2023-12-31-accounts

Charity number: 1101727

HEART CELLS FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

HEART CELLS FOUNDATION

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 5
Independent auditors' report on the financial statements	6 - 10
Statement of financial activities	11
Balance sheet	12
Notes to the financial statements	13 - 23

HEART CELLS FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees	Jenifer Rosenberg OBE, Chair
	Stephen James
	Michael Clasper MBE
	The RT Hon Sir Bernard Rix
	Adrian Magnus
	Myra Waiman
	Professor Anthony Mathur
	Professor John Francis Martin
	Professor Martin Rothman
	Professor Rakesh Uppal (appointed 18 April 2024)
Charity registered number 1101727 Principal office Suite 4 Mill Court Mill Hill Edenbridge Kent TN8 5DB Independent auditors Sumer Auditco Limited Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW Bankers HSBC 9 The Boulevard Crawley West Sussex RH10 1UT Website www.heartcellsfoundation.com

Page 1

HEART CELLS FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Heart Cells Foundation for the 1 January 2023 to 31 December 2023. The Trustees confirm that the Annual report and financial statements of the charity comply with the requirements of the charity's governing document and in accordance with 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. Review of activities

Activities continued throughout the year to raise funds and awareness of the work being undertaken by the charity and the progress being made. These events included the Annual Golf Day, the Ambassadors Lunch and a Gala Brunch, the latter of which is the main fundraiser for the year. In addition to committee organised events, monies were raised by supporters to mark anniversary and birthday celebrations.

The charity continues to fund the unique Compassionate Unit at St Bartholomew’s Hospital, along with supporting further research into the field of cell-based regenerative therapy for cardiovascular disease. The Compassionate Unit continues to screen, evaluate and treat patients suffering with heart failure from across the UK.

Page 2

HEART CELLS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

b. 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.

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 research, the Trustees policy is to raise funds until that target is achieved.

c. Principal funding

The Charity raised funds from various events and donations amounting to a total of £427,821 (2022: £473,886). During the year we were able to hold our main two fundraising events, the Gala Brunch event and the Golf Day. 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 £53,546 (2022: Loss of £157,821).

The Charity generated a surplus for the year of £257,274 (2022: £338,561) 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.

Page 3

HEART CELLS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

c. 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.

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 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;

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

• state whether applicable UK Accounting Standards 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.

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HEART CELLS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors (continued)

Auditors

The auditors, Sumer Auditco Limited, 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 Trustees and signed on their behalf by:

Stephen James Trustee Date: 31/10/2024 | 11:38 GMT

Page 5

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 2023 which comprise the Statement of financial activities, the Balance sheet 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 2023 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 management and those charged with governance of their assessment of the risks of fraud and irregularities;

• the nature of the company including its management structure and control systems (including the opportunity for management to override such controls);

• management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and

• the industry and 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;

• the valuation and completeness of accrued grants payable;

• 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.

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HEART CELLS FOUNDATION

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

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 management and those charged with governance as to whether the entity complies with such laws and regulations and discussion with the same regarding any known or suspected instance of noncompliance;

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

• inspection of relevant legal correspondence;

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

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

• review of donations made for compliance with the trust deed;

• challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to accrued grants payable;;

• 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 trustees 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; and

• reviewing the minutes of Trustees meetings

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.

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HEART CELLS FOUNDATION

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

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.

Sumer Auditco Limited

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

Date: 31/10/2024 | 11:38 GMT

Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

HEART CELLS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note Income from: Donations and legacies 2 Fundraising activities 3 Investments 4 Other income 5 Total income Expenditure on: Raising funds 8 Charitable activities Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 171,680 256,161 15,092 8,675 451,608 180,866 62,468 243,334 208,274 49,000 257,274 1,274,015 257,274 1,531,289	Total funds 2023 £ 171,680 256,161 15,092 8,675 451,608 180,866 62,468 243,334 208,274 49,000 257,274 1,274,015 257,274 1,531,289	Total funds 2022 £ 176,994 296,892 18,923 6,077
			498,886 154,883 (152,389)
			2,494 496,392 (157,831)
			338,561 935,454 338,561
			1,274,015

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

The notes on pages 13 to 23 form part of these financial statements.

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HEART CELLS FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2023

Note Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total net assets Charity funds Unrestricted funds 17 Total funds	214,319 348,570 562,889 (258,734)	2023 £ 2,778 1,224,356 1,227,134 304,155 1,531,289 1,531,289 1,531,289	208,302 438,766 647,068 (590,209)	2022 £ 2,876 1,214,280
				1,217,156 56,859
				1,274,015
				1,274,015
				1,274,015

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

Stephen James

Trustee Date: 31/10/2024 | 11:38 GMT

The notes on pages 13 to 23 form part of these financial statements.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), with FRS 102 and with the requirements of the Charities Act 2011.

Heart Cells Foundation is the parent company of a small group, and as such is not required by Charities Act 2011 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.

Donations and fundraising income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

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.

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.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

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 charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

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 provision for 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.

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.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.12 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.

