Weston Hosplcecare Annual reports and accounts For the year ending March 2024 IT Registered Charity No. 900328 | westonhospicecare.org.uk Company Regist¥ation No. 2414541
Welcome from the Chair Message from the Chief Executive Officer Trustees, Report 24 Independent Auditor's Report 28 Consolidated statement of Financial Activities 30 Consolidated Balance Sheet 31 Charity Balance Sheet Consolidated Cash Flow Statement 32 Notes to the Financial Statements 33
Weston Hosplcec•ie Llmited (Acompany Llmlred byGvèranie81 Welcome from rheChalrlorth•y••rio 3111 Mi¢h 2024 Welcome from the Chair Our perceptions of what the Government should provide changes over time, as does the relative levels of provision by the charitable and public sectors. For many decades hospices in the UK have undertaken a role that many people now tend to think of as a "public service" The independent charitable organisations that support the hospices have pre-dated and are now prompting improvements in the statutory provision of palliative care. According to the Department for Health and Social Care, m05t hospices provide a range of services which go above and beyond the statutory services that the State is legally required to provide. f,':ij ' .:.i!I The proportion of direct funding for hospice care by the Government varies considerably across the country. According to recent Hospice UK bench marking, on average, the statutory funding received by a hospice covers around a third of their costs. Weston Hospicecare receives below that average and the rest must be made up through a combination of shops, fundraising events and gifts in wi Ils, which are absolutely essential. Although the f lexible nature of the current funding model for hospices is valued by some hospice leaders, we have joined the call to the Government to commit to an uplift to guarantee that support will be provided to any hospices which require assistance. Like other hospice charities we have approached our Integrated Care Board, which has a legal requirement to commission palliative and end of life care. Regrettably an All- Party Parliamentary Group inquiry recently found that ICB commissioning of hospice services is currently not fit for purpose and the value they provide to individuals and the wider health system is at risk. The last few years have been exceptionally tough for the whole charity sector in the UK. The Covernment announced additional funding for hospices during the coronavirus pandemic which helped for a while, but economic factors such as property prices, death rates and changing patterns of consumption, all influence the legacy gifts received by charities each year. In the current climate, demonstrating prudent stewardship of fu nds is therefore more critical than ever. For the public. this means avoidi ng taking unnecessary risks but also making sure that our donors, money is used appropriately to further our charity's purpose. As a Trustee, l and my colleagues on the Board, together with our CEO and the senior managers, will continue to work to demonstrate that we are doing this effectively and that we are driven by the right intentions at all times. Hospice UK, which supports charities that provide palliative care services, expects the whole sector to experience a E77m shortfall this year. It is currently campaigning for additional NHSfunding and for the Government to take action to help hospices with rising costs for energy, food and staff pay. As with nearly every other hospice, we must eat i nto our reserves that were carefully conserved during the pre-pandemic years. Those reserves are finite and despite robust cost control and excellent financial management by our Senior Management Team, we face the possibility of having to take difficu It decisions in the com ing year. Dr Peter Smith Chair of Trustees
Wesien H05plcecar8 Umltèd V4Company Llmited tyGu8ianteel Messagefiom our chlpfEX£¢utl1Qrth•y•11 t031At M•rch2024 Message from our Chief Executive Welcome to our Statutory Accounts for 2023-24. As CEO of the charity, it is my pleasure to provide an executive summary of how the Hospice has fared in the year gone, and our plans for the year ahead. Our financial year 2023-24 has been particularly notable for two reason5'. Firstly, we are doing more for our patients and service users than ever before thanks to our previous S-year strategy, clear clinical objectives, strong staffing levels, healthy Hospice reserves, and refurbished facilities. Secondly, it has been a difficultyear financially with a large deficit recorded at end of year, the inevitable and predicted result of two years of rapidly increasing costs and downward pressure on our fundraising income resu Iting f rom the COSt-of-livi ng crisis nationally. Enhanced medical cover gave us confidence to successfully trial nurse-led admissions, and to participate in live research projects and submit several Hospice UK paper abstracts. It is testament to the strength of the Hospice that we have been able to not only maintain but in fact enhance our clinical care provisior) even when faced with such a stark fi nancial challenge, That challenge continues unabated into 2024-25 and we are determined to retair) the advances we have made and keep all our clinical services intact, while growing our income to return to a balanced budget position. Plans were developed for refurbishment of selected areasofour In-patient Unit IIPUI. including a newspa bathroom, patient rooms, and family areas and we hope to see these plans come to fruition during 2024-25. Meanwhile, our IPU plant room equipment was replaced with new high-efficiencygas boilers and ancillary equipment to future-proof the IPU heating and hot water. Also during the past year we completed a comprehensive refurbishment ofour H05pice kitchen work areas and equipment, enabling us to significantly enhance our d ietary and nutrition offering to patients, V15itors and staff, and our Hospice courtyard was transformed, via grant funding, into a sensory garden with water feature for the enjoyment of patients and visitors. After 6years of planning and fundraising, the major refurbishment of our Day Services facilities for outpatients was undertaken and completed in August 2023, on time and within budget, with a majority of the project cost funded by the generosity of local supporters, trusts a rnd foundation5, and ou r Irltegrated C? re Boa rds of BNSSG and Somerset. The grand opening event in September was a joyous occasion, blessed by lovely weather and with a host of key stakeholders and esteemed guestsjoining us for the afternoon's celebration. Pursuant to the refurbishment and with some further investment our Day Services team, we expanded our Day Services provision via the Day Hospice programme, Outpatient clinics, and other specialist support groups. This year we were delighted to receive iWantGreatCare certificates of excellence for three of our clinical service areas, while ou r IWCC scores remain high across al l our care. Our S-year strategy cycle of 2018-2023 came to an end last year and we embarked upon a strategy refresh, with small teamsof Hospice Trustees and senior managers worki ng together on key strategic goals, and individual Hospice departments working on strategic initiatives to align with those goals. Our resu Iting stratogy for 2024- 26 was published in J une 2024 and is available to view on our webslte. Our Hospice medical team was boosted thisyear with an internal promotion to Pall iative Care Specialist, and the recruitment of a new Palliative Care Specialty doctor.
Wesion HOspIc8r0 Llmlted ettP3ny Llrnlred tyGv•rènioel Message from our ChlefEx¥utlvelor th• y••r to31st M•r¢h 2024 Thisyear, work commenced on a staff health and wellbeing framework, aimed at better supporting our staff both at work and at home, helping them to be at their absolute optimum selves, and we hope this will be completed during the year ahead as one part of our engagement with the North Somerset Health Workplace Awards scheme. Investment in our People Services department, both in staffing and the introduction ofa new Ciphr HR-information system, will further boost our teams. hospices and approaches to parliament. This work will continue, and we will lobby those Mps elected on 4th July 2024to understand our predicament and support our calls for fair and sustainable funding. As a result of the statutory funding cuts in real terms, the pressure on our fundraising and retail income streams to plug the gap has never been greater. It has been adifficultyear for our fundraising team due to an unexpected change of leadership. The team nevertheless rose to the challenge and managed to meet their budgeted income and net income for the year, a superb achievement ur)der those circumstances. In the meantime, our income from gifts in wil Is Ilegaciesl was much reduced for the year, not due to waning support we trust as the level of notified gifts remains strong, but more likely due to delays in probate affecting many charities nationwide. We have invested to rebuild the fundraising team in the past year and we are confident the team wil I have further success and grow income in theyearahead in spite of the ongoing pressure on household budgets. As well as Ciphr, this year we have invested in the Vantage IT system for document management and incident reporting, and the Assemble IT system for management of volunteers. Work has continued on improving our IT estate, including a refresh of all our Pcs, server room enhancements, and a new BT telephony system was installed, and we hope to achieve Cyber Essentials accreditation in the year ahead. In May 2023, we said a fond farewell to our Chair of Trustees, J udi Driscoll and the Board appointed new Chair, Dr Peter Smith and Vice-chair, Mr John Bangham, along with several other new Board members. A smooth transition ofTrustees was achieved, and a Board review conducted towards the end of the year confirmed strong governance and excellent alignment between Board and Executive is being achieved for the charity. Our retail team has excelled, enjoying a record year, with income and net income at levels never before seen by the Hospice, This has helped to offset greatly reduced income from gifts in wills and ha5 carried us through with a year-end deficit that was close to the predicted and budgeted deficit. We took the difficult decision to permanently close one of our longest-running shops in Baker St, Weston- su per-mare, and we also temporarily closed our H ill Road shop in Clevedon to undertake emergency repairs which remain ongoing this year. We completed an extensive program of repairs and improvements to our shop in Waterloo St, Weston- super-mare which will serve us well in the years ahead. Our retail Donation Centre and Superstore at Searle Crescent, Weston-super-mare, continued to deliver numbers of donations and sales exceeding al l estimates and expectations, underlining the excellent decision to relocate our Retail H ub in 2022, and we migrated our furniture collections and delivery service to Boxmove which has markedly i mproved our furniture stock sales and turnover. Our senior management team was strengthened with a new Head of Estate & Facilities joining us, further to the remodelling of our People Services department and Director of Finance, IT & Risk appointment the prior year. Important work was undertaken last year, and continues this year, to convey to the I ntegrated Care Boards IICBS) of Somerset and the BNSSG how u nfai r, insufficier)t and unequitable is our statutory funding model. Years upon years of funding cuts in real terms have now left the Hospice in a position where less than 20% of our total income is derived through NHS statutory funding. NHS pay awards given to all NHS clinicians and medics working in providers who arefullycommissioned bythe ICBS have not been extended to our own staff in the form of index- linked block funding uplifts, meaning our local community has once again needed to subsidise our staff and the Hospice, with every £1 of statutory funding matched by £4 of income sourced from our fundraising activities and retail stores. The current position is simply not sustainable, and we have been working closely with Hospice UK to understand the national picture and to al ign our regional efforts with sister As we move forward in 202425 our focus will be on sustaining the many achievements and improvements realised to the Hospice over last year and prior years, while growing our income streams, amid a particularly difficult macro-economic environment. Alongside our overarching strategy, our internally-published MTFS (medium term fi nancial strategy) with accompanying 5-year fi nancial forecast gives us visibi lity and confidence
Weston Howlcec•ie Llmlted (AComp•ny Llmlted by Guar4nig01 Me$sog0 from our Chlef Executlvel•rth• y•ai 1•31*t M•i¢h 2024 that we can weather the current storm, and our strategic risk register provides a framework for the identification, analysis and mitigation of key risks to the charity. We have reviewed our Hospice reserves investment portfolio, verified ou r selection of portfolio manager, and remodelled our cash reserves, investment monitoring to improve agility and maximise returns. Last year we engaged a specialist third party to model our carbon footprint across the Hospice and all its activities, and this has provided a baseline for us to identify those areas where we can make most improvements and reductions, as we look to be carbon neutral by 2045. Our published strategy leaves no doubt that our core focus remains on extending and improving the scope and range of our care to everyone who requires it, while ensuring Hospice sustainability in the long term. I wish to thank our wonderful staff and volunteers, our Board of Trustees, and all members of the local community who support us and entrust U5 to the care of their loved ones, a privilege and honour which is never lost on us. Thanks to your loyalty and support, we are able to move forward with clear direction and confidence. Paul Winspear Chlef Executlve Offl¢er
Weston Hosplcecare Llmlted (Acornpany Llmlied tyGusr8nÈ) Tru$ie•<Annu81 Reportlor ih• y••i 1031¥iM4r¢h 2024 Trustees, Annual Report work as core members of the primary healthcare team. The role of the HCNS isto.. supportthe patient and family by managing symptom control in a holistic way of seeing the symptoms as physical, emotional, social and spiritual,. provide information regarding diagnosis and treatment; liaise with primary healthcare teams on a plan of care., and be the key worker within the hospice and refer patients to other hospice services and other comrnunity services, The trustees are pleased to present their annual report with the audited, consolidated financial statements of Weston Hospicecare Limited I'the hospice") for theyear ending 31st March 2024. The trustees report incorporates the requirements of a Directors, report required by company law. Objectives and activities The objectives of the charity are to.. provide medical, clinical and therapeutic care to any adult person who has a life limiting illness, promoting and valuing diversity, supporting them in their normal place of residence or within the hospice and so far as possible enabling patients to die in their preferred place of care., conduct, participate in and promote research into the treatment of persons suffering from cancer or other terminal illness., promote the teaching and education of those providing clinical or allied services. and provide emotional and spiritual support and guidance to patients and those around them. In-patient Unit The hospice operates its own ten-bed in-patient unit at its headquarters in Weston-super-mare. The unit provides high quality specialist clinical care for patients with life limiting cond itions needing symptom control and palliative care. Day Services The hospice's multi-disciplinary Day Services runs three days a week and its main aims are to promote patient independence and improve quality of life through symptom control and rehabilitation, offering psychological support, and providing respite for carers. Patients, individual needs are a priority. Within the Day Services environment complementary therapies and a range of creative therapies Idance and movement and crafts) are also provided. The aim of the hospice is to provide specialist palliative care. To achieve this the hospice provides a health care environment, provided bywell-trained and sensitive staffwith sufficient time to address the complex needs of patients. The hospice supports colleagues (who have to work with many competing pressures) in both the primary healthcare setting and hospitals and other non-NHS healthcare environments. The Family Support Team This service provide5 emotional and spiritual support le.g,, bereavement care, bereavement groups, Men-ln-sheds, chaplaincy) to both patients and thoseclose to them, as well as practical support and guidance. Our volunteer Cornpanions provide support to patients and carers, and our Chat and Cherish group existsforfarnily and friends. Community The hospice employs a Hospice Community Nurse tdanager, nine Hospice Community Nurse Specialists IHCNSI and one Hospice Community Nurse IHCNI. They are highly trained, skil led palliative ca re professionals. The HCNS are allocated to GP practices and Bereavement groups are informal groups that offer a warm welcome to bereaved carers who would valuesocial contact and support and may find it helpful totalk to others who understand the complex and mixed emotions bereavement can bring.
