Charity registration numbér 1116918
Company registration number OS935975 (England and Wales)
Scottlsh charity reglstralion number SC042984
THE HEART RESEARCH INSTITUTE (UK)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

THE HEART RESEARCH INSTITUTE (UK)
LEGALAND ADMINISTRATIVE INFORMATION
Trustees
MrA C Caton OBE
Mr S B Moodey
Mr A Phillips
Ms E L Pintado
MrA W Pollitt
Prof Andrew Grace
ProfAndrew Coats
Charlty number
1116918
Charlty number (Scotland)
SC042984
Company number
05935975
Regl$tered offlce
Bankside 300
Peachman Way
Broadland Business Park
Norwich
Norfolk
NR7 OL8
Audltor
Azets Audit Seniices
Westpoint
Lynch Wood
Petertjorough
Cambridgeshir•
United Kingdom
PE2 6FZ
8anker•
Santander UK PLC
2 Triton Square
Regent's Place
London
Uniled Kingdom
Bank of Ireland
12 The High Street
Kildare Town
CO. Kilda

THE HEART RESEARCH INSTITUTE (UK)
CONTENTS
Page
Trustees report
Statement of Trustees responsibilities
Independent audilorfs report
Statemenl of financial 8Ctivilies
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12-19

THE HEART RESEARCH INSTITUTE (UK)
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the
financial statements and wmply with The Heart Research Institute (UK)'s Memorandum and Artides of Association,
the Companies Acl 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice
applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 102)" {effeclive 1 January 2019}.
Objectives and activities
The Heart Research Institute has four core objectives..
To investigate mechanisms contributing to the pathogenesis of cardiovascular disease
To develop new ways to detect symptoms of cardiovascular disease before il leads to clinical problems
To develop new treatments which can reverse the development of heart disease
To prevent individuals developing cardiovascular disease in the future
The reason the charity and ils parent company are focusing mainly on cardiovascular disease is because this is the
leading cause of death in the world. a phenomena that is also increasing in third-world countries. However, research
into the origins of such disease spans many years and requires the se￿l¢e$ of highly qualified scientists, as well as
the usage of expensive technology. That is why a major activity of the charity and its parent is fundraising, because
any funding obtained through competitive grants for specific research projects and infrastrLtcture support from
govemmenls or other bodies is insufficient to cover all the costs involved. The charity and its parent have a long-
term aim of contributing lo a significant reduction in cardiovascular disease, but recognise Ihat eventual success in
this regard means extensive investment in research here and now.
The charity's main objective for the year ended 31 December 2024 where to determine the best distribution of funds
raised to assist with meeting its objectives and focus on further development of the lottery and monthly pledge
programs. The strategy for achieving these objectives was to maintain arrangement with reputable contractors well
experienced in conducting lotteries and monthly pledge programs in the UK. Significant activities that contributed to
the achievement of these objectives the negotiation and resolution of operational procedures. and the recording and
processing of resultant transactions. The trustees have given due consideration of the Charity Commission
published guidance on the operation of the public benefit requirement.
Achievements and perfomiance
Funds raised by the HRI in the UK go directly io scientific research helping to find solulions to this global health
challenge. Funds are used to support the front line researchers and to purchase the latest research equipment.
Financial review
The net incoming resources for the year ended 31 December 2024 amounted lo £410,543 (2023-. (£6,376)). The
Trustees are confidenl of the future success of projects activities for 2024 and beyond and that these will result in
the building of accumulated surpluses. In addition, the Charity enjoys the on-going financial support of its parent
company and the significant experience of its management to ensure its future success.
Significant events
The Charity has generated sufficient financial resources from its activities to allow the Trustees to believe that the
charity is operating successfully in the current economic climate. Trustees have reviewed the financial position for a
period of 12 months from the dale of approval of these financial statements which indicate that the charity will have
sufficient funds to meel its liabilities as they fall due for the period. Therefore, the Trustees believe that the Heart
Research Institule {UK) to continue going concem for at least 12 months from the date of approval of the financial
slatements.
Other than the above development, no other item, transadion or evenl of a material and unusual nature is likely, in
the opinion of the Trustees, to affect significanlly the operations of the Charily, the results of those operations. or the
stale of affairs of the Charity, in the future years.

