Charity registration number 1100393
Company registration number 04670571 (England and Wales)
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Lord D J Brennan KC Dr J Davies Dr R Foale Prof D Francis Professor Jamil Mayet Prof N R Poulter Prof P S Sever J J B Skinner Dr R P Da Cunha Dr R Khamis Secretary G Connolly Charity number 1100393 Company number 04670571 Registered office c/o International Centre for Circulatory Health 1st Floor, C Block Hammersmith Hospital, Du Cane Road London W12 0HP Independent examiner Evelyn Partners Advisory Services (Thames Valley) LLP 22 Wycombe End Beaconsfield Buckinghamshire HP9 1NB
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of Trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 12 |
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2023
The Trustees present their annual report and financial statements for the year ended 30 June 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation's Memorandum and Articles of Association, the Companies Act 2006 and <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) (the Charities SORP ).
Structure, governance and management
The Foundation for Circulatory Health Ltd (the Foundation) is a private company limited by guarantee, incorporated on 19 February 2003 and is a registered charity, number 1100393. The Trustees have control of the Foundation and its property and funds. The number of Trustees should be between three and fifteen. Trustees are re-elected every five years.
The Trustees review the Foundation's strategy and areas of activity, including consideration of grant requests, finances and progress. To assist the Foundation in the allocation of grants, the Research Council meets as required to review applications and make recommendations to the Trustees. A condition of all grants made is the submission of annual progress reports.
The following were Trustees during the year and to the date of this report:
Lord D J Brennan KC Dr J Davies Dr R Foale Prof D Francis Professor Jamil Mayet Prof N R Poulter Prof P S Sever J J B Skinner Prof S Thom (Resigned 18 July 2022) Dr R P Da Cunha Dr R Khamis
Risk Management
The Trustees have considered the reporting structures and procedures and are satisfied that these are adequate to manage the risks associated with the Foundation's activities.
Objectives and activities
The primary objective of the Foundation is to fund research in the field of cardiovascular medicine to improve the knowledge of members of the medical and allied professions with a view to improving prevention and identifying new treatments.
Grant making policy
The Foundation invites applications in a specific format which includes any required ethics approvals and confirmation of support from the participating 'Institution'. Applications are first considered by the Foundation's Research Council. A recommendation is then made to the Board of Trustees. The emphasis is on short-term funding on the basis that successful projects will ultimately be able to attract the appropriate funding. An example is seed funding for PhD candidates who are ultimately successful in obtaining programme grants from major charities like the BHF.
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THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2023 Achlevements and perfomlance The Trustees confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewng the Foundation's aims and objectives and in planning ils future activities. The Foundation continues lo give financial support lo young Research Fellows of the highest quality as confirmed by the numbers of awards gained and prizes won. The Foundation also funds vis11ing saenlisls on sabbaticals who are expected to contribute to the education of young researchers. Financial review The Trustees have continued to review the appropriate level of funds lo be retained for investment. Income from sponsorship, donations and investment was £1,915 12022.. £3,502) in this year. Expenditure of £32,506 12022.. £48,642) was spent on charitable activities and the govemance and administration of the Foundation. Fund raising policy The charity does not raige any fvnd from the public. Reserve pollcy The Trustees are keeping under review the appropriate level of reserves of which depends on the future demands of varying projects and the Foundation's investment and funly raising strategy. As future projects are uncertain il has not been possible lo define the level of reserves required lo be maintained. Plans for the future The Foundation will continue lo pursue ils primary aim of supporb'ng research in the field of cardiovascular medicine. The Foundation wll also continue lo seed fund projects that initially are unable lo source allemate funding. This pracli¢e Is expected lo continue lo attract quality research fellows and kick start potential important projects Funding of grant applications are expected to ¢ontinLJe with the emphasis on those reducing the anticipated disease burden In the developing world. Donations continue fitsm a vttriely of healthcare companies, these bein9 mainly project related. The report has been prepared in accordance wlh the provisions applicable lo companies subiect to the small COrnP8nies' regime. The Trust s. report was approved by the Board of Trustees. Prof P S Sever Dated..