WeOn Hosplce¢8fe Llmiild (Acompany Llrnlted tyGuaranteel Tru51ee¥Annual rièportlorth• y•ar to31#t M*ich 2024 Public Beneftt We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. All our charitable activities focus on offering completely free care and support to people and their families affected by life limiting illnesses and are undertaken to further our charitable purposes for the public benefit. Our work is continued with families and carers after patients have died. Strateglc Report The Strategic Fieport required under company law comprises three sections.. Achievements and Performance, Financial Review and Plans for Future Periods. Achievements and Performance In last year's Trustees, Report, we set out the following priorities for the forthcoming year: Priority Outcome Achieving Budget 2023124 The budget set for 2023124 was a real isric budgel taking into account some of the cost of living pressures we were still facing at the time. We have finished the financial year in a position slightly worse than budget. Several of our retail units were still perfoimir)g significantly better than expected and Fundraising finished well after a tough year. Our Intègrared Care Board IIC81's gave us a higher than expected uplift in funding for this year. Gifts in wills were lower than anticipated and are always a tough one to budget for bui we have a fairly sirong pipeline going into the next financial year. Consolidate on improvements made to expanding Clinical Services Existing services have been maintained and some enhancements have also been made such as., Our Day Services offering has been completely remodeled to give a more modern, lighter feeling area, including a new outside space which will serve our patients belter - most of this project was thanks to grant funding. The trustees agreed to fund any shortfall from reserves. We have had grear feedback from our patients about this new space. Increased Medical Consultant time so we have another 4-6 sessions of palliative medical care. We were one of only S hospices nationally to be accepted into the 6 month pilot study'to make the discussion and practice of cornea1 donatiori Ihè norm in the hospic@ environment., 3 year strategy refresh As we came to the final year ofour previou5 5-year strategy It was time to refresh and we have successfully published our new 3-year strategy. Thig will bè monirored closely going forwards and progrèss will be reported on at full board meeting5 85 well as the individual sub-committees. Our new 3-year strategy can be found at.. httpSJI.westonho$p1¢e¢are.org.UkI#flIpbO0k-df2224AI Governance initiatives The NHS, Data Security and protection toolkit continuès to bè completed. In parallel, work is always ongoing with information governance and GDPR compliance. with the hospice Information Governance panel meeting monthly. A huge amount of effort has gone into risk a55e5ments and we have successfully upgraded our risk management system using software packagè Vantage.
Wesion Ho$plcetère Llmlted (ACompanyLlm5ted by Guaianteel Trusite$' Annual Reporiiorih• y•41 to4* M•r¢h2024 Communlty 2024 2023 Total number of patients 776 808 Discharges 107 52 Deaths 460 396 /0 died in preferred place of care 86% li We would Ilke to thank you for the very klnd and pleasant manner you and your team extended to our famlly as chose to spend her last few weeks wlth the famlly at home. It Is wlthout doubt that your devotlon has helped us through a most dlfflcult perlod. Thank you- I cannot flnd any better words, from the bottom of our heartsll Weston Hospicecare Community Patient Relative, January2024 We aim for 80% of patients to complete an Advance Care Plan. In 2023-24, we achieved this with 91%. 86% of patients died in their preferred place of care IPPCI.The ACP is the important figurefor us, as we directly influence this and the PPC is dependent on the whole health and social care services. The community team had staff shortages during this year, due to long-term sickness, but at time ofwriting, we are fullystaffed. Despite this, the community team made 1,928 visits and 9,481 contacts including phone ancl video calls. In-patlent Unlt 2024 2023 Admissions 179 161 Discharges 29 43 Deaths 131 104 Average length stay Idaysl 15 14.8 Average bed occupancy
Wesion Hosplcec8rè Llmlted (Acompany Llmlted byGuaranteÈl Tru$ree$' Annual RepoTLfov th• y•ar to311t M*r¢h 2024 The in-patient Unit.. Manages symptoms that are particularly complex and have been difficult to control at home. Helps people adapt to changes so they can go back home. Provides care at the end of life when it is not possible or preferred not to die at home. Operates a 24n Advice Line supported by nursing and medical staff which received 287 out of hours calls compared to 386 the previousyear, providing invaluable advice to professionals, families and those looking after someone needing advice, or support to continue care in their normal place of residence. We are highlighting and pushing the use of the Advice Line during 2024-25. We have been fully staffed most of this year with resulting increase in bed capacity from 73% to 75%. 'Yhank you all so much for the care and support glven to us all. You alm to bring day5 to life but you gave mum extended days to Ilfe- through klnd, compasslonate care, and Improved her quallty of Ilfe tenfold by showlng her you see her. She felt she had frlends not carers supportlng her. We greatly appre¢late all the hard work and care glven durlng mum's stay here. From doctors, nurses, nurslng asslstants, chefs, cleaners and volunteers, and of course Hosplce supporters whlch make such places avallable to those who flnd themselves In need of care from Ilvlng angels through tholr latest Journey along Ilfe's path. Everyone has been so klnd and carlng and made murn's stay here Ilke home. Everyone wlll remaln In our thoughts and hearts foreverll IPU Patient Relative, January2024 1,949 patients supported across all services in 2023124 (2022123: 1,745) "Hospice Is my life line, I feel that I am not alone wlth problems I can't cope with" Day hospice Patient, December 2023 Day Services 2024 2023 Total number of patients 137 105 Attendance (sessions) 952 932 ComplementaryTherapy treatments 964 1,117
Ween Hospleec8rè Llmltsd (Acompany Llmiied by Guaranreel Trustees. Annual Repoitforth•y•4rt• Mit Mr<h 20V+ Our Day Services play a crucial role in promoting independent living and quality of life for patients and carers. Day services numbers for the day have increased from 10 to12 since the redevelopment works and reducing risks caused by COVID-19, with the plan to increase to14 a day in 2024-25. Groups, such as Expressive Movement Therapy, Fatigue and Breathlessness have continued through this period. Redeveloping Day Services this year has made it a more welcoming area and more therapeutic environment. The new treatment rooms have had good take up for outpatients for both our doctors and community nurses. The redevelopment work allows the hospice to take advantage of our gardens with the new bi-fold doors. The use of natural lighting with skylights and added technology has improved our patient experience. "A bright and airy space. Very relaxing. Loving It. As with most things, it's the people that make It extra special Doy Services Patient on Improvement Work, October 2023. Non-cancer attendance 36%, an increase of Il%, partly due to recommencing the Fatigue and Breathlessness groups after COVID-19. This year we had a reduced number of volunteer contacts in Complementary Therapy, due partly to volunteers needing to relaunch their own business, after COVID-19. However, this year we provided 964 treatrnents to 373 {84 more clients than previousyearl clients. Famlly Support Team 2024 2023 Chaplaincy: Face to face contacts Total number of patients 1,431 137 885 174 Bereavement service: Face to face contacts Total number of clients Volunteer contacts 1,136 306 796, 651 214 769. Companion services: New referrals Volunteer contacts 50 828 48 1,469 "Not including Men in Sheds. which is run by Volunteers "The service you offer it's like the rest of the health service is a sausage factoryi you're thrown in and squeezed out to the shape the system needs you to be. The holistic h05pice care is like a Labrador, can't do enough for you" Weston Hospicecare Fomily Support Tearn Client, April 2023 Caring for the family, including after death is a key component of hospice support. Face-to-face consultations have gone up in all areas of the Family Support Team now there are no COVID-19 restrictions, except the volunteer Companion service, which is probablydue to not having a manager in this role for a large proportion of the year. Since new manager in post for the last quarter, it accounted for 36% of referrals. 10
wlston Hospl¢oc•re Llmiied (Acompany Llmlied by Gvar)nieel Trustees, Annual Reportfwth•y••v t03111 M4i¢h 1024 "The Hospice has been my only support durlng the tlme since my husband died. I do not know how I would have managed without them. I have received great care and comfort In the most desperate of tlmes. I do not thlnk I could have managed or survlved through my loss and grief for my beloved husband" Weston Hospicecare Complementary Therapy and Bereavement Client. September 2023 iWantGreatCare The hospice continues to take part in iWantGreatCare" a platform to let patients leave meaningful feedback on their care, say thankyou and help the next patients. iWantGreatCare demonstrates that we are transparent, aware and open to patients, experience as a central part of delivering high quality care. At the beginning of March 2023, Weston Hospicecare was awarded the iWantGreatCare certif icate of excel lence for delivering outstanding care. In March 2024 our Day Services, Inpatient Unit and Time For You received Certificates of Excellence. Compliments and Complalnts The hospice aims to provide the best possible care and as a hospice. we take everysuggestion and complaint seriously and aim to learn from these occasions. We also take the opportunity to learn from compliments and share good practice. In 2023-24, we received 383 compliments in our clinical areas. We had 5 complaints thisyear14 were verbal complaints), all dealt with satisfactori ly and with i n timescale. This was the same as the previousyear in our clinical areas. We aim for 900A of our patients, friends and family to rate their experience of our service as very good. In 2023-24, we achieved this with 98% (with 2% saying good). 11
We510n Ho$plcecaFe Llmlred Cornpany Llmlted tyGuarènteel Trusrq•s' Annu•l Rep¢itlor ¢h•y•4r t•Sl•t M•i¢h 2024 Our People Our people, whether paid staff or volunteers, are the heart of our organisation. Each person, in each team has an important role to play- bringing different skills, knowledge and expertise- which support the successful running of the hospice. The hospice promotes continued learning and development and seeks opportunities and support for all staff to develop themselves both personally and professionally. We have secured funding for example from Health Education England IHEEI and one-off grants for a number of training courses for our staff including non- medical. ROYAL H Volunteers The hospice is reliant on the goodwill, commitment and dedication freely given by volunteers, who are the lifeblood of the hospice. Each volunteer brings their own specific skills, humour, interests and experience. Volunteers support the workof all teams whether it is in our main hospice building, out in our shops and donation centre, or working amongst the community in support groups. Our clinical teams are supported by our catering and housekeeping teams to provide the best care possible for our patients and their families/carers. Our retail and fundraising teams raise the much needed income to support the work we do. Our staff in finance, maintenance, facilities, reception, HR, training and volunteer services provide support to keep our other teams functioning. We focus our recruitment for both paid staff and volunteers on equal opportunities, concentrating on role requirements. We continually review volunteer recruitment and training to ensure we remain compliant but at the same time balanced for the tasks and frequency of the role being undertaken. In October 2023, we introduced a new Volunteer Management System - Assemble, to modernise our on-boarding processes and enhance communication channels with our volunteers. Within the first 6 months we had an impressive 50Yo engagement rate. Work to further embed, develop and increase engagement will continue throughout 2024. Employees We remain committed to recruiting, developing and retaining qualified, experienced, competent and well-motivated professionals. We seek to recruit from all areas of our community and have enjoyed attending Jobs Fairs meeting people face to face to talk about the work we do and our roles. Services are also continually reviewed and new voluntary roles developed and reintroduced in line with service requirements. The hospice strives to forge close ties within the commLJnity and continues to work with local schools and colleges in ider)tifying opportunitiesforvolunteering. We also retain links with companieswho run employee volunteering schemes, community payback and with organisations who offer return to work programmes,. offering long term unemployed people the opportunityto gain valuable ski115 and regain their confidence through volunteering. As at theyear-end we employed 115 whole time equivalent staff in the charity including Retail. Staff are supported through an Employee Assistance Programme, Mental Health First Aiders and Well Being Champions. We also have a Freedom to Speak Up Guardian and Freedom to Speak Up Champions, who provide a channel for staff to raise issues or concerns. 12
