Registered number: 02211941 Charlty numb8r: 700272 THE PRIMROSE HOSPICE LIMITED {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Bishop Fleming
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page R0f•ronGo and Administrative Dolails of Ihe Charitable Companyi Its Trusto08 and Advlsgrs Trustees. Report Truste08' Re8ponslbllhl•$ Statoment Indop6ndent Audttors, Report on tho Flnanclal Statements 9-12 Statemont of Flnanclal Actlvltlo8 13 Balance Sheot 14 Statemant of Cash Flows 15 Notos to the Flnanclal Statements 18-34
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADPdllNISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Tru$tO08 J Alderson {resigned 21 November 2023} J Baldwin L Chapman B Coopei M Duncan R Laight M Leech (deceased 11 October 2023) D Locke Mushen C Roberson M Webb R Catto11 (appointed 8 April 2024) A Haden (appointed 8 April 2024) O Reynolds (appointed 8 April 2024) K Sharpe (appointed 8 April 2024} J Till {appointed 8 April 2024) R Watts (appointed 8 April 2024) Company reglstered number 02211941 Charlty r&glstered number 700272 Reg18tered offlce Primrose Hospice St. Godwalds Road Bromsgrov8 Worceslershire B60 3BW Company 69crelary A Dalton Chlof executiva offi¢or D Burrell Independent audltors Bishop Fleming LLP Chartered Accountants 14 College Yard Worcester WR12LB Bankors Lloyds Bank plc 112 High Street Bromsgrove Worcestershire B618ES Sollcltors HCB Solicitors Ltd Redditch Office Croft House Moons Moal Drive Redditch Worcestershire B98 9HN Page 1
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 On behalf of th8 Board of Trustees, l am pleased to present the Annual Report for Primrose Hospic8 for the year ending March 2024. The Annual Report senies the purposes of both a Trustees, Reporf and a Directors, Report under company law. The Trusl88s confitm that th8 annual r8POrt and financial statements of th8 charitable company comply with the Gurrent statutory requirements, the requirements of the charitable Company's goveming do¢ument and the provisions of the Slatemenl of Recommended Practice (SORP) applicable to charities preparing their a¢¢ounts in accordanc8 With the Financial Reporting Standard applicable in th8 UK and R&public of Ir8land {FRS102) (effective 1 January 2019). Since the Charitable Company qualifies as "small" under se¢lion 382 of the Companies Act 2006, the strategic report required of medium and large cornpanies under the Companies Act 2006 (Strategic Report and Dir8Ctors' R8port) R&gulations 2013 has beèn omitted. Introduction Based in Bromsgrove, Prirnrose Hospice 15 on established and highly respected charity. 11 has Served the population of North East Worcestershire sinc8 1988. In 2023124 Primrose Hospic8 raised £1.79 million1£2.19 million in 2022123) which includes an annu81 grant from the NHS. Around £1.47 million (£1.9million in 2022123) of the monies raised was achieved thanks to the generous support of local people and businesses. The money raised is spent on supporting people with life limrting illnesses and families during difficult and Challenging times. During 2023124 w8 inl8ntionally reduced our reserves by setting a deficit budg8t. ReseNe8 wer8 temporarily high due to exceptional legacy income and the central funding provided during Covid. It is our ethical imperative to use our funds for the b8nefit of our community $0 we set a d8ficit budget to ensure our funds were utilised. We are pleased to have prudently reduced our reserve5 during this period. We ni)w need to manage expenditure and income over the next few years to reduce our underlying deficit and retum the organisation to financial balance. 2023124 was a year of consolidation after the "wvid" years. The organisation is thriving with muttiple notable achievements during 2023124 including: Achieving a CQC rating of "Good.. The CQC. the indgpendent regulator of health and social care servic8s in England, conducted a comprehensive inspection of Primros8 Hospice's facilities, services, and palient care practices in November 2023. Following the thorough assessmant, Primrose Hospice received an overall rating of "Good,. which highlights the organi82tion's commitment to maintaining high standards of quality and safety. Primrose Hospice remains dedicated to continuous Improvement and innovation, Striving to enhance its services further to meet the evofving needs of patients and their loved ones. Major progress wilh moving to become a greener and more sustainable organisation. Instsllation of Solar pan818 on Slte means that we can now generate 600/0 of our electricity locally r8dueing our costs and our Garbon footprint. In early 2024 we also connected to an adjacent biomass boiler to supply heat and hot w8t8r to our main Hospic8 8lte. This together with improvemenls to our wast8 management and disposal are major steps towards achieving our goal to be net zero by 2050. Objectives and activities a. Policies and objectives Primrose Hospic8 aims to work to support adults with life-limiEing illnesses and families to offer a high quality and responsive service appropriate to the needs of an individual. Page 2
THE PRIMROSE HOSPICE LIMrrED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The objeGtives of Primros8 Hospic8 ara: To provide specialised pallialive care for patients with progressive, advanced cancer and oth8r diseases from which they will not r8cover, across th8 recognised domain8 of physical, psychological, social and spiritual care, therèby assisting patients to achieve quality in their daily living. To ad a$ a point of liaison in issu8s of communication, ensuring patients and théir famili8s are involved in decisions concerning their care and treatment, allowing them to mak8 informed Ghoices. To prov5de Information to patients and families, ensuring they have full knowledge of all the support s@tvice8. financial benefit8 and aid8 they may require to achieve comfortable living. To provide ernotional support to individuals (adult or child between the ages of 8 and 18) by the provision of trained volunteer support workèrs or couns811ing. To provide the opportunity for thè pati8nt and family to discuss their cho8en place of care and eventual place of death, whether at home, in hospital or a nursing home. To provide supportivè care for patients with life limiting illnesses by tha provision of counselllng, 5nformation and complementary therapies. In providing the above services. we are benefiting the individuals who avail themselves of these seNices, together with carers and families. Primrose Hospice makes no charge for any of its services. Th8 Trust888 confirm that they have r8ferred to the guidance Contained in the Charity Commission's