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NATIONAL HEART & LUNG FOUNDATION
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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
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Registered Charity No. 1048073
NATIONAL HEART & LUNG FOUNDATION
REFERENCE AND ADMINISTRATIVE INFORMATION
The National Heart and Lung Foundation (“the Foundation”) is an independent charitable foundation, registered with the Charity Commission for England and Wales, registration number 1048073. The Foundation is recognised by HMRC as an approved charity for tax purposes reference number XR10956. The Foundation has a corporate trustee namely “The Trustees of the National Heart and Lung Foundation”
Principal Office Guy Scadding Building, Dovehouse Street, London SW3 6LY
Trustees Richard Reid, Chairman Magdalene Brereton Piers Coleman Professor Kim Fox Professor Sir Malcolm Green Dr Michael Harding Professor Charles Knight Ludovic Lindsay Baroness (Sally) Morgan of Huyton
Executive Assistant to the Trustees Lady Rose Houssemayne Du Boulay
Bankers The Royal Bank of Scotland plc 36 St Andrew Square, Edinburgh EH2 2YB
Auditors Knox Cropper LLP, Chartered Accountants, 65 Leadenhall Street, London EC3A 2AD
Investment Manager Sarasin & Partners LLP
Juxon House, 100 St. Paul’s Churchyard, London EC4M 8BU
Website www.nhlf.info
Annual Report and Accounts for year ended 31 July 2025 Page 1
NATIONAL HEART & LUNG FOUNDATION
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation is governed by a Trust Deed dated 3 July 1995 and the Deed of Amendment 2015. The funds of the Foundation are made up of a capital fund (£15,846,976), which is an expendable endowment, an unrestricted General Fund (£6,042,224) and one restricted fund: the Viscount Royston Fellowship Fund (£3,007,088) which is dedicated in perpetuity to research into diseases of the heart muscle and into heart disease generally.
The Board of Trustees meets twice a year and is responsible for the management of the Foundation. Day to day managerial responsibility is delegated to the Secretary to the Trustees. The Foundation seeks to achieve its objects by careful stewardship of its existing assets augmented by income from voluntary donations and legacies. It has no employees and does not actively fundraise. The NHLF website includes a link to the NHLF privacy policy.
The Trustees have identified and considered the strategic, operational and financial risks to which the Foundation is exposed and they are satisfied that there is appropriate protection, systems and checks in place to mitigate exposure to these risks. With regard to risks arising from the Foundation’s financial investments, Trustees are kept fully informed by their independent investment managers, who provide reports and statements quarterly, and more frequently on request. Face to face and telephone meetings occur between Trustees and the investment managers during the year.
GRANT-MAKING AIMS AND OBJECTIVES – PUBLIC BENEFIT
When reviewing the Foundation’s aims and objectives, setting the grant making policy and awarding grants, the Trustees have complied with section 2(1)(b) of the Charities Act 2011 and have had due regard to the Charity Commission’s guidance on public benefit.
GRANT ACTIVITY – CURRENT INITIATIVES
The Foundation assists the National Heart & Lung Institute by providing grants, facilities, equipment and premises and such other assistance as the Trustees shall determine. Current initiatives are:
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Respiratory: National Heart & Lung Foundation Centre for Airways Disease in Children & Young Adults, and Margaret Turner Warwick Centre for Fibrosing Lung Disease;
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Cardiology: The Royston Centre for Inherited Cardiac Conditions, and financial support of Cardiac Academic Clinical Lecturer posts and Clinical PhDs;
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Financial support of the career development of Early Career Researchers through Foundation Pilot Awards;
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The Trustees continue to grant the NHLI rent-free occupation of its half freehold interest in the property at 1b Manresa Road, London SW3 6LR.
The charity has made grant commitments totalling £166k as at the end of July 2025.
Annual Report and Accounts for year ended 31 July 2025 Page 2
NATIONAL HEART & LUNG FOUNDATION
FINANCIAL STRATEGY AND RESERVES
The Foundation’s current spending policy is to limit annual net cash outgoings, excluding items of extraordinary expenditure, to an amount that the Trustees believe will not significantly reduce the medium or longer term value of the investments. The Foundation has a reasonable expectation that its resources are adequate to continue in operational existence for the foreseeable future and that there are no material uncertainties that call into doubt its ability to continue. The financial statements have, therefore, been prepared on the basis of a going concern.
