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2021-09-30-accounts

Charity Registration No. 1116510

Company Registration No. 05924982 (England and Wales)

WESSEX CARDIAC TRUST

REPORT AND FINANCIAL STATEMENTS YEAR ENDING 30 SEPTEMBER 2021

WESSEX CARDIAC TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

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Trustees MrGA Longhurst
Dr
J MT
Pierce
Dr J R Wilkinson
Mr N J Lapage
MrC H Thomson Resigned 20/1/22
Mr G Oliver
Ms F L Cooke Resigned 15/6/21
Mr N S G Scarfe
Dr T Bharucha
Mr Bill Blain
MsP
lannotti		 Appointed 1/9/21
Appointed 1/9/21
Mr J P Evangelista Appointed 1/9/21
Mr PM Haydock Appointed 1/9/21
Also known as Wessex Heartbeat
Chief executive officer Mr J T Munro
Charity number 1116510
Company number 05924982
Registered office Heartbeat House
152-154 Tremona Road
Southampton
Hampshire
SO16 6HW
Auditors Westlake Clark Audit LLP
Unit 1, West Links
Tollgate Business Park
Chandlers Ford
Hampshire
S053 3TG
Bankers NatWest Bank Pic
1 Romsey Road
Shirley
Southampton
Hampshire
$016 4GT
Investment advisers Investec Wealth & Investment
Midland House
2 Poole Road
Bournemouth
BH2 5QY
Solicitors Stillwells Solicitors
6 Carlton Crescent
Southampton
Hampshire
S0152EY

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WESSEX CARDIAC TRUST

CONTENTS

Page
Trustees' report including directors’ report 1-6
Independent auditors’ report 7-9
Statement offinancial activities 10
Balance sheet 11
Statement ofcash flows 12
Notestotheaccounts 13-22

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WESSEX CARDIAC TRUST _ TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDING 30 SEPTEMBER 2021 ee The trustees are pleased to present their annual report together with financial statements of the charity for the year ending 30 September 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The charity constitutes a public benefit entity as defined by FRS 102.

Structure, governance and management

Governing document

Wessex Cardiac Trust is a company limited by guarantee governed by its Memorandum and Articles of Association. It is a registered charity with the Charity Commission.

Governing body

New trustees are identified by trustees and their recruitment is based upon the skills and experience that they can bring to the charity with the board seeking to provide the charity with a range of skills in governance and management as well as representatives from the Wessex Cardiac Centre and those with first hand experience of heart disease.

Trustee induction and training

Trustees have an induction training programme and spend time with the Chief Executive or members of the senior management team to involve them in the work of the charity and the Wessex Cardiac Centre.

Organisational management

The trustees are legally responsible for the management of the risks faced by the charity with the day to day running of the charity being delegated to the Chief Executive who is supported by the Heartbeat Team. The Chief Executive attends all meetings of trustees and regularly reports and updates the chairman between the quarterly meetings. Remuneration is reviewed for key personnel through annual appraisals.

Related parties

Wessex Cardiac Trust has a wholly owned subsidiary, Wessex Heartbeat Limited. This company ceased to trade in 2012 and has remained dormant.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Detailed considerations of risk are delegated to the Chief Executive and the Heartbeat Team. Risks are identified, assessed and controls established throughout the year. A formal review of the charity's risk management process is undertaken on an annual basis and the key controls include:

Through the risk management processes, the trustees are satisfied that the major risks identified have been adequately managed where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The main risk to the charity for the year under review is the current economic climate, where Covid 19 has hada significant impact on the ability to fundraise and as a result the trustees have preserved the reserves of the charity by not overspending the funds available to them.

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WESSEX CARDIAC TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021 eee, Purposes and activities The purposes of the charity are to relieve suffering from cardiovascular diseases primarily by supporting the work of the Wessex Cardiac Centre based at Southampton General Hospital and working within the community of the Wessex Region. This is achieved by providing equipment, services, and facilities to help patients and their relatives through the process of treatment in the Centre, by funding research into the prevention, rehabilitation and cure of such diseases and by providing funds and facilities to train and educate staff in the Centre.