THE HEART RESEARCH INSTITUTE (UK)
TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Principal financial management policies
The principal financial management policies adopted In the year include the following..
Revenue recognition
Revenue derived from fundraising efforts is recognised when probable.
Provisions
The charity recognises by way of provision any anticipated oulgoings relevant lo Ihe year under review for which il
may have an obligalion, whether legal or constructive.
Reserves
The charily maintains reserves to cover running costs of the charity and lo enable Il lo fund research opportunities
that lull within the charity's objectives as they arise. The actual funds available can vary signilicanlly depending on
the liming of research. bul Iruslee5 conclude Ihal the actual level of funds should not f811 below 12 months running
cosls. Where Iruslees have internally agreed lo fund specific cardiovascular research in the UK or wilh
collaboralors, those funds are sel aside as designated funds until the detail of the funding is agreed with the
partner. The actual level of resetves al the year-eiid is higher Ihan that sel by the policy and Ihe Iruslees are
actively reviewing further funding opportunities.
Grantmaking policy
The charity awards grants lo be used in accordance wilh ils charitable objectives.
Principal funding sources
Principal funding sources during the year were from the generation of revenue from the lollery and monthly pledge
campaigns. Expendiliire during the year under review has supported the key objectives of the charity by firmly
establishing a viable basis for the fulure success of the lollery and pledge campaigns.
Investment powers and policy
Under the Memorandum and Articles of Association. lo further 115 objects the Char￿tY has the power lo invest any
funds not Immediately requiTed lor ils objectives in or upon any inveslmenls. securities or property.
Risk management
The majof ri5k5 to which the charity is exposed relate in particular lo the commitments made to outside parties who
undertake the various fundraising campaigns for the charity. There can be considerable set-up costs Involved I
new fundraising campaigns. which means there is a delay before a particular campaign realises a surplu5. Once 1he
truslees have approved the new Campaign, they subsequently ieceive regular reports of ils progiess and are kept
appraised ol any budget Irregularities Ihal the campaign may be facing. Reslriclions on further commitments can be
insliluled quickly and, in addition. a request that the oulside contractor comply with specific guidelines lo keep the
program contained can be also implemented efficiently. The Iruslees also reqijire that safeguards be incorporated
into legal agreements with the fundraising contraclois lo limil the risk exposuTe of the charity.
Plans for future period$
The charity will coiilinue lo support Post Doclorale Fellowships for young and emerging UK researchers and
Collaborate with The Heart ReseaT¢h Institute Australia in funding specialist equipment and research so we car>
undeistand more about. and lo find a cuie for cardiovascular disease5, which are the number one killer of people
worldwide.

