Registered number: 02211941 Charty number: 700272 THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Bishop Fleming
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reference and Administrative Detsils of the Charltable Company. Its Trustees and Advisers Trustees, Report Trustees. Responsibilities Statsment Independent Auditors. Report on the Financlal Statements 9-12 Statement of Financial Actlvltles 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to th8 Financial Statements 16-34
THE PRIMROSE HOSPICE LIMITED {A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees J Baldwin R Cattell (appointed 8 April 2024) L Chapman B Cooper M Duncan A Haden {appointed 8 April 2024) R Laight D Locke M Mushen (resigned 7 Oct(*)er 2024) S Parkinson {appointed 2 June 2025) O Reynolds (appointed 8 April 2024) C Roberson K Sharpe (appointed 8 April 2024) J Till (appointed 8 April 2024) R Watts (appointed 8 April 2024) M Webb Company registered number 02211941 Charity reglstered number 700272 Reglstered office Primrose Hospi st. GoaIdS Road Bromsgrove W0sterShIre B60 3BW Company secretary A Dalton Chief 8XOCUtive officer D Buell Independent auditors Bishop Fl8ming Audit Limiled Chartered Accountants 1-3 College Yard Worcester WR12LB Bankers Lloyds Bank plc 112 High Street Bromsgrove WOrStershIre B61 8ES Solicitors HCB Solicitors Ltd Redditch Office Croft House Moons Moat Drive Redditch Worcestershire B98 9HN Page 1
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEE, REPORT FOR THE YEAR ENDED 31 MARCH 2025 On behalf of the Board of Trustaes. l am pleased to pr8s8nt the Annual Report for Primrose Hospi for the year ending March 2025. The Annual Report serves the purposes of bolh a Trustees, Report and a Directors. Report under company law. The Trustees confirm that th8 annual report and financial statements of the charitable company comply with the current statulory requirements. the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practic8 (SORP) applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102} {effective 1 January 2019>. Since th8 Charitable Company qualifies as -small" under section 382 of Ihe Companies Act 2008, the Strategic report required of medium and large companies under the Companies Act 2006 {Strategic Report and Directors, Report) Regulations 2013 has be8n omitted. Introduction Based in Bromsgrove, Primrose Hospice is an estsblished and highty respected charity. It has served the population of Norlh East Worcestershire since 1988. In 2024125 Primrose Hospice raised £1.90 million (£1.79 million in 2023124) which includes an annual grant from the NHS. Around £1.55 million {£1.47 million in 2023124) 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 limiting illness@s and families during difficult and challenging limes. We need to proactrv8ly manage expenditure and income over the next few years to reduce our underfying defi'cit and return the organisation to financial balance. The Finance and Income Generation and General Matters Committee (FIGG) and the Board of Trustees approved actively managing income and expenditure whilst strategically drawing on reserves to improve services. Significant progress was made during 2024125 by increasing our income from retail and reducing costs by judicious review of vacant posts. voluntary hours reductions for some staff and an increased scrutiny of non- pay spend via an intemal LEAN focus across the organisation. Th8 completed "Green and Sustainable. initialives mean that we are now generating around 60010 of our electricity from solar and Heating the building via Biomass thereby reduang our impact on the environment and significantly reducing our energy bills. Objectlves and activities . Policles and objectives Primrose Hospice aims to work to support adults with life-limiting illnesses and families to offer a high quality and responstve service appropriate to the needs of an individual. The objectNes of Primrose Hospice are: To provide sp8cialised palliative care for patients with progressive, advanced cancer and other diseases from which they will not recover. across th& r8cognised domains of physical. psychological. social and spirilual care, thereby assisting patients to achieve quality in their daily living. To act as a point of liaison in issues of communication, ensuring palients and their families are involved in decisions concerning their care and treatment, allowing them to make informed choices. To provide infomiation to patients and families, ensuring they have full knowledge of all the support services. financial benefits and aids they may require to achieve comfortable living. To provide emotional support to individuals (adult or child between th8 ages of 6 and 18) by the provision of train8d volunteer support workers or counselling. Page 2
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE> TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 To provide the opportunity for the patient and family to discuss their chosen place of care and eventual place of death, whether at hom8. in hospital or a nursing home. To provide supportive care for patients with lrfe limiting illnesses by the provision of counselling, information and complementary therapies. In providing the above servIs, we are benefiting the individuals who avail themselves of these services, together with carers and families. Primrose Hospice makes no charge for any of its services. The Trustees confirm that they have referred to the guidance conlained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. In setting objectives and planning for activities. Ihe Trustees have given due consideration to general guidance published by the Charity CommissK)n relating to public benefit, including the guidants 'Public benefit: running a charity (PB2)'. b. Stratègies for achieving objectives Whilst the Charity developed a dear 5 year strategy in 2018, this has been revi8wed in 2022 following the covid outbreak and extended to 2026. c. Activiti8s undertak6n to achieve objectives At Primrose Hospice and Famity Support Centre, we are privileged to be able to support patients with lif8- limiting illnesses and families experiencing bereavement. providing them with the care and support they need during the most difficult and challenging times. We offer a wid8 range of services including Day Hospi, Clinical Nurse Specialist services, Physiotherapy, Family