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2020-12-31-accounts

Year ended 31 December 2020 The Heart Research Institute IUK) Annual report and financial statements For the year ended 31 December 2020 Company Registration Number 05935975 Charlty Number 1116918

The Heart Research Institute IUK) Financial statements Year ended 31 December 2020 Contents Pages Trusiees, Annual Flepon Independent auditor's repon io the iiustees and men*Jers Statement ol linanoal activities IincorpDr81ing the incom8 and expenditure accounil Balance sheet 15 Siaiement ol cash Il¢)ws 16 Noies io the Iinancial statements

The Heart Research Institute (UK) Trustees. Annual Report Year ended 31 December 2020 The irustees. who are also directors lor the purposes ol company law. present their report and the financial statement5 01 ihe charity lor ihe year ended 31 December 2020. Refer8nce and administrative details Registerod charSty namo The Hean Research Insiitut& IUKi Charlty règistration numb¢r 1116918 Company registration number 05935975 Scott5sh Charity r•glstration numb•r SCOd2984 Tha tru$t••s The irustees who served ihe Charity during the p&ri¢)d were as lollows.. Anttsny Pollitt Elena Pintado John Batlslich Stephen Hollings Siephan Moodtrv Kerry Cunningham Alan Cato OBE Adrian Phillips Sècrotary Hana Krskovg R•gl$t•rèd offic• of Company Banksid8 3￿) Peachman Wav 8roadland Business Park Norwch Nortolk NR7 OL8 Audltor KPMG LLP 319 Si Vinceni Street Gl8sgow G2 SAS Bankors Saniande¥ UK PLC 2 Triton Square Regeni's Placa London Unrttrd Kingdoffl Bank ol Ireland 12 The HKJh Street Kildare Town Co. knldarg

The Heart Research Institute IUK) Trustees, Annual Report Year ended 31 D8cember 2020 Structuro, governancè and management Gov8Tnlrbg doeument The Heart Research Institute IUKI Is a company limited by guaran1ee and is oovefned by its Memorandum and Articles. dated 14 September 2006 11 is also regi5rered as a ¢harity with the Charity Commission Iof England and Wales INO. 11169181 and. with effeth from l March 2012. the Scottish Ch8rity Regulator ISC0429841 Appointmont of trustees As set oui In ihe Ariicles ol Assocration trusiees are appointed by a fesolulion ol the members lor renewéble term ol three years. The charity shall have ai leasi three trusiees. The chariiy shall have ai leasi ihr8e Trusiees who 8re not truSi￿S andlor employees of The Heart Resear¢h Institute Limited. Trustèè Induction and training The charily has espoused a policy ol pioviding new irusiees wth whalever Inl(>rmatK)n and assistance is necessary to help ihem lullill their re5ponsibililies under bolh the Companies Act 2006 and their roles under relevaD1 leg1518rion and regulations allecting ihe organisaiion as a charity. The procedur&s %lopt8d inclLde prowding new trustees with a Copy ol The Essential Tiusiee.. whai you need to know supplièd by thè Chafity Commission lor England and Wales which d85¢ribes the roles and respon51bilities ol irustggs, as well as a copy ol ihe company's consiitulion. The tiustees ar8 also èneouraged ro visit the websiie ol tho charity ccmmission for regular updaies oi changes to legislaiion and guidelines. Ongoing Inlormotion updates along wth regular communication beiw98n The Heart Research Instirute Ltd manaop.mgnt anrt ihe illJ.4t*88 ftn8iiie$ knowlpdo? and Inlnrmaticjrt triJrrAnrv. Oryani$ation The Heart Research Insiiiuie IUKI and The Heart Rèsearch Instsiuie Lid have entered Into a 'Servb¢$$ Agfeement, to record the basis on which they will work iogeiher io l¢Jnher ihe charities. charitable ¢)bje¢ts and to outline the services provided by The Heart Research Insiilute Ltd io The Hean Research Instituie IUKI. Under the Services Agreement. the daY-t￿￿8V fundraising and adminisiraiNe activiiies ol the charity have been delèoated tc) ihe management stall ol The Haart Research Insiiluie Lid. These stall membèrs 16pori io a Diigcior ol ihe nstitute who. In turn. 15 subject to ih¢ Board of Governors of ihe Avstralian Company. However, any arrangemenis end activities allecting the UK ¢harity are also subiecr io ihe over5whi and rewew ol the board ol tiusiees ol The He8rt Research Institute IUKI. In particular. new fundraising pri>Jram5 rwuirÈ the specific approval ol ihe trustees who will meet as a board io considar and v￿8 on such prowsals. Rèlatod Parties The chaiiiy Is a wholly owned subsidiary ol The Heart Research Instituie Ltd, an Australian charity which runs heart research piogiammes and which has built up expenise In th8 fièlds ol both running a chaTity and lundrai51ng In this area. The obigcis ol the charily las ouilined in the following sactionl are compaiible wilh The Heart Research Institute Ltd and both are commiiied io ihe proM￿lOn and suppon of research and ihe advancemtrni ol aducation in this area. The Heart Reseerch Insiitute Ltd assists the charity by prowding li wilh ihe services and support li needs io successfully operate and raise lunds in order to supF¥)rt heart rese8rch and edu¢ata the public. The Heart Research Institute has a presence in Scod8nd and h85 rnade signrficant findings that have changed Ihe way we live with afid treat ScotSand's number one killer. Our scientists are working across a number ol 195earch areas to identify lè¢tois that coniribuie io an Increased risk ol heart disease. Understanding the underlying cause5 01 heart di5èaSè IS the key to finding 8 solulion.