THE HEART RESEARCH INSTITUTE (UK)
TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Structure. govemance and management
The Heart Research Institute (UK) is a company limited by guarantee and is governed by ils Memorandum and
Articles, dated 14 September 2006. It is also registered as a charity with the Charity Commission for England and
Wales (No. 1116918) and, with effed from 1 March 2012, the Scottish Charity Regulator {SC042984).
The Truslees, who are also Ihe directors of The Heart Research Inslitute (UK) for the purpose of company law. and
who served during the year and up to the date of signature of the financial statements were..
MrA C Caton OBE
Mr S B Moodey
Mr A Phillips
Ms E L Pintado
MrA W Pollitt
Prof Andrew Gra
ProfAndrew Coals
As set out in the Articles ofAssociation trustees are appointed by a resolution of the members for a renewable term
of three years. The charily shall have al least three Trustees who are not trusteeslandlor employees of The Heart
Research Institute Limited.
Oryanisation
The Heart Research InstitLrte {UK) and The Heart Research Institute Ltd have entered into a 'Service Agreement, to
record the basis on which they will work logether lo further the charilies. charilable objects and to outline the
services provided by The Heart Research Institute Ltd to The Heart Research Institute (UK).
Under the Services Agreement, the day-to-day fundraising and administrative activities of the charity have been
delegated to the management staff of The Heart Research Institute Ltd. These staff members report to a Director of
the Institute who, in turn, is subject to the Board of Governors of the Australian company. However, any
arrangements and aclivilies affecting the UK charity are also subject to the oversight and review of the board of
trustees of The Heart Research Institute (UK}. In particular, new fundraising programs require the specific approval
of the trustees who will meet as a board to consider and vole on such proposals.
Trustee induction and training
The charity has espoused a policy of providing new trustees with whatever information and assistance is necessary
to help them fulfil their responsibilities under both the Companies Act 2006 and their roles under relevant legislation
and regulations affecting the organisation as a charity. The procedures adopted include providing new Iruslees with
copy of The Essential Trustee.. what you need to know supplied by the Charity Commission for England and
Wales which describes the roles and responsibilities of trustees, as well as a copy of the company's constitution.
The trustees are also encouraged to visit the website of the charity commission for regular updates or changes to
legislation and guidelines. Ongoing information updates along with regular communication between The Heart
Research Institute Ltd management and the trustees ensures knowledge and information currency.
Related parties
The charity is a wholly owned subsidiary of The Heart Research Institute Ltd, an Australian charity which runs heart
research programmes and which has built up expertise in the fields of both running a charity and fundraising in this
area. The objects of the charity (as outlined above) are compatible with The Heart Research Instilule Ltd and both
are committed to the promotion and support of research and the advancement of education in this area. The Heart
Research Institute Ltd assists the charity by providing il with the services and support it needs to successfully
operale and raise funds in order to support hear research and educate the public.
The Heart Research Institute has a presence in Scotland. Our scientisls are working across a number of research
areas lo identify factors that contribute to an increase risk of heart disease. Understanding the underlying causes of
heart disease is the key to finding a solution.

THE HEART RESEARCH INSTITUTE (UK)
TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Auditor
In accordance with the company s articles, a resolution proposing that Azets Audil Services be reappoinled as
auditor of the company will be pul al a General Meelir¥g.
The TrLAslees repo
was approved by the Board of Trustees.
Mr A W Pollill
Dale".

THE HEART RESEARCH INSTITUTE (UK)
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees, who are also Ihe directors of The Heart Research Institute (UK) for the purpose of company law, are
responsible for preparing the Trustees Report and the financial slatements in accordan￿ with applicable law and
United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practi￿).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and
fair view of the state of affairs of the The Heart Research Institute (UK) 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.
obsetve the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent-
state whelher applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the finan￿al statements-, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume Ihat the The
Heart Research Institute (UK) will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any time the financial position of the The Heart Research Institute {UK} and enable them to ensure that the financial
statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the The
Heart Research Institute (UK) and hence for laking reasonable steps for the prevention and detection of fraud and
other irregularities.