The trust achieves these objects through 4 areas:

  1. Education and training Selectively providing funds to train and educate staff in the Wessex Cardiac Centre ranging from Supporting attendees at conferences to funding training courses for medical staff to enhance and advance their professional knowledge and skills.

2. Prevention

4. Rehabilitation

Funding research on the rehabilitation and cure of heart disease.

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WESSEX CARDIAC TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021 a Objectives for the year

During the year, the trust had three major objectives:

  1. Medical equipment — Healthy Living Centre We are developing a multi-purpose centre for the prevention, prehabilitation (fit for surgery) and rehabilitation of cardiovascular disease. The centre will also deliver education around dietary habits, nutrition and address the emotional and behavioural factors following a cardiac episode to increase the chances of a successful recovery and assist in the education of patients on healthy behaviours.

  2. Education and training To continue to promote and meet the aims of Wessex Heartbeat. Year on year the charity supports unrestrictedcardiac care needs and priorities made knownto it through a process of grants submissions, using Trust funds achieved through donations, community fundraising and events. In addition, the continues to promote the overriding purpose of the charity as widely as possible throughout the

Wessex Region.

  1. Treatment — Heartbeat House To continue to run and maintain Heartbeat House, which provides a 25 bedroom “home from home” for up to 35 people whose loved ones are undergoing treatment within the Cardiac Centre.

Principal activities for the year

The three objectives outlined above, were the main principal activities undertaken during the year. In addition, the trust continued to support any ad hoc needs for critical education or equipment in line with its purpose.

Grant making policy

The Trust provides grants in line with its objects and priorities for funding that are identified from time to time. These fall into the following categories: Education and training, prevention, treatment, and rehabilitation.

Volunteers

The Trust has, since its establishment, been supported by many willing volunteers in fundraising and administration activities of the charity, the trustees would like to take this opportunity to say how much they appreciate their continued and valuable support for our vital work in the community.

Public benefit

Wessex Cardiac Trust exists solely to provide benefit to the public through on-going support to the Cardiac Unit helping it to achieve the best of cardiac care. This is enabled by continuing to upgrade and improve the facilities within the Unit, provide accommodation to relatives of inpatients, vital education and training opportunities for staff, and through striving to contribute to medical advancements through invaluable research.

The trustees confirm that they have complied with their duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in respect of public benefit.

Financial instruments

The charities activities expose it to a number of financial risks, including credit risk, cash flow risk and liquidity risk. Written principles on the use of financial derivatives are used to manage these risks.

Credit risk is limited due to the principal financial assets being bank balances and investments with high credit ratings assigned by international credit rating agencies.

Cash flow risk is primarily the risk of changes in interest rates, interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flow. Liquidity risk is reduced due to the charity using a mixture of long term and short-term debt finance to ensure that sufficient funds are available for ongoing operations and future developments.

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WESSEX CARDIAC TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021

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Achievements and performance

Covid 19 and its variations continues to have a substantial impact on our ability to fundraise through events and the development of corporate support. We continue to adapt by looking at our fundraising portfolio and developing an innovative initiative that can deliver both short-term and long-term, sustainable funding streams, with an emphasis on continual development of digital marketing. The Trustees and the Chief Executive continued the process of rigorously reviewing all aspects of income and expenditure. During the year the charity:

  1. Committed over £230,000 of support to several critical projects which included: e DNA Repair in patients with stable Angina e Lead Heart Failure Nurse Pilot e ‘Explain my Procedures’ to improve consent pathways e Research Fellowship in Heart Failure e Paediatric Palliative Nurse Specialist e Local area Foodbank Support (Healthy Eating) e Continue to support and develop 3D heart modelling for complicated congenital heart disease in children

  2. Continued to run Heartbeat House and with the impact of Covid 19, the House continues to support where possible with current restrictions.

  3. Continued to run our Make a Smile Lottery with 3800 players now signed up although again Covid 19 has impacted on numbers both with retention of registration of new supporters. We are confident that this will continue to grow, bringing our supporters a weekly lottery draw which is an opportunity to raise funds with an exciting chance to win cash prizes; and

  4. As the Pandemic continues to impact on fundraising, we enhanced the profile of the charity, with an increased focus on digital fundraising and awareness particularly within the local area, through our social media channels and enhanced PR and carefully chosen networking opportunities.

