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Money
MoneyDoes the patient have to pay for the Hospice's services?All the services provided on St Michael’s Hospice site are provided free of charge. If a patient or family member chooses to make a donation, it is always very much appreciated as our services are chiefly funded through donations, legacies and fundraising activities. Where does St Michael’s Hospice get its money?As an independent charity, only approximately 21% of our required income comes from NHS grants and 15% comes from other fees. To maintain our current level of services we need £5 million each year. This leaves us with £3.2 million (or 64%) to be raised by voluntary sources. St Michael's Hospice values each and every donation we receive, no matter how large or small. Why is St Michael’s Hospice promoting legacy giving?Legacies, which can be anything from a specific sum of money to an individual item of value or a share in the value of a house, provide a large, and integral, part of the voluntary contributions needed to allow the Hospice to continue providing its services. All gifts to UK registered charities are free of Inheritance Tax, meaning that any gift to the Hospice would be received in full. If you are considering leaving a gift in your will please click on the following link for further information. Is it true that you have money sitting in the bank doing nothing?By law, charities need to have general reserves to ensure that, if funding ceases, its services could continue in the short term while the financial problems were resolved. St Michael’s Hospice currently has the minimum level of reserves (nine months of net running costs) as recommended by the Charity Commission. If I donate money, how is that money spent?St Michael’s Hospice spends 77 % of our resources directly on patient care. Administrative costs have been reducing over the past few years and now amount to under 8%. All budgets are scrutinised annually to ensure maximum value for money. The Hospice is also particularly fortunate in the diverse skills of its volunteers. The total hours of core volunteer activity (excluding the incalculable number of hours for one-off fundraising and the myriad of other support we fortunate in being given) is about 4,212 hours in a year. Looking at an average wage for the range of work undertaken, the total saving for the Hospice is £819, 936 p.a.
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