Support. Counselling and a Living Well Servi. Our Family Support and Living Well Team support patients and families through challenging limes, offering a range of one-to-one sessions and group support for all ages; this includes a bereav8ment seNice. The team offers both practical assistance as well as an empathelic ear, providing advice for all the family and helping them to deal with the demanding situalions that arise throughout their journey. At Primrose Hospice we are also especially mindful of the impact on children, who do not always have the language or underslanding to express how they feel. We understand that helping children to find creatlV8 and safe ways in which lo expres5 their feelings after someone special dies is hugely important. The Clinical Team support patients living with life-limiting illnesses such as heart failure, lung conditions, Canr, neurological conditions and more. Support is patient centred and based on individual need and diagnosis. The aim is to help patients manag8 their symptoms and aid decision making. As well as maximise independence and optimise quality of life Ihrough therapeutic assessment, goal setting and delivering an evidence-based treatment programme. Achlevements and performance a. Key performance indicators Primrose Hospice's priority has continued to be to provide care for those with lrfe limiting illness and support for families regardless of whether their loved one was cared for by the Hospice. Primrose Hospice's challenge continues to b8 to raise the funds to sustain our current services and respcnd to any increase in demand for our Seices. Page 3
THE PRIMROSE HOSPICE LIMITED (A COMPANY UMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 b. Review of activities Primrose Hospice provides support to patients with life-limiting illnesses and families. providing them with the care and support they require during difficult times. c. Investmant policy and performanco There are no restrictions on the powers of the Tnjstees to invest the funds of Primrose Hospice. The current policy of the Trustees is lo have regard to income requirements and any risks which have been identrfied and to retain any such ftjnds as are required in short tem bank deposit accounts. Primrose Hospice seeks to produce the best financial r&turn within an acceptable level of risk. The investment objective for the short-term cash reserves is to preserve the capital value Wlth a minimum level of risk. Assets should be readily available to meet unanticipated cash flow requirements. The Trustees have reviewed the reseNes of the charity. including th8 nature of the income and expenditure streams, the need to malch variable income and fixed commitments and the nature of the reserves. An inv8Stment policy was reviewed and updated at the Finants, Income Generation and General Matters Committee and Board in July 2023 and is due for furth8r review in July 2026. Funds totalling £356,829 have been designated for future essential projects including maintenan, security, replacement of equipment and sustainability. These are unrestricted funds and approval of Trustees was given at the Finance Income and General Matters Committee in Juty 2025. A breakdown of funds designated by project is shown in the table below. This includes high cost maintenance projecls but also funding to support the organisalion to offset our carbon footprint. We are committed to achieving net zero on emissions by 2050. Proj8Ct Totsl Estimated l Quotsd EV Vehicles x 2 £60,990 £60.839 £50.000 £10,000 £10,000 £40.000 £40.000 £20,000 £50,000 Quoled Quoted Estimated Estimated Estimated Electric Van Roofing Security Garden Improvements IT hardware Building repairs I developments Car Park Improvemenls Green and Sustainable Furlher Work Reception Area Improvements Estimated Estimated Estimated Estimated £15,000 Eslimated TOTAL £356,829 Page 4
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnancial revlew a. Going concern After making appropriate enquiries. the Trustees have a reasonable expectstion that the Charitsble Company has adequate resources to continue in operational existen for the fores88able future. This has been reviewed and the Trustees are confidenl Ihere are sufficient reseNes to ensure the Hospice remains a going concern beyond March 2028. For this reason. they continue to adopt the going concem basis in preparing the financial statements. Further details r8garding th8 adoption of th8 going concem basis can be found in the accounting policies (Note 2.2). b. Reserwes poli¢y The TNstees actively review the major risks which the Charity faces and beli8ve that maintaining reserves at a lev81 to cover 6 months operating cosls. combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The organisation aspires to have 6 months. reserves at any time (currently 11.40 months). Reserves actual increased slightly during 2024125 so further expenditure to redu reserves will be considered. Whilst reseNes are greater than Ihe Charity aspires to in 'normal' times. There are risks around future income levels and a deficit budget was set during 2025126, Trustees have approved setting a deficit budget and maintaining addilional r8S8tves (via FIGG and Trustee Board) as a prudent buffer in a time of UnrtainlY around future income for the Charity. Financial review The Balance Sheet shows designated, unrestricted and restricted r8senies at £356.829, £1,900.144 and £1,391,714 r8sp8Ctively. In 2023124 designated. unrestricted and r8Stricted reserves were £380.829. £1,991,966 and £1.368,987 respectivély. Total incoming resource5 amounted to £1,903,362 (2023.. £1,787,877}. £314.150 of this was from slatutory sources (£285,033 in 2024). For the other 83,49 % (84.06 % in 2024), Primrose Hospice remains heavity dependent on the generosity of our local communty to support our retail shops. joint lottery and fundraising activities. There was a deficit of £93,095 in 2025 (in 2024 the frgure was a deficit of £207,814). d. Principal funding National Health Service Grants Grant income from the NHS was £280,586, which equat8S to 14.74 % of the H05pice's total fijnding. Primrose Hospice ensures that the limited resources are used responsibly to provide the best care and support to our community. Worcestershire Hospices Lottery Worcestershire Hospi$ Lottery, a joint venture with Acorns Children's Hospice and St. Richard's Hospi, generated income of £76,258 (2024. £76,119) for the Hospice. Donations (Charitable Trusts, Fundraising & other donations) Donations in 2025 were £557.151 (x)mpared to £526.907 in 2024. i.e. 29.270/0 of income. Legacies and In Memoriam Legacies and In Memoriam were £176.105 compared to £181,581 in 2024. 9.25 % of income. Trading Activities The income generated by Primrose's 5 retail shops was £726.186 compared to £679,985 in 2024125. Page 5
