Liverpool Heart and Chest Hospital Charity Annual Report 2024/25 jrii LHCI, j:. charity charit Il*g ,IbAE, •• . LHCH charity corw￿ for people 4Vith Iwt lung diseo$e Charily Registration Nuniber 1052813 Contents Chairman's welcome Who we are Our achievements 10- 12 Structure. governance and management 13- 14 Contact us. trustee and advisors 15- 33 Financial review Reserves Policy Fund expenditure Policy Investments Independent Examiners Report Statement of Trustees Responsibilities Statement of Financial Activities --Balance Sheet-as of31" March 2025- Cash Flow Statement Notes to the Accounts LHCH charity Corit)g tor people ￿th ￿ort and lung di5eose Chairman's welcome Welcome to our Annual Report for 2024125. Liverpool Heart and Chest Hospital Charity exists to support Liverpool Heart and Chest Hospital in all that it does. Whether Ihis is the purchasing of the latest and best equipment, providing funds for additional facilities for our patients and their families or supporting new and ground breaking research. The charity, like many others, continues to operate in a difficult economic climate. Despite this our fantastic supporters have helped us raise nearly £635,000 during the year- helping us to make a real difference to the lives of our patients, their families and our staff. Some examples of the charitys work this year include the provision of ￿0 new ultrasound machines enabling the speedy delivery of intravenous antibiotics for patients living with Cystic Fibrosis, support for an educational Virtual Reality System for training medical and associated professionals, the purchase of specialisL software to provide clearer imaging of the heart for patients with Adult Congenital Heart Disease and the refreshing of Robert Owen House the patient family accommodation centre for those who have travelled with their loved ones to access our specialist services. Of course, none of this would have been possible without the on-going support of our valued donors. Whether they challenge themselves in a tough mudder, run marathons, climb mountains orjump out of aeroplanes - or simply send a donation. We owe IhEm a huge debt of gratitude and thanks.- JOHN DOYLE Chair LHCH Charity Key highlights of our year Over £330,000 distributed in grants across the three main aims of the charity. Over 10,000 people (patients, families and staffj bener￿ed from charity SUPPOrt. Regular giving increased by 5% and Lottery players increased by 5% Contactless giving board5 introduced across the hospital site and being well used Most successful Christmas Campaign ever organised raising £70.000 to benefit Cystic Fibrosis patients i.1iii' Who we are The Object of LHCH Charity is:_ "For any charitable purpose or purposes relating to the National Health Service wholly or mainly for the service provided by Liverpool Heart and Chest Hospital NHS Foundaiion Trust." Aims of LHCH Charity:. LHCH Charity aims to support Liverpool Heart and Chest Hospital in its care and treatment of patients, their families, and staff by= The latest and the best LHCH Charity ensures that wherever possible our dedicated medical staff have access to the very latest and best equipment and training. In this way we can ensure that our patients are always receiving the most up to date treatments available. omorrows medicine today Research undertaken at Liverpool Heart and Chest Hospital could change the way heart and lung medicine is practised in the future. LHCH Charity supports these developments which help to change the future for generations to come. xtending the excellence Providing additional amenities and support for our patients, their families, and our staff. A prime example of this is supporting family members who have loved ones receiving end of life care with the provision of parking passes so that is one less thing they have to worry about. By doing this LHCH-Charity ensures that its legal purpose is fulfilled How we achieve our aims The strategy for achieving our aims breaks down into two separate strands:_ 1 .Working with the hospital and medical staff to idenLify areas of support which meet the aims and objectives of the hospital. 2.Developing fundraising strategies to achieve successful completion of campaigns for the identified areas. 1) Identificatlon of areas for support LHCH Charity, in conjunction with the Charity steering Group, Charitable Funds Committee and the Executive Team of the hospital, identify projects that have criteria which fit within the three main aims. The projects are broken down by size in terms of cost into short, medium or longer term projects. In addition, each of the Funds which sit underneath the charity umbrella have been requested to complete a form indicating how they propose to spend monies within each 12-month period. The recommendation for each Fund is that, in line with best practice, at least 3396 of the Fund's opening balance is spent within the year- unless they are planning on accumulating funds towards a specific service or item of equipment. 2) Fundraising Strategy for identified projerts. The Head of Fundraising produces a yearly strategy which identifies the potential for fundraising for the short term aims {usually required within the financial year) as well as providing details of plans for achieving medium and long-term goals.This strategy includes Income and Expenditure projertions as well as a Fundraising Ratio Cost. This is approved by the Charitable Funds Committee and then ultimately the Corporate Trustee. The Fundraising Strategy is then evaluated at each meeting of the Charitable Funds Committee in relation to its progress in achieving the support required for each of the projects. How LHCH Charity fundraises LHCH Charity is guided in all of its fundraising by the Code of Fundraising Practice. Campaigns are run and managed by the charitys staff. The charity does not work with professional fundraisers or commercial participators in generating funds. LHCH