REGISTERED COMPANY NUMBER: CE015738 (England and Wales) REGISTERED CHARITY NUMBER: 1180901
Report of the Trustees and
Audited Financial Statements for the Year Ended 31 March 2025
for
London Hearts ( Charitable Incorporated Organisation )
DHB Accountants Limited Chartered Accountants Statutory Auditors 110 Whitchurch Road Cardiff CF14 3LY
London Hearts
( Charitable Incorporated Organisation )
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | to | 11 |
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 20 |
| Detailed Statement of Financial Activities | 21 | to | 22 |
London Hearts
( Charitable Incorporated Organisation ) (Registered number: CE015738)
Report of the Trustees for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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)
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are the relief of sickness and the preservation of health for the public benefit amongst people residing in the UK by providing a network of defibrillators throughout the area, provision of CPR training and enhancing public awareness around Cardiac health and associated conditions.
Significant activities
In order to achieve its objectives the charity undertakes various fund raising activities and receives donations and grant funding where successful applications have been made. More information is available from the charities website www.londonhearts.org, the contents of that site do not form part of these financial statements.
Public benefit
In shaping the objectives for the year and planning its activities, the trustees have considered the Charity Commission guidance on public benefit.The charity gives careful consideration to ensuring its activities are accessible to all eligible users from all aspects of the community.
Volunteers
In common with many charities it would be difficult to operate without the support of unpaid volunteers. During the period covered by these financial statements the trustees estimate that the charity has benefited from the support of up to five unpaid volunteers for which the charity is very grateful.
STRATEGIC REPORT
Achievement and performance
Charitable activities
The number of people surviving cardiac arrests outside of hospitals is 10.8%, this is the highest level it has been and is twice the rate that it was ten year ago. The spread of free public access defibrillators around the UK needs to increase to further improve these statistics.
The charity helps to fund the provision of defibrillators throughout the UK by direct sale at a subsidized cost, grant funding and providing free online training support.
Through its charitable activities London Hearts seeks to make defibrillators more affordable to communities and organisations across the country.
The charity continues to raise its profile and placed a considerable number of defibrillators in the community as more fully described in its website which can be found at www.londonhearts.org
Financial review
Financial position
The funds generated by the charity fell during this financial year, this was expected as an initiative funded by the Department of Health and Social Care concluded during the year. A small deficit arose on the year but the charity reserves remain strong. The trustees are satisfied with the results shown and of the financial position of the charity.
The trustees confirm there are no funds that have been restricted as to use.
Page 1
London Hearts ( Charitable Incorporated Organisation ) (Registered number: CE015738)
Report of the Trustees for the Year Ended 31 March 2025
STRATEGIC REPORT Financial review
Reserves policy
The trustees have considered the requirements for reserves in the charity, such review encompassing the nature of income and expenditure streams and the need to match variable income with fixed commitments and the scale of reserves required.
The trustees recognise the need to hold reserves to continue the principal objects of the charity should funding fall.
They have assessed that there is a need to maintain a base free reserve equivalent of at least three months operating costs. They are satisfied that the level of reserves is more than sufficient to meet that requirement.
The trustees are aware of the need to continually monitor reserves but are satisfied that the charity will be able to meet it's obligations as they fall due out of available resources.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The legal form of the charity is that of Charitable Incorporated Organization (CIO) which is subject to its governing document, its constitution, which came into effect from the date of registration as a charity on 29 November 2018.
Recruitment and appointment of new trustees
The appointed trustees actively encourage and seek to identify appropriate persons to join the CIO as trustees.On appointment each new trustee is provided with a copy of the constitution and the CIO's latest availableTrustees Annual Report and accounts. Appropriate training and induction is provided to enable any new trustee to fulfill their duties.
Organisational structure
The charity trustees manage the affairs of the CIO in accordance with their powers as set out in the constitution document. There must at all times be at least three charity trustees with a maximum number of 12. Apart from the first charity trustees every trustee is appointed for a term of three years after meeting criteria set out in the constitution.
