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## The Martlets Hospice Limited
Financial Statements For the year ended 31 March 2024
Company Number: 02326410 (England & Wales) Charity Number: 802145
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
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## THE MARTLETS HOSPICE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION
## Directors and Trustees
Chief Executive
Charity Number
## Company Number
Principal Address and Registered Office
Bankers
Auditors
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## Income
## Expenditure
## Reserves Policy
## Designated Reserves
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## THE MARTLETS HOSPICE LIMITED
# TRUSTEES' REPORT, INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024
## Trustee Declaration
So far as the Trustees are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company’s Auditors are unaware, and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the Company’s Auditors are aware of that information.
The Trustees’ Report incorporating the Strategic Report was approved by the Board of Trustees on 26/9/2024 2024 and signed on its behalf by:
Michael Rymer Chairperson
Christopher Thomas Trustee
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## INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE MARTLETS HOSPICE LIMITED
We have audited the financial statements of The Martlets Hospice Limited (‘the charitable company’) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance sheet, the Consolidated Cash Flow Statement and notes to the financial statements, 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group's and the parent charitable company’s affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Emphasis of matter - Financial statements prepared on a basis other than Going Concern
We draw attention to Note 1.3 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.3. Our opinion is not modified in respect of this matter.
## Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE MARTLETS HOSPICE LIMITED
## Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the trustees’ annual report have been prepared in accordance with applicable legal requirements.
## Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the charitable company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report and the annual trustees' report.
We have nothing to report in respect of the following matters where the Companies Act 2011 requires us to report to you if, in our opinion:
- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
- the charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; 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’ responsibilities statement set out on page 12, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the financial statements
Our objectives are 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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## INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE MARTLETS HOSPICE LIMITED
## Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.
Our approach was as follows:
- we obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council;
- we obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance;
- we assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance;
- we inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations;
- based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
- obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control;
- • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees;
- conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern;
- evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE MARTLETS HOSPICE LIMITED
## Use of our report
This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinion we have formed.
## James Saunders (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP, Statutory Auditor
Betchworth House 57-65 Station Road Redhill Surrey RH1 1DL Date 4/10/2024
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## THE MARTLETS HOSPICE LIMITED
## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
|Note
INCOME AND ENDOWMENTS:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Income from investments
5
Total Income and Endowments
EXPENDITURE:
Raising funds
6
Charitable activities
7
Total Expenditure
Net gains/ (losses) on investments
Taxation
Net Surplus/ (Deficit)
Transfers between funds
Net movement in funds
Reconciliation of Funds
Balance brought forward
Balance carried forward
21
Net Surplus/ (Deficit) before other recognised gains and
losses|General
£
5,141,136
2,705,470
4,228,653
35,064
12,110,323
2,525,808
9,848,947
12,374,755
(264,432)
(15,000)
-
(279,432)
(718,674)
(998,106)
2,296,558
1,298,452
Unrestri|Designated
£
-
-
-
-
-
-
-
-
-
-
-
-
3,914,329
3,914,329
7,000,000
10,914,329
202
cted Funds|Restricted
Funds
£
2,001,206
-
5,354
-
2,006,560
-
1,173,809
1,173,809
832,751
-
-
832,751
(3,195,655)
(2,362,904)
2,369,857
6,953
4|Total
Funds
£
7,142,342
2,705,470
4,234,007
35,064
14,116,883
2,525,808
11,022,756
13,548,564
568,319
(15,000)
-
553,319
-
553,319
11,666,415
12,219,734|General
£
2,004,595
2,692,917
3,223,273
180,718
8,101,503
2,268,287
9,225,459
11,493,746
(3,392,243)
(247,694)
-
(3,639,937)
-
(3,639,937)
5,936,495
2,296,558
Unrestric|Designated
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,000,000
7,000,000
202
ted Funds|Restricted
Funds
£
77,631
-
676,163
-
753,794
-
99,446
99,446
654,348
-
-
654,348
-
654,348
1,715,509
2,369,857
3|Total
Funds
£
2,082,226
2,692,917
3,899,436
180,718
8,855,297
2,268,287
9,324,905
11,593,192
(2,737,895)
-
(247,694)
-
(2,985,589)
-
(2,985,589)
14,652,004
11,666,415|
|---|---|---|---|---|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year and all income and expenditure derive from continuing activities. The Hospice has a surplus for the year of £642,674 (2023: £2,870,383).
The notes on pages 21 to 37 form part of these financial statements.
