The Peace Hospice

Financial report
Financial Position – a snapshot
The result for the year is another
substantial unrestricted surplus
of £370K against an expected
budget deficit of £111K.
This is primarily due to another
very successful year for the
fundraising team which for the
first time ever recorded over
a million pounds in voluntary
income. Legacies this year also
exceeded budget at £512K,
an increase of £127K over the
previous year.
We expanded our trading
operation with the successful
opening of our seventh retail
shop at South Oxhey in June
2007. Turnover in our other six
shops grew by 3.2% year on year
which is remarkable in a very
difficult economic environment.
In 2007/08, overall costs for the
organisation were in line with
budget. Within this we have had
non-recurrent savings of £78K
due to vacant posts. However, in
common with most organisations
we have also felt the impact of
rising prices of energy and
other costs.
The substantial surplus for the
year has meant that we have
been able to plan to spend from
financial reserves some £155K
each year over the next three
years to finance improvements
and expansions to our services.
Over the next three years we will
also be implementing an agreed
strategy to increase income so
that these new services will be
sustainable after three years.
Included in total income of
£3.743M is £217K for the capital
grant we were awarded by the
Department of Health for the new
bedrooms. Of this, £7K was spent
at year end with the balance
£210K held over until completion
of the project.
Our baseline budget i.e. before
any of the planned service
changes, for 2008/09 is a forecast
breakeven position for the year.
Given the cost pressures in the
current economy and the possible
impact of economic slowdown on
our income, we rely as always on
the generosity of our community.
Our services rely on your
generosity and continued support
for our mission.
Income
NHS Funding
£682K 18%
Investment Income
£112K 3%
Lottery
£209K 6%
Grants
(inc one-off
Department of Health Grant)
£226K 6%
Shops
£828K 22%
Expenditure
Governance Costs
£47K 1%
Hospice & Care
Expenditure – Other
£175K 6%
Hospice & Care
Expenditure – Staff
£1.79M 56%
Donations and Gifts
£898K 24%
Income from Events
£275K 7%
Legacies
£51K 14%
Total income
£3.74M
Depreciation
£95K 3%
Cost of generating voluntary
income
£396K 12%
Shops and Lottery Expenditure
£654K 21%
Total expenditure
£3.16M
2008 2008 2008 2007
Summary Financial Report Restricted Unrestricted Total Total
£ £ £ £
INCOME
Voluntary Income including events – 1,141,529 1,141,529 1,081,568
Legacies – 512,295 512,295 384,960
Grants Received 226,025 32,000 258,025 76,113
Primary Care Trust Funding 136,917 545,103 682,020 691,642
Peace Hospice Shops and Lottery – 1,037,414 1,037,414 892,388
Investment and Rental Income – 111,928 111,928 85,817
Total Income 362,942 3,380,269 3,743,211 3,212,488
EXPENDITURE
Hospice and other care 155,128 1,914,482 2,069,610 1,981,342
Governance Costs – 47,263 47,263 48,948
Peace Hospice Shops and Lottery – 653,993 653,993 506,416
Fundraising Costs – 395,502 395,502 359,767
Total Expenditure 155,128 3,011,240 3,166,368 2,896,473
NET(OUTGOING)/INCOMING RESOURCES 207,814 369,029 576,843 316,015
(before gain/loss on investments)
Balance Sheet as at 31st March 2008 2007
£ £
Fixed Assets 3,010,113 3,032,179
Current Assets 3,116,538 2,292,205
Creditors – amounts falling due within one year (603,579) (379,362)
Total assets less current liabilities 5,523,072 4,945,022
Designated Funds 2,942,377 3,014,617
Unrestricted Funds 2,370,188 1,927,712
Restricted Funds 210,507 2,693
Total Funds 5,523,072 4,945,022
Statement of financial activities
Summary Financial Report
The summary figures presented
here have been extracted from
the charity’s full annual accounts
which are available separately
from the Peace Hospice. These
summary figures may not contain
sufficient information to give a
full understanding of the charity’s
financial affairs. The full annual
accounts have been audited
by haysmacintyre, Registered
Auditors, and their audit opinion is
unqualified. A copy of the accounts
will be submitted to the Charity
Commission and to the Registrar of
Companies.
Independent Auditor’s statement
on the Summary Financial Report
to the Trustees of the South West
Hertfordshire Hospice Charitable
Trust.
We have examined the Summary
Financial Report set out above.
Respective responsibilities
of Trustees and Auditors
You are responsible as Trustees for
the preparation of the Summary
Financial Report. We have agreed
to report to you our opinion on
the Summary Financial Report’s
consistency with the full accounts.
Basis of opinion
We have carried out the procedures
we consider necessary to ascertain
whether the Summary Financial
Report is consistent with the full
accounts from which they have
been prepared.
Opinion
In our opinion the Summary
Financial Report is consistent with
the full accounts for the year ended
31st March 2008.
haysmacintyre
Registered Auditors
Please note: from 1st April 2008, the charity changed its formal name from
‘South West Hertfordshire Hospice Charitable Trust’ to ‘The Peace Hospice’.
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