Income from all sources totalled £700,601 (2024: £899,496). Total expenditure was £139,478 (2024: £176,555). Net gains on investments for the year were £748,354 (2024: gains £1,720,187) which left a surplus for the year of £1,309,477 (2024 surplus £2,443,128). During the year, new grant commitments totalling £23,000, were made.
Performance
The total value of the Foundation’s investments at 31 July 2025 was £19,747,444 (£18,824,737 at 31 July 2024). There is no investment in tobacco related companies. Investments are held exclusively in trusts managed by Sarasin investment managers:-
| 2025 Investment in unit trusts 19,746,309 Cash held for investment purposes 1,135 £19,747,444 s held in unit trusts include the following asset allocations:- Fixed Income 2,354,761 Equities 14,269,438 Property 723,241 Alternative Assets 2,156,236 Liquid Assets 243,768 £19,747,444 |
2024 £ 18,807,430 17,307 £18,824,737 2,060,000 14,055,748 658,766 1,422,848 627,375 £18,824,737 |
|---|---|
The units held in unit trusts include the following asset allocations:-
The year-end results and fund balances are set out in the Statement of Financial Activities on page 7 and Balance Sheet on page 8.
Annual Report and Accounts for year ended 31 July 2025 Page 3
NATIONAL HEART & LUNG FOUNDATION
Trustees’ responsibilities for the financial statements
The Trustees are responsible for preparing their annual report and the financial statements for each financial year in accordance with applicable law and UK accounting standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the Foundation’s financial position at the year end and its financial activities for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements;
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prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper records which disclose with reasonable accuracy the financial position of the charity and that enable them to ensure that the financial statements comply with relevant legislation and the provisions of the Trust Deed. They are responsible for safeguarding the charity’s assets and taking reasonable steps for the prevention and detection of fraud and breaches of law and regulations. The Trustees are also responsible for the maintenance and integrity of any financial information included on the charity’s website.
FUTURE PLANS
For the foreseeable future, the Trustees have resolved to continue to preserve as far as possible the capital base of the Foundation’s investments, and to maximise the opportunity to make grants. The Trustees have commenced the process of changing the Charitable Status of the National Heart & Lung Foundation to become a Charitable Company Limited by Guarantee and this is anticipated to have been completed during the next accounting period.
VOLUNTARY INCOME
Whilst maintaining its policy of not actively fundraising, Trustees continue to welcome the support of donors to the Foundation. Donations are often made in memory of loved ones.
In addition, the Foundation receives income from legacies, and its policy is to recognise legacies when the charity is entitled to receipt and the amount can be measured with reasonable certainty. This year the Trustees wish to acknowledge legacies received from the estates of Jennifer Carter, William Dutton, Elaine Freedman, Muriel Harvey, Eric Morton, Cynthia Saint and Valerie Saunders.
The Foundation knows of some additional legacy payments amounting to approximately £93k which it expects to receive during the forthcoming year. Details of these will be included in future financial statements.
Approved by the Trustees and signed on their behalf
R H Reid Signed on 20 January 2026 @ 15:00
_______ Richard Reid
20[th] November 2025
Annual Report and Accounts for year ended 31 July 2025 Page 4
NATIONAL HEART & LUNG FOUNDATION
INDEPENDENT AUDITORS’ REPORT
Opinion
We have audited the financial statements of National Heart and Lung Foundation (the 'charity') for the year ended 31 July 2025 on pages seven to seventeen. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements ; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Annual Report and Accounts for year ended 31 July 2025 Page 5
NATIONAL HEART & LUNG FOUNDATION
INDEPENDENT AUDITORS’ REPORT
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibilities set out on page four, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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The Charity is required to comply with charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.
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We gained an understanding of how the charity complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls.
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The audit team, which is experienced in the audit of charities, considered the charity’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.
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Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
.
Use of the audit report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report or for the opinions we have formed.
