RegiBtered nlr. 02211941 Charity number: 700272 THE PRIMROSE HOSPICE LIMITED (A COMPANY UMrrED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ? Bishop Fleming
THE PRIMROSE HOSPICE LIMftED (A COMPANY LIMITED BY GUARANTEE) CONTEKrs Pe R•fgrence and Admlnlstratlvo Datails of the Charftable Company. its Trustfjos and Advlsers Trustees. Report Trustgos. R•sponslbiliti•s Statement Independent Audltorg. R•port on the Financlal Ststemnts Statement of Financial Adrviil•s 15 Balance Sheet 16 Stalemenl of Cash Flows 17 Notes to the Financlal Statemonts 18-36
THE PRJMROSE HOSPICE UMITED IA COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRAllVE DAlL8 OF THE CHARrrABLE COIAPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees J Alderson J Balthmn L Chaprnan B Cooper M Duncan R Laigm M Leh D Locke M Mushen C Roberson M Webb P Whitehouse (appointed 4 Apnl 2022. resygned 3 October 2022) Company registered number 02211941 Charlty reglstered number 7(72 Reglster•d offlce Primrose H¢)spi Sl. Godwafds Road Bromsgrove Worcestershire B60 3BW Company s•cretary A Datton Chi8f exocutive officer D Burrell Indopendent auditors Bishop Reming LLP Chartered Accountants 14 College Yard Woreester WR1 2LB Bankers Lbyds Bank pk 112 Hyh Street Bromsgrov8 Worcestershire B618ES Solicitors Thomas Guise SolKators 5 Foregate Street Worcester WR1 1DB Page 1
THE PRlkryROSE HOSPICE LIMITED {A COMPANY LlkllTED BY GUARAl¥tEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present th annual report together with the audited financial statements of the Charitabl8 Company for the year 1 Apnl 2022 to 31 March 2023. The Annual report seNes the putposes of both a Trusl8&s' report a1 a directors, report untler company law. The Trustees confirm that the Annual report and financial statements of the tharitable company COM with the current statutory requirements. the requir&ments of th8 charitable company's governing document and the provisions of the Ststement of Recommended Practi (SORPI applicab[8 to charities preparing their accounts in accordan¢e with the Financial Repotting Standard appIable in the UK and RepUtC of Ireland (FRS1021 (effective 1 January 20191. Srnce th8 Charitable Company qualffies as -smaif under section 382 of Ihe Companies Act 2006, the Strategic report iequired of medium and large companies under the Compani8s Act 2006 {Stralegic Report and Directors, R8portl Regulations 2013 has been OfTwited. Inlroduction Based in Bromsgrove. Primrose Hospice is an established and highly respected chaiity. It has served the population of North East wOrStershIre for 36 yea In 2022123 Primrose HospKe rdised £2.19 million (£1.73 minion in 2021r221 which includes an annual grant from the NHS. Amund £1.9 million1£1.42millK)n in 20211221 of the monias raised was achi8v8d thanks lo the generous support of local ttotAe and businesses. The money raised is spent on supporting peL)ple with life liwniting illne&ses and their families during drffi(yJlt and chaM8nging times. 2022123 was a yèar where Covid did nol aayS dominat8 everything do. We ¥naintain our appropriate inlemal arrangements to protect everyone, but V have already made a remarkable Tetum to face-lfaCe support being on6 of th8 first Hospices to do so. The organisatn is thriving in all areas with multiple notsbb athievements during 2022123 induding th8 following-. Major improvements to our Famly Support buikling interior creating more de(licaled space for children's serViS and more ar8as that ean be utiSed to improve privacy. A strong focus on nurturing our staff team 7Aryth the introduGtign of an Employee Assistance Program and a staff group Set up to fruS on r8tention, wellbeing and wmaborative working. Renewing our British AsscKration of Counselling and Psychotherapy IBACP) accreditation. We are one of a very few HospKes hok1ing thts accreditation. Fundraising Team improwng our reguiar events and IMpMentsng novel evenls lo our calendar, improving our reputation and our support from Ihe community. Introducing a muth improved and professional appeara[e to everything we do. Retail Team breaking records 8nd enstjring that au shops together and help èach other lo maximise our profrt. More volunteers recruited and use(1 in different ways. Corporat8 volunteering days being used in our shops and at the HoSpe. Our support for Ukrainian refijgees. offering oppotiunrtbes to gain work expenence in our retail faGilrties. New initialives in Care including "neuro day and footcare tcyJether with the hugely benefic¢al and uplifting Iherapeulic Singin sessons. Page 2
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUAIIANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Improved markeling and communications wrth some memorable intemews on kjeal radlo, some superb newspaper artleS and the advan$ made wtlh social me¢Jia ffecognise(I with an Bward. We continue to invest n Servi where financially prudent to do $0. In 2023 we agreed investment in renewed Primrose HOspe at Home service and employed 2 part4Dne Health Care Assistants. We look forw8rd to this servKe estsblishing itselt and devekiping for the benefrt of our community. There ore so many things that everyone as1 with this Wonderf charity can b8 proud of. Objectives and activities Polici¢¥ and obiectrrfes Primrose Hospice aims to work to support adults with life4imibng iltnesses arbd their faTnilies to offer a high quality, gfficient anil responsive ser approprtate to the needs of an individual whatever the stage of their illness. The objectives ol Primrose Hospice are: To provide specialised palliative care for patients with progressive. adVand cancer and other dis8ases from which they syill not recover. across the recognised domains of physi1, psychological, Social and spiritual care, thereby assisting patients to hleye qualty in their daily Iwing. To ad as a point of liaison in issues of communulion. ensuring patients and their families are invoh8d in decisions conmIng their L7re and treatTnewrt, alknmng them lo make infom)ed choices. To prowde information to patients and famitses, ensuring they have full knowledge of all the support services. financial beneffits and aids they may require to achiève CDmfortable living. To provide emotional support to indwwjual mambers of a patienys famity ladurt or Child ben the 8ges of 6 and 18} by the provision of trained vobjnteer supportworkers or counselling. To prowde the opportunity for the patient and frdmily to discus5 their chosen place of care and evenal place of death, whother at home, in howtal or a nursing home. To provide supportive care for rAnc8r patients. and patients wth other life lirnthng illnesses. at any stag8 of their disease by the provIsK of counselling, inforrnation and complementary therapies. In providing the above services, we are benefrting the dlu3ls vtho aval themselves of these services, together wth their carers and families. It shoukd also be noted that Primrose Hospice makes no charge for any of its serwces. The InJstees confimi thal they have referred to the guidance contained in the Charity Commission's gen8Tal guidance on public benefit when reviewing Ihe chartys aiffts and objectives and in planning futuie activities. In setting objectives and annIng for activTtEs. the Trustees have given due consideration to general guidance published by the Charity CoMmisOn reLating to public benefrt including the guidance 'Public benefit.. running a charity {P821'. b. Strategies for achieving objectives Whilst the Charity developed a dear 5 year strategy in 2018. this has been revisited in 2022. Activlt18s undertaken to achieve obie¢tlves We are proud lo be able to support patients with lrfe4imibng illnesses and their families. providing them with the care and support they need. PaJè 3