Wesron HospIc8c•re LSrniie¢ (Acompany Llrnired byGuar8nteel Tiusiegs, Annuol ReKKJri lor th•y••r to31st M•rch 2024 Financial review Our two new large format stores have been highly successful, generating a combined income of £795k over theyear (including gift aidl. Overall the Charity had total income of £5,460k12023 £5,519kl and generated a net deficit of £529k, a negative swing of £785k from the 2023 position of £256k net surplus. Gifts in wills income decreased to £232k for the year12023 £941kl. Despite this, the pipeline for 2025 remains strong. During theyear, the value of investments increased giving positive movement of £113k, compared to the prior year loss of £276k. Volatility continues into the new year and is being monitored closelywith our investment advisors, Rathbones and the hospice Finance and Business planning committee. Over a three-year period, it is our plan to produce a balanced operating performance. The hospice is committed to minimising operating costs without impairing the quality of its services. One future uncertainty has been around funding ofthe NHS pension increases from 14.3% to 20.6% introduced from Ist April 2019. It has since been confirmed that the government (via NF45 England) will cover th is increased cost until at least 31st Nlarch 2025. We have refined our new goods offerings to ensure these items complement our donated stock, with Christmas lines being especially popular. Christmas cards and related items generated £43k,12023 £31kl and the creation of Christmas departments ir) each store produced an additional £73k from donated Christmas items12023 £34kl. We have also enhanced our transfer and stocktaking processes for new goods, ensuring store teams take ownership of the stock and its accuracy, thus giving us greater control over these items. Clinical income We continue to be supported by our Integrated Care Boards, BNSSG and Somerset, though the percentage of our costs they support is decreasing year-on- year. Unavoidable cost increases for us are not being matched by additional funding at the same rate. We have implemented a new logistics system, moving our furniture collection and delivery booking service online. This has increased stock generation, boosted delivery capacity, and improved our gift aid donor conversion rate. Charity Shops (retail trading) Total retail income including gift aid was £2,723k12023 £2,474kl1£2,526k excluding gift aid and round-up donations12023 £2,337kll. Income for the last financial year includes £130kfor a business interruption insurance claim relating to the COVID-19 enforced closures. The total net contribution to the Hospice was £715k.12023 £687kl. We continue to explore new avenues for our donated stock. Building on the success of the Kilo sale in ourwarehouse, which allowed us to exit stock at a much greater profit tha selling to rag merchants,we are a150 investigating other methods for exiting items such as bric-a-brac and furniture. One innovativeapproach includes selling items to our local rage room, providing an alternative to disposing ofthese items through rag merchantswith no income. 13
Weston Hosplcee8ie Llrnlied cOmpanY Llmiied ty Guarante•l Trusieo5' Annval Repoitlorth•y•4r t•NIt Mah2o24 Plans for the next twelve months: In the coming year, our primaryfocus will be on maximizing the value of donated goods, particularly in light of the significant drop in rag prices. We are committed to finding innovative ways to enhance the profitability of these donations. Fundraising It's been a challenging but ultimately rewarding year in fundraising. We have reviewed and restructured the team to improve our ability to capitalise on untapped opportunities such as Individual Giving, In Memory and Gifts in Wills. Recruitment was and continues to pose challenges and it is a great credit to the team which has achieved budget whilst being significantly under- resourced. Gross income was £l,469k, (including restricted incomel, £700k less than last year, explained by the £709k drop in Gifts in Wills income since last year. We plan to open a new store, expanding our retail presence and providing more opportunities for generating income. We will continue to look for new opportunities to develop retail income streams. Our fundraising comes from a wide range of sources, such as, our own, well established programme of Events and Challenges, Community Fundraising from groups and organisations, not to mention donations from individual givers, both regular and occasional. We also enjoy support from Charitable Trusts, companies and of course, Gifts in Wills. The latter accounts for approximately 20% of overall income but is by its very nature unpredictable, as this financial year has so potently demonstrated and going forward we are seeking to reduce reliance on this income stream. Staff training and volunteer engagement will be at the forefront of our efforts. We will implement comprehensive training programs to ensure our staff are well- equipped to manage our operations efficiently and effectively. FINISH kro kro Engaging ourvolunteers remains a top priority, as their dedication and support are crucial to our success. We will focus on fostering a positive and inclusive environment, offering opportunities for skill development and recognising their invaluable contributions. jA(I Overall, our strategy for the next12 months is centered on optimising our resources, expanding our retail footprint, and investing in our team to drive continued success for Weston Hospicecare. Hospice managed events, continued to show growth, in both numbers and income and our particular thanks go to those all-important participants and the significant corporate sponsorshipwe received from, The Grand Pier, Howards Motor Group and Thatcher's Cider to name but a few. A world record breaking spinathon organised by @Worle also raised well over £30k and got itself into the Guninness Book of Records. It is indeed gratifying to see the extreme lengths many people will go to, to support their local hospice. 14
Wesien Hosplcec8Fe Llmlted (Acompany Llmlted byCu8ranteel Tru$te•$' Annuel Reporiforth•y•4r 1•Slit Mai¢h 2024 Our Community Friends groups continued to raise funds and awareness and one particular highlight was the Goblet Cell Ball and other events, run in memory of Eve Lauder, which also raised over £25k. Weston Hospicecare funding 2023124 Gifts in Wills ICB'S 18.8% Charitable Trust fundraising focused on the refurbishment of Day Services and our particular thanks go to Albert Hunt Charitable Trust, Garfield Weston and The Clark Foundation amongst others. Lottery Retail 49.5% Our Weston Hospicecare Lottery declined slightly from last year, raising fl67k,12023 £184kl as we seek to establish the best approach to player recruitment next year. Fundraising 18.8% Gifts in Wills came in at £232k, and we are incredibly grateful to those very special donors who chose to give in this way and we will redouble our efforts to encourage more people to follow suit. Other Investment Powers and Policy Our investment portfolio is managed by Rathbones, who manage the funds according to a relatively low-risk prof ile consistent with the powers provided under the charity's memorandum and articles of association, and the irbvestment policy set out bythetrustees. The investment policy takes into account such factors as.. A prudent level of reserves, as informed by regular reviews ofthe organisation's busi ness pla n, risk prof ile a nd reserves policy., A sufficient level of l iqu id ity., a nd Appropriate diversification, at modest risk, within the investment asset pool. During thefinancial year, the investment yield of approx. 2.70%12023 2%) was a valuable source of income. nvestment performance is closely monitored bi-monthly by the finance and business planning committee. As a matter of good governance a robust tender process was run this year and Rathbones were re- elected as our investment managers. The Gifts in Wills income thisyear has dropped by a hefty £709k from £941k in 2023, and we will work to reduce this exposure. As a result we have significantly increased our legacy marketing and our Make your Will Week continues to grow both income and pledgers but this will onlyyield return in the medium term. As previously stated we will endeavor to mitigate our dependency on this income stream through growing alternative income streams whilst also further intensifying our legacy marketing. We are extremely grateful to all our donors for continuing to support the delivery of free and exceptional care to people with life-limiting conditions and their families across our community. Your continued support makes all the difference. Auditors In accordancewith Charity Commission recommendations the directors periodically review our Audit and accountancy services provision. This exercise was last undertaken in 2021. 15
We5ron H05plcecere Llmlted (Acérnpany Llmltfrd byGuèr•nttel Tiusiees'Annual Report lorlh•y•ai to3l11 M•f¢h 2014 Principle risks and uncertainties Financial- Pressure continues on both contracted and voluntary income streams, in particular fundraising income during these difficult economic times. Attention is currently being paid to the impact of inflation Iwage, general and utilities costs in particularl and the Board, supported by its sub-committees, continuously monitors in year business performance and the medium and longer-term financial risks and opportunities, weighing up the need to manage costs tightly within available income against ensuring appropriate investment in improving and developing our offer to best meet the needs of our patients and the wider community. Financial- The Trustees have considered whether there are any factors likely to affect the financial performance or position of the charity going forward and have identified that we, along with many other charities must analyse the impact of the current economic landscape and in particular the cost-of-l iving crisis and the increase in national living wage. The Medium-Term Financial Strategy considers these matters and how they might impact upon the overall finances through to March 2027. That said, the Hospice recognises the challenges of forecasting wider economic performance in these uncertain times and will continue to review the key indicators throughout this period. Compliance- An integral component of protecting and enhancing our reputation is ensuring we are compliant on all aspects of our activity. The Strategic Risk Register currently recognises and monitors three key elements of the compliance framework relating to CQC and clinical practices., HR and People activity and monitoring against Health and Safety compliance. The planned investment in Vantage our newcompliance management system will ensure there is g reater visibility and transparency to ou r overall performance and our continued investment in staff training is critical to ensuring all staff and volunteers remain up to date with any legislative change. Operational - recruitment and retention of staff across all areas of the business has presented a significant challenge since the pandemic. Our investment in our staff through training, well-beirhg support and a number of development channels is essential to both recruitment and retention and at March 2024, the number of vacant positions had dropped significantly with full establishment in place in clinical and medical areas. At this point it is other areas of the organisation such as retail and housekeeping where the ability to successfully recruit is proving more challenging. Operational - ensure we have the ability to change the way we deliver services to respond to changing need. We work closelywith stakeholders, including the patients who receive our services, as well as those who fund these services, to ensure that our activities are structured accordingly. In addition, we recognise the challenges of new technology and the different ways of communicating and processing transactions. The increasing risk related to cyber activities is managed proactivelywithin the organisation, but we recognise that there is always more that can be done, and we continue to work in partnership with our ITservice provider to actively mitigate this risk as it becomes more complex to manage. 16
