Charity registration number 1100393 Company Raglstratlon No. 4670571 (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 2024 evelyn PARTNERS
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 Pouller Prof P S Sever J J B Skinner Dr R P Da Cunha Prol R Khamis Secretary G Connolly Charity number 1100393 Company number 04670571 Reglst•red offic? 22 Wycombe End Beaconsfield Buckinghamshire HP91NB Independent examiner Evelyn Partners Advisory Services (Thames Va116yI LLP 22 Wycombe End Beaconsfield Buckinghamshire HP91NB
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees, report Slalement of Trustees, responsibililies Independent examinerf5 report Statement Of finan¢i81 a¢tivilles Balan sheet Notes lo the financial Slalemenls 7-12
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present Iheir annual report and financial statements for the year ended 30 June 2024. The accounts have been prepared in accordan with the accounting policies Set out in note 1 tts the accounts and comply with the Foundation's Memorandum and Articles of Association, the Companies Act 2006 and Ac¢ounling and Reporting by Charify'es." Slalement of Recommended Pra¢li¢e applicable lo ¢haiilies weparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeGlive l January 20191 Ilhe Charities SORPI. structure, governance and management The Foundation for Ciiculatory Health Ltd Ithe Found8tionl is a prwate company limited by guarantee. incorporated on 19 February 2003 and is 8 registered charity, number 1100393. The Trustees have control of the Foundation and ils property and funds. The number ol Trustees should be between three and fifteen. Trustees are re-elected every live years. Mr R Bailey is Director and Chief Executive but is not a Trustee. The Trustees review the Foundation's slr8legy and area8 of aclivily, including consideration of grant requests, finances and progress. To assist the Foundation in the allocation ol grants, a Research Comrnillee meets as required lo review applications and make recommendations to the Trustees. A condilion of all grants made is the submission of annual progress reports. The following weTe Tru8lee8 during the year and lo the dale of this report.. Lord D J Brennan KC Dr J DBvies Dr R Foale Prof D Francis Professor Jamil Mayel Prof N R Pouller Prof P S Sevei J J B Skinnei Dr R P Da Cunha Prof R Kharnis Rlsk Manag8m8nt The Trustees have considered the reporting structures and procedures and are satisfied that these are adequate lo manage the iisk5 assooaled with the Foundation's activiues. Oblectlves and actlvities The primary objeotive of the Ftsundation is to fund r85eaich and education in th8 fiéld of c8rdiovascul81 m8di¢in8 lo improve the kmwledge ol members of the medical and allied professions with a view to improving prevention and idenlilying new Ireatmenls. Grant making policy The Foundation invites applications in a Specif format which inckjdes any reqvired ethics approvals and confirmation of support from the participating 'lnslilLJlion'. Applications are first considered by individual Trustees. A recommendation is then made to the Board of Trustees. The emphasis is on shorl-lerm funding on the basis that successful projects will ultimately be able to allract the appmpriate funding. An example is seed funding lor PhD candidates who are ultimately successful in obtaining programme gr8nls from major charities like the BHF.