Fundraising this year has proved difficult due to Covid 19 with only a limited programme of events spreading across the Wessex Region, including a Summer BBQ, Quiz nights and various sporting challenges. We are continually humbled by the support given. Financial review

As shown on the Statement of Financial Activities on page 10, income for the year amounted to £488,401 (2020: 466,061), expenditure for the year amounted to £513,447 (2020: £459,678), giving a net increase in funds after gains on investment of £24,963 (decrease 2020: £11 ,408). At the end of the year, the charity’s net assets amounted to £2,729,161 (2020: £2,704,198).

The charity paid £600 on behalf of the trustees in relation to indemnity insurance (2020: £600).

Going concern

After reviewing the charity’s forecasts and projections, the Board have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The entity therefore continues to adopt the going concern basis in preparing its financial statements. As a result of Covid 19 the Board are continuing to monitor and assess the current implication and operations of the charity.

Principal funding sources

The principal funding sources of the charity are donations from the general public, legacies, and through various fundraising activities. Also during the year, grants were received from the Government which included the Coronavirus Job Retention Scheme as set out in note 6 to the accounts.

Investment policy

Funds are invested to produce the maximum income consistent with security of capital and certainty of realisation. With historically low interest rates the Trust’s Strategy is to invest in a low to medium risk portfolio of assets that delivers a growing level of income balanced with the opportunity for capital growth over the longer term. Quarterly meetings are held with our investment advisers to review investment performance against investment projections.

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WESSEX CARDIAC TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021

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Reserve’s policy It is the policy of the trustees to secure the long-term viability of the Trust by balancing the ongoing obligations in relation to the maintenance and upkeep of Heartbeat House, the various research activities or projects and the general support required by the Wessex Cardiac Centre. In addition, sufficient liquid reserves need to be maintained to meet all anticipated short-term needs, after allowing for income from fundraising activities likely to be received within the required timescale and, insofar as available funds are insufficient fully to meet the foregoing objectives, to give priority to the short-term needs except where that would require funds donated specifically for endowment purposes to be utilised contrary to the donor's wishes.

Plans for the future Wessex Heartbeat is passionate about improving the care for people living with heart conditions within the area it serves. We will continue to support the vital work of the Wessex Cardiac Centre to help ensure that it remains an international centre of excellence for the care of cardiovascular patients throughout their lives. Together our aim is to improve the journey and the patient experience of all patients for whom the Cardiac Centre provides care from diagnosis through treatment to aftercare.

We recognise that patients’ wellbeing and outcomes are improved by:

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WESSEX CARDIAC TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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The trustees, who are also the directors of Wessex Cardiac Trust for the purpose of company law, are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statement may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees’ annual report:

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WESSEX CARDIAC TRUST INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESSEX CARDIAC TRUST SEES

Opinion

We have audited the financial statements of Wessex Cardiac Trust for the year ended 30 September 2021 which comprise statement of financial activities, balance sheet and notes to the financial statements, 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).

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK, including the FRC’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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor's report thereon. 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.

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WESSEX CARDIAC TRUST

INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF WESSEX CARDIAC TRUST

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In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so. 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.

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WESSEX CARDIAC TRUST INDEPENDENT AUDITORS’ REPORT (CONTINUED) TO THE MEMBERS OF WESSEX CARDIAC TRUST aan eee Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) which comprised inquiries of management and the Board of Trustees as to whether the charity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud: documentation and review of the internal controls over funds received and expenditure paid out; sampling and testing both income and expenditure transactions for accuracy and completeness; review and audit based analysis of the underlying accounting records; checking and sampling accounting data back to original source documents. 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).