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024
|Notes
Fixed assets:
Tangible assets
12
Intangible assets
13
Investment property
11
Investments
14|£|2024|£
10,914,329
-
-
-|£|2023|£
7,147,117
-
1,500,000
-|
|---|---|---|---|---|---|---|
|Total fixed assets
Current assets:
Stock
16
Debtors
17
Cash at bank and in hand|24,815
2,666,578
755,919||10,914,329|30,977
2,588,029
2,190,038||8,647,117|
|Total current assets
Liabilities:
Creditors: Amounts falling due
within one year
18|3,447,312
(2,073,055)|||4,809,044
(1,746,739)|||
|Net current assets|||1,374,257|||3,062,305|
|Total assets less current liabilities
Creditors: Amounts falling due in
greater than one year
19
Net assets|||12,288,586
(68,853)
12,219,734|||11,709,422
(43,008)
11,666,415|
|The funds of the charity:
Restricted funds
21
Unrestricted funds
21
Designated funds
21|||6,953
1,298,452
10,914,329|||2,369,857
2,296,558
7,000,000|
|Total funds|||12,219,734|||11,666,415|
## 26/9/2024
These financial statements were approved by the members of the Board of Trustees on ………………… and signed on their behalf by:
Michael Rymer BO007357FE3A94EA... Christopher Thomas Trustee Secretary
Charity number: 802145 Company number: 02326410 (England and Wales)
The notes on pages 21 to 37 form part of these financial statements.
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024
|Notes
Fixed assets:
Tangible assets
12
Intangible assets
13
Investment property
11
Investments
14|£|2024|£
10,914,329
-
-
2|£|2023|£
7,125,678
-
1,500,000
2|
|---|---|---|---|---|---|---|
|Total fixed assets
Current assets:
Debtors
17
Cash at bank and in hand|2,737,724
608,932||10,914,331|2,658,456
2,075,421||8,625,680|
|Total current assets
Liabilities:
Creditors: Amounts falling due within one
year
18|3,346,656
(1,869,838)|||4,733,877
(1,611,150)|||
|Net current assets|||1,476,818|||3,122,727|
|Total assets less current liabilities
Creditors: Amounts falling due in greater
than one year
19|||12,391,149
-|||11,748,407
-|
|Net assets|||12,391,149|||11,748,407|
|The funds of the charity:
Restricted funds
21
Unrestricted funds
Designated funds|||6,953
12,384,196
-|||2,369,857
2,378,550
7,000,000|
|Total funds|||12,391,149|||11,748,407|
26/9/2024 These financial statements were approved by the members of the Board of Trustees on ………………… and signed on their behalf by: MidraclSigned by: Rumer rl DocuSigned by: B007357FE3A94EA... 6B60A64E39EC45A... Michael Rymer Christopher Thomas Trustee Secretary
These financial statements were approved by the members of the Board of Trustees on ………………… and signed on their behalf by:
Charity number: 802145 Company number: 02326410 (England and Wales)
The notes on pages 21 to 37 form part of these financial statements.
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024
**----- Start of picture text -----**
Notes 2024 2023
£ £
Cash flows from operating activities:
Net cash provided by operating activities 24 2,441,026 (1,557,950)
Cash flows from investing activities:
Dividends and interest receivable 35,064 180,718
Purchase of tangible fixed assets (5,410,209) (4,133,409)
Proceeds from sale of investments and fixed assets - 2,244,511
Proceeds from sale of investment properties 1,500,000 540,000
Proceeds from maturity of investment portfolio - 1,277,470
Net cash provided by investing activities (3,875,145) 109,290
Change in cash and cash equivalents in
the reporting period (1,434,119) (1,448,660)
Cash and cash equivalents at the
beginning of the reporting period 2,190,038 3,638,698
Cash and cash equivalents at the end
of the reporting period 25 755,919 2,190,038
**----- End of picture text -----**
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 1 ACCOUNTING POLICIES
## Company Information
The Martlets Hospice Limited is a charitable company, limited by guarantee, registered in England and Wales. The charitable company's registered number and registered office address can be found in the Legal and Administrative information section of the accounts.
The Group consists of Martlets Hospice Limited and its two subsidiaries, The Martlets Trading Co Limited and Martlets Care Limited.
## 1.1 Basis of Preparation
A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty, is set out below.
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Companies Act 2006, The Charities Act 2011 and follows the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland ('the SORP'). The financial statements have been prepared on the historical basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## 1.2 Basis of consolidation
The results of The Martlets Trading Co Limited and Martlets Care Limited have been consolidated on a line by line basis. The results for the subsidiaries are disclosed in note 15. As permitted by s408 Companies Act 2006, the Hospice has not presented its own Statement of Financial Activities and related notes.