Knox Cropper LLP Countersigned on 20 January 2026 @ 15:03
Knox Cropper LLP Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 65 Leadenhall Street London EC3A 2AD
Date:
Annual Report and Accounts for year ended 31 July 2025 Page 6
NATIONAL HEART & LUNG FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] JULY 2025
------Unrestricted Funds------
| Notes INCOME AND ENDOWMENTS FROM: Donations and Legacies 2 Investment Income 3 TOTAL INCOME EXPENDITURE ON: Raising Funds 4 Charitable Activities 5 TOTAL RESOURCES EXPENDED Gain/(Loss) on Investments 9 NET MOVEMENT IN FUNDS Fund Balances at 1st August 2024 FUND BALANCES AT 31ST JULY 2025 |
General Fund Endowment Fund Restricted Viscount Royston Fellowship Fund 2025 Total 2024 Total £ £ £ £ £ 189,126 - - 189,126 387,706 421,812 - 89,663 511,475 511,790 |
|---|---|
| 610,938 - 89,663 700,601 899,496 |
|
| 77,686 - 16,006 93,692 72,177 36,629 23,221 (14,064) 45,786 104,378 |
|
| 114,315 23,221 1,942 139,478 176,555 |
|
| 303,582 313,030 131,742 748,354 1,720,187 |
|
| 800,205 289,809 219,463 1,309,477 2,443,128 5,242,019 15,557,167 2,787,625 23,586,811 21,143,683 6,042,224 15,846,976 3,007,088 24,896,288 23,586,811 |
The Charity has no recognised gains and losses other than those included in the figures above. All activities reflected above are continuing activities.
Annual Report and Accounts for year ended 31 July 2025 Page 7
NATIONAL HEART AND LUNG FOUNDATION
BALANCE SHEET AT 31[ST] JULY 2025
| Notes FIXED ASSETS Investments 7-9 CURRENT ASSETS Debtors 10 Cash at Bank Creditors: Amounts falling due within one year 11 Net Current Assets / (Liabilities) Total Assets less current liabilities Creditors: Amounts falling due after one year 12 TOTAL NET ASSETS RESTRICTED FUNDS 13 CAPITAL FUNDS Expendable Endowment 13, 14 INCOME FUND Unrestricted General Fund 13 TOTAL FUNDS |
2025 £ £ 24,657,419 24,657,419 92,650 350,587 443,237 (179,368) 263,869 24,921,288 (25,000) £24,896,288 3,007,088 15,846,976 6,042,224 £24,896,288 |
2024 £ £ 23,734,713 23,734,713 388,400 33,809 422,209 (430,111) (7,902) 23,726,811 (140,000) £23,586,811 2,787,625 15,557,167 5,242,019 £23,586,811 |
2024 £ £ 23,734,713 23,734,713 388,400 33,809 422,209 (430,111) (7,902) 23,726,811 (140,000) £23,586,811 2,787,625 15,557,167 5,242,019 £23,586,811 |
|---|---|---|---|
| 23,726,811 (140,000) |
|||
| £23,586,811 | |||
| 2,787,625 15,557,167 5,242,019 |
|||
| £23,586,811 |
Approved by the Board of Trustees on the 20[th] November 2025 and signed on its behalf by:
R H Reid Signed on 20 January 2026 @ 15:00 ______ Richard Reid Chairman
Annual Report and Accounts for year ended 31 July 2025 Page 8
NATIONAL HEART AND LUNG FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31[ST] JULY 2025
| CASH FLOWS FROM OPERATING ACTIVITIES Notes Cash used by operations A CASH FLOWS FROM INVESTING ACTIVITIES Investment income received Proceeds from the sale of investments Purchase of investments Change in cash and cash equivalents in the reporting period B Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2025 £ (20,345) 511,475 357,062 (547,587) 320,950 300,605 51,116 351,721 |
2024 £ (719,852) 511,790 800,440 (635,390) |
|---|---|---|
| 676,840 (43,012) 94,128 51,116 |
A. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Investment income received (Gains)/losses in investments (excluding cash balances) Decrease/(Increase) in debtors (Decrease)/Increase in creditors Net cash used by operations |
2025 £ 1,309,477 (511,475) (748,354) 295,750 (365,743) (20,345) |
2024 £ 2,443,128 (511,790) (1,720,187) (308,400) (622,603) (719,852) |
|---|---|---|
B. ANALYSIS OF CHANGES IN NET FUNDS
| Cash at bank and in hand Cash held by investment manager |
At 1 August 2024 £ 33,809 17,307 51,116 |
Cash flow £ 316,778 (16,172) 300,606 |
At 31 July 2025 £ 350,587 1,135 351,722 |
|---|---|---|---|
Annual Report and Accounts for year ended 31 July 2025 Page 9
NATIONAL HEART AND LUNG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
1. ACCOUNTING POLICIES
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(a) The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
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(b) Income is recognised in the year in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or the donor has specified that the income has to be spent in a future period.