Wesien Hosplcecar8 Llmited IA C¢)mpanyLlmited tyCu•r8no> Truste•s' Annual Reporilor th• y•4r toJl•t M*r¢h 2024 Reserves Policy The charity will maintain sufficient reserves, according to its Fieserves Policy which requires the calculation of reserves on both a going concern basis, and on a theoretical basis of close-down. The minimum level of reserves is calculated for both scenarios and the higher of these two informs the ongoing minimum level of reserves. This exercise has revealed that the level of reserves demanded as a going concern is significantly higher than the level of reserves demanded for the theoretical close-down scenario, and thus it is the former which sets our level of reserves according to the calculation described below. future known issues e.g. trading losses, insofar as they have not been provided for in the financial statements. The total reserves predicted by this calculation will befurther increased by a factor of IO% as insurance against, and to meet the problems posed by, unforeseeable events with both very low probability and very high impact, such as (but not restricted tol the COVID-19 pandemic. This factor of Iooh is based on our experience during the COVID-19 pandemic, extrapolated over the period envisaged. The total funds held by the group at 31 March 2024 totalled £8,397k12023'. £8,926kl per the details set out in note 23 to the accounts. The reserves that would be necessary to maintain the charity's full objectives and services, taking into account the reasonably likely risks of fall in income and increase in cost over a future two-year period, is used for the calculation on a going concern basis. Restricted funds at 31 March 2024 total £506k12023.' £463kl, and are not available for general use bythe Charity, Designated funds total £597k at 31 March 202412023 E768kl made up of the Friends fund, the Jill Dando fund set up in 2019 in memory and honour of our former patron, on the 20th anniversary of her untimely death and a fixed assets and potential investment losses fund, created in 2022123. Free reserves are defined in accordance with Charity Commission guidelines to exclude restricted and designated funds, and to exclude the value of fixed assets required to operate the hospice. Where a significant proportion of reserves relates to investment property the appropriateness of including its value will be assessed at the time ofthe calculation. Of the total funds referred to above, the free reserves available to the Charity, without the need to dispose of tangible fixed assets total £4.2m which would cover approximately8 months running costs12023.' £4.9ml. Reserve requirements are estimated by a risk-based approach estimating a plausible'worst case" reduction in our income streams and increase in our expenses- a range of annual percentage reductions between 5-30% are postulated for the various income streams and a 5% annual increase is postulated for our expenses. The resulting cash impact is aggregated over a two-year period which is considered to represent a reasonable period associated with the worst case scenario and is long enough for us to readjust income streams and, if necessary, to reduce expenditure. There are also specific provisions made for The total unrestricted funds held by the group at 31 Nlarch 2024 were £7.9m. After deducting thevalue attributable to fixed assets, remaining free reserves were £4.2m. These have been allocated as follows.. Risk of future investment losses £0.4m Identified 12 months capital expenditure £0.55m Future operating risk contingency £3.Im Leaving £l.Im available for investment in our charitable activities. The trustees are considering the extent to which these risks should be reflected in the statutory financial statements through the introduction of designated fund5 reflecting 17
Weston Hosplc8car• Llmltèd IA Company Llrniiad by Guaranreel Tru$rees'onnual RepDril•rth•y••ii• M*i¢h 2024 the major risk categories, thereby giving the reader of the statements a better understanding of the funds available for investment in charitable activities. Fundraising Practices The Trustees confirm that Weston Hospicecare Limited undertakes its fundraising activities in accordance with best practice and in line with current Code of Fundraising Practice. There is abnormal uncertainty surrounding the economic risks noted above, which could have a significant impact on our operations. The cost of living crisis could severely restrict our fundraising activities as people may not be able to afford to give as much to charity. Therefore it is prudent and appropriate that we are carrying more reserves than usual during this period to guarantee the sustainabilityof our care, which thus far we have managed to maintain throughout the pandemic. Weston Hospicecare Limited is registered with the Fundraising Regulator, the independent body established to set and maintain standards ofappropriate charitable fundraising in the UK. We ensure we adhere to the 'fundraising promise, as set out by the Fundraising Flegulator. We take the management of our data very seriously and conform to Data protection legislation. We only collect and use personal information for the use it was intended and do not sell or buy data toor from third parties. We send out two newsletters peryear and those, along with any other communications, are based on the interests and wishes of the supporter. Pay rates for key management personnel The board of trustees and the senior management team comprise the key management personnel of the hospice. All trustees give of their time freely and no trustees received remuneration in the year. Details of trustees, expenses and related party transactions are disclosed in note 28 of the accounts. We have ensured that we are complying with the General Data Protection Regulationswhich came into force in May 2018 by continually reviewing our policies and practices relating to personal data, including our consent procedures and our fundraising database retention periods. We provide all of our supporters with clear and easy opportunitiesto change their communication preferences at any time. Our Privacy Notice, outlining how we use supporter data is available on our website or can be communicated verbally or in writing for those without internet access by calling our supporter care department. We also have a complaints procedure should anyone wish to raise an issue or complain about any of OLJr activities (including fundraising). During 2023124 we didn't receive any complaints relating to our fundraising and communications practices. The current Chief Executive had his pay benchmarked against similar roles in comparable organisations. A similar exercise relating to other senior managerswas carried out in 2022-23. The Chief Executive and trustees undertake the pay review of other members of the senior management team, benchmarking informally. There is an emphasis on ensuring value for moneywhilst enabling the recruitment and retention of appropriate skills and experience. The remuneration paid to key management personnel 15 set out in note14 to the accounts. Weston Hospicecare Limited also raises funds from trusts, foundations and companies. Funds raised are used as per the supporter's wishes, whether set aside for specific pu rposes Irestrictedlor for genera I hospice exper)ses lunrestrictedl. We ensure that we complywith any agreed 18
Ween Htssplcecaie L5mlted (Acompany Llrnlted byGuèr•nieel Trusiee5' Annual R*porLlorth• y•avto31•t M•r¢h ?0 arrangements with our supporters such as named recognition in the statutory accounts. We also have robust internal control systems to ensure that the grants are spent for the specified purpose lif any) and closely monitored. Any requests for anonymity are always respected and adhered to. We are closely watching the situation with the NHS pay awards as this may affect our abilityto recruit and retain staff and we will continue towork closelywith our Integrated Care Boards with whom we have built a strong relationship to share any concerns we have about sustaining pay increases. The impact of cost of living means we expect to fir)ish 2024/25 with a deficit which of necessity will be funded from the surplus reported for prior years. Our approach is to take the Hospice forward through cycles of service development matched by income growth, to ensure we remain balanced and sustainable. When entering into commercial partnerships we always obtain written agreements, making clear the roles and responsibilities of each party. We recognise that the users of our services and indeed our supporters can be vulnerable and require protection from abuse and exploitation. The privacy and dignity of our patients and sensitivity to their needs and wellbeing is paramount to us. Our safeguarding adults at risk policy governs howwe deal with vulnerable people and this can be made available on request, as required by the Fundraising Regulator. Governance Alongside all usual governance activities, our key governance focus areas for 2024125 will include.. The hospice risk management system and processes around annual review of risk registers. As a Hospice we now have a senior member of staff focusing on risk and have implemented Risk management software package Vantage which will be expanded further. Continually improve our information governance and CDPR improvement plan, including the possibility of a new document management system such as Sharepoint to better manage control and permissions of digital data. Robust management of our Retail new goods with better stock-taking procedures. Plans for future perlods Our financial focus during 2024125 will once again be on the cost of living pressures we are now facing. We will also continue to look to develop ways we can reduce our carbon footprint and have already made a step forward on this by installing solar panels on our main Hospice building back in 2019 and are changing to LED lighting as and when we need to replace lights, both within the main Hospice building and across our Retai l estate. Clinical Servlces & Strategy Care for patients and their loved ones remains at the heart of everything we do. The Day Services refurbishment has highlighted a desire to change the waywe operate the various groups on each day and work will continue to get the light balance of services in this area. Plans have been drawn up to refresh our rooms on the In Patient Unit which we hope to do with funding sought from Major donors, Corporate donors and Trusts. Our In Patient Unit bathroom will undergo transformation to g ive it a 'spa~like' feel. This will be fully funded by Trusts and grants. Budget 2024125 We expect the majority of 2024125 to continue to be affected in one way or another by the cost of living crisis. We anticipate only a slight increase in Fundraising income from the prior year as events start to creep back up to pre- pandemic participation levels and an increase in costs across the board. Retail income is improving due to the addition of our Superstore prior year and larger North Worle store in 202823. 19