The Heart Research Institute (UK) Trustees. Annual Report Year ended 31 December 2020 Risk manag8ment The niaior risks to which the charrty is exposed relate In particular io rhe commitments made io outside parties who undenake the various fundraising campaigns for the charity. Thgie can be considerable set-up costs involved in new fundraising campaigns. which means ihere is a de￿Y belore a particvlar campaign realises 8 surplus. Once the trustee5 have approved the new ¢ampaign. they subsequenily receive regular rewjrts of it5 progress and are kept appraised ol any budget irieguSarilies that the campèign may be laong. Resiriciions on lurthei commitments can be Instituted quickly and. In addition. a reouest that the outsidè conlractor wilh specific guidelines to keèp thè program contained can also be Implemented elticiently. Thè trustees also require fhai safeguards be incorporated into legal agreements with the lundr8ising coniiaciors io limit the risk exposure ol the charity. Slgnificant Evant5 The Trustees believe ihara werè no material imm from COVID-19 on ihe 0￿ra110n$ ol Heart Reseèich Insiilute IUKI. The Chaiiiy has generaied suflicieni linancial resources Ifom Its acriwiies io allow ihe Trusiees to believe that the charity Is operaiing successfully in the current economic ¢limate. Trusiees have rewewed the cash flow lor6CaSts lor period ol 12 months from the date ol approval of these financial statements wh￿h indicate that the charity will hava sullicient funds to rntret Its liabilities as they fall due lor Ihai period. Thèielgre. the Tfu5tees believe thai ihe Heali Research Institute IUKI to continue goin9 concern lor at leasi 12 nJ)nihs from ih8 dale ol approval ol the financial siaiements. Other than the above development. no other item, iransaction or event 0¢ a material and unusual naturè 1$ likely, in the opinion ol the Trusiees. io alfeci signilicanify the operaii¢)n$ ol the Charity. the resvlts ol those opeiaiions. or the state 018llairs ol the Char11y. In future ye815. Obl8etlv•s and •ctlvitS•$ The Heart Research Instituie has Iouf core obieciives.. To investigate machanisms ¢ontribuling to ¢he pathogeftesis ol cardiovascular dis88S8 To develop new ways to deteci symptoms ol caidiovascular disease belore It leads io clinical problems To develop new trealments which can reveise the development ol heart disease To preveni Individuals developino cardiova%ular disease In ihe lulure The reason the charity and its paieni coryany are focusing mainfy on ¢ardiovascular disease Is because this is the major c8use ol death in the world. a phenomena ih81 Is also incioasing in ihird-WOTld countries. However. research into Ihe (>rigins ol su¢h disease spans many years and reouiies Ihe $em￿S ol highly qualified scienlists. as well as the usage ol expensive technolouy That is why a maitsr acimiy ol the charity and its parent Is lundraising. because anv lunding obtained through competitive grants lor specific research proiecis and Infrastructurè support from governments or other bodies is Insufficient to cover all the costs involved The chaiiiv and lis pareni have a long-term aim ol contributing to a signilicant 4educi*on In caidiovasculai disease. but recognise ihai eventual success in this ieuard means extensive Investment ln research here and now. The ¢harity'5 main objectives lor the year ended 31 December 2020 were to det8imine the best distribution ol funds raised to assist with meeting its obiectives and locus on further development ol the lottèry and monthly pledge progiams. The straiegy lor achieving these objecti￿S was to maintain arrangements with reputable eontiaetofs well experienced In condL)uing loiieries and ryN)nihly pledge piogiams in the UK Signifrani actlwlies that contributed to the chievemer)t ol these objeciives Involved Ihe negotiation and iesolution ol operational procedures, and the recording and proce551ng of resultant transactions. The trustees have given due Consider￿lOn io the Charity Cofflmission published guidance on the opeiation ol the public benefit requirement.

