2024-12-31-accounts

Charity number: 1101727

HEART CELLS FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 - 22

HEART CELLS FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

The Trustees present their annual report together with the audited financial statements of the Heart Cells Foundation for the 1 January 2024 to 31 December 2024. 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 Ambassadors Lunch and a Gala Brunch, the latter of which is the main fundraiser for the year, with the Golf Day returning in 2025. 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 2024

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 £385,939 (2023: £427,821). During the year we were able to hold our main fundraising event, the Gala Brunch event, with no Golf Day being held (this returned in 2025). 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 £60,331 (2023: £53,546).

The Charity generated a deficit for the year of £117,575 (2023: £257,274 surplus) 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 2024

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.

Page 4

HEART CELLS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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: 12/12/2025 | 07:44 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 2024 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 2024 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: 12/12/2025 | 07:44 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 2024

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 (expenditure)/income before net gains/(losses) on investments Realised gains/(losses) on investments Gains on revaluation of fixed asset investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2024 £ 150,346 235,593 49,040 8,635 443,614 146,510 497,438 643,948 (200,334) 22,428 60,331 (117,575) 1,531,289 (117,575) 1,413,714	Total funds 2024 £ 150,346 235,593 49,040 8,635 443,614 146,510 497,438 643,948 (200,334) 22,428 60,331 (117,575) 1,531,289 (117,575) 1,413,714	Total funds 2023 £ 171,680 256,161 15,092 8,675
			451,608 180,866 62,468
			243,334 208,274 (4,546) 53,546
			257,274 1,274,015 257,274
			1,531,289

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

The notes on pages 13 to 22 form part of these financial statements.

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HEART CELLS FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2024

			2024	2024		2023
	Note		£			£
Fixed assets
Tangible assets	12		1,630			2,778
Investments	13		1,388,173			1,224,356
			1,389,803			1,227,134
Current assets
Debtors	14	289,998			214,319
Cash at bank and in hand		427,494			348,570
		717,492			562,889
Creditors: amounts falling due within one
year	15	(693,581)			(258,734)
Net current assets			23,911			304,155
Total net assets			1,413,714			1,531,289
Charity funds
Unrestricted funds	16		1,413,714			1,531,289
Total funds			1,413,714			1,531,289

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

Stephen James

Trustee Date: 12/12/2025 | 07:44 GMT

The notes on pages 13 to 22 form part of these financial statements.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 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.

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 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
	2024	2024	2023
	£	£	£
Donations	150,346	150,346	171,680

3. Income from fundraising events

Unrestricted funds 2024 £ Gala and film premier 168,070 Golf day - Other events 67,523 235,593	Total funds 2024 £ 168,070 - 67,523 235,593	Total funds 2023 £ 170,708 20,250 65,203
		256,161

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Investment income

Unrestricted funds 2024 £ Income from listed investments 32,520 Bank interest receivable 13,731 Other interest receivable 2,789 49,040 Other incoming resources Unrestricted funds 2024 £ Gift aid receivable 8,635	Total funds 2024 £ 32,520 13,731 2,789 49,040 Total funds 2024 £ 8,635	Total funds 2023 £ 6,601 8,491 -
		15,092
		Total funds 2023 £ 8,675

5. Other incoming resources

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure by activities

Raising funds Funding of compassionate unit	Activity undertaken directly 2024 £ 43,781 412,697 456,478	Support costs 2024 £ 91,873 84,741 176,614	Total funds 2024 £ 135,654 497,438 633,092	Total funds 2023 £ 179,361 62,468
				241,829

Analysis of support costs

Staff costs PR and Marketing Governance costs	Raising funds 2024 £ 57,000 34,873 - 91,873	Stem cell research 2024 £ 23,233 - 61,508 84,741	Total funds 2024 £ 80,233 34,873 61,508 176,614	Total funds 2023 £ 75,681 74,637 53,487
				203,805

7. Analysis of grants

Grants Revision to past accruals	Grants to Institutions 2024 £ 262,877 149,820 412,697	Total funds 2024 £ 262,877 149,820 412,697	Total funds 2023 £ 250,000 (262,700)
			(12,700)

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

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Investment management costs

	Unrestricted	Total	Total
	funds	funds	funds
	2024	2024	2023
	£	£	£
Investment management fees	10,856	10,856	1,505

9. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £3,100 (2023: £3,100), and other non routine advice of £1,500 (2023: £1,500).

10. Staff costs

Wages and salaries Social security costs	2024 £ 76,000 4,233 80,233	2023 £ 72,000 3,681
		75,681

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

	2024	2023
	No.	No.
Administrator	1	1

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

		2024	2023
		No.	No.
In the band £70,001	- £80,000	1	1

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL).

12. Tangible fixed assets

Cost or valuation At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023	Computer equipment £ 15,022 99
	15,121
	12,244 1,247
	13,491
	1,630
	2,778

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Fixed asset investments

Investments

	Investments
Cost or valuation At 1 January 2024 Additions Disposals Revaluations At 31 December 2024	in subsidiary companies £ 1 - - - 1	Listed investments £ 1,224,355 679,479 (575,993) 60,331 1,388,172	Total £ 1,224,356 679,479 (575,993) 60,331
			1,388,173

14. Debtors

Due within one year Fundraising debtors Amounts owed by subsidiary undertakings Other debtors Prepayments and accrued income 15. Creditors: Amounts falling due within one year Other creditors Accruals and deferred income	2024 £ 177,810 95,478 1,375 15,335 289,998 2024 £ 26,012 667,569 693,581	2023 £ 120,751 80,902 1,375 11,291
		214,319
		2023 £ 4,228 254,506
		258,734

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1				31
	January			Gains/	December
	2024	Income	Expenditure	(Losses)	2024
	£	£	£	£	£
Unrestricted funds
General Funds - all funds	1,531,289	443,614	(643,948)	82,759	1,413,714
Statement of funds - prior	year
					Balance at
	Balance at				31
	1 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

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HEART CELLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds 2024 £ Tangible fixed assets 1,630 Fixed asset investments 1,388,173 Current assets 717,492 Creditors due within one year (693,581) Total 1,413,714	Total funds 2024 £ 1,630 1,388,173 717,492 (693,581)
	1,413,714

Analysis of net assets between funds - prior period

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

18. Operating lease commitments

At 31 December 2024 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	2024 £ 9,038 24,127 33,165	2023 £ 8,250 3,438
		11,688

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