# **HEART VALVE BANK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st ] DECEMBER 2020**
|Pages|1|||Legal and Administrative Information|
|---|---|---|---|---|
||2|–|4|Trustees’ Report|
||5|||Independent Examiner’s Report|
||6|||Statement of Financial Activities|
||7|||Balance Sheet|
||8|||Statement of Cash Flows|
||9|–|14|Notes to the Accounts|
## **HEART VALVE BANK**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
Name of Charity: Heart Valve Bank Trustees: Mr. M. Patel Mr. D. Thacker Mr. S. Mathur Dr. R. Nathwani Address: 112 Belmont Road Harrow Middlesex HA3 7PP Registered Number: 1098035 Independent Examiner Mr. B.S.Gill B. S. Gill & Co. (Registered Auditor) 62 Roxeth Hill Harrow-on-the-Hill Middlesex HA2 0JN Bankers: National Westminster Bank Plc. 118 Field End Road Eastcote Pinner Middlesex HA5 1RP
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**HEART VALVE BANK TRUSTEES REPORT**
The trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 31[st] December 2020, which comply with current statutory requirements and the charity’s governing documents.
## **CONSTITUTION**
Heart Valve Bank is constituted under a trust deed dated 28[th] December 2002 (as modified on 20[th] December 2020) and is a registered charity.
## **OBJECTS**
To relieve sickness, hunger and other hardship, by directly or indirectly working with other charities, doctors and medical establishments and support groups in regions of need worldwide, through the provision of medical support, food donations, equipment and other services.
## **ORGANISATION**
The trustees are jointly responsible for running of the charity. Decisions are taken by simple majority. Every trustee has one vote except for the chairman of the meeting who has a second or casting vote.
The trustees meet throughout the year to approve donations and other expenditure.
The charity has no employees. Daily administration is carried out by trustees themselves.
## **INVESTMENT POWERS AND RESTRICTIONS**
The trustees have the power to invest funds in any manner. Funds may be invested only after obtaining advice from a financial expert and having regard to suitability of the investments and the need for diversification.
## **PUBLIC BENEFIT**
The charity achieves its general aims by making donations to hospitals and other registered charities. It also makes donations for distribution of food and clothing to those in financial hardship. The trustees have complied with their duty under section 2 (1) (b) of the Charities Act 2011 to have due regard to the public benefit requirement. The trustees have also reviewed each grant payment made during the year by reference to the charity commission guidance on “Charities and Public Benefit” issued by the charity commission.
## **GRANT MAKING POLICY**
The charity has adopted a simple process for granting donations. Applicants seeking support are asked to outline the benefits of the activity for which grant is requested. The trustees then carry out appropriate due diligence (references, verification etc) following which the request is discussed by the trustees and if deemed fit for the purpose the donation is granted. The charity also seeks feedback on the activity to confirm it was carried out and what benefits were derived.
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## **HEART VALVE BANK TRUSTEES REPORT**
## **-CONTINUED-**
## **REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS**
During the year the charity raised £199,448 from individuals and corporate organisations. It also received investment income of £18 in the year. It made donations totalling £149,283 to various hospitals and other charitable institutions in India. Total costs incurred in meeting the objects of the charity amounted to £153,298, resulting in net surplus of £46,168 for the year.
## **RESERVES**
The charity had net reserves of £91,090 at the balance sheet date. These reserves are unrestricted and the trustees expect that significant proportion of the reserves will be utilised towards making further donations.
## **PLANS FOR FUTURE**
The trustees have no immediate plans to modify or radically change any of the objectives or policies of the charity.
## **RISK MANAGEMENT**
The trustees have examined the major strategic, business and operational risks, which the Charity faces and confirm that systems and procedures have been established to minimise such risks.
## **THE TRUSTEES**
The trustees who acted during the year are set out on page 1. The minimum number of trustees is 2 and the maximum number is 10.The power of appointment of new or additional trustees is vested in the trustees for the time being of the charity.
New trustees are provided with copies of previous years’ annual reports and accounts and a copy of the Charity Commission leaflet “The Essential Trustee: What you need to know”
The trustees are aware of their responsibilities under the Charities Act 2011 and have taken upon themselves to be aware of any new changes to the legislation.
## **KEY MANMAGEMENT PERSONNEL REMUNERATION**
All trustees give their time freely and no remuneration was paid to the trustees in the year.