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 structure, governance and managoment Constitution The Primrose Hospice is registered as a charitable company limited by guarantee and was set up by a Trust deed. The Primrose Hospice is conslituted under a Trust deed and is a registered charity number 700272. The Primrose Hospice is a charitsble company lirnited by guarante&. incorporated on 20th January 1988, and entered on the Register of charities on 23rd May 1988. The Primrose Hospice was established under a M8morandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. In the evenl of the company being wound up, mernbers are required to contribute an amount of £1 p8r member. b. Methods of appointment or election of Trustees The directors of the company ar8 also charity trustees for the purposes of charity law and, under the company's Arlicl8s, are known as members of the Board of Trustees. The Trustees when complete consist of at least seven and not more than twenty individuals over Ihe age of 18. all of whom must support the Objects. c. Organisational structure and declslon making policies Th8 Board of Trustees administers the Chaiity. The Board meets at least 4 times a year and is responsible for the strategic direction and policy of the Charity. The Chief Executive Officer is appointed by the Trustees lo manage the day to day operations of the Charity and attends the Board Meetings, alongside members of the Senior Leadership Team. To facilitate effective operations, the Chief Executive Officer has delegated authority for operational matters. d. Policies adopted for the induction and training of Trustees The Truslees have a formal induction process which covers all Primrose Hospice policies and prOdureS and Covers the Trustee Code of Conduct, the Trustee declaration, Confidentiality agreement, Nolan 7 Principles, The Charity Commission's publication 'The Essential TFUStee' The Hospice UK 20 Minute guide and Mandatory Training as undertaken by all volunteers. 8. Pay policy for key management personnel Salaries are reviewed to ensure resources are used as efficiently as possible. This. along with benchmarking against similar local charities and assessing the complexity of the role provides a fair and robust remun8ration prosS. f. Financial risk management The Trustees have assessed the major risks to which the Charitable Company is exposed, in particular those relaled lo 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 periods The Trustees and Senior Managem8nt Team plan to continue to deliver servi$ for the Charity's clients. whilst managing other economic uncertainties on the Charty. We will continue to enhance our services and increase utilisation where possibl8. Page 6
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Th8 Board will tak8 a cautious approach to any additional recurrent exp8nditure at present until th8 siluation, particularly around income is clearer. Resenies are at higher than usual levels at present which will provide a buffer against any pending cost pressures. Audltors The auditors. Bishop Fleming Audit Limited, have indicated their willingness to conlinue in office. This matter will be discussed at the Finance Income and General Matters Committee. The Trustees, Report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors, and signed on it5 behalf by: R Laight Trustee Date: 611012S Page 7
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDEO 31 MARCH 2025 The Trustees (who are also the directors of the CharTlable Company for the purposes of company law) are responsibl8 for preparing the Trustees. Report and the financial statements in accDrdance wtth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources. including rts income and expenditure, for that period. In preparing these financial statements, the Trustees are required to." select suitable accounting policies and then apply them consistently. obseNe the methods and principles of the Charities SORP (FRS 102)" make judgements and accounting estirnates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements" prepar8 the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounb.ng recnrds that are sufficient to show and explain the Charitable CompanVs transadions and disclose wtth reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Compani8S Act 2006. They are also responsible for safeguarding Ihe assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of thé members of the board of Trustees and signed on ts behalf by: R Lalght Trustee Date.. 6(io(ZS Page 8
THE PRIMROSE HOSPICE LIMrrED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE PRIMROSE HOSPICE LIMITED OPINION We have audited the financial statements of The Primrose Hospi Limited {the 'charitable companv) for the year ended 31 March 2025 which comprise Ihe Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Rèporting Standsrd applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepled Accounting Practice). In our opinion the financial statements.. grve a true and fair view of the state of the charitable companys affairs as at 31 March 2025 and of its incoming resources and appli(xtion of resources, including its income and expenditure for the year than ended: have been properly prepared in accordance wkni United Kingdom General Accepted Accounting Practi. and have been prepared in accordan with the requirements of the Companies Act 2006. BASIS FOR OPINION W8 conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the 8thical 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 accordance with these requirements. We bdieve that the audrt evidence we have oblain8d is suffici&nl and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slatements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material UnrtaIntieS relating to events or conditions that, Individual or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least PAve months from when the financial