## 1.3 Going concern
At the Balance Sheet date the group had net assets of £12,219,734 including cash balances of £2,666,578. On the 1st February 2024 an agreement was reached to make the group part of St Barnabas Hospice meaning the company is expected to be liquidated in due course. Due to this the trustees have made the assessment that the financial statements are prepared on a basis other than going concern.
## 1.4 Incoming resources
Grants are recognised as income over the period to which they relate. Any grant funding received in advance is recognised as deferred income on the balance sheet.
Legacies are recognised following probate and once there is sufficient evidence that receipt is probable and the amount of the legacy receivable can be measured reliably. Where entitlement to a legacy exists but there is uncertainty as to its receipt or the amount receivable, details are disclosed as a contingent asset until the criteria for income recognition are met.
All other incoming resources are recognised when the charity is entitled to the income, there is certainty of receipt and the monetary value can be measured with reasonable accuracy.
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 1 ACCOUNTING POLICIES (CONTINUED)
## 1.5 Government grant receivable
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
## 1.6 Donated goods
Donated goods and services have not been recognised in these financial statements as it is not practicable to do so as the cost outweighs the benefit.
## 1.7 Resources expended and the basis of allocation of costs
Expenditure is accounted for on an accruals basis. Overheads and other costs not directly attributable to particular projects are apportioned to the relevant funds on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff, time or space occupied, as appropriate.
Costs relating to a particular activity are allocated directly and others are apportioned on an appropriate staff basis. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designated to reflect the use of the resources.
## 1.8 Fixed assets
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less estimated residual value, over the expected useful life on the following basis:
- Leasehold buildings straight line over 30 years - Furniture & equipment straight line over 4 years Motor vehicles - straight line over 4 years - Computer equipment straight line over 4 years
At the end of each accounting period the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.
Assets under construction are not depreciated until the asset is brought into use.
Assets are written off to the Statement of Financial Activities once their net book value becomes less than £5,000.
## 1.9 Intangible fixed assets
Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Website
- 25% straight line
Assets are written off to the Statement of Financial Activities once their net book value becomes less than £5,000.
## 1.10 Stock
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stock held for distribution at no or nominal consideration is measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 1 ACCOUNTING POLICIES (CONTINUED)
## 1.11 Investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the intity so as to obtain benefits from its activities.
## 1.12 Financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at k t t f i t t
## 1.13 Financial liabilities
Basic financial liabilities are initially measured at transaction price.
## 1.14 Leases
Rent payable under operating leases is accounted for in the Statement of Financial Activities in equal amounts over the period of the lease.
## 1.15 Taxation
The Martlets Hospice Limited is registered as a charity and all its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010. Any tax changed incurred by the Group is based on taxable profit for the year and included as a liability at the balance sheet date where necessary.
## 1.16 Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Statement of Financial Activities, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 1 ACCOUNTING POLICIES (CONTINUED)
## 1.17 Pension costs and other post-retirement benefits
The Martlets Hospice Limited operates a defined benefit pension scheme and a defined contribution pension scheme for its staff. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
The Martlets Hospice Limited is one of many employers in the NHS Pension Scheme. It is, therefore, not possible to allocate any actuarial surplus or deficit and, consequently, contributions to the NHS Pension Scheme are charged to the Statement of Financial Activities in the year in which they fall due for payment. The scheme has both defined benefits and contributions, any shortfall in the national fund being met by the Exchequer.