THE PRIMROSE HOSPICE LIMftED {A COMPANY LIMrrED BY GUARAP¥tEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 We offer a whje range of services lo our patrents. famils. fri8nds and carers. These include Day HospTh, clini11 Nurse Specialist seNices. Physiotherapy. OccupatK)nal Thetapy. Wellbeing s8rvic8s. Counsglling, Complementary Th8rapi&s and Famity Support serrfices for both adults and young people. Thère are 2 main parts to our serv8 and both tearns work dos8ly to d8fNer support to indNiduals and families., Clinical and Wellboing Toam Our Clinical and Well)8ing team provide a range of specitht support seNices for patients diagnosed wlh a life limiting illness. Our nurses and dinical SLtpport asgstants work together th our therapists by tolknng to patients about their individual neods and developing person ltr8d car8 plans. Our Clinical and Care services aim to: help manage sympt¢>ms support with pain manag&m8nt provide wellbeing and emotional support help patients live as fijlly as possib ak)ngsid8 their o)nditions signposl and refer to other appropriate services both inlemally and extema]ly Physiotherapy and Occupational Therapy Our PhysiotheTaEHsI uses speaalist assessment and therapeutic approaches to support patients lo live as well, and as fulty for as long as Fossible. Our Occupational Therdpy service enables a pabenl to gain the most independence and achieve the best possible qualrty of life they can, offering guidance on lifeswe managernent. In particular tsur therapist is able to provide advice about managing at home. indUdg thoosing and sourcing eqUIpnrt from simple aids for daiiy living to more compkx pieces of eqUIpnI. enabling to stay in their home environment. Wellbeing Primrose Hospiee's Wellbeing servi is designed to support those people with a life-limng illness and their families and carers to help them manage and maintain their qualify of for as long as possible. The service is focused on meeting an indmdual's Sp needs and is therefore tailored to their personal objective5 and identified goals. Family Support Team Our Family Support setvice offers an empathetic ear to support people on their ioumey through different stages of either their own. or their loved one's Itf&limitirvJ ikness and is available when eounselling is not appropriate. Families are supported Lx)Ih prior to and after a bereavement and our specialist txjunselknrs and volunteers help individuals and famils come to teims with l)sing someone they love. servi users can join one Of our many support groups such 8$ 'Cook n Share, which provides the opwrtunity to meet wrth others who have dso experieneed loss. Our one to one BrÉtish Associatron for Counselling and Psychotherapy {BAGP) accredited Counselling Service. together with our Family Support volunteer serviw, are available lo pattents and families who are experieneing a lrfe-limiling illness or who are bereaved. It provides an opportunrty for patients and families to discuss and explore confusing thoughts and feelings en they are having difficuliy coping. The Children's team prowda support to young people both pre and post bereavement {including followng sudden deaths). The team will make an 8ssessment and offer one to one support. group supFK)rt or both wh8r8 our younger clients can express their emotions through adi¥e$ such 8$ uaft and play.
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARAfrItEEI TRUSTEES, REPORT (CONTINVED FOR THE YEAR ENDED 31 MARCH 2023 Beneffts Advisors at the Hospice provide support and guidance lo those who havé been affected by a life- limiting ilkness and need help managing iheir financ8s. This can indude.. General advice Benefits checks and appCationS Employment issues Ils and probat8 Tax issues Debt and housing problems Complementary Therapy The Complementary Therapists are fuly qUJIf arKI experien¢&J practitiollets. who volunteer their servK8S for free al the Hospice. compkwntary therapies proNided at Primrose inthde.. Acupuncture Aromatherapy Homeopathy Indian head massage Sound therapies Massag8 Rei Relaxation and rellexLJgy AchlevomoTrts and performance Key perforniance indicators Primrose Hospice's priority has continued to be to provide care for those with lrfe limthng illness and supptsrt for their families. Primrose Hospice'5 challenge continues to be to rai58 the lunds to sustain our current services and respond to the incTeasè in demand. b. Reviaw of aclivities Primrose Hospi provides support io p81iènts lrfe4imiting illnesses and families, prowding them with the care and support they require during diffioJ]t tirr£ c. Inv8strnent policy and perfomiance Thera are no restrictions on the powers of Ihe Trustees to invest the funds of Primrose Hospice. The current policy of the TTUStees is to have regard to income requirements and any risks which have bÈ&n identif18d and to retain any such funds as are required in short temi bank deposit accounts. Primrose Hospi seeks to produce the best financial retum wthin an apble levèl of risk. The nvestment objective for the short-temi cash reseTves is to pSeThe the capilal value with a minimum level of risk. Assets should be readily available, wrthin 35 days, to m&et unanticapated cash lkny requirements. Thè Trustees have remewed the reserves of the charity, including the natu of the income and expenditure streams. the ne8d to match vark4ble income and fixed (x)mmitsnents and tho nature ofthe reserves. An investment policy was reviewed and updated at the Finance and Ineome Generation Committ8è and Board in July 2023 and is due for further review in July 2026. Funds lotalling £431.299 have been designat8d for future essential projects including maintenance. security, replacement of equipment and sustainability- These are unrestriced funds and approval of Trustees was given at the Finance Income and General Matters Committee in Juty 2023. Page 5
THE PRIMROSE HOSPICE LIMftED IA COMPANY LlPJltrED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 P•1ARCH 2023 A breakdown of funds designated by pro1t is shown in the tablg below. This indudes hlgh cost Maintenan projects but also significant lunding to supw)rt the organisatn to move towards more sustainable eneryy supplies and offset our carbon footprinL We 8 committed to achieving nel zero on emissions by 2050 and Éntend to take major steps tovrdtds th target by 2030. Projert Total Estimated l Quoted PV Panels Coppice PV Panels Main Hospice EV Vehicles x 2 Elertric Van Biomass / boiler up Roofing Security Garden Improvements IT hardware Building repairs / developments Dragons Den (Children's Facilityl £33,fAK) Quoted Quoted Quoted Quoted Estimated £EQ.990 £EIJ.839 .Tr)o rade Estimated Estimated Estimated Estimated Estimated Quoted £io,c £,[ £40,C £16.270 TOTAL £43L299 Financial review a. Goin9 concern After maknng appropriate enquiries. the Trustees have a reasonable expectation that the Charitabl8 Comp8ny has adequate sOUrC@S to continue in operdb'onal exenCe for the foreseeable future. Thi5 has been rewewed and the Trustees are confident there a sufficient reserves to ensure the Hospi remains a going concern beyond March 2024. For this reason, they continue to adopt the going concem basis In preparing the financial statements. Further detsils regarding the adoption of the going concem basis can be found in the accounting pokies (Note 2.21. Rer¥ policy The Twstees activèty rwew the major risks whKh the Charity and beliove that mairtsining reserves at a level to cover 6 months operating $ts. txjmbined with an annual review of the controls over key financial systems, will provide $Lrfrient resources in the ev1 of adverse ¢ondibong. The organisation aspires to have 6 months. r@seTves At any time {ciJrrentty 12.77 months). The Trustees have 81$0 examined other operational and busirbess risks faced by th8 Charity. have prodUd a Risk Register and confimi that they have established systems lo mwtigaie the Signifnt risks. Whilst reserves are greater than the Charity aspires lo in 'nomial' tiwnes. As there are risks around future incom& levels and an expected deficit budget during 2023r24. Trustees have accepted maintaining additional reserves as a prudent buffer in a time of great uncertainty around firture income for the Charity. c. Financial rnview The Statement of FinancAal Athities {SOFAI shows designated. unrestrided and restrided reserves at £431.299. £2.103,826 and £1.414,471. respectwdy. In 2021122 unr8Stri¢ted reserves were £2,140,162, restrided reserves were £1.438.735 and there were no deSnated reserves. Page 6