statements are 8Uthoris8d for issue. Our responsibilities and the responsibilities of the Trustees with resped to going concern are described in the relevant sections of this report. OTHER INFORMATION The other information comprises the infoTmalion included in the Annual Report other than th8 financial statements and our Auditors, Report thereon. The Trustees are responsible for th8 other information contsined within the Annual Report. Our opinion on the financial statements does not COV8r the other infomiation and, except to the extent otheiSe explicitty ststed in our report, we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other information and, in doing so, consider whether the olher information is materially inconsistent wtth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in Ihe financial statements Ihemselves. If. based on the work we have perfomied, we conclude that th8r8 is a material misstatement of this other information, we are required to report that fact, We have nothing to report in this regard. Page 9
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE PRIMROSE HOSPICE UMITED (CONTINUED) OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the course of the audrt". the information given in the Trustees. Report for the financial year for which the financial stat8ments are prepared is consistent with the financial statements. the Trustees, Report has been prepared in )rdance with applicable legal requirement5. mAERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charitable company and tts environment obtained in the course of the audrt, we have not identified material misstatements in the Trustees. Report. We have nothing to report in respect of the following matters in relatton to which Companiés Ad 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audtl have not be8n received from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns," or rtain disclosures of Trustees, remuneration specified by law are not made" or we have nol received all the inforTnation and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statéments in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Repo RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees. Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are r8sponsible for the preparatian of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees delermine is necessary to enable the preparation of financial stslements that are free from material rnisstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable companls ability to continue as a going concem, disclosing, as applicable, matters relaled to going concem and using the going conrn basis of accounting unless the Trustees eilher intend to liquidate the charitab18 company or to cease operations, or have no realislic alternative but to do so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Audtlors, Report that includes our opinion. Reasonable assurance is a high level of assuran, bLrt is not a guarantee that an audit Conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, indrvidually or in the aggregate, they could reasonably be expeded to influence the economic decisions of users taken on the basis of these financial stalements. Page 10
THE PRIMROSE HOSPICE LIMED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE PRIMROSE HOSPICE LIMITED (CONTINUED) Irregularities, including fraud, are instances of non-ccffipliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in resp8Ct of irregulariti8S, including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below= We have considered Ihe nature of the industry and sector. control environment and the Charfy's performance" We have considered the results of our enquiries of management and the Trustees in relation to their own identificalion and assessment of the risk of iegular1tles For any matters identified we have obtaned and reviewed Ihe Charivs documenlation of their policies and proc8dures relating to" Identifying, edaluating and complying wf(h laws and regulations whether they were awar8 of any instsnces of non-compliance: Detecting and responding to the risk of fraud and whether tPEy have krK)wledge of actual. suspecled or alleged fraud. and The internal controls established to mitigate the risks of fraud or norFcompliance with laws and regulalions. We have considered the matters discussed among the audit engag8ment team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of thase procedures, we considered the opportunities and incentives that may exist wiEhin the organisation for fraud, which included incorrect recognition of revenue and managemet override of controls using manual journal entries. In common with all audits under ISAS (UK>. we are also required to perform specific prOdUreS to respond to the risk of management override. We have obtained an understanding of the legal and regulatory frameWoS that the Charity operates in, focusing on provisions of Ihose laws and regulations that had a direct effect on the detemiination of material amounts and disdosures in the financial statements. The key laws and r8gulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS102 and the terms and conditions attaching to material grants received by the Charity. In addition. we considered provisions of other laws and regulations that do not hav& a direct 8ffect on th8 financial statements but compliance with which may be fundamental to the Charity's ability lo op8rate or to avoid a material penaty. These included the Health & Social Care Act, data protection regulations, health and safety regulations, employment legislation. the Code of Fundraising Practice and gambling legislation. Our procedures to respond to the risks identified induded the following- Reviewing the financial stalement disdosures and lesting to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statement5'. Perfomiing analytical pr(Kedures lo identfy any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud" Reviewing minutes of Trustee meetings" Enquiring of Trustees and management conceming actual and potential litigation and claims- Perfomiing detailed transactional testing in relation to the re¢ognrtion of income, specifically grants and legacies, with a particular focus around year-end cut off., In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the nomial Gourse of business. We also communicated relevant laws and regulations and potential fraud risk5 to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Page 11