## 1.18 Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds are funds set aside by Trustees to be used for a specific purpose.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## 1.19 Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
## 2 DONATIONS AND LEGACIES
|Patient related donations
Legacies receivable
General donations from individuals
Corporate donations
Donated goods Gift Aid scheme
Charitable Trust donations|Unrestricted
Funds
£
203,040
1,337,040
591,404
89,040
94,351
2,826,261
5,141,136|Restricted
Funds
£
-
-
102,557
120
-
1,898,529
2,001,206|Total
2024
£
203,040
1,337,040
693,961
89,160
94,351
4,724,790
7,142,342|Total
2023
£
271,269
620,657
306,981
112,647
66,981
703,691
2,082,226|
|---|---|---|---|---|
- 19 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
**----- Start of picture text -----**
3 INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
-
CCG grants 2,648,502 2,648,502 2,621,045
-
COVID-19 grants 2,047 2,047 29,338
Other services 54,922 - 54,922 42,534
-
2,705,470 2,705,470 2,692,917
4 INCOME FROM OTHER TRADING ACTIVITIES
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
-
Shop sales 1,642,756 1,642,756 1,474,196
Online sales 102,682 - 102,682 103,466
-
Recycled sales 44,544 44,544 44,121
New Goods sales 120,721 - 120,721 71,313
-
Care packages 696,246 696,246 713,681
-
Respite packages 95,262 95,262 123,368
Functions and events income 863,361 5,354 868,715 690,991
Collection boxes 9,184 - 9,184 10,912
-
Lottery income 653,896 653,896 667,388
4,228,653 5,354 4,234,007 3,899,436
5 INVESTMENT INCOME
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Dividend income 8,648 - 8,648 79,645
Interest income 18,989 - 18,989 30,281
Rental income 7,427 - 7,427 70,792
-
35,064 35,064 180,718
6 EXPENDITURE ON RAISING FUNDS
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Activities undertaken directly
Staff costs 1,357,217 - 1,357,217 1,272,120
Other costs 490,537 - 490,537 403,806
-
1,847,754 1,847,754 1,675,926
Support costs
Staff costs 114,590 - 114,590 135,058
Other costs 563,464 - 563,464 457,304
-
678,054 678,054 592,362
-
2,525,808 2,525,808 2,268,288
**----- End of picture text -----**
- 20 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
|7
EXPENDITURE ON CHARITABLE ACTIVITIES
Activities undertaken directly
Staff costs
Other costs
Support
Staff costs
Other costs
8
ANALYSIS OF SUPPORT COSTS
Staff costs
Printing and stationery
Advertising
Legal and professional fees
Auditor's remuneration
Conference and training
Computer running costs
Service contracts
Repairs and renewals
Security
Travel and motor costs
Rent and rates
Heat and light
Telephone costs
Insurance
Subscription costs
Investment management
Bank charges
Other costs
Depreciation costs
Impairment costs|Unrestricted
Funds
£
5,000,039
476,297
5,476,336
1,919,483
2,453,128
4,372,611
9,848,947
Unrestricted
funds
£
2,034,073
46,588
34,044
206,067
20,614
33,782
488,321
21,056
99,110
494
59,773
948,236
135,895
38,030
67,613
15,661
-
39,782
157,410
629,963
1,013,035
6,089,547|Restricted
Funds
£
69,692
65,237
134,929
-
1,038,880
1,038,880
1,173,809
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Total
2024
£
5,069,731
541,534
5,611,265
1,919,483
3,492,008
5,411,491
11,022,756
Total
2024
£
2,034,073
46,588
34,044
206,067
20,614
33,782
488,321
21,056
99,110
494
59,773
948,236
135,895
38,030
67,613
15,661
-
39,782
157,410
629,963
1,013,035
6,089,547|Total
2023
£
4,279,297
481,024
4,760,321
2,399,594
2,164,989
4,564,583
9,324,905
Total
2023
£
2,534,652
51,375
50,020
122,337
21,524
68,827
408,787
20,528
22,518
2,551
52,259
1,245,853
184,852
34,473
61,879
15,331
16,426
31,707
84,786
126,260
-
5,156,945|
|---|---|---|---|---|
Included within Support Costs above are Governance Costs. These costs include auditor's remuneration of £20,614 (2023: £21,524).
## 9 STAFF COSTS
|Wages and salaries
Social security costs
Pension costs|2024
£
7,245,951
656,979
534,541
8,437,471|2023
£
6,895,637
653,262
513,539
8,062,438|
|---|---|---|
The average monthly number of employees (full time equivalent) during the year was as follows:
|Direct charitable activities
Administration
Fundraising
Martlets Care Limited
The Martlets Trading Co Limited|2024
Number
128
39
11
42
34
254|2023
Number
124
58
14
49
34
279|
|---|---|---|
- 21 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## **THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **9 STAFF COSTS (continued)**
The number of employees whose emoluments, excluding pension contributions, were over £60,000 during the year were:
|£60,000 - £70,000
£70,000 - £80,000
£80,000 - £90,000
£90,0000 - £100,000
£100,000 - £110,000
£120,000 - £130,000
£140,000 - £150,000
£160,000 - £170,000
£180,000 - £190,000|**2024**
**£**
3
2
2
-
-
1
1
1
-
10|**2023**
**£**
3
3
1
1
1
-
-
1
1
11|
|---|---|---|
Of the employees whose emoluments exceed £60,000, 6 (2023: 6) have retirement benefits accruing under defined benefit pension schemes. Pension contributions for higher paid employees in the year amounted to £76,184 (2023: £92,812).