Auditor’s responsibilities for the audit of the financial statements

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 auditor's 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. A further description of our responsibilities is located on the Financial Reporting Council's website at_www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ZE Fabrice Legris (Senior Statutory Auditor)

For and on behalf of Westlake Clark Audit LLP (Statutory Auditor)

Unit 1, West Links Tollgate Business Park Chandlers Ford Hampshire S053 3TG

Date: 23Jur« pe ee

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WESSEX CARDIAC TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDING 30 SEPTEMBER 2021

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowment|Total|Total| |funds|funds|funds|2021|2020| |Note|£|£|£|£|£| |Income|and|endowments|from:| |Donations|and|legacies|2|213,499|19,815|-|233,314|253,279| |Other|trading|activities|3|143,809|1,615|-|145,424|153,188| |Charitable|activities|4|Af|-|.|1,175|7,174| |Investments|5|11,017|-|-|11,017|13,542| |Other|6|97,471|-|-|97,471|38,878| |Total|income|466,971|21,430|-|488,401|466,061| |Expenditure|on:| |Raising|funds| |Costs|of generating|donation|income|2|138,510|-|-|138,510|174,225| |Fundraising|trading|costs|3|113,461|-|-|113,461|135,767| |Charitable|activities|7|185,555|11,788|64,133|261,476|149,686| |Total|expenditure|437,526|11,788|64,133|513,447|459,678| |Net|gains/ (losses) on|investments|13|50,009|-|-|50,009|(17,791)| |Net|income/|(expenditure)|79,454|9,642|(64,133)|24,963|(11,408)| |Transfers|2,319|(2,319)|-|.|-| |Net movement|in funds|for the|year|81,773|7323|(64,133)|24,963|(11,408)| |Reconciliation|of funds| |Total|funds|brought forward|2,639,434|88|64,676|2,704,198|2,715,606| |Total funds|carried|forward|2,721,207|7,411|543|2,729,161|2,704,198|

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

All income and expenditure derives from continuing activities.

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WESSEX CARDIAC TRUST

Company no. 05924982

BALANCE SHEET

AS AT 30 SEPTEMBER 2021

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|||||||| |---|---|---|---|---|---|---| |2021|2020| |Fixed|assets|Note|£|£| |Tangible|assets|12|1,218,571|1,230,466| |Investments|13|538,484|504,427| |1,757,055|1,734,893| |Current|assets| |Stock|14|1,842|1,713| |Debtors|15|36,765|41,668| |Cash|at bank|and|in|hand|1,064,850|963,293| |1,103,457|1,006,674| |Creditors|falling|due within one|year|16|(131,351)|(37,369)| |Net curent|assets|972,106|969,305| |Net assets|2,729,161|2,704,198| |The|funds|of the|charity:| |Endowment|funds|19|543|64,676| |Restricted|funds|20|7,411|88| |Unrestricted|funds|20|2,721,207|2,639,434| |Total|charity funds|2,729,161|2,704,198|

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These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of trustees and were signed on its behalf by:

Mr N J Lapage - Trustee Date: 22-6 7 2n -

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WESSEX CARDIAC TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDING 30 SEPTEMBER 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Cash|flow|from|operating|activities|75,974|3,145| |Cash|flow|from|investing|activities| |Dividend|income|and|interest|from|investments|11,017|13,542| |Purchase|of tangible|fixed|assets|(1,386)|(13,252)| |Purchase|of investments|(33,662)|(68,988)| |Proceeds|from|sale|of|investments|49,614|60,803| |Net|cash|flow|from|investing|activities|25,583|(7,895)| |Net|increase/|(decrease)|in|cash|101,557|(4,750)| |Cash|at|the|beginning|of|the|year|963,293|968,043| |Total|cash|at the|end|of the|year|1,064,850|963,293|

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Reconciliation of net income/ (expenditure) to net cash flow from operating activities

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||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Net|income/|(expenditure)|for|the|year|24,963|(11,408)| |Depreciation|charges|13,281|14,749| |Dividends|and|interest|from|investments|(11,017)|(13,542)| |Loss|from|disposal|of fixed|assets|-|1,067| |(Gains)/|losses|on|investments|(50,009)|17,791| |(Increase)|decrease|in|stock|(129)|33| |Decrease/|(increase)|in|debtors|4,903|5,109| |Increase/|(decrease)|in|creditors|93,982|(10,654)| |Net cash|flow from|operating|activities|75,974|3,145|

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WESSEX CARDIAC TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 30 SEPTEMBER 2021

The charity constitutes a public benefit entity as defined by FRS 102. The 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling and rounded to the nearest £1.