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE PRIMROSE HOSPICE LIMITED (CONTINUED) As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstat8menl in financial statements or non-cc¥nplian¢e wth regulalion, will be detect8d by us, The risk increases the furiher removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be awa of it. or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional COnalMent, forgéry, CDllusion, omission or misrepresentation. A further descriplion of our responsibilities for the audit of the financial statements is located on th8 Financial Reporting Council's website at. Nvww.frc.or .uklauditorsres onsibilities. This description forms part of our Audilors, Report. USE OF OUR REPORT This report is made solely to the charitable company's members, as a body. in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might state to the charitable companvs members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest exient permitted by law, we do not accepl or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit wo. for this report, or for the opinions we have fomied. /fva Andrew Wood FCCA (Senior Statutory Audltor) for and on b8halfof Bishop Fleming Audit Limited Chartered Accountants statLrtory Auditors 1-3 College Yard Worcester WR12LB Date.. 8 October 2025 Page 12
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities other trading aclivities Investments 624.789 284,966 814,220 41.736 137,651 762,440 284.966 814.220 41,736 708,488 285,033 762,113 32,243 Total income 1,765,711 137,651 1.903.362 1,787.877 Expenditure on: Raising funds Charitable activities 778,391 1,103,142 5,678 109,246 784,069 1.212.388 731,346 1,264,345 Total expenditure 1.881,$33 114,924 1,996.457 1,995,691 Net movement in funds {115,822) 22,727 193,095 (207,814> Reconciliation of funds: Total funds brought forward Net movement in funds 1372,795 {115,8221 1.368,987 22,727 3.741.782 {93.095) 3,949,596 (207,814) Total funds carried forward 1256,973 1,391,714 3.648.687 3.741,782 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 2025 2025 2024 Nole Fixed assèts Tangible assets Investrnents 13 14 1,827.627 loo 1,897.202 100 1,827,727 1,897,302 Current assets Debtors Investments Cash at bank and in hand 15 247,672 524,251 1.292,671 260,692 16 1,797.343 2.064,594 2,058,035 Current liabilities Creditors.. amounts falling due within one year 17 {243.634) (213,555) Net current assets 1,820.960 1,844,480 Total net assets 3,648,687 3,741,782 Charity funds Restricted funds 18 1,391,714 1.368,987 Designated funds General funds 18 18 356.829 1.900.144 380.829 1,991,966 Total unrestrided funds 18 1256,973 2,372,795 Total funds 3,648,687 3,741,782 The Trustees acknowledge their responsibilities for complying wilh the requirements of the Act with respecl to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject to the sm811 companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by". R Laight Trustee J Baldwln Trustee Date: 110125 The notes on pages 16 to 34 ft)rm part of these financial statements. Page 14
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUAPANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flows from operatlng activities N8t cash us8d in operating activities 21 15,697 22.898 Cash flow6 from investing activities Dividends. interests and rents from investm8nts Purchase of tangible fixed assets Purchase of short temi deposit accounts 41,736 (37,854) (524,251) 32.243 (88,790) Net cash used in investlng adivities 1520,369) {$6,547) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1504,672) 1,797,343 (33,649) 1.830,992 Cash and cash equivalents at the end of the year 1,292.671 1,797,343 The notes on pages 16 to 34 form part of these financial statements Page 15
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 GENERAL INFORMATION The Primrose Hospice is a private Charitable Company limited by guarantee, incorporated in the UK and registered in England and Wales. The regislered ofFe is Primrose Hospice. St. Godwalds Road, Bromsgrove, WorcesterEhire. B60 3BW. The principal activity of the Charttable Company 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 statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chartties prèparing their accounts in accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2008. The Primrose Hospice Llmrted meets the definition of a public b8nefrt entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy. 2.2 GOING CONCERN The Trustees hav8 reviewed financial projection forecasls for a period of at least 18 months following the date of approval of the financial statements. Reserves and bank balances are both strong. The Charitable Company has a net asset value as at 31 March 2025 of £3,648,687 (2024. £3.741.782) with 9.780A of the reserves being held as designated funds and 52.080k of the reseNes being held as general unrestricted fijnds. The freehold property has a net book value totalling £1,723,401 (2024.. £1,805,476), short term investments of £524,251 (2024.. £Nil) and the cash at bank of £1.292,671 {2024'. £1,797,343). After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and for this reason. the financial statements have been prepared on a going concem basis. Page 16
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) 2.3 INCOME All income is recognised once the Charitable Company has entitlement to Ihe income, rt is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entrtlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charitabl8 Company has sufficient evidence that a gift has been left to th8m (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question will not be required to satisfy claims in th8 estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount re1Vable, which will generally be the expected cash amount tr) be distributed to the Charitable Company. can be reliably measured. Grants are included in the Statement of Financial Activities on a rerable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where enttllement occurs before income is received, Ihe income is accrued. Income tax recoverable in relation to investment incomè is recognised at the time the investment income is receivable. 