Weston Hosplcecire Llmlred Wcornpany Llrnlted by Guaianteel Tru$ree¥Annu81 Aeportforth• y•arto31st M•r¢h Z024 Electronic prescribing by our nurse prescribers will be bedded in, this has a huge benefit for our patients. For anyfuture increase in services, we will request full funding from our Integrated care boards before we proceed. The hospice gives all trustees an extensive 'Trustee Manual, to guide them as to how the charity operates and what is expected of them. Directors and trustees The directors of the charitable company are its trustees for the purposes of charity law and throughout this report are collectively referred to as the trustees. Some of the trustees are also directors of the subsidiary company. Strategy refresh This year, the Hospice has replaced its 5- year strategy with a new 3-year strategy. The coming year the focus will be on delivery of our strategic intentions which will set the Hospice up for the foreseeable future, both operationally and financially and as always, will be patient focused. Progress on the strategy will be tracked and reported on at board meetings. Recruitment and appointment of trustees New trustees are recruited to the charity following an assessment of the skills and experience within the team and identification of any gaps; the aim is to have a broad range of skills and abilities including business. finance, human resources and clinical skills. All members of the Board are non-executive and the positions are unpaid. Structure, Governance and Management Organlsatlon The main objective of the trustees is. in conjunctionwith the senior management team, to develop the strategic direction of the hospiceensuring that this remains within the remit ofthe charity, maintain the ethos and principles agreed, and to ensure that a robust monitoring system is in place to review performance. The day-to-day management of the hospice has been delegated to the Chief Executive and senior management team, consisting of: Chief Executive Director of Patient Services Director of Finance, IT and Risk Director of Fundraising and Communications Director of Retail Finance Manager Head of People Services Head of Estates and Facilities Governlng document Weston Hospicecare is a company limited by guarantee and a registered charitygoverned by its Memorandum and Articles of Association. Operating name The hospice operates under the name of Weston Hospicecare Limited. The hospice has one wholly owned trading subsidiary, Weston Hospicecare Mart Limited which deals with all newgoods and commission on gift aid. Trustee induction and training Following selection and recruitment, the prospective trustees receive an induction pack, which covers the responsibil ities of a trustee withi n the charity and specific iriformation about Weston Hospicecare Limited, and receive training where appropriate. The existing Board of Trustees can co-opt new trustees at any time, usually after a probationary period as an observer. The AGM then ratifies co-opted trustees together with those retiring by rotation and offering themselves for re-election. There are bi-monthly meetings of the Board of Trustees and the senior management team attend these. In addition, sub- committees consist of trustees and the senior management team, meeting bi- monthly as a rule, covering subjects such as clinical governance, finance and business planning and income generation. 20
W¢sion Hosplceeare Llmiied (AComp&nyLlmited by GuarènteÈl Trus•$, Annual R8portl•rth•y•arioJlst M4reh 2024 Each sub-committee has its own terms of reference. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at anytime the financial position of the charitable group and enable them toensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence, for taking reasonable steps for the prevention and detection of fraud and other irregu la rities. There is appropriate clinical governance in place to monitor and improve our service. Monitoring of staff and public health and safety is core to governance at all levels. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other j urisdictions. Statement as to disclosure to our auditors In so far as thetrustees are aware at the time of approving our trustees, annual report: There is no relevant information, being information needed by the auditor in connection with preparing their report, of which the group's auditor is unaware., and The trustees, having made enquiries of fellow directors and the group's auditor that they ought to have individually taken, have each taken steps that he/she s obliged to take as directors in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Trustees, responsiblllties In relation to the financlal statements The Trustees (who are also directors of Weston Hospicecare for the purposes of company lawl are responsible for preparing the Trustees, Fleport and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, ofthe charitable group for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently,. Observe the methods and principles in the Charities SORP., Makejudgments and estimatesthat are reasonable and prudent., and Prepare the financial statements on the going concern basis Ljnless it is inappropriate to presume that the charitable group will continue in operation. This Report, incorporating the Strategic Report, was approved by the Trustees and sign on its behalf by.. Dr P Smith Chair 26th September 2024 21
Wesion H05plcecare Llmlred (Acompany Llmlte¢S byCU&r8nej Tru51eWAnnu81 Repoitlorth•y•4rto 51it March2024 Weston Hosplcecare Organogram Board of Trustees CEO Support Servlces Director of Patient Services Dlrector of Finance, IT and Rlsk Director of Fundralsing and Communlcations Director of Retall People Servl¢es Estates and Facllltles Caterlng Housekeeplng Receptlon Tralnlng Volunteers Inpatlent Unlt Community Day Hosplce Doctors Famlly Support Team Bereavement Chaplalncy Companlons Complementary Therapy Occupatlonal Therapy Physiotherapy Flnance Rlsk IT Events & Challenges Trusts & Grants Lottery Glfts In Wills Corporate Communlty Individual Glving Communlcatlons Stores Warehouse Onllne Trading Loglstlcs Volunteers 22
weston Ho¥lceeare Llmlted (Acompany Llrnlied byGuaiantoel Tfusiee5' Annual Reporif¢xth• y•ir to311t M•r¢h 2024 Reference and Admin details Charity Number.. Company Number.. Registered Off ice: 900328 02414541 Jackson-Baistow House, 28 Thornbury Road, Uphill, Weston-super-mare, North Somerset, B523 4YQ Our advisors Auditors.. PKF Francis Clark, Blackbrook Gate I, Blackbrook Business Park, TaLrnton, TAI 2PX Bankers: Lloyds Bank plc, 2 South Parade, Weston-super-mare, BS23 IJL Solicitors.. Bennetts Solicitors, Barley Wood Stables, Wrington, Bristol, BS40 5SA Investments Advisors: Rathbone Brothers plc, I Curzon Street, London. Wlj SFB Investment Managers Rathbone Brothers plc, I Curzon Street, London, WlJ SFB CCLA Investment Management Ltd, 80 Cheapside, London, EC2V 6DZ Directors (Trustees) The Directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year-end were as follows: Dr Peter Smith, Chair John Bangham, Vice Chair, Treasurer lohn Katsouris Dr John Dixon Sam Walker Mark Andrews Christopher Georgiou Corrine Thomas Mark Antoine Sheila Dominey Jan Poulton-sadler (appointed 23rd May 20241 Patrons Judi Driscoll Michelle Michael Secretary Roslyn Seymour The key management personnel serving during and since the year end Chief Executive Officer Paul Winspear Director of Patient Services John Bailey Director of Retail Emma King Director of Finance, Flisk and IT Peter Sloman Director of Fundraising and Communications Julian Hall Head of People Services Sonja Hammond Finance Manager Roslyn Seymour Head of Estates and Facilities Fiona Wilkie 23
Weston Hospltetèré Llmltid IACompanyLlfflltèd by Guarant901 Independent audltoi's iepoitlo Ihemernbersofwesion Hoslplcecare Llmltod f•rth•y•41 t• 3111 M4i¢h 2024 Independent auditor's report to the members of Weston Hospicecare Limited Opinlon We have audited the financial statements of Weston Hospicecare Limited (the 'Charitable Company'l for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the GroLJP and Charitable Company Balance Sheets, 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 FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Group and Charitable Company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including 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. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for tho audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our 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. Conclusions relating to going concern In auditing the financial statements, we have concluded the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate and that the trustees have disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months frorn the date when the financial statements are authorised for issue. Other Information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. 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 isto 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 mi5Statements, we are required to determine whether there is a material misstatement in the 24
Weston Hosplcec8ie Llmlted IACompany Llmited by Guarènt•el Indepèndent aUdIl.$1eporrlO the member50fWeston Hoslpltecare Llmited lor th•y•av 1031st M4r¢h 2024 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 rnisstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ofthe audit.. the information given in the Trustees, Report for the financialyear for which the financial statements are prepared is consistent with the financial statements. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the strategic report. Responsibilitles of Trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 21, the trustees are responsible for the preparation of the financial statements and for being satisfied that theygive 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 company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbilities 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 accordancevvith ISAS IUKI will always detect a material misstatement when it exists. M isstatements can arise from fraud or error and are considered material if, individually or in the 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 abovè, 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.. 25
W65ton Hospl¢ec3re Llmlted IA Company Llrnlrecl byGu•r•nie81 Independenr •udiiof'sreporttQ the membersolwesron Hoslplcecarg Llmlted lor th•y•arttsNst M4t¢h 2024 As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Group. We gained an understanding of the sector in which the Group operates as part ofthis assessment to identifythe key laws and regulations affecting the Group. The regulatory environment was discussed with the relevant individuals responsible for compliance and the Group's website for indication of any regulations and certification in place. The key regulations we identified were health and safety regulations, CQC regulations and breaches of The General Data Protection Regulation I'GDPFI"). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities.. Statement of Recommended Practice ISOFiPI. We discussed with management how the compliance with these laws and regulations in monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Group's ability to continue operating and the risk of material misstatement to the accounts.we also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following.. Enquiries of managemernt regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. Review of up to date correspondence with the CQC, CQC website and last inspection report to identify any non-compliance. Review of the group's GDPR policy, search of the ICO website and enquiries to the Data Protection Officer as to the occurrence and outcome of any reportable breaches. Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance. We assessed the susceptibility of the financial statements to material misstatement through management override or fraud. including in relation to cash income and expenditure, and obtained an understanding of the controls in place to mitigate the risk of fraud. We also discussed with management whether there had been any instances of known or alleged fraud, of which there were none.Based upon our understanding we designed and conducted audit procedures including.. Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Audited revenue and income recognition including that revenue is only recognised to the extent that the entity obtains right to consideration for its performance, and that this can be measured with reasonable accuracy. Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. Because of the inherent limitations of an audit, there is a risk that we will r)ot detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation. 26