Exemption from preparing group accounts

The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.

b) Income Donation income, legacies and gifts are recognised where there is entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.

Income from other trading activities include income recognised as earned from the sale of merchandise or from fundraising events recognised in the month the event occurs.

Investment income is earned through holding of assets for investment Purposes such as shares. It includes dividends and interest and is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established. Income from Government grants and initiatives including the Coronavirus Job Retention Scheme are recognised in the period to which the grants relate.

Donated services are recognised in income at fair value when their economic benefit is probable, can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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WESSEX CARDIAC TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021

d) Expenditure and irrecoverable VAT

Expenditure is accounted for on an accruals basis and charged againsts the cost category it relates to. Direct charitable grants are recognised as expenditure whena legal or constructive obligation to make grants out of existing funds has been accepted and approved by the trustees. Commitments outstanding at the balance sheet date are included within creditors.

Costs of generating funds are those costs incurred in attracting donation income, and those incurred in generating funds through sale of merchandising and fundraising events.

Support costs include central costs incurred. Where possible, these have been directly attributed to a particular activity. Where the costs are not able to be attributed directly, they have been allocated to cost categories on a basis consistent with the use of these resources.

f) Tangible fixed assets Fixed assets other than freehold land are capitalised at cost and depreciated over their estimated useful economic lives on a straight line basis as follows:

Freehold land is not depreciated Freehold buildings 0.5% on cost Computer equipment 25% on cost Furniture and fittings 20% on cost

The charity is exempt from corporation tax on its charitable activities.

m) Pensions

Eligible employees were automatically enrolled into the workplace pension scheme unless they excerised their right to opt out of the scheme membership.

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WESSEX CARDIAC TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDING 30 SEPTEMBER 2021

2 Summary analysis for donated income
Unrestricted Restricted Endowment Total Total
funds funds Funds 2021 2020
2 £ £ £ £
Donations and legacies
Donations and gifts 101,237 19,815 - 121,052 138,232
Legacies 112,262 - . 112,262 115,046
213,499 19,815 - 233,314 253,279
Costs ofgenerating donation income
Donation costs 113,593 - ~ 113,593 145,927
Support costs (see note 9) 24,917 - - 24,917 28,298
138,510 - - 138,510 174,225
Net donations 74,989 19,815 - 94,804 79,053
3 Summary analysis for other trading activities
Merchandise Fundraising Trading Total Total
sales events income 2021 2020
£ £ £ £ £
Income from other trading activities 657 139,642 5125 145,424 153,188
Fundraising trading costs
Cost ofgoods 573 - 1,754 2,327 2,938
Staging events - 97,292 - 97,292 117,109
Support costs (see note 9) - 13,842 - 13,842 15,720
573 111,134 1,754 113,461 135,767
Netothertradingactivities 84 28,508 3,371 31,963 17,421

Of the £145,424 income in 2021 £143,809 (2020: £135,445) was charged to unrestricted funds and £1,615 (2020: £17,743) to restricted funds.

All of the £113,461 expenditure in 2021 (2020: £135,767) was charged to unrestricted funds.

4 Income from charitable activities

Income from charitable activities
2021 2020
£ £
Patient support services 1,175 §,525
Your Healthy Heart checks - 1,649
1757,174 7,174

Use of Heartbeat House is free, with the exception of a key deposit charge and use of laundry services, which is included in patient support income.