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMrrED BY GUARATrifEE) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Total incoming resources amounted to £2.188,541 12022: £1,729,730). £283.713 of this was from statutory sources (£305271 in 2022). For the other 87.04% 182.35% in 2022), Primrose Hosp8 remains heavily dependent on the generosity of our knal Gommunity to support our retail shops. joint lottery and fundraising aGtiwlies. Ther8 was a surplus of £370.699 in 2023 (in 2022 the figure was £59.2851. d. Principal funding National Health Ser¥ke Grants Giant inwne from Ihe NHS was £273.981, which aqua18S to 12.52 ¥r* of the Hospice's total funding. Primros8 Hospice enre$ that the limited re[Ce5 are used responsib to provide the best care and support to our community. Worcesteyshire Hosplces Lottery Worcestershire Hospices Lottery, a joint Venture with Acoms Chikjren's Hospice and Sl. Richard's Hospic8, generated income of £70.44012022: £105.9351 for the Hospi. Donati011s (Chantable Twsls, Fundraising & other donations) Donations in 2023 were £511279 compared to £447.966 in 2022. i.e. 23.3611A uf inGom8. Legacies and In M8moriam Legacies and Ill Memoriam were £648.928 compared to £336.843 in 2022,. 29.65% of irthme Trading Activities The income generated by Primrose's 6 retail shops Yras £653.605 tx)mpared to £533,399 in 2021122. Structure. govgrnance and management a. Constitution Th8 Prtmrose HosPe is registe as a chaTitable company limited by guarante8 and was set up by a Trust deed. The Primrose HO$Ce is constituted under a Trust deed and 18 a registered charty number 700272. The Primrose Hospice is 8 charitabl8 company limf(ed by 9uaranlee. incorporated on 20th January 1988, and registered as a charity on th8 same date. The Primrose Hospice was established under a Memorandum of Association, which established the object8 and powers of the charitable company and is govomed under its Articles of Association. In the everbl of the company being wound up, memb$ are wuired to contribule an amount of £1 par member. b. Methods of appointsnent or eloction of Trustees The directors of the company are also charity ttustees for the purposes of charity Lgw an(l. vndor the company's Articles. are known as mewnbers of Ihe Board of Trustees. The Trustees when complete consist of at least seven and not nK)ie than twenty individuaL4 over the age of 18, all of whom must support the Objects. c. Oryanisational Structure and declslon maklng pollcles The Board ofTiustees 8dministers the ChaHty- The &)ard meets at least 4 a year and is responsible for the s1[8teg direction and poliw of the Charity. Page 7
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMED BY GUARANTEEI TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Th& Chief Ex8culive Officer is appointed by the Trustoes to manage the day to day opgrations of th8 Charity and attends the Board Meetings, akJngsit1e Membe of the Senior Leadetship Team. To facilitat8 gffective operations. the Chief Executwe Officer has delegat8d authority for operational matters. d. PoliGig¥ adoptgd for tho Indu¢ti¢)n and training of Tyustees The Trustees have a formal induction prcKess whth covers am Primr05e Hospice policies and prOdureS and covers the Trustee Code of Conduct. the Trustee dedar3tion. Confidentiality agreement. Nolan 7 Principles. The Charity Commission's publi(ation The Essential Trustse. The Hospice UK 20 minute guide and Mandatory Training as undertaken by al volunteers. . Pay policy lor key managem•nt personnel Salaries are reviewed to ensure resour$ are used as effiLienty as possible. This. along vthh benchmarking against similar locAI charities and assessing the complety of the role. will provth a robust remuneralion process. f. Financial risk management The Trust88s have assesséd the major risks to which the Charitable Company is exposed, in partiCUr Ihose rdated lo the operations and finances of the Charitable Company and are satisfied that systems and procedures are in pla to rnitigate exposure to the major risk& Plans forfuture p8riods Th8 Truslees and Senior Managewnent Team pbn to continue lo delrver see¥ for Ihe Charity's clients, ilst managing other economic uncertainties on the Charity. We wiu continue to enhance our seNices and IneaSe utilisation where possib. The B02rd are mindful that we are in a Feriod of great uncertainty with escalating costs, Uncerta income. rapidly rising inflation and the county in reces5K)n. The Board will take a cautsous approach lo any addtiional recurrent expgnditure al present until th8 situation, parti(yJlarty around income is clearer. Reserves are at higher than nomial levels al present whith will provide a buffer against any pending cost pressuros. PwJe 8
THE PRIMROSE HOSPICE LIMITED {A COMPANY LIMITED BY GUARATrifEE} TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Disclosure of infomiation to auditor5 Each ofthe persuns Y•ho are Trustees atthe time v•hen thi5 Trustees, rèport is approved has confirmed that.. so far as that Trustee is aware. there is no relevant audit forMation of whieh the charty's auditors are unaware. and that Twst8e has taken all the steps that ought to have be8n taken as a Trustee in order to be awar8 of any relevant audit infom)alion and lo establtsh that the ehaity's auditors are aware of that infomiation. Auditors The auditors, Bi8hop Flemiry LLP. have indted their llingnesS to continue in Offe. The designated Tru8t8es will propose 8 motmin reappointing Ihe auditors at a rnting of the Trust8es. Approved by or(ler of the mem R Laight Trustee Dale.. Page 9
THE PRIMROSE HOSPICE LIMrrED IA COWANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES. RESPONSIBILtnES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees (who arn also the directots of Ihe Charitable Company for the purpose5 of cgrnpany lawl are responsible for prepanng the Trustees, Report and Ihe finanal statements in accordance with applicgble and United Kingdom Accounting Standards (United lfj'ngdom Generélly Apted Accounting Practice). Company law requires tre Trustees to prepare financia statements for each financial . Under company law, the Trustees must not approve the finanaal statements unless they are satisfiod that give a true and fair view of the stale of affaiTS of the Char[tate Company and of its incoming resources and app&¢alion of resources, incauding its inc¢)me arKI expendiiLtre. for that riod. In preparing these financial stat8m8nls, the Trustees are required to". select Sultsb aceounb.ng pdiaes and then aptAy them eL>nsistendy'. gbsetve the methods and pnnciples of the Charities SORP {FRS 1021: make judgements and accounting estimates that are reasonab and pruden( state whether applicable UK Accounts"ng Standards IFRS 102) have beerb followed, subject to any material departures discbsed and explained in the financial statemènts". prepare the financial statements on the going conceTn basis unless it is inapproprrate to presume that the Charitable Company will contrnue in business. The Trustees are resKK)nsible for keeixng adequate coUnting records Ihat are sufficient to show and explain the CharilaNe Companys transactions and disckjse with reasonable aeLuracy at any b.me the f nancial posib'on of the ChaTitable Company and enae them to ensu that the finan(ial statements compty with the Companies Act 2006. They are also responsible for safeguarding the assets of tre Charitsble Company and hen for taking reasonable steps for the prevention and detIOn of fraud and other irregularities. Approved by order of the membe f the rd of Trustees and on rts behalf by. R Lalght Trustee Date.. Pag&10