general guidance on publi¢ benefit when reviewing the charty's aims and objectives and in planning future activities. In Setting objectives and planning for activitl8S, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public ben8fit, in¢luding th8 guidanc8 'Public benefit.. running a charity {PB2)'. b. Strategle8 for achlèvlng objoctlvos Whilst the Charlty developed a Gleai 5 year Strategy in 2018, this has been reviewed in 2022 following the covid outbreak and extended to 2026. c. Activities undortakon to achieve objectivgs At Primrose Hospice and Famlly Support Centre, we are prlvileged to be able to support pallents wrth life- limiting illnesses and families experiencing bereavement, providing them with th8 care and support they need during the most difficult and challenging times. W8 off8r 8 wlde range of services induding Day Hospice, Clinical Nur8e Specialist services, Physiotherapy, Family Support, Counselling and a Living W811 S81vice. Our Family Support and Living Well Team support pat18nts and families through challenging times, offering a range of one-to-one sessions and group 5UPPOrt for all ages- this includes a bereavement $8rvice. The team offers both practical assistance as w811 as an empathetic ear, providing advice for all the family and helping them to deal with the demanding situations that arise throughoul theirjourney. At Primrose Hospice we are also especially mindful of the impact on children, who do not always have the language or understanding lo express how th8y f881. We understand that helping children to find creative and safe ways in which to express Iheir feelings after someone special dies is hugely important. The Clinical Team support patients living wilh life-limiting illn8SS8s such as h8art failure, lung conditions, cancer. neurological conditions and more. Support is patienl centred and based on individual need and diagnosis. The aim is to help patients manage their symptoms and aid decision making. A$ well as maximis& ind8P8nd8nc8 and optimise quality of life through therapeutic assessment, goal setting and delivering an evidence-based treatment programme Pag8 3
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance a. Koy parformanco indicators Primrose Hospic8's priotity has continued to be to provid8 care for those with life limiting illness and 8UPPOrt for families regardless of whether their loved one was cared for by the Hospice. Primros8 Hospice's challeng8 conlinues to be to raise the funds to 8U8tain our currant $8Nices and respond to any increase in demand for our services. b. Rèvlèw of activltl•s Primrose Hospicè provid88 SUPPOrt to patients with life-limiting illness6s and families. providing them wlth the care and support they require during difficult times. c. Investment policy and performance There are no restrictions on the powers of the Truslees to invest th8 funds of Primrose Hospico. The Current policy of the Trustees is to have regard to income requirements and any risks which have been identified and to retain any such funds as ar8 r8quir8d in short term bank d8POSIt accounts. Primrose Hospice seekg to produce the best financial retum within an acceptable level of risk. The investment objedive for th8 short-term cash reserves is to preseNe the capital value with a minimum level of risk. A88ets should be r&adlly available to meet unanticipated cash flow requirements. The Trustees have reviewed the reserves of the charity, including th8 natur8 of th8 incom8 and expenditure slreams, the need to match variable income and fixed commitments and the nature of the reserves. An investment policy was reviowed and updated at the Finance, Income Generation and General Matters Commitlee and Board in July 2023 and is due for further review in July 2026. Funds totalling £380,829 have been designated for future essential prolecls Includlng malntenance, seGUrity. replacement of equipment and sustainability. These affj unrestrided funds and approval of Trustees wag given at the Finance Income and General Matters Committee in July 2024. A breakdown offunds designated by pioject is shown in th8 lable below. This includes high cost maintenance projects but also funding to support the organisation to offset our carbon footprint. We are committed to achieving net zero on emissions by 2050. Estlmatqd I Quoted Proji¢t Total EV Vehicles x 2 Electric Van Roofin Security Garden Improvements IT hardware Building repairs / dévelopments Battery Storage for Solar Power CCTV for Retail Fire Doors & Preventions £60,990 £60.839 £50,000 £10,000 £10,000 £40.000 £20,000 £52,000 £20,000 £57,000 Quoted Quoted E#imated Estimated Estimated E5tirnated Estimated Estimated Estirnated Quoted TOTAL £380,829 Page 4
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal review . Going Concern After making appropriate 8nquiri8S. th8 Trustees hav8 a r8asonabl8 exp8clation Ihal th8 Charitable Company has adequste resources to continue in operational existenGe for the foreseeable future. This has been reviewed and th8 Trustees are confident there are sufficient reserves to ensure the H05piGe remains a going concern beyond March 2025. For this reason, they continue to adopt th8 going concern basis in pr8P8ring the financial statements. Further details regarding Ihe adoption of the going concern basis can b8 found in the accounting policies (Note 2.2). b. Reserves policy The Trustee$ actively revlew the major rlsks which the Charity faces and believe that maintaining reseNes al level to cover 6 months op8rating costs, combined with an annual r8Vi8w of the contro18 OV8r k8y financial systems, will provide sufficient resources In the event of adverse conditions. The organisation aspires to hav8 6 months. res8Nes at any time (currently 11.11 months). The Trustee8 have also examined other operational and business risk5 faced by the Charity, have produced a Risk Register and confirrn that they have established systams to mitigate the significant risks. INhi1gt regerves are greater than the Charity aspires to in 'normal' limes. As there are risks around future income levels and a deficit budget during 2024125, Trustees have acceplad maintainlng additional reserves as a prud8nt buffer In a time of great uncertainty around future income for the Charity. c. Financial revlew The Statement of Flnancial Activities (SOFA) show5 designated, unrestri¢tsd and rastricted reserv8s at £380,829, £1,991,986 and £1,368,987 respectively. In 2022123 designated. unrestricted and restricted reserves were £431,299, £2,103,826 and £1,414,471 respectively. Total incoming resources amounted to £1,787,87712023.' £2,188,541}. £285.033 of this was from statutory sourc89 (£280,303 in 2023). For