## **HEART VALVE BANK**
# **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st ] DECEMBER 2023**
|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 2023, 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 £80,901 from individuals and corporate organisations. It made donations totalling £85,058 to various hospitals and other charitable institutions in India and the UK. Total costs incurred in meeting the objects of the charity amounted to £88,625, resulting in a deficit of £7,626 for the year.
## **RESERVES**
The charity had net reserves of £19,536 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, Harrow Middlesex HA3 7PP
Signed by order of the Board of Trustees
Dated 9[th] September 2024
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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 2023 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 and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
62 Roxeth Hill Signed B.S.Gill, FCCA Harrow-on-the-Hill, Middlesex, HA2 0JN.
Date 9[th] September 2024
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## **HEART VALVE BANK**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2023**
|
**Note**
**INCOME**
Donations and Legacies
2
Investment Income
3
**TOTAL INCOME**
**EXPENDITURE**
Expenditure on Charitable Activities
Grants and Donations
4
**TOTAL EXPENDITURE**
**NET (DEFICIT)**
**RECONCILIATION OF FUNDS**
Total Funds Brought Forward
Total Funds Carried Forward
|**Total Funds**
**(Unrestricted)**
**2023**
**2022**
**£**
**£**
80,901
119,162
98
38
80,999
119,200
88,625
144,279
88,625
144,279
(7,626)
(25,079)
27,162
52,241
19,536
27,162
======
======|
|---|---|
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## **HEART VALVE BANK**
## **BALANCE SHEET AT 31[st] DECEMBER 2023**
|**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|**£**
8,238
14,725
22,963
3,427|
**£**
19,536
19,536
=====
19,536
19,536
=====|**31.12.2022**
**£**
**£**
5,348
34,789
40,137
12,975
27,1602
27,162
=====
27,162
27,162
=====|
|---|---|---|---|
Approved by the Board of Trustees on 9[th] September 2024 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 2023**
||**2023**
|**2022**|
|---|---|---|
||**Note £**
|**£**|
|**CASH FLOWS FROM OPERATING ACTIVIES**|||
|**Net cash provided by operating activities**|9 (20,162)|(15,129)|
|**Cash flows from investing activities**|||
|Interest received from investments|98|38|
||______|______|
|**Change in cash and cash equivalents**|(20,064)
|(15,091)|
|**in the year**|||
|Cash and cash equivalents at the beginning|34,789|49,880|
|of the year|______|______|
|**Cash and cash equivalents at the end of**|||
|**the year**|14,725|34,789|
||======
|======|
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2023**
## 1. **ACCOUNTING POLICIES**
## a) **Basis of accounting**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) –Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) 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.
## 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.
## 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
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2023**
## 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.
## 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.
## 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.
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2023**
## 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
|||**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
|2.|**DONATIONS**|||
||Donations Receivable|80,901|119,162|
|||======|======|
|||**2023**|**2022**|
|||**£**|**£**|
|3.|**INVESTMENT INCOME**|||
||Bank Interest Receivable|98|38|
|||======|======|
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2023**
|
4.
**CHARITABLE ACTIVITIES**
**Grants - Medical Purposes**
**Grants to institutions:**
Sri Sathya Sai Trust, India
Brahamarishi Mission Samiti (Virat Hospice)
Sri Aurbindo Society
Sri Sathya Sai Organisation UK
Sunshine Hospitals
NHS (Phone chargers)
Other – Payments for treatment of patients
**Donations for distribution of food and clothing**
**Grants to institutions:**
Sri Sathya Sai Sadhna Trust
Deena Bandu Foundation
Other
**Other Donations:**
Pakistan Flood Relief
Supplies for Ukraine Hospitals
Other
**Support Costs**
**Governance Costs**
**Total expenditure on Charitable Activities**
|**2023**
**£**
22,512
42,500
-
3,000
-
-
1,564
_______
69,576
7,000
-
5,472
-
-
3,010
_______
85,058
592
2,975
88,625
88,625
======|**2022**
**£**
30,000
55,000
10,689
-
1,854
1,248
-
_______
98,791
9,500
6,678
4,759
2,660
5,997
1,400
_______
129,785
11,519
2,975
144,279
144,279
=======|
|---|---|---|
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2023**
## 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.
|
Anniversary function
Other Costs
Bank Charges
|**2023**
**2022**
**£**
**£**
- 10,481
- 484
592
554
592
11,519
=====
======|
|---|---|
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 (2022 £nil).
No charity trustee received payment for professional or other services supplied to the charity in the year (2022 £nil).
|||**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
|7.|**DEBTORS**|||
||Income Tax Recoverable|8,238|5,348|
|||=====|=====|
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## **HEART VALVE BANK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2023**
|||**2023**
|**2022**|
|---|---|---|---|
|||**£**
|**£**|
|8.|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
||Other creditors and accruals|3,427
|12,975|
|||3,427
|12,975|
|||=====
|======|
|||**2023**
|**2022**|
|||**£**
|**£**|
|9.|**RECONCILIATION OF NET INCOME TO NET CASH FLOW**|||
||**FROM OPERATING ACTIVITIES**|||
||Net (deficit) / surplus for the year|(7,626)|(25,079)|
||Interest received|(98)|(38)|
||(Increase) / decrease in debtors|(2,890)|(112)|
||(Decrease / (increase) in creditors|(9,548)
|10,100
|
|||(20,162)|(15,129)|
|||======
|======|
|||**2023**
|**2022**|
|||**£**
|**£**|
|10.|**ACCUMULATED FUNDS**|||
||Unrestricted Income Funds|19,536|27,162|
|||======
|======|
## 11. **RELATED PARTY TRANSACTIONS**
Donations made by trustees to the charity during the year under review, were as follows:
Mr. S. Mathur £600 Mr. D. Thacker £1,200
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