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) INDEpENDEr AUDITORS. REPORT TO THE MEMBERS OF THE PRIMROSE HOSPICE LIMrrED OPINION We have audrted the financial statements of The Primrose Hospice Limited (the 'charitsble company'l for the year ended 31 March 2023 which comprise the Statement of Financial Actwities, the Balall Sheet. the Statement of Cash Flows and the rdated n(rtes, induding a summary of significant account1r PDlicies. The financAal reporting framework that has been apFle4 in their preparation is applicable law and United lQngdom Accounb"ng Standards, including Financial RepcKting Stsndar(1102 The Finan(aal Reporting Standard applicablè in the UK and ReputAic of Ireland. {United Kingdom General Apted Accounting Praclicel. n our opinion the finanual statnts. give a true and lair Mew of the slate of the tharitable company's affair8 as at 31 March 2023 and of rts inwming resources and appticalion of resources. induding its iTKome and expendrture for the year then end,. have been properfy pr8pared in accordance wilh United ngdorn Generdlly Accepted Accounting Practice- and have been prepareil in accordance wrfh the requirements of the Charities Act2011. BASIS FOR OPINION We conducted our audrf( in aCrdan Intemalional Standards on Audrbng IUKI {ISAs (UK)) and applicable law. Our responsibilities under Ihose standards are fvrther described in the Audrtors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audrt of the financtal statements in the United Kingdom, induding the Financia Reporting Councifs Ethi1 Standard. and we have fijffilled our other ethical responsibilities in accordance with these requirements. Wa b&beve that the audit 6vid8nc8 wa have obtained is suff#ierrt and appropriate lo provide a basis for our opinN)n. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have conduded that the Trustees. use of the going concem basis of accounting in the prepaTalion of the finncaal statements is appropriate. Based on the work we have performed, we have not idenb"r any materiel uncertainties relating to events or conditions that, indmdually or collectivdy. may cast significant doubl on the charitable companls ability to continue as a going concern for a period of at least tr1Ve monlhs from when the financaal $talennts are authorised for issue. Our responsibilities and the rgsponsilm1es of the Trustees Y1h respe( to going conrn are described in the relevant se¢trons of this report. OTHER INFORTIoN The other information comprises the inf0mtion induded in the Annual Report other than the financial stèmenls and our Auditors, Report thereon. The Ttuslees are responsible for the other information contained within the Amnual Report. Our ownion on the financial ststements does not txbvw the other information and, expt to extent otherwise eXicitIY stated in our report: we do not express any fom of assuran conclusion thereon. Our responsibilty is to read the other informab.on and. in doing so, consider whether the other inf0Mtion is materially inConStent with the finanoal statements or our knowledge obtained in the course of the aud( or otherwise appears to be malerialty misstated. If we identfy such material inconsistencies or apparent mater1 misstatements, we are required lo detem)ine wh8ther this gives risè to a material misstat8ment in the financial statements themselves. If, based on Ihe woth we have perfom)ad, we condude that there is a material Misslaterrn1 of this other informab"on. we are requirJ to report that facL We have nothing to report in this regard. Pag811
THE PRIMROSE HOSPICE LWfftD {A COMPANY LIMrrED BY GUARApifEE) INDEPENDENT AUDtroRS' REPORT TO THE MEMBERS OF THE PRIMROSE HOSPICE LIMITED (CONTINUED) MAThERS ON WHICH VVE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing lo report in respeLt of the following matters wthere Charities (Accounts anij Reports} Regulations 2008 qUI5 us to report to you rf. in our OniOn. the information given in the Tru5tees' Rep(Nt 15 nnSIStent in any mateiial respect with the financi81 stsl@ments', or suffiGionl accounting "rS have not b8en kepL or the financial statents are not in agreementwith the accounting records and rehjms., or we have not received all the infomMb"on and expknab.ons we require for our audit. RESPONSI8IUTIES OF TRUSTEES As explained rnore fulty in the Trusteès. R&yinsibilibes Statement, the Trustees Iwho are also the direthjrs ¢)f the charitable company for the purposes of company lawl are responsible for Ihe prep2ralion of the financial ststements and for being satisfied that they gwe a true and fair view, and for such intemal control as the Trustees delemiine is necessary to enable the preparalion of financial statements that a free from materi81 mi55talemen( whether du8 lo fraL or eiror. In preparing Ihg financial ststents. the Trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable. mattèrs rèlated lo going COnM and using the going oncem basis ol accounknng unless the Trustees wther intend to liquidate the charitable company or lo cease operations, or have no realistic allemative lo do so. Page12
THE PRIMROSE HOSPICE LhUITED {A COMPANY LIMITED BY GUARATrrrEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE PRIMROSE HOSPICE LIMITED ICONTINUED> AuDORs. RESPONSIBLITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have baen appointed as auditor under seth.on 145 of the Charities Ad 2011 and report in accordance with the Act and relevant regukhons made or having effeci thereunder. Our objectThies are to obtain reasonable assurance aboui whether the financial stslemenls as a whole are free frorn material misstatement whether due to fraud or error, and to issuè an Auditors, Report that indudès our opinion. Reasonable assurance is a high level of assUnee. but is not a guarantee that an audit conducted in accordance wth ISAS {UJfj will 3yS detect a material misststement when it eSts. Misslatemen15 can arise from fraud or error an(J are considered rnateri if, indNhlualty or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these financi81 slalements. Irregularities, including fraud, are Instan of nOn-coMF4tan with laws and regulations. We deSn procedures in line our responsibillcies. ouuined above, to delect material misstatfymenls in respect of irregularities, Including fraud. The extent io whth our ProdureS are capable of detecting irregularitiès, induding fraud is detailed below.. We have consKJ8r8d the nature of Ihe se(aor. control environment and financial performance," We have considered the reSUS of enquiries with managernenl and trustees in relation to their own idenbficalion and assessment of the risk of irregulariknes within the entity. We have reviewed the documentstion of key piocsses and controls and perfomied walkthroughs of transactions to confimi that the systerr6 are operab.ng in line with documentation, and W8 have considered the matters disujssed among the audrt engag8menl team regarding how and where fraud mighl occur in the finanal slateffnts and potential indicators of fraud. As a result of Ihese procedures, we have consider&1 the opw)rtunths and innteS that may e$t wthin the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition. with a parb"cular risk in relatton to yearnd cut off. In common wlh atl audits under ISAS (UK} we a also required to perfomi Specif procedures to respond to the risk of rnènagement override. We have also obtained understanding of the W arKI regulatory fi3mewots that Ihe Charity operates In. focusing on provisions