= 15

WESSEX CARDIAC TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021

5 Investment income

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Bank|interest|receivable|53|719| |Interest|from|fixed|interest|securities|2,384|3,435| |Dividend|income|8,580|9,388| |11,017|13,542| |Other|income| |2021|2020| |£|=| |Grant|income|regarding|Covid|19|71,871|38,878| |Business|interruption|insurance|claim|regarding|Covid|19|25,000|-| |Re-imbursement|with|regard|to|the|fraud|shown|in|the|2015|accounts|600|-| |97,471|38,878| |Expenditure|on|charitable|activities| |Education|Prevention|Treatment|Total|Total| |and|training|and|patient|2021|2020| |support| |£|£|£|£|£| |Direct|costs|(see|note|8)|-|-|55,605|55,605|69,289| |Grants|to|individuals|222|-|1,571|1,793|640| |Grants|to|institutions|63,910|90,500|7,338|161,748|25,493| |Governance|costs|(see|note|9)|2;572|5,144|18,003|25,719|35,399| |Support|costs|(see|note|9)|5,537|5,537|§,537|16,611|18,864| |72,241|101,181|88,054|261,476|149,686|

----- End of picture text -----

7 Expenditure on charitable activities

All grants for training and medical equipment in the year were to institutions in particular Southampton General Hospital £63,910 (2020: £18,705) and the remainder were to individuals.

Of the £261,476 expenditure in 2021 £185,555 (2020: £131,301) was charged to unrestricted funds, £11,788 (2020: £5,814) to restricted funds and £64,133 (2020: £12,571) to endowment funds.

8 Analysis of direct costs on charitable activities

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Patient|Total|Total| |support|2021|2020| |£|£:|£| |Heartbeat|House|running|costs|17,122|17,122|24,949| |Heartbeat|House|employment|costs|33,044|33,044|35,834| |Heartbeat|House|depreciation|5,234|5,234|5,234| |Your|Healthy|Heart|checks|205|205|3,272| |55,605|55,605|—s—_—«69,289|

----- End of picture text -----

Heartbeat House has 25 bedrooms, comfortable lounge areas and home from home facilities for relatives of patients undergoing treatment in the Wessex Cardiac Unit.

<T6i

WESSEX CARDIAC TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021

a

9Analysis of governance and support costs

The Trust initially identifies the costs of its support functions and then identifies those costs which relate to the governance function. Support costs are apportioned separately between the key charitable activities.

General
support		 Governance
function		 Total
2021		 Total
2020
£ £ £ £
Salariesand related costs
ITandequipment
Insurance
Trainingand staffdevelopment
General officecosts
Depreciation and disposal ofassets
Bank charges
Legaland professional fees
Accountancyservices
Consultancyfees
Trustee meeting costs		 18,649
12,240
2,108
-
6,684
8,047
2,481
-
26
4,962
50		 22,718
.
-
-
-
-
-
-
3,000
-
-		 41,367
12,240
2,108
.
6,684
8,047
2,481
.
3,026
4,962
50		 47,901
14,375
2,821
360
8,246
10,582
2,279
3,215
3,026
4,760
717
i
55,247
36V6N=N—Na=zraeeleleooooeoeoeo—S		 25,718 80,965 98,282
=
10 Net income/ (expenditure) for the year
This is stated aftercharging: 2021
£		 2020
£
Operating leases -equipment
Depreciation
Loss on disposal offixed assets
Auditor's remuneration
Accountancy fees
Legal and professional fees		 676
13,281
-
3,000
26
:		 2,271
14,748
1,068
3,000
26
3,215
11 Analysis ofstaffcosts and trustee remuneration andexpenses
2021 2020
£ £
Salaries andwages
Social security costs
Pension costs		 215,478
15,343
2,621		 264,458
19,823
3,752
233,442 288,034

One member of staff had emoluments between £60,000 - £70,000 (2020: 1). The average number of employees during the period was 7 (2020: 8). There were no trustees' remuneration or other benefits for the year (2020: £nil).

The chief executive officer's total employee benefits for the year were £72,298 (2020: £73,408).

