Case Studies

The small things really can make a difference

How the CAF Charity Deposit Platform helped Ardgowan Hospice boost its much-needed reserves.

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Project snapshot

Who

Ardgowan Hospice 

What

Providing palliative care in Inverclyde, Scotland

 

Why

To support patients, their families and carers  

 

The cause

Ardgowan Hospice has been providing compassionate palliative and end of life care to the people of Inverclyde for more than four decades. 

Based in Greenock, not far from Glasgow, every year it cares for around 1,000 local patients and their families, both at home and at the hospice, through nursing and wellbeing support in the community and its eight-bed in-patient unit. Its services range from helping children with grief to assisting people returning to work after an illness, and looking after those at the end of their lives.

A linchpin of the community, Ardgowan Hospice is the only facility of its kind for the 80,000 residents of Inverclyde, an area with high levels of deprivation. And as a charity, all services are free.

But like other hospices, it has experienced challenges. Part-funded by the government, it has to generate more than 60% of its running costs through fundraising and donations from generous individuals, groups, organisations and foundations.

Fiona Conway is Ardgowan Hospice’s Head of Finance and HR. “People think that our ward is where you come in your final days, but it's so much more,” she says. “we provide care and support throughout the journey of life-limiting illness, to help patients and their families live their best life.

Our support

Fiona joined Ardgowan Hospice in February 2023 from Paisley-based charity Finding Your Feet, which supports amputees.

When she took on her finance role, the hospice banked with another provider and its operating reserves sat in a single account. Earned interest was around £700 a month – a drop in the ocean for an organisation with more than 100 employees serving a whole community.

But Fiona had come across the CAF Charity Deposit Platform in her previous job. The digital solution gives UK charitable organisations with a minimum deposit of £150,000 access to more than 100 accounts at as many as 20 banks and building societies. There’s just one application and customers can move their money around to get the best rates and terms.

Also, by spreading reserves across several accounts, more funds are safeguarded by the Financial Services Compensation Scheme. This automatically protects balances of up to £85,000 if financial firms fail.

In July 2023, Fiona switched to CAF and deposited a large proportion of the hospice’s operating reserves into different accounts via the easy-to-use platform. Around eight months later, it had generated approximately £17,500 in interest – a huge sum for any charity experiencing funding pressures. In terms of care, that’s just under half the annual cost of a nurse.

And even better news – in 2024/25 the amount of interest earned exceed £25,000 and the first 6 months of 25/26 it’s over £15,000.

The impact

Within the sector, government support has remained static while costs have soared, so charity funds are under even greater strain. Last year, the hospice’s utility bills went up by 60% and staff costs increased with the new employer’s national insurance contribution rates. 

It must also offer competitive salaries to attract the medical professionals it needs by trying to match NHS wages that have risen significantly in the past few years. 

“All of this means the amount of statutory funding we get becomes a smaller and smaller proportion of what we need. This year, it only covers about 37% of our total costs,” explains Fiona.

“But the interest our reserves have earned through the CAF Charity Donor Platform will help us to bridge that gap. It will make so much difference.”

The £17,500 sum is almost equivalent to a month’s trading for two of the hospice’s six charity shops. Alternatively, it’s a month of donor giving – the organisation receives phenomenal support from the local community.

Fiona continues: “The hospice team has been really surprised that such a small change has made such an impact. But outside of CAF, there hasn’t been the ability to build your reserves by investing through multiple accounts like this.”

In the long term, the extra income stream could be a small contribution towards Ardgowan Hospice realising its ambitions. The hospice hopes to reach more and more people in our community who are living with life-limiting illnesses and extend and expand services. The hospice is currently split over two buildings and neither provide the modern spaces needed so the ultimate goal is a new hospice building.

And all the time it’s investing in more and better care.

Project takeaways

Better value from your banking

Adopting a different approach has been hugely beneficial for Ardgowan Hospice. But Fiona believes there may be a lack of awareness within the sector of what’s available – or possible. “Even smaller charities can earn money by using the platform to make better decisions,” she says.

A simple, straightforward process

With a single application, setting up accounts is quick and easy. “When you work for a charity you may not have the time or resources to open multiple bank accounts. The whole idea feels daunting,” continues Fiona. “But with the CAF Charity Deposit Platform, you open one account and you get access to so much.”

“Something so straightforward has made such a difference to us. The interest we’ve earned on our reserves through the CAF Charity Deposit Platform will help us provide more of the care people need, for longer.” Fiona Conway, Head of Finance and HR, Ardgowan Hospice

If you would like to learn more about the CAF Charity Deposit Platform, click here to find out how it could benefit your charity. 

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