THE HEART RESEARCH INSTITUTE {UK)
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE HEART RESEARCH INSTITUTE (UK)
Opinion
We have audited the financial sl8lemenls ol The Heart Research Inslilule IUKI Ilhe 'The Heart Research Institute
IUKI,) for the year ended 31 December 2024 which comprise the statement of financial aclivilies, the balance sheet,
the statement of cash flows and notes lo the financial statements, including significant accounting policies. The
financial feporting fiamework Ihal has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, induding Financial Reporting Standard 102 The Fii?ai?cial Reporting Staiidard applicable in
Ihe UK 8nd Republic of I￿10￿d (United Kingdom Generally Accepted Accounting Practice).
In our opinion. the financial statements..
give a true and fair view of the slate of the charitable company's affairs as al 31 December 2024 and of ils
incoming resources and application of resources. for the year then ended".
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice".
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducled our audit in accordance with International Standards on ALJdiling IUKI IISAS (UKII and applicable
law. Our responsibilities under those standards are further described In Ihe Aiidilofs responsibililies for tl7e audil ol
the finaiicial stalemeiils section of our report. We are independent of the charitable company in accordance with the
ethical requirements that are relevant lo our audit of the financial gtalemenls in the UK. including the FRC'S Ethical
Standard, and we have fiilfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion.
Con¢lusions relating to going concern
In auditing the financial slatemenls, we have concluded Ihal Ihe Trkjslees use of the going concern basis of
accounting in the preparation of the financi315taletnenls Is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo events or
conditions that. Individually or collectively, may casl significant doubl on the The Heart Research Inslilule IUKI'S
ability lo continue as a going concern for a period of al least twelve months from when the financial s131emenls are
aulhorised for issue.
OUT responsibililies and the iesponsibililies of the Trustees with respect lo going concern are described in the
relevant sections of this report.
Other infonnation
The olher information comprises the Information included in the annual report other than the financial slalements
and our auditor's report Ihereon. The Trustees are responsible for the other information contained wilhin the annual
report. Our opinion on the financial slalemenls does not cover the other information and we do not express any form
of assurance conclusion Ihereon. Our responsibility is lo read the olhei information and, in doing so, consider
whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained In
the course of Ihe audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies
or apparent maleiial misslalements, we are required lo determine whether this gives rise lo a material misslalemenl
in the financial slalemenls themselves. If, based on the work we have pertormed. we conclude that there is a
material misslalemenl of this other information, we 8¥e required lo report that fact.
Vve have nothing lo report in this regard.
Matters on whi¢h we are required to report by exception
We have nothing lo report In respect ol the following mallers in relation lo which the Charities IAccounls and
Reports) Regulations 2008 require us lo report lo you if, in our opinion..
the information given in the financial slalemenls is inconsislenl in any material respect with the Trustees
report.. or
sufficient accounting records have not been kept. or
the financial slalemenls are not in agreement with the accounting records.. or
we have nol received all the infomiation and explanations we require for our audit.

THE HEART RESEARCH INSTITUTE (UK)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE HEART RESEARCH INSTITUTE {UK)
Responsibilities of Trustees
As explained more fully in the statement of Trustees responsibilities. the Trustees, who are also the directors of the
The Heart Research Institute (UK) for the purpose 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 inlemal control as the
Trustees determine is necessary to enable the preparation of financial ststemenls that are free from material
misstatement, whether due lo fraud or error. In preparing the financial statements. the Trustees are responsible for
assessing the The Heart Research Institute {UK}'s abilily to continue as a going concern, disclosing, as applicable,
matters related lo going concern and using the going concern basis of accounting unless the Trustees either inlend
lo liquidate the charitable company or lo rEase operations, or have no realistic alternative but to do so.
Auditorfs responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with Ihe
Act and relevant regulations made or having effect Ihereunder.
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 Ihal 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 misstalemenl when il exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate. they could reasonably be expected to influen
the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https-.11
www.frc.org.uklauditorsresponsibililies. This description forms part of our auditorfs report.
Extent to which the audrt was considered capable of detecting irregularities. including fraud
Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above and on the Financial Reporting Council's website, to delect malerial
misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future
developments, including in relation to the legal and regulatory framework applicable and how the enlity is complying
with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the
financial slalemenls, whether due to fraud or error, design and perform audit procedures responsive lo those risks.
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes
consideration of the risk of acts by the entity that were contrary lo applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance wilh laws and regulations, including fraud. we designed
procedures which included..
Enquiry of management and those charged with governan￿ around actual and potential litigation and
claims as well as actual, suspected and alleged fraud-
Reviewing minutes of meetings of those charged with governance.,
Assessing the extent of compliance with the laws and regulations considered to have a direct material
effecl on the financial statements or the operations of the entity through enquiry and inspection",
Reviewing financial statement disclosures and lesting to supporting documentation to assess compliance
with applicable laws and regulations.,
Performing audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjuslments for appropriateness, evaluating the business rationale of significant
transactions outside the nomial course of business and reviewing accounting estimates for indicators of
potential bias.
Because of the inherent limitations of an audil. there is a risk that we will not detect all irregularities, including those
leading io a materral misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions reflected
in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of
not delecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentalions, or the override of intemal control.

