OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The British Society For Heart Failure

2025-05-31-accounts

BRITISH SOCIETY FOR HEART FAILURE (A Company Limited by Guarantee)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

Company Number: 3767312

Charity Number: 1075720

1

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Contents

Pages
Reference and Administrative Information 3
Trustees' Report 4-12
Trustees' Responsibilities 13
Independent Auditor's Report 14-16
Consolidated Statement of Financial Activities 17
Comparative Consolidated Statement of Financial Activities 18
Consolidated and Charity Balance Sheets 19
Consolidated and Charity Statements of Cash Flows 20
Notes to the Consolidated Financial Statements 21-30

2

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Reference and Administrative Information

Charity Name: British Society for Heart Failure Charity Number: 1075720 Company Number: 3767312 Registered Office: 1 St Andrews Place London, NW1 4LB

Trustees (who are also the Directors)

Chair: Dr Lisa Anderson Past Chair: Professor Roy Gardner Chair-Elect: Ms Carys Barton Deputy Chair: Dr Carol Whelan Treasurer: Dr Patricia Campbell Councillor: Ms Mary Brooks Councillor: Ms Rebecca Hyland Councillor: Dr Rajiv Sankaranarayanan Co-opted Trustee: Ms Delyth Rucarean Co-opted Trustee: Mr Eebin Khoo (appointed 26 September 2025)

Chief Executive Officer

Mrs Lynn Mackay-Thomas (resigned 15 July 2024) Mr Jim Gardner (Interim Chief Executive, 18 July 2024 to 23[rd] March 2025) Ms Anna Clodfelter (appointed 24[th] March 2025)

Auditor

UHY Ross Brooke Chartered Accountants Suite I, Windrush Court Abingdon OXON OX14 1SY

Bankers

Barclays Bank Plc Edgbaston Leicestershire LE87 2BB

3

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Trustees’ Report

The Trustees of British Society for Heart Failure (BSH) present their report as Trustees and Directors, with the Group Financial Statements for the year ended 31 May 2025, as required by Charity and Company regulation and legislation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Heart failure is a complex clinical syndrome characterised by the reduced ability of the heart to pump blood around the body. It is a highly prevalent condition, often with poor outcomes: almost a million people in the UK have heart failure and 30-40% will die within a year of diagnosis. Despite a predominantly elderly patient group, many of whom have extensive comorbidities contributing to or complicating their heart failure, good clinical management has been shown to substantially improve patient outcomes. Management of the patient with suspected or confirmed heart failure is complex, and the number of patients is large and increasing. Best outcomes result from multidisciplinary care with expert input from a range of healthcare professionals together with support services in the community.

Governing document

BSH was founded in 1998 and incorporated as a company with charitable status in 1999. BSH’s Memorandum of Association established the objects and powers of the charitable company, and the Society is governed under its Articles of Association which were revised in the year as noted below.

Objects

The Objects of BSH are:

Recruitment, appointment and induction of Trustees

The Trustees are recruited bi-annually through nominations and elections by and from members. The Trustees who served in the year to 31 May 2025 were:

Chair: Dr Lisa Anderson
Past Chair: Professor Roy Gardner
Chair-Elect: Ms Carys Barton
Deputy Chair: Dr Carol Whelan
Treasurer: Dr Patricia Campbell
Councillor: Ms Mary Brooks
Councillor: Ms Rebecca Hyland
Councillor: Dr Rajiv Sankaranarayanan
Co-opted Trustee: Ms Delyth Rucarean

The outgoing Chair is automatically appointed as Past Chair and the outgoing Chair-Elect automatically becomes the Chair. All other positions were decided through the election process in November 2023.

Trustees receive an induction pack on appointment, which includes governance documents, a Trustee Agreement, details on the structure and policies of BSH, past statutory financial statements and Charity Commission guidance on roles and responsibilities of Trustees. Governance training was also provided by the National Council for Voluntary Organisations (NCVO) for the Trustees as part of a wider governance review.

Observers

Observers are appointed by the Board to ensure all areas relating to heart failure are represented. The Board may appoint an unfixed number of Observers, at their discretion. Observers represent disciplines with an interest in heart failure not represented by the Board for their tenure period, to ensure the skill and experience necessary to achieve BSH’s strategic objectives, and ensure representation is diverse and inclusive.

4

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Trustees’ Report

Organisational structure

The governance of BSH is carried out by the Trustees who meet at least quarterly with additional meetings if deemed necessary. The Board may appoint such committees, advisory groups or working parties of their own members and other persons as they decide necessary to support BSH’s aims and objectives, and may determine their terms of reference, duration and composition. BSH has established several committees (below) and is grateful for the high calibre and committed individuals who have volunteered to be involved in these.

BSH has a wholly owned trading subsidiary, BSH Services Limited (Company Number: 12582222), which commenced trading on 1 June 2020 to manage its educational and scientific meetings and initiatives as well as any commercial opportunities that arise. The Board of BSH Services Limited was made up of one BSH serving Trustee, Professor Roy Gardner, a past Trustee, Professor Simon Williams and Ms Anne MacCallum (resigned 20 August 2024) in the financial year. As part of BSH’s Governance Review, it was agreed that the incoming Chief Executive Officer, Anna Clodfelter should be approached to become a director (subsequently appointed 5 June 2025). In addition, it was agreed that for best practice and to enhance oversight as well as give input to activities undertaken by this company, that an independent person with a finance/commercial background should be sought. A recruitment process for a Trustee Treasurer for the Charity was commenced in August 2025 and It is anticipated that this post will be in place before the end of 2025 – this person will join the BSH Services Board. The Directors of BSH Services Limited have formally agreed to distribute all profits earned to BSH by way of a Deed of Covenant.

Day-to-day management is delegated to the Chief Executive Officer who is responsible for developing and implementing BSH’s strategic plan. Strategic planning is carried out in partnership with the Trustees and, once a plan is agreed by the Board, delivered under the direction of the CEO.

Board committees

The Board Committees were reviewed in the year and the following changes made:

The mission of the BSH Nurse Forum , chaired during the year until the AGM in November 2023 by Mary Brooks (Trustee), and from December 2023 by Delyth Rucarean (Co-opted Trustee) is to advance heart failure nursing practice, ensuring every patient with heart failure has access to/the support of a fully skilled, competent heart failure specialist nurse.

The mission of the BSH Education Committee , chaired during the year by Dr Rajiv Sankaranarayanan (Trustee), is to develop expertise in specific areas of heart failure care and enable a consistent understanding of advanced practice amongst heart failure specialists across the UK, as well as to develop educational tools to promote and support education relating to heart failure care.

The mission of the BSH Research Committee , chaired during the year by Professor Mark Petrie, is to promote high quality research into heart failure and to develop a network of researchers interested in heart failure and heart failure related conditions.

The mission of the BSH Standards and Ethic Committee , chaired during the year by Ms Rebecca Hyland (Trustee), is to oversee management of conflicts of interest, complaints, whistleblowing and conflicts of interest.