Charity and Social Investment LHCH Charity was not involved in any social investment during the past 12 months. LHCH Charity and Grant Making. LHCH Charity was not involved in makinggrants to external organisations durin but did make grants LO internal projects as per our aims and objectives. thepast 12 months LHCH Charity and donated good5, services, and volunteers. The charity does occasionally receive goods for re-sale at its offices in the hospital. These are recorded as gifts in kind items and processed through the till with other purchased merchandises. If a gift equalling more than £1,000 is received, then this is reported to the Charitable Funds Committee for noting. The charity did not work with any volunteers during the past 12 months. Public Benefit At the core of every charity is the requirement to provide benefit to the public. This is the foundation of their charitable status, and each charity must demonstrate how this requirement is met through their aims and activities. The focus of our activities is to benefit the public who utili5e the services of Liverpool Heart and Chest NHS Foundation Trust. This hospital mainly serves the communities of Merseyside, Cheshire, North Wales, Lancashire, and the Isle of Man, all of whom have equal access to its facilities. Charitable expenditure is made by way of direct grants to Liverpool Heart and Chest Hospital NHS Foundation Trust, to enhance the patient care already provided. The Corporate Trustee refers to the Charity Commission guidance on achieving public benefit when reviewing the aims and objectives of the charity and in the planning of future activities. During the year, the funds raised were distributed to provide a wide range of benefits, over and above, what would be expected from statutory sources to our patients, their families, and our staff. By providing these grants the agenis of the Corporate Trustee have complied with their duty to have due regard to the guidance on public benefit published by the Charities Commission in exercising their powers or duties. , Ill, Our achievements The latest and the best Support for Cystic Fibrosis Patients Liverpool Heart and Chest Hospital is a nationally and internationally recognised centre of excellence for the care of people with Cystic Fibrosis (CF). CF is an inherited condition where a faulty gene affects the produttion of the slippery mucus that protects the organs. People living with CF have an"over-production" of this mucus which can damage organs, particularly the lungs and causes repeated chest infections. These infections can often lead to lengthy stays in hospital as medical teams seek to find the very best ways of treating the infections using the most potent mixture of antibiotics. These antibiotics are delivered intravenously (using a vein). However as this is a process that is repeated many times veins inevitably become harder to locate which delays the care that they need. Thanks to the help of our supporters, we were able to purchase two new ultrasound machines which provide real time guidance in the location of viable veins so that the potentially life-saving care that they need can be provided as rapidly as possible. Extending the excellence A clearer view -The Adult Congenital Heart Disease service at LHCH-IS one r)fthe largestrunits tn-theworld7ndeach- and numbers are expected to grow with an estimated 1,500 to 2,500 new patients annually. Many of these young people will have had multiple surgical procedures during their childhood leaving their hearts more fragile to traditional operations. So, there is an increasing need to provide minimally invasive procedures to correct abnormalities using catheterisation. The key to the success of these procedures, especially for those whose hearts may not be a "standard" shape or size is having detailed images of the heart prior to any procedures. LHCH Charity helped the service by supporting the purchase of a specialist piece of software which provides a 3D and extremely detailed images of the heart allowing interventional cardiologist to make clear decisions about treatment as well as making procedures more accurate and quicker- allowing us to care for more patients. Tomorrows Medicine Today The future is Virtual Virtual Reality and Simulation are playing an increasingly important part in the training and education of not only medical students but qualified professionals and whole teams by replicating real life scenarios in a completely patient safe environment. It allows for the testing of systems to ensure they are robust and allows for the measurement of training and educational progress for both individuals and teams alike. As part of its support of medical training and education LHCH Charity has supported the purchase of a Virtual Reality Display System which can be used as a "proof of concepf, tool to incubate ideas for research or clinical applications as well as providing educational and training benefits to all staff. Monitoring our Performance LHCH Charity, through the Charitable Funds Committee and ultimately the Corporate Trustee, benchmark its performance in a number of ways: _ It identifies fundraising projects and measures its fundraising achievement against the target set for the completion of each projett. It reviews the external fartors which may affect the charity including national and local economic forecasts. It provides comparator information with similar charities and measures itself against them in terms of performance, percentage fundraising costs and return on investment. -Despite the difficult economic conditions LHCH Charity continued to make good progress with its- income reaching a target of £635,000 during the year- despite a fall in legacy income of some £50,000. This was raised from a good balance of major gifts from charitable trusts, legacies, companies. and donations from our supporters. •'- 41- How our supporters helped Our supporters continue to provide outstanding assistance in helping LHCH Charity make a difference for our patients, their families, and our staff. During the year they showed. once again, that they would go to extraordinary lengths to raise funds including:_ E Viva Espana! Running 26.2 miles in the scorching Spanish sun in Ibiza isn't everyone's idea of a wonderful time but to honour the memory of a close family friend thays just what Jack Riley did. Completing the course in 3 >S hours and raising a fantastic £1,425 in the process. 