the other 84.06 Ok {87.04 0/0 in 2023), Primrose Hospice r8mains heavily depend8nt on Ihe generosity of our local community to support our retail shops, joint lottery and fundraising activities. There was a deficit of£207,814 in 2024 (in 2023 the figure was a surplus of £370.699). d. Prlnclpal funding ional Health S Grants Grant incom8 from the NHS was £278,913, which equates to 15.6 Ok of Ihe Hospice's total funding. Primrose Hospice ensures that the limited resources are used r88ponsibly to PTovid8 the best care and support to our Community. Worceslers ire Hos ices Lotte Worcestershirè Hospices Lottery, a joint vènturè with Acorns Children's Hospice and St. Richard's Hospice, g8nera18d income of £76,119 (2023: £70,440) for the Hospice. DonatlDns ar ble Trusts Fundraisin other donations Donations in 2024 war8 £526,907 compared to £511,279 in 2023, i.e. 29.479/0 of income. acies and In M8moriam Legacies and In Memoriam were £181,581 compared to £848,928 in 2023., 10.16 QA of income. Tradin Activities Th8 income generaled by Primrose's 6 retail Shops was £679,985 ¢omparecl to £653,605 2022123. Page 5
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structur•, governance and management a. Con$titution The Primrose Hospic8 Is r8gi818r8d as a charitabl8 company limited by guarantee and was 88t up by a Tru8t deed. Th8 Primr088 Hospic8 18 constituted under a Trust deed and is a registered charity number 700272. The Primrose Hospic8 is a charitab18 company limited by guarantee, Sncorporated on 20th January 1988, and entered on the Register of Charities on 23rd May 1988. The Primrose Hospice was establish8d under 8 M8morandum of Association, which establlshed the objects and powers of the Charitable company and is governed under its Articles of Association. In the event of th8 company being wound up, members are raquired lo contribute an amount of £1 per m6mber. b. Methods of appointment or election of Trustees The dlreGtors of the company are also charlty trustee5 for the purposes of charty law and, under the company's Articles, are known as members of th8 Board of Trustees. The Trustees when ¢omp18t8 consist of at least seven and not more than enty individuals over the age of 18, all ofwhom must support the Objects. c. Organlsatlonal structuro and doci8ion making pollcle8 Th8 Board of Tru8t888 administers the Charity. Th8 Board m88ts at least 4 tim88 a year and 1$ responsible for the strategic direction and policy of the Charity. The Chief Exe¢utive Officer is appointed by the Trustees to manage tITe day to day operations of the Charity and altends the Board Meetings, alongside members of the Senior L88dership Team. To facilitate effective operations, the Chief Executive Officer has delegated authority for op8rational matt8rs. d. Poll¢l88 adoptod for th• induction and training of Tru8tees The Trustees have a formal induction process which covers all Primrose Hospi¢e policies and procedures and covers the Trustee Code of Conduct, the Trustee declaration, Confidentiality agreement, Nolan 7 Principle$. The Charity Commission's publication 'The Essential Trustee. The Hospice UK 20 minute guide and Mandatory Training as undertaken by all volunteers. e. Pay poli¢y for key management personn•l Salaries are reviewed to ensure resour$ are used as effici8ntly as possible. This. along with benchmarking against similar local charities and assessing the complexity of the role provides a fair end robust remuneration process. f. Financial risk management The Trustoes have assess&d the major risks to which the Charitabl8 Company 1$ exposed, in particular Ihosa related to the operations and finances of the Charitable Company and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Plans for future perfods The Trustees and Senior Managemenl T8arn plan to continue to deliver SeiCe5 for the Charily's ¢lients, whilst managing other e¢onomiG uncertaintie5 on the Charity. We will continue to enhance our services and increase utilisation where possible. Page e
THE PRIMROSE HOSPICE LIMrrED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Board will take £ rAutiOUS approach to any additional recUent expenditure at present until ihe situation, particularly around income is clearer. Reserves are at higher than usual ve18 al present which will provide a buffer against any pending cost pressures. The Trustees, Report, incorporati company directors, on Tr}..c¥>. strategic report, was approved by order of th8 Board of Twst888. as the and signed on behalf by.. R Lalght Truste8 Page 7
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the directors of th8 Charitable Company for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practica). Company law rèquires tha Trustees to pr8par8 financial statements for each financial . Under company law, the Trustees must not approve the financial ststements unless they are satisfied that they glve a true and fair vi8w of the state of affairs of the Charitsble Company and of its incoming $our$ 2nd application of resourtss, Including its income 8nd expendifiure, for that period. In preparing these financial statements, the Trus18es are required to: selecl suitable a¢¢ounting policies and then apply them consisl8ntly,' observe the methods and principles of the Charitles SORP IFRS 102)., make judgemenis and accounting estimates that are reasonable and prudent., state whether applitsble UK Accounting Standards IFRS 102) have been followed, subject to any material departures disdosed and explained in the financial statem&nts', pr8pare the financial $tstement$ on the going conc8rn basis unless11 Is inapproprlate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records Ihat are suffi¢ienl to show and explain ihe Charitable CompanWs transactions and disclose with reasonable accuracy at any time the financial position of tho Charitable Company and enable them to ensure that the financial statemenls comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets ofthe Charitable Company and hence fortaking reasonable steps for the preventlon and deleclion of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on its b8half by.. R Lalght Trustee Date: 01 Page 8