The Heart Research Institute (UK) Trustees, Annual Report Year ended 31 December 2020 PYin¢ipal financial manayement policies The princip31 Iin3ncial management policie5 adopted in the year include the lollowing.. Revenue rcogrFition Revenue derived from tundr8i5ing efforts is recognised when probable. Provlsions The charily recognises by way ol prwsion any antiupaied outgoings relevani 10 the yeai undtrr review lor which it may have an obligation. whether ￿egal or con5tructw&. Rès•rve8 The charily's reserves, together wih sulficient funds In bank a￿)UnIS and on dep05ii. cover all current Iiabililies. A poriion ol these res¥rves ale Ltsed lo Ivnd HRI InternatKJnal Fellowship Schen￿ and the pro¢uremeni of research equipment. Grantm8klng pollcy The chariTV awards grants to be used in accordance with its Charrtable obieciiv8S. Prlnelpal funding sour¢•s Principal Funding 50uices during the year wertr from lh$ generation ol revenue from the lottery and monthly pled98 camp8igns. Exptrndiiure during the year undèr rewew has supponed ihe key objectives ol the charity by firmlv siablishino a viabl8 basis lor the luture su¢¢es$ ol the loiiery and pledge catywaigns. Inv8stm8nt power$ and polSey Under the Memorandum and Articles 0¢ Assc¢iatiort. to further lis objacis the charity has the Powgf io invasi any funds not Immediately requirad lor its obiecis In or upon any tnvostmenis. securities or property. Strategic report A¢hievemnt5 and ￿rformanc? Fund5 ra15&d by the HRI In Ihe UK go (Jirectly to scieniilic research helping to find solulions io this global health challenga. Funds ale used to 51tpport the Ironi line researchers and to puwchase the latest research equipment. FinBnelal review The net Incoming resources I￿ the year ended 31 December 2020 8nKwJnied 10 £479.023 12019.. £e86,977 incoming). The Tiustees afe conlidèni ol the luiure su¢¢ess ol p¥oiected activities lor 2020 and beyond and that these will result In the building ol accumulated surplvses. In addition, Ihe chariiy enjoys the onwing financial suppori ol its parent company and the signilic8nt experience ol its management to ensure Its future success. Plans for future periods The charily will continue to support Posi Dcttoiate Felk)wships lor young and emerging UK researchers and collaborate with The Heart Research Institute Australia In funding specialist equipmeni and research so wè can undersiand more about. and to find a Cufe c8rdiovascuL4r diseases, which are ihe number one killer ol people worldwide.