The mission of the BSH NICE/Regulatory Committee is to coordinate BSH responses to public consultations and liaise with stakeholders to influence policy.

Members

BSH’s membership comprises multi-disciplinary health care professionals with an interest in heart failure. BSH aims to equip all health care professionals involved in heart failure with up-to-date specialist education and research, and innovative practice models to ensure patient access to high quality care. At 31 May 2025 there were 1,332 paid members (2024: 1,276).

5

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Trustees’ Report

Key management personnel

BSH considers its key management personnel to consist of the Chief Executive Officer (CEO). All Trustees give their time freely and no Trustee received remuneration in the year. The remuneration of the CEO is agreed by the Trustees and reviewed annually. Consideration is given to increases in accordance with average earnings, the context of the organisation and benchmarking against other medical societies of a similar size.

Volunteers

The Trustees are grateful for the immense contribution of its volunteers including the Observers and various Committee members above, speakers at meetings, advisors and others who freely give their valuable time. It is not possible to calculate accurately and reflect in these accounts the contributions made.

OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS

During the year to 31 May 2025, the BSH had a positive year in terms of financial performance and general progress towards its mission and strategy, despite challenges in the year and changes to the senior staffing team. The success is attributed to the dedication of the small, committed and talented team of Trustees and retained staff (both interim and permanent) supported by hard working volunteers – ensuring that the challenging period the Charity has been through did not halt its vision to make heart failure a national priority. The Trustees approved a Bridging Strategy in the year to take the Charity from Winter 2024 to Spring 2026 with four themes:

  1. Education and Research – we lead the way in educating doctors, nurses and allied specialists working in hospitals and the community, to improve care for patients with heart failure. Our education work is always based on the best available research and evidence, and we support and promote research activity in multiple ways.

  2. Membership – we have 1,300 professionals from across the clinical community in membership. We equip healthcare professionals, including those most closely involved in caring for people with heart failure, with up-to-date specialist education and research, whilst providing opportunities for networking and other membership benefits.

  3. Awareness – we are committed to preventing avoidable heart failure deaths and improving the lives of people with heart failure through awareness and early intervention. Together, we can make heart failure a national priority through our work, research and education, with the aim of preserving life, increasing survival and improving quality of life for people living with heart failure. We work with other organisations in the health sector to further this ambition.

  4. Influencing change – through our professional standing, research and strategic engagement activity, we work to educate and inspire policymakers to do more to improve prevention, detection and treatment for heart failure patients. Our intention is to grow the network of heart failure specialists throughout the country so no one in need goes without the care they require.

Education, Research and Quality Improvement

Our 27[th] Annual Meeting was held in London on 21/22 November 2024 as a hybrid, sell-out in-person meeting. The Conference returned to its standard format of 1 plenary track, with an additional 3 sponsored symposiums, and 5 break-out masterclass sessions. There were over 20 exhibitors, consisting of pharmaceutical companies, scientific journal publishers, tech companies and charities. In total, 608 delegates attended in-person and a further 180 attended on-line.

The annual Multi-Disciplinary Training (MDT) meeting took place in May 2025. Trustees had taken the decision to tour the UK nations with the MDT and the event took place in Cardiff for the first time, selling out in record time with audiences of around 180 each day. The programme included workshops, sponsored symposia, exhibitors consisting of charities and pharmaceutical companies, and workshops. The success of the event sees the tour of nations continue into 2026 when the MDT will take place in Belfast.

The Nurse Forum ran a bespoke quality improvement programme for heart failure nurses – the QI Academy. 10 BSH Nurses commenced this one-year programme to develop a QI project in May 2025 and their QI initiatives will be celebrated at the MDT meeting in March 2026. The initiative is being evaluated and if deemed successful for the second year, a further two QI Academy's are due to be launched at the 2026/7 MDT Meetings. The QI academy is sponsored by Boehringer Ingelheim.

6

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Trustees’ Report

The Nurse Forum ran a one day Nurses Educational Meeting in June 2024, developed and organised in partnership with Boehringer Ingelheim and BANCC - Navigating hearts and minds: The role of nurses in delivering holistic and best practice heart failure care

The BSH Nurse Forum Author Board are hosting a virtual workshop to help nurses develop the necessary skills for Writing for Publication. The workshop was delivered by members of the BSHNF Author Board, with expert advice from Dr Claire Lawson, Associate Professor and Advanced NIHR

Educational webinars delivered by BSH or with input by BSH during the year included:

A series of E-Learning modules remain in development by the Education Committee, which will be launched later in 2025.

The inclusion of Resident Doctors on BSH Committees and in the development of education programmes and events was added in this year with the support of the BSH Resident Doctor Observer to the Board. A bespoke Resident doctor education event is in planning for Spring 2025.

The BSH in partnership with Abbott delivered a further HF training course for pacing physiologists. The course will be further delivered in September 2025.

The BSH Research Investigator Network, led by Professor John Cleland, established a programme of rolling quarterly meetings, showcasing UK research in various stages of development. Attended by a group of around 50 interested researchers, the Network discusses new ideas and concepts, encourages site recruitment and presents results, with 3-4 trials presented at each meeting. BSH also appointed 1 new clinical research Fellows at Board meeting in March 2025. A mentorship programme is in development with mentor training to encourage more HCPs to engage with heart failure research, led by Dr Brian Halliday from the Research Committee.

The BSH became the UK’s accrediting body for ICARe-HF (Improving Care through Accreditation and Recognition in Heart Failure) is a European Society of Cardiology/Heart Failure Association international accreditation programme for centres that provide heart failure care. Individual centre performances in HF are evaluated against recognised standards of care as developed by the ESC guidelines and the HF Specialist Curriculum, and those centres meeting or exceeding these standards will be accredited as an HFA Quality of Care Centre (QCC). The HF Team at Craigavon Area hospital, Portadown - led by one of our Trustees, Professor Patricia Campbell (Consultant Cardiologist and Heart Failure Lead in Northern Ireland) - acted as the test site for the UK and is now the first UK accredited Specialised QCC.

Supporting our members

The BSH Annual Conference and MDT Meeting continued to serve as the main in-person networking opportunities for BSH members and both were extremely well attended during the year. The BSH extended its reach by exhibiting and speaking at a variety of external meetings to increase heart failure awareness and recruit new members to the BSH. These included meetings held by the following:

Our online members portal, monthly newsletter, bi-annual elections to the Board of Trustees and opportunity to serve on BSH Committees provided further means of supporting and engaging members during the year.

A members’ survey is in development for launch in Autumn 2025.

7

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Trustees’ Report

Raising awareness about heart failure

BSH launched a concept in 2023, dubbed the 25in25 initiative, with an ambitious aim of reducing the number of heart failure deaths by 25% over the next 25 years. Heart failure affects many people with other major chronic disorders. The BSH had therefore joined forces with the cardiovascular, renal, metabolic, and wider health community to seek to change the trajectory of heart failure and improve the lives of people living with the condition in the UK and internationally.

