Charity Registration No. 1116510 Company Registratlon No. 05924982 (England and Wales) WESSEX CARDIAC TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 WESSEX CARDIAC TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr G A Longhurst Dr J M T Pierce Dr J R Wilkinson MrNSGScarfe Dr T Bharucha Ms P lannotti Mr J P Evangelista Mr P M Haydock Mr C Morris M R Burns Mr A Munden Mrs H Eyers Also known as Heartbeat Chlef executlve officer Mrmlnd Charlty number 1116510 Company number 05924982 Reglstered offlce Rotary Heartbeat House 152-154 Tremona Road Southampton S016 6HW AuditorJ SKS Westlake Clark Audit 7 Lynwood Court Priestlands Place Lymington S0419GA Bankers Natwesi Bank PIC 26 Above Bar Street Southampton S014 7DS Investment advlsers Rathbones Midland House 2 Poole Road Bournemouth BH2 5QY Solicitors Paris Smith LLP 1 London Road Southampton S015 2AE WESSEX CARDIAC TRUST CONTENTS Page Trustees, report including directors, report Independent auditors, report 8-10 Statement of financial activities 11 Balance sheet 12 Statement of cash flows 13 Notes to the accounts 14-23 WESSEX CARDIAC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDING 31 DECEMBER 2024 The trustees are pleased to present their annual report together with financial statements of the charity for the year ending 31 December 2024. 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, govornance 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. Governlng body New trustees are identified by trustees and their recruitmenl 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 Inductlon and tralnlng 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. Organisatlonal 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 be￿een the quarterly meetings. Remuneration is reviewed for key personnel through annual appraisals. Related part5es Wessex Cardiac Trust has a wholly owned subsidiary, Wessex Heartbeat Limited. This company ceased to trade in 2012 and has remained dormant. Rlsk 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.. comprehensive strategic planning. budgeting and management accounting established organisational structure and lines of reporting formal written policies clear authorities and approval levels full risk assessment for all major ftjndraising events 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, and as a result the trustees have preserved the reserves of the charity by not overspending the funds available to them. WESSEX CARDIAC TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDING 31 DECEMBER 2024 Purposes and activities The purposes of the charity are to relieve suffering from cardiovascular diseases primarily by supporting the work of the Wessex Cardiac Unit based at University Hospital Southampton and working within the community of the Wessex Region (Hampshire, Dorset and Isle of Wight), as well as supporting other communities right across the South of England. This is achieved by providing equipment, services, and facilities to help patients and their relatives through the process of treatment in the Cardiac Unit, by funding research and projects into the prevention, rehabilitation and cure of such diseases and by providing funds and facilities to train and educate staff in the Unit. The trust achieves these objectives through 3 areas.. 1. Educatlon and tralnlng Selectively providing funds to train and educate staff in the Wessex Cardiac Unil ranging from supporting attendees at conferences to funding training courses for medical staff to enhance and advance Iheir professional knowledge and skills. 2. Preventlon and Rosearch and Development Providing medical equipment and funding research and projects in the prevention of heart disease to the Wessex Cardiac Unil. Both equipment and services are generally of a type that the NHS would not provide (for example leading edge or innovatory). 3. Treatment and patlent support Owning and operating a facility for the relatives of patients undergoing serious cardiac interventions at the Wessex Cardiac Unit. Heartbeat House has 24 bedrooms and is located directly opposite the hospital, providing "home from home" accommodation free of charge for up to 35 people at any one time and is available to anyone who's relative is an in-patient in the Wessex Cardiac Unit. Besides the purchase of the property, this provision is a substantial on-going expense commitment for the charity. Providing services which are focused on improving the patient environment, experience and raising standards of cardiac care and treatment. Alms and intended impact Within these purposes, the charity's primary goal is to improve cardiac care across the Wessex Region. The trustees and staff have completed a strategic review of its activities with strategic aims to.. Continue to support the vital work of the Wessex Cardiac Unit to deliver the highest possible quality of treatment and care for cardiovascular patients throughout their lives., Support the education and training of all staff within the Wessex Cardiac Unit., Improve the journey and experience of all patients and their relatives treated within the Cardiac Unit., and Develop and fund services which offer prevention and rehabilitation across the Wessex Region and beyond. The charity's role is to raise funds to meet the unmet needs of the Wessex Cardiac Unit in delivering the best possible care for cardiovascular patients throughout all stages of care and treatment supporting the provision A high quality, agelneed appropriate patient experience in an environment most conducive to achieving the best outcomes for