OSS Pi by ae

WESSEX CARDIAC TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021

eee

12
Tangible fixed assets		 12
Tangible fixed assets
Landand
buildings		 Computer
equipment		 Furniture
and fittings		 Total
2021
Cost £ £ £ £
At 1 October2020
Additions
Disposals		 1,522,608
-
-		 60,703
799
(40,909)		 79,591
587
-		 1,662,902
1,386
(40,909)
ee
At30 September 2021 1,522,608 20,593 80,178 1,623,379
Depreciation
At 1 October2020
Charge fortheyear
Eliminated on disposals		 310,476
7,363
-		 56,860
1,665
(40,909)		 65,100
4,253
-		 432,436
13,281
(40,909)
Fr
At 30September2021 317,839 17,616 69,353 404,808
Net Book Value
At30 September2021 1,204,769
S==—=—lRTlOEN		 2,977 10,825 1,218,571
==
At30 September2020 1,212,132
3,843
8		 14,491 1,230,466
aaa
13 Fixed asset investments
Listed Other Total
Market value investments
£		 investments
£		 2021
£
At 1 October2020
Additions
Disposals
Revaluations		 504,425
33,662
(49,614)
50,009		 2
-
=
-		 504,427
33,662
(49,614)
50,009
At 30 September2021 538,482 2 538,484
Investments atfairvaluecomprise: 2021 2020
UK Fixed Interest
Overseas Fixed Interest
UK Equities
European Equities
NorthAmerican Equities
FarEast&Austalasian Equities
International Equities
UK Property
Emerging Economies
Alternative Assets
Cash held forinvestmentpurposes		 £
71,897
65,368
60,519
16,170
44,903
16,363
75,993
58,214
14,676
91,538
22,841		 £
99,549
43,838
49,139
14,294
36,060
14,366
76,045
52,678
13,131
67,514
37,811
538,482 504,425

eee - 18

WESSEX CARDIAC TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021

13 Fixed asset investments continued

Other investments are measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otherwise be measured reliably.

Included in other investments is a 100% holding in the ordinary share capital of Wessex Heartbeat Limited registed office address 152-154 Tremona Road, Southampton, UK. At the year end, the aggregate capital and reserves of the company amounted to £2 and profit for the year amounted to fnil.

14 Stock

14 Stock
2021 2020
£ £
Merchandise 1,842 1,413
15 Debtors
2021 2020
£ £
Trade debtors 2,030 700
Prepayments and accrued income 34,735 40,968
36,765 41,668
16 Creditors
2021 2020
£ 3
Trade creditors
Tax and social security		 7,554
4,773		 8,291
5,119
Other creditors and accruals 108,361 10,205
Deferred income 10,663 13,754
131,351 37,369

17 Deferred income

Deferred income comprises of advance ticket sales of events occurring after the year end.

2021
£
Balance as at 1 October2020 13,754
Amountreleased released to income earned from charitable activities (13,754)
Amount deferred in year 10,663
Balance asat30September2021 10,663

«40m

WESSEX CARDIAC TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDING 30 SEPTEMBER 2021

ee

18 Analysis of net assets between funds
Unrestricted Restricted Endowment Total
funds funds funds 2021
£ £ £ £
Fund balances at 30 September 2021 are represented by:
Tangible fixed assets 1,218,571 - . 1,218,571
Investments
Current assets
Creditors		 538,484
1,095,503
(131,351)		 -
7,411
.		 -
543
-		 538,484
1,103,457
(131,351)
2,721;207 7,411 543 2,729,161
Analysis of net assets between funds - previous year Analysis of net assets between funds - previous year
Unrestricted Restricted Endowment Total
funds funds funds 2020
£ £ £ £
Fund balances at 30 September 2020 are represented by:
Tangible fixed assets
Investments		 1,230,466
504,427		 -
~		 -
-		 1,230,466
504,427
Current assets
Creditors		 941,910
(37,369)		 88
-		 64,676
-		 1,006,674
(37,369)
2,639,434 88 64,676 2,704,198