The initial work to develop a set of indicators (Heart Failure coding sets) and a BI dashboard for use in Primary Care BSH completed in year with a phased pilot roll out agreed. The first of five pilot sites to be Liverpool, to engage with the ICB and practices to test the dashboard and socialise the tool in practice, allowing us to:

  1. Identify potential issues, refine processes, and gather valuable feedback from a select group of users. 2. Assess the practicality and impact of the solution before committing to full-scale deployment. The insights gained over 12 months will help the group make informed choices and adjustments to ensure the success of the initiative when it is implemented more widely.

The initial concept of the project pivoted, during this period, away from the original national data project with a license cost (to GP practices/hospitals) towards a free to access tool stabilising viability and minimising the financial burden on the BSH for development and the Healthcare community practices for access to the tool. In addition to the data tool a 25in25 framework was developed, addressing the discovery that a data solution alone will not resolve the HF crisis and introducing three pillars:

Quality Improvement: Supporting, sharing and recognising best practice in HF care that delivers effective change and positively impacts patient outcomes.

Collaboration: Strategically working in partnership with others across the sector to drive lasting change and collectively improve heart failure outcomes.

Lobbying: An evidence-based, collaborative approach to lobbying for sector change to drive up heart failure outcomes.

The first phase of pilot concludes Autumn 2025 and will determine next steps.

Influencing change

Multiple BSH board members and past chairs have actively contributed to the NHSE Heart Failure (HF) Expert Advisory Group (EAG), which has informed NHSE’s work aligned with the Government’s NHS Long Term Plan. BSH board members also served as clinical advisors for the 2023/2024 NHSE Targeted Funding for Access to HF Team (HFTFP) and the NHSE Managing Heart Failure @home programme. Heart Failure was selected by NHSE as the inaugural workstream to pilot an electronic patient. Regarding elective care, cardiology has been identified as a key priority specialty in the Elective Reform Plan published in January 2025, with ambitious targets for transformative improvements this year. The national Elective Care and Cardiac Transformation teams have prioritised rapid access pathways for Heart Failure, following a roundtable with leading cardiac societies.

In Wales, we saw the establishment of the Welsh Heart Failure Society and collaborated to deliver the first BSH MDT event in Wales. Key topics for focus by the WHFS included: HF Specialist Nursing, HFpEF, Amyloidosis, Pulmonary Hypertension and IV iron. Two Trustees contributed to a programme of multi-disciplinary HF research for Wales, focusing on prevention, early diagnosis, and optimised management to improve outcomes. The BSH supporting the approach to build research capacity and capability among HF nurses, pharmacists and healthcare scientists. A unique collaboration with Swansea University saw the launch of a Level 7 Heart Failure module ‘Chronic Condition Management: Heart Failure.

In Northern Ireland, BSH were a partner with HF Warriors NI and BHF in highlighting the issues with HF care inequity and prolonged wait times for specialist care across Northern Ireland to the Stormont Executive in 2024, which helped to act as a springboard for HF care mapping and formation of a transformation group to improve patient pathways in the region.

8

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Trustees’ Report

BSH continued to serve as a member of the Inequalities in Health Alliance (IHA) and worked with the Heart Failure Policy Network. The mutually beneficial and regular working relationship fostered with the British Heart Foundation (BHF) continued and BSH also continued to work closely with a wide range of heart health, heart disease and related condition organisations and charities.

BSH participated as stakeholders in technology appraisals and draft guidance with the National Institute for Health and Care Excellence (NICE) including:

The following Position Statement was also developed over the year:

PUBLIC BENEFIT

The Trustees have had due regard to the Charity Commission’s Guidance on Public Benefit. Through its activities, and interaction with other organisations, the BSH seeks to educate healthcare professionals, encourage debate and further research. It strives to prevent the development of heart failure by improving management of the causes of heart failure, and to promote a ‘seamless’ system of care for heart failure patients from diagnosis to palliative care, across the primary, secondary and tertiary care divides. The goal of BSH is that the care of every patient with heart failure is optimal and informed by, and responsive to, advances in diagnosis, management and treatment, thus improving the quality and quantity of life for patients.

FINANCIAL REVIEW

The Group results for the year to 31 May 2025 are shown on page 17. The Group consists of British Society for Heart Failure and its wholly owned subsidiary BSH Services Limited. This company supports BSH’s charitable aims, delivering educational and scientific meetings for BSH and allowing greater flexibility with commercial opportunities that arise. It has been agreed by way of a Deed of Covenant that all profits generated by BSH Services Limited will be distributed to the Charity. The net movement in Group funds was a deficit of £245,462 (2024: surplus of £45,532).

At the end of the financial year, BSH’s paid member numbers were 1,332 (2024: 1,276). Membership income was £46,081 (2024: £42,180).

Abbott Medical UK Ltd, in the prior year as part of its programme to support independent medical education initiatives, awarded £150,000 for three years towards BSH clinical Fellowship awards, delegate attendance at BSH events, and new educational activities from development to delivery. £84,750 of the 1[st] year’s grant was carried forward into the financial year and the 2[nd] year £150,000 was received into restricted income in the year. £60,000 was committed to the second year of a Fellowship that was awarded in the prior year and £65,000 was awarded to the first year of a two-year Fellowship (with the second year to be potentially funded out of the next year’s £150,000 grant). £17,325 was allocated to Annual Meeting and Multi-Disciplinary Training meeting registrations as noted below and £4,116 was allocated to other educational activities. The balance of £88,309 is expected to be fully allocated by 31 December 2025. Including the above, there are presently 4 active Fellowships committed to.

The ’F’ Word Campaign launched in 2021-22 financial year, since when there has been significant investment to spread the Campaign messages and other related initiatives. ‘F’ Word initiatives have been integrated in the past 2 years into BSH’s major project ‘Changing the Trajectory of Heart Failure – Reducing Mortality by 25% in 25 Years’ project and Fast Track Cities Initiative. In the year, Pfizer provided sponsorship of £46,000. Total direct costs incurred for the overall project including staff costs but before allocation of support costs in the year was £114,974 (2024: £178,861).

The main meeting in the year, the 27th BSH Annual Meeting was again a hybrid meeting. The Trustees were delighted that, whilst online attendance was down, full physical capacity at the QEII Conference Centre was possible. Registration income was £179,855 (2024: £177,000) including an allocation of £13,935 from the £150,000 Abbott Medical UK Ltd Educational Activities grant above to fund places. The £13,935 is included in the transfer between funds from restricted funds to unrestricted funds shown in the Consolidated Statement of Financial

9

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Trustees’ Report

Activities. Exhibitor income was £386,700 (2024: £446,650). In the prior year, it was possible to include additional Symposia. Total direct costs incurred including staff costs but before allocation of support costs were £394,097 (2024: £344,647), reflective of inflationary increases in costs and the additional external support that was required to deliver the meeting.