The Heart Research Institute (UK) Trustees. Annual Report (continuedj Year ended 31 December 2020 Statement of Trustees. responsibilities in respect of the tru5t••s' annual report and the finan¢ial statements Statement of Trustees iesponsibiliiies In respeci of the trustees. annual report and the financial statements The trust&8s are responsible lor prep3ring the Trustees. Annual ReF¥)rt and the financial statèmènts in awordance with applicablé law and iÈgulations. Company and chariiv law requires ihe trustees to prepare financi81 staiemenrs lor each financial year. Under thai law they have are reouired io prepafe the financial siaiements In a¢corthnce with UK Accounting Standards and applicable law (UK Generally Accepied Accounting PraCt￿e>. including FRS 102 The Financial Reponing Standard applicable In the UK and Republic ol Ireland. Under company law the trustees musi not approv8 the linancial siaiemenis unless ihey are saiislied that they giv8 a true and lair view ol the state ol allaiis of ihtr charitable company and ot rhe excess ol incom8 ¢)ver expendiluie lor thai period. In preparing ihese financial staièments. the irustees are required to.. seleci suitable accounting policies and then apply them consistently., make judgements and esiimaies ihat are reasonable and prudent., • slate whether applicable UK Accouniing Standards have been lollowgd, subject io any material dep3rturtrs disclosed arid explained In the financial siatements,. and assess the chariiable company's ability to continu8 8S 8 going Cor￿{n. disctosing, as applicab18, matters relat¢(J to going coneefn,. and use the going concern basis ol accouniino unl¢$s they either Intend io liquidate the charitsb18 company or io ceasè operaiions, or hav8 no realistic aliernaiive bui io do so. The irustees are 18sponsibl8 lor keeping adequaie and pioper accouniiThJ records ihat 8r8 sullicient 10 Show and explain the charitable company's tFans8ctions and disclose wih reasonable accuracy ai any time the financial p051tion ol the chaiitable company and enable them to ensure that ihe Iinanc*l staiemenis comply with the Companies A¢t 2006. the Charities and Trustetr Investment Ikotlanfll Act 2005. and regulation 8 01 ihe Charities Accounts IScoil3ndl Regulations 2006 las amendèdl. Thay are rèsptsnsiblè lor such Initrrnal coniiol as they determine Is necessary to enable the preparation ol financial statements that arè Ir88 Irom material misstaiement. whether due io Iiaud Of erfor, and havg general responsibiliiy lor iaking such steps as afe reasonably 14)gn to them to safeguard ihe assets ol lh8 chaiiiab18 company and io prevent and deieci fraud and other iir9gularitigs. Auditor KPMG LLP have been appoinied under sgction 44111(cl ol the Charities and Trustee Inv8stmgni IS¢otlandl Aci 2005 and section 487111 ol the Companies Act 2006. Each ol thg persons who 1$ a trustee at the d￿e of approval ol thi5 report confirms th￿". each trustee has taken all steps that they ought to havts taken as a irusiee io make themsem aware ol anv relevant audit Inloimation and io establish that the charity's auditor Is awaTe ol thai Information". and so far as each trustee 15 aware, there is no relevant audil inlormaiion ol which the charity'5 auditor 15 unaware.. Signed on behalf the tru￿e&S Antony Pollitt Chairman Director/Trusteè

Independent auditor's report to the trustees and members of The Heart Research Institute (UK) Limited

Opinion

We have audited the financial statements of The Heart Research Institute (UK) Limited (“the charitable company”) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cashflows and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charitable company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the charitable company or to cease its operations, and as they have concluded that the charitable company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charitable company’s business model and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charitable company will continue in operation.

8

Independent auditor's report to the trustees and members of The Heart Research Institute (UK) Limited (continued)

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because of the limited opportunity and incentive for fraudulent revenue recognition and the limited judgement in respect of revenue recognition.

We did not identify any additional fraud risks.

In determining the audit procedures we took into account the results of our evaluation and testing of the operating effectiveness of some of the charitable company-wide fraud risk management controls.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), and from inspection of the charitable company’s regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Charitable Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities and companies legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

9

Independent auditor's report to the trustees and members of The Heart Research Institute (UK) Limited (continued)

Fraud and breaches of laws and regulations – ability to detect (continued)

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations (continued)

Secondly, the Charitable Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: certain aspects of charities, data protection and gambling regulations recognising the nature of the Charitable Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The trustees are responsible for the other information, which comprises the Trustees' Annual Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

10

Independent auditor's report to the trustees and members of The Heart Research Institute (UK) Limited (continued)

Matters on which we are required to report by exception

Under the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Trustees’ responsibilities

As explained more fully in their statement set out on page 7, 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; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

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Independent auditor's report to the trustees and members of The Heart Research Institute (UK) Limited (continued)

The purpose of our audit work and to whom we owe our responsibilities

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, and to the charitable company's trustees, as a body, in accordance with section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the charitable company's trustees 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, its members, as a body, and its trustees, as a body, for our audit work, for this report or for the opinions we have formed.