1,4CH Jack said: 'The heat was ruthless. and I was struggling to walk two days after the race, but it was worth it to support your wonderful charity." xnarity Well, we think you are pretty wonderful toojack! Cerrigydrudion Parties On! After his first attempt at organising a Charity Night to thank LHCH for the care he received following an aortic valve replacement was thwarted by Covid, Guto Goddard finally got to say his Yhank You" in September 2023. Guto says: "It was an incredible evening with a raffle, auttion. dancing, and live music from the°Second Sons ° who brought the house down! In fao I think I can say irs one of the best .-chatity rwghtsj have .ey_￿1>.een too." We want to thank all Guto's friends. family and in fact the whole village who all turned up at the White Lion for the event- raising nearly £3,000 in the process! To add to the total Guto's mum Margaret who turned 80 this year raised a further £800 at her own birthday celebration. What a family and what a village - you are all amazing... Granys Second Chance at Life Royal Navy Veteran and Fitness Instrurtor Grant Williams was rushed to LHCH after he collapsed on a run with his group who were training for the Manchester Marathon. On arrival it was found that all four main arteries to his heart were blocked and he needed a quadruple bypass - an operation which lasted 5 Y2 hours. Since his recovery Grant has dedicated himself to raising as much as he can for the hospital that saved his life. After initially Setting himself a target of £10,000 he has now raised an incredible £16,000 and he still going strong. We can't thank him enough for all his truly marvellous support. Of course, not everyone ran marathons, partied the night away orjust did everything they could think of.1 There are those who kniL bake cakes, hold family fun days, play our lottery, make a regular gift or just donate. However, you did it though your support is so valued and appreciated and our gratitude simply can't be measured. Thank you! How You Can Help You can get involved with LHCH Charity by:_ Ringing the Charity Office on." 0151600 1409 Emailing us at enquiries@lhchcharity.org.uk Writing to us at: LHCH Charity, Thomas Drive, Liverpool L14 3PE Structure. governance and management Charity Strurture LHCH Charity is an umbrella charty which holds a number of individual funds under one Charity Registration Number (Charity Registration Number 1052813). The overall responsibility for the running of the charity lies with the Corporate Trustee i.e.. the Board of Directors of Liverpool Heart and Chest Hospital. The Charitable Funds Committee is established as a Committee of the Board of Directors of Liverpool Heart and Chest Hospital Foundation NHS Trust in order to ensure that the Trusys duty as Corporate Trustee of its Charitable Funds has been discharged. The Charitable Funds Committee operates within the Terms of Reference authorised by the Board of Dirertors of Liverpool Heart and Chest Hospital NHS Foundation TrusL The Committee has no executive powers other than those specifically delegated in its Terms of Reference which are: _ Develop the strategy and objertives for the Charity for consideration and approval by the Corporate Trustee Oversee the implementation of an infrastructure appropriate to the efficient and effective run_ning_o_f_the_ Cha_rity. Oversee the development and delivery of the Fundraising Strategy, as aligned to the Trusys annual plan. Oversee the expenditure of the Charity. Oversee the Charitys investment plans. Monitor the perfomiance of all aspects of the Charitys activities and ensure that it adheres to the principles of good governance and complies with all legal requirements. Act as the Committee that discharges the Board's responsibilities (as sole Corporate Trustee) as they relate to the charitable funds under the Trusvs custodianship. Ensure that the charitable funds held by the Trust are managed in a manner consistent with the requirements of the relevant regulatory and statutory frameworks, and in accordance with the guidance on NHS Charities set out by the Charity Commission. 10 When in this role act solely in the best interests of the Charity and in a manner consistent with the Charity Commission's requirements and expertations of the Corporate Trustee. Oversee the Charitys strategy, governance, major plans, and key risks on behalf of the Corporate Trustee. Establish, prioritise, and approve major fundraising projects in accordance with the strategy and approve financial expenditure items in accordance with delegated authority levels set out in Standing Financial Instrurtions. Monitor the performance of fundraising and marketing artivity, ensuring that the return on investment is satisfattory and that income targets are met. Devise and implement an investment strategy for the charity. including the appointment and monitoring of any investment managers. Ensure the approval and submission of statutory returns, annual accounts, and Trustee's Report in accordance with the Charity Commission's State of Recommended Prartice. Approve any policies and procedures required for the effertive management of the Fund. Members of the Charitable Funds Committee attend quarterly Charitable Funds meetings. Recruitment and appointment of Trustees Non-Executive Members of the Board of Directors are appointed by the Council of Governors and Executive Members of the Board are subject to recruitment by the Nominations