everyone., An emotional and practical refuge for the relatives of patients while their loved ones are undergoing inpatient treatment. This is the purpose of Heartbeat House and accommodation is offered free of charge apart from a non-refundable key deposit,. Cutting edge and pioneering equipment driven the advances in cardiac technology and with the University Hospital Southampton being one of the country's leading medical innovators., and Support active research in cardiac care to tske forward medical advancements and maintain the Wessex Cardiac Unit's status as a UK cardiac centre of excellence. By focusing on these areas, we achieve our strategic priorities which are then measured against budget. WESSEX CARDIAC TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDING 31 DECEMBER 2024 Objectives for the year During the year, the trust had three major objectives.. 1. Education and training To continue to promote and meet the aims of Heartbeat. Year on year the charity supports cardiac care needs and priorities made known to it through a process of grants submissions, using unrestricted funds achieved through donations, community fundraising and events. In addition, the Trust continues to promote the overriding purpose of the charity as widely as possible throughout the Wessex Region and beyond. 2. Patient support To continue to provide a Cardiac Youth Worker in support of psychological needs to enhance patient experiences living with long term health conditions and congenital heart disease. 3. Treatment~ Heartbeat House To continue to run and maintain Heartbeat House, which provides a 24 bedroom "home from home" for up to 35 people whose loved ones are undergoing cardiac treatment within the Wessex Cardiac Unit. Principal activiti88 for the year The three obieclives 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 beneflt Wessex Cardiac Trust exists solely to provide benefit to the public through on4Joing 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 stsff, 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. Flnancial instruments The charities activities expose it to several 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 investmenls 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. WESSEX CARDIAC TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDING 31 DECEMBER 2024 Achievements and performance Heartbeat has had a very successful 2024 achieving a record income for the charity, in any one year, of £1,130,377. Everyone in the team, which totals only nine, many of whom are part time, should be afforded enormous credit. Charities, in general, continue to operate in a very challenging and competitive marketplace which is often impacted adversely by both political and economic factors making this achievement even more impressive. The Heartbeai team grew from eight to nine members at the beginning of last year with the addition of a full-time Events and Corporate Fundraising Co-ordinator, meaning that the team now crosses over six decades in age range and four different generations adding a refreshing extra level of diversity to the charity- During the year the charity has also achieved the following.. 1. Committed £150,000 of support to several critical projects which includes.. Continue to support and develop 3D heart modelling for complicated congenital heart disease in children, with an ambition going forward of taking the initiative from clinical practice, having helped treat over 100 very sick infants and young cardiac patients, to that of education for the next generation of cardiac surgeons. The conclusion of a research project into identifying patients at risk of angina and STEMI through markers of DNA damage and repair pathways. Continued development of a Prehabilitation Service Trial (fit for surgery) for cardiac patients with aortic stenosis, with patient trials expected to start in the summer of 2025. Continued funding, for a third year of a Cardiac Youth Worker to support psychological needs in adolescent and young adult cardiac patients, aged be￿een 11 and 25 years old, who have undergone serious early life cardiac surgery and trauma. Because of Ihe workload, there is an intention to fund a second Cardiac Youth Worker for two years from the spring of 2025. Funding of the PICNIC study for patients who have had a heart attack, to identify patients who are at risk of another heart attack, but also to identify low risk patients who would not need further invasive treatment. 2. Continued to run Heartbeat House with continued refurbishment seeing the replacement of all corridor, stal￿ell and bedroom carpets and corridor and bedroom redecoration in the main house, roof cleaning and repairs that have not been carried out for many years, replacement of fridges and ovens in the communal kitchen and new bedroom furniture, at a combined cost of £40,000. There has also been further investment in improving the safety of the house including that of fire and water, where new boilers were required at a cost of £14,000, Finally, costs have been incurred in both drainage and basement investigations where damp has been identified in lower areas of the house,. this will require fLJrther corrective and preventative investment in the coming years. 