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2024 A¢hievements and performance The Tiustees confirm that they have referred lo the guidance contained in the Charity Commission'5 general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning its fulure activities. The Foundation continues lo support a range of resèaith 8nd &duc8lional activities in line with ils overall objectives. Financial review The Tiustees have continued lo review Ihe appropriate level ol funds lo be retalned for inv6slmenl. Income from sponsorship, donations and investment was £58,74612023." £1.9151 in this year. ExFEndilure of £60,138 12023.. £32,506) was spent on charitable activities and the goverllance and administration ol the Foundation. Fund raising poli¢y The charity does not raise any fund from the public. Reserve policy The Trustees are keeping under revi8w the appropiiale level of resetves of which depends on the future demands of varying projects and the Foundation's investrnenl and fund raising strategy. As future projects are uncertain il has not been possts)le to define the level of resee$ required lo be maintained. Plans for the future The Foundation will eontinue to pursue it5 primary aitn of Svppoiling education and re8eaich in the field ol cardiovascular medicine with a new initiative to 5UPPOrt a global training programme in hypertension. The Foundation will also continu&10 8eed fund piojecls that initially are unable to Sour alternate funding. This pra¢lice is expecled lo continue lo attract quality research fellows and kick start potential important projects. Funding of grant applications are expected to continue with the emphasis on those reducing the anlicipaled disease burden in the developing world. Donations continue from a variety of heallhcaie companies, these being mainly project related. The report has been prepared in accordance wlth the provisions applicable lo cornp8nies Subject lo the small companies, regimé. The Trustees. report was approved by the Board of Truslees. Prof P S Sever Dated.. 27 March 2Q25
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees, who are also the director5 of The Foundation for Circulatory Health IA Charitable company Iirnited by guarantee) for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom G8n818lly Accepl&d Aocounling practi). Company Law requires the Trustees to prepare finanaal statements for each Iinanoi81 year which give a true and fair view of the slate of affairs of th8 Foundalion and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for Ihat year. In preparing these financial statements, the Trustees are required to.. select suitable accounting poIleS and then apply them consistently.. observe the methods and prin¢lples in the Gharilies SORP., make judgements and estimates that are reasOnae and prudent,. slate whether applicable UK Accounting S18ndards have been followed, subject lo any materfal d8P8rtU195 disclosed and explained in the financial slalements., aml prepare the financial slalemenls on the going concern basis unles5 it is inappropriate lo presume that the Foundation will continue in operation. The Trustees are responsible for keeping adequate accounting records Ihal disclose with reasonable accuracy al any time the finanoial position of the Four)dation and enable them to ensure that the financi81 slalemenls comply th the Cotnpanies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection ts1 fraud and other irregularities.
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 slalements ol The Foundation for Circulatory Health IA Charitable company limited by guararilee} Ilhe Foundation) for the year ended 30 June 2024, which comprise th8 Sta18menl of F¥iancial Activities, the Balance Sheet and 191aled notes. R8spon8ibilities and basis of report As the Trustees of the Foundation land also its directors for the purpose5 of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having s8lislied myself Ihal the financial statements of the Foundation are not required to be audited under Part 16 01 Ihe 2006 Act and are eligible for independent examination, I report in respect of my examination of the Foundation's fi'nancial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have follow8d all the applicable Directions given by th& Charity Cornmission under section 145{5llbl ol the 2011 Arl. Independent examinews statement I have completed my examination. I confirm that no mallers h8vè come lo my attention in connection with the examination giving Me cause to believe Ihat in any rnateri81 respect. accounting r&cords were not kept in respect of the Foundation as required by section 386 of the 2006 Act,. or the financial slalemenls do not accord with those records." or the financial slaletMen15 do not comply with the accounting reqL*irements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered a5 part of an independent examination., or the financial statements have nol been prepad In 8eeordanoe with the methods and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. I havts no concern8 and have come across no Olher matter5 in connection with the examination to which altenlion should be drawn in this report in order lo enable a proper underslanditvJ of the financial statements to be reached. Yuen Man Anna BFP FCA FCPA IHKI Evelyn Partners Advisory Servi$ (Thames Valley) LLP Imer 22 Wycombe End Beaconsfield Buokingh8mshire HP9 1NB Dated.. 27 March 2025
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 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds fund5 2023 2023 Total 2024 2023 Notes Incomè from.. Donations and legacies Investments 52.505 6.241 52,505 6.241 1.915 1,915 Total income 58,746 58,746 1.915 1.915 Expendlture on: Charitable activities 60,138 60,138 7,318 25,188 32,506 Total expendlture 60,138 60,138 7,318 25,188 32,506 Net expenditure and movement In funds 11.3921 11.3921 15,4031 125.1881 130.591) Reconciliation of funds.. Fund balances al 1 July 2023 97,081 767.138 864,219 102.484 792.326 894,810 Fund balance$ at 30 June 2024 95,689 767,138 862,827 97,081 767,138 864,219 The sta18n18nl ol financial actiVFties includes all gains and losses recognised in the year. All income a1 expendilLJrÈ derive from continuing acliwlie5.