and Remuneration Committee (Executive). Members of the Board of Direttors and the Charitable Funds Committee are not individual Trustees under charity law but act as agents on behalf of the Corporate Trustee. Trustee Training and Indurtion. The Trust sees Trustee training as important and has provided access to resources and materials including: As a member of NHS Charities Together they regularly receive updates from this source.ln addition Trustees were able to attend a number of courses organised by NHscf including "Legal Issues for Charities" "Accounting, Audit and Governance., and "Festival of Trusteeship". -Trustees"also have the opportunlty to-acces¥the Resource Llbrary provided by the- Fundraising Regulator which has a wide range of guidance for Trustees. Trustees have regular meetings with CCLA {the Charitys Investment Managers) who provide briefings on the status of the current portfolio. the results and predicted future performance. Trustee Duties The Corporate Trustee fulfils its legal duty by ensuring that funds are spent in accordance with the objects of each Fund and by designating funds, the Trustee respects the wishes of our generous donors for the advancement of health or saving lives. to provide patient and staff benefit or for the advancement of education and research. Day to Day Management The Trust has in place a Scheme of Reservation and Delegation to support the day-to-day management of the Charity. The Head of Fundraising oversees the day to day running of the Charity and the planning of its fundraising activities. The Head of Financial Services acts as the principal officer overseeing the day-to-day financial management and accounting for the charitable funds during the year. The Charity does not directly employ any staff. The Charity funds staffing costs of fundraising and administrative staff who run and support the Charity. These staffing contracts are held by the Foundation Trust and recharged accordingly. Pay grades for those working within the Charity are set using NHS Pay Scales. Related Parties Lwerpool Heart and Chest Hospital NHS Foundation Trust is the main beneficiary of the Charity and is a related party by virtue of being Corporate Trustee of the Charity. The accounts of the Charity are not consolidated into the accounts of the Trust as they are not material. Charitable Funds The Charitys Unrestritted Fund was established using the Model Declaration of Trust and all funds held on trust as at the date of registration were part of this unrestricted fund. Subsequent donations and gifts received by the Charity that are attributable to the original fund are added to those fund balances within the existing charity. Risk Management Using the NHS Trusys own Risk Register policies and procedures, the Trustees have considered potential risks to which the charity is exposed. The LHCH Charity Risk Register is reviewed annually by the Charitsble Funds Committee. There are no major risks that have been identified. chority r5kORbl 12 Contact us, Trustee and Advisors Liverpool Heart and Chest Hospital Charity (Previous names, The Heart Appeal, the Merseybeat Appeal) Registered Charity Number: 1052813 Members of the Liverpool Heart and Chest Hospital Board of Directors who served during the financial year were as follows: Name Title Val Davies Chair (Until 31" March 202S) Bob Burgoyne Senior Independent Dirertor and Non-Executive Director (Until March 2025) Margaret Carney Deputy Chair and Non-Executive Dirertor Nicholas Brooks Non-Executive Dirertor Julian Farmer Non-Executive Director (Until Juty 2024) John Doyle Non-Executive Director Claudette Elliott Non-Executive Direttor Anne Marie Davies Associate Non-Executive Director Liz Bishop Chief Executive {Until 31" March 2025) Manoj Kuduvalli Medical Director James Thomson Chief Finance Officer Joan Matthev Director of Nursing Jonathan Mathews Deputy Chief Executive and Chief Operating Officer 13 Prlnclple Flnancial Advisors Investment Broker Independent Examlner National Westminster Bank PIC Natwest Building Brampton Road Newcastle Under Lyme ST5 OQX CCLA Investment Management Senator House 85 Queen Wictoria Street London EC4V 4ET Xeinadin North West Limited First Floor, The Foundation, Herons Way, Chester Business Park, Chester,CH4 9GB Responsibility for the on-going management of funds is delegated by the Corporate Trustee to the Charitable Funds Committee which administers the funds on behalf of the Corporate Trustee. The names of the people who served as agents for the Corporate Trustee, as permitted under Regulations 16 of the NHS Trusys (Membership and Procedures) Regulations 1990 were as follows: Name Title Bob Burgoyne Senior Independent Direcior and Non-Executive Director Until March 2025 Nicholas Brooks Non-Executive Director Julian Farmer Non-Executive Director (Until Juty 2024) Untiljuly 2024 John Doyle Non-Executive Director Fromjuly 2024 Liz Bishop Chief Executive (Until 31" March 2025) James Thomson Chief Finance Officer Priiicipal office The principal office for the Charity is:_ Liverpool Heart and Chest Hospital Charity Thomas Drive, Liverpool, L14 3PE For more information on LHCH Charity please visit our website atWu&￿￿.0rg.uk 14 Financial Review The financial statements have been prepared in accordance with the historic cost basis, with the exception of investments which are included at re-valued amounts. The financial statements have been prepared on the on-going concern basis and in accordance with the Statement of Recommended Practice"Accounting and Reporting by Charities (SORP 2015)" issued in March 2015, 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 2015. The net assets of the charitable fund as of 31" March 2025 were £1,278k {2023124 £1,229k), an increase of £49k during the financial year. Total incoming resources this year amounted to £635k {2023124 £729K}. Legacy income was lower than the year before amounting to some £34k compared to £85k in the