of those laws and regulations that had a direct effeet on the detemiination of material amounts and disdosures in the finanual statements. The key laws and regulations we considered in this context included the Charites Act 2011, Charity SORP 2019. FRS 102 and the temis and condition5 attaching lo material granls reNed by the Charity. In additKJns. we considewd the pr¢)visions of other laws and regulations that do not have a ditect effect on tho financial statements bul compliance with which may be fiJrHlamental lo the Charitys ability to operdle or avoid a material penalty. These included data protection regulations, heatth and Safety regulations and employment IlSIation. Our procedures to respond to the risks identified included the fdlowing" Revieving the financFal statement dis¢k)sures and testing to SUPFL)rting documentalion lo assess compllance with prowsions of relevant laws and regulalions describ&J as having a direct effect on the financial strdtements", Performing analyt1c procedures to itlentsfy unusual or unexpected relab"onships that may indicate risks of material misststemenl due lo fraud- Review of board minutes.. Er)quiring of management in relation lo actual and potenth"81 daims and litigations., Performing detailed transactional testing in relation lo the reecrtjnition of revenue, specifically grants, with a particular focus around yeai*nd cut otr, In addressing the risk of fraud through management override of contro, testing th8 appropriateness of joumal entries and other adjustments. Page13
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMrrED BY GUARANTEE} INDEPENDEpif AUDrroRS' REPORT TO THE MEMBERS OF THE PRIMROSE HOSPICE UMITED {CONTINUED) We also communicated identified Laws and regulth'ons and w)tential ft3ud risks to all engagement team members and remained aiert to any indi¢alions of fraud or non-com[Akan with laws and regulalKbns throughout the audit. As a result of the inherent limilatsons of an audit there is a risk that not an irregularities. including a material misslalemenl in the financial statements or nonthcompliance wth laws and regulations. will not be detected by us. The risk in¢aSe5 the further remtsved comp1kAn with a law or regulats.on is from the events and transactions reflected in the financial stalemenls. given we wl be less likely to be aware of rt, or should the inpgularity occur a5 a result of fraud rather than a one off error. as this may Mwolve intenti(mal nCealMent. forgery, collusion, omission or misrepresentsts'on. A fijrther description of our responsibilities for the audit of the finanaal sialèmenls is b¢aled on the Financial Reporting C¢)unGil's websiie at www.frc.o kjauditorsre siblrties. This description fomis part of our Auditors, ReptsrL USE OF OUR REpoKr This report is made Sole to the charitable ¢ompanVs members, as a body, in accordan wlth Part 4 of the Charities (Accounts and Reports) Regulabons 2008. Our audit work has been undertaken so that we might stale to the charitable Companys members those matter5 we are required to state to them in an Auditors. Report and for no other purpose. To the fullest extent pem.tted by law, we do not accept or assume responsibility lo anyone other than the charitaNe Company and its members, as a lJ)dy, for our audit work. for this repDr( or for the opinions we have forrned. Andrew Wood FCCA (Senior statutory auditor) Bishop Fleming LLP Chartered Accountants Slalulory Auditors 14 College Yard Worcester WR1 2LB Date.. 23rd October 2023 Bishop Fleminy LLP are eligible to acl as auditors in terms of section 1212 of the Companies Act 2006. Page 14
THE PRIMROSE HOSPICE LIMrrED {A COMPANY LIMED BY GUARANTEEI STATEMENT OF FINANCIAL AcnvmES (INCORPORATING INCOVE AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2023 Unrnstricted Rostrictod funds funds 2023 2023 Total funds 2023 Total funds 2022 Not¢ Income from: Donab'ons and legai?es Charitable activities 1.038,855 280,303 736,151 8N70 124.762 1.163,817 280.303 736,IS1 8,470 815,970 274,110 639,334 316 Other trading aclivrtie5 Invesbnents Totsl income 2.063.719 124.762 2,188,541 1,729.730 Expen(fituro on: Raising funds Charitable activib'es 685.956 982.860 685.956 1,131,886 625.711 1,044,734 149,026 Totsl expendituro 1.888,816 149.026 1,817,842 1,670,445 Net movèm•nl In lunds 394,963 {24.2641 370,699 59,285 RKonclllation of funds: Total thnds brought forward Net movement in funds 1140,162 394.963 1,438,n5 {24,2641 3,578,897 370,699 3,519,612 59,285 Total funds urried forward IS35.125 IN14,471 3,949,596 3,578,897 The Stslement of Financial ActNil*s indudes all gains and k>sses recognised in the year. The notes on pages 18 to 36 form part of these finanual statements. Page 15
THE PRIMROSE HOSPICE LIMrrED {A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:02211941 BALANCE SHEEr AS AT 31 MARCH 2023 2023 2022 Fixed a&sets Tangible assets Investments 13 1.877.919 100 1.945.483 100 14 1,878,019 1,945,583 Current assets Debtors 15 492,365 1.830.992 222,342 1,615,904 Cash at bank and in hand 2A23,357 1.838.246 Creditors.. amounts falling due within one year 16 251.780} 1204,9321 Not current assets 2,071,577 1.633,314 Total not as$gts 3.949.596 3,578,897 Charlty funds Restricted funds Unreslrict8d fijnds 17 1fv14N71 235.125 1,438.7 2, 140.162 17 Total funds 3W,596 3,578,897 The Trustaes acknowledge their reSPsibilItieS for with the requir8m8nts of the Act with respect to accounting records and pr8parab.on of financial statements. The financial statements have been prepared in accordan vAlh the provisions applicable to entities subject to the small companies regime. The financial stateMts were approved and a for issue by the Trustees and signed on their behalf by.. R Laight Trustee J Baldwln Trustee JCQaJ-_ The notes on pages 18 10 36 form part of these finanaal stslements. Page 16
THE PRIMROSE HOSPICE LIMITED {A COWIANY LIMrrED BY GUARApifEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flows from oporallng adlvltles Net cash used in operating activities 20 206,618 60,561 Cash flows from Investlng activitses Dividends, interests and rents trom investmènts Purchase of tangible fixed assets 8A70 316 {24,591} Net Gash provkled byl{u$ed Inl Investing adivltl•s 8A70 124,275) Change In Gash and cash equivalènts in th• y•ar Cash and cash equNalents at the beginnin9 of the year 215,088 36.286 1,61504 1,579,618 Cash and ush oqulvalents at tho grnl of the year 21 1.830,992 1,615,904 The notes on pages 18 to 36 form part ofthese finanaal statements Page 17
THE PRIMROSE HOSPICE UhlTED (A COMPANY LIMITED BY GUARAp¥fEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 GENERAL INFORhlATION The Primrose Hos is a charitab Company limited by guarantee, irKorpor2ted in the UK and regtslered in England and Wales. The registerwj offKe 15 Primrose Hospi. SL Godwalds Road, Bromsgrove, Worcestershire. 860 38W. The principal acbvtty of the Charilable Company r& as discb)sed in the Trustees, report, starting on page 2. The accounts are presented in GBP and are 1nded to the nearesi GBP. AccouKfNG POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEhENTS The financial statements have been prepared in accordance wth the Charities SORP IFRS 1021- Accounting and Reporting by CharTI5.. Statement of Recommended Practice applicable lo charities pparing their accounts in accordance vnth Ihe Finawal Rewrbng Stsndard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 janu 201YI, the Financial Reporbng Standard applible in the UK and RepuNi of Ireland IFRS 1021 and the Companies Act 2006. The Primrose Hospice Limrfed meets the definition of a pubSc benefit entity Urer FRS 102. Assets and liabilities are initialty recognised al historica cost or transaction value unless othelwise stsled in the relevant accounting policy. 2.2 GOING CONCERN The Ttuslees have reviewed finawal proJectK)n ftjrecasts for a period of at least 18 months following the date of approval ot the finanoal statements. Reserves and bank balan are both strong. The Charitable Company has a net asset value as at 31 March 2023 of £3,949,59712022'. £3,578,897) wrth 10.9% of the resefves trrJ held as designated frjnds and 53.3% of the reserves being held as general unrestrKled funds. The freehokl property has a net book value lotalling £1,860,671 {2022.' £1,915,867) and the cash at bank is £1:830.993 {2022: £1,615,gJ41. After rnaking approprHte enquiries, the Trustees have a iea50nable expectation that the charity has adequale resources to (nnue in optrratonal existence for the foreseeable fvture and for this ason. the finanaal statements have been prepared on a going concem basis. Page 18