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE PRIMROSE HOSPICE LIMITED OPINION We have audiled the financial statements of The Primrtsse Hospica Limited (the 'charitable Company'l for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Ihe Balance Sheet. the Statement of Cash Flows and the related notes, induding a summary of significant accounting policies. The financial reporting fram8work that has beén applied in their pr8paration is applicable law and United b<ingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable In th8 UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practic8). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expendilure for Ihe year then 8nded', have been prop8rfy pPared in accordance with United Klngdom Generally Accepted Accounting Practice., and have been prepared in acrdanCe with the requirements of the Charflles Act 2011. BASIS FOR OPINION We conducted our audit in accordance wlth Internatlonal Standards on Audillng IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, r8sponsibilities for the audit of the financial statements section of our report, We are independent of the Gharitable company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in acxordance with these requirem8nts, W8 believe that the audil evidence we have obtalned Is sufficient and appropriate to provide a basls for our opinlon. CONCLUSIONS RELATING TO GOING CONCERN In auditing the flnancial statements, we have concluded that the Trustees, use of the going concern basls of accounting in the prepaolion of the financlal statements is appropriate. Based on the work we have performed, w8 have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to Gontinue as a going concern for a period cf at 18ast iw8lve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going conGem are described in the relevant Sections of thi$ report. OTHER INFORPIIATION The oth8r information comprises th8 informalion included in the Annual Report other than the financial Statements and our Auditor5, Report thereon. The Trustges are responsible for the other informalion contained within the Annual Report. Our opinion on the financial statements does not covar the other information and, expt to the ext8nt otherwise explicilly stated in our report, we do not express any form of assurance Conclusion thereon, Our responsibility is to read the other information and, in doing so, consider whether the olher Information is rnaterially inconsistent with the financial statements or our knowledge obtained in the cours8 of the audit, or othenNise appears to be materially misstated. If we identify such material in¢onsistencies or apparent material misststements, we are required to determine wheth8r this gives rise to a material misstatement in the financial stat8ments th8mselves. If, based on the work we have perfomied. we Gonclude Ihat ther8 is a material misstatement of this olher infomiation, we are required to report that facl. We have nothing to report in this regard. Page 9
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIPIIITED BY GUARANTEE} INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE PRIMROSE HOSPIGE LlkqlTED ICONTINUEDI MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) R8gulalions 2008 r8quires us to rèport to you if, in our opinion.. the infomation given in the Trustees, Report is inconsistent in any material respect with the financial ststemenls; or sufficient accounting records have not been kept, or the financial statements are not in agreement with the accounting records and r8turns', or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibillties Statement, the Trustees (who a also the directors of the ¢haritable company for the purpo$e$ of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the, Truslees detemiine is neSSary to enable the preparation ol financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial statemenls, the Trustees are responsible for assessing the charitable Company's ability to continue as a going concern, dis¢losing, as applicable, matters related to going Concern and using the going conc8rn basis of accounting unless the Trust88S either int8nd to liquidate the charitab18 company or to cease operations, or have no realistic altemative but to do 80. Page 10
THE PRIMROSE HOSPICE LIMrrED (A COMPANY LIMrrED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE PRIMROSE HOSPICE LIMITED (CONTINUED) AUDITORS. RESPONSIBILMES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as aLtditor under section 145 of the Charities Act 2011 and report in a¢¢ordance wilh the Ad and relevanl regulalions made or having effect thereunder. Our objectivès ar8 to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 2udil conducled In accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or 8rror and are considered material if, individually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users tsken on the basis of these financial statements. Irregularities, inGluding fraud, are instances of non-compliance with laws and regulations. We design proc8dur8S In line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of deteots'ng irregularities, including fraud 18 detailed below,. We have considered the nalure of the sector, control environment and financial perfomiance,. We have considered the results of enquiries with management and trustees in relation to their own identificalion and assessment of the risk of irregularitie5 Within the entity., We have reviewed Ihe docum8ntation of key processes and controls and performed walkthroughs of transactions to confirm thal the systems are operating in line with do¢umèntation', and We have considered the matters discussed among Ihe audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedure$, we have considered Ihe opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAS (UK) we are also required to perform specific procedures to respond to the rlsk of management override. We have also obtained understanding of the legal and regulatory frameworks Ihat the Charity opeiales in, fo¢using on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and r8gulations we considered in this context Included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants rec8iv8d by the Charity. In additions, we considered the provisions of other laws and regulations that do not have a dlrect effect on the financial statemenls but compliance with which may be fundamental to the Charity's abilily to operate or avoid material penalty. Thes8 included data protection regulatlons, health and safety regulations and employment legislation. Our procedure$ to respond to the risks identified included the following- Reviewing the financial statement di$clo$ures and testing to supporting documentation to assess Compliance with provisions of relevant laws and regulation$ described as hawng a direct effect on the financial statements" Performing analytical procedures to identify unusual or unexpected relationships thal may indicate risk5 Of material misstatement due to fraud., Review of board minutes., Enquiring of management in relation to actual and potential claims and litigations., Performing detailed transactional testing in relation to the recognition of revenue, specifically grants, with a particular focus around year-end cut offr, In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments. Page11
