The following information has been taken from our Annual Accounts for the year ended 31 March 2010.
Income - £4,832,000 (2008/9 £4,459,000)
Income was up 8% on the previous year. This was a very positive outcome given the economic conditions.
Our established fundraising and marketing teams underpinned by our 25th birthday celebrations generated increases in general and in memoriam donations, regular giving and corporate support. The areas that saw an improvement reflect the support received from the community of West Suffolk for which the Hospice is very grateful.
During the year a significant legacy of £720k was received, which was a distribution from an estate that the Hospice has previously benefitted from over the last 3 years, now totalling almost £1.4m. However without this legacies received were 23% of the value of the previous year.
Income from charitable activities, comprising principally NHS funding increased by 18%, demonstrating their continuing commitment to end of life care.
Events and groups income improved year on year by 20% - this was as a result of the very successful ‘Girls Night Out’ which raised in excess of £70k.
Investment income fell again by 42% due to falling interest rates and dividend distributions as a result of the continuing economic crisis.
Expenditure - £3,906,000 (2008/9 £4,253,000)
A programme of cost reduction was implemented across the Hospice which resulted in the closure of 4 in-patient beds, a reduction in the number of day patient days, a reduction of staff hours in fundraising, clinical administration and support areas, 3 redundancies, a recruitment and pay freeze for all staff and the closure of the Rosetta Life art project.
Charitable activities - £2,685,000 (2008/9 £2,860,000)
Expenditure on charitable activities fell by 6% to £2,685k. The in-patient bed closure and reduction in day patient days accounted for the majority of this saving.
Expenditure on caring for patients in their own homes was increased by 14% as the Hospice at Home service team expanded.
Total Reserves £8,300,000 (£4.8m free reserves i.e. available for running costs)
Whilst total reserves at the end of the year are £8.3m, they are allocated in the following areas as seen in the chart below.Whilst this sounds like a large amount, £2.3m is tied up in the hospice buildings, £0.4m relates to donations and grants given for specific purposes, and £760k is set aside to underwrite the future development of the Hospice at Home project. The free reserves of £4.8m represent approximately fifteen months of total running costs. The Trustees are of the opinion that free reserves should ideally represent approximately 24 months of total running costs.