THE PRIMROSE HOSPICE LIVaTED A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Icontinu8d) 2.3 INCOME All income is reCcnIsed once the Charitat4e Company has enbtlement to the income, Tt is probable that the income TrMII be received and the arTh)unt of r1vable can be masur&J reliabty. The recognrtion of income from legacies is dependent on estsblishing entitlemen( the probabilty of receipt and the ability to estimate with suffic*nl accuracy the amount receivable. Evidence of entitlement lo a legacy ests when the Charitable CowTW?ny has sufficient evidence that a gift has been left to them {Ihrough knowledge of the exten of a vafid will and the death of the benefactor) ad the executor is satisfied that the propety in question wll not be required to satisfy claims in the estate. ReIpt of a legacy musl be regnised when il is probable that il will b8 raceived and the fair valu8 of the amount reiable, which will generalty LE the ewacted amount lo be distributed ID the Charitable Company. can be reliabty measured. Grants are included in the Ststemenl of Finan(aal Acb"wb'es on a rèceivabl8 basis. The balance of income recetved for speUr purposes but not expended duiing the perityj is shown in the relevant fvnds on the Balall Sheet Where inrne is received in advan of ents"tEem&nt of receip( ils recognikn'on is deferred and indudwl in credrtors as dèferred income. Where entiuement occurs before income is received, the IncMe is acuued. Income tax recoverab in rektion to investhient incoThp 15 recognIs at the time the investment income is receivable. 2A EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transf8r economic benefit to a third party. it is probable that a transfer of economK benefits wll bp required in setdoment and Ihe amount of the oblKJation can be wsured reliably. Expenditure is classified by activity. The costs of each athity are made up of the tolat of direct costs and shared costs, induding support Costs invofved in undertaking each acl]"vty. Direct costs attn"butable to a single activity are allated directly to that activity. Shared costs which contn.bute to more than one activity and sUPPOrt costs which are not attn"bLrtable to a single athity are apporb'oned btheen those activib.es on a bas consistent with the use of resour. CtraI staff costs are abcaled on the basis of time spen( and depreciakn.on charges allocated on the porb.on of the asseys use. Expenditure on raising funds indudes al expendilure incurred by the Charitable Company to raise fvnds for ils charitable purposes and indeS costs of aN fuThlraising actNities events and non- charitable trading. Expenditure on charitable aclNilies rs incurred on direcuy undertaking the adiviltes which fijrther the Charitsble Company's objectives, as well as any associated suptK>rt costs. All expend'rture is irKlusive of irrecoverabk VAT. 2 GOVERNMENT GRs Government grants relating to tangitrAe fixed assets are treated as deferred income and released lo the Statement of Financial Actimties over the expectefj useful lives of the assets conc@med. Other grants are credited to the Statement of Financial ACtIlieS as the tElaled expenditufft is incurred. 2.6 INTEREST RECEIVABLE Intere51 on fijnds held on deposf( is induded wh8n r8ceivable and the amount can be measuied r8liatrAy by the Chantable Company", this is nomially utM)n notifition of the interest paid or payable by the institution with whom the fvnds are deposited. Page 19
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARAtirEE) NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES (eontinued) 2.7 TAXATION The Charilable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the defintbon of a charilable (xTrmpany for UK corporation tax purposes. Accordingty, the Charrlable Company is potenthilly exempl from taxats"Dn in respect of income OT capital gains r1Ved within categories covered by Chapter 3 Part 11 of the Corporation Tax Ad 2010 or secb.on 256 of the Taxation of Chargeable Gains 1992. to the extenl that such income or gains are applied exdusivety to charilable purSe& 2J TANGIBLE FIXED ASSETS AND DEPRECIAIION Tangible fixed assets costing £5.(KJO or rnore are COtaIlS94 and recognised when future economic benefits are probable and the st or Vah of Ihe asset can be measured reliab. Tangible fixed assets are inltially r8cognised at cost. After recognition, under the $1 nder. tangible fixed 05sels are measured at cost ac(JJmulaled depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurennt of cost Depreciation is charged so as to all the cost of tangib]8 fixed assets less their residual value over their estimated useful lives. DeprecAalion is provKled on the follthving bases" Freehd property Motor vehides Fixtures and ffttings Office eqUip[rn1 2-10Yr straight line - 25QA reducing balan 25Qh straight line 25% straKJhl line 2.9 INVESTMENTS Fixed ossel investnnts a a fomi of finanaal InStrunt aThl a initialty recognised at their transaction cost and subsequentty measured al fair value at the Batan( Sheet dale, unless the value cannot be measured reliably in which case f£ is measured at cost less impairment. Investment gains and losses. whether realised or Unaled, a combined and presented as 'GainsllLosses} on inveslmenls. in the Statèment of Finanal Acti"tS. Investments in joint ventures are stsled al the amount of the Charitable Companls share of net assets. The Statement of Finan(ial Activth"es indudes lh8 Charitable Company's share of the joint venlur8s' nel income or expenditure using the equity ac(x)unting basis. As the joint venture is charity. the investsnent is presented wthin reslrided fvnds. 2.10 STOCKS Stocks are VUed al the loweT of o)st and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost inciudes all direct Costs and an appropriate proportion offixèd 8nLI varTable overheads. 2.110EBTORS Trade and other debtors are recogn1 at the sotllerrEnt amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any tr*le discounts due. Page 20