The trustees meet regularly to discuss all aspects of the affairs of the CIO.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees review such risks on a regular basis in line with it's adopted risk management policies.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
CE015738 (England and Wales)
Registered Charity number
1180901
Registered office
Harlech House 20 Cathedral Road Pontcanna Cardiff CF11 9LJ
Page 2
London Hearts ( Charitable Incorporated Organisation ) (Registered number: CE015738)
Report of the Trustees for the Year Ended 31 March 2025
Trustees
J Huckett G Farrow (resigned 14.3.25) T Harrison P R Neil L DeMaid (appointed 14.3.25)
Company Secretary
Auditors
DHB Accountants Limited Chartered Accountants Statutory Auditors 110 Whitchurch Road Cardiff CF14 3LY
COMMENCEMENT OF ACTIVITIES
The charity was incorporated as a Charitable Incorporated Organisation on 29 November 2018.
COMPANIES HOUSE
The charity is a Charitable Incorporated Organisation(CIO) registered with the Charity Commission under number 1180901. The charity is also registered on the Companies House register under CE015738.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of London Hearts ( Charitable Incorporated Organisation ) for the purposes of company law) are responsible for preparing the Report of the Trustees 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
DHB Accountants Limited will be deemed to have been reappointed as auditors 28 days after these financial statement's were sent to the charity or 28 days after the latest date prescribed for filing the financial statement's with the Charity Commission whichever is the earlier.
Page 3
London Hearts ( Charitable Incorporated Organisation ) (Registered number: CE015738)
Report of the Trustees for the Year Ended 31 March 2025
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26 January 2026 and signed on the board's behalf by:
P R Neil - Trustee
Page 4
Report of the Independent Auditors to the Trustees of London Hearts ( Charitable Incorporated Organisation ) (Registered number: CE015738)
Opinion
We have audited the financial statements of London Hearts ( Charitable Incorporated Organisation ) (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
the charitable company has not kept adequate accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 5
Report of the Independent Auditors to the Trustees of London Hearts
( Charitable Incorporated Organisation ) (Registered number: CE015738)
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the 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.
Page 6
Report of the Independent Auditors to the Trustees of London Hearts
( Charitable Incorporated Organisation ) (Registered number: CE015738)
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
As part of planning our audit and based upon our understanding of the charity and industry and the legal and regulatory framework applicable , and through discussion with trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws & regulations related to charity, health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect upon the financial statements.We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities act and 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. We communicated identified laws and regulations throughout our team and remained alert to any indications on non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override on controls) and determined the principal risks were related to: management bias in accounting estimates and judgemental areas of the financial statements such as income recognition and provisioning for costs. Audit procedures performed by the engagement team included:
-
Discussions with management and assessment of known or suspected instances on non-compliance with
-
laws and regulations
-
Assessment of identified fraud risk factors
-
Challenging assumptions and judgements made by management in significant accounting estimates
-
Performing analytical review
-
Confirmation of related parties with management and review of transactions
-
Performing such substantive procedures as judging appropriate and seeking independent confirmations.
-
Audited the risk of management override on controls and evaluating the rationale of significant transactions
Our audit tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, for example, forgery, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statement's, the less likely we are to become aware of it.
As part of an audit in accordance with ISA'a (UK), we exercise professional judgment and maintain professional scepticism throughout the audit.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that w identified during our audit.