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(c) Income from listed investments is accounted for on an accruals basis, grossed up for tax recoverable where appropriate. Interest from cash on deposit is accounted for on an accruals basis.
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(d) Expenditure is accounted for on an accruals basis.
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(e) The cost of generating voluntary income includes investment management fees and advertising costs.
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(f) Costs of charitable activities consist of research grants.
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(g) Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
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(h) Investments are stated at mid-market value. Gains and losses on disposals and revaluations of fixed asset investments are reported in the Statement of Financial Activities and added to or deducted from the funds to which they relate.
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(i) Social investments represent land and buildings which were transferred from the National Heart and Lung Institute in 1995. The building is occupied rent free by the Charity’s beneficiary the National Heart & Lung Institute.
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(j) Unrestricted funds are those funds which can be used at the Trustees’ discretion. Expendable Endowment funds are those funds where the intention is that capital be maintained and the income spent, but in certain circumstances the capital can be spent. Restricted funds are funds which have been earmarked by the donors to be spent on specific projects.
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(k) Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional. Such grants are recognised as expenditure when the conditions attaching are fulfilled.
Annual Report and Accounts for year ended 31 July 2025 Page 10
NATIONAL HEART AND LUNG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
1. ACCOUNTING POLICIES (Continued)
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(l) The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': the requirements of Section 7 Statement of Cash Flows.
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(m) The Charity is not registered for VAT and accordingly, where applicable, all costs incurred are inclusive of VAT.
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(n) The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
2. DONATIONS AND LEGACIES
| ---------------------2025------------------------ | ---------------------2025------------------------ | ---------------------2025------------------------ | ---------------------2025------------------------ | ||
|---|---|---|---|---|---|
| NHLF | VRFT | TOTAL | 2024 | ||
| £ | £ | £ | £ | ||
| Donations | 56,822 | - | 56,822 | 55,806 | |
| Legacies | 132,304 | - | 132,304 | 331,900 | |
| 189,126 | - | 189,126 | 387,706 |
3. INVESTMENT INCOME
| VESTMENT INCOME | ||||
|---|---|---|---|---|
| ---------------------2025------------------------ | ||||
| NHLF | VRFT | TOTAL | 2024 | |
| £ | £ | £ | £ | |
| Income from listed investments | 419,393 | 89,194 | 508,587 | 508,890 |
| Interest on cash deposit | 2,419 | 469 | 2,888 | 2,900 |
| 421,812 | 89,663 | 511,475 | 511,790 |
4. RAISING FUNDS
| Investment Management Fees Advertising Computer Support Professional Fees |
-----------------------2025------------------ NHLF VRFT TOTAL 2024 £ £ £ £ 74,960 16,006 90,966 69,992 1,605 - 1,605 1,605 588 - 588 382 533 - 533 198 77,686 16,006 93,692 72,177 |
|---|---|
Annual Report and Accounts for year ended 31 July 2025 Page 11
NATIONAL HEART AND LUNG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
5. CHARITABLE ACTIVITIES
| Direct Grants to NHLI Faculty of Medicine Imperial College London - Endowment Fund - General Fund - VRFT Grant to National Heart and Lung Foundation Support Cost (see note 6) |
2025 £ 23,221 (49,873) (14,064) 5,000 81,502 £45,786 |
2024 £ - 40,000 - - 64,378 £104,378 |
|---|---|---|
6. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Secretarial costs Legal costs Bank Charges Governance costs Audit fee Legal and professional fees Total Governance costs |
17,657 - 205 17,862 6,960 56,680 63,640 81,502 |
12,070 35,516 216 |
| 47,802 6,480 10,096 |
||
| 16,576 | ||
| 64,378 |
Administration costs including the provision of a meeting room have been borne by Imperial College London. These costs are not material.