The Multi-Disciplinary Training meeting took place in person in May 2025 in Cardiff, a change from recent years when the meeting has been held in Glasgow. Registration income was £19,360 (2024: £12,867), including an allocation of £3,390 (2024: £5,250) from the £150,000 Abbott Medical UK Ltd Educational Activities grant above to fund places. The £3,390 is included in the transfer between funds from restricted funds to unrestricted funds shown in the Consolidated Statement of Financial Activities. Exhibitor income was £83,725 (2024: £80,225). Total direct costs incurred including staff costs but before allocation of support costs were £60,243 (2024: £47,003), an increase due to engagement of external event management company to support and enhance the event. A further two break-even training events were held at Abbott Medical UK offices with total income of £16,000 and costs of £16,000 which are included within ‘Training and Study Days and Meetings’.

A further £25,000 of sponsorship from Boehringer Ingelheim Limited was agreed in the year for a 2[nd] Phase of the BSH Nurses Forum Quality Improvement (‘QI’) Academy. This project is to support Heart Failure Nurses learn, grow and spread quality QI methodology in heart failure care. At 31 May 2025, £10,000 of this sponsorship was allocated to reflect the stage this Phase had reached by year end with the balance being carried into 2025/26. Costs before allocation of support costs for the QI Academy were £15,168. There is expected to be a deficit on this phase hence the loss being taken in the year when recognised. However, there is a high probability that further phased sponsorship will be agreed that will at least cover this deficit in the next 2 years. Heart Failure Nurses Forum spend in the year was £3,744 (2024: £10,188). In the prior year, there was more staff resource allocated to promotions, publications and media surrounding this group’s activities.

Research, education, policy and public awareness direct costs including staff costs but before allocation of support costs was £75,340 (2024: £133,062). The decrease in staff costs in this area was impacted by the departure of the Director of External Affairs during the year and the diversion of the Events and Marketing Officer resource to other activities. This activity area includes awareness initiatives, research and education meetings, liaison and collaboration with several other organisations and BSH media and policy articles and publications, and liaising and working with BSH’s campaign partners, which includes Royal Colleges, professional organisations, patient groups, GPs, charities and media partners.

Charitable operations, development, and planning costs were £39,508 (2024: £10,974). This was made up mainly of staff costs and the external interim Chief Executive’s time before allocation of support costs. As well as addressing internal staff changes, there was continuing focus on commercial development, research, education, policy and public awareness, as well as BSH’s ‘Changing the Trajectory of Heart Failure – Reducing Mortality by 25% in 25 Years’ project.

Physical Industry meetings or ‘Meet the Board’ meetings cost for the year was £10,549 (2024: £7,482). These meetings are by invitation only and open to Partners (previously referred to as ‘Friends’) of BSH and other companies with an interest in heart failure. The main purpose of these meetings is to update attendees on BSH’s activities and for BSH to learn about heart failure initiatives for the future. BSH appreciates the continuing support of it’s Partners, which contributed £94,929 (2024: £151,028) in the year.

‘Other’ costs of £127,798 (2024:Nil) relate to staff changes that occurred during the year and are further explained in Note 9.

Donations gratefully received were £5,107 (2024: £7,978) which included general donations, in-memoriam gifts and corporate donations.

BSH was able to take advantage of increased interest rates offered by Banks and Building Societies again in the year as noted in the Investment Policy as well as earning interest on its bank account with Barclays. Interest earned in the year was £21,991 (2024: £16,345).

10

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Trustees’ Report

The Group’s balance sheet is shown on page 19. BSH’s Group net assets at 31 May 2025 were £568,353 (2024: £813,815). Group net current assets whilst down on prior year continue to show a positive liquidity position at £660,020 (2024: £914,197). Cash and Short-Term deposits totalled £736,270 (2024: £1,172,964). This includes £148,057 of funds received for Fellowships and other restricted funds not yet spent (2024: £511,922). Unrestricted free reserves at 31 May 2025 were £479,330 (2024: £721,185), whilst restricted funds were £89,023 (2024: £92,630), the breakdown of which is shown in Note 18.

Reserves Policy

The long-term aim of the Trustees has been to hold reserves equating to one full year’s ‘standard’ operating costs in the eventuality that no industry support is received in a given year. This figure is estimated at £450,000. The Trustees recognise that the reserves policy allows BSH to plan and develop programmes for future activities (in particular, the scientific and educational meetings and training days) with certainty that they will be able to proceed without dependence upon funding from industry . Free reserves at 31 May 2025 were £479,330. As part of implementing the Governance Review conducted during the year, the Trustees will be reviewing the suitability of the current reserves policy, with the advice and guidance of the new appointed finance expert Trustee Treasurer, and adapt accordingly, in particular recognising the organisational changes that have taken place and been implemented in the past year, as well as future plans.

Investment Policy

The Trustees’ policy presently is to invest funds in easy access and low risk accounts. In the past two years the Trustees have invested in a combination of 1-year Fixed Deposit Savings Accounts and Notice Accounts with favourable rates of interest. The Trustees have regard to the protection limits provided by the Financial Services Compensation Scheme (FSCS) of well-known organisations, whilst ensuring that funds are available to meet liabilities when they fall due and to cover future major project expenditure should funding not be forthcoming from external parties. The Trustees intend to revisit the investment policy following the Election of Trustees in November 2025 and the appointment of a finance expert Trustee Treasurer to the Board.

RISK MANAGEMENT

The Trustees are confident that the major financial and non-financial risks faced by the organisation are being suitably managed with systems and procedures having been put in place to address and mitigate these risks on an on-going basis. The Trustees intend to specifically revisit the detailed risks and update the risk register as part of implementing the ongoing Governance Review. This will allow new members of the Board to engage in the review and contribute. The interim CEO discovery report identified the following principal risks faced by BSH in 24/25:

11

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Trustees’ Report

PLANS FOR FUTURE PERIODS

BSH plans for the future are based around the remaining aims of the bridging strategy along with the initial findings report from the new CEO in June 2025, there are 10 aims plus the intention to build the 2030 Strategy with member consultation commencing in September 2025:

Item Aim for June 2026
Elevated our Education reach and impact, be delivering a member led portfolio of
Advance Education education offers. Considered a fundgeneration model
Developed a clear direction for Research focus, strategies to enact that focus are
Research Direction established and beingdelivered.
Established a broader funding base. Grown existing & expanded streams by considering
Grow and DiversifyFunding corporate funding,grants and new incomegeneration options
Developed a clear and relevant member offer tailored to reflect diverse professional needs
and priorities. Members engage, connect and value it.
Expanded BSH reach across more HF Centres in the UK. We understand barriers to
Member Value & Reach membership, add value and as a result have more new members.
Strengthened role of BSH committees. All to be active spaces for professional
development and strategic contribution - support by improved resources and aligned with
Enhanced Committees BSHpriorities
Purposeful partnerships are established that elevate the BSH mission. Including allied
StrongCollaboration organisations, charities, societies,policymakers, decision makers and industry partners.
BSH policy priority themes are defined. BSH profile and position in national dialogue is
PolicyAction elevated, contribution to drivingsystem level change is evident.
Targeted education and engagement with identified areas of need (Primary Care?) /
Awareness Strategic alignment with national campaigns amplifyBSH Policy priorities
Aims and impact of post pilot 25in25 are defined and in action. Demonstrable outcome and
Impactful 25in25 impact reportinginplace
Governance excellence is embedded throughout the structures and activities of BSH, built
Governance Excellence from the comprehensive and robustgovernance framework of 24/25