-20'-

———

WESSEX CARDIAC TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021

eee

19 Endowment funds
Balance Incoming Resources Transfers Balance
1.10.20 resources expended 30.9.21
£ £ £ £ £
The Heartbeat Education fund 64,676 - (64,133) - 543
Endowment funds - previous year
Balance
1.10.19		 Incoming
resources		 Resources
expended		 Transfers Balance
30.9.20
£ £ z £ £
The Heartbeat Education fund 77,247 - (12,571) - 64,676
This fund is to be used for providing education grants that meet the objectives of the charity. The original capitalwas
to be invested, and the interest used to provide these grants. However, due to very low interest rates, and in order to
meet the needs of the grant claims for education, the Trustees have
original capital maybe used in order to provide grants.		 agreed with the original benefactor that the
20 Analysis ofcharitable funds
Balance Incoming Resources Gains/losses Balance
1.10.20 resources expended Transfers 30.9.21
£E £ £ £ £
Unrestricted funds
General fund 2,639,434 466,971 (437,526) 52,328 2,721,207
Restricted funds
MRI fund 42 - - - 42
Heartbeat House fund
Heart Failure Unit fund		 -
46		 17,088
-		 (11,788)
-		 -
-		 5,300
46
3D Printer appeal
Healthy Living Centre appeal		 -
-		 2,319
50		 -
-		 (2,319)
-		 -
50
Paediatric Palliative Clinical Nurseappeal - 1,973 - - 1,973
88 21,430 (11,788) (2,319) 7,411
Analysis ofcharitable funds - previous year
Balance Incoming Resources
Gains/losses		 Balance
1.10.19 resources expended 30.9.20
£ £ £ £ £
Unrestricted funds
General fund 2,631,145 419,514 (441,293) 30,068 2,639,434
Restricted funds
MRI fund 42 . - - 42
HeartbeatHouse fund 3,307 2,507 (5,814) - -
DrCurzen fund
GP Liaison fund
Heart Failure Unitfund
3D Printerappeal		 3,526
293
46
-		 -
~
-
44,040		 -
-
-
-		 (3,526)
(293)
im
(44,040)		 -
-
46
-
7,214 46,547 (5,814) (47,859) 88

20 Analysis of charitable funds

SSeS

A's

WESSEX CARDIAC TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 30 SEPTEMBER 2021 a

20 Analysis of charitable funds continued

MRI fund

This is to be used for the purpose of research into MRI and the acquisition of related equipment.

Heartbeat House fund Used for the general purposes, maintenance and improvement of the buildings and facilities of Heartbeat House.

Dr Curzen fund

Doctor Curzen is a consultant cardiologist within the Wessex Cardiac Centre who has been fundraising for an overseas patient who had a heart attack. The patient lives on a remote island where basic treatment is unavailable.

GP Liaison fund

This was used for a Learning and next steps event for the GP liaisons.

Heart Failure Unit fund

This is to be used for a purpose built acute Heart Failure Unit and improve heart failure service in the community.

3D Printer appeal fund

The 3D printer equipment will allow surgeons to get an accurate 3D printed model of a patient’s heart before surgery, giving additional insights for corrective surgery and improving peace of mind to patients and their families.

Healthy Living Centre appeal fund

We are building a Healthy Living Centre for prevention, prehabilitation (fit for surgery) and rehabilitation of cardiovascular disease. This will include consultation rooms, gymnasium, professional kitchen, changing rooms and offices, with access to fitness, nutrition and well being professionals.

Paediatric Palliative Clinical Nurse appeal fund

The Paediatric Palliative Clinical Nurse Specialist will enhance the patient and family experience of those with life limiting conditions in providing more access to support from the Paediatric Palliative Care Team.

21 Commitments under operating leases

At 30 September 2021 the trust had total future commitments under non-cancellable operating leases as follows:

----- Start of picture text -----
2021 2020
Expiry [date:] £ £
Within one year 652 574
----- End of picture text -----

Mr N J Lapage, a trustee, is also a member of Rotary Club of Southampton Magna Charitable Fund. During the year the charity received donations of £4,660 (2020: £nil) from the Rotary Club. All transactions were made on an arm's length basis. At the year end £2,210 (2020: £nil) was outstanding. Mrs N Munro is the director of AJS Accountancy Ltd, spouse of the CEO Mr J Munro. During the year the charity received income of £nil (2020: £700) from AJS Accountancy Ltd. All transactions were made on an arm's length basis. At the year end £nil (2020: Enil) was outstanding. During the year the charity received donations from trustees of £250 (2020: £20) and event income of £250 (2020: £1,325).

eee 220