3. A full year of many fundraising events, nine of them sold-out. including successful golf days, private dinner, the summer paty, autumn ball and our sports and challenge events with much support from both the local and many business communities. Many of these will repeat in 2025 with the addition, amongst other things, of our first mass participation SK walking event, 'Heart & stroll,, to help raise funds for the renovation of the Heart Failure Unit in the Wessex Cardiac Unit. 4. A significant increase in the charity's legacy income with a particular and exceptional one-off legacy payment of £194,036 being received during the year. Additionally, the final balance of £115,759 was received relating to the fraud incident which occurred back in 2015. 5. Much work has been done in the past couple of years to build relationships in Guernsey, from where many cardiac patients are referred for treatment in Southampton, creating a need for their relatives to stay in Heartbeat House. 2024 saw more than £80,000 raised via donations from Guernsey islanders which is approaching 100/0 of the charity's total income, this is an important income stream that Heartbeat will continue to support the running and development of Heartbeat House. 6. Significant work has been done in raising and re-raising the profile of Heartbeat within the local Soulhampton community with some good income raised from several local events and initiatives including the installation of 20 new defibrillators across various locations in the SO postcode. 7. There is a much wider level of PR and visibility of the charity across the region supported by our PR partner, Lee Peck Media, aided by coverage on BBC local TV news, BBC Radio Solent and BBC South Today, and greater levels of exposure across all social media channels. WESSEX CARDIAC TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDING 31 DECEMBER 2024 Financial revlew As shown on the Ststement of Financial Activities on page 10, income for the year amounted to £1,130,377 12023. 804,8671, expenditure for the year amounted to £802,308 (2023.. £783,438}, giving a net increase in funds after gains on investment of £345,340 (2023.. £43,351). At the end of the year, the charity's nel assets amounted to £3,024,282 {2023.' £2,678,942). The charity paid £710 on behalf of the trustees in relation to indemnity insurance (2023.. £679). 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. Prlnclpal fundlng sources The principal funding sources of the charity are donations from the general public, legacies, and through various fundraising activities. Investment pollcy 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. 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 Unit. In addition, sufficient liquid reserves need 10 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. Free reserves are those funds that Can be raised from assets that are readily realisable, less those funds whose uses are reslricted. At 31 December 2024, free reserves amounted to £743,856 {2023.' £545,808). The intention is to keep free reserves above £500,000 which equates to years running costs of the charity. Any shortfall that may arise in restricted funds in the future would be substituted by the free reserves available. The Trust prepares an annual budget for each financial year outlining.. Anticipated income for general and restricted funds., and Anticipated expenditure associated with all aspects of the charity's business. Some may be committed expenditure on for example Heartbeat House maintenance,. grants extending over a one- year period, this to be taken from general or restricted funds as appropriate. WESSEX CARDIAC TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDING 31 DECEMBER 2024 Plans for the future Heartbeat is passionate about continuing to improve the care for people living with heart conditions within the Wessex Region and beyond. Our aim is to improve the cardiac journey and the patient experience of all patients for whom the Wessex Cardiac Unit provides care from diagnosis through treatment to aftercare. We recognise that patients, wellbeing and outcomes are improved by.. Medical advances., A positive patient experience in an environment conducive to individual need., Support for patients loved ones while they are undergoing treatment., and Support for stsff caring for patients. The strategic plan for the coming years includes the following projects.. 1. Prevent5on - £100,000 over the next 3 years A conlinuation of community defibrillator Installations across Hampshire including training to reduce morbidity from cardiac arrests and the re-introduclion of the Healthy Heart campaign for the business and corporate community to help identify risk factors such as high cholesterol and blood pressure in preventing subsequent heart disease. 2. Educatlon and Training - £150,000 over the next 2 years The continued funding of both the 'Prehabilitation' project, which seeks to improve the long-term outcomes of aortic stenosis patients through diet, light exercise and psychological support, and the P.l.C.N.l.C. research which is centred around the effectiveness of stenting arteries. In addition, evolving the 3-D heart technology initiative from clinical care to educating young surgeons and cardiologists in how to treat some of the most complicated congenital heart defects in infants and young children. 3. Treatment- £500,000 over the next 2 year8 Investment in the renovalion of the Heart Failure Unit and the cardiac outpatient's reception area within the Wessex Cardiac Unit, continued funding for cardiac psychological support not just for 11 to 25 year olds, but also across all age demographics and investment in technology that aids quicker diagnosis and speeds up the recovery process. 