1.13 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
	2023	2023	2022
	£	£	£
Donations	171,680	171,680	176,994

3. Income from fundraising events

Unrestricted funds 2023 £ Film premier 170,708 Golf day 20,250 Other events 65,203 256,161	Total funds 2023 £ 170,708 20,250 65,203 256,161	Total funds 2022 £ 214,495 21,150 61,247
		296,892

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Investment income

Unrestricted funds 2023 £ Income from listed investments 6,601 Bank interest receivable 8,491 Other interest receivable - 15,092 Other incoming resources Unrestricted funds 2023 £ Gift aid receivable 8,675	Total funds 2023 £ 6,601 8,491 - 15,092 Total funds 2023 £ 8,675	Total funds 2022 £ 16,733 1,316 874
		18,923
		Total funds 2022 £ 6,077

5. Other incoming resources

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Analysis of expenditure by activities

Raising funds Funding of compassionate unit	Activity undertaken directly 2023 £ 50,724 (12,700) 38,024	Support costs 2023 £ 128,637 75,168 203,805	Total funds 2023 £ 179,361 62,468 241,829	Total funds 2022 £ 154,883 (152,389)
				2,494

Analysis of support costs

Staff costs PR and Marketing Governance costs	Raising funds 2023 £ 54,000 74,637 - 128,637	Stem cell research 2023 £ 21,681 - 53,487 75,168	Total funds 2023 £ 75,681 74,637 53,487 203,805	Total funds 2022 £ 72,698 60,090 48,795
				181,583

7. Analysis of grants

Grants Reversal of excess in accruals	Grants to Institutions 2023 £ 250,000 (262,700) (12,700)	Total funds 2023 £ 250,000 (262,700) (12,700)	Total funds 2022 £ 276,286 (498,418)
			(222,132)

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

Included in the grants to institutions is the reversal of a brought forward accrual relating to accrued grants payable which were in excess of the actual invoices.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Investment management costs

	Unrestricted	Total	Total
	funds	funds	funds
	2023	2023	2022
	£	£	£
Investment management fees	1,505	1,505	-

9. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £3,100 (2022: £3,100), and other non routine advice of £1,500 (2022: £1,500).

10. Staff costs

Wages and salaries Social security costs	2023 £ 72,000 3,681 75,681	2022 £ 69,000 3,698
		72,698

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

	2023	2022
	No.	No.
Administrator	1	1

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

		2023	2022
		No.	No.
In the band £60,001	- £70,000	-	1
In the band £70,001	- £80,000	1	-

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).

12. Tangible fixed assets

Cost or valuation At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022	Computer equipment £ 13,862 1,160
	15,022
	10,986 1,258
	12,244
	2,778
	2,876

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Fixed asset investments

Investments

Cost or valuation At 1 January 2023 Additions Disposals Revaluations At 31 December 2023	in subsidiary companies £ 1 - - - 1	Listed investments £ 1,214,280 1,394,612 (1,438,083) 53,546 1,224,355	Total £ 1,214,281 1,394,612 (1,438,083) 53,546
			1,224,356

The investment held with CF Heartwood Defensive Multi Asset Fund Accounts were disposed of in the year and reinvested with HSBC, in a variety of listed invesments. The market value of the HSBC portfolio is £1,224,355 at the balance sheet date.

14. Debtors

Due within one year Fundraising debtors Amounts owed by subsidiary undertakings Other debtors Prepayments and accrued income	2023 £ 120,751 80,902 1,375 11,291 214,319	2022 £ 141,850 39,190 1,375 25,887
		208,302

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Creditors: Amounts falling due within one year

Other creditors Accruals and deferred income	2023 £ 4,228 254,506 258,734	2022 £ 7,847 582,362
		590,209

16. 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	2023 £ 1,224,355 203,029 1,427,384 2023 £ 258,734	2022 £ 1,214,279 182,415
		1,396,694
		2022 £ 590,209

Financial assets measured at fair value comprise listed investments.

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

Other 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 2023

17. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1				31
	January			Gains/	December
	2023	Income	Expenditure	(Losses)	2023
	£	£	£	£	£
Unrestricted funds
General Funds - all funds	1,274,015	451,608	(243,334)	49,000	1,531,289
Statement of funds - prior	year
					Balance at
	Balance at				31
	1 January			Gains/	December
	2022	Income	Expenditure	(Losses)	2022
	£	£	£	£	£
Unrestricted funds
General Funds - all funds	935,454	498,886	(2,494)	(157,831)	1,274,015

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2023 £ Tangible fixed assets 2,778 Fixed asset investments 1,224,356 Current assets 562,889 Creditors due within one year (258,734) Total 1,531,289	Total funds 2023 £ 2,778 1,224,356 562,889 (258,734)
	1,531,289

Analysis of net assets between funds - prior year

Unrestricted funds 2022 £ Tangible fixed assets 2,876 Fixed asset investments 1,214,280 Current assets 647,068 Creditors due within one year (590,209) Total 1,274,015	Total funds 2022 £ 2,876 1,214,280 647,068 (590,209)
	1,274,015

19. Operating lease commitments

At 31 December 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years	2023 £ 8,250 3,438 11,688	2022 £ 8,250 11,688
		19,938

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