Michael Wilkie (Senior Statutory Auditor)

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

319 St Vincent Street

Glasgow G2 5AS

31 March 2021

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Statement of Trustees' responsibilities in respect of the Trustees’ Annual Report and the financial statements

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company and charity law requires the trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland .

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate and proper accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect 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 statements may differ from legislation in other jurisdictions.

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The Heart Research Institute (UK) Statement of financial activities (incorporating the income and expenditure account) Year ended 31 December 2020 Unrestricted Fund 2020 Totol Funds Total Funds 2020 2019 Incoming resour¢oS Incoming resources trom generatino funds". Voluntary income Acti￿[leS lor generating funds Other inwmè nioto 544.653 400.389 6.430 544.653 400.389 6.430 635.260 555,051 10,708 Total incoming rosources 951.472 951.472 1.201,019 Resour¢os •Mp•nd•d Cosrs ol generaling tunds.. Costs ol oeneraiing voluntary Income Fundraising expenditure Ch8rilable activities Governance costs Foreign exchange g8inlllossl Total r05our¢as •xpand•d I21.￿9) 1165.0951 1259.6381 125.8071 121.9091 1165,0951 1259.6381 125,8071 124,5871 1286.6491 1195,0731 17.9301 197 1472.4491 1472.4491 1514,0421 Net incoming T￿Our￿¥ for th• yoar 479.023 479,023 686.977 R8eon¢llSatlon ol funds Total funds broughi forward 2.173.196 2,773,196 1.486.219 Total funds ¢arrlod lorward 2.652.219 2.652,219 2.173.196 The Statement ol Financial Activrties Includes 811 gains and losses In the year and therefore a stai8meni ol total re¢ognised gains and losses has noi been prepared. All ol the ￿0¥￿ baL4n¢es felate to continuing ￿1VItIeS. Thè not•$ on pagos 17 to 22 •r• an ini•gTal part of th￿ finan¢lal statem•nts. 14

The Heart Research Institute (UK) Balance sheet Year ended 31 December 2020 Note 2020 2019 Current assets Debiors Pr8paymenls Cash at bank 12 13 76,011 2.043 2.601.526 2,679.580 59.557 2.149.256 2.208.813 Creditors: Amounts falllng dua wlthln one yèar 14 (27.3611 135.6171 Not currant assèts 2.652.219 2,173,196 Total #5sets less current IFabilities 2,652,219 2.173.196 Net assets 2.652,219 2.173.196 Funds Unresirictd income funds Total funds 15 2.652.219 2.652.219 2.173,196 2.172.196 Thes$ Iinanei81 statements h8ve been prepared in Bccordance wih iha provi$)ns applicable to companies subject io tha small companios rtrgime. Th8se linaneial statemenis w*r¢ approvtrd by the trusiees and auihorised lor issue on the JI cl Iw A(ck signed on their behalf bv.. 2021. and are Antony Pollltt Direct rlTrust•• Company R8gistration Numbar.. 05935975 The notes on pages 17 to 22 8r• an intègral part of these financial statomants. 15

The Heart Research Institute IUK) Statement of cash flows Year ended 31 December 2020 Note 2020 2019 Cash flows from operating activities Cash receipis from customers Cash receipts from Interests Cash paid to suppliers and employees Cash generated Irom operations Net cash from opèrating a¢tivitlOS 928,588 6.430 1482.7481 452.270 452.270 1,335.773 10,708 1523. 1001 823,381 823,381 Not cash used in investing octlvltlès Nèt cash used in financlng activities Net Increase In cash and cash equwalenis Cash and cash eouivalents at beginning ol year Cash and cash equivalents at and of yèar 17 452.270 2.149.256 2.601.526 823,381 1,325,875 2,149,256 The notes on pagès 17 to 22 are an Intggral part of thesè flnancial statements, 16