Page 7
Report of the Independent Auditors to the Trustees of London Hearts ( Charitable Incorporated Organisation ) (Registered number: CE015738)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
DHB Accountants Limited Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Chartered Accountants Statutory Auditors 110 Whitchurch Road Cardiff CF14 3LY
26 January 2026
Page 8
London Hearts ( Charitable Incorporated Organisation )
Statement of Financial Activities for the Year Ended 31 March 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Other trading activities 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Defibrillators & Training Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted fund £ 1,921,574 3,462,189 5,383,763 67,681 5,004,626 340,789 5,413,096 (29,333) 1,052,790 1,023,457 |
2024 Total funds £ 2,949,239 3,359,945 |
|---|---|---|
| 6,309,184 | ||
| 74,110 5,639,039 349,951 |
||
| 6,063,100 | ||
| 246,084 806,706 |
||
| 1,052,790 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 9
London Hearts ( Charitable Incorporated Organisation ) (Registered number: CE015738)
Balance Sheet 31 March 2025
| Notes FIXED ASSETS Tangible assets 11 Investment property 12 CURRENT ASSETS Stocks 13 Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 18 Unrestricted funds TOTAL FUNDS |
2025 Unrestricted fund £ 444,673 534,500 979,173 822,134 3,098 25,571 850,803 (768,352) 82,451 1,061,624 (38,167) 1,023,457 1,023,457 1,023,457 |
2024 Total funds £ 476,659 534,500 1,011,159 996,512 595 157,533 1,154,640 (1,053,073) 101,567 1,112,726 (59,936) 1,052,790 1,052,790 1,052,790 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
Page 10
continued...
London Hearts ( Charitable Incorporated Organisation ) (Registered number: CE015738)
Balance Sheet - continued 31 March 2025
The financial statements were approved by the Board of Trustees and authorised for issue on 26 January 2026 and were signed on its behalf by:
P R Neil - Trustee
The notes form part of these financial statements
Page 11
London Hearts ( Charitable Incorporated Organisation )
Cash Flow Statement for the Year Ended 31 March 2025
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of investment property Sale of tangible fixed assets Net cash provided by/(used in) investing activities Cash flows from financing activities Capital repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2025 £ (110,193) (110,193) - - - - (21,769) (21,769) (131,962) 157,533 25,571 |
2024 £ 512,109 512,109 (6,750) (534,500) 14,327 (526,923) (42,196) (42,196) (57,010) 214,543 157,533 |
|---|---|---|
The notes form part of these financial statements
Page 12
London Hearts ( Charitable Incorporated Organisation )
Notes to the Cash Flow Statement for the Year Ended 31 March 2025
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Decrease/(increase) in stocks Increase in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operations |
2025 £ (29,333) 31,986 - 174,378 (2,503) (284,721) (110,193) |
2024 £ 246,084 30,462 12,574 (546,502) (595) 770,086 512,109 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)
| At 1/4/24 | Cash flow | At 31/3/25 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 157,533 | (131,962) | 25,571 |
| 157,533 | (131,962) | 25,571 | |
| Debt | |||
| Finance leases | (79,763) | 21,769 | (57,994) |
| (79,763) | 21,769 | (57,994) | |
| Total | 77,770 | (110,193) | (32,423) |
The notes form part of these financial statements
Page 13
London Hearts
( Charitable Incorporated Organisation )
Notes to the Financial Statements for the Year Ended 31 March 2025
1. GENERAL INFORMATION
London Hearts is a Charitable Incorporated Organisation (CIO) registered with and regulated by the Charity Commission in England & Wales. The address of the charity, its objectives and details of its trustees are provided in the Report of the Trustees included within these financial statements.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS102) "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 February 2019), and the Charities Act 2011.
The financial statements are presented in pounds sterling which is the functional operating currency of the charity.
The financial statements have been prepared on a going concern basis.The trustees are of the view that this is entirely appropriate having reviewed future fund raising activities and having received confirmation of support from funders and are satisfied that the charity will be able to meet its obligations as they fall due for the foreseeable future.
Income
All income is recognized in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Grants received are recognized as income in the period of receipt unless conditions exist that suggest otherwise.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - at varying rates on cost Motor vehicles - at varying rates on cost Computer equipment - at varying rates on cost
Fixed assets are stated at cost.
Freehold land & Buildings are not depreciated, the trustees are of the opinion that the fair value of such assets is at least equal to the cost stated in the accounts and that the buildings are maintained to a high standard of repair such that any depreciation charge as required to comply with accounting standards is not material to the financial statements.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Page 14
continued...
London Hearts ( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
2. ACCOUNTING POLICIES - continued
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.
Pension costs and other post-retirement benefits
The charity's employees are enrolled in a pension scheme as part of the governments Auto Enrolment provisions and contributions are charged in the financial statements in the period in which they are incurred.
