GAYE lifiing chair Fund LI￿ Longer Better Reconditioning Fund F¢Jnd for IPU BarrowFull - Boosting Barrow's Creatimty Compassionate Communitles Fund CRASH Building Refurbishment Fund Albert Hunt Compassionate Communities Garfield Weston Building Refurbishment Bemard Sunley Building Refurbishment Neighbourly Foundation Falls Equipment (4,740) (1.750) 4.724 1.000 (3,750) (750) 974 250 (298) 202 (823) 23 110.000 (15,793) (94,207) 15,000 (15,000) 30,000 30,000 15.000 500 1.300 15.000 500 1,300 Total funds 44,836 407,804 {140,037) (154,253) 158,350 -53- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19 Restricted income funds: Current year (conlinued) The Domiciliary Massage fund is provided by Cumbria Partnership Trust to provide additional domiciliary massage to patients in their own homes, earlier in their illness. The fund for enhancing end of life care in care homes was provided by the CCG, to ènable the Hospice to share their expertise with staff in local care homes to facilitate best practice in end-of-life care. Tha Townlands trust also provided a grant to support the activilies of our gardening bareavemant group. The grant from CGP was to create an accessible garden shed for our Sunflower Garden. The garden mat8rials donation was made to enable the purchase of materials for the garden. The MND fund relates to a contract with the Motor Neurone Disease Association to fund a care coordinator covering Barrow and South Lakes. The Water Feature fund was received from Grania Lady Cavendish in memory of Mary Cookson, a kaen gardener. The funds ralsed by Fudstock 2021 have been set aslde for updating the IPU courtyard garden and furnllure. The Long Covid fund was received from Barrow and Mid-Furness ICCS for Breathe Easy and Long Covid Support groups. The National Lottery fund is to support a bereavemenl volunteer recruitment and training program. The dementia fund was generously donated following a major donor event, to help support our new d8m8nlia s8rvic8. The grant from the Masonic foundation helped us to purchase a Dynamap vllal slgns monStor. Vatlenfall UK have kindly given us funding to kit out our cllnlcal skills lab. The Memory Lane café fund was generously provided by Cumbria County Council to support our dementia café. The three grants from the Morecambe Bay health Investment Fund were to support the Dementia café, a Learning Disability café and the Breathe Easy group. Th8 fund from UIv8rston Townlands Trust is provided for the use of th& Family Support Service. The fund for IPU Is a donation Ihis year specifically provided for a falls mattress. The Bereavement Service fund was generously donated to help fvnd our family support team. The Ulverston Tangent Club fund was provided to support our Hospice at Home seNice. The cuddle bed fund was sel up to collect various sources of funding given to support our campaign lo buy a cuddle bed. Ulverston Town Council generously provided this fund for the purchase of bedding for our IPU. The Hospice at Home l Fast Track fund was generously crealed by donations in memory of Richard Broadhurst. HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19 Restricted income funds: Current year (continued) The UTC bin slore find was kindly donated by Ulverston Town Council from CIL finds in order lo build a new bin store Roselands Trust generously provided a fund for the purchases of new mattresses for the Inpatient Unit. The Co-op community fund was generously provided to promote wellbeing of staff through the cr8ation of a mental health and wellbeing fund. The Morrisons Foundation kindly provided this fund for the purchase of new recliner chairs. Cumbria Community Foundation generousty gave us this fund towards the refurbishment project of the Hospice building. The Hospice at Home fund was kindly provided by Cumbria Community Foundation to support this service. Cumbria Community Foundation also generously donated this fund towards the costs of th8 Compassionate Communilies seNic8. The Frieda Scott Trust kindly gave much needed funds towards the Hospic8 refurbishment project. The fund provid8d by the Barrow Thornbarrow has supported our Hospice refurbishmenl project. The funds from Hadfield Trust was generously given towards the purchase of new mattresses for IPU, The staff at BAE kindly provided a fund for Ihe purchase of a lifting chair. The Live Longer Belter Reconditioning Fund was provided by Cumberland Council lo work with patients to Improve mental and physical well-being and reduce loneliness through physical activities The IPU fund was provided by Sellafield and Cumbria Nuclear Solutions Ltd to support our IPU seNice. The Boosting Barrow's Creativity was kindly given by Barrowfull as part of a project to boosl creativity in the town. The Comp8ssionate Communities fund was kindly donated for support of this service. CRASH generously provided a building fund lo supporl the Hospice refurbishmenl projecl. The Albert Hunt Trust generously provided a fund to support our Compassionate Communlties Service. Garfield Weston kindly provided a fund in support of our building refurbishment project. A fund was generously given by the Bernard Sunley Foundalion to support our building refurbishment project. The Neighbourly Foundation kindly gave us a donation for the community food project. Tha Alica and Harold Bridges Trust generously provided a fund for the purchase of falls equipment. -55- HOSPICE OF ST. MARY OF FURNESS {COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20 Reslricted income funds". Prior year At1 Aprll 2022 At31 March 2023 Income Expendlture Transfers Restricted funds Domicilliary Massage Enhancing EOLC in care