The Heart Research Institute IUKI Notes to the financial statements Year end¢d 31 December 2020 1 Accounting poll￿eS Basis of accounting The financial staiemÈnts have been prepared In accorda￿ wilh Accounting and Reporiing by Charitiès". St81ement of Recommended Piadice applicable to chaiiiies prepaiin9 iheir accounts In ac¢orOan¢e with th6 Fin3nc181 Reponing Standard applicable In Ihe UK and Republic of Ireland IFRS 1021 lellective l January 20151- ICh8rilies SORP IFRS 10211. Ihe Financial Reporting Siandafd applicab￿ In ihe UK and Republic Of Ireland IFRS 1021 ancl th• COMpan￿S P£t 2CQ6. A$$ei$ 8nd li8bilitie¥ The Heart Research In5tituie IUKI meet5 the deliniiK)n ol a public benefit entity unéer FRS 102. Assets anij liabilities are Inilialty iacognisad ai h15toriol cosi or transaction value unless oihotwise $iated In Ihg relevant accounting FK)Iicy noig151. Golng concern Th8 Charity has geneF8ted sufficieni financk81 resources from its %tiwtl&s io alkjw ihe Trusiees io believe Ihat the Charity Is well placed to managt Its businèss risks succ8sslully In ihe curreni economic climata. Aecordingly. Ihe Trustees have reasonable eX￿¢tatI0Th thai Ihe chariiv has adequaie resouicos to toniinuè In axisience for the foreseeab￿ futur8. thus Ihey continutr to adopt the going concern bas15 01 accounting In prepariro ¢h8 financial stai•mtnt5. The financi81 Statements have b8•n prepared on a going concgrn ￿31S ￿1¢h ihe Trusteas considèr its ￿ appropriat8 lor the following ro0Sons. The businass mod91 ot Ihe charily Is svch thai lis chariiable aaiv+iies ar6 Iimiiod io Those which Il has sufficient funds ro suppori from the excess of funding rec8wed over tho cosis ol adminisigring the charity. The chariTY Iher8for6 has no s￿¢[fiC commiimèn15 and no comrniiied cosis t¢yond 115 fixed cosis ol oporaiL)n. The Trustèes hava rèwewed lh8 cash Ilow forecasts lor a ￿rIOd of 12 months from ih• dai• of approval ol these lin8ncial Statements which Indicaie thai the ch8iily wll have sufficient lunds lo meei lis Ii¥bililies as they 1811 due lor that ￿ri(￿J. The Trustees have also considered thè Impliutwjns ol COVIt>19 on ihese cash flow lorecasis and consider ihai as a i?sult ol Its operating model explained above. even If no further funding Is ￿Ll¥ed In tho 12 month period. Ihe charily has sufficient cash ieserv8s io pay all committad costs. Consequently. the Trustfros afe confidant thai the chaiily wll have sullickgni lunds 10 continua to mèat Its Iiabilitiè$ as Ihey lxll rtiifv Inr al Ip.HST 1 ? mrnTh.4 frnm ihfl rfaiR nf ar￿nVal nl ihf finanrjal 8txiAmnix Fundè structure Funds held by the chariiy are unrestriued. these ale lunds which ar• availatle lor use ai the discfeiion of lh• trustees In accord8nce wih the ch8rit8ble objects. Incoming resources All Incoming resources are Includ8d in the statement of flnantial activit1es when Il is protsable that the chafity will become entitled 10 ihe Income and Ihe amouni can b8 quantified wilh reaxn8ble accuracy. Tha fo1￿0￿￿n9 spe¢ili¢ policies are applied to particular Categ￿$ of Incom•'. Volunt8ry in¢om* Donations genetated Ihrough thè pledge program actiwiy af8 Induded wrthin IncomiwJ ￿sOurCeS when probable. Other incom• Other Income. Including Interesi Income. are Induded within incoming resources when prol)able A¢tlvEtle$ for g•n•rating fun(ts Iricome from tha10118ry aetivit1ès is ineludèd within Incoming resources probab￿. Interest receivable Iniere5t Is Included In the statem8nt of financial actim1￿$ when prOba￿e by the charity. 17

