2020-12-31-accounts

Charity number: 1101727

HEART CELLS FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

HEART CELLS FOUNDATION

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 4
Independent auditors' report on the financial statements	5 - 8
Statement of financial activities	9
Balance sheet	10
Notes to the financial statements	11 - 20

HEART CELLS FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees	Jenifer Rosenberg OBE, Chair
	Stephen James
	Adrian Magnus
	Professor John Martin
	Professor Anthony Mathur
	Sir Bernard Rix
	Professor Martin Rothman
	Myra Waiman
	Michael Clasper
Charity registered number 1101727 Principal office c/o Stephen James Suite 11 Accurist House 44 Baker Street London W1U 7AZ Independent auditors Simmons Gainsford LLP Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Website www.heartcellsfoundation.com

Page 1

HEART CELLS FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the audited financial statements of the charity for the year 1 January 2020 to 31 December 2020. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005, and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

a. Policies and objectives

The objective of the charity is to raise funds, in co-operation with the department of fundraising at the Barts Health NHS Trust, to fund stem cell research to treat patients with heart failure.

The Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

b. Volunteers

The Charity is dependent on the voluntary work of the Trustees and committee members in administering its funds. As this work has no tangible value this is not recognised in the financial statements.

Following appointment, new trustees are introduced to their new role and given copies of the Deed and a guide to the policies and procedures adopted by the Charity. A number of publications from the Charity Commission are also provided including the guidance on charities and public benefit. Trustees are aware that it is their responsibility to keep abreast of developments in relation to the governance of charities under the Charities Act.

c. Risk Management

The Trustees regularly examine the major strategic business and operational risks which the Charity faces and confirm that systems have been established to ensure that necessary steps are taken to lessen the effect of such risks.

Achievements and performance

a. Investment policy and performance

Under the Deed, the Trustees have the authority to invest the funds of the charitable trust at their discretion. No specific policy is followed other than to earn the market rate of return on monies invested. The year end value of the investment portfolio is stated in the notes to the accounts.

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HEART CELLS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

In accordance with its objective of raising £6m to fund stem cell reseach, the Trustees policy is to accumulate reserves until that target is achieved.

c. Principal funding

The Charity raised funds from various events and donations amounting to a total of £192,141 (2019: £527,020). However, due to the Covid pandemic we were unable to hold our two main fundraising events in 2020, the Film Night and the Golf Day, resulting in a large loss of income. The Charity also has a significant investment portfolio which generates investment returns. The accounts also recognise an unrealised net gain relating to investments held at the balance sheet date of £34,113 (2019: £36,346).

The Charity incurred a deficit for the year of £116,247 (2019: Surplus of £38,701) and this has been funded by reserves. Through our commercial company, Heart Cells Company Limited (HCC), we are investing time and money to find ways to raise funds necessary, through grants or various other methods, to complete our goal of securing adoption of our stem cell therapy for patients suffering with cardiovascular disease by making it readily available through the NHS.

Structure, governance and management

a. Constitution

The Charity was established by a Deed dated 20 November 2003 (the "Deed") for the purpose of setting up and maintaining responsibility for a centre sited initially within the Barts and The London NHS Trust, or such other location as the Trustees may decide, for research into stem cell and like therapies and the relief for the public benefit of illness and suffering by means of cell therapy and like therapies. The Charity was registered with the Charity Commission on 26 January 2004, under charity number 1101727. The Trustees regularly review the objectives of the Charity.

b. Methods of appointment or election of Trustees

Future trustees must be appointed by resolution of the Trustees. The full number of Trustees will not be less than five and not more than ten individuals.

Plans for future periods

We are discussing various methods of raising the required funds to be able to carry out a Phase III trial which is necessary to convince the regulator (MHRA) to allow us to roll out our treatment across the NHS. In the meantime we are continuing to fund the Compassionate Unit to treat patients with heart failure at St Bartholomew’s Hospital.

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HEART CELLS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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 and detection of fraud and other irregularities.

Disclosure of information to auditors

• Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Simmons Gainsford LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of the Trustees on and signed on their behalf by:

10/11/2021 | 17:39 GMT

Stephen James Trustee

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HEART CELLS FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEART CELLS FOUNDATION

Opinion

We have audited the financial statements of Heart Cells Foundation (the 'charity') for the year ended 31 December 2020 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources 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 Charities Act 2011.

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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity'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.