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Note5 Current a5S8ts Cash al bank and In hand 976,667 985.229 Creditors.. amounts fallSng due within one year 11 {113,8401 1121.0101 Nèt current a85ets 862,827 864,219 Net assets excluding penslon Ilability 862,827 864,219 The funds of the Foundation Reslricled income funds Unrestricted funds 767,138 95,689 767,138 97,081 882,827 864.219 The company 18 enlilled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2024. The dire¢loi a¢knowledges his responsibilities for complying with th¢ requirernenls of the Companies Act 2006 with respect to accounting recoid5 and th8 pieparalion of financial statem8nts. The members have not required the company to obtain an audll of Its finandal statements for the year in qugslion in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small compan$ regime. The financial statements were approved by the Tiuslees on 27 March 2025 Prof P S Sever Company regislialion number 04670571 IEngl8nd and Wale5}
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policie8 Charity infomiation The Foundation foi Circulatory Health IA Charitable company limited by guarantee) is a private company limited by guarantee incorporated in England and Wales. The registered office is 22 Wycombe End. Beaconsfield, Buckinghamshire, HP9 1 NB. 1.1 Accounting convention The accounts have been prepared in accordance wilh the Foundation's Memorandum and Articles of Association. Ihe Companies Act 2006 and 'AccoLJnting and Reporting by Charities.. Slatemenl of Recommended Practice applicable lo charities prepaiing their acunIS in accordance with the Financial Reporting Standard applic8ble in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191 Ilhe Charitles SORPI. The Foundation is a Public Benefit Entity as defined by FRS 102. The Foundation h8S taken Advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prep819 a S181emenl of Cash Flows. The accounts are prepared in sterling. which is the funclional 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 lo include the revaluation of freehtsld properties and to include inveslmenl properties and certain financial inslrumenls al fair value. The principal accounting policies adopted are set out below. 1.2 Going concern Al the liTne of approving the accounts, the TIu5tees have a reasonable expectation that Foundalion has adequate resources lo wnlinue in operational existence for the foreseeable lulure. Thus the Trustees continue to adopt the going concern basis of accounting in preparing Ihe accounts. 1.3 Charitable funds Unre511icled general fund5 - these are lund5 that can be used in accordance with the charitable object5 at the discretion of the Trustees. Reslricled funds - these ale 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 enlilled lo il after any perform8noe conditions h8ve been met. the amounts can be measured reliably, and it is probab thal income will be received. Income from donations is included in unrestricted incoming reSoUrS when these are receNable, except as follows'.- When donors specify that donations given lo the Ftsundallon must be used In future accountlng periods, the inGom8 Is d8feir8d until those peiiods. When donors specify that donations are for particular restricted purposes, which do not amount to pre- conditions regarding entitlement, this income is included in incoming resources ol restricted funds when re1Vable.
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles Icontlnuedl 1.5 Expenditure Expenditure is accounted for on an acciuals basis. Grants payable are recognised as expenditure in the year in which binding commitments lo make payments are entered into. Goveinance ctssls include those costs associated with meeting the conslilulional and s18lulory requirements of the Charily and include the fees foi Ihe independent exatninalion and costs linked lo the sliategic management of the Charity. 1.6 Tangible fixed assets Tangible fixed assets ar& initially tn8asui8d 81 cost and subsequenlly measured 81 0051 or valuation, nel of depreaalion and any impairment losses. Depreciation is recognised so as to write off the c05t or valuation of assets less their residual values over their useful lives on the following bases.. Fixtu$. fillings & equipment 20% straight line The gain or loss arising on the disposal of an assel is determined as the difference between the sale proceeds and the carrying value of the asse( and is recognised in the statement of finanaal activitkes. Baslc flnancial assets Basic financial assets, which include deblors and cash and bank balanTrs are measured al transaction pri less any provision lor impairment. Loans re1vable are measured initially al fair value, nel ol transaction costs and aFe subsequently carried at amorlised (x>sts using the effective interest method. les5 any piovision for impairfflenl. Basic financlal liabilities Basic financial liabilities. including credilois and bank loans ale initially recogni58d at transaction pri¢8 unless the arrangement conslilules a financing transaction, where the debt instrument is measured at the present value ol the futu payments discounted at a market rate of interest. Financial liabilities classified as payable within one year ale not 8rn0rtIS8d. Debt instruments are subsequently carried al amortised cost, using the gffectivb interest rale method. Derecognition ol finarpcial liabllities Financial liabilities are derecognised when Foundation's contractual obligations expire or are discharged or cancelled. 1.7 Employee benefits The cost ol any unused holiday entitlement Ig recognised In the period in which the employee's serceS are recewed. Termination benefits are recognised irnmediately as an expense when the Foundation is demonstraY committed lo terminate the employment ol an employee or to provide terminalion benefits.