THE HEART RESEARCH INSTITUTE (UK)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE HEART RESEARCH INSTITUTE (UK)
Use of our report
This report is made solely to the charity s Iruslees. as a body. in accordance wilh part 4 of the Charities (Accounts
and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's Iruslees
those mallers we are required to slate lo them in an auditor's report and for no olhef purpose. To the fullesl extent
permilled by law, we do not accept or assume responsibility lo anyone other than the charity and the charity s
Iruslees as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Mark Jackson FCA DChA Isenior Statutory Auditor}
for and on behalf ofAzets Audit Services
Chartered Accountants
ststutory Auditor
Weslpoinl
Lynch Wood
Pelerborough
Cambridgeshire
United Kingdom
PE2 6FZ
Azets Audil SeFvices is eligible for appointment as auditor of the The Heart Research In51ilule IUKI by virtue of its
eligibility for appoinlment as auditor of a company under section 1212 of the Companies Act 2006.

THE HEART RESEARCH INSTITUTE (UK)
STATEMENT OF FINANCIALACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Unrestricted Unrestricted
funds
funds
general designated
2024
2024
Total
Unrestricted Unrestricted
funds
funds
general designated
2023
2023
Total
2024
2023
Notes
Income from:
Donations and
legacies
Other trading
activrties
Investments
421.688
421,688
441,958
441.958
248,413
164,106
248,413
164,106
257,635
165,516
257,635
165.516
Total income
834,207
834,207
865,109
865,109
enditure on:
Raising funds
153.020
153,020
273,638
273,638
Charitable activities
171,849
98,795
270,644
437,049
160,798
597,847
Total expenditure
324,869
98,795
423,664
710.687
160.798
871,485
Net incomingl(outgoing
resources before
transfers
509,338
(98,7951
410,543
154,422
{160.798}
(6,376)
Gross transfers
be￿een funds
(76,296)
76,296
132,992
1132,9921
Net incomellexpenditurel
for the yearl
Net movement in funds
433.042
{22,499)
410,543
287,414
(293,7901
(6,376>
Fund balances at 1 January
2024
2,754,929
314,006 3,068,935
2,467,516
607,795
3,075,311
Fund balances at 31
December 2024
3,187,971
291,507 3,479,478
2.754,930
314.005
3,068,935
The slatemenl of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.

THE HEART RESEARCH INSTITUTE (UK)
BALANCE SHEET
AS AT 31 DECEMBER 2024
2024
2023
Notes
Current assets
Debtors
Cash al bank and in hand
11
23,828
3,695,436
28.445
3,424,056
3,719,264
3.452,501
Creditors.. amounts falling due within
one year
12
(239,786)
1383,5661
Nel Currenl assets
3,479,478
3,068,935
Income funds
Unreslricled funds
Designated funds
General unreslficled funds
13
291,507
3.187.971
314.005
2,754.930
3.479,478
3,068,935
3,479.478
3.068 935
The company Is enlilled lo the exemption from the audit requirement contained In section 477 of the Companies Act
2006. for the year ended 31 December 2024, although an audit ha5 been carried out under section 144 of the
Charities Act 2011
The directors acknowledge their responsibilities for complying with the requirements ol the Companies Act 2006
with respect lo accounting records and the preparation of financial slalements.
The member5 have not required the company lo obtain an audit of ils financial statements under the requirements
of the Companies Act 2006. for the year In question In accordance with section 476.
These f1nancial slalemenls have been prepared In accordance with the provisions applicable lo companies subject
lo the small companies regime.
The financial slalemenls were approved by Ihe Trustees on
Mr A W Pollill
Trustee
Company registration number 05935975
10