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDrroRS' REPORT TO THE MEldlBERS OF THE PRIMROSE HOSPICE LIMITED (CONTINUED) W8 also communical8d identified laws and r8gulations and pol&ntial fraud risks to all èngagement team members and remained alert to any indications of fraud or non-complianc8 with laws and regulalions throughout the audit. As a result of the inherent limit81ions of an audit. there is a risk that not all irregularities, including a material mi5Statement in the financial statements or non-compliance with laws and regulations, will not be detected by us. The risk increases the further removed complianGe with a law or regulation is from the events and transactions reflected in the financial statements, given we will be18ss likely to be aware of it, or should the irregularity occur 8s a result of fraud rather than a one off error, as this may involv8 intentional Conalment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial slatement5 is located on the Financial Reporting Council's website at: N.fre or ukl2uditorsrès onsibilities. This description forms part of our Auditors, Report, USE OF OUR REPORT This report is made solely to the charitable companvs members, as a body, in accordance with Part 4 of the Charities (A¢¢ounts and Reports) Regulations 2008. Our audit work has been undertaken that we rnight state to the charitable companys members those matters we are required to state to them in an Auditors, Report and for no olher purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as 8 body, for our audit work, for this report, or for the opinions we have formed. Andrew Wood FCCA (Senlor statutory audltor) Blshop Flemlng LLP Chartered Accountants Slatulory Auditors 1-3 College Yard Worcester WR12LB Date.. 22 October 2024 Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 12
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMrrED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCONIE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Re8tri¢tèd funds 2024 Total funds 2024 Total funds 2023 Note Incomo from: Donations and legacies Charitable a¢tivilie8 Other trading adivities Investments 583,691 285,033 762,113 32,243 124,797 708A88 285,033 762.113 32,243 1,163,817 280,303 736,151 8,470 Total Income 1,663,080 124,797 1,787.877 2,188,541 Expondftura on: Raising funds Charitable activitie$ 731,346 1,094,064 731,348 1,264,345 685,956 1,131,886 170,281 Total oxpondituro 1,825,410 170,281 1,995,691 1,817,842 Net movament in fund8 1162,330) 145,484) (207.814) 370,699 Ro¢on¢lllatlon of funds: Total funds brought fomard Net movement in funds 2,635,125 1162,330) 1A14,471 145,484) 3,949,596 (207,814} 3.578,897 370,699 Total funds carrled forymrd 2,372,795 1,368,987 3,741,782 3,949,596 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 34 form part of these financial Statements. Page 13
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:02211941 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed a88ets Tangible assets Investments 13 14 1,897,202 100 1.877,919 100 1,897.302 1,878,019 Currant asgets Debtors Cash at bank and in hand 15 280,892 1.797,343 492,365 1,830,992 2.058,035 2,323,357 Creditors-. amount$ falling due within one year 18 (213,5551 1251,780) Not curront a$¥ots 1,844,480 2,071,577 Total n•t a88•t¥ 3,741,782 3,949,596 Charlty fund8 Restricted fvnds 17 1,388,987 1,414,471 Dèsignated funds General funds 17 17 380,829 1,991,966 431,299 2,103,826 Total unrestricted fund6 17 2,372,795 2,535,125 Total funds 3,741,782 3,949,596 The Trustees acknowledge their responsibilithes for complying with the requirements of the Act with respect to accounting records and preparatlon of financial ststements. The financial siatement5 have been prepared in ac¢ordan¢e with Ihe provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by- R Laighl Trustee J Baldwin Trustee Date.. 01 I I c)12c)zLÈ The notes on page$ 18 to 34 form part of these financial statements. Page 14
THE PRIMROSE HOSPICE LIMED (A COMPANY LIMITED BY GUARANTEE) STATElJtENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Not Cash flows from operatlng aellvltl88 Net cash us8d in op8rating activities 20 22,898 206,618 Cash flows from Inve8llng actlvltles Divi(Jends, Interests and rents from Investments Purchase of tangible fixed assets 32,243 (88,790) 8,470 Not c88h (usod inllprovidod by invosting actlvltl8s (56,547) 8,470 Chango In cash and cash •quivalonts In tho year Cash and cash equivalents at the beginning of the year (33,649) 1,830,992 215,088 1,615,904 Cash and ca8h equlval8nts al the end of Ihg year 21 1,797,343 1,830,992 The notes on pages 16 to 34 form part of these financlal statements Page 15
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION Thè Primrose Hospicè is a private Charitable Company limited by guarantee, incorporated in the UK and registered in England and Wales. The registered office is Primrose H05pice, St. Godwalds Road, Bromsgrove, Wor¢estershire, B60 3BW. Tha principal activity of the Charitable Campany is as disclosed in the Trustees, report, starting on page 2. The accounts are presented in GBP and are rounded to the nearest GBP. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial stat6ments have been prepared in accordance with the Charilieg SORP {FRS 1021 Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable lo charities pparIng Iheir a¢counls in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (8ff8Ctiva 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Ihe Companies AGI 2006, The Primrose Hospice Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unle$9 otherwise staled in the relevant a¢counting poli. 2.2 GOING CONCERN The Trustees have reviewed financial projection forecasts for a perfod of at least 18 months following the date of approval of the financial statements. ReseeS and bank balance$ a both strong. The Charitable Company has a net asset value as at 31 March 2024 of £3,708,02712023- £3,949,5g6} with 10.18 /0 of the reserves being held as designated funds and 53.23Q/o of the reserves being held as general unrestricted funds. The freehold property has a nel book value totalllng £1,805,47612023: £1,860,671) and the cash at bank is £1,797,343 {2023'. £1,830,993). After making appropriate enquiries. the Trustees have a roasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and for this reason, the financial statements havè been prepared on a going concern basis, Page 16