previous year. Of the total expenditure of £573k {2023124 £1.170k), expenditure on charitable attivities was £331 k {2023124 £942K) and expenditure on raising funds was £238k (2023124 £224K). Income summary table Income 202&25 202>24 General £419,378 £443,633 Charitable Trusts £67.500 £116,000 Legacies £34,450 £84,763 Income from investments and other attivfcies £113.411 £85.041 Total £634,739 £729,437 Income Sources 2024125 Income Sources 2023124 12% 1846 61Yo IO/o_ 16% GÈ4)eial Charfiable TIu5ts . General C￿li1able IFL551s • Lwcles ty OMl%i Inccffje 15 Going Concern The Trustee has a reasonable expettation that the Charity has adequate resources to continue as a going concern. Expenditure is discretionary and balanced against the reserrfes policy requirements. Accounting for income and expenditure is on an accruals basis to ensure all committed expenditure is reflerted in the reporting process, and the Charity has sufficient resources to meet all its committed expenditure for 12 months from the date that the financial statements were approved by the Charitable Funds Committee. Reserves policy The Trustee is under a legal duty to apply charitable funds within a reasonable time of receiving them. In order to comply with this duty, the Trustee has developed a reserves policy to explain the level of resenies held and set out how they will be managed. The Reserves Policy applies to unrestricted funds, and states that the level of reserves should be sufficient to:_ Ensure stability of grant funding. Cover between one to three years administration, fund-raisin& and support costs., and Maintain the level of investments at its current level in order to mitigate against significant fluctuations in the levels of donations. Therefore, the Trustee considers it prudent that the target range of unrestricted resenies is between £500,000 and £1,500.000 to ensure that the Charity can run efficiently and meet the needs of its beneficiaries. The balance sheet shows that the unrestricted reserves is £1.278k at the end of the financial year which is within the reserves range required by the Policy. Restricted Funds are excluded from this Policy, in accordance with the Charity Commission guidance, as they are subject to specific trusts and are not fully expendable at the discretion of the Trustee. On an annual basis, the funds will be examined to ensure compliance with this Reserves Policy. Plans for the Future In the coming years LHCH Charity aims to continue its work in raising funds to support Liverpool Heart and Chest Hospitsl. In particular during the next twelve months, we are seeking to expand our work in under-represented funding streams such as corporate income and widen our community and events activities. In addition, although planning for major capital campaigns had several setbacks during the financial year, we will continue to work with medical staff to identify potential schemes for inclusion in major fundraising. 16 Investment Policy The Charity conforms to the investment powers given by the Charity Commission order for an NHS umbrella charity and the Trustee Act 2000. Charitable funds are invested by the Chief Finance Officer in accordance with the Trusys policy and subject to statutory requirements. The members of the Charitable Funds Committee review the performance of investment and banking at the quarterly meetings. The Committee has decided that the Charities Official Investment Fund (COIFI is to be used for the investment of charitable funds. In year, the Committee has chosen to invest their monies in the COIF Charities Ethical Fund as this aligns with the Trust values and overall strategy as there are tighter restrictions on alcohol. tobacco, and fossil fuels. Amounts to be invested with COIF are decided by the Charitable Funds Committee. The amount originally invested in COIF was £400K. A further £300K was invested in September 2021. In May 2024 we withdrew £300k. This investment has a current market value, as of 31" March 2025 of £978k {31103124 £1,291 k). At the end of the financial year the charity held £61 Sk (2023124 £664k) in an instant access bank account. The Charity has adopted the Trusvs policy on investments meaning that all cash balance5 must remain in a comparatively liquid form. All investments resulting must be realisable and have maturity not exceeding three months. The Charity has one investment with COIF, which can be withdrawn within seven days- in line with Trust policy. Cash Deposits are invested in accordance with the Trusfs Treasury Management Policy which has been adopted by the Charity. Short-Term Investments should be invested with banks rated A+ Mood￿5 rating. Long-Term Investments should be invested with banks rated A+ Moodys rating. Dividends received are allocated to individual designated funds in proportion to their average closing balances for the relevant quarter. The risk associated with the normal fluctuation in the value of investments are mttigated by holding investments in a diversified fund of investments and by only investing funds not required in the short or medium term. 17 Fund5 Expenditure Policy Expenditure against any Charitable Fund is conditional upon the item being within the terms of the appropriate fund and the procedures approved by the Board of Directors. Before expenditure is incurred consideration is given to the following: The funds may be used for the benefit of hospital staff (both clinical and support) as long as it is line with the objective of the fund, and it does not go beyond what a good employer would consider reasonable to provide. The funds cannot be used to campaign or lobby on behalf of the Trust. It should comply with the requirements of the Charities Act 2006 on the Public Benefit Test where there is an identifiable benefit or benefits. and this benefit must be to the public or section of the public. Should generally not be spent for the benefit of specific individuals. To supplement the