Weston Hosplcecare Llmiieol IAComp)nyLlmlred byGu•rènieel Indepondent audltois repoit rhe meml)ersofwesfon Hoslpk¢¢are Llmbted i th• y••f t03111 M•r¢h 2024 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at vNAw.frc.org.uk auditorsresponsibilities. This description forms part of our auditor's report. Use of the audit report This report is made solely to the Charitable Company's membeis, as a body, in accordance with Chapter 3 of Part16 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 anyone other than the Charitable Company and the members as a body, for our audit work, for this report, or for the opinions we have formed. Nell Hitchlngs (Senlor Statutory Auditor) PKF FRANCIS CLARK Chartered Accountants and Statutory Auditor Blackbrook Gate I Blackbrook Business Park Taunton Somerset TAI 2PX Date.. 30 Sep.lember 2024 27
Consoll¢ated StatfrmenrolFlnan¢lal krIlIeS Iln¢ludln9 the Income ènd ExpeditureAccounil forih• y••ri¢ 31rt Mar¢h 20V• Wesion Hosplcecare LlrnSied IACornp8ny Llmlted byGuaiènteel Unrestricted Funds Restricted Funds General Designated Total Funds Total Funds 2024 2024 2024 2024 2023 Note Income and Endowments from: Donations and gifts in wills 3 Other trad ing activities Investment income 129,806 904,820 3,159,660 1,034.626 3,159,660 136,164 1,116,501 13,421 1,605,232 3.040,926 102,243 1,148,079 22,988 136,164 1,116,501 13,421 Charitable activities Other income Total income 129,806 5,330,566 5,460,372 5,919,468 Expendlture on: Raising funds 8,9,10 1,617 2,980,973 2,982,590 2,664,635 Charitable activities 11 39,482 3,078,710 1,119 3,119,311 2.722,997 Total Expendlture 41,099 6,059,683 6,101,901 5,387,632 Gains and Ilossesl on revaluation and disposal of investment assets 112,633 112,633 1275,5351 Net IncomellExpenditure} 88,707 1616,4841 11,1191 1528,8961 256,301 Transfers between funds 23 146,2881 216,303 {170,0151 Net movement of funds for the year 42,419 {400,181} (171,134) {528,896) 256,301 Total funds at Ist April 2023 463,391 7,694,174 768,134 8,925,699 8,669,398 Total funds at 31st March 2024 23,24 505,810 7,293,993 597,000 8,396,803 8,925,699 28
Consolldated StatÈmen¢of FInar131 Aciiw(ie$ Ilncluélng the In¢omo &n<S E¥pedltureA¢countl l•r th•y••rt¢ Jlii M•r¢h 2023 Weston Hosplc*e8re Llmlted IA CompanyLlmited by Guarantee) Unrestricted Funds Restricted Funds General Designated Total Funds Total Funds 2023 2023 2023 2023 2022 Note Income and Endowments from: Donations and gifts in wills 3 Other trading activities Investment income 123,095 1,482,137 3,040,926 1,605,232 3,040,926 1,423,793 2,479,196 69,555 1,537,100 9,828 102,243 80,000 1,068,079 22,988 102,243 1,148,079 22,988 Charitable activities Other income Total income 203,095 5,716,373 5,919,468 5,519,472 Expendlture on: Raising funds 8,9,10 1,814 2,662,755 66 2,664,635 2,209,414 Charitable activities ii 42,870 2,678,443 1,684 2,722,997 2,389,028 Total Expenditure 44,684 5,341,198 1,750 5,387,632 4,598,442 Gains and Ilossesl on revaluation and disposal of investment assets 1275,5351 1275,5351 159,935 Net Income/lExpenditurel 158,411 99,640 11,7501 256,301 1,080,965 Transfers between funds 23 17,9341 1748,5591 756,493 Net movement of funds for the year 150,477 1648,919) 754,743 256,301 1,080,965 Total funds at Ist April 2022 312,914 8,343,093 13,391 8.669,398 7,588,433 Total funds at 31st March 2023 23,24 463,391 7,694,174 768,134 8,925,699 8,669,398 29
Consolldated 8a18rK8 Sheei •* Ittt Mii¢h 2024 Wé51on Hosplt•eir• Llrnlted IA C¢mp•ny Llmlred by Ouaranieel 2024 2024 2023 2023 Note Fixed assets Inta ng ible assets Tangible assets Investments 16 7,154 1,504 17 3,507.372 4,075,349 7,589,875 2,913,433 18 3,932,741 6,847,678 Current assets Stocks 19 36,219 36,901 899,948 Debtors 20 494,377 Cash at bank and in hand 846,681 1,639,879 1.377,277 2,576,728 Creditors.. amounts falling due within one year 21 1570,3491 1498,7071 806,928 2,078,021 Net current assets Provisions 22 Total assets less current Ilabilltles 8,396,803 8,925,699 Charity Funds Restricted funds 23 505,810 463,391 Unrestricted funds - General funds 23 7,293,993 597,000 7,694,174 768,134 Designated funds 23 8,396,803 8,925,699 The financial statements were approved and authorised for issue by the Trustees on 26th September 2024 and signed on their behalf by,, Mr. J. Bangham Treasurer The notes on pages 33 to $6 form part of these finar)cial statements. Company fiegistered Nurnber.. 02414541 30
Wesron Hosplcecare Llrnlted (Acompany Llmited tyGuai8nieel Charlty Balance Sheei ** *¢ M•t¢h 2024 2024 2024 2023 2023 Note Fixed assets Intangible assets Tangible assets Investments 16 7,154 1,504 17 3,507,372 2,913,433 18 4,076,349 3,933,741 6,848,678 7,590,875 Current assets Stocks 19 Debtors 20 494,111 933,281 Cash at bank and in hand 833,925 1,579,779 1,328,036 2,513,060 Creditors.. amounts falling due within one year 21 1566,7981 1480,7291 Net current assets 761,238 2,032,331 Provisions 22 Total assets less current Ilabilitles 8,352,113 8,881,009 Charity Funds Restricted funds 23 505,810 463,391 Unrestricted funds - General funds 23 7,249,303 597,000 7,649,484 768,134 Designated funds 23 8,352,113 8,881,009 The charity has taken advantage ofthe exemption contained within 408 of the Companies Act 2006 not to present its own Income and Expenditure Account. The ir)come and expenditure account for theyear dealt with in the accounts ofthe group was a E529k deficit12023'. £256k surplus). The financial statements were approved and authorised for issue bythe Trustees on 26th September 2024 and signed on their behalf by.. Mr.J. 8angham Treasu rer The notes on pages 33 to 56 form part of these financial statements. Company Registered Number.. 02414541 31
Consolldated CèshnowSt•iement for th•y•arto 31rt M4Y¢h 2024 Wesion Hosplcec•re Llmlied Company L5mlred byGuaianreel Cashflow Statement Note Total funds 2024 2023 Cashflows from operating activities: Net cash (used in}/provided by operating activities 25 182,0801 861,531 Cash flows from investing activities Dividends and interest from investments 136,164 102,243 Purchase of intangibles, property, plant and equipment 16,17 1817.3071 1270,4171 Purchase of investments 18 1914,8381 11,917,267) Proceeds from sale of investments 18 884,863 1,177.442 Net cash provided by(used by) Investlng activities {711,118} {907,999) Change in cash and cash equivalents in the reporting period 1793,1981 146,4681 Cash and cash equivalents at the beginning of the period 1,639,879 1,686,347 Cash and cash equivalents at the end of the period 25 846,681 1,639,879 The notes on pages 33 to $6 form part of these financial statements 32
Wesion Hospltecare Llrnlred (AComp8nyLlmited byGuaranleel Noresto Ihe Flnancial Statemen l•rth• y••r •nd•d 5111 M4t¢h 2024 l. General Information Weston Hospicecare Limited is a charity registered in England and Wales and a private company limited by guarantee. The registered office is Jackson-Barstow House, 28 Thornbury Road, Uphill, Weston-super-mare, BS23 4YQ. 2. Accounting Policies Basis of preparation of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Fiepublic of Ireland IFfis1021, (Charities SORP IFFIS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2006. Weston Hospicecare meets the definition of a public entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. The financial statements are prepared in sterling which is thefunctional currency of the charity and group and rounded to the nearest pound. Comparative information relates to the year ended 31 March 2023. Preparation of the accounts on a going concern basis The charity reported a cash outflow of £793k during the year. The Trustees aim to achieve a balanced financial performance, and they are confident that the steps that they have undertaken this year will result in a continued positive performance over the next 1-3 years. The Charity has reserves as disclosed on page17 which the trustees consider adequate to support the Charity in the unlikely event that the anticipated positive performance over the next 3years is not quite achieved and, on this basis, the Trustees have prepared the accounts on a going concern basis. Basis of consolidation The financial statements consolidate the accounts of Weston Hospicecare Limited and of its subsidiary undertaking I'subsidiary'l on a line-by-line basis. The charity has taken advantage of the exemption contained within 408 of the Companies Act 2006 not to present its own Income and Expenditure Account. The income and expenditure account for the year dealt with in the accounts of the group was a £529k deficit12023'. £256k surplus). Company status The charity is a company limited by guarantee. The membersof the company are the Trustees named on the reference and administrative details page. In the event of the charity being wound up, the liability in respect ofthe guarantee is limited to £1 per member of the charity. 2.5 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 charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 33
Weston Ho$pl¢ecafe Llmiied (ACompanyLlmlted tyGUaiént> Notes to Lhe Flnancial Statemer)is forih•y•ar •nd•d Jlit M•reh 2024 Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against thespecific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be received, and the amount can be measured reliably. Income from government and other grants, whether capital grants or revenue grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. For gifts in wills, entitlement is taken as the earlier of the dateon which either the charity is aware that probate has been granted the estate has been finalised and notification has been made by the executorlsl to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a gift in will in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor's intention to make a distribution. Where gifts in wills have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been Met then the gift in will is treated as a contingent asset and disclosed if material. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charityto that expenditure, it is probable thatsettlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources. Costs of generating funds are those costs incurred in fundraising and those costs incurred in trading activities that raise funds. The costs of charitable activities are those of providing a community-based specialist palliative care service. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Intangible Assets Intangible assets over £500 are capitalised and stated at cost less amortisation. Amortisation is provided so as to write off the cost over their useful lives as follows.. Computer software over 3 years 34
Weston Hosplcecare Llmiied IAComp8nyLlrnlLed byGuaFanteel Notes ro the Flnanclal St8ments f•r th•y•4r •nd•tl Si¥t M•*¢h 2024 Tangible fixed assets ar)d depreciation Tangible fixed assets over £500 are capitalised and stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Freehold property 20A straight line, except where an asset is re-lifed Leasehold Property evenly over the life of the lease Motor vehicles 25% straight line Fixtures & fittings 200A straight line Computer equipment over 3-5 years Medical Equipment 25% straight line Freehold property is stated at cost or valuation in the balance sheet less accumulated depreciation to date. Assets under construction are capitalised but not depreciated until they are commissioned. 2.10 Investments Listed investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout theyear. Investments in subsidiaries are valued at cost less provision for impairment. These are valued at cost as there is not thought to be a significant difference with their market value. 2.11 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Items donated for resale are not included in the financial statements until they are sold. 2.12 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.13 Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments. 2.14 Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer offundsto a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due and can be measured or estimated reliably. 35