The key management personnel of the parent charitable company comprise the Chief Executive, Director of Income Generation, Director of Finance and Support Services, Director of Clinical Services and the Director of People Services.
During the year key management personnel received total remuneration of £511,996 (2023: £713,845).
## **10 TRUSTEE REMUNERATION**
The trustees did not receive any remuneration during the year (2023 - £nil). Trustees received reimbursement of expenses in the year of £nil (2023 - £422).
## **11 INVESTMENT PROPERTY**
|**CHARITY AND GROUP**
**Fair Value**
At 1 April 2023
Disposed
Revaluation
**At 31 March 2024**|**£**
1,500,000
(1,500,000)
-
**-**|
|---|---|
- 22 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 12 TANGIBLE FIXED ASSETS
|GROUP
Cost:
At 1 April 2023
Additions
Impairment
At 31 March 2024
Depreciation:
At 1 April 2023
Charge for the year
Impairment losses
At 31 March 2024
Net Book Value:
At 31 March 2024
At 31 March 2023
CHARITY
Cost:
At 1 April 2023
Additions
Disposals
Impairment
At 31 March 2024
At 1 April 2023
Charge for the year
Impairment losses
At 31 March 2024
Net Book Value:
At 31 March 2024
At 31 March 2023
Transfer of assets
brought to use
Transfer of assets
brought to use
Adjustment in relation to
prior year
Adjustment in relation to
prior year|Asset Under
Construction
£
4,641,173
5,331,357
-
(9,972,530)
-
-
-
-
-
-
4,641,173
Asset Under
Construction
£
4,641,173
5,331,357
-
-
(9,972,530)
-
-
-
-
-
-
4,641,173|Leasehold
buildings
£
3,837,547
-
(1,851,714)
9,712,585
11,698,418
1,450,453
274,319
239,120
(847,309)
1,116,583
10,581,835
2,387,094
Leasehold
buildings
£
3,837,547
-
-
(1,851,714)
9,712,585
11,698,418
1,450,453
274,319
239,120
(847,309)
1,116,583
10,581,835
2,387,094|Furniture &
equipment
£
372,788
-
(344,784)
259,945
287,949
333,692
36,772
23,914
(344,492)
49,886
238,063
39,096
Furniture &
equipment
£
319,623
-
-
(291,622)
259,945
287,946
293,177
24,120
23,914
(291,328)
49,883
238,063
26,446|Computer
equipment
£
405,274
78,852
(220,399)
-
263,727
340,220
(2,518)
45,667
(214,073)
169,296
94,431
65,054
Computer
equipment
£
405,274
78,852
-
(220,399)
-
263,727
340,220
(2,518)
45,667
(214,073)
169,296
94,431
65,054|Motor
vehicles
£
61,428
-
(61,428)
-
-
46,727
6,877
5,812
(59,416)
-
-
14,701
Motor
vehicles
£
40,593
-
-
(40,593)
-
-
34,682
4,038
1,873
(40,593)
-
-
5,911|Total
£
9,318,210
5,410,209
(2,478,325)
-
12,250,094
2,171,092
315,450
314,513
(1,465,290)
1,335,765
10,914,329
7,147,118
Total
£
9,244,210
5,410,209
-
(2,404,328)
-
12,250,091
2,118,532
299,959
310,574
(1,393,303)
1,335,762
10,914,329
7,125,678|
|---|---|---|---|---|---|---|
Impairment has been recognised this year due to the old hospice building being written off now the construction work on the new building has been completed and some smaller items where the net book value had dropped below £5,000. There has also been a change in the depreciation policy during the year to align the policy with St Barnabas Hospice's policy.
- 23 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 13 INTANGIBLE FIXED ASSETS
|Website costs
Cost:
At 1 April 2023
Additions
At 31 March 2024
Depreciation:
At 1 April 2023
Charge for the year
At 31 March 2024
Net Book Value:
At 31 March 2024
At 31 March 2023|GROUP
£
38,900
-
38,900
38,900
-
38,900
-
-|CHARITY
£
20,000
-
20,000
20,000
-
20,000
-
-|
|---|---|---|
## 14 FIXED ASSET INVESTMENTS
|Cost:
At 1 April 2023
Additions
Disposals
Revaluations
Transfers
At 31 March 2024|Subsidiary
Total
Investments
£
2
2
-
-
-
-
-
-
-
-
2
2
CHARITY|
|---|---|
## At 31 March 2024
The subsidiary undertakings included as investment at the balance sheet date are:
|Name of Company|Class of Shares|Holdings|Nature of Business|
|---|---|---|---|
|Martlets Care Limited|Ordinary|100%|Provides welfare services and|
||||care|
|The Martlets Trading Co Limited|Ordinary|100%|Retail sale of goods|
- 24 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 15 SUBSIDARY COMPANIES
## 15a Martlets Care Limited
The Hospice owns a subsidiary, Martlets Care Limited (company number 06250709).