remuneration (direttly or indirectly) of offices. The authorised signatories must consider the following: That the expenditure is within the general and specific restrictions placed upon the funds (the authorising officer must be aware of these). Must be applied for the purposes set out in the Governing Document. That the funds are not freety available from other sources. Must be applied with complete fairness between persons who are properly qualified to benefit from it. 18 xeinadin INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF LIVERPOOL HEART AND CHEST HOSPITAL I report to the trustees on my examination of the accounts Liverpool Heart and chest Hospital (Charity No: 1052813) for the year ended 31 st March 2025, which are set out on pages 20 - 32. Responsibilities and basis of report As the charity trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 {'the Acn. I report in respect of my examination of the Charitys accounts carried out under sertion 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable direttions given by the Charity Commission under section 145{5)(b) of the Act. Independent examinerfs statement The charitys gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe in, any material respect: the accounting records were not kept in accordance with section 130 of the A¢ or the accounts did not accord with the accounting records," or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Stephanie Baker BA{Hon5) ACA Xeinadin North West Limited First Floor. The Foundation Herons Way. Chester Business Park Chester. CH4 9GB 2410612025 19 Annual accounts 2024125 Trustee Responsibility Statements. The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). 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 affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements, the Trustees are required to: Selett suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. State whether application accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements," and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets for the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the trustee: ,1,4LLf' John Doyle Chair of Charitable Funds Committee James Thomson LHCH Chief Finance Officer Financial Trustee 20 Liverpool Heart & Chest Hospital Charity Charity Number 1052813 Annual Accounts for year ended 2024125 Foreword The Charity was crealed in 1996 under stalutory instrument The Charity exists for any charitable purpose or other purpose relating to the NHS wholly or mainty for the service provided by Liverpool Heart & Chest Hospital NHS Foundation Trust Charitable Trust Accounts - Liverpool Heart & Chest Hos ital Chari - 2024r25 Statement of Financial Activities for the year ended 31 March 2025 2024-25 un￿StrICted Funds £000 2024-25 Totsl Funds 2023-24 Total Funds £000 Note Income and endowments from: Donations and legacies Olhar trading activities Income from Investsnents Income from Charitsble activities Totsl Income and endowments 521 12 27 75 635 521 12 27 75 635 645 12 70 729 Expendlture on: Raising funds Charitable activities other expenditure Total expenditure 1.6, 1.7, 3.1, 4.1 1.9. 4.2 (238) (3311 14} (573) (238) (331) {4) (573) {224} (942) {4} 11,1701 Net gains1{ losses) on investments {13) {13) Net incomel(expendilure) and net movement In funds 49 1291) Reconciliation of funds: Total funds brought fO￿ard Total funds carried forward 1,229 1.278 1,520 1,229 1,278 The statement of financial aC￿Ville5 include5 all gains w¥J h)sses Tecowised in the ye￿. AJI Incon￿ and expenrfrture d￿1ve from contirxmng athibe5. Page 21 Charitable Trusl Accounts- ￿ve l Heart & Chest Hos "tal Charit - 2024125 Balance Sheet as at 31 March 2025 Notes Total al Total at 31 March 2025 31 March 2024 £000 £000 Fixed Assets Investments Total Fixed Assets 978 978 1.291 1,291 Current Assets Debtors Stock Cash at bank and in hand Total Current Assets 11 615 629 675 Credstors: Amounts falliry due wtthln one year {329) (737) Net Current Assets 300 (62) Total Assets less Current Liabilities 1,278 1,229 Total Net Assets 1.278 1,229 Funds of the Charity Income Funds: Unrestricted 1.278 1.229 Totsl Funds 1,278 1,229 The Financial statements on pages 20 to 32 were approved by the Trustee and authorised for issue on and are signed on th￿r behalf by. Signed.. Date: 24th June 2025 Page 22 Charitable Trust Accounts - Liverpool Heart & Chest Hos - 2024125 Statement of Cash Flows for the year ended 31 March 2024 2024-25 Total Funds £000 202&24 Total Funds £000 Cash flows from operating activites: Net cash provided by (used in) operating activities (376} 152 Cash flows from investing activities: Dividends and interest from investments Proceeds from disposal of investrnents Net cash provided by (used in) investing activities 27 300 327 Change in cash and rash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equlvalents at the end of the reporting period (49} 154 510 664 615 Reconciliation of net incomel(expenditure) to net cash flow from operating activities: 2024-25 £000 2023-24 £000 Net incomel{expenditure) for the reporting period (as per the statement of financial activities) Adjusted for: {Gains)Aosses on investments Dividends and interest from investments {IncreaseVdecrease in st¢xk {IncreaseVdecrease in debtors In¢reasel(de¢reasel in creditors Net cash provided by (used in) operating activities 49 (291) 13 127) (6) (150) (21 131 597 152 (4081 (376) Analysis of cash and cash equivalents: 2024-25 £000 615 615 202>24 £000 664 Cash at bank and in hand Total cash and cash equivalents Page 23 charitab￿ TrustAccounts- L￿[ l Heart & Chest Hos 'tal Charit - 2Q4r25 M¢>tss to th• A¢￿U￿ts counting Policies Accounting ConY•Tnll4)n The finan(aal slatements have been prepared on the basi5 of historic cost nvention, a$ rrM)dtfied for the [evalual￿)n of cetsin investrnents. The financial siatements have also been prepared in aCC￿alKe with Accounbn9 and ReporlirvJ by Chanbes Slatement of