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HEART CELLS FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEART CELLS FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; 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.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

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HEART CELLS FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEART CELLS FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 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 an Auditors' report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

• the results of our enquiries of trustees and those charged with governance of their assessment of the risks of fraud and irregularities;

• the nature of the charity, including its trustee structure and control systems (including the opportunity for trustees to override such controls);

• trustee’s incentives and opportunities for fraudulent manipulation of the financial statements; and

• the environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Charities Act 2011. Based on this understanding we identified the following matters as being of significance to the entity:

• laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Charity Law, tax and pension legislation;

• the timing of the recognition of donations;

• management bias in selecting accounting policies and determining estimates;

• inappropriate journal entries; and

• recoverability of debtors

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

• enquiries of trustees and those charged with governance as to whether the entity complies with such laws and regulations;

• enquiries with the same concerning any actual or potential litigation or claims;

• discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;

• inspection of relevant legal correspondence;

• assessment of matters reported to trustees and the result of the subsequent investigation;

• obtaining an understanding of the relevant controls and testing their operation during the period;

• obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;

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HEART CELLS FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEART CELLS FOUNDATION (CONTINUED)

• challenging assumptions made by trustees in their specific accounting policies and estimates;

• identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;

• assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;

• reviewing the financial statements for compliance with the relevant disclosure requirements;

• performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;

• reviewing the minutes of Board meetings and correspondence with HMRC;

• evaluating the underlying business reasons for any unusual transactions; and

• considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Auditors' report.

Use of our report

This report is made solely to the charity'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 charity'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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Simmons Gainsford LLP

Chartered Accountants Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW

Date: 10/11/2021 | 19:17 GMT

Simmons Gainsford LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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HEART CELLS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note Income from: Donations and legacies 2 Fundraising events 3 Investments 4 Other income 5 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward - As restated Net movement in funds Total funds carried forward	Unrestricted funds 2020 £ 19,862 172,279 8,848 4,453 205,442 89,584 266,218 355,802 34,113 (116,247) 1,048,346 (116,247) 932,099	Total funds 2020 £ 19,862 172,279 8,848 4,453 205,442 89,584 266,218 355,802 34,113 (116,247) 1,048,346 (116,247) 932,099	As restated Total funds 2019 £ 180,238 346,782 10,247 20,896 558,163
			156,528 399,280 555,808
			36,346 38,701
			1,009,645 38,701 1,048,346

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 11 to 20 form part of these financial statements.

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HEART CELLS FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2020

Note Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current liabilities Total net assets Charity funds Unrestricted funds 16 Total funds	138,107 349,912 488,019 (814,012)	2020 £ 3,083 1,255,009 1,258,092 (325,993) 932,099 932,099 932,099	77,089 440,506 517,595 (589,464)	As restated 2019 £ 4,665 1,115,550 1,120,215 (71,869) 1,048,346 1,048,346 1,048,346

The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by:

10/11/2021 | 17:39 GMT

Stephen James

The notes on pages 11 to 20 form part of these financial statements.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

Heart Cells Foundation is the parent company of a small group, and as such is not required by Companies Act 2006 to prepare group accounts. These financial statements therefore present information about Heart Cells Foundation as an individual undertaking and not about its group.

Heart Cells Foundation meets the definition of a public benefit entity under FRS 102.

1.2 Going concern

The financial statements have been prepared on the going concern basis. The trustees consider that this basis is appropriate.

1.3 Income

Incoming resources are included in the statement of financial activities when the Charity can quantify the amount with reasonable accuracy.

Income from investments is included in the year in which it is receivable.

Dividends are credited to the statement of financial activities when they are received. Credit is taken for interest on an accrual basis.

1.4 Expenditure

Resources expended are recognised in the year in which they are incurred and are accounted for on an accruals basis and are classified under headings that aggregate all costs related to the category. Resources expended include attributable VAT which cannot be recovered.

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Depreciation is provided on the following basis:

Computer equipment

25% straight line

1.7 Investments

Investments in listed securities are included in the financial statements at market value. Realised and unrealised gains and profits and losses on investments are dealt with in the statement of financial activities.

Investments in subsidiaries are valued at cost less impairment.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and 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.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.11 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 at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Fund accounting

Unrestricted income funds comprise of funds which the Trustees are free to use for any purpose in furtherence of the charitable objectives.

Investment income, gains and losses are allocated to the appropriate fund.