|Income statement
Turnover
Cost of sales|2024
2023
£
£
791,508
837,049
(566,870)
(563,943)|
|---|---|
|Gross profit
Operating expenses
Other operating income|224,638
273,106
(215,718)
(220,503)
2,131
8,907|
|Net profit
Gift aid donated to hospice|11,051
61,510
(11,051)
(61,510)|
|Profit for the financial year being the retained profit|-
-|
|Balance sheet
Assets
Liabilities|2024
2023
£
£
390,104
445,032
(381,934)
(386,403)|
|Net assets|8,170
58,629|
|Represented by:
Capital
Reserves|1
1
8,169
58,628|
||8,170
58,629|
|15b
The Martlets Trading Co Limited
2024
2023
Income statement
£
£
Turnover
1,852,625
1,660,179
Cost of sales
(83,273)
(36,568)
The Hospice owns a subsidiary, The Martlets Trading Co Limited (company number
04557282).||
|Gross profit
Operating expenses
Other operating income
Interest receivable|1,769,352
1,623,611
(1,616,669)
(1,457,286)
10,774
30,103
-|
|Profit / (Loss) before tax
Taxation|163,457
196,428
-
-|
|Net profit
Gift aid donated to hospice|163,457
196,428
(163,457)
(196,428)|
|Profit for the financial year|-
-|
- 25 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 15b Martlets Tading Co Limited (continued)
|Balance sheet
Assets
Liabilities
Net assets
Represented by:
Capital
Reserves
16.
STOCK
Shop stock
17
DEBTORS
Trade debtors
Amounts due from group companies
Prepayments and accrued income
Social security and other taxes
Other debtors|2024
2023
£
£
24,815
30,977
2024
2023
£
£
667,941
670,879
-
-
1,839,691
1,414,430
80,510
467,941
78,436
34,780
2,666,578
2,588,030
GROUP
GROUP|2024
2023
£
£
478,979
394,710
(511,942)
(394,709)
(32,963)
1
1
1
(32,964)
-
(32,963)
1
2024
2023
£
£
-
-
2024
2023
£
£
406,588
443,338
620,974
582,433
1,651,606
1,168,952
58,031
447,033
525
16,700
2,737,724
2,658,456
CHARITY
CHARITY|
|---|---|---|
Included within prepayments and accrued income is legacy income receivable of £1,495,285 (2023: £1,175,426) due to the Charity.
## 18 CREDITORS: Amounts falling due within one year
|2024
2023
£
£
Trade creditors
96,574
811,194
Amounts due to St Barnabas Hospice
1,005,322
-
Accruals and deferred income
621,817
579,431
Social security and other taxes
156,598
159,371
Other creditors
192,744
196,742
2,073,055
1,746,738
GROUP|2024
2023
£
£
51,561
798,040
1,005,322
-
559,938
546,677
133,905
141,822
119,112
124,611
1,869,838
1,611,150
CHARITY|
|---|---|
- 26 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 18 CREDITORS: Amounts falling due within one year (continued)
|Deferred income
Balance as at 1 April 2023
Movement in the year
Balance as at 31 March 2024|GROUP
£
417,512
4,060
421,572|CHARITY
£
394,849
6,107
400,956|
|---|---|---|
## 19 CREDITORS: Amounts falling due after 1 year.
|Other creditors|2024
2023
£
£
68,853
43,008
68,853
43,008
GROUP|2024
2023
£
£
-
-
-
-
CHARITY|
|---|---|---|
## 20 PENSION COMMITMENTS
- The Charity operated three pension schemes during the year on behalf of its employees. - NHS Superannuation Scheme
- Royal London
Contributions to each scheme are charged to the Statement of Financial Activities as they arise.
Royal London: This is a defined contribution scheme. The assets of the scheme are held separately from Group in a fund independently administered by Royal London and the assets and liabilities of the scheme are therefore represented in the Group accounts.