2A EXPENDITURE Exp8nditure is reccgnised On there is a legal or constructive obligation to Iransfer economic benefit to a third party, it is probable that a transfer of economic b8nefrts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activty. The costs of each adivity are made up of the total of direct costs and shared $ts, including support costs involved in undertaking each activty. Direct costs attribLrtable to a single activty are allocated directly to that activity. Shared costs which contribut8 to more than one activity and support costs which are not attributable to a single activty are apportioned between those activtiies on a basis consistent with the use of resources. Central staff costs are allocaled on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable pUoSeS and includes costs of all fundraising activities evenls and non- charitable trading. Expenditure on charita)le acttvities is incurred on directly undertaking the activiti8s which further the Charttable Companvs objectives. as V11 as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 GOVERNMENT GRANTS Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities upon the completion of the r8l&vant performance-relaled conditions. Other grants that are not subject to performance-related condrf(ions are credited to the Statement of Financial Activities as the grant proceeds are received. Grants received prior to Ihe revenue recognition criteria being satisfied are reccgnised as a liability. Page 17
THE PRIMROSE HOSPICE UMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Icontlnued) 2.6 INTEREST RECEIVABLE Interesl on funds held on deposit is included when r1Vable and the amount can b8 measured reliably by the Charitable Company,- this is normally upon notification of the interest paid or payable by the instrtution wrth whom the funds are deposiled. 2.7 TAXATION The Charitable Company is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charitable Company is potentially exempt from laxation in respect of income or capital gains reiVed wthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.8 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £5.000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assels are Initial recognised al cost. After recognition. under the cost model, tangible fixed assets are measur8d at cost less accumulated depreciation and any accumulated impairment losse5. All costs incurred to bring a tangible fixed asset into its intended working Condition should be included in the measuremenl of cosL Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Deprecialion is provided on the following bases: Freehold prope Motor vehicles Fixtures and fittings Office equipment other fixed assels 2_1 Ook straight line 25°A reducing balance 12.50/0 - 25 /ts Straight line 25OA straight line 12.50h or 25°A straight line 2.9 INVESTMENTS Fixed asset investments are a form of financial instrument and are inttialty recognised at their transaclion cost and subsequently measured at fair value at th8 Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impaimient. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Ststement of Financial Activities. Investments in joint ventures are stated at the amount of the Charitable Companys share of net assets. The Statement of Financial Activities includes Ihe Charitable Companff s share of the joint ventures, net income or expenditure using the equity accounting basis. As the joint venture is a charity, the investment is presented within restricted funds. 2.10 DEBTORS Trad8 and other debtors are recognised at the settlement amount after any trade discount offered. prePanentS are valued at the amount prepaid net of any trade discounts due. Page 18
THE PRIMROSE HOSPICE LIMITED {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) 2.11 CURRENT ASSET INVESTMENTS Curr8nt assel investments includes cash on deposit with a notice period of more than three months but less than one year. 2.12 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-term highty liquid investments with a short maturity of three months or less fr¢)m the date of acquisition or openitYJ of the deposit or similar account. 2.13 LIABILITIES AND PROVISIONS Liabilities are recogni5ed when there is an obligation at the Balance Sheet date as a resu of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the arnounts required to S8tt1e the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that refleds the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.14 FINANCIAL INSTRUMENTS The Charitable Company onty has financial assets and financial liabiliti8s of a kind that qualify as basic financial instruments. Basic financial instruments are inttialty recognised at transaction value and subsequentty measured at their settlement value Vth the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.15 PENSIONS The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year. 2.16 FUND ACCOUNTING General funds are unrestricted funds which are available for use at 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 s8t aside by the Trustees for particular purposes. The aim and use of each designated fund is set OLrt in the notes to the financial statemenls. Restricled funds are funds which are to be used in )rdance wtih specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against Ihe specific frjnd. The aim and use of each restricted fund is sel oul in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Page 19
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations Gift Pdd on donations Legacies Govemment grants In memoriam 415,868 32.818 122.486 108.467 524,335 32,816 122A66 29,184 53,639 494,274 32,633 121,610 29.184 53.639 59,971 SUBTOTAL 176,105 29,184 205,289 181.581 624,789 137,651 762.440 708.488 TOTAL 2024 583,691 124,797 708.488 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2025 Total funds 2025 Total funds 2024 CCG fijnding - Hospice services Student placement income 280,586 4,380 280,586 4,380 278,913 6,120 284,966 284.986 285,033 TOTAL 2024 285,033 285,033 Page 20