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles (Continued) Income from donatlons and legacles Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 52,505 Income from investments Unrestrictèd Unrestrictèd funds funds 2024 2023 Interest receivable 6,241 1,915 Expenditure on charitable activitie Charitable research funding activities Charitable rasearch funding activitiès 2024 2023 Direct costs Granl funding of activities (see note 51 53,605 25.188 Share of support and govèrnance costs (see note 61 Support Governance 533 6,000 1.318 6,000 60,138 32.506 Analysts by fund UnresliiGted funds Restricted funds 60,138 7.318 25,188 60,138 32,506
THE FOUNDATION FOR CIRCULATORY HEALTH {A CHARITABLE COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Grants payable Charitable research funding activities Charitable research funding activities 2024 2024 Grants to institutions.. Other 53,605 25,188 Support costs allocated to activities 2024 2023 Administrative costs Governance costs 533 6,000 1,318 6,000 6,533 7,318 Analysed between.. Charitable research funding adivilies 6,533 7,318 Trustèès None of the Trustees lor any persons connected with them) received any remuneration or benefits from Ihts Foundation during Ihe year. Employèes The average monlhty number ol empkjyees during the year was.. 2024 Number 2023 Number Tolal Taxatlon The charity is exernpl from taxation on ils activities because all ils income is applied for ohaii18bl8 purposes. 10-
THE FOUNDATION FOR CIRCULATORY HEALTH (A CHARITABLE COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 10 Tangible fixed assets Flxturos, filtlngs & equlpment Cost At 1 JLJIY 2023 17,762 At 30 June 2024 17,762 Depreciation and irnpairmènt At 1 July 2023 17,762 At 30 June 2024 17,762 11 Creditors.. amounts falllng due within one year 2024 2023 Other cred1tors Accrua15 and deferred income 107,840 6,000 107.840 13.171 113,840 121,011 12 Restricted funds The restiicled funds ol the charily comprise the unexpended balance8 of donations and grants held on trust subject to specific condition8 by donors as to how they may be used. At q July 2023 Resources expended At 30 June 2024 Restricted funds 7S7.138 767,138 Prevlous year.. At 1 July 2022 Resources expended At 30 June 2023 Restricted funds 792,326 {25,1881 767.138
THE FOUNDATION FOR CIRCULATORY HEALTH {A CHARITABLE COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 13 Unrestricted funds The unrestiicled funds of the charily comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they tnay be used. These in¢lLide designated funds which have been set aside out ol uniesliioled funds by the trustees for specific purposes. At 1 July 2023 Incoming resources Resources expended At 30 June 2024 General funds 97.081 58,746 {60,138} 95,689 Previous year.. At 1 July 2022 Incomtng resources Resources expended At 30 June 2023 General funds 102,484 1,915 17,3181 97,081 14 Analysi¥ of net assets bètween funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 30 June 2024.. Gurrent a8sel$llliabilitiesl 95.689 767.138 862.827 95.689 767,138 862,827 Unrestrlcted funds 2023 Restrlcted funds 2023 Total 2023 At 30 Jun8 2023.. Currenl assetsllliabilities) 97.081 767.138 864,219 97,081 767,138 864,219 15 Rèlated party transactlons There were no disclosable related party transaclions during the year12023 - none}. 12