The Heart Research Institute IUKI Notes to the financial statements Year ended 31 D&¢8mber 2020 Ca$h at bank Cash and c8sh 8quiva18nts indude cash on hand and deposits held at call with banks wilh original matunties of three months or less. Debtors Debtor Is Included In ihe siaterneTti ol financial 8ciivilies when probablè ty the charity. Resources txpended Resources expended 8re re¢o9nised In th& st8iem8ni of hnanaal aciiwt￿s whan 8 Iiabiliiv Is Incurred. All 8xpencJiiure Is accounied for on an accruals t￿lS and has bggn cla5s118(J undèr hèadings that a99fegaie all Costs related to ihe aciivify. Costs ol gentraiing voluntary Income Include the expenditure assocoted wth the actiwtiès undertaken by ih8 charily lo g8nerate such Income. such a5 the pledge prooramme. Fundra151ng axpendilura includes expafiditurè assocK91ed with th¢ seiiing up and running th8 K)iiery activities undertaken by thè charily and con51sts ol th8 diroct cosis ielaiin9 10 these activities. Charitable activitiès comprise expendituro Incurfed In workin9 iowar(Js rhe rt1j8cii￿S ol thè charilv. An allocation of 20% of t￿1￿ Ihe pledge program iecruiimeni ￿$1$ and ihe ￿lling cosis tsl tha lottery aclivilv are considergd by th charilv io be an appropriata peictsntage which rep1858ni Increasing th& awareness ol the cherity and Its activili8S. Granis p8ypbl8 ar8 ￿nclUded the siaiemeni ot Iinants818Clwi￿s when &ppro¥ed by ihe trusta8s. Governance ¢o$is Inelu*J6 expendiiufg In¢urr•d In the governance of ihe chanty and Its ass•ts. These are primarily associated wilh eonstitulional and siaiutory r•Quir•n￿nt$. T•xation The company Is a charily within ihe meaning ol ihè iax8s acts and it is therefofe eligitle to claim cartain 8xempiions 10 corporal￿n lax and capiial 9ains lax. As a conseqvence no iaxaiion arises lor thè yaai. 18

The Heart Research Institute (UK) Notes to the finan¢ial statements Icontinuedl Year ended 31 December 2020 2 Incoming resources Incoming resourcès. derive(I fiom the aclwities of ihe chariiable comparty. aiirityjtable io geograph￿al areas ouiside Df thg Uniteij Kingdom 8mounted 10 0% 12019." 0%) foi the year. 3 Voluntary incom• Unr¢$tri¢t¢d Funds Total Funds 2020 Totsl Fuhd$ 2019 General donatsons Pledoe oiooram don6iions 1.041 1.240 634 020 635,260 543612 544.653 544.653 4 Aetivltl8s lor genaiating lund$ Unr•$tricted Funds Total Fund$ 2020 Tot¥1 Fund$ 2019 400.389 400.389 555,051 5 Oth•r bn¢om• Unr•$tricted Funds Total Funds 2020 Tot•1 Funds 2019 Int91?$1 incgme 6.430 6.430 6,430 6.430 10.708 10.708 6 C08t8 of gonerating voluntary ineomo Unrestrirfed Funds Total Funds 2020 Total Funds 2019 Pledge program General donations 1.632 20.277 21.909 1.632 10.291 14.296 24.587 21.909 7 Fundraising oxpenditur• Unrestricted Funds Total Funds 2020 Total Funds 2019 Loiiery è¢tivii*s 165.095 165.095 165.095 165,095 286,849 286,849 Included within loiiery actwity Costs Is an amouni of C88.19212019- £229.9771 In rei4iKJn to lottery ￿lI1[va costs In accDrdance wilh 1he siaied accouniin9 wlicy 20% of ihtrse costs are alk>ca18d io awa18ngSS Costs, this amounis to £17.63812019- C45.9951. 19