12

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the Directors for the purposes of company law) of the British Society for Heart Failure are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law 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 charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure of the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Board of Trustees on 21 November 2025 and signed on its behalf by:

Dr Lisa Anderson - Chair of Trustees

Date: 21 November 2025

13

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Independent Auditor’s Report to the Members of the British Society for Heart Failure

Opinion

We have audited the financial statements of British Society for Heart Failure (the 'charitable company') for the year ended 31 May 2025 which comprise the Consolidated Statement of Financial Activities, Balance Sheets and Statements of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

14

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Independent Auditor’s Report to the Members of the British Society for Heart Failure

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement, the charity Trustees (who are also the Directors of the British Society For Heart Failure for the purposes of company law) are responsible for the preparation of a Trustees’ Report and financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

15

British Society for Heart Failure Report and Consolidated Financial Statements For the Year Ended 31 May 2025

Independent Auditor’s Report to the Members of the British Society for Heart Failure

We have considered:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, Charities Act and tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Le Caroline Webster FCA (Senior Statutory Auditor)

For and on behalf of UHY Ross Brooke, Statutory Auditor

Suite I , Windrush Court, Abingdon Business Park, Abingdon, Oxfordshire, OX14 1SY

Date: 24 November 2025

16

British Society for Heart Failure

Consolidated Statement of Financial Activities (Incorporating the Income and Expenditure Account) For Year Ended 31 May 2025

Note
Income:
Donations and legacies
Partners of BSH contributions
Educational Activities grant
Gifts in Kind - 25:25 Campaign
2
Other donations
Charitable activities
Membership subscriptions
Annual Meeting
Training and study days and meetings
Educational webinars
QI Academy income
25:25 and Fast Track Cities initiatives
Trading income - adverts, other
Other income- bank and deposits interest
Total incoming resources
Expenditure on:
Raising funds
Charitable activities
Total resources expended
3/7
Net movement in funds net (expenditure)/
income before transfers
Transfer between funds
18
Net movement in funds/net (expenditure)/income
Reconciliation of funds
Total funds brought forward at 31 May 2024
Total funds carried forward at 31 May 2025
18		 Unrestricted Restricted
Total
Total
Funds
Funds
Funds
Funds
2025
2025
2025
2024
£
£
£
£
94,929
-
94,929
151,028
-
150,000
150,000
150,000
5,550
-
5,550
3,696
5,107
-
5,107
7,978
46,081
-
46,081
42,180
552,620
-
552,620
623,650
115,695
-
115,695
95,842
-
-
-
1,750
10,000
-
10,000
11,350
46,000
-
46,000
40,000
15,505
-
15,505
6,750
21,991
-
21,991
16,345
913,478
150,000
1,063,478
1,150,569
23,465
-
23,465
15,754
1,149,193
136,282
1,285,475
1,089,283
1,172,658
136,282
1,308,940
1,105,037
(259,180)
13,718
(245,462)
45,532
17,325
(17,325)
-
-
(241,855)
(3,607)
(245,462)
45,532
721,185
92,630
813,815
768,283
479,330
89,023
568,353
813,815

The consolidated statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

17

British Society for Heart Failure

Consolidated Statement of Financial Activities – Comparative Figures (Incorporating the Income and Expenditure Account) For the Year Ended 31 May 2024

These figures show the prior year Consolidated Statement of Financial Activities under the Statement of Recommended Practice (revised January 2019).

Note
Income:
Donations and legacies
Partners of BSH contributions
Educational Activities grant
Gifts in Kind - 25:25 Campaign
Legacy
Other donations
Charitable activities
Membership subscriptions
Annual Meeting
Training and study days and meetings
Educational webinars
QI Academy income
F' Word /25:25 and Fast Track Cities initiatives
Trading income - adverts, other
Other income- bank and deposits interest
Total incoming resources
Expenditure on:
Raising funds
Charitable activities
Total resources expended
3/7
Net movement in funds net income/
(expenditure) before transfers
Transfer between funds
18
Net movement in funds/net income/(expenditure)
Reconciliation of funds
Total funds brought forward at 31 May 2023
Total funds carried forward at 31 May 2024
18		 Unrestricted Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
151,028
-
151,028
-
150,000
150,000
3,696
-
3,696
-
-
-
7,978
-
7,978
42,180
-
42,180
623,650
623,650
95,842
-
95,842
1,750
-
1,750
11,350
-
11,350
40,000
-
40,000
6,750
-
6,750
16,345
-
16,345
1,000,569
150,000
1,150,569
15,754
-
15,754
916,929
172,354
1,089,283
932,683
172,354
1,105,037
67,886
(22,354)
45,532
10,250
(10,250)
-
78,136
(32,604)
45,532
643,049
125,234
768,283
721,185
92,630
813,815

18

British Society for Heart Failure

Consolidated and Charity Balance Sheets As at 31 May 2025 Company Number: 3767312

Group Group Charity Charity
2025 2024 2025 2024
Note £ £ £ £
Fixed assets
Tangible fixed assets 11 2,279 5,243 2,279 5,243
Investment 12 - - 100 100
2,279 5,243 2,379 5,343
Current assets
Debtors 13 298,192 326,581 554,654 677,029
Short term investments - cash on deposits 344,250 340,000 344,250 340,000
Cash and bank and in hand 392,020 832,964 392,020 832,964
1,034,462 1,499,545 1,290,924 1,849,993
Creditors: amounts falling due within one year 14 (376,721) (585,348) (633,283) (935,896)
Net current assets 657,741 914,197 657,641 914,097
Total assets less current liabilities 660,020 919,440 660,020 919,440
Creditors: amounts falling due in greater than one year 15 (91,667) (105,625) (91,667) (105,625)
Net assets 568,353 813,815 568,353 813,815
Represented by:
Restricted funds 89,023 92,630 89,023 92,630
Unrestricted funds 479,330 721,185 479,330 721,185
Accumulated funds at 31 May 2025 17 568,353 813,815 568,353 813,815

These accounts were approved by the Board of Trustees on 21 November 2025 and are signed on behalf of the Board by:

Dr Patricia Campbell – Treasurer

Date: 21 November 2025

19

British Society for Heart Failure Consolidated and Charity Statements of Cash Flows For Year Ended 31 May 2025

Cash flows from operating activities
Net movement in funds (net expenditure)/income
Add back depreciation
Adjustments for:
Decrease in debtors
(Decrease)/Increase in creditors
Net cash generated (used in)/from operations
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 June 2024
Cash and cash equivalents at 31 May 2025
(A) Analysis of Changes in Net Debt
Cash at bank and in hand
Short Term Deposits
Total of cash and cash equivalents		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
(245,462)
45,532
(245,462)
45,532
2,964
3,967
2,964
3,967
28,389
364,853
122,375
300,475
(222,585)
15,876
(316,571)
80,254
(436,694)
430,228
(436,694)
430,228
(436,694)
430,228
(436,694)
430,228
1,172,964
742,736
1,172,964
742,736
736,270
1,172,964
736,270
1,172,964
At 1 June
At 31 May
2024
Cash-flows
2025
£
£
£
832,964
(440,944)
392,020
340,000
4,250
344,250
1,172,964
(436,694)
736,270

20

British Society for Heart Failure Notes to the Consolidated Financial Statements For Year Ended 31 May 2025

1. ACCOUNTING POLICIES

The British Society for Heart Failure is a private company (as well as a charity) incorporated in England and Wales. It’s registered office which is also its place of business is 1 St Andrew’s Place, London, NW1 4LB.