Wesi¢n Hosplcocar8 Umlted (AComp8nyLlmlted byGuarènieel Nores 10 lh• Flnancial siaiemonts f•rth•y••t •nd•d Jlst M•i¢h 2024 2.15 Financial instruments The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.16 Pensions Employees canjoin a defined contribution pension scheme which is administered by Scottish Widows. The group also contributes to the NHS pension schemeon behalf of a number of staff who are eligible tojoin such schemes. Staff transferring from the N HS may continue to contribute to the NHS scheme. The NHS scheme is a defined benefit scheme but the charity is unable to identify its share of the underlying assets and liabilities and as permitted by FRS102 (section 17 of Charities SORPI, it accounts for the Plan as if it were a defined contribution scheme. As such these accounts do not recognise any assets or liabilities in relation to this scheme. 2.17 Donations in kind In addition to the amounts included in the financial statements, the organisation benefited from many hours of volunteer help during the year, most of which came in the form of direct assistance in manning the administration office, fund raising, publicity and unchargod professional services. The charity could not have achieved its current level of accumulated funds or clinica I service provision without thei r g ratefully received assistance. Vol unteers ti me is not recognised in the financial statements. We have also received support from local businesses such as donations of food and drink items which have been invaluable when running our events. Gifts in kind are not recognised in the financial statements. 2.18 Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight-line basis over the period of the lease. 2.19 Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make somejudgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure. However, the nature of estimation means that actual outcomes could differ from those estimates. A key area of judgement in these financial statements is the recognition of legacy income, which requires judgement about whether the income is probable or not, and whether Weston Hospicecare holds entitlement to the monies. There is also estimation uncertainty regarding the reliability of the amount to be received. Many of the gifts in wills in the pipeline will include properties which are inherently uncertain in value as well as sometimes there being uncertainty regarding the amount of the estate to which Weston Hospicecare is entitled. The value of accrued income relating to gifts in wills has been estimated at £90k at 31st March 202412023 £169kl. There are alsojudgements made in determining whether provisions are required and at what value. A provision for dilapidation has been made either where a specific claim has been registered, or where a lease is due to end within the next three years and Weston Hospicecare 36
Weston Hosplcecète LIMI (Acompany Llmlted by Guaranieel NOLestts Ihe Flnanela1 Stètements forth•y•ar•nd•d Jlit March 2024 does not intend to renew the lease- for properties where the lease is intended to be renewed, such properties are maintained annually to a standard wherethe risk of dilapidation costs are negligible and therefore no provision is made. A dilapidations provision of nil is held at theyear- end and is disclosed in note 2212023 nill. 2.20 Employee Benefits Short-term employee benefits and contributions to defined contribution pension schemes are recognised as an expense in the period in which they are incurred. 3. Donatlons and Gifts in wllls Restricted Unrestricted funds funds Total funds Restricted Unrestricted funds funds Total funds 2024 2024 2024 2023 2023 2023 Trusts and grants 128,806 28,500 157,306 122,095 10,040 132,135 Covenants and Gift Aid 302,806 302,806 215,042 215,042 Other Donations and Collections 1,000 341,102 342,102 1,000 316,437 317,437 Gifts in wills 232,412 232,412 940,618 940,618 129,806 904,820 1,034,626 125,095 1,482,137 1,605,232 4. Other tradlng actlvltles Restricted Unrestricted funds funds Total funds Restrleted Unrestrlcted Total funds funds funds 2024 2024 2024 2023 2023 2023 Fundraising 466,736 466,736 520,489 520,489 Lottery 167,112 167,112 183,823 183,823 Shops 2,525,812 2,525,812 2,336,614 2,336,614 3,159,660 3,159,660 3,040,926 3,040,926 37
Weston H¢splcecaré Llmlted (Acompany Llmlted byGu818nwel Ntstes 10 the Flnanclal Starements lorth•y••r •nd•tl31iiM4reh 2024 S. Investment Income Restricted Unrestricted funds funds Total funds Restricted Unrestrlcted funds funds Total funds 2024 2024 2024 2023 2023 2023 Dividends receivable 100,798 100,798 84,303 84,303 Interest receivable 35,366 35,366 17,940 17,940 136,164 136,164 102,243 102,243 6. Charltable actlvltles Restricted Unrestricted Designated Total Restrlcted Unrestricted Designated Total funds funds funds funds funds funds funds funds 2024 2024 2024 2024 2023 2023 2023 2023 In-patient Unit 745,701 745,701 708,909 708,909 Community 221,220 221,220 216,538 216,538 Day Services 55,937 55,937 80,000 53,892 133,892 Other Patient Services 93,643 93,643 88,740 88,740 1,116,501 1,116,501 80,000 1,068,079 1,148,079 38
Wesron HosplcecaTe Llmlted (Acompany Llmlted bycuatanièèl Nore$ir> ihe Flnanclal siaiemen fov ih•y••r •nd•d Jl*t M•ieh 2024 7. Other Income Restricted Unrestricted funds funds Total funds Restrlcted Unrestricted funds funds Total funds 2024 2024 2024 2023 2023 2023 Other income 13,421 13,421 22,988 22,988 13,421 13,421 22,988 22,988 8. Costs of ralslng funds. voluntary Income nr nrestricted Design Dlrect Support ated Restricted funds Deslgn Direct Support ated 2024 2024 Total funds Restricted funds Total funds 2024 2024 2024 2023 2023 2023 2023 2023 Fundraising 107,577 42,914 T50,496 15 164,199 32,076 196,290 Depreciation 1,196 844 1,066 3,106 170 1,227 918 2,315 1,201 108,421 43,980 153,602 185 165,426 32,994 198,605 39
Waston H0$pIcSle Llm51ed (Acornpany Llmiied byGuarènreel Note5 fo Ihe Finanelal S181ements forth•y•ar •nd•d Jlit M•rth 2014 9. Costs of ralslng funds. fundraislng Unrestricted Design Support ated Unrestrlcted Restrlcted funds Total funds Restricte d funds Design Support ated Total funds Direct Dlrect 2024 2024 2024 2024 2024 2023 2023 2023 2023 2023 Fundraising 298,466 81.304 379,777 73 263,885 66,939 66 330,963 Lottery 72,160 15,485 87,647 21 73,499 11,494 85,014 Shops 1,910,211 317,167 2,227,387 109 1,651,190 266,717 1,918,016 Depreciation 398 99,249 10,561 110,208 1,426 96,094 9,095 106,615 L05s on disposal of fixed assets 927 927 416 2,380,086 424,517 2,805,019 1,629 2,085,595 354,245 66 2,441,535 10 - Costs of ralslng funds- Investment management costs Restricted funds Unrestrlcted Total funds Restricted funds nrestrlcted Total funds Direct Support 2024 Dlrect Support 2023 2024 2024 2024 2023 2023 2023 Investment managers fees 23,969 23,969 24,495 24,495 23,969 23,969 24,495 24,495 40
WesLon Hosplcecare Llmlred (Acompany Llrnlted byGuarènieel Notes ro the Financlal Slatemen forth•y•ar •nd•d Jl¥t M•i¢h 2024 11. Expendlture on charltable activitles Unrestricted Unrestricted Deslgn Direct Support ated Restricted funds Design Direct Support ated Total funds Restricted funds Total funds 2024 2024 2024 2024 2024 2023 2023 2023 2023 2023 In-patient Unit 4,700 971,698 484,703 579 1,461,680 3,643 873,269 416,537 925 1,294,374 Community 1,773 444,841 110,820 480 557,914 1,619 390,152 97,348 ioo 489,219 Day Hospice 1,585 152,775 119,543 60 273,963 3,141 44,569 99,199 464 147,373 Other Patient Services 8,251 644.148 95,473 747,872 21,051 625,283 76,017 722,351 Depreciation 23,173 13,320 41,389 77,882 13,416 20,430 35,639 195 69,680 39,482 2,226,782 851,928 1,119 3,119,311 42,870 1,953,703 724,740 1,684 2,722,997 12. Governance costs Restrlcted funds Unrestrlcted Total funds Restricted funds nrestrlcted Direct Total funds Direct Support 2024 Support 2023 2024 2024 2024 2023 2023 2023 Audit fees 15,697 15,697 13,900 13,900 Auditors non-audit costs 14,714 14,714 2,262 2,262 Trustee indemnity insurance 638 638 638 638 Trustee other professional fees 3,540 3,540 34,589 34,589 16,800 16,800 Governance costs shown above are no longer separately disc105ed on the dace of the SOFA but are included within suppoil costs. 41
Wesitsn Hosplcecare Llmlted (ACornpanyLlmlté<l byGuèrènteel Notesto Iho Financia1 Slètemonts forth• y•ii •Thd•d Jllt M•i¢h 2024 13. Net Income/(Expendlture) This is stated after charging/lcreditingl'. Total funds Total funds 2024 2023 Amortisation of intangible fixed assets 2,658 9,465 Depreciation on tangible fixed assets 215,060 187,794 Loss on disposal of fixed assets 62 Operating lease costs Iland & buildings) 259,446 220,715 Operating lease costs lotherl 1,526 1,667 Audit fees 15,697 13,900 Auditors non-audit fees (Corporation tax) 1,213 2,262 Auditors non-audit fees (Vat advice) 13,500 14 Staff costs Staff costs were as follows.. 2024 2023 Wages and salaries 3,682,079 3,264,572 Social security costs 309,374 278,105 Defined contribution pension costs 236,386 201,165 4,227,839 3,743,842 Social security and pension costs are allocated to activities in proportion to the related staff costs incurred. 42
Weston Hosplcec•r• Llmlted IACompènyLlmited by Guaranteel Notesto ih&Flnancl31 srarernents forth• y*ar •Thd•¢ 31•t M•r¢h 2024 The key management personnel of the group, all employed by the Charity, were as follows.. 2023124 and 2022123 Chief Executive Director of Patient Services Director of Retail Director of Fundraising & Communications Director of Finance, IT and Risk Finance Manager Head of People Services Head of Estates and Facilities12023124 only) The total employee benefit of the key management personnel was £545,707 {2023'. £435,279) The average monthly number of employees during the year were as follows.. 2024 2023 Number Number Fundraising 12 15 Shops 60 56 Clinical 65 61 Premises and support 21 20 Management and administration io 168 161 "fhe number of higher paid employees were.. 2024 2023 Number Number In the band £60,001-£70,000 In the band £70,001-£80,000 In the band £80,001-£90,000 In the band £90,001-£100,000 During the year pension contributions of £34,87212023'. £28,674) were made on behalf of the staff earning in excess of £60,000. 43
W¢ston Hosplctcare Llmlted IACompanyLlmlted by Guaianteel NoLe5to the Finan¢lal St8¢emen f•rth•y••r •nd•d 3111 M4r¢h 2014 u) 44
Wosron Hosplcecare Llmited (Acompany Limlrecl byGuaranieel Noiesio rhe Finan¢lal Slètemen fov th•y•r •nd•d 511 M•i¢h 2024 16. Intanglble assets Computer software Charity and Group Cost At Ist April 2023 91,047 Additions Disposals 12,2911 Transfer between classes 8,308 As at 31st March 2024 97,064 Amortisation As at Ist April 2023 89,543 Charge for the year 2,658 On disposals 12,2911 As at 31st March 2024 89,910 Net book value At 31st March 2024 7,154 At 31st March 2023 1,504 Amortisation is included in the consolidated statement of financial activities within restricted and u nrestricted expenditure on cha rita ble activities. 45
We5toD Hosplc¥•r• Umlted (Aeompany Llrnlied byGuai•nreel Noresto th¢Flnanclal StaLemenLS Iw th• y•4r •nd•d 31*1 March 2024 17. Tanglble flxed assets Freehold slterm leasehold property property Motor vehicles Fixtures & flttlngs Group Cost At Ist Aprll 2023 Additions 3,747,100 377.889 74,622 419.029 489,827 21.688 54,875 Disposals Transfer between classes 11,5511 80,682 139.7331 11,5861 163,1611 At 31st March 2024 4316,058 359,844 73,036 410.743 Depreclatlon At Ist Aprll 2023 Charge for the year On disposals Transfer beiween classes 1,336,900 88,967 11.5511 166,746 37,503 333.558 34,740 13,887 33,801 163,1611 139,7331 11,5861 At 31st March 2024 1.424,316 161,753 49,804 304.198 N•t book value At 31st March 2024 2,891,742 198,091 23,232 106,545 At 31st March 2023 2,410.200 211,143 37,119 85.471 Assets under constructlon Computer equlpment M•dlcal •quipment Total Group Cost At 1st Aprll 2023 Additions 97,239 218,762 254,535 S189,)76 136.222 40,920 73,775 817,307 Disposals Transfer between classes 1115,4431 183,9491 (305,4231 18,3081 5,692,752 188.9901 144,471 At 31st March 2024 144,239 244,361 Depr•clatlon At Ist Aprll 2023 Charge for the year On disposals Tr8n5fei between classes 177.438 223.598 2,275,743 25.240 18,425 215,060 1305,4231 1115,4431 183,9491 At 31st March 2024 87,235 158,074 2,185,380 Net book value At 31st March 2024 144,471 57,004 86,287 3,507.372 At 31st March 2023 97.239 41.324 30,937 2,913,433 46