THE PRIMROSE HOSPICE LIMITED IA COMPANY LlkqlTED BY GUARANTEE) NOTES TO THE FINANCIAL STATEhENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Icontlnuedl 2.12 CASH AT BANK AND IN HAND Cash at bank and in hand indudes cash and Sh1-teM1 highty liquid investments with a short maturity of three monlhs or less from ts date of acquisition or opening of the deposit or similar account. 2.13 LIABILMES AND PROVISIONS Liabilities are recognised when Ihere is an oblwation al the Balan Sheet date as a result of a past event, it is probable that a transfer of econom benefft vrill be required in selUerrEnt, and the amount of the settlement can be esbmated reliabty. Liabililtes recognisl at the amourbt that the Charitable Company anticipates it wll pay lo settle Ihe debt or the amount rt has reVed as advanogd payments for the goods or servi$ rt must provide. Provisions are measured al Ihe best eslimate of the arwKwnts required to setde the oblation. Where the effect of the time value of rrKJDey is material. Ihe provision is based on the present value of those amounts, discounted at the pre-tsx éiscount rate that refleds the risks 5peafK to the liability. The unwinding of the discount ts recognised in the Statement of Financizj Acb'vities as a financ cosL 2.14 FINANCIAL INSTRUfyIENTS The Charitsble Company onfy has finanaal assets and finawal liabilits.es of a klnd that qualify as ba¢ financial inslrumenls. Basic finanual instrunnts are in[bal recognised al transa¢b"on value and Subsequent Ineasur8Y at thwr settrrent value wrth the exception of bank loans which are subsequenlty measured at 8mortised cost ugng the effectiv8 interest method. 2.15 PENSIONS The Charilable Company operates a defined contribution pension $Cheff and the pension charge represents the amounts payable by the CharÈtable Company to ihe fund in respe of the year. 2.16 FUND ACCOUNTING General funds are unrestricied fiJnd5 which are avai18ble for use at the discretion of the Trustees in fvrtherance of the genwal objectNes of the Charitable Company and which have not been designated for other purposes. D8signated funds comprise unrestricted fvnds that have been set asvje by the Trustees frir parbcular purposes. The aim and use of each des¢gnated fvnd is set out in the notes to the financial slalements. Restricted fund5 are funds which are to be used in accCance with specific restrictions imp¢)sed by donors or whKh have bèen tsised by the charitale Company for particular purposes. The costs of raing and administering such fvnds ale chafged against the spe¢ifK fund. The airn and use of each restrict&l fund is set out in the notes to the financAal statements. Investment income, gains and losses are alocated to the appropriate ftjnd. P8ge21
ThE PRIMROSE HOSPICE LIMrrED IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 INCOAIE FROM DONATIONS AND LEGACIES Unrestrlded Restrktèd funds funds 2023 2023 Tolal lund8 2023 Total funds 2022 Donatlcv)s Legacies Children in Need grant Government grants In memoriam 389,927 597.670 121.352 511.279 597.670 430,101 300,636 17,865 31,161 36,207 3,410 3N10 51258 51,258 1,038,855 124,762 1,163,617 815,970 TOTAL 2022 720,194 95,776 815.970 INCOME FROPhl CHARrrABLE ACTivmES Unrèslricted funds 2023 Total fund$ 2023 Total fLJnds 2022 CCG funding- Hospice servi Student PlerrEnt income 273.981 6,322 273.981 6.322 267,560 6.550 280,303 280,303 274,110 TOTAL 2022 274,110 274.110 Page 22
THE PRIMROSE HOSPICE LIMITED {A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 INCOME FROM OTHER TRADtrIG ACTivmES Income from fundrnhing èvents Unrestrfcted funds 2023 Tolal funds 2023 Total fvnds 2022 Shop and eBay sales Ragging income Gift income Other income Retail. Hosthlty and SU[e 582,606 13.856 57,143 12,1C 70.440 582,606 13.856 5T.143 12,106 70,440 475,563 11,993 28.474 35 123,269 736,151 736,151 639,334 TOTAL 2022 639.334 639,334 INVESTMENT INCOME Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Investment income 8.470 8.470 316 TOTAL 2022 316 316 Page 23
THE PRIMROSE HOSPICE LIMftED IA COMPANY UMtrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEh1ENTS FOR THE YEAR ENDED 31 MARCH 2023 EXPENDITURE ON RAISING FUNDS FUNORAISW4G EXPENSES Unrestrlctsd funds 2023 Total funds 2023 Totsl funds 2022 Fundraising non-staff costs Fundraising stsff Costs 69.474 147.491 69.474 147.491 46,634 149,997 216,965 216.965 196,631 TOTAL 2022 196,631 196,631 CHARrrY SHOP EXPENSES Unrestricted funds 2023 Total funds 2023 Tot81 hjnds 2022 Charity shop noratt costs Chanty staff costs 203.391 265.600 203,391 265,600 199,417 229,663 468,991 468.991 429,080 TOTAL 2022 429.080 429,080 Page 24
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ANALYSIS OF EXPENDITURE ON CHARITABLE AcnvmES Summary by fund typ• Unrestricted R•slrfctod funds funds 2023 2023 Total 2023 Totsl 2022 Operation of Hosw 982,860 149.026 1.131,B86 1,044,734 TOTAL 2022 905,013 139.721 1,044,734 ANALYSIS OF EXPENDITURE BY ACTivmES ActMtI•s undertaken dlrecty Support Total funds 2023 Totsl nds 2022 2023 Operation of HoskNC8 800.746 331,140 1.131.886 1,044,734 TOTAL 2022 732,853 311.881 1,044,734 Pe 25
THE PRIMROSE HOSPICE LIMITED {A COMPANY LIMITED BY GUARAPItE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ANALYSIS OF EXPENDrruRE BY ACTMllES {COTrrnNUED) ANALYSIS OF DIRECT COSTS Total funds 2023 Total fvnds 2022 Staff costs Depreoation Project costs Care equipment Ulilib'es 567.238 67,564 527, 109 76,936 3,204 2,341 24,131 7,025 24,118 21.033 25.526 6,118 3.845 11.467 2,733 43.779 9,121 27,194 12,543 36.018 7.967 6,599 19.990 Education and training Laundry and deaning Patient interactson Repairs and maintenance Printing, stslionery and Fwjstage Consumables Travel 800,746 732,853 ANALYSIS OF SUPPORT COSTS Total funds 2023 Total funds 2022 Staff c0515 Recruitment expenses Insurance 252J20 1.518 17,294 20,704 1.670 5.828 3,632 12,265 11.804 3,982 q43 236,204 3,019 12,105 16.651 1.325 5,986 8,818 13,500 1Q,355 3,738 180 IT consumables Education and training Telephone Miscellaneous expen Consultancy fees Audit and accountarry fees Printing, stationery and postage Bankcharyes 331.140 311,881 Page 26
THE PRIMROSE HOSPICE LIMrrED {A COMPANY LIMITED BY GUARAPItEE) NOTES TO THE HNANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2023 10. AUDITORS. REMUNERATION 2023 2022 Fees payalAe lo the Charilable Companys audilor forthe a111 of the Charitable Company's annual accounts Fees payable lo the Ch8ril*Ae Companys aLKlilor in respect ot. Preparation of the annual actounts 9,215 8.150 2.615 2.155 1 I. STAFF COSTS 2023 2022 Wages and salaries Social security costs ContributKJn lo defined contriljution pension schemes 1.067,660 90.907 74.1)82 997.990 78,365 66,618 1.232.649 1.142.973 Th& average number of persons empbyed ty the Charitable Corryany during the year was as follows.. 2023 2022 Hospice services Fundraising Management & administration Merchandising 21 11 49 The number of emoYeeS whose employee beneffts lexduding ernpbyer pension costs) exceeded £60.000 was: 2023 2022 No. In the band £80.001- £70.000 The key management personrd of the Charilable Company is iepresenled by ts)e roles of Chief Executive Offic@r, Head of Clinical Services. Head of Famity Support and Chief Operating Officer. The total employee benefits of the key rnan4ement Fersonnel were £228.315 12022.. £219,395}, induding empk>yerfs pension eontribubons. Page 27
THE PRIMROSE HOSPICE LIMITED (A COhllANY LIMITED BY GUARApifEE NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. TRUSIEES. REMUNERATION AND EXPENSES During the year. no Trustees received any remuneration or other berth {2022- £NILI. During the year ended 31 March 2023, no Trustee expenses have been incurred (2022- £NILI. 13. TANGIBLE FIXED AssErs Freehold PToperty Illotor Fixtures and v•hicl•s fittings Offlcg equipment Total COST OR VALUATION Al 1 Awil 2022 1684.955 15,730 74,958 81.097 2.836.738 At 31 March 2023 2,684,955 15.730 74956 61,097 2,836,738 DEPRECIATION At 1 April 2022 Charge for the year 769.088 55.19S 11.270 1.115 73.189 1.767 37.708 9A86 891.255 67,564 At 31 March 2023 824.284 12,385 74,956 47.194 958.819 NET BOOKVALUE At 31 Mah 2023 1.860,671 3.345 13,903 1,877.919 At 31 March 2022 1.915.867 4,460 1.767 23,389 1.945,483 Page 28
THE PRIMROSE HOSPICE UMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. FIXED ASSET INVEsTMEPs Inv08tmonl In lolnl venturès COST OR VALUATION At 1 April 2022 100 AT 31 MARCH 2023 100 NET BOOK VALUE AT 31 MARCH 2023 100 AT 31 MARCH 2022 100 PRINCIPAL JOINT VEfrmJRES The following was a joint venture of the Charitable Company. Name Fall value of investmgnt Proflt for the yoar Worcestershire Hospices Lottery Limited 100 70.440 The Charitable Company has a one third shared holding in a joint venture. WorGester Hospi$ Lottery Limited, which ents.S the Charilable Company to a third of its distn"bulable reseNe8. 15. DEBTORS 2023 2022 DUE IITfHIN ONE YEAR Trade debtors Amounts owed byjoinl venlu Other debtors Prepayments and accrued incomè Tax recoverable 10,391 5,127 34,404 1,431 173,418 7,962 470,632 lo93 492,365 222,342 Page 29