The principal accounting policies of the company are as follows:

Basis of preparation

The financial statements have been prepared in accordance with 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) – (Charities SORP (FRS 102)) and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared on a historical cost basis and are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

On 1 May 2020, the Charity set up a subsidiary company BSH Services Limited. On the basis that this company did not commence trading until 1 June 2020, the first group accounts were prepared in the prior year to 31 May 2021. For that period to 31 May 2021, merger accounting was adopted on the basis that whilst there are new initiatives, the organisation’s overall aims and activities remain as in previous years.

Critical accounting estimates and areas of judgement

In preparing the financial statements, the Trustees are required to make significant judgements and estimates which includes estimating future performance in determining the going concern status of the Group.

Going Concern

The financial statements are prepared on a going concern basis. The Trustees consider that the Charity and Group holds sufficient resources to meet liabilities as they fall due and reserves to continue for at least twelve months from signing these financial statements to cover operational expenditure in the unlikely event of a significant loss of funding as explained in the Trustees’ Report.

Basis of Consolidation

The consolidated financial statements of the Group incorporate the results of British Society for Heart Failure (‘Charity’) and its wholly owned subsidiary BSH Services Limited. These have been consolidated on a line by line basis for the year ended 31 May 2025. A separate Statement of Financial Activities has not been presented for the Charity following the exemption afforded by section 4 of the Companies Act 2006.

Incoming resources

All incoming resources are included in the Statement of Financial Activities when entitlement has passed to the Charity; it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred, i.e at the point at which a legal or constructive obligation arises committing the Charity or Group to make a payment to a third party, it is probable that a transfer of economic benefits will be required and the obligation can be measured reliably. Expenditure is made up of direct costs and support costs.

21

British Society for Heart Failure Notes to the Consolidated Financial Statements For the Year Ended 31 May 2025

Resources expended (continued)

Expenditure is classified under headings of the Statement of Financial Activities to which it relates:

All costs are allocated to expenditure resources reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Support costs are indirect charitable costs that arise in order to carry out the primary purposes of the Charity as shown in Note 5.

Governance costs comprises the costs directly attributable to the Charity as shown in Note 6.

Support costs and governance costs are allocated pro-rata to the value of expenditure incurred in each activity, other than the Research Fellowship and the Gifts in Kind expenditure (which incur negligible costs to administer).

Staff costs are allocated to activities based on each individual’s estimated time spent thereon.

Termination benefits and related costs are recognised as an expense when the Charity is demonstratively committed to terminate the employment of an employee.

Taxation

The Company is a registered charity and is not liable to United Kingdom income or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. The Group registered for VAT with effect from 1 June 2020. Expenditure where relevant includes irrecoverable VAT.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees to further any of the Charity’s purposes.

Restricted funds are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds raised are for particular restricted purposes.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset on a systematic basis over its expected useful life as follows: IT Equipment - 25% straight line

Investment

The Charity holds investments at cost. The £100 investment shown in the financial statements relates to the 100% ownership of shares in BSH Services Limited.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Defined contribution pension obligation

A defined contribution plan operates under which fixed contributions are paid into a pension fund and the charitable company has no legal or constructive obligation to pay further contributions even if the fund does not have sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

22

British Society for Heart Failure Notes to the Consolidated Financial Statements For the Year Ended 31 May 2025

2. GIFTS IN KIND

Abbott Medical UK provided the charity with a venue to hold a heart failure charitable event at Westminster during the year. This Gift in Kind in the year to 31 May 2025 was valued at £5,550. In prior year, Boehringer Ingelheim Limited provided an individual to assist on the ‘F’ Word Campaign, time value £3,696.

3. ANALYSIS OF TOTAL EXPENDITURE BY ACTIVITY

Year ended 31 May 2025
Raising funds
Other fundraising costs
Total raising funds
Charitable activities
Membership
Annual Meeting
Training and study days and meetings
Educational webinars and events
e-Learning development and activities
QI Academy Project
Research, education, policy and public awareness
Research Fellowship grants
Heart Failure Nurses Forum
Charitable operations development and planning
Industry meetings
25:25 and Fast Track Cities initiatives
Other (Note 9)
Total charitable activities
Total expenditure
Year ended 31 May 2024
Raising funds
Other fundraising costs
Total raising funds
Charitable activities
Membership
Annual Meeting
Training and study days and meetings
Educational webinars and other events
e-Learning development and activities
Digital Pathway, Mapping and QI Academy Projects
Research, education, policy and public awareness
Research Fellowship grants
Heart Failure Nurses Forum
Charitable operations development and planning
Industry meetings
25:25 and Fast Track Cities initiatives
Total charitable activities
Total expenditure		 Staff
Direct
Support
Total
Costs
Costs
Costs
2025
£
£
£
£
5,639
11,226
6,600
23,465
5,639
11,226
6,600
23,465
1,962
8,489
4,090
14,541
9,748
384,349
154,234
548,331
6,948
69,295
29,838
106,081
-
2,171
850
3,021
393
4,757
2,016
7,166
1,068
14,100
5,936
21,104
31,432
43,908
29,485
104,825
393
125,000
154
125,547
393
2,298
1,053
3,744
12,033
27,475
15,462
54,970
-
7,582
2,967
10,549
5,666
109,308
42,824
157,798
116,703
11,095
-
127,798
186,739
809,827
288,909
1,285,475
192,378
821,053
295,509
1,308,940
Staff
Direct
Support
Total
Costs
Costs
Costs
2024
£
£
£
£
10,188
2,136
3,430
15,754
10,188
2,136
3,430
15,754
1,576
5,484
1,965
9,025
12,241
332,406
95,903
440,550
4,656
42,347
13,079
60,082
-
918
255
1,173
145
1,937
579
2,661
311
19,265
5,447
25,023
100,416
32,646
37,026
170,088
1,080
120,000
300
121,380
6,542
1,428
2,218
10,188
10,974
-
3,054
14,028
-
5,853
1,629
7,482
28,305
150,556
48,742
227,603
166,246
712,840
210,197
1,089,283
176,434
714,976
213,627
1,105,037

Other than the Research Fellowships, Gifts in Kind (which incur negligible costs to administer) and ‘Other’ category as explained in Note 9, Support and Governance Costs are allocated pro-rata to the value of direct expenditure incurred in each activity.