THE PRIMROSE HOSPICE UMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM OTHER TRADING AcTIVlEs Income from fundraising events As restated Total funds 2024 Unrestricted funds 202S Total funds 2025 Shop and eBay sales Ragging InMe Grft Aid income Lottery income Other income 674,655 14,208 37,323 76,258 11,776 674,655 14.208 37.323 76.258 11.776 628,320 12,917 38,748 76,119 6,009 814,220 814.220 762,113 TOTAL 2024 AS RESTATED 762,113 762,113 The prior year comparative balances for Shcy and eBay sales and Gfft Aid incom8 have been reclassified to a show a more accurate analysis of income. The total income from other trading activities. and overal deficit for the year end8d 31 March 2024 remains unchanged. INVESTMENT INCOME Unrestrlcted funds 2025 Total funds 2025 Tolal funds 2024 Investment income 41,736 41,736 32,243 TOTAL 2024 32,243 32.243 Page 21
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 EXPENDITURE ON RAISING FUNDS CHARITY SHOP EXPENSES Unrestricted Restrlcted funds funds 2025 2025 Total funds 2025 Total fijnds 2024 Charity shop non-staff costs Charity shop staff costs 230,364 315,529 5,678 236,042 315,629 208,755 295,661 545,893 5,678 551,571 504,416 TOTAL 2024 504.416 504,416 FUNDRAISING EXPENSES Unrestricted funds 2025 Total funds 2025 Total funds 2024 Fundraising non-staff costs Fundraising staff costs 59,764 172,734 59,764 172,734 59.370 167,560 232,498 232,498 226,930 TOTAL 2024 226,930 226,930 Page 22
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total 2025 Total 2024 Operalion of Hospice 1,103,142 109,246 1,212,388 1,264,345 TOTAL 2024 1,094,064 170,281 1,264,345 ANALYSIS OF EXPENDITURE BY AcTIriEs Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Total Jnds 2024 Operation of Hospice 839,237 373.151 1,212.388 1,264,345 TOTAL 2024 899.541 364,804 1.264.345 Page 23
THE PRIMROSE HOSPICE UMITED IA COMPANY LIMITED BY GUARANTEE> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF DIRECT COSTS Total funds 202S Total funds 2024 staff costs Depreciation Care equipment Utilities Education and training Laundry and cleaning Patient interaction Repairs and maintenance Printing, stationery and postage Consumables Travel Bad debt write off 599.810 101,124 165 26,453 2,553 7,764 657,875 69,507 534 52,450 29,195 8,710 36,154 5,757 5,016 25.286 13 68,407 3,387 4,583 19.027 839,237 899,541 ANALYSIS OF SUPPORT COSTS Total funds 2025 Total funds 2024 staff costs Recruitment expenses Insurance 270,508 1,995 16,316 37,294 272,701 1,637 17,308 23,050 200 5,674 7,534 19,190 13,486 3,927 97 IT consumables Education and training Telephone Miscellaneous expenses Consultancy fees Audit and accountancy fees Printing, stationery and postage Bank charges 3,977 12.691 16.253 12,565 1.345 207 373,151 364,804 Page 24
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. AUDITORS, REMUNERATION 202S 2024 Fees payable to the Charitable Companys auditor for the audit of the Charitable Companys annual accounts Fees payable to the Charitable CoMpanS audrtor in respect of: Preparation of th8 annual accounts 10.710 9,950 2,825 11. STAFF COSTS 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,180,608 99,905 78,068 1,214.298 101,473 78,026 1,358,581 1,393,797 The average number of persons employed by the Charitable Company durtng the year was as follows: 2025 No. 2024 No. Hospice services Fundraising Management & administralion Merchandising 20 23 12 14 10 53 51 The number of ernployees whose employee benefits (excluding employer pension costs} exceeded £60,000 was.. 2025 2024 No. 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 lotal employee benefits of the key management personnel were £246,085 (2024.. £243.573). including employerfs pension contributions. 12. TRUSTEES, REMUNERATION AND EXPENSES During the year. no Trustees received any remuneration or other benefrts (2024 - £NIL). Page 25
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. TRUSTEES. REMUNERATION AND EENsEs (CONTINUED) During the year ended 31 March 2025. no Trustee expenses have been incurr8d (2024- £NIL). 13. TANGIBLE FIXED ASSETS Freehold property Motor Fixtures and vehic18S fittings Office equipment Total COST OR VALUATION At 1 April 2024 Addrtions 2,684.955 15,730 163,746 50,659 61,097 2,925,528 50.659 Al 31 March 2025 2,684.955 15,730 214AOS 61,097 2,976,187 DEPRECIATION At 1 April 2024 Charge for the year Impaimient charge 879.479 $3,959 28,116 13.221 627 82,253 31,353 53,373 6,179 1.028,326 92,118 28,116 At 31 March 2025 961,554 13,848 113,606 59,552 1,148,560 NET BOOK VALUE At 31 March 2025 1.723,401 1.882 100,799 1,S45 1,827,627 At 31 March 2024 1.805.476 2.509 81.493 7,724 1.897,202 Page 26
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. FIXED ASSET INVESTMENTS Investment in joint ventur8S COST OR VALUATION At 1 April 2024 100 AT 31 MARCH 2025 NET BOOK VALUE AT 31 MARCH 2025 100 AT 31 MARCH 2024 100 PRINCIPAL JOINT VENTURES The following was a joint venture of the Charitable Ccmpany: Name Fair value of investment Profrt for th8 year Worceslershire Hospices Lottery Limited 100 76.258 The Charttable Company has a one third shared holding in a joint venture. Worcester HospIS Lottery Limrted, which entitles the Charitable Company to a third of its distributable reserves. 15. DEBTORS 2025 2024 DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income Tax recoverable 1,424 1,337 98 248,398 10,859 233,699 12,549 247,672 260,692 Page 27
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. CURRENT ASSET INVESTMENTS 2025 2024 Shorl lerm deposit account 524.251 524.251 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trad8 creditors other creditors Accruals and deferred income 176,395 11,991 55,248 139.813 12,063 61.679 243,634 213.555 Page 28
THE PRIMROSE HOSPICE LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. STATEMENT OF FUNDS STATEMENT OF FUNDS-CURRENT YEAR Balancè at 31 March 2025 Balance at 1 April 2024 Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Designated funds 380.829 (24,0001 366,829 GENERAL FUNDS General funds 1.991.966 1,765,711 (1.857.533) 1,900,144 TOTAL UNRESTRICTED FUNDS 2,372.795 1,765,711 (1.881.533) 2,256,973 RESTRICTED FUNDS 2004 Capital Appeal 2008 Squaring the Circle Bromsgrove Distrid Council Department of Health- 2010 grant Grand Lodge of Mark Master Masons Sensory Garden The Rowlands Trust Departmenl of Health - Garden Room Kildare Trust stoke Prior Bares National Lottery Com Fund DHSC Capital Grant Progrtrnme other small funds DMF Ellis Trust 287,385 96,030 2,509 529.840 30.426 1.000 (9,742 12,825 (627 {14,320) (823 (1.000 277,643 93,205 1,882 515,520 29,603 9.678 9,678 395,012 33,081 10,438 1,031 23,506 1,115 405,076 110,064 123,893) 13,28Q) 117,3011 15,678 119.371) 16.000 56,974 13.718 18.332 29.184 17A83 6.000 3.003 1,368.987 137.651 (114.9241 1,391,714 TOTAL OF FUNDS 3,741,782 1,903,362 11,996,457> 3,648,687 Page 29