Recornmended Practice applicable to charities preparing their a£xx)unts in 8cwrdanc* V•ilh the Finan(¥al RewitiThJ Standard (FRS 1021 leffectNe 1 January 20191 and applicable UK accgunting stsrmlards Chawlliès Ad 2011. as aMaThj￿ by the Charrbes Act 2022. The finanoal statements have depart￿ from the Charthes IAccounts ReFQrtsl Regulations 2008 onty to extent required to provide a true and fair view. This deparbJre has involved followng the Stalernent of RowYTrrTwd$d Pradi¢8 for ¢harib&s app￿n9 FRS 102 rathèr than the version of the Stalement of Recommended Practice which is referred to in Ihe Rewlalions but which has since been 12 Goln9 C¢)nurn At thè timè of approvlng ts ffin8nual slatémÈnts. thè Trnstees have reasonable expectation that the Charity has adequate re50Uf5es to ￿n￿n&t9 operabonal exist&n￿ for the foreseeab16 lubjre. Thus the Trustee$ ntinue to adopt th0 9Ding c¥>nc•m basis of a¢¢ounthNJ in prgporfng Ihg fmancial statements. Funds Structw• R￿rth1 funds ￿ lunds which afe to be used in aC0)rda￿ V*ith speufic reslrictions imkwd by Ihe donor. Where the restricbon requires the grft to be invested to produce income but the Trustee has Ihe power lo spend the capital. it is dassÈd as ÈxpèrKI8tAe ÈndowmenL Llvèrwx)S Heart & Chest Unrestricted ino)me fijnds comprise those frjnds vknich the Trustee is free lo usè for any purpos8 in furtherance of the Charitab￿ objects. Unresthcled fuThYs indude designated funds. where the dorKJr has made kn(yMI their non nding wshes OT wh&re the TNstee. at Iheir discre￿￿. hav6 created a fund for a spe¢tfic purpose. IA kneomè R•coyn￿10n l incoming resour￿ are induded in fvll in (he Statement of FinarKial Adivi as soon as the followrrfj tF*ee factots be meL i) entrflement- arises when control over the rights or olher access to thè 8eonomic b8nefft has pass￿ to thè Chatily. N) probable - when il is more likety than nol that the economic b9￿fits associated the transaction or gift will flow to the Charity. and iiil Npasuw8ment- vthen Ihe monetary value ty amount of the income can measured reliably and the c05t5 incurred for Ihe transadion and Ihe costs to coM￿ete the transaction can be measvred rella￿y. Incom* from Oonatlons and Legacles Legacies are acrounled for as incomiro resourc8s eilher upon rKeipt f *t￿e Ihe receipt of the legacy is nom)alty ￿￿0b￿. This be when.. there has t*en a grant of probatO.' ill the exec#Jtcrfs have established thal there are sufficaent assets in Iho èslatè. after S￿ing any liabilrfiès. to pay Ihe legaw, and iii) any conditions attathed to the legacy are either wilhin cryrfrol of Ihe charity or have been meL There are no rnaterial legacies which have been notiried I￿1 Mt recognisod as incomin9 resources in the Stalement of Financial Activities. Pagg 24 Charitable Trust Acc￿nts- Lrverpool Heart & Chest Hoswtal Charity- 2024125 Ineome from Donatk•ns and Logacles (conl'd) a) Donations Al fvnds are unrestricted but may be designated. These include donations where particular parts of Liverpool Heart and Chest Hospital or its activities were nominated by the donor at the time that the donation was made. Whilst nomination is rK)t binding on the Trustee, the designated funds refiect these norninations. The Charity does ￿t have any restricted funds. i) Where a preference is not expressed by the don￿ then the donation is applied to Liverpool Heart and Chest Appeal vthich has four key elements to our - To raise fvnds for key [Me￿S of medical equipment - To develop the Enhancing the Healing Environment programme - To support patient centred research - To continually invest in our staff to improve Iheir clinical techniques so that we can provide our patients with an unrivalled patient expeTTrence. iii) Where possible the Trust reclaims tax on donations through the Gfft Aid scheme. Income from Charilable aclivilies a) Robert Chven House Accommodation Inwme Robert Q4Yen House provides inexpensrve ovemight accommodation for relatives and friends of patients. Income receNed is applied kn the upkeep and day to day running costs of the house. Robert Owen House accommodation incomè is credited to incoming resources from Charitsble Activities viithin the Statement of Financial Activities. iii) Robert (Trwen House Income is credited net of VAT based on the date of iv) The Charity has treated income from Robert Owen House as Primary Purpose Trading and as such.the profts.are exempt from tax. Page 25 Charitsble Tfust P£counts- LN6r￿A Hgart & Chest Fh)s ' Chwit - 2024r25 Finanelal Instrumènts anty ha8 elacted kn apFty tho pr(pthi￿ of SathTh 11 "Baslc Flnanda Instrunenls" and 12 fmhor FinwKlal Instru1￿￿ts i55ues' of FRS 102 to al d ts financd instThJments. Fina￿81 instruments we reccgnised in the Chariws b818nce sheat fvity bec p•ty 10 the I￿￿?￿Ual oftt* ir¢trutnenL FinwKial assets and liablities are offset. Vrfth Ihe nel amourrts prese￿ed n the financial statetr*nts. when there is a legally enforeeable rKJht to set off the reeognised amounts arml there is an intentM)n to settle on a nèt basi% or to realsg the asset arKI selU8 Ihe liabrfty 5￿n￿￿J51y. BasK financial Ba5K finaroal asse15 rninanc*l assets. in(*th debtcrf¥ eTrJ cash and b8nk ba18n￿. are milialty measured at tran5aL*on Inc4￿j1n9 Irans**on fX)Sts and artr subwuentty &l￿d at arr￿￿￿e1 tsxt thÈ effedNe interest rnetlyjd Ihe arrarWw￿nt cMstrtul85 a rinancing transaction, there the trans8CtKffi measured at the wesentvdue of tr*future receyts are not 8mort*ed. Basic finanaal lia￿￿tieS Ba8K fmanraal ￿lIties. ￿£￿Ir￿ tr8ditorn bank are inw rÈ(x)wi*l 81 Ims io uth$5 the *rarymert ¢4yBtittrtes o fina￿A￿j tran5xlw. Ihe debt irnstrurnenl 18 asured at the wesent vabJ8 of the futtsre payments d*ctyJnbJ at a mathet r8tè d intsre8L Trthkn (*¢dit(4s ar* to pay for wods or that Fwve been wuired in the pawnbnt Is *ilhin on& w. Ir noL thty are as r4)n Related Party Trdnsactlons Under tr* widance provided by Ihe Finanaal Rewling Standard 8, Liverpool Heart & Chest Hospilal NHS Foundation