23

British Society for Heart Failure Notes to the Consolidated Financial Statements For the Year Ended 31 May 2025

4. DIRECT COSTS
Management Agency fees - Annual Meeting
Events Air Licence
3rd Party fees/costs - Webinars/Other Events
Infographic services and delivery
Campaign films - specialist company
25:25 and Fast Track Cities costs
Heart Failure Projects' costs
Other charities and network meetings
Merchandise costs
Venue hire and catering
Accommodation, travel and subsistence
Travel grants
Audio Visual, IT hire and other IT costs
Event materials
e-Learning development and delivery
Website and IT development
Advertising, marketing, publications and editorial
Awards and accreditation
Printing, postage and stationery
Consultancy
Gift in Kind - 25:25 Campaign support
Legal and professional fees
Subscriptions
Bank, card and similar charges
Other costs
Research Fellowship grants
5. SUPPORT COSTS
Consultancy
Accommodation, travel and subsistence
Audio Visual, IT hire and other IT costs
Website and IT development
Finance, accounting support and advice
Legal and professional fees
Insurance
Rent and service charge - 1 St Andrews Place
Depreciation - IT and equipment
Bank, card and similar charges
Irrecoverable VAT
Recruitment costs
Wages and salaries
Human Resources external support
Other staff costs
Governance costs (Note 6)
Other costs		 2025
2024
£
£
103,305
81,908
19,467
-
16,000
8,918
-
2,000
-
41,031
83,357
84,666
11,300
17,205
20,551
16,923
4,460
-
200,146
173,649
36,637
46,067
2,120
2,399
43,209
34,964
3,976
9,681
4,757
1,937
-
198
3,120
7,558
628
506
3,720
2,091
113,627
29,018
5,550
3,696
11,095
17,932
4,785
7,489
4,141
4,173
102
967
125,000
120,000
821,053
714,976
2025
2024
£
£
22,634
12,481
3,565
1,249
10,208
7,755
5,232
7,144
53,224
47,131
9,675
2,145
2,360
2,510
28,800
28,800
2,964
3,967
306
308
7,568
4,366
24,588
-
40,704
38,785
8,584
1,554
499
556
72,703
52,436
1,895
2,440
295,509
213,627

24

British Society for Heart Failure Notes to the Consolidated Financial Statements For the Year Ended 31 May 2025

6. GOVERNANCE COSTS
Consultancy
Venue hire and catering
Accommodation, travel and subsistence
Election voting services provider
Governance review and training
Legal and professional fees
Auditor, Independent Examiner and tax fees
Wages and salaries
Recruitment costs
7. EXPENDITURE BY FUND
Year ended 31 May 2025
Raising funds
Charitable activities
Membership
Annual Meeting
Training and study days and meetings
Educational webinars and other events
e-learning development and activities
QI Academy Project
Research, education, policy and public awareness
Research Fellowship grants
Heart Failure Nurses Forum
Charitable operations development and planning
Industry meetings
25:25 and Fast Track Cities initiatives
Other
Total charitable activities
Total expenditure
Year ended 31 May 2024
Raising funds
Charitable activities
Membership
Annual Meeting
Training and study days and meetings
Educational webinars and other events
e-learning development and activities
Digital Pathway, Mapping and QI Academy Projects
Research, education, policy and public awareness
Research Fellowship grants
Heart Failure Nurses Forum
Charitable operations development and planning
Industry meetings
25:25 and Fast Track Cities initiatives
Total charitable activities
Total expenditure		 2025
2024
£
£
29,879
9,134
1,510
1,047
5,872
8,453
-
2,513
8,450
7,018
4,718
8,050
9,300
7,224
14,971
7,000
-
72,703
52,436
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
23,465
-
23,465
14,541
-
14,541
548,331
-
548,331
106,081
-
106,081
3,021
-
3,021
-
7,166
7,166
21,104
-
21,104
104,825
-
104,825
547
125,000
125,547
3,744
-
3,744
54,970
-
54,970
10,549
-
10,549
153,682
4,116
157,798
127,798
-
127,798
1,149,193
136,282
1,285,475
1,172,658
136,282
1,308,940
£
£
£
15,754
-
15,754
9,025
-
9,025
440,550
-
440,550
60,082
-
60,082
1,173
-
1,173
-
2,661
2,661
18,189
6,834
25,023
170,088
-
170,088
1,380
120,000
121,380
10,188
-
10,188
14,028
-
14,028
7,482
-
7,482
184,744
42,859
227,603
916,929
172,354
1,089,283
932,683
172,354
1,105,037

25

British Society for Heart Failure Notes to the Consolidated Financial Statements For the Year Ended 31 May 2025

8. NET INCOME/(EXPENDITURE) FOR THE YEAR

This is stated after charging: 2025 2024
£ £
Depreciation 2,964 3,967
Independent Auditor/Examiner's fees
Group 7,000 7,550
Subsidiary (including corporation tax) 1,850 1,750
Overaccrued in prior year (800) -
Operating property lease and service charge 28,800 28,800

The property lease and contracted service charge commitment is in respect of 1 St Andrews Place, London, NW1 4LB held for a period of 5 years to 9 May 2026 at an annual rent of £21,600 (plus VAT) with a break clause with 6 months’ notice at May 2024, not invoked:

Operating lease and service charge
9. STAFF COSTS
Wages and Salaries
Employers National insurance
Employers pension contributions		 Due in less
Total
than 1 year
£
£
27,064
27,064
2025
2024
£
£
220,971
207,286
17,217
19,585
2,118
3,319
240,306
230,190

Included in the total staff cost figures above are payments amounting to £116,705 made to 2 members of staff (2024: £Nil) on termination of employment. This includes Payment in Lieu of Notice of £66,705 and a termination agreed tax-free amount of £50,000. No funding exists at the balance sheet date in respect of these termination payments.

Key management personnel of the Charity comprise the Chief Executive Officer (CEO). The total of benefits including NIC and Pension of key management was £205,970 (2024: £113,388). This total includes benefits paid to the former CEO, including termination payments, and to the interim CEO and the replacement CEO who served during the year.

2 employees (2024: 2) received over £60,000 in the year in the following bandings. Only 1 employee is expected to be included in the 2025/26 over £60,000 bandings disclosure:

2025 2024
No. of Staff No. of Staff
£70,001 - £80,000 1 1
£100,001 - £110,000 1 -
£100,001 - £110,000 - 1

The average number of persons employed by the Charity during the year was as follows:

2025 2024
No. No.
Charitable activities 2 3

26

British Society for Heart Failure Notes to the Consolidated Financial Statements For the Year Ended 31 May 2025

10. TRUSTEES' REMUNERATION AND EXPENSES

The Trustees are not entitled to and did not receive any remuneration during the year. Travel, subsistence, accommodation, venue hire and other related expenses of £13,018 (2024: £16,627) were incurred by 9 Trustees (2024: 13 Trustees-bi-election year) on behalf of the Charity and have been reimbursed to the respective Trustees or paid to third parties.