THE HEART RESEARCH INSTITUTE (UK)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
Cash flo¥￿ from oporallng actlvlties
Cash generated froml{absorbed by)
operations
16
107,274
(218,083)
Investing activitie8
Investment income re￿iVed
164,106
165.516
Net ¢ash generated from inv•sting
actAvltle$
164,106
165,516
Not cash used In financlng actlvitles
Net Sncreaselldecreasel In cash and ¢a$h
•quivalents
271.380
(52,567)
Cash and cash equivalents at beglnning of year
3,424,056
3,476,623
Ca$h and ¢a$h equlvalents at end of year
3,695,436
3,424,056
11

THE HEART RESEARCH INSTITUTE (UK)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policies
Charity inforniation
The Heart Research Iiislilule {UK} is a private company limited by guarantee incorporated in England and
Wales. The registered office is Bankside 300, Peachman Way Broadland Business Park. Nomich. Norfolk,
NR7 OLB, United Kingdoffi.
1.1 Accounting convention
The financial slalemenls have been prepared In accordance ivilh the The Heart Research Inslilule IUKI'S
articles of associalioii, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable In
the UK and Republic of Ireland" I'FRS 102.1 and the Charitie5 SORP Accounting and Reporting by Charities".
Slalemenl of Recommended Practice applicable lo charities pieparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffeclive 1 January
20191. The The Heart Research InslilLJle IUKI is a Public Benefit Enlily as defined by FRS 102.
The financial slalemenls are prepared in sterling, which is the functional currency of the The Heart Research
Inslilule {UKI Monetary amounts in these financial slalemenls are rounded to the nearest £.
1.2 Going concern
The charity has generaled sufficient financial resources from ils activities lo allow the Trustees lo believe that
the charity is well placed lo manage ils business 115ks successfully in the current economic climate.
Accordingly, the Trustees have a reasonable expectation that the charity has adequale resources lo continue
in exislence for the foreseeable future, thus they continue lo adopt the going concern basis ol accounting in
preparing the financial slalemenls. The financial slalemenls have been prepared on a going concern basis
which the Trustees consider lo be appropiiale for the following reasons.
The business model of Ihe charity Is such that ils charitable activities are limited lo those which il has sufficient
fuiids lo support from the excess of funding received over the costs of administering the charity. The charity
Iherefoie has no specific commitments and commilled costs beyond ils fixed costs of operation.
The Trustees have reviewed the cash flow foreca51s for a period of 12 months from the dale of approval of
these financial slalemenls which indicate that the charity will have sufficient funds lo meet Ils liabilities as they
fall due for that period.
Consequently. the Trustees are confident that the charity will have sufficient funds lo continue lo meet Ils
liabilities as they fall due at least 12 months from the dale of approval of the financial slalemenls.
1.3 Charitable funds
Unreslricled funds are available foi use al the discretion of the Trustees in furtherance of their chaiilable
obieclives.
Desigiialed funds comprise funds which have been sel aside al the discretion of the Trustees for specific
purposes. The purposes and uses of the designated funds are gel out in the notes lo the financial slalemenls.
Reslricled funds are subject 10 Specific conditions by donois as lo how they may be used. The purposes and
uses of Ihe reslricled funds are sel out In the notes lo the financial slalemenls.
1.4 Income
Income is recognised when the The Heart Research InslilLile IUKI is legally enlilled lo il after any performance
conditions have been mel. the amounts c8n be n)easured reliably, and il is probable that income will be
received.

