The following information has been taken from our Annual Accounts for the year ending 31 March 2009.
Income - £4,459,000
Total income for the year was down by 4%. This was influenced by the economic downturn which really impacted upon us during September to December and slowed the growth in income that we were expecting.
It was a challenging year for fundraising. The positive public response to our publicity in the final quarter of the year and our investment in a new fundraising income streams in 2007/08 were crucial. Legacy income continued to be our largest contributor to fundraising income at £799k (18% of total income).
Retail income increased due to the opening of new outlets and a warehouse operation, but disappointingly the associated set up costs meant that the overall performance was in deficit for the year.
NHS contract funding which contributes more than a quarter of income, increased by 14.5% which demonstrates their continuing commitment to end of life care.
2007/08 included some large one off sources of income – a £495k legacy and a £222k NHS capital grant. Investment income was down by 34% as a result of the economic downturn and the reduction in interest rates.
Expenditure - £4,253,000
The increase in expenditure over 2007/08 reflected our continuing investment in new fundraising income streams that included the opening of new retail outlets and a warehouse operation. Together with our further commitment to community based services.
Charitable activities - £2,860,000
During the year our In Patient Unit was refurbished and as a result the number of beds was reduced from twelve to six for a period of five months. The new facility became operational in September 2008 and was delivered on time and within budget and continues to be our largest area of service spend.
The growth in our community team revolved around the further development of the Hospice at Home service. Family support included the Rosetta Life project which involved integrating a resident artist into all aspects of the Hospice. Unfortunately as funding challenges increased the project had to be withdrawn for the 2009/10 year.
Total Reserves £6,600,000 (only £2.9m free reserves i.e available for running costs)
Whilst total reserves at the end of the year are £6.6m, they are allocated in the following areas as seen in the chart below.
Whilst this sounds like a large amount, £1.9m is tied up in the hospice buildings, £1m relates to donations and grants given for specific purposes, and £800k is set aside to underwrite the future development of the Hospice at Home project.
The free reserves of £2.9m represent approximately eight months of total running costs. The Trustees are of the opinion that free reserves should ideally represent approximately 24 months of total running costs.