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 JUNE 2023
The Trustees, who are also the directors of The Foundation for Circulatory Health (A Charitable company limited by guarantee) for the purpose of company law, 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).
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 Foundation and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation 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 Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) I report lo the Trustees on my examination of the financial statements of The FoundaliDn for Circulatory Heamh (A Charitable company limited by guarantee) Ilhe Foundalionl for the year ended 30 June 2023, which comprise the Slalemenl of Financial Aclivilies, the Balance Sheet and related notes. Responslbilitles and basis of report As the TrLJslees of the Foundation (and also ils directors for the purposes of cornpany lawl you are responsible for the preparation of the financial ststemenls in accordance wrth the quirementS of the Comp8niesAet 2006 {Ihe 2006 Acti. Having satisfied myself that the financial slalements of the Foundation are not requlred to be auoled under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect ol my examination of the Foundation's financial statements carried out under section 145 of the Charities Act 2011 Ilhe 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinfrrfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any rnalerial respect.. accounting records were not kept in respect of the Foundation as qUIred by section 386 of the 2006 Act.. or the financial slaternenls do not accord wlh those records", or the financial statements do not comply with the accounting requIrnents of 5e¢tion 396 of the 2006 Act other than any requiiemenl that the 8ccounls give a true and lair view which is not a matter considwed as part of an independent examination.. or the financial slalements have not been prepared in accordance with the methods and principles of the Statement of Recommended Poctice for accounting and reporting by charities applicable to charities preparing their accounts in accordan with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 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 lo enable a proper understanding of the financial slalemenls lo be reacheLI. Yuen Man Anna Bulm BFP FCA FCPA IHKI Evelyn Partners Advisory Services (Thames Valley) LLP 22 Wycombe End Beaconsfield Buckinghamshire HP9 1NB Dated..
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 2 - - Investments 3 1,915 - Total income 1,915 - Charitable activities 4 7,318 25,188 Net expenditure and movement in funds (5,403) (25,188) Reconciliation of funds: Fund balances at 1 July 2022 102,484 792,326 Fund balances at 30 June 2023 97,081 767,138 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ - - 3,450 1,915 52 - 1,915 52 3,450 32,506 8,925 39,717 (30,591) (8,873) (36,267) 894,810 111,357 828,593 864,219 102,484 792,326 |
Total 2022 £ 3,450 52 3,502 48,642 (45,140) 939,950 894,810 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) BALANCE SHEET ASAT30 JUNE 2023 2023 2022 Notes Current assets Cash at bank and in hand 985.229 1,043,764 Credltors: amounts falling due wFthln one year 11 121,010 148.954 Nel current 8s$els 864,279 894.810 The funds of th• Foundatlon Reslricled income funds Unrestricted funds 12 767.138 97,081 792,326 102,484 864,219 894.810 The company is enlilled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2023. The director acknowledges his responsibilities for complying wlh the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial slalemenls. The members have not required the company lo obtain an audit of rts financial slalements for the year in queslton in accordance wf(h section 476. These financial slalemenls have been prepared in accordan with the provisions 2pplicable lo companies subject lo the small companies regime. The nancial slalements were approved by the Trustees on Prof P S Sever Trustee Company registration number 04670571 (England and Wales)
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
1 Accounting policies
Charity information
The Foundation for Circulatory Health (A Charitable company limited by guarantee) is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o International Centre for Circulatory Health, 1st Floor, C Block, Hammersmith Hospital, Du Cane Road, London, W12 0HP.
1.1 Accounting convention
The accounts have been prepared in accordance with the Foundation's Memorandum and Articles of Association, the Companies Act 2006 and <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) (the Charities SORP ). The Foundation is a Public Benefit Entity as defined by FRS 102.