homes Mary Dunsford Harpist Fund Co-operatiKe Community Fund Town Lands Barsa￿men1 Fund CGP Garden Shed Fund BAE GAYE Specialisl Bath Garden Malerfals Fund Coop Good Caus88 MND Masonlc Foundatlon LI￿ng Well Resources Morrisons IPU bathroom refurb LI￿llg Well Resources Cumbrla County Councll tablet fiJnd Water Feature Orsted Wéllb&ing s8￿ces Fudslock 2021 Courtyard Garden ICC Long C￿d Support National Lottery Berea￿ment Support Clarf( Foundallon Slulce Machine Albort Hunt Trust Dementia Sernice Fund BAE Cuddle Blanket IPU Holsl fund 10,672 (90) 10.582 7.296 500 241 (6,720) {500) {240) 576 (1) 954 267 2.600 136 5,715 {2,658) {383} {164) 571 103 (2.600) 136 (3,364) (10,287} (2.351) 13.831 886 65 (445) 380 21.819 616 (3, 130) (18.689) (651) 35 257 {257) 690 6.575 (6,575) 7.156 4.167 (1,454) 5,702 6,251 2,084 8.446 (2,050> 6,396 2.000 20.000 10.000 3,000 6.600 (2.000) (20.000> (7,504) 2,496 (3.000) (6.600) Bere8*menl SeNce Support Masonic Foundation Dynamap fijnd V8tlenfall UK Cllnlcal Skllls Lab fund Memory Lane Café Fund Cuddle Bed Fund MBCCG Dementla Café MBCCG Leamlng Dlsabililles Café 2.000 (2,OCK)) 2.500 2,500 4.100 1.000 rfs.000 1.470 4.100 957 {43) {15.000) {622) 848 1.470 {648) 822 M8CCG Breathe Easy group 2.084 {864) 1.220 Total funds 60.493 102.160 {66.2801 {51.537) 44.836 -56- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 Unrestricted income funds: Current year At31 March 2024 April 2023 Gainsl (losses) Income Expondlture Transfers Group Designated Funds General Funds 2.403,275 5.508,325 (210,112) 340,581 5,683.361 (4,561,002) (186,328) 2,533,744 85,639 6,529.995 Unrestricted funds 7.911,600 5,683,361 (4,771,114) 154,253 85,639 9,063,739 Charlty Designated Funds Genèral Funds 2.391,849 5,491,348 (206.346) 339.915 5.388,349 {4.3CrfJ.284) (185.662) 2,525,418 85.639 6,479,390 Unrestrlcted funds 7,883,197 5,388,349 14,506,630) 154,253 85,639 9,004,808 The designat8d funds comprise of the fixed assets of the group and charlty as these are necessary for the day to day operation of the Hospice and are therefore not considered to be generally available funds for use at the discretion of the Trustees in line with the charity's objectives. Also included are four funds designated by the Trustees for specific purposes as follows., £6,443 for staff development. £125.053 for an IG investment fund which was sel up to encourage'bravery" within the charily's relail and income generating teams, £28,564 as a Building Work fund, £13,803 for the professional fees for Ihe proposed upcoming refurbishmenl works and £10,250 for the recruitment of a new CEO. The investment in subsidiaries and associates is also a designated fund. -57- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22 Unrestricted income funds: Prior year At1 April 2022 At31 March 2023 Galn81 {losses) Income Expendlture Transfers Group Designated Funds General Funds 2.315,497 {161.705) 249,483 2,403,275 4.801,171 5,140,438 (4,136,361) (197.946) (98,977) 5,508,325 Unrostrlctod funds 7,116,668 5.140.438 (4,298,066) 51.537 (98,977) 7,911.600 Charlty Designated Funds General Funds 2.312.731 (159.719) 238.837 2,391,849 4.750.083 4,935.667 (3,gJ8,125) (187.3001 (98,977) 5,491,348 Unrestrlcted funds 7.062.814 4,935.667 <4,067,844) 51.537 (98,977) 7,883,197 23 Analysls of net assets between funds: Current year Group Tanglble Flxed asset Net current Long term fixed assets Inveslments assets Ilabilities Tot81 Restricted Income Funds Deslgnated Funds General Funds 158,350 184,111 4.846,474 158,350 2,533,744 8,529,995 2.349.623 10 1.683.521 Total funds 2.349,623 1,683,531 5,188,935 9,222,089 Charlty Unrestricted income funds: Restricted Income Funds Designaled Funds General Funds 158,350 184,111 4,795,869 158,350 2,525,418 6,479,390 2,341.294 13 1,683,521 Total funds 2.341,294 1,683,534 5,138,330 9.163,158 Restricted funds for the current year are detailed in note 19 to the financial stalements. -58- HOSPICE OF ST. MARY OF FURNESS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24 Analysis of net assets between funds: Prior year Group Tangible Flxed asset Net current Long temi fixed assets Investments assets liabilities Total Restricted Income Funds Designated Funds General Funds 44,836 203,993 3.937,489 44,836 2,403,275 5,508,325 2.199,272 10 1.570,836 Total funds 2.199,272 1,570,846 4,186,318 7,956,436 Charity Unrestrlcted Income fund& Restricted Income Funds Designated Funds General Funds 44,836 203.995 3,920.512 44,836 2,391,849 5.491,348 2,187,841 13 1,570,836 Total funds 2,187.841 1,570,849 4,169,343 7,928,033 Restricted funds from the prior year are detailed in note 2010 the financial statements. 25 Capltal commltments As at 31 March 2024, in relations to the acquisltion of tangible fixed assets, the charity had amounts of £181,622 (2023: £nil) conlracted for but not provided in the financial statements. 26 Control and related party transactions The charity was under the control of the Board of Trustees who are also directors for Ihe purposes of company law in both the current and prior period. No employee benefits were paid to any of the Trustees during the current or period year and none of the Trustees received any expenses from the charily during the same perlods. During th& year purchases of£2.520 (2023: £nil) were made from 32West Ltd, a company owned by a Twstee of the charity. There are no further disclosable related party transaclions for the charity. 27 Company Limited by guarantee The company is limited by guarantee. In the event of the company being wound up or dissolved, each member undertakes to contribute such amount as is required, not exceeding £1, for payment of any debts or liabilities. -59-