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## **HEART VALVE BANK TRUSTEES REPORT**
**-CONTINUED-**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles of the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity 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 charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and, hence for taking reasonable steps for the prevention of fraud and other irregularities.
112 Belmont Road, Signed by order of the Board of Trustees Harrow Middlesex HA3 7PP
Dated 12[th] September 2021
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## **HEART VALVE BANK INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF HEART VALVE BANK**
I report on the accounts of the Heart Valve Bank for the year ended 31[st ] December 2020 which are set out on pages 6 to 14.
The report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My examination has been undertaken so that I may state to the charity’s trustees those matters that I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for my examination, for this report, or for the opinions I have formed.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
62 Roxeth Hill Signed B. S. GILL, FCCA Harrow-on-the-Hill, Middlesex, HA2 0JN.
Date 13[th] September 2021
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## **HEART VALVE BANK**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2020**
|
**Note**
**INCOME**
Donations and Legacies
2
Investment Income
3
**TOTAL INCOME**
**EXPENDITURE**
Expenditure on Charitable Activities
Grants and Donations
4
**TOTAL EXPENDITURE**
**NET SURPLUS / (DEFICIT)**
**RECONCILIATION OF FUNDS**
Total Funds Brought Forward
Total Funds Carried Forward
|**Total Funds**
**(Unrestricted)**
**2020**
**2019**
**£**
**£**
199,448
192,966
18
38
199,466
193,004
153,298
194,617
153,298
194,617
46,168
( 1,613)
44,922
46,535
91,090
44,922
======
======|
|---|---|
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## **HEART VALVE BANK**
## **BALANCE SHEET AT 31[st] DECEMBER 2020**
|**Note**
**CURRENT ASSETS**
Debtors
7
Cash at bank & in Hand
**CREDITORS: Amounts Falling**
**Due Within One Year**
8
**NET CURRENT ASSETS**
**NET ASSETS**
**TOTAL FUNDS OF THE CHARITY**
Accumulated Funds
Unrestricted Income
10|**£**
909
95,056
95,965
4,875|
**£**
91,090
91,090
=====
91,090
91,090
=====|**31.12.2019**
**£**
**£**
16,783
30,314
47,097
2,175
44,922
44,922
=====
44,922
44,922
=====|
|---|---|---|---|
Approved by the Board of Trustees on 12[th] September 2021 and signed on their behalf by:
M. PATEL, Chairman
D. THACKER, Trustee
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## **HEART VALVE BANK**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2020**
||**2020**
|**2019**|
|---|---|---|
||**Note £**
|**£**|
|**CASH FLOWS FROM OPERATING ACTIVIES**|||
|**Net cash provided by operating activities**|9 64,724|(13,297)|
|**Cash flows from investing activities**|||
|Interest received from investments|18|38|
||______|______|
|**Change in cash and cash equivalents**|64,742|(13,259)|
|**in the year**|||
|Cash and cash equivalents at the beginning|30,314|43,573|
|of the year|______|______|
|**Cash and cash equivalents at the end of**|||
|**the year**|95,056|30,314|
||======|======|
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2020**
## 1. **ACCOUNTING POLICIES**
## a) **Basis of accounting**
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 (FRS102) (effective January 2015) – (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The accounts have been prepared under the historical cost convention with items recognised at cost.
## b) **Going Concern**
The charity’s activities together with its performance and reserves position are set out in the Trustees Report on page 3. The trustees have confirmed their support for the charity and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
The Trustees have also considered the implications of COVID-19 and are of the opinion that the outbreak is likely to cause a significant disruption to the charity’s activities. They are however confident that the charity can continue as a going concern for a period of at least twelve months from the date of approval of the financial statements.
## c) **Income recognition policies**
Items of income are recognised and included in the accounts when all of the following criteria are met:
- The charity has entitlement to the funds;
- Any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity;
- There is sufficient certainty that receipt of the income is considered probable; and
- The amount can be measured reliably.
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**HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2020**
**- CONTINUED -**
## d) **Donations**
Donations, are recognised when they have been communicated in writing with notification of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
## e)
## **Investment income**
Interest on funds held on deposit is included when receivable and this is normally upon notification of the interest paid or payable by the Bank.
## f)
## **Expenditure**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category.
## g)
## **Grants**
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of then control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount payable.
## h) **Foreign Currencies**
Assets and liabilities expressed in foreign currencies are translated into sterling at the rate of exchange at the Balance Sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account when arriving at the net incoming/ outgoing resources.