The Heart Research Institute (UK) Notes to the financial statements Icontinuedl Yaar ended 31 December 2020 8 Costs ol chayitsblt activtils by 8Cti¥ity type A¢ti¥ities undertaken directly Totsl Funds 2020 Total Funds 2019 Awareness costs Res&arch Cost 17.638 242.￿) 259.638 17.638 242.0 259.638 45.995 149.078 195.073 9 Gov•rnan￿ Gtssts Unr•￿rI￿Od Funds Total Fund 2020 Totsl Funds 2019 A¢count8nry and Audit Fees Leo81 lees 22.4( 3.401 25.807 22,4( 3.401 25.807 4.950 2.980 7,930 10 Not loutgoSng1lineoming T•wurc•* lor tho yoar This Is $1818d alier ch8rging'. 2020 2019 Auditors. Femuneration 4uc511 ol th¢ financial siaiem•nts 175C 17.5 io.s 10,500

The Heart Research Institute (UK) Notes to the financial statements Icontinuedl Year ended 31 December 2020 11 Dir8etor$ TemunÈr•tÈon and re-imbursed expenditure Ther& were no servtes piovided by ihe directois io the company. a resul there have been no emolumenis paid to the directors12019.' nil) 12 Debitsr$ 2020 2019 Tiade debtors 76.011 76.011 59.557 59.557 13 Prepayments 2020 2015 Prepayments 3,043 2,043 14 ¢rodltor¥'. Amounts falling due within one year 2020 2019 Trade erediiors Other credilois Accruels 9.614 225 12,733 200 22.684 35.617 27.361 15 UnYe8tTlCted income funds Balance at 1 January 2020 Incoming r•$ourc•s Outgoing resources Balance at 31 Do¢ombor 2020 Gen$ral funds 2.173,196 951.472 147?.4491 2.652.219 16 Rel•t¢d p8rty tr#rts•¢tlon$ The Heart Reseeich Institute L¢cl. the ullimaie p8r6ni comp8ny. following ir8nsactuns on beh8tt of the charity during ihe year. 2020 2019 Balance due to The Heart Re$e&rth Insiituie ot year end 225 200 During thè y8ar thè charity contribJied £242.C(X)12019.. £149,077110 the parent company lor rasèarch and $cieniifi¢ gxpenOitur8. A trusiee. employed by The Heart Reseorch InsTilure Lid. the uliimaie parent comp8ny. ha(5 a subst8ntNe role In the opeTaiions ol The Heart Res881ch Insirtute IUKI. No other IFuslees have been p81d any remuner8tKJn u re￿Ned any oiher beneflts trorn an employment with their ¢h8rity or a relaied entity.

The Heart Research Institute IUKI Notès to the financial statements Icontinuedl Year endèd 31 Docomber 2020 17 Re¢oncili8tion ol cash flows from operatin9 activitios 2020 2019 Cash flow from operating 8clivt¢ie$ Net surplus 479.023 686,977 Ilncre8$el/decrease In receIVa￿e$ & prepaymenis ID8creasel In payables 118.4971 18,2561 145.462 19,0581 Net Cash from operatbng aCtivFtie$ 452.270 823.381 18 Company limti¢d by guarantee Thg Heart Rtrse8ich Inslltute IUKI L8 a rg9151tied chanty company Iimiied by guaraniee wilh no short ¢8piial. There is one mernbei of ihe ¢h8flt8ble company at ihe yeaf end with ihe I￿￿"11￿ of the m8mt*r In ihe event of a v41nding vp being Iimiied to £1. 19 Uhimate p•r•nt Gomp•ny Th8 company'5 ult1moTe p8reni compary. t)oth this wr •nd the pr8wus ye8r. was Thg Hgan Research Insiiiuie Ltd. 8 compeny Incorporated In Au51ralia. As such. thes¢ lin8ncial siaiemtsnts wll bfr ¢￿s01￿1￿e￿ wrthin Ihi$ entity The Heart Reseafch Institute Lid Is locaied ai the follo¥Yino a¢dross'. 7 EIIz8 Street Newiown NSW 2042 20 Controlllng Int•T•St Tho ￿M￿ttn¥ Is uliimaiely coniroll¢d by Thè Heart Reseafch Institute Lid t>)th th￿ year and la51 y•ir.