2008 Annual Review. Page 7.
FINANCIAL REVIEW
The Trustees are pleased to report that in a year of financial turmoil the Hospice has effectively broken even on normal operations. However the value of the investments have fallen by £320,000 as a direct result of the conditions on the stock markets. The fundraising targets were handsomely exceeded, with a highly successful events programme and increase in donations. Legacy income was £255,000 below target, which partly reflected a decrease in the value of property based legacies in a falling market, but mainly arose from fewer legacies being received in the year.
The Hospice's principal funding sources are:
- Fundraising
- Trading Subsidiary
- NHS Commissioning
Charitable Trust Support
The warmest thanks are offered to all those trusts and Foundations that have supported and continue to support St Luke's work. We work in partnership with these organisations to provide care for our patients and their families.
The funding we received from our Trust supporters in 2008 was crucial. It enabled us to expand and develop the services we provide both in the Hospice and within our local community and to maintain our building and facilities at Kenton Grange.
The core need of St Luke's is revenue funding - our day to day running costs. The majority of this money pays for our clinical and support staff who offer the care and comfort required by our patients. In addition charitable trusts and foundations have supported refurbishment projects at the Hospice and paid for essential medical equipment.
We have a wide range of areas that can be supported and we are always keen to talk to new trusts about the opportunities that exist. If you require further information or if you have any connections with Trusts we would be delighted to hear from you.
The Importance of Gifts Made in Wills
Gifts made in wills are an important source of income for the hospice, in 2008 St Luke's raised £345 000 from Gifts made in wills which is largely 'unrestricted' income and particularly important for our successful operation.
A gift left in a will (a legacy) helps St Luke's Hospice to continue its commitment to providing the highest standards of care to patients, families and carers and can help us to develop our services further.
St Luke's Shops
The Hospice operates charity shops within a trading subsidiary company, St Luke's Hospice (Harrow & Brent) Charity Shops Limited. In 2008 an additional shop was opened which brought the total to 11. There was a 12% increase in turnover, which, allowing for the extra costs of the new shop, translated to a 7% increase in profit, which is transferred by gift aid directly to the Hospice to support its charitable work.