THE PRIMROSE HOSPICE LIMED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2Q24 ACCOUNTING POLICIES (contlnuod) 2.3 INCOME All income is recognised On Ihe Charltable Company has entitlement to the income, it is probable thal the income will be received and the amount of incom8 r8ceivable can be tneasured reliably. Th& r8cognition of income from lègacles Is dependent on establishing entitlement, the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Eviden of entrtlement to a legacy exists when the Charitabl8 Company has suffici8nt eviden that a gift has be8n left to them (through knowledge of the existence of a valid will and the death cf the benefactor) and the executor is saknsfied that the propety in question will not be required to salisfy claims in the estate. Receipt of a legacy must be recognised when it Is probable that Il will be received and the fair value of the amount receivable, which will generally be Ihe expected cash amount to be dlstrlbuted to the Charilable Company, can be reliably measured. Grants are included in the Statement of Financial Activities on a r8ceivable basis. The balance of Income received for Bpecific purposes but not expended during the p8riod is shown in the relevant funds on the Balance Sheet. Where incorne is received in advance of entillemenl of receipt, its recognition is deferred and included in creditors as defeffed income. Where entitlernent occur$ before income is received, the income 18 accNed. Income tax recoverable in relation lo investment income Ss recognised al the time the investment income is receivable. 2.4 EXPENDrruRE Expenditure is recognised once there is a legal or constructwe obligation to transfer economi¢ benefit to a third paty, it is probable that a transfer of economic benefits will be required in sèlllement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each a¢tivty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direcdy to that activity. Shared cost$ which eontribute to more than one activity and support costs which a not attributable to a single activity are apportioned beeen those activili8s on a basis consistent with the use of resources. Central staff costs are all¢xated on the basis of bme spent, and depreciation charges allocated on the portion of the ass8t's US8. Exp8nditure on raising funds include5 all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and Includes costs of all fundraising activities events and non- charitable trading. Expenditure on charitable activities is incurred on directly undertakin9 the a¢tivities which further the Charitable Companys obj8Ctives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 GOVERNMENT GRANTS Govemment grants relating to tangible fixed assets are trealed as deferred income and leaSed to the Statement of Financial Adivilies over the expe¢led useful lives of the assets cancemed. Other grants are credited to the Slatem8nt of Financial Activities as the related expenditure is incurred. 2.6 INTEREST RECEIVABLE Interest on fijnds held on deposit is included wh8n re1vable and th¥ amount can be measured reliably by the Charilable Company,. thi5 is normalty upon notification of the interest paid or payable by the institution wilh whom the funds are deposited. Page 17
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Icontlnued) 2.7 TAXATION The Charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of th8 Finance Act 2010 and therefore it meets the definition ofa charitable company for UK corporation tax purposes. Accordingly. the Charitable Company is potentialty exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Ch8rge8ble Gains Act 1992, to the extent that such Income or gains are applied exclusively to charitable purposes. 2A TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic b8n8fits are probable and the cost or value of the as$el can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the Cost model, tsngible fixed as88ts ar8 measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be induded in the measurement of¢ost. Depreciation is charged so as to alloc8te the cost of tangible fixed assets less their residual value OV8r their estimated useful lives. Depracialion is provided on the following bases.. Freehold proporty Motor vehicles Fixtures and fittings Office equipment other fixed assets 2.100/0 Straight line 250/0 reducing balance 12.5'A _ 25D/o straight line 25 /0 Straight line 12.50/0 or 250h stralght Ilne 2.9 INVESTMENTS Fixed asset investments are a form of financial instrument and are inilialty recognised at their transaction cost and subsequentty measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is rneasured at cost less impaimienl. Investment gains and losses, wheth8r realised or unrealised, arè combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial A¢tivitie$. Investments in joint ventures are slated at the amount of the Charitable Company's share of net assets. The Statement of Financial Activities includes the Charitable Company's share of the joint ventures, net in¢ome or expenditure using the equity accounting basis. As the joint venture is a harity, the investment is presented within restricted funds. 2.10 DEBTORS Trad8 and other debtors are récognised at the $ettlemenl amount after any trade discount offered. Prepayments are valued at Ihe amount prepaid net of any Irade discounts due. 2.11 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-temi highty liquid investments with a short maturity of three months or less from the date of 2CqUiSltion or opening of the deposit or similar account. Page 18
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Icontlnued) 2.12 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligatlon at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlem8nt, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Company antirApates it will pay to S8th8 the debt or the amount it has received as advanced payments for the goods or setvices it must provide. Provisions are MeaSud at the best estimate of the amounts required to $etUe the obligation. Where the effect of the time value of money is malerial, the provision is based on the present value of thase amounts, discounted at the pre-tax di8Gount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Stat8m8nt of Financial Activities as a finance cost. 2.13 FINANCIAL INSTRUMENTS The Charitable Company only has financial assets and financial liabilities of 8 kind that qualfy as basic financial in5trufflents. Basic financial instruments are initially recogni5ed at transaction value and sub$equently measured at their settlement value wilh the exception of bank loans which are subsequgnlly measu al amortised cost using the effective interest method. 2.14 PEN810N8 The Charitable Company operates a defined contribution p8nsion scheme and the pension charge represents the amounts payable by the Charitable Company lo the fund in respect of the year. 2.15 FUND ACCOUNTING Ganaral funds are unrestricted funds whlch are avallable for use al the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have be8n set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial slatements. Restricted funds are funds which a to be used in accordance with specific restrictions imposed by donors 01 which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of eaGh restricted fund is set out in the notes to the financial Statements. Investment incom8, gains and losses are allocated to the appropriats fund. Page 19