The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the Trustees have a reasonable expectation that Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted general funds - these are funds that can be used in accordance with the charitable objects at the discretion of the Trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the Foundation. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
1.4 Income
Income is recognised when Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Income from donations is included in unrestricted incoming resources when these are receivable, except as follows:-
When donors specify that donations given to the Foundation must be used in future accounting periods, the income is deferred until those periods.
When donors specify that donations are for particular restricted purposes, which do not amount to preconditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
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THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is accounted for on an accruals basis.
Grants payable are recognised as expenditure in the year in which binding commitments to make payments are entered into.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the fees for the independent examination and costs linked to the strategic management of the Charity.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when Foundation9s contractual obligations expire or are discharged or cancelled.
1.7 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee9s services are received.
Termination benefits are recognised immediately as an expense when the Foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
1 Accounting policies
(Continued)
2 Income from donations and legacies
| Restricted | Restricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | - | 3,450 | |
| 3 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 1,915 | 52 | |
| 4 | Expenditure on charitable activities | ||
| Charitable | Charitable | ||
| research | research | ||
| funding | funding | ||
| activities | activities | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 5) | 25,188 | 39,717 | |
| Share of support and governance costs (see note 6) | |||
| Support | 1,318 | 1,536 | |
| Governance | 6,000 | 7,389 | |
| 32,506 | 48,642 | ||
| Analysis by fund | |||
| Unrestricted funds | 7,318 | 8,925 | |
| Restricted funds | 25,188 | 39,717 | |
| 32,506 | 48,642 |
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THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
5 Grants payable
| Charitable | Charitable | |
|---|---|---|
| research | research | |
| funding | funding | |
| activities | activities | |
| 2023 | 2023 | |
| £ | £ | |
| Grants to institutions: | ||
| Other | 25,188 | 39,717 |
| Support costs allocated to activities | ||
| 2023 | 2022 | |
| £ | £ | |
| Administrative costs | 1,318 | 1,536 |
| Governance costs | 6,000 | 7,389 |
| 7,318 | 8,925 | |
| Analysed between: | ||
| Charitable research funding activities | 7,318 | 8,925 |
6 Support costs allocated to activities
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year.
8 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
| 10 | Tangible fixed assets | ||
|---|---|---|---|
| Fixtures, fittings & equipment | |||
| £ | |||
| Cost | |||
| At 1 July 2022 | 17,762 | ||
| At 30 June 2023 | 17,762 | ||
| Depreciation and impairment | |||
| At 1 July 2022 | 17,762 | ||
| At 30 June 2023 | 17,762 | ||
| 11 | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Other creditors | 107,840 | 107,840 | |
| Accruals and deferred income | 13,170 | 41,115 | |
| 121,010 | 148,955 |
12 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 July 2022 Incoming resources Resources expended At £ £ £ Restricted funds 792,326 - (25,188) Previous year: At 1 July 2021 Incoming resources Resources expended At £ £ £ Restricted funds 828,593 3,450 (39,717) |
30 June 2023 £ 767,138 |
|---|---|
| 30 June 2022 £ 792,326 |
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THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 July 2022 Incoming resources Resources expended At £ £ £ General funds 102,484 1,915 (7,318) Previous year: At 1 July 2021 Incoming resources Resources expended At £ £ £ General funds 111,357 52 (8,925) Analysis of net assets between funds Unrestricted Restricted funds funds 2023 2023 £ £ Fund balances at 30 June 2023 are represented by: Current assets/(liabilities) 97,081 767,138 97,081 767,138 Unrestricted Restricted funds funds 2022 2022 £ £ Fund balances at 30 June 2022 are represented by: Current assets/(liabilities) 102,484 792,326 102,484 792,326 |
30 June 2023 £ 97,081 30 June 2022 £ 102,484 Total 2023 £ 864,219 864,219 Total 2022 £ 894,810 894,810 |
|---|---|
14 Analysis of net assets between funds
15 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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