4. Patlent and Relative Support- £1,500.000 over the next 3 to 5 years Improving the safety, comfort and quality of Heartbeat House to include the re-design and renovation of both the lounge, kitchen and dining areas in the main house and the integration of the annexe to become part of the main building. In addition, the introduction of the Heartbeat House 'brand' In other areas of the country that are blessed with cardiac centres of excellence similar to Southampton. WESSEX CARDIAC TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES 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 Pfactice). 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.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and 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., and 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 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 slatements 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.. there is no relevant information, being information needed by the auditor in connection with preparing their report, ofwhich the charity's auditor is unaware., and the trustees, having made enquiries of fellow directors and the auditor that they ought to have individually taken, have each taken all steps that hel she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. On behalf of the trustees Mr N S G Scarfe- Chair f Trustees Date.. IE WESSEX CARDIAC TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WESSEX CARDIAC TRUST Opinion We have audited the financial statements of Wessex Cardiac Trust for the year ended 31 December 2024 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 Ihem 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 Ihe 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 ststements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024, and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006. 8asls for oplnlon 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 ofthe financial statements in the UK, including the FRC'S Elhical 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. Concluslons relatlng 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.. the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other Infomiation 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 statecl in our report, we do not express any form of assurance conclusion thereon. WESSEX CARDIAC TRUST INDEPENDENT AUDITORS, REPORT (CONTINUED) TO THE MEMBERS OF WESSEX CARDIAC TRUST 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 lo 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 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report (incorporating the directors, report} prepared for company law purpose, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are roquired to report by exceptlon 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.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responslbillties 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 offinancial statements that are free from material misststement, 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. WESSEX CARDIAC TRUST INDEPENDENT AUDITORS, REPORT (CONTINUED) TO THE MEMBERS OF WESSEX CARDIAC TRUST Our approach to idenlfying and assessing the rlsks of materSal mi&8tatement In r* of irrngularities, indudlng fraud and non4omplianca with and regulatlon$, was as follow8.. the engagement parther ensured that the engagemnt team ￿lleCtiVety had the approprlate competenc*, capal%'lttia$ and skills to identty or recognise non-compllance with applicabb laws and regulations., we IdentifEd the ￿w$ and regulatson8 appltcable to the through discussion8 with the triJstee8, and from our undwstanding and experience of audit ￿Su88 whlch are relevant to charity., we f￿Used on spe¢rf￿ laws and regulatlons whbch ￿ consklered may have a direct materfal effec* the finandal statements or the operations of th8 charity: we asses￿￿ the extsnt ol Complian￿ with the laws and regulation8 through maklng enqulrf•s of tho management team and Inspecting l•gal corres￿ndenCe, and,. klentified jaw8 and rggulatlon8 were ¢ommunlcated vathin the audlt team r•gulaty and the leam romalned alert to in8tances of non 17,271 812.616 56,458 138,991) 17,271 At 31 December 2024 847,252 847,254 Investments at fair value comprlse: 2024 2023 UK Fixed Interest Overseas Fixed Interest UK Equities European Equities North American Equities Far Easl & Austalasian Equities International Equities UK Propety Emerging Economies Alternative Assets Cash held for investment purposes 128,578 190,088 100,061 25,131 108,924 16,959 59,986 46,994 12,034 151,207 7,290 102,759 187,550 98,563 16,721 79,187 15.994 59,406 50,259 11299 150,592 40,184 847,252 812,514 19- WESSEX CARDIAC TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 31 DECEMBER 2024 13 Flxed asset investments contlnued Other investments are measured at cost less impairment on the basis that they represent shares in entities that are nol 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 regisled office address 152-154 Tremona Road, Soulhampton. UK. At the year end, the aggregate capital and reserves of Ihe company amounted lo £2 and profit for the year amounted to £nil. 14 Stock 2024 2023 Merchandise 2,292 1,861 15 Debtors 2024 2023 Trade debtors Prepayments and accrued income 19,373 63,859 13,340 32,840 83,232 46.180 18 Credltors 2024 2023 Trade creditors Tax and social security Other creditors and accruals Deferred income 17,781 15,567 13,863 26,302 18,950 12,778 9,221 4,162 73,503 45,110 17 Deferred Income Deferred income comprises of advance ticket sales of events occurring after the year end. 2024 Balance as at 1 January 2024 Amount released lo income earned from charitable