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM DONATIONS AND LEGACIES Unre8trlcted Re8trl¢ted funds funds 2024 2024 Totsl funds 2024 Total funds 2023 Donations Legacies Government grants In memoriam 402,110 121,610 124.797 526,907 121,610 511,279 597,670 3,410 51,258 59,971 59,971 583,691 124,797 708,488 1,163,617 TOTAL 2023 1,038,855 124,762 1,163,817 INCOME FROM CHARITABLE ACTIVITIE8 Unrestricted funds 2024 Total funds 2024 Total funds 2023 CCG funding - Hospi services Stud8nt placement income 278,913 6,120 278,913 6,120 273,981 8,322 285,033 285,033 280,303 TOTAL 2023 280,303 280,303 Page 20
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMrrED BY GUARANTEE> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM OTHER TRADING ACTivrriES Income from fundralslng events Unragtricted funds 2024 Total funds 2024 Total fvnds 2023 Shop and eBay sales Ragging income Gift Aid income Other Income Retail, Hospitslty and Leisure 603,761 12,917 63,307 6,009 76,119 603,761 12,917 63,307 6,009 76,119 582,606 13,856 57,143 12,106 70,440 762,113 762,113 736,151 TOTAL 2023 736,151 736,151 INVESTMENT INCOME Unrostridod funds 2024 Total funds 2024 Total funds 2Q23 Investment Income 32,243 32.243 8,470 TOTAL 2023 8,470 8.470 Page 21
THE PRIMROSE HOSPICE LIMftED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE ON RAISING FUNDS CHARITY SHOP EXPENSES Unr08tri¢t8d funds 2024 Total fund5 2024 Total funds 2023 Charty shop non-slaff costs Charity shop stsff ¢osts 208,755 295,661 208,755 296,661 203,391 265,600 504.416 604,416 468,991 TOTAL 2023 468,991 468,991 FUNDRAISING EXPENSES Unr08trfctod funds 2024 Total funds 2024 Total funds 2023 Fundraising non-staff costs Fundrsising staff costs 59,370 167,560 59,370 167,560 69,474 147,491 226,930 226,930 218,965 TOTAL 2023 216,965 216,965 Page 22
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Unrostrlcted Ro8trlctod fund8 funds 2024 2024 Total 2024 Total 2023 Operation of Hospice 1,094.064 170,281 1,264,345 1,131,886 TOTAL 2023 982.860 149,026 1,131.886 ANALYSIS OF EXPENDITURE BY ACTIVITIES Actlvltlo9 undertaken dlreclly 2024 Support costs 2024 Total funds 2024 T¢)tal funds 2023 Operatlon of Hospic8 899,541 364,804 1,264,345 1,131,888 TOTAL 2023 800,748 331,140 1,131,886 Page 23
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED B Y GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTivrriES (CONTINUEDI ANALYSIS OF DIRECT COSTS Total funds 2024 Total funds 2023 Staff costs Depreciation Care equipment Utilities Edu¢ation and training Laundry and cleaning P8li8nt interaction Repairs and maint8nanc8 Printing. stationery and postage Consumables Travel Bad debt write off 657,875 69,507 534 62,450 9,044 29.195 8,T10 38,1S4 5,757 S,016 26,288 13 567,238 67,564 2,733 43,779 9,121 27,194 12,543 36,018 7,967 6,599 19,990 B99,541 800,746 ANALYSIS OF SUPPORT COSTS Total funds 2024 Total funds 2023 Staff costs Recruitment expens8s Insurance IT consumables Education and training Telephone Miscellaneous expenses Consultancy fees Audit and a¢¢ountancy fees Printing. stationery and postage Bank charge5 272,701 1.637 17,308 23.050 200 5,674 7,534 19,190 13,486 3,927 97 252,320 1,518 17.294 20,704 1,670 5,828 3,832 12,265 11,804 3,962 143 364,804 331,140 Page 24
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. AUDITORS. REMUNERATION 2024 2023 Fees payable to the Charitable Company's audltor for the audit of the Charitable Companls annual accounts Fees payable to the Charitab16 Company's auditor In respect ot. Preparation of the annual a¢¢ounts 9,950 9,215 2,825 2,615 11. STAFF COSTS 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension sch8me8 1,214.298 101,473 78.028 1,067,660 90,907 74,082 1,393.797 1,232,649 The average number of persons employed by the Charitable Company during the y8ar was as follows.. 2024 No. 2023 Hospice servlces Fundraising Management & administration Merchandising 23 10 23 11 11 51 50 The number of employees whose employee beneffts (excluding employer pension costs) exceeded £60,000 was.. 2024 2023 In the band £60,001- £70,000 The key management personnel of the Charitable Company is represented by the roles of Chief Executive Officer, Head of Clinical Services. Head of Family Support and Chief Operating Officer. The totsl employee benefits of the key management personnel were £243,573 12023- £228,315), including employels pension contributions. 12. TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trustees received any remuneration or other benefits (2023 - £NILI. During the year ended 31 March 2024, no Trustee expenses have been incurred12023 - £NIL). Page 25
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. FIXED ASSET INVESTMENTS Investm•nt in joint venlure8 COST OR VALUATION At 1 April 2023 100 AT 31 MARCH 2024 100 NET BOOK VALUE AT 31 MARCH 2024 100 AT 31 MARCH 2023 100 PRINCIPAL JOINT VENTURES The following wa5 a joint venture of the Charitable Company., Namo Fair valuo of Investmant Profit for the year Worceslershire Hospi$ Lottery Limited 100 76,119 The Charitable Company has a one third shared holding in a joint venture, Worcestèr Hospices Lottery Limited, which entitle$ the Charitabl8 Company to a third of its distributable reserves. 15. DEBTORS 2024 2023 DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income Tax recoverable 1.337 98 248.398 10.859 10,391 449 470,632 10,893 260,692 492,365 Page 27
THE PRIMROSE HOSPICE LIMtrED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WtrHIN ONE YEAR 2024 2023 Trade creditors Other Creditors AGGruals and defeed income 139,813 12,063 61,679 183,972 12,804 75,004 213,655 251,780 Page 28