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. STATEMENT OF FUNDS (colNUED) The specific purposes for which the funds are to be applied are as follows.. 2004 Capital Appeal - Funding r8ised by th8 charity for an extension to the original building and are reduced annually by an amount equivalent to the depreciation charge in respect of that building cost. 2008 Squaring the Circl8 - Funding recew8d from the Department of HeaFth 5UPPOrting Dignty 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 annLk21ty. Bromsgrove Dlstrlct Council - The funds were received to fund our new Wellbeing project, designed to support people with a lrfe limiting illness in managing and maintaining their qualty of lrfe. Deparlment of Health - 2010 Grant- The funds were recetV8d to fund the famity support centre. Grand Lodge of Mark Master Masons equipment in the farn11 support nt Funds raised by the charity for the fixtures, fittings and Sensory Garden - The funds were received for a garden designated for the use of the children who are supported by Primrose. Department of Health - Garden Room - Funding reiVed from the D8partment of Health to provide new accommodation space for day patients. Stoke Prior Bares - The funds were recewed to supporting the runniThJ of the GALS group. The Rowlands Trust- The funds were received for the refurt)ishment of the patient bathroom. Kildare Trust- The funds were received for updating fire safety measures. National Lottery Com Fund - The funds were received lo support the running of the children'5 servIs. DMF Ellis Trust - The funds were received to support the running of the day hospice. DHSC Capital Grant Programme - The funds were received from the DHSC to support hospices. Other Funds - A number of additional donations were received throughout the year which will help fund the provision of group support, IT, building work and other ad hoc items. Deslgnated Funds - Funds totslling £356.829 have teen designated for future essential projects. A breakdown of funds designaled by project is shown in the table on page 6. This includes high cost mainlenance projects but also significant funding to support the organisation to move towards more sustainable energy supplies and offset our carbon footprinl. We are committed to achieving net zero on emissions by 2050 and intend to take major steps towards Ihis larget by 2030. Page 30
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 MARCH 2025 18. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR Balance at 31 March 2024 Balan at 1 April 2023 Transfers inlout Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Designated funds 431,299 (179,470) 129.000 380,829 GENERAL FUNDS General funds 2.103.826 1,663,080 (1,645,940) (129.000) 1.991,966 TOTAL UNRESTRICTED FUNDS 2,535,125 1.663.080 {1,825,410) 2,372,795 RESTRICTED FUNDS 2004 Capital Appeal 2008 Squaring the Circle Bromsgrove District Council Department of Health - 2010 grant Grand Lodge of Mark Masler Masons Sensory Garden Department of Health - Garden Room Interserve Eveson Trust stoke Prior Bares William A Cadbury Trust DHSC Capital Grant Programme other small funds 297.127 98,855 3,115 (9.742) (2.825) {606) 287,385 96.030 2,509 544,160 (14.320) 529.840 31,249 3,000 (823) (2.000) 30,426 1,000 415,140 162 (10,064) (182) (35.000) (3,483) (20,000) 405,076 35.000 17,181 13,718 20.000 30,000 39,797 (30,000) (41,276) 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 31
THE PRIMROSE HOSPICE UMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 March 2025 Balance at 1 Aprll 2024 Income Expenditure Designated funds General funds Restricted funds 380,829 1,991,966 1.388.987 (24,000) 356,829 11.857,533) 1,91)O,q44 (114,924) 1,391.714 1,765,711 137.651 3.741,782 1,903.362 (1,996,457) 3.648.687 SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Designated funds General funds Restricted funds 431,299 2,103,826 1.414.471 (179.470) 129,000 1.663,080 (1.645,940) (129,000) 124,797 {170,281} 380,829 1,991,966 1,368,987 3.949.596 1.787,87T {1,995,691) 3,741,782 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSEfs BET¥VEEN FUNDS - CURRENT YEAR Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tangible fixed assels Fixed asset investments Current assels Creditors due within one year 491,256 100 2,009,251 (243,634) 1,336,371 1,827,627 100 2,064,594 <243.634) 55,343 TOTAL 2,256,973 1,391.714 3.648.687 Page 32
THE PRIMROSE HOSPICE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS {CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Fixed ass8t investments Currenl assets Creditors due within one year 547,445 100 2.038,805 (213,555) 1,349.757 1,897,202 100 2,058,035 {213,555) 19,230 TOTAL 2.372,795 1.368,987 3,741,782 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 21. 2025 2024 Net expenditure for the year (as per Statement of Financial Activities) (93,095) (207,814) ADJUSTMENTS FOR: Depreciation charges Dividends, interests and rents from investments {Increase)Idecrease in debtors Increasel(decrease} in creditors 79,313 (41,736) 13,020 30,079 69,507 {32.243) 231,673 (38,225> NET CASH PROVIDED BYI{USED IN) OPERATING ACTIVITIES (12,419) 22.898 ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash in hand 1,292,671 1,797,343 TOTAL CASH AND CASH EQUIVALENTS 1,292,671 1,797,343 Pa3e 33
THE PRIMROSE HOSPICE LIMITED {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand Short term depostl account 1,797.343 (504,6721 1,292,671 524,251 524,251 24. PENSION COMMITMENTS The Charitsble 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 represents contributions payable by th8 Charitable Company to the fund and amounted to £78,068 {2024.' £78,026). Contributions totalling £7,232 (2024: £6,794) were payablé to the fund at Ihe balance sheet date. 25. OPERATING LEASE COMMITMENTS At 31 March 2025 the Charitable Company had commitments to make fiJtur8 minimum lease payments under non-cancellable operating leases as follows: 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 69,158 272,524 20,083 52,158 152,524 21,083 361.765 225,765 26. RELATED PARTY TRANSACTIONS During the year the Chaiity generated inrne of £76,258 (2024: £76,119) via a joint venture enterprise, Worcestershire Hospices Lottery Linited. The amounl due lo the Charity at the year end amounted to £18.814 (2024: £19,974). Page 34