Legal and professional costs above include Directors and Officers insurance of £10k.
No remuneration directly or indirectly out of the funds of the Foundation was paid or is payable for the year to any of the Trustees.
Total travel and subsistence expenses reimbursed to one trustee in the year was £64.
7. INVESTMENTS
| Social Investments Quoted Investments Cash held for investment purposes Total Investments |
2025 £ 4,909,975 19,746,309 1,135 24,657,419 |
2024 £ 4,909,975 18,807,430 17,307 £23,734,712 |
|---|---|---|
Annual Report and Accounts for year ended 31 July 2025 Page 12
NATIONAL HEART AND LUNG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
8. INVESTMENTS – SOCIAL INVESTMENTS
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Balance at | 1stAugust | 2024 | and at | 31stJuly | 2025 | 4,909,975 | £4,909,975 |
The Charity holds a 50% interest in the freehold of the property at 1B Manresa Road. This is occupied rent free by the National Heart and Lung Institute, Faculty of Medicine, Imperial College London. The building is disclosed at the amount at which it was transferred in 1995 from The National Heart and Lung Institute.
9. INVESTMENTS – QUOTED INVESTMENTS AND CASH HELD FOR INVESTMENT PURPOSES
| PURPOSES | ||
|---|---|---|
| (a) Quoted investments (at market value) - NHLF - Viscount Royston Fellowship Trust Cash held for investment purposes - NHLF - Viscount Royston Fellowship Trust |
2025 £ 16,263,341 3,482,968 19,746,309 923 212 19,747,444 |
2024 £ 15,536,545 3,270,885 |
| 18,807,430 10,593 6,714 £18,824,737 |
All the quoted investments are held in the form of units in unit trusts.
Annual Report and Accounts for year ended 31 July 2025 Page 13
NATIONAL HEART AND LUNG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
9. INVESTMENTS – QUOTED INVESTMENTS AND CASH HELD FOR INVESTMENT PURPOSES (Continued)
| 2025 £ (b) Movements in quoted investments Balance brought forward at 1stAugust 18,807,430 Additions 547,587 Sale proceeds (357,062) Realised and unrealised gain/(loss) - NHLF 616,612 - VRFT 131,742 Balance carried forward at 31stJuly 19,746,309 Investments at Cost – NHLF 12,313,632 Investment at Cost – VRFT 2,194,817 (c) Investments held comprise units in one unit trusts: 4,207,850 (2024: 4,260,089) - Sarasin Endowment Fund (Accumulation) 16,263,341 901,156 (2024: 896,969) - Sarasin Endowment Fund (Accumulation) – VRFT 3,482,968 19,746,309 (d) The units held in unit trusts include the following asset allocations:- Fixed Income 2,354,761 Equities 14,269,438 Property 723,241 Alternative Investments 2,156,236 Liquid Assets 243,768 19,747,444 10.DEBTORS Other Debtors 92,650 £92,650 |
2024 £ 17,252,295 635,390 (800,442) 1,615,201 104,986 |
|
|---|---|---|
| 18,807,430 | ||
| £12,037,796 | ||
| £2,089,623 | ||
| 15,536,545 3,270,885 £18,807,430 2,060,000 14,055,748 658,766 1,422,848 627,374 £18,824,737 388,400 £388,400 |
Annual Report and Accounts for year ended 31 July 2025 Page 14
NATIONAL HEART AND LUNG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
| 11.LIABILITIES: amounts falling due within one year Grants payable to Imperial College London - VRFT - General Fund - Endowment Fund Audit and Accountancy Professional Fees Other Creditors and deferred income 12.GRANTS PAYABLE Commitments at 1stAugust 2024 Commitments made in the year - General Fund Commitments made in the year - Endowment Fund Commitments made in the year - VRFT Grants paid during the year - General Fund Grants paid during the year - Endowment Fund Grants paid during the year - VRFT Commitments at 31stJuly 2025 Commitments at 31stJuly 2025 are payable as follows: Within one year - General Fund - Endowment Fund - VRFT After one year - NHLF - VRFT |