Irrecoverable vat
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
3. DONATIONS AND LEGACIES
| Donations Gift aid Grants Grants received, included in the above, are as follows: Other grants |
2025 £ 1,407,444 - 514,130 1,921,574 2025 £ 514,130 |
2024 £ 2,086,995 170,871 691,373 |
|---|---|---|
| 2,949,239 | ||
| 2024 £ 691,373 |
Page 15
continued...
London Hearts
( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
| 4. | OTHER TRADING ACTIVITIES | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| Defib & Cabinet sales | 3,462,189 | 3,359,945 | |||
| 5. | RAISING FUNDS | ||||
| Raising donations and legacies | |||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Advertising & Marketing | 67,681 | 74,110 | |||
| 6. | CHARITABLE ACTIVITIES COSTS | ||||
| Direct | |||||
| Costs | |||||
| £ | |||||
| Defibrillators & Training | 5,004,626 | ||||
| 7. | SUPPORT COSTS | ||||
| Information | |||||
| Management | Finance | technology | |||
| £ | £ | £ | |||
| Other resources expended | 88,945 | 15,221 | 43,945 | ||
| Human | Governance | ||||
| resources | costs | Totals | |||
| £ | £ | £ | |||
| Other resources expended | 186,678 | 6,000 | 340,789 | ||
| 8. | NET INCOME/(EXPENDITURE) | ||||
| Net income/(expenditure) is stated after charging/(crediting): | |||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Auditors' remuneration | 6,000 | 6,000 | |||
| Depreciation - owned assets | 1,516 | 2,308 | |||
| Depreciation - assets on hire purchase contracts and finance | leases | 30,470 | 28,154 | ||
| Deficit on disposal of fixed assets | - | 12,574 |
Page 16
continued...
London Hearts ( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
10. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Support & Administration staff No employees received emoluments in excess of £60,000. TANGIBLE FIXED ASSETS Fixtures Freehold and Motor property fittings vehicles £ £ £ COST At 1 April 2024 and 31 March 2025 388,366 9,686 152,350 DEPRECIATION At 1 April 2024 - 4,340 70,117 Charge for year - 1,337 30,470 At 31 March 2025 - 5,677 100,587 NET BOOK VALUE At 31 March 2025 388,366 4,009 51,763 At 31 March 2024 388,366 5,346 82,233 |
2025 £ 144,473 7,445 2,344 154,262 2025 6 Computer equipment £ 3,446 2,732 179 2,911 535 714 |
2024 £ 156,250 6,212 2,412 |
|---|---|---|
| 164,874 | ||
| 2024 6 Totals £ 553,848 |
||
| 77,189 31,986 |
||
| 109,175 | ||
| 444,673 | ||
| 476,659 |
11. TANGIBLE FIXED ASSETS
Freehold land and buildings are not depreciated as the building is maintained to a high standard of repair such that in the opinion of the trustees any depreciation as might be required to be charged under accounting standards is not material to the financial statements.
Page 17
continued...
London Hearts ( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
11. TANGIBLE FIXED ASSETS - continued
Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
| COST At 1 April 2024 and 31 March 2025 DEPRECIATION At 1 April 2024 Charge for year At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 12. INVESTMENT PROPERTY FAIR VALUE At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 |
Motor vehicles £ 152,350 |
|---|---|
| 70,117 30,470 |
|
| 100,587 | |
| 51,763 | |
| 82,233 | |
| £ 534,500 |
|
| 534,500 | |
| 534,500 |
In the view of the trustees the amount at which Investment Properties are stated in the financial statements represents fair value of such assets.
| 13. STOCKS Stocks 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments |
2025 £ 822,134 2025 £ - 3,098 3,098 |
2024 £ 996,512 |
2024 £ 996,512 |
|---|---|---|---|
| 2024 £ 595 - |
|||
| 595 |
Page 18
continued...