THE HEART RESEARCH INSTITUTE (UK)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policies
(Continued)
Voluntary Income
Donations are generated through the pledge program activity are inGluded within inwming resources when
probable.
Other income
Other income, including interest income. are included wilhin incoming resources when probable.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation can be measured reliably.
Costs of generating voluntary income include expenditure associated with Ihe activities undertaken by the
charity to generate such income, such a5 the pledge programme.
Fundraising expenditure includes expenditure associaled with the selling up and running the lottery activities
undertaken by the charity and consists of the direct costs relaling lo these activities.
Granls payable are included within the statement of financial activities when approved by the trustees and
agreed with the recipient unless there are restrictions of future funding that allow the charity to withdraw the
funding at their discretion.
Governance costs include expenditure incurred in the governance of the charity and its assets. These are
primarily associated with the constitutional and statulory requirements.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lemi liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.7 Financial instruments
The Heart Research Institute {UK) has elected lo apply the provisions of Section 11 'Basic Financial
Inslrumenls, and Section 12 '0ther Financial Instrumenls Issues, of FRS 102 to all of ils financial instruments.
Financial instruments are recognised in the The Heart Research Institute (UK)'s balance sheet when the The
Heart Research Instilule (UK) becomes party to the conlractual provisions of the instrument.
Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when
there is a legally enforceable righl to set off the recognised amounls and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets. which include debtors and cash and bank balances, are initially measured al
transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction, where the transaction is
measured al the present value of the future receipts discounted al a market rate of interest. Financial assels
classified as receivable within one year are not amortised.
13-

THE HEART RESEARCH INSTITUTE (UK)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policies
(Continued)
Basic financial liabilities
Basic financial Iiabililies, including creditors and bank loans are initially recognised al transaction price unless
the arrangement constilules a financing Iransaclion. where the debt Inslrumenl is measured al the presenl
value of the future payments discounted al a market rale of interest. Financial liabilities classified as payable
wilhin one year are not amortised.
Debt inslrumenls are subsequently carried al amort15ed cost, using the effective interest rale method
Trade creditors are obligations lo pay for goods or Services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities If payment is due within one
yeai or less. If not. they are presented as non-¢urrenl liabilities. Trade creditors are recognised initially al
transaction pri￿ and subsequently measured al amortised cost using the effective inleresl melhod.
Derecognitiol) of financial liabilities
Financial liabilities are derecognised when The Heart ReseaTch Institute (UKI'S conliaclual obligations expiie
or afe discharged or cancelled.
Critical accounting estimates and judgements
In the application of The Heart Research Inslilule IUK}'s accounting policies, the Trustees are required lo
make judgements, estimates and assumptions about the carrying amount of assels and Iiabililies that are not
readily apparent from other sources. The estimates and associaled assiimplions are based on hisloiical
experience and other factors that are considered to be relevant. Actual resLJlls may differ from these
eslimales.
The estimates and underlying assumptions are reviewed on sn ongoing basis. Revisions lo accounting
eslimales ale iecogni5ed in the period in which the estimate is revised where the revision affecls only that
period. or in the period ol the revision and future periods where the revision affects both current and future
periods.
Donations and legacies
Unrestricted Unrestricted
funds
funds
general
general
2024
2023
Donations and gifts
421,688
441.958
Donations and gifts
General donations
Pledge program donations
50,804
370,884
40,519
401,439
421,688
441958
14

THE HEART RESEARCH INSTITUTE (UK)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Other tradlng actlvltles
Unrestrfcted Unrestrfcted
funds
fund$
general
general
2024
2023
Lottery activities
248.413
257,635
Investments
Unrestricted Unrestrlctsd
funds
fund$
general
general
2024
2023
Interest receivable
164,106
165,516
Raising funds
Unre$trl¢ted Unrnstricted
funds
funds
general
general
2024
2023
in
Seeking donations, grants and legacies
Other fundraising costs
19,982
133,038
22,011
251,627
Fundraising and publicity
153,020
273,638
153,020
273,638
15-