2025 £ - 141,462 - 6,900 1,250 29,756 £179,368 2025 £ 533,521 (49,873) 23,221 (14,064) (96,304) (212,801) (17,238) 166,462 141,462 - - 141,462 25,000 - - 166,462 |
2024 £ 31,302 172,639 189,580 6,480 1,000 29,110 £430,111 2024 £ 1,142,710 40,000 - - (210,788) (335,431) (102,970) |
|---|---|---|
| £533,521 | ||
| 172,639 189,580 31,302 |
||
| 393,521 | ||
| 140,000 - |
||
| 140,000 £533,521 |
13. FUNDS
| UNDS | |
|---|---|
| Unrestricted Funds General funds Endowment Funds Restricted Funds Viscount Royston Fellowship Trust |
Balance Brought Forward at 1 August 2024 Investment Gain/(Loss) Income Resources Expended Balance Carried Forward at 31 July 2025 5,242,019 303,582 610,938 (114,315) 6,042,224 15,557,167 313,030 - (23,221) 15,846,976 |
| 20,799,186 616,612 610,938 (137,536) 21,889,200 2,787,625 131,742 89,663 (1,942) 3,007,088 £23,586,811 £748,354 700,601 (£139,478) £24,896,288 |
Annual Report and Accounts for year ended 31 July 2025 Page 15
NATIONAL HEART AND LUNG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
13. FUNDS (Continued)
| UNDS(Continued) | |
|---|---|
| Unrestricted Funds General funds Endowment Funds Restricted Funds Viscount Royston Fellowship Trust |
Balance Brought Forward at 1 August 2023 Investment Gain/(Loss) Income Resources Expended Balance Carried Forward at 31 July 2024 4,013,073 581,437 811,860 (164,351) 5,242,019 14,717,615 839,552 - - 15,557,167 |
| 18,730,688 1,420,989 811,860 (164,351) 20,799,186 2,412,995 299,198 87,636 (12,204) 2,787,625 £21,143,683 £1,720,187 £899,496 (£176,555) £23,586,811 |
Viscount Royston Fellowship Trust Fund is dedicated in perpetuity for research into diseases of the heart muscle and into heart disease generally.
14. EXPENDABLE ENDOWMENT
The balance on Expendable Endowment represents donations and bequests received which could be expended at the Trustees’ discretion. Investment income arising on Endowment Fund assets can be applied to the generality of the Charity’s objects.
15. TAXATION
The National Heart and Lung Foundation is a registered charity and is exempt from taxation in respect of income and capital gains received within the categories covered by Part II of the Corporation Tax Act 2010 to the extent that such income or gains are applied for exclusively charitable purposes.
Annual Report and Accounts for year ended 31 July 2025 Page 16
NATIONAL HEART AND LUNG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
16. PRIOR YEAR COMPARATIVES
The breakdown between funds of income and expenditure for the year ending 31[st] July 2024 was as follows: -------Unrestricted Funds-------
| The breakdown between f |
unds of income and expenditure for the year ending 31stJuly 2 -------Unrestricted Funds------- |
|---|---|
| INCOME AND ENDOWMENTS FROM: Donations and Legacies Investment Income TOTAL INCOME EXPENDITURE ON: Raising Funds Charitable Activities TOTAL RESOURCES EXPENDED Gain/(Loss) on Investments NET MOVEMENT IN FUNDS Fund Balances at 1st August 2023 FUND BALANCES AT 31ST JULY 2024 |
Unrestricted General Fund Endowment Fund Restricted Viscount Royston Fellowship Fund 2024 Total £ £ £ £ 387,706 - - 387,706 424,154 - 87,636 511,790 |
| 811,860 - 87,636 899,496 |
|
| 59,973 - 12,204 72,177 104,378 - - 104,378 |
|
| 164,351 - 12,204 176,555 |
|
| 581,437 839,552 299,198 1,720,187 |
|
| 1,228,946 839,552 374,630 2,443,128 |
|
| 4,013,073 14,717,615 2,412,995 21,143,683 5,242,019 15,557,167 2,787,625 23,586,811 |
Annual Report and Accounts for year ended 31 July 2023 Page 17