NHS Superannuation Scheme: The Group makes contributions to the scheme for nursing and medical staff. The scheme is an approved multi-employer scheme and, as such, the Group is not able to identify its share of the assets or of the potential liability it may have to the scheme at the balance sheet date.
- 27 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 20 PENSION COMMITMENTS (continued)
The total contributions made by the Group were as follows:
|Martlets Group Personal Pension Plans
NHS Defined Benefit Scheme||2024
2023
2024
2023
£
£
£
£
286,255
278,774
230,833
228,025
248,286
234,765
248,286
234,765
GROUP
CHARITY|
|---|---|---|
|||534,541
513,539
479,119
462,790|
|Total contributions outstanding at the year-end amounted to
RESERVES
At 1 April 2023
£
Unrestricted funds
General funds
2,296,558
Restricted funds
Capital Funds
Hospice Development
1,286,032
Renaissance Project
253,006
Renovations Fund
22,598
Gateways to Care Project
46,621
IPU Equipment
11,469
MBE Project
711,163||£78,308 (2023: £79,653) for the Group and Charity.
Income
Expenditure
Transfers
At 31 March 2024
£
£
£
£
12,110,323
(12,389,755)
(718,674)
1,298,452
-
(735,969)
550,063
-
-
-
(240,793)
12,213
-
-
-
(7,638)
14,960
-
-
-
(46,621)
-
-
-
(11,469)
-
-
1,907,256
-
2,618,419
-
-|
|2,330,889
Revenue Funds
Carers Project
6,500
Hospice at Home
6,000
Heads On Charity/ NHS Charities Togethe
7,200
Other
19,268||1,907,256
(1,042,490)
3,195,655
-
-
37,850
(44,128)
-
222
37,324
(43,324)
-
-
-
(7,200)
-
-
24,130
(36,667)
-
6,731|
|Total restricted funds
Designated funds
Hospice Development
Tangible fixed assets|38,968
2,369,857
7,000,000
-|99,304
(131,319)
-
6,953
2,006,560
(1,173,809)
3,195,655
-
6,953
-
-
(7,000,000)
-
-
-
10,914,329
10,914,329|
||7,000,000|-
-
3,914,329
10,914,329|
|Total funds|11,666,415|14,116,883
(13,563,564)
-
12,219,734|
## 21 RESERVES
## Restricted funds
Transfers to and from capital restricted funds relate to a correction made to align net book values of assets funded with restricted fund balances shown.
## Hospice Development
This asset fund represents the Hospice building. It appears as a restricted fund because the original capital appeal to build the Hospice was conducted by MacMillan Cancer Support. On completion the asset was then given to the Charity with the restriction that it was to be used only as a Hospice. The expenditure shown during the year represents depreciation and rent paid to the NHS who owns the land. The Hospice building is also represented in our fixed asset schedule.
## Renaissance Project
A capital grant was provided by NHS England in 2013 to create new day service facilities including a café and three multi-functional rooms. Improvements were also made to our main entrance and drugs room. Additional sums were raised from charitable trusts. The expenditure in the year represents depreciation on capital assets forming part of the appeal.
- 28 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 21 RESERVES (continued)
## Restricted funds (continued)
## Renovation Fund
The Martlets Hospice has embarked on building works to reconfigure the rear entrance to the building to enhance the passage and experience for patients entering the inpatient unit.
## Gateway to Care Project
A capital grant was provided by the Department of Health in 2008 to refurbish our Reception and Day Hospice facilities. The expenditure represents depreciation on capital assets forming part of the appeal.
## IPU Equipment
IPU equipment was purchased from a restricted donation in 2019.
## MBE Project
Funds have been received which are restricted to the Martlets Building Enhancement Project. This project is now complete.
## Carers Project
The Ernest Kleinwort Charitable Trust has awarded a grant to Martlets to deliver a project that aims to provide better support for Carers.
## Hospice at Home
This cash fund represents our Hospice at Home service and shows the income and expenditure of restricted grants and donations in the year.
## Heads on Charity/ NHS Charities Together
A £100,000 grant was awarded to Sussex hospices from Heads On Charity/NHS Charities Together to support clinical nurse specialists caring for people at end of life in their own homes. Martlets Hospice is the lead charity responsible for delivering the project and distributing the grant amongst the 7 Sussex Hospices. The project term is 1 year from 1 November 2021 to 31 October 2022 but the grant is payable over a longer 3 financial year term - 2021 to 2024.
## Others
These cash funds represent the income and expenditure of restricted donations made during the year for various purposes.
## Designated funds
## Hospice Development
This fund represents funds set aside by Trustees to be used to partially fund the Martlets Building Enhancement project which is now complete.