THE PRIMROSE HOSPICE UMITED {A COMPANY UmED BY GUARINfEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. CREDORS. AMOUNTS FALLING DUE I1N ONE YEAR 2023 2022 Trade cre¢litors Other credrtor5 Accruals and defwred incon 163.972 12,804 75,004 127.223 11.907 65,802 251.780 204,932 Page 30
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMtrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. STATEMEMf OF FUNDS sTATEmEr OF FUNDS- CURRENTYEAR Balance at 31 March 2023 Balance at 1 il 2022 Transfers Inlout kncom• ExpoDditure UNRESTRICTED FUNDS DESIGNATED FUNDS Designaled fvnds 431,299 431.299 GENERAL FUNDS General funds 2,140,162 2.063,779 11.668.816} (431.2991 2,103,828 TOTAL UNRESTRICTED FUNDS 1140.162 2,063,Tf9 11.668.816 2,535.125 RESTRICTED FUNDS 2004 Capital Appeal 2008 Squar5ng the Circle Bromsgrove District Counal Dèpartrnent of Heallh- 2010 grant Grand Lodge of Mark Master Masons 306,869 101,680 4,229 19.742} 297.127 98,855 4115 (14.3201 544160 32.072 5.0¢)0 (823 11000 31.249 3.000 Sensory Garden Departmerkt of Health- Gardèn Room Inlerserve Bumblehde Foods Eveson Trust Kildare Trust stoke Pricy 8ares National Lottery Com Fund other snNAII fijnds 425,204 610 1.763 (10.064 (448 11,763) (33,789) <24.000} 11,775Tr (9.630) <36.733) 415,140 162 33.789 24,000 18.956 9.630 38.387 17.181 2,828 4,482 1N38.735 124,762 1149.026) 1,414,471 TOTAL OF FUNDS 3.F18.897 2,188,541 11,817,842) 3,949.596 Page 31
THE PRIMROSE HOSPICE LIMrrED (A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. STATEMENT OF FUNDS IcopmNUED) The specific purpose5 forwhith the fvnd$ are to t apj are as follow&" 2004 Cawtsl Appeal - Funding raised by the charity for an extension to the orwjinal buikling and a reduced annualty by an arrKJunt equival1 to the depreua11c charge in respect of thal lyjilding cost 2008 Squaring the Clrele - Funding received from the DepartwEnl of Health supporting Dignity in Care for older people. The grant funded the constnjction of a ¢>)vered walkway and a hexagonal spiiitual room, the cost of which is depreciated annualty. Bromsgrove Distrlct Councll- The funds were rewved to fund our new Wellbeing project, de3igned to support people with a lrfe fimiling Ii Iness in wing and maintsining their quatity of life. Dèpartment of Health - Ganlen Room - Funding receivad from th8 DepartThnl of Health lo provide new accommcmlation Sp for day patients. Grand Lodge of Mark Master Masons - Funds raised by Ihe chanty for the fixtures, fittings and equipment in the family supwjrt centre. Bumbl•hole Foods - Funds reNed lo install new LED lights into Ihe main Hospice building and the Coppice Centre, thus reducing ongoing costs and envrronmental impact Other Funds - A number of additional donations were r1Ved IhrowJhout the year vA)kh wlll help fund the provision of group suppor( IT. buikling wrrfk and other ad hoc items. Hospice and Famlty Support SeNices - Funds received from various Sour to help 5UPPOrt and Tnainlain our core servKes. Dosignated Funds - Funds totslling £431.299 have been dwnated for ftjlure essential projects. A breakdown of fijnds desvJnaled by project is shown in tre table on page 6. This includes high cost MainteTran proje(s but also SnIficant )lJnding to support the organisatitin to move towards more sustsinable energy supplies and offset our carbon footprinL We are committed lo achieving net zero on emission5 by 2050 and intend to tske ft10r steps toardS this target by 2030. Pag8 32
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. STATEMENT OF FUNDS {CONTINUED) STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 March 2022 Ba]anee al 1 April 2021 Income Expenditure UNRESTRICTED FUNDS General fvnds 2.036.932 1.633.954 11.53D,7241 2.140.162 RESTrICTED FUNDS 2004 Capital Appeal 2008 Squaring the Cirde Bromsgrove DiStrt Council Department of Health- 2010 grant Grand Lodge of Mark Master Masons Sensory Garden Department of Health- Garden Room InlerseNe Burnblehole F¢y)ds stoke Prior Bares JRS Scheme NHSE Funding other small fvnds 316,611 104.505 5.715 572,800 32.895 7.000 435.268 1,058 5.292 19,742) 12.825) {1.4881 114.3201 1823) (2.OOQII 110.064) 1448) (3.529) 156.7311 14.629) 126.5321 16.5921 3L%.869 101,680 4.229 558,480 32.072 5,000 425.204 610 1,763 56.731 4.629 26,532 7.884 1.536 2.828 1.482,680 95,776 1139,7211 1,438,735 TOTAL OF FUNDS 3.519.612 1.729.730 11.670.445) 3,578,897 Page 33
TrIE PRIMROSE HOSPICE LIMrfED (A COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 18. SUMMARY OF FUNDS SUMMARY OF FUNDS - CURREpif YEAR Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Inc<>me Expendlturo Designated funds General funds Restricted funds 431.299 2,063,T19 11,668,816) (431.299) 124,762 {149.0261 431,299 2,103,828 1,414.471 2.140.162 IA38.735 3W8.897 2.1B8.541 11.817,842) 3.949.596 SUMMARYOF FUNDS- PRIOR YEAR Balance at 31 March 2L122 BaLance 8t 1 April 2021 Inco Expenditure General fvnds Restricted fund5 2.036.932 1.482.680 1,633.954 95,776 (1,530,724) 2,140.162 {139,7211 1,438,735 3,519.612 1,729,730 11,670,4451 3,578,897 19. ANALYSIS OF NET ASSEfs BEfwEEN FUNDS ANALYSIS OF NET ASSEfs BETWEEN FUNDS- CURRENT YEAR UnrEstricted RtriCtsd funds funds 2023 2023 Tolal funds 2023 TangitrAe fixed assets Frxed asset invesknents Current assets Creditors due wllhin one year 488.226 100 2.298,579 {251.7801 1,389,693 1,877,919 100 24.778 2,323.357 1251.7801 TOTAL 2,535,125 1,414,471 3,949.596 Pag8 34
THE PRIMROSE HOSPICE LIMITED {A COMPANY LIMITED BY GUARAMfEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 lARCH 2023 19. ANALYSIS OF NET ASSETS BEIWEEN FUNDS (COTrmNUEDI ANALYSIS OF NET ASSETS BETWEEN FUNDS . PRIOR YEAR Unreslricled furKIs 2022 Restn"cted fvnds 2022 Totsl fvnds 2022 Tangible frxed assets Fixed asset Invesknents Cuent assets Creditors due within on& year 517.012 1,428.471 1,945.483 100 1,838.246 1204,9321 1.827,982 1204,9321 10,264 TOTAL 2,140,182 1,438.735 3,578,897 RECONCILIATION OF MOVEkENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 20. 2023 2022 Net incom8 for the year la5 per Statement of Finanual Acb'vths) 370.699 59,285 ADJUSTMENTS FOR: Depreciation charges Dividend5, interests and rents from investments Ilncreaselldecrease in deblors Increa in creditor5 67.564 (8.4701 1270.0231 46,848 76,936 {3161 {88.8591 13.515 NET CASH PROVIDED BY OPERATING ACTlVtriES 206.618 60,561 21. ANALYSIS OF CASH AND CASH EIXIIVALENTS 2023 2022 Cash in hantl 1,830.992 1,615,904 TOTAL CASH AND CASH EQUIVALEP 1,830,992 1,615,904 Page 35
THE PRIMROSE HOSPICE LIMITED (A COMPAKY LIMrfED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 22. ANALYSIS OF CHANGES IN NEf DEBT At 1 April 2022 Cash lkn At 31 MaKh 2023 Cash at bank and in hand 1.615,904 215,088 1,830.992 PENSION COMmITMETrs Thè Charitable Company operates a defined contribution pens40n scheme. The assèts of the scheme ara held s¢paral¢ly from those of the group in an independentty administered fund. The pension cost charye represents contributions payable by the Charitable Company to the fvnd and amounted io £74,08212022.' £66,618). Conliibutsons iolalling £7.191 {2022.' £6,019} were payab to the fund at the balance sheet 2& OPERATING LEASE CompmENTs Al 31 March 2023 the Charitable Cortwany had commitments to make future minimum lease panents under non-cancellable operabng leases as frAIows'. 2023 2022 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 yea 43.708 51.733 31083 75,773 84,441 43.083 127.524 203,297 25. RELATED PAR TRANSACTIONS During the year the Charity generaled in¢yJme of £70,440 (2022.. £105,935} via a joint venture enterprise, Worcestershire Hospices Lottery Limited. whth has a Trustee in common, M Leech. The amount due to the Charty at the year entl amounted to £13.59712022: £34,466). Page 36