2. Income from donations and legacies

	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
	£	£	£
Donations	19,862	19,862	180,238

3. Income from fundraising events

Film premier Golf day Other events	Unrestricted funds 2020 £ 20,400 14,080 137,799 172,279	Total funds 2020 £ 20,400 14,080 137,799 172,279	Total funds 2019 £ 290,452 26,125 30,205 346,782

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. Investment income

Income from listed investments Bank interest receivable	Unrestricted funds 2020 £ 5,345 3,503 8,848	Total funds 2020 £ 5,345 3,503 8,848	Total funds 2019 £ 7,578 2,669 10,247

5. Other incoming resources

	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
	£	£	£
Gift Aid receivable	4,453	4,453	20,896

6. Analysis of expenditure by activities

Raising funds Funding of compassionate unit	Activity undertaken directly 2020 £ 2,759 220,000 222,759	Support costs 2020 £ 86,825 46,218 133,043	Total funds 2020 £ 89,584 266,218 355,802	As restated Total funds 2019 £ 156,528 399,280 555,808

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Analysis of support costs

Staff costs PR and Marketing Governance costs	Raising funds 2020 £ 51,634 35,191 - 86,825	Stem cell research 2020 £ 21,505 - 24,713 46,218	Total funds 2020 £ 73,139 35,191 24,713 133,043	Total funds 2019 £ 75,868 51,468 26,048 153,384

7. Analysis of grants

			As restated
	Grants to	Total	Total
	Institutions	funds	funds
	2020	2020	2019
	£	£	£
Grants	220,000	220,000	354,265

The full amount of the grants are payable to Barts Health NHS Trust in both the current and prior years.

8. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £2,900 ( 2019 - £2,900 ) , and other non routine advice of £1,500 (2019 - £1,500).

9. Staff costs

Wages and salaries Social security costs	2020 £ 68,845 4,294 73,139	2019 £ 70,344 5,524
		75,868

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

	2020	2019
	No.	No.
Administrator	1	1

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2020	2019
		No.	No.
In the band £60,001	- £70,000	1	-
In the band £70,001	- £80,000	-	1

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).

During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL).

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11. Tangible fixed assets

Cost or valuation At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019	Computer equipment £ 9,991 55
	10,046
	5,326 1,637
	6,963
	3,083
	4,665

12. Fixed asset investments

Cost or valuation At 1 January 2020 Additions Revaluations At 31 December 2020	Investments in subsidiary companies £ 1 - - 1	Listed investments £ 1,115,549 105,346 34,113 1,255,008	Total £ 1,115,550 105,346 34,113 1,255,009

At the balance sheet date, the market value of the investment held in CF Heartwood Defensive Multi Asset Fund C Acc is £1,146,313 (2019: £1,115,549) and the market value of the investment held in CF Heartwood Defensive Multi Asset Fund I Acc is £108,695 (2019: £NIL).

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Debtors

Due within one year Fundraising debtors Amounts owed by subsidiary undertakings Prepayments and accrued income	2020 £ 101,100 30,855 6,152 138,107	2019 £ 29,550 32,711 14,828
		77,089

14. Creditors: Amounts falling due within one year

Other creditors Accruals and deferred income Financial instruments Financial assets Financial assets measured at fair value Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at cost less impairment	2020 £ 3,751 810,261 814,012 2020 £ 1,255,008 131,955 1,386,963 2020 £ 814,012	As restated 2019 £ 3,013 586,451
		589,464
		2019 £ 1,115,549 62,261
		1,177,810
		As restated 2019 £ 589,464

15. Financial instruments

Financial assets measured at fair value comprise listed investments.

Financial assets measured at amortised cost comprise trade and other debtors.

Financial liabilities measured at amortised cost comprise other creditors and accruals.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. Statement of funds

Statement of funds - current year

		As restated				Balance at
	Balance at 1					31
		January			Gains/	December
		2020	Income	Expenditure	(Losses)	2020
		£	£	£	£	£
Unrestricted funds
General funds		1,048,346	205,442	(355,802)	34,113	932,099
Statement of funds - prior year
						As restated
		As restated				Balance at
		Balance at				31
		1 January		As restated	Gains/	December
		2019	Income	Expenditure	(Losses)	2019
		£	£	£	£	£
Unrestricted funds
General Funds		1,009,645	558,163	(555,808)	36,346	1,048,346

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2020 £ 3,083 1,255,009 488,019 (814,012) 932,099	Total funds 2020 £ 3,083 1,255,009 488,019 (814,012) 932,099

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	As restated Unrestricted funds 2019 £ 4,665 1,115,550 517,595 (589,464) 1,048,346	Total funds 2019 £ 4,665 1,115,550 517,595 (589,464) 1,048,346

18. Prior year adjustment

The Trustees have identified that, in the previous financial statements, the liability for the grants payable to Barts Health NHS Trust had been omitted.

This has been corrected with a Prior Year adjustment in these financial statements resulting in the following adjustments to the comparative figures:

• Grants payable have been increased by £354,265

• Unrestricted funds brought forward have been reduced by £229,186

• Unrestricted funds carried forward have been reduced by £583,451

• The accrual for Grants due has been increased by £583,451

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