11.TANGIBLE FIXED ASSETS - GROUP AND CHARITY

11.TANGIBLE FIXED ASSETS - GROUP AND CHARITY
Cost
At 1 June 2024 and 31 May 2025
Depreciation
At 1 June 2024
Charge
At 31 May 2025
Net book value
At 31 May 2025
At 31 May 2024		 IT Equipment
Total
£
£
16,188
16,188
10,945
10,945
2,964
2,964
13,909
13,909
2,279
2,279
5,243
5,243

12. INVESTMENT - CHARITY

BSH Services Limited - 100 Ordinary Shares £1 each 2025
2024
£
£
100
100

BSH Services Limited was incorporated on 1 May 2020 and is wholly owned by the Charity. BSH Services commenced trading on 1 June 2020. This subsidiary was set up to manage the Charity’s educational and scientific meetings and initiatives as well as any commercial opportunities that may arise to support the ongoing needs of the Charity. All taxable profits are being given to the Charity through a Deed of Covenant.

The summary financial performance of the subsidiary for the year to 31 May 2025 is as follows:

Turnover
Cost of sales and administration
Net profit
Covenanted to the Charity
Retained in subsidiary		 2025
2024
£
£
852,073
935,620
(535,278)
(477,631)
316,795
457,989
(316,795)
(457,989)
-
-

The assets and liabilities of the subsidiary were:

Current assets
Current liabilities
Total net assets		 437,858
566,379
(437,758)
(566,279)
100
100

27

British Society for Heart Failure Notes to the Consolidated Financial Statements For the Year Ended 31 May 2025

13. DEBTORS

Trade debtors
Prepayments and accrued income
Deed of Covenant due - BSH Services Limited
Other debtors		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
168,450
182,900
150,000
120,000
62,126
79,011
20,243
34,370
--
316,795
457,989
67,616
64,670
67,616
64,670
298,192
326,581
554,654
677,029

14. CREDITORS: Amounts falling due within one year

Trade creditors
Amounts owed to BSH Services Limited
Other tax and social security
Accruals and deferred income
Fellowship grants payable - individuals
Other creditors		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
15,174
59,925
15,174
31,486
-
-
377,525
458,838
17,526
11,996
17,526
11,996
168,795
137,091
47,832
57,240
172,367
373,667
172,367
373,667
2,859
2,669
2,859
2,669
376,721
585,348
633,283
935,896

15. CREDITORS: Amounts falling due in greater than one year

Fellowship grants payable - individuals
16. DEFERRED INCOME
Brought forward 1 June 2024
Released to incoming resources in the year
Deferred in the year
Carried forward 31 May 2025		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
91,667
105,625
91,667
105,625
Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
95,701
53,958
17,826
15,721
(95,701)
(53,958)
(17,826)
(15,721)
137,428
95,701
18,482
17,826
137,428
95,701
18,482
17,826

Deferred income relates to income received in advance for the next financial year in respect of membership subscriptions, Partners’ contributions, 2025 Annual Meeting exhibitors and QI Academy sponsorship (2024: membership subscriptions received in advance, Partners’ contributions in advance, and 25:25 Initiatives sponsorship).

28

British Society for Heart Failure Notes to the Consolidated Financial Statements For the Year Ended 31 May 2025

17. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Group Net Assets 31 May 2025
Tangible fixed assets
Short term investments - cash on deposit
Cash at bank and in hand and on deposit
Other current assets
Current liabilities
Long term liabilities
Group Net Assets 31 May 2024
Tangible fixed assets
Short term investments - cash on deposit
Cash at bank and in hand and on deposit
Other current assets
Current liabilities
Long term liabilities		 Unrestricted
Restricted
Total funds
Funds
Funds
31 May 2025
£
£
£
2,279
-
2,279
344,250
-
344,250
243,963
148,057
392,020
83,192
215,000
298,192
(194,354)
(182,367)
(376,721)
-
(91,667)
(91,667)
479,330
89,023
568,353
£
£
£
5,243
-
5,243
340,000
-
340,000
320,942
511,922
832,864
266,681
60,000
326,681
(211,681)
(373,667)
(585,348)
-
(105,625)
(105,625)
721,185
92,630
813,815

18. MOVEMENT IN YEAR BY GROUP FUNDS

Year ended 31 May 2025
Unrestricted funds
Restricted funds
e-Learning
Educational Activities Grant
Total funds		 Balance
Balance
Brought
Transfer
Carried
Forward
Incoming
Resources
Between
Forward
1 June 2024
Resources
Expended
Funds 31 May 2025
£
£
£
£
£
721,185
913,478
(1,172,658)
17,325
479,330
7,880
-
(7,166)
-
714
84,750
150,000
(129,116)
(17,325)
88,309
92,630
150,000
(136,282)
(17,325)
89,023
813,815
1,063,478
(1,308,940)
-
568,353

e-Learning - Boehringer Ingelheim Limited granted £45,000 four years ago as part of their Independent Medical Education Programme to support development and delivery of 5 e-Learning modules in respect of the Charity’s Allied Health Professionals Competency Framework initiative. The project was close to completion at year end.

Educational Activities Grant – Abbott Medical UK Ltd as part of its programme to support independent medical education initiatives in the prior year awarded £150,000 per annum for three years towards BSH clinical Fellowship awards, delegate attendance at BSH events, and for new educational activities from development to delivery. The £150,000 income in the year is Year 2 funding. The main spend in the year was in respect of funding Fellowships £125,000 and contributing £17,325 (shown as a transfer between funds above) towards places for individuals to attend the Annual Meeting in London in November 2024 and the Multi-Disciplinary Training Meeting in Cardiff in May 2025.

19. MEMBERS CONTRIBUTIONS

The Charity is a Company Limited by Guarantee and such does not have a share capital. Each member has given an undertaking to contribute up to £1 if called upon to do so.

29

British Society for Heart Failure Notes to the Consolidated Financial Statements For the Year Ended 31 May 2025

20. CONTROLLING PARTIES

No one person controls the charitable company.

21. RELATED PARTY TRANSACTIONS

The Trustees declare their interests before each Board meeting and update their interests in a register on a regular basis. No Trustee had a direct interest in any contracts entered into by the Charity. No Trustee received payment for professional or other services supplied to the Charity.

In the year the following transactions took place between the Charity and its wholly owned subsidiary, BSH Services Limited:

There were no other related parties.

22. CHARITY NET RESULTS (NET INCOME AND EXPENDITURE)

British Society for Heart Failure the charity’s own entity results for the year were net movement in funds deficit of £245,462 (2024: net movement in funds surplus of £45,532) as below:

Incoming Resources
Resources Expended
Net Movement in Funds		 2025
2024
£
£
545,524
678,188
(790,986)
(632,656)
(245,462)
45,532

30