- 29 -
Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 22 ANALYSIS OF NET ASSETS
|As at 31 March 2024
Unrestricted Funds
Restricted Funds
Designated Funds
Unrestricted Funds
Restricted Funds
Designated Funds
As at 31 March 2023
Unrestricted Funds
Restricted Funds
Designated Funds
Unrestricted Funds
Restricted Funds
Designated Funds|Fixed assets
£
-
-
10,914,329
10,914,329
Fixed assets
£
-
-
10,914,329
10,914,329
Fixed assets
£
5,459,133
1,687,984
-
7,147,117
Fixed assets
£
5,441,210
1,684,468
-
7,125,678|£
£
-
1,298,452
-
6,953
-
-
-
1,305,405
£
£
-
1,469,865
-
6,953
2
-
2
1,476,818
£
£
-
(3,162,575)
-
681,873
1,500,000
5,500,000
1,500,000
3,019,298
£
£
-
(3,062,660)
-
685,389
1,500,002
5,499,998
1,500,002
3,122,727
GROUP
Fixed asset
investments
Other net
assets
CHARITY
Fixed asset
investments
Other net
assets
Fixed asset
investments
Other net
assets
GROUP
Fixed asset
investments
Other net
assets
CHARITY|Total
£
1,298,452
6,953
10,914,329
12,219,734
Total
£
1,469,865
6,953
10,914,331
12,391,149
Total
£
2,296,558
2,369,857
7,000,000
11,666,415
Total
£
2,378,550
2,369,857
7,000,000
-
11,748,407|
|---|---|---|---|
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 23 SHARE CAPITAL
The company has no share capital and is limited by guarantee.
## 24 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
|Net income/(expenditure) for the
reporting period
Adjustments for:
Depreciation of tangible fixed assets
Losses/(Gains) on investments
Impairment of fixed assets
Revaluation of investment properties
Investment income
(Increase)/ decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in)
operating activities
25
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Total cash and cash equivalents|2024
£
553,319
629,963
-
1,013,035
-
(35,064)
6,162
(78,548)
352,161
2,441,026
755,919
755,919|2023
£
(2,985,588)
126,260
162,486
-
85,208
(180,718)
(15,365)
748,842
500,925
(1,557,950)
2,190,038
2,190,038|
|---|---|---|
## 26 OPERATING LEASES
At 31st March the Group had annual commitments under operating leases as set out below:
|Within 1 year
Between 2 and 5 years
After five years|2024
£
270,385
318,256
1,695,847
2,284,488|2023
£
739,948
335,092
1,701,800
2,776,840|
|---|---|---|
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4
## THE MARTLETS HOSPICE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## 27 RELATED PARTY TRANSACTIONS
## GROUP
There were no related party transactions in the year.
## CHARITY
During the year Martlets Care Limited declared a gift aid payment of £61,510 (2023: £158,663) to The Martlets Hospice Limited, its parent company. During the year, rent payments totalling £3,600 (2023: £nil) were made to The Martlets Hospice Limited, its parent company. At the year end £307,842 (2023: £298,269) was outstanding from the company. This balance includes a loan of £188,000 due to The Martlets Hospice Limited. Interest of 0.75% per annum above LIBOR is payable on the loan balance.
During the year The Martlets Trading Co Limited declared a gift aid payment of £196,421 (2023: £nil) to The Martlets Hospice Limited, its parent company. During the year, rent payments totalling £12,000 (2023: £nil) were made to The Martlets Hospice Limited, its parent company. At the year end £313,132 (2023: £284,164) was outstanding from the company. This balance includes a loan of £125,000 due to The Martlets Hospice Limited. Interest of 0.75% per annum above LIBOR is payable on the loan balance.
During the year Martlets Hospice Limited received a loan from St Barnabas Hospice, its parent company, of £1,000,000.
Interest at the Bank of England base rate is due on the loan balance, at 5.25% at year end. The total balance outstanding to the parent company at year end was £1,005,322 (2023: £nil)
## 28 CAPITAL COMMITMENTS
Amounts contracted for but not provided in the financial statements:
|Acquisition of assets under construction|2024
£
-
-|2023
£
4,868,913
4,868,913|
|---|---|---|
## 29 PARENT COMPANY
The ultimate parent company of The Martlets Hospice Limited is the St Barnabas Hospices (Sussex) Ltd, a charitable company incorporated in England and Wales.
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Docusign Envelope ID: 94B3DDEE-BC6B-41F0-820C-BF9B85284EA4