Trust is a related paty as it is the Corporate Trustee of Ihe charity. During the Jear the charity has had a number of material transactions wrth Liverpool Heari & Chest Hospital NHS Foundation Trust le.g. grant The FouThJation Tnjst is the sole Trustee of Ihe Lfverpool Heart and Chest Charfty and as such is considered to be a related paty. During the year ended 31 March 2025, the Charity ￿￿rred £309k in expendiknre and received £Ok of In￿Me the NHS Foundation TWSL Arnounts OV￿ by the Foundation Trust at 31 March 2025 were £Ok and amounts o*ed to ￿ Fwndatwjn Tnjsl wpre £329k. The Charilable Trust has made revenue payments to LNerrth Heart & Chest Hospital NHS Foundation Trust Ythere agents of Ihe CorF*irale Trustee (Vh￿Se names are listed below) are also Mernbe￿ of Ihe Trust 8oard. Bob Burgoyne- Chair of Ch8rilable F￿K1$ Commltte8 John DO￿e- Non Executive Director Dr Liz Bishop- Chief Executive James Thomsrm- Chief Financ* Officer Nick Brooks- Non Executive Direclor Julion Famier- NL￿ Execulive DIr￿- Left 31st May 2024 The Trustees did not receive any rfrmuneralion for performed in ￿lation to the Charity1202>24: £nll. Pag8 28 charita￿ TrntstA￿nts- Liv Heart & Chost Hc6 ' Charil -2024r25 Grants mad• to institutiom &1 Awrog*6 Pold 2D24 amourrt pald 2025 ofrndpkntaNI numberof9r TO1￿ rnsowces *wer¥J*d Less cost of98￿ratIrffiJ Less &lminlwdil and bank charg85 15731 223 41 217 41 Liver￿1 H•art & Chest HosWtal NHS FT Trns¢ 12 alysl$ ol Support Costs aL1 SupFOJrt Costs are ac4D5S 8J¥*ndtturn. Th8 ¥ty)tytionment Is b*od on th6 value of transaclons wlthln The told value of supporl o)sts IrKAwred in the reF¥yhng Per￿)d is fJ7k123124 £36kl and ¢ompns8s £1k123124 £lkl EstatAtshmerrt costs. £2k123r24 th) iThJwTrd￿l examinws fee. £2k123r24 £1kl In$uwe costs and £32k123124 £32kl staffi￿ Costs. Expendltur• on Ral$lng Fund8 Total costs Tot*1 fvnd$ raised 2025 £000 635 636 Total funds ratsed 2025 2024 2024 Fund wing Costs 1238 12381 2241 12Z41 730 11K4￿led ¢os¢ ofrak5ry fvnds arg the frknirq staff co*: N•t Cost Nalh)nal Gross Cost Gr05s Cost Emphy**r 2025 2(Y24 FundraisiTrJ Staff 150 16 10 176 The average number ofstaff emFtyd t1wlw the ye8rw8$ 4120W24: 41. Chaiitable acti¥itw &3 2025 2024 £000 12441 Staff Wemare 1601 1271 1151 1241 141 Purchase of new equip Pa￿nt ¥￿trare Education, IralrMr￿ and rese￿th expenses N8w bU￿dIng and relurbishme Robot Runnww Costs SYmws￿M Exr*Thdi￿re Robert I￿n Hr•J5e Re￿1 Robert O*En Fkwe Suw4ie5 14591 1501 1281 152) 1261 1561 20 3311 1791 19421 Other exp•ndfturn Totaj 2024 Funds £000 2025 Funds £000 Misc*Man8CAA¥ •Y￿ndItur¥ Charitable Trust Accounts - LNe d Heart & Chest Hos ital Cha - 2024125 Donations and legacies 4.5 Total 2025 £000 (311) (40) (34) (99) (25) 112) 15211 Total 2024 £000 1417} 130} 1851 1931 120) Donations ROH Donations Legacies Just Givin￿EventS Donations Research Donation SyTnposium {645) Other tradlng activities 4.6 Total 2025 £000 (12) 112) Total 2024 £000 (12) 112) LHCH Merchandise Page 30 Charitable Tnjsl Accounts- Li l Hgarl & Chest 'tal Cha ' - 2024125 Nèt rnov•m•nl 5 In Funds Totsl 2025 Funds £000 1.229 1278 49 49 Tolal 2024 Funds £￿0 1,520 1.229 {2911 {291} O￿ning Balance Closing Balance Net movement in for the year Net movement in lurth avalable fLrtuTe a¢bVit￿$ Anatysl$ of Flxed As¥•t Investrntnts 2025 £000 2024 £￿0 Market value at 1st Ayll Disposal of Investrment Net gainl{k)ss) on revaluation Market value at 31 March 1.291 {3110) 13) 978 1,142 149 Histrt c(*t at 31 March 700 62 Mark61 valuè at 31 March .. Held tnUK 202S Total 2024 Total Investments In a Cunmon 08￿11 Fund I Cunrnon Investment Fund 978 978 978 978 1.291 1.291 J)alpls of gross Income frorn Investments Total tsyoss ￿Orne Held UK 202￿3 Totsl £ooD 202>24 Toial Investments in a Ccthmon Deposit Fund I C(xnmM Investment Fund 13131 13131 313 {3131 149 149 OA Ir￿(￿ne from Chwtlable activt 202￿5 202>24 Total Total and fundraising sales.-. 75__ 75 70 70 Pag8 31 Charitsble Trust Accounts - Live l Heart & Chest Hos ital Cha ' - 2024125 Other income 2025 Total £000 26 26 2024 Total £000 Interest on short temi deposit The Corporate Trustees adopted the Treasury Management Policy of Liverpool Heart & Chest Hospttal NHS ￿ in respeGt of investments. The majority of cash balances are placed wilh Nalwest (Govemment Banking Service). which attracts an interest rale of 5.14°A. Anatysls of Debtors Debtors (including trade debtors and loans receivable) are measured on initial recognition at setuement amount after any trade discounts or amount advanced by the charity. Subsequendy. they are measured at the cash or other o)nsideration expected to be re￿ived. 2025 2024 £000 thnations and legacies Prepayments Total debtc￿S falling due within one year Total debtors Anatysis of Creditors The charity has creditors which are measured at setuement amounts less any trade discounts. 2025 2024 £000 {375) (2) 360} {737} Amounts falling due withln one year. Accruals VAT Balance (y*ied to LIverr￿ Heart & Chest Totsl creditors falling due within one year 173) 141 {2521 (329> Total creditors (329) (737) Pag8 32 ChawitalAè Trust ACC￿rts. LN D•tslh of ¢harttabl• knds NTh offvnd n8 and I￿$•￿) 31 Mareh 2025 Bal•rKe 01 WI 2024 210 112 {1041 1431 175 LKH Chwity 392 {3201 11351 C FI1¥￿ 131 1241 61 O Car#%r 102 131 1291 72 F Clwrywwd 1281 511 438 205 10 387 1135} {sn> 16) 1270 PAateria lunds are deemed at b*r¥J in excess of t50,IX The LHCH Ch*ity$ pwFK)* tr wrposes r*ting LO SeThI￿ LHCH NHS FT. The Cythc FI)￿￿S ÈduL*Ith 8nd res￿￿ R**8dulL Fibrris and prowdes supwltr p8tien15 YAIth this The Lullg Canc*rfrJThJSf￿1rtal8S educati￿ and r88earch into hJng kwde5 SUPkXXt lor Fqtients ¥hth this coThJitw. CommNm•nts. ' Llabllltles Prw*lon$ 12 ConnK¢•d P•r¥ons Trnnuctlorw verpcd ￿art & Chest trknsMal NHS Foundakn TTUSL Grants made￿￿&1 k) £309k in 20241202512023r24 E91JEI. At 31$1 Math 2025, to tho Hearf & Ch8sI NHS FoJTh1alth TA￿{2￿23/24 £737kl. Loans or Guararrt•e$ Secured 4gainstass•ts ofthp Ghorty P4e 33