THE HEART RESEARCH INSTITUTE (UK)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Charitable activities
2024
2023
Awareness costs
Research c051s
17.223
230.581
13 347
548.472
247,804
561.819
Share of governance cosls (see note 81
22.840
36,028
270,644
597.847
Analysis by fund
Unreslricled funds general
Unreslricled funds - designated
171.849
98,795
437 049
760.798
270,644
597,847
Inclucled within the research costs noted above is £214,644 {2023. £491.1031 ol contributions by the charity lo
the pareiil company lor research and scientific expènditure. Of this amount. £nil 12023". £330.3051 relate5 10
the eslablishmenl of a fluxomics cenlre al HRI Australia out of unreslricled funds.
Support and governaiice costs
2024
2023
Governance Governance
costs
costs
Auditor fees
Legal and professional
19.000
3.840
18.900
17.128
22,840
36 028
Charitable activities
22,840
36 028
Governance c0515 includes payments lo the auditors of £16,50012023- £15,600) for audit fees.
Trustees
Noiie of the Trustees lor any persons connected with them) received any remuneration or benefits from the
The Heart Research Institute IUKI during the year.
10 Taxation
The charity Is exempl from 13x on income and gains falling within section 505 of the Taxes Act 1988 or section
252 of the Taxalionof Chargeable Gains Act 1992 to the exlenl that these are applied lo ils charitable objects.
16

THE HEART RESEARCH INSTITUTE (UK)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11 Debtors
2024
2023
Amounts falling due within one y•ar:
Other debtors
Prepayments and accrued income
16,142
7,686
17,481
10,964
23,828
28,445
12 Credltors: amounts falllng due wlthln one year
2024
2023
Notss
Accrued grant expendlture
Trade creditors
Amounl owed lo parent undertaking
Accruals and deferred income
136,399
50.601
33,765
19,021
247,163
91,164
26,022
19,217
239,786
383,566
13 Deslgnated funds
The income funds of the charity include the following designated funds which have been sel aside out of
unrestricted funds by the trustees for specific purposes..
8alanc• at
1 January 2023
Rgsour¢es
expend¢d
Transfvrn
B•lanc• at
1 January 2024
R•¥ourcvJ
exP￿d
Transt•rs
8•lan¢e at
31 D•c•mb•r
2024
Collaborator
¢ontrad$
Funding
committed for
parent
ompany
79,529
(79,529)
528,266
<160.798)
{53,463}
314,005
(98,794)
76,296
291,507
607,795
(160,798) (132,992)
314,005
(98,794)
76,296
291,507
The designated funds represent grants that have been set aside by the Board for intemal programmes not
finalised at the year end.
17-

THE HEART RESEARCH INSTITUTE (UK)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14 Analysis of net assets between funds
Unrestricted Designated
funds
funds
2024
2024
Totsl Unreslricled Designated
funds
funds
2023
2023
Total
2024
2023
FLind balance5 al 31
December 2024 are
represented by.
Cuiienl asselsllliabililiesl
3.187.971
291,507
3.479,478
2.754.930
314.005
3,068.935
3,187,971
291.507
3,479.478
2.754,930
314,005
3.068.935
15 Related party transactions
The followiiig amoun15 were oulslanding al the reporting end date.
Amounts owed to related
parties
2024
2023
Balance due lo The Heart Research Limited.
the ultimate parenl company.
33.765
26.022
33,765
26,022
16 Cash generated from operations
2024
2023
surplu51ldeficill foi the year
410,543
16,3761
Adjustments for".
Investment income recognised in statement of financial 8clivilies
1164.106)
1165.516)
Movements in working capital".
Decrease in debtors
{Decreasel In creditors
IDe¢reasellincrease in deferred income
4,617
(33,016}
1110.7641
36.070
{329,4241
247,163
Cash generated fromllabsorbed by) operations
107,274
1218.0831
18-

THE HEART RESEARCH INSTITUTE (UK)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17 Ultimat• parent company
The company's ultimate parent company, both this year and the previous year, was The Heart Research
Institute Ltd. a Company incorporated in Australia. A5 such. these financial statements will be consolidated
within this entity. The Heart Research Institute Ltd is located al the following address-
7 Eliza Street
Newtown
NSW 2042
Australia
18 Controlllng Intsrest
The company is ultimately controlled by The Heart Research Institute Ltd both this year and the previous year.
19-