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 31 March 2024 Balanco at 1 Aprll 2023 TMnsfer8 inlout Income Expenditura UNRESTRICTED FUNDS DESIGNATED FUNDS Designatad funds 431,299 1179,470) 129,000 380,829 GENERAL FUNDS General funds 2,103,826 1,663,080 11,645,940} 1129,000) 1,991,966 TOTAL UNRESTRICTED FUNDS 2,535,125 1,663,080 11,825,410) 2,372,795 RESTRICTED FUNDS 2004 Capital Appeal 2008 Squaring the Circle Bromsgrove District Council Department of Health- 2010 grant Grand Lodge Of Mark Master Masons Sensory Garden Department of Health - Garden Room InterseTV8 Eve8on Trust Sloke Prior Bares William A Cadbury Trust Albert Hunt Tru51 Other Small funds 297,127 98,855 3,116 (9,742) (2,825) (606) 287,385 96,030 2,509 644,160 {14,320) 529,840 31,249 3.000 <823) (2,000) 30,426 1,000 415,140 162 {10,064) 1162) 135,000) {3,463) 120.000) 130.000) 141,276) 405,076 35,OIXI 17,181 13,718 20,000 30,000 39,797 4,482 3,003 1,414,471 124,797 (170.281) 1,368,987 TOTAL OF FUNDS 3,949,596 1,787,877 {1,995.691} 3,741,782 Page 29
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARAKfEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS (CONTINUED) The specific purposes frir which the ftinds are to b8 applied are as follows.. 2004 Capital Appoal - Funding raised by lh8 charily for an extension to the origin81 building and are reduced annually by an amount equivalent to the depreciation charge in respect of that building cost. 2008 Squarlng the Clrcle - Funding received frohi the Department of Health supporting Dignity in Care for older people. The grant funded the construction of a covered walkway and a hexagonal spiritual room. the cost of which Is depreciated annually. Bromsgrove Dlstrlct Councll - The funds were received to fund our new Wellbeing project. designed to support people with a life limiting illness in managing and mainiaining their quality of life, Department of Hèalth - Garden Room - Funding received from the Department of Health to provide new accommodation space for day patients. Grand Lodge of Mark lJt08ter Ma8on$ equipment in the family support Genlre. Funds raised by the charity for the fixtures, fittings and Bumbl8hol8 Foods . Funds recelved to install new LED Ilghls into the maln Hosplce bulldlng and the Coppice Centre, Ihus dUcIng ongoing costs and environmental impact. Other Funds - A number of addltional donations were received throughout the year which wlll help fund ihe provision of group support, IT, building work and other ad hoc items. Hosplco and Famlly Support Servlcgs Funds received from various sources to help support and maintain our core seNices. Designated Funds - Funds totalling £380,829 have been designated for future essential projects. A breakdown of funds designated by project is shown in the table on page fj. This includes high cost maintenance project$ bul also $ignificant funding lo support th8 organisation lo move towards more Sustainable energy Supplies and offset our Garbon footprint. We are Committed to achieving net zero on emission5 by 2050 and intend to take major steps towards this target by 203Q. Page 30
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 March 2023 Balance at 1 April 2022 Transfers Inlout In¢om8 Expenditure UNRESTRICTED FUND8 DESIGNATED FUNDS Designated funds 431,299 431,299 GENERAL FUNDS General funds 2,140,162 2,063,779 {1,668,816) 1431,2g9) 2,103,826 TOTAL UNRESTRICTED FUNDS 2,140,162 2,083,779 11,668,816) 2.535,125 RESTRICTED FUNDS 2004 Capital Appeal 2008 Squaring the Cirde Bromsgrove District Council Department of Health - 2010 grant Grand Lodge of Mark Master Masons Sensory Garden Department of Health - Garden Room Interserve Bumblehole Foods Eveson Tnjst Kildare Trust stoke Prior Bares National Lottery Com Fund Other small funds 306,869 101,680 4,229 19,742) (2,825) (1,114) 297,127 98,855 3,115 558,480 (14,320) 544,180 32,072 5,000 (823} 12,000) 31,249 3,000 425,204 810 1,763 110,064) (448) 11,763) (33,789) {24.000} (1,775) (9,630) (36,733) 415,140 162 33,789 24,000 18,958 9,630 38.387 17.181 2.828 4,482 1,438,735 124,762 (149.0261 1.414,471 TOTAL OF FUNDS 3,578,8g7 2,188,541 11,817,842) 3,949,596 Page 31
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENTYEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfors inlout Income Expendlture Designated funds General funds Restrided funds 431,299 2,103,826 1,414,471 {179,4701 129,000 380,829 1,663.080 11,645,940) 1129,0001 1.991,966 124,T97 1170,281) 1,368,987 3,949,596 1,787,877 11,995,691) 3,741,782 SUMMARY OF FUNDS - PRIOR YEAR Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure Designaled funds General funds Restricted funds 431.299 431,299 2,083,779 11,688,816) (431,299) 2,103,826 124,762 (149,0261 1,414,471 2,140,182 1,438,735 3,578,897 2,188,541 11,817,842) 3,949,596 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD Unr•$trl¢led Rostrlct8d funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed ass8t investments Current assets Creditors due within one year 547,445 100 2,038,805 (213,555) 1,349,757 1,897,202 100 2,058,035 {213,656) 19,230 TOTAL 2,372,795 1,368,987 3,741,782 Page 32
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR PERIOD Unrestricted funds 2023 Restricted funds 2023 Totsl funds 2023 Tangible fixed assets Fixed asset inve51ments Current assets Creditors due within one year 488,226 100 2,298,579 1251.780) 1,389,893 1,877,919 100 2,323,357 {251,780) 24.778 TOTAL 2,535,125 1,414,471 3,949,596 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIE8 20. 2024 2023 Net in¢omelexpenditure for the perlod {as per Statement of Financial Activities) {207,814) 370,699 ADJUSTMENTS FOR: Depreciation charges Dividend$. interests and rents from investments (Increase)Idecrease in debtors Sncreasel(decrease) in creditors 89,507 (32,243 231,673 (38,225 67,564 {8.470) 1270.023) 46,848 NET CASH PROVIDED BY OPERATING ACTIVITIES 22,898 206,618 21. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand 1,797,343 1,830,992 TOTAL CASH AND CASH EQUIVALENTS 1,797,343 1,830,992 Page 33
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. ANALYSIS OF CHANGES IN NET DEBT At 1 Aprll 2023 Ca8h flows At 31 March 2024 Cash at bank and in hand 1,830,992 133,649} 1,797,343 23. PENSION COMMITMENTS The Charitable Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge repr8S8nls contributions payable by the Charitable Company to the fund and amounted lo £78,026 (2023: £74,082). Contributions totalling £6,794 {2023.' £7,191) were payable to the fund at the balance sheet date. 24. OPERATING LEASE COMMITMENTS At 31 March 2024 the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows. 2024 2023 Not later than 1 year Later than 1 year and not laler than 5 years Later than 5 years 62,158 152,524 21,083 43,708 51,733 32,083 225,765 127,524 25. RELATED PARTY TRANSACTIONS During the year the Charity generated income of £76.119 {2023: £70,440) via a joint Ventu enterprise, Worcestershire Hospices Lottery Limited. The amount du8 to th8 Charity at the year end amounted to £19,974 {2023: £13.597}. Page 34