London Hearts ( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
| 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Hire purchase (see note 17) 19,827 Trade creditors 425,557 VAT 11,964 Other creditors 303,004 Accrued expenses 8,000 768,352 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 £ Hire purchase (see note 17) 38,167 17. LEASING AGREEMENTS Minimum lease payments under hire purchase fall due as follows: 2025 £ Net obligations repayable: Within one year 19,827 Between one and five years 38,167 57,994 18. MOVEMENT IN FUNDS Net movement At 1/4/24 in funds £ £ Unrestricted funds General fund 1,052,790 (29,333) TOTAL FUNDS 1,052,790 (29,333) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 5,383,763 (5,413,096) TOTAL FUNDS 5,383,763 (5,413,096) |
2024 £ 19,827 703,880 18,360 303,006 8,000 1,053,073 2024 £ 59,936 2024 £ 19,827 59,936 79,763 At 31/3/25 £ 1,023,457 1,023,457 Movement in funds £ (29,333) (29,333) |
|---|---|
Page 19
continued...
London Hearts ( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/4/23 £ 806,706 806,706 |
Net movement At in funds 31/3/24 £ £ 246,084 1,052,790 246,084 1,052,790 |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 6,309,184 6,309,184 |
Resources expended £ (6,063,100) (6,063,100) |
Movement in funds £ 246,084 246,084 |
|---|---|---|---|
19. RELATED PARTY DISCLOSURES
Included in other creditors is an amount of £150,000 (2024: £150,000) in relation to a loan made to the charity by a former trustee, now deceased. There are no interest arrangements and no fixed repayment terms.
The motor vehicles shown in the accounts were acquired subject to hire purchase arrangements that were entered into in the name of a trustee as the charity was unable to obtain credit in its own name being a new entity. The charity has indemnified the trustee under the terms of those agreements and on a substance over legal form basis the assets and liabilities have been included in these accounts as if the transactions had been entered into directly by the charity. This is regarded s arms length and commercial with no direct benefit to the trustee.
A formal charge exists over freehold and investment property included in the accounts , there is no liability associated with this.
20. MEMBERS LIMITED LIABILITY
In accordance with the constitution, in the event of a winding up of the CIO, its members have no liability to contribute to its liabilities nor any personal liability for settling any debts and liabilities that might arise.
Page 20
London Hearts ( Charitable Incorporated Organisation )
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Grants Other trading activities Defib & Cabinet sales Total incoming resources EXPENDITURE Raising donations and legacies Advertising & Marketing Charitable activities Defibs, Cabinets & Training Support costs Management Rent & Rates Insurance Light and heat Telephone Postage and stationery Travel costs Repairs & Maintenance Motor Running Costs Legal & Professional Fees Depreciation Loss on sale of tangible fixed assets Finance Bank charges Receipt handling charges HP Interest costs Information technology IT Support & Consumables Human resources Wages Carried forward |
2025 £ 1,407,444 - 514,130 1,921,574 3,462,189 5,383,763 67,681 5,004,626 - 3,097 10,278 2,441 2,432 6,564 20,577 5,238 6,332 31,986 - 88,945 444 6,989 7,788 15,221 43,945 144,473 144,473 |
2024 £ 2,086,995 170,871 691,373 |
|---|---|---|
| 2,949,239 3,359,945 |
||
| 6,309,184 74,110 5,639,039 4,912 5,402 17,506 4,015 10,728 8,543 4,703 1,138 5,220 30,462 12,574 |
||
| 105,203 255 4,046 9,363 |
||
| 13,664 17,430 156,250 156,250 |
This page does not form part of the statutory financial statements
Page 21
London Hearts ( Charitable Incorporated Organisation )
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
| Detailed Statement of Financial Activities for the Year Ended 31 March 2025 |
||
|---|---|---|
| Human resources Brought forward Social security Pensions Costs of temporary support Governance costs Auditors' remuneration Total resources expended Net (expenditure)/income |
2025 £ 144,473 7,445 2,344 32,416 186,678 6,000 5,413,096 (29,333) |
2024 £ 156,250 6,212 2,412 42,780 |
| 207,654 6,000 |
||
| 6,063,100 | ||
| 246,084 |
This page does not form part of the statutory financial statements
Page 22