activities Amount deferred in the year 4,162 (4,1621 26,302 Balance as at 31 December 2024 26,302 -20- WESSEX CARDIAC TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 31 DECEMBER 2024 18 Analysls of net assets between funds Unrestricted funds Restricted funds Total 2024 Fund balances at 31 December 2024 are represented by-. Tangible fixed assets Investments Current assels Creditors 1.217,802 847,254 817,359 (73,503) 1,217,802 847,254 1,032,729 173,503) 215,370 2,808,912 215,370 3,024,282 Analysls of net assets between funds - prevlous year Unrestrlcted funds Restrlcted funds Total 2022 Fund balances at 31 December 2023 are represented by.. Tangible fixed assets Investments Current assets Creditors 1,237,335 812,516 590,919 (45,110) 1,237,335 812,516 674,201 (45,1101 83,282 2,595,660 83,282 2,678,942 21 WESSEX CARDIAC TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 31 DECEMBER 2024 19 Analysis of charitable funds Balance 1.1.24 Incoming resources Resources Gainsllosses expènded Transfers Balance 31.12.24 Unrestri¢ted funds General fund 2,595.660 855,907 617,195 25,460 2,808,912 Restrictod funds MRI fund Heartbeat House fund 3D Printer appeal Healthy Living Centre appeal Prehab pilot Explain my procedure appeal Cardiac Youth Worker appeal Wireless HD Headcam appeal PICNIC Study appeal D2 Heart Failure refurbishment garden 42 36.399 46,584 257 42 139,512 40,731 257 160,283 20,272 {57,170) 126,125) {42.731) 42,731 50,795 (28,574) 22,221 20.400 22,719 {30,513) (10,1131 22,719 83,282 274.469 185,113 42.731 215,369 Analy818 of charltable funds - prnvlous year Balance 1.1.23 Incoming resources Resources Galn811088e8 expended Balance 31.12.23 Unrestricted funds General fund 2,608,955 647.928 614,210 47,013 2,595,660 Restrlcted funds MRI fund Heartbeat House fund Heart Failure Unit fund 3D Printer appeal Healthy Living Centre appeal Paediatric Palliative Clinical Nurse appeal Prehab pilot Explain my procedure appeal Cardiac Youth Worker appeal Wireless HD Headcam appeal 42 25,313 46 42 36,399 79,723 1.008 62,414 20 248 (68,6371 13,299) (4,002) 2,245 (11,828) 46,584 257 237 2,228 (1,250) 20 (2,500> (44,656) 119,200) {20.394) (6.540> 24 45,906 18,084 7,979 6,525 1,096 12,415 15 26,636 156,939 169,228 68,935 83,282 MRI fund This is to be used for the purpose of research into MRI and the acquisition of related equipment. Heartbèat Hou80 fund Used for the general purposes, maintenance and improvement of the buildings and facilities of Heartbeat House. 3D Printer Appeal 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. -22- WESSEX CARDIAC TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDING 31 DECEMBER 2024 19 Analysis of charitablo funds continued Healthy Living Centre appeal fund We would like to build a Healthy Living Centre for prevention, prehabilitation (fit for Surgery) and rehabilitation of cardiovascular disease, to include consultation rooms, gymnasium, professional kitchen, changing rooms and offices. Prehab pilot To demonstrate the relationship between cardiovascular fitness and perioperative results following cardiac surgery. The outcomes will be used to define the service delivery for the Healthy Living Centre. Explain my procedure Undergoing heart surgery can be a daunting lime for patients, with so many questions being asked about their cardiac Joumey Explain my procedure videos are designed for the patient and their family members to watch as many times as needed, in the comfort of their own home. Cardia¢ Youth Worker In 811PPOrt of Psychological needs Depression and anxiety are more common among young people with cardiovascular disease and can worsen physical outcomes, This is a dedicated seNice supporting young people aged 11-25 years, a lime for all young people living with a long-term health condition is particularly challenging, especially for those with congenilal heart disease. Wiroless HD Headcam appeal Congenital heart surgery is technically demanding, and its training is extremely complex and challenging. This state of the art headcam will allow us to record the magnified sight of the surgeon and allow everyone to follow the case step by slep, and can be recorded for a research and education purposes. PICNIC Study appeal Anatomical, Physiological and Inflammatory Characterisation of Non-culprit Vessels in patients undergoing primary PCI for ST-Elevation myocardial infarction in the presence of multivesel disease. STEMI is a type of heart attack that occurs when a major artery feeding into the heart is blocked. This research identifies patients who are at risk of another heart attack that would benefit from complete revascularisation Istenling), but also those al low risk who would not need this invasive treatment. D2 Heart Fallure refurbl8hment garden University Hospital Southampton support approximately 9000 Heart Failure patients per year. Development of a green space so that patients and families can spend lime outside of the main hospital building. 20 Commitments under oporating leases At 31 December 2024 the trust had total future commitments under non-cancellable operating leases as follows.. 2024 2023 Expiry date.. Within one year 497 705 21 Related parties Mr C Morris, a trustee, is also a partner of Paris Smith LLP. During the period the charity paid Paris Smith LLP for legal services amounting lo £2,296 (2023.. £3,173}. All transactions were made on an arm's length basis. At the year end £nil (2023.. £nil) was outstanding. During the year the charity received donations from trustees of £400 {2023'. £1,365) and event income of £6,634 (2023.. £2.489). -23-