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**NOTES TO THE FINANCIAL STATEMENTS**
## **HEART VALVE BANK**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2020**
## i) **Debtors**
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
## j) **Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## k) **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discount due.
## l) **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised as transaction value and subsequently measured at their settlement value.
## m) **Value Added Tax**
The charity is not registered for VAT and all VAT paid is charged against the category of resources expended for which it was incurred.
## n) **Taxation**
The charity is exempt from taxation on its income and gains which are applied for charitable purposes
|||**2020**|**2019**|
|---|---|---|---|
|||**£**|**£**|
|2.|**DONATIONS**|||
||Donations Receivable|199,448|192,966|
|||======|======|
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2020**
|
3.
**INVESTMENT INCOME**
Bank Interest Receivable
4.
**CHARITABLE ACTIVITIES**
**Grants - Medical Purposes**
**Grants to institutions:**
Donations Paid for relief of
sickness & financial hardship:
Sri Sathya Sai Trust, India
Sri Sathya Sai Trust, India (West Bengal
Humanitarian Relief)
Sri Sai Trust, India – Purchase of Ambulance
Brahamarishi Mission Samiti (Virat Hospice)
Sri Parthi Sai Trust, India
Nirmalya Charitable Trust
Sri Ramakrishna Ashram
Sunlove Homes (Singapore)
Sunshine Hospitals
Other – purchase of equipment
**Grants to Individuals**
Direct Support
**Donations for distribution of food and clothing**
**Grants to institutions:**
Sri Sathya Sai Sadhna Trust
Deena Bandu Foundation
**Support Costs**
**Governance Costs**
**Total expenditure on Charitable Activities**
|**2020**
**£**
18
======
**2020**
**£**
10,313
15,000
-
70,000
5,000
-
-
546
4,375
1,868
_______
107,102
258
_______ _
107,360
20,413
21,510
_______
149,283
815
3,200
153,298
153,298
======|**2019**
**£**
38
======
**2019**
**£**
41,117
-
14,984
35,000
12,000
2,122
5,643
-
-
-
______
110,866
-
______
110,866
58,570
21,581
_______
191,017
1,425
2,175
194,617
194,617
=======|
|---|---|---|
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2020 - CONTINUED -**
## 5. **ANALYSIS OF GOVERANCE AND SUPPORT COSTS**
The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between the key charitable activities undertaken in the year.
In the current and previous year all support costs detailed below relate to grant making activities.
|
Exchange Differences
Other Costs
Bank Charges
|**2020**
**£**
53
-
762
815
=====
|**2019**
**£**
75
200
1,150
1,425
=====|
|---|---|---|
Governance costs which represent accountancy fees have been allocated to grant making activities.
## 6. **EMPLOYEE INFORMATION**
The charity has no employees and all services are provided on a voluntary basis.
The charity trustees were not paid and did not receive any benefit in the current year (2019 £nil) neither were they reimbursed any expenses.
No charity trustee received payment for professional or other services supplied to the charity in the year (2019 £nil).
|||**2020**|**2019**|
|---|---|---|---|
|||**£**|**£**|
|7.|**DEBTORS**|||
||Income Tax Recoverable|909|16,783|
|||=====|=====|
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2020**
|||**2020**
|**2019**|
|---|---|---|---|
|||**£**
|**£**|
|8.|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
||Accruals|4,875
|2,175|
|||4,875
|2,175|
|||=====
|=====|
|||**2020**
|**2019**|
|||**£**
|**£**|
|9.|**RECONCILIATION OF NET INCOME TO NET CASH FLOW**|||
||**FROM OPERATING ACTIVITIES**|||
||Net surplus / (deficit) for the year|46,168|(1,613)|
||Interest received|(18)|(38)|
||Decrease / (increase) in debtors|15,874|(7,536)|
||**(**Increase) / decrease in creditors|2,700
|(4,110)
|
|||64,724|(13,297)|
|||======
|======|
|||**2020**
|**2019**|
|||**£**
|**£**|
|10.|**ACCUMULATED FUNDS**|||
||Unrestricted Income Funds|91,090|44,922|
|||======
|======|
|11.|**RELATED PARTY TRANSACTIONS**|||
Donations made by trustees to the charity during the year under review, were as follows:
Mr. M. Patel £6,000 Mr. S. Mathur £600 Mr. D. Thacker £2,200
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