Wesi¢n Hospleecère Llrn5ted (Acompany Llmlred by Gu•r•nieel Note5 to the Flnznclal statements for th•y•4r •nd•d Jlit Mav¢h 2024 Frèehold s/term leasèhold property property Motor vehicles Fixtures & fittings Charity Cost At Ist April 2023 Additions 3,747,100 377,889 74.622 387,422 489,827 21,688 54,875 Disposals Transfer between classes 11,5511 80,682 139,7331 11,5861 162.9321 At 31st March 2024 4.316,058 359.844 73,036 379,365 D•pr•clatlon At 1st Aprll 2023 Charge for the year On disposals Transfer between classes 1,336.900 166.746 37,503 301,950 88,967 11,5511 34,740 13,887 33,801 139,7331 11,5861 162,9321 At 31st March 2024 1,424.316 161,753 49,804 272,819 Net book value At 31st March 2024 2,891,742 198,091 23,232 106,546 At 31st March 2023 2,410,200 211,143 37,119 85.471 Assets under onstruction Computer equipment Medical equlpment Total Charlty Cost At 1st Aprll 2023 Addition5 97,239 218.762 254,53S 73,775 183,9491 5,157,569 817,507 1305,1941 18J081 5,661,374 136,222 40,920 1115,4431 Disposals Transfer between classes 188,9901 144,471 At 31st March 2024 144,239 244,361 Depreclatlon At Ist Aprll 2023 Charge for the year On disp05als Transfer between classes 177,438 223,598 2,244,136 215,060 1305,1941 25,240 18.425 1115,4431 183,9491 At 31st March 2024 87,235 158,074 2,154,002 Nèt book value At 31st March 2024 144,471 57,004 86,287 3,507372 At 31st March 2023 97.239 41,324 30,937 2,913,433 47
Wosron Hosplceeare Llmlted (ACompanyLlmsied by Guarantee) Notes roihe Flnancial St4Ments lorth•y••r •nd•d Jlit M*r¢h Z024 18. Fixed asset Investments Investments Group Market value At Ist April 2023 3,932,741 Additions 914,838 Disposals 1884,8631 Gains on disposalslrevaluations 112,633 At 31st March 2024 4,075,349 H istorica I cost 3,879,793 2024 2023 Group investments, ai market value, comprise: Fixed Interest Securities 1,817,611 1,209,268 UK Equities 618,563 703,557 Overseas Equities 940,635 1,100,957 Alternative Investments 698,540 918,959 At 31st March 2024 4,075,349 3,932,741 Investments are classified as UK or Overseas, based on the domicile of the individual fund management companies included in the portfolio. Listed Shares In group securities undertakings Total Charity Market value At Ist April 2023 3,932,741 1,000 3,933.741 Additions 914,838 914,838 Disposals 1884,8631 1884,8631 Gains on d isposa Is/reval uations 112,633 112,633 At 31st March 2024 4,075,349 1,000 4,076,349 H istorica I cost 3,879,793 1,000 3,880,793 48
wèston H05pleecor• Llrnlt*d (ACompanyLlmlred tyGu•ranieel Notes 10 tho Flnanclal statements for th•y•4r•nd•d 3111 M4r¢h 2024 19. Stocks Group 2023 Charity 2023 2024 2024 Finished goods and goods for resale 36,219 36,901 In the year ended 31st March 2024 £73,034 was the amount of inventory recognised as an expense12023.' £61,812). Stock to the value of £5,168 has been written down in the year12023: £6,092). 20. Debtors Group 2023 Charity 2023 2024 2024 Trade Debtors 98,130 408,071 98,130 408,071 Amounts owed by group undertakings 33,333 Other debtors 5,887 70,946 5,621 70,946 Prepayments and accrued income 390,360 420,931 390,360 420,931 494,377 899,948 494,111 933,281 21. Credltors: Amounts falllng due wlthln one year Group 2023 Charity 2023 2024 2024 Trade Creditors 229,291 160,204 228,379 147,842 Amounts owed to group undertakings 2,283 Social security and other taxes 66,475 66,027 66,475 66,027 Other creditors 49.299 36,116 49,299 35,187 Accruals and deferred income 225,284 236,360 220,362 231,673 570,349 498,707 566,798 480,729 Deferred income at 31st March 2024 was £105,98312023.' £102,292). The amounts deferred at 31st March 2024 will be recognised in the 2024125 financial year. Deferred income relates to either invoices raised for the ICB block grant paid one month in advance or to lottery sales received for future draws. 49
We#on Ho$plcecar• Llmlted IACompanyLlmlted tyGuaianteel Notesio the Flnanclal sraiements l•rth•y•ar •Trd•d Jl*t March 2024 22. Provlsions Group 2023 Charlty 2023 2024 2024 Opening Balance 91,750 91,750 Provision released 191,7501 191,7501 Provision created Closlng balance The provisions shown are dilapidation provisions for costs of possible works to make good dilapidations of leased properties. Please refer to note 2.19 for an explanation of what drives the decision whether or not to include a dilapidation provision. 23. Statement of Group funds (consolldated) Brought In¢omlng Forward re50ur¢es Resources expended Transfers Galnsl In/out (losses) Carried forward Deslgnated Funds Friends Designated Fund Jill Dando Designated Fund Capital Projects and Investment Losses Fund 3,276 15431 15761 17031 88 2,030 8,584 8,096 756,274 1169,4001 586,874 Total designated funds 768,134 (1,1191 (170,015) 597,000 General Funds Weston Hospicecare Limited 7,649,484 Weston Hospicecare Mart Limited 5,191,596 15,920,713) 216,303 112,633 7,249,303 44,690 1138,9701 44,690 138,970 Total general funds 7,694,174 5,330,566 {6,059,6831 216,303 112,633 7,293,993 Total unrestricted funds 8,462,308 5,330,566 {6,060,8021 46,288 112,633 7,890,993 Restricted funds Capital Donations Operating Costs Total re5tri¢ted funds 440,664 112,552 126,0981 142,7181 115,0011 13,5701 {41,0991 (46,288) 484,400 22,727 17,254 21,410 463,391 129,806 505,810 Total funds 8,925,699 5,460,372 (6,101,901) 112,633 8,396,803 50
Wtsttsn Htysplcecare Llmired IA Company Llmited ty Guafanieel Noiesto Ih•Flnan¢lal s¢aremen rth• y••i •nd•d 311t M•r¢h 2024 Purposes of unrest funds Friends Designated Fund: The Board of Trustees resolved that £IO.000 raised by the Friends of the Hospice would be set aside as a designated fund during the financial year 2015h6 and an additior)al £5,000 was added in 2019120. The funds are being used for projects decided by the Friends of the Hospice, and views have been sought from their members. Jill Dando Designated Fund: This fund has been designated by the Trustees in order to aid patients with insufficient personal resources to finance activities which have immediate spiritual, psychological or emotional impact on their wellbeing. An additional £1,596 was added in 2021tt2. Capltal projects and investment losses Deslgnated fund: This fund was set up in 2022123 to account for costs of known future capital projects Iwithin the next 18 monthsl and protect the Hospice against potential investment losses. The fund is to be reviewed on an annual basis. Purposes of restric Grants and donatlons: Weston Hospicecare Limited has received grants and donations where the donor has restricted the intended use of the income. Where these have been received in relation to capital items, the assets have been capitalised under tangible fixed assets and the grants received have been included as a restricted fund and the depreciation charged on these items in the year are set against this restricted fund. 51
W¢5ron Hospleecirè Llmlted (Acompany Llrniied byGuarènteel Notesto Lhe Financlal Staiemen l•rth•y•ai •nd•d Jlsl M4r¢h Z024 Tr nsfers between funds The 2023124 accounts show transfers to designated and from restricted funds to unrestricted general funds and vice versa. These have been undertaken for the following reasons.. Transfer Amount Reason Funds spent on fixed assets which had already been released to the general fund1£7301. Release of 2023124 capital project funds spent/creation of fund to support future capital projects 1£169,4001. Interest income generated by the designated fund bank accounts, Friends and Jill Dando was £115. Transfer from designated funds to general unrestricted funds 1170,0151 Transfer from restricted furnds to the general unrestricted fund 142,7181 Flestricted fund released to general fund once capital amount fully spent. Transfer from restricted funds to the general unrestricted fund Funds expended throu9h general {3,5701 unrestricted fund but covered by restricted funding. Total 1216,3031 24. Analysls of net assets between funds Restricted Unrestrlcted Fund5 Funds Total Restricted Unrestrlcted funds funds funds Total funds 2024 2024 2024 2023 2023 2023 Intangible assets Tang ible fixed assets Fixed asset investments 7,154 7,154 1,504 1,504 410,928 3.096,444 3,507,372 118,881 2,794,552 2,913,433 4,075,349 4,075,349 3,932,741 3,932,741 Current assets 94,882 1,282,395 1,377,277 1570,3491 1570,3491 344,510 2,232,218 2,576.728 1498,7071 1498,7071 Creditors due within one year Provisions 505,810 7,890,993 8,396,803 463,391 8,462,308 8,925,699 52
Wesien Hosplcecafe Llmlted (Acompany Llmlted bycuaranteel Notes 10 the Flnanclal StatemenLS reh*•r •nd•d Sllt M•rch 2024 25. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Note 2024 2023 Net movement in funds for the reporting period las per the statement of financial activities) Adjustments for: 1528,8961 256,301 Depreciation/Amortisation 16, 17 217,718 197.259 Dividends, interest and rents from investments 1136,1641 1102,2431 Net Igainsl/iosses on disposal and revaluation of investments 1112,6331 275,535 Loss on disposal of fixed assets 17 62 Decreaselllncreasel in stocks 19 682 15,6671 Decrease in debtors 20 405,571 302,276 Increase in creditors 21 71,642 29,758 IDecreasel in provisions 22 191,7501 Net cash {used in)Iprovided by operating activites (82,080) 867,531 Analys15 of cash and cash equivalents.. 2024 2023 Cash in hand 846,681 1,639,879 Total cash and cash equivalents 846,681 1,639,879 53
Wesion Ho$plrycare Llrnited IA Ct>mpany Llmlted tyGUa1anel Notes 10 the Flnan¢lal Staiemen15 f•r ¢h•y••r•nd•d 31*1 M•i£b 2024 26. Penslon commltments The group contributes to personal pension schemes of its staff. These are defined contribution schemes. The pension cost charge represents contributions payable bythe charity and amounted to £236,38612023.' £201,165). Contributions totaling £48,08512023.' £36,251) were payable to the schemes at the balance sheet date and are included in creditors. 27. Operatlng lease commltments At 31st March 2024 the Group had annual commitments under non-cancellable operating Isases as follows.. Land and Buildings Other 2024 2023 2024 2023 Group Expiry date: Within l year 224,649 254,891 1,526 1,667 Between 2 and S years 686,214 781,441 1,530 After more than 5 years 320,518 435,322 1,231,381 1,471,654 1,526 3,197 At 31st March 2024 the Charity had annual commitments under non-cancellable operating leases as follows.. Land and Buildings Other 2024 2023 2024 2023 Charity Expiry date.. Within l year 224,649 254,891 1,526 1,667 Between 2 and 5 years 686,214 781,441 1,530 After more than Syears 320,518 435,322 1,231,381 1,471,654 1,526 3,197 54
We51on Ho$plcocaie Llrn5¢ed (Acompany Llrnlted byGuaranteel Notes to the Fln8nelal siaLements for th•y••r •nd•d 51st M•i¢h 2014 28. Related Party Transactlons No trustee received any remuneration or were reimbursed expenses12023: Expenses for one trustee relating to mileage £2841. Donations of £408 were received from three trustees during the period12023.' two trustees £440). During the year the Charity incurred costs of £63812023: £6381 relating to trustees, indemnity insurance. Theie have been no additional related party transactions during the reporting period which require disclosure. 29. Capltal Commitments In 2023124 Weston Hospicecare had capital commitments of £157k relating to the Waterloo Street building improvements project12023'. £383k relating to the Day Services refurbishment project). 30. Contlngent Assets Where gifts in wills have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met then the gift in will is treated as a contingent asset. The estimated value of legacies not included as income in these accounts and which have been notified but not received as at 31 March 2024, was £414k12023.' 158kl. 31. Subsldlarles Weston Hospicecare Limited has one wholly owned trading subsidiary incorporated in the United Kingdom as detailed below. Company name Country Percentage shareholdlng Descrlptlon Weston Hospicecare Mart Limited (Fiegistered number.. 025166431 Retailing of new goods and commission on gift aid via charity shops England and Wales ioo 55
weOn Hosp1¢arfj Llmlted (Acompany Llmlted by Guèr8nieel Noies ro ihe Flnanclal StatÈmtn f•rth•y••r •nd•d 3111 March 2024 The profits chargeable to corporation tax are gift aided to Weston Hospicecare Limited. A summary of the trading results of the subsidiary is shown below. Audited financial statements will be filed with the F2egistrar of Companies. 2024 2023 Turnover 138,970 111,946 Cost of sales 173,0341 161,7961 Gross profit 65,936 50,150 Administration expenses 110,2821 110,0161 Profitlllossl on ordina ry activities before taxation 55,654 40,134 Tax on prof itlllossl on ord inary activities Profit/(loss) for the financial year 55,654 40,134 2024 2023 Analysis of net assets of subsidlary Fixed assets Current assets 51,524 97,003 Current liabilities 15,8341 151,3131 Net assets 45,690 45,690 32. Taxation The charity's main activities have been exempted from corporation tax under Part 11 of CTA 2010. 56