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← Pulmonary Hypertension Association UK

2025-04-30-accounts

REGISTERED COMPANY NUMBER: 06268494 (England and Wales) REGISTERED CHARITY NUMBER: 1120756

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

FOR

PULMONARY HYPERTENSION ASSOCIATION UK

TC Group Park House 200 Drake Street Rochdale Lancashire OL16 1PJ

PULMONARY HYPERTENSION ASSOCIATION UK

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11 to 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 25

PULMONARY HYPERTENSION ASSOCIATION UK

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 APRIL 2025

TRUSTEES I J Armstrong K Yeowart S Townsley T Yeldham J Royle

The trustees are collectively referred to as both the board of trustees and the Management Committee. They are also directors for the purposes of the Companies Act.

REGISTERED OFFICE Unit 1, Newton Business Centre Newton Chambers Road, Thorncliffe Park Chapeltown Sheffield S35 2PH REGISTERED COMPANY NUMBER 06268494 (England and Wales) REGISTERED CHARITY NUMBER 1120756 INDEPENDENT EXAMINER TC Group Park House 200 Drake Street Rochdale Lancashire OL16 1PJ FINANCE OFFICER S Clayton

Page 1

PULMONARY HYPERTENSION ASSOCIATION UK (REGISTERED NUMBER: 06268494)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The main object of the charity is to raise awareness of pulmonary hypertension. Raising awareness is difficult to measure quantitatively making it difficult to accurately assess the performance of the charity. Detailed below is a synopsis of the year's activities and achievements which aim to demonstrate qualitatively how the charity goes about meeting its objectives of raising awareness and providing financial assistance in cases of need.

Awareness is raised through the provision of information and educational resources for sufferers of the said condition, their families, carers and members of the medical profession.

In addition the charity also provides relief of need of sufferers of the said condition, their families and carers through the provision of financial assistance towards, but not exclusively, respite care, travel grants and equipment grants at the discretion of the Executive committee, as and when resources allow.

Public benefit

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us to ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the management committee consider how planned activities will contribute to the aims and objectives they have set.

Grantmaking

Requests of £500 or under require an administrator signature, and from £500 to £2,000 need to be agreed by the administrator and a trustee. Grants are only paid to an individual and not an institution.

A monthly grant limited to £5,000 is set. If this is to be surpassed it must be agreed by two executive trustees.

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PULMONARY HYPERTENSION ASSOCIATION UK (REGISTERED NUMBER: 06268494)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025

ACHIEVEMENTS AND PERFORMANCE

PHA UK: Our Year - An overview of our work during 2024/25

MEMBER SERVICES, SUPPORT, AND RESOURCES

Most of our staffing resources and financial outlays this year have been invested into supporting people living with PH.

A significant milestone was the successful implementation of our new Customer Relationship Management (CRM) system. Between March and April 2025, we completed the enhanced sign-up process, focusing on improving the user experience with refined design, imagery, and flow. This major digital transformation project, which had been in development since February 2024, revolutionises how we manage and support our membership, enabling more effective and personalised service delivery.

This year has seen a focus on reducing isolation amongst our members by hosting events that bring the PH community together. In January 2025 we launched our 'Tea & Talk' events, maximising our office space by hosting informal gatherings for both patients and caregivers to connect and share experiences. The first was held in that month, doubling up as a focus group session to ensure the patient voice is included in future development plans for the National Audit of PH. Feedback from this first event was overwhelmingly positive, and plans were immediately put into place for the next (held September 2025).

Our national and regional events programme has gathered pace this year, with preparations for 'Together Glasgow' - a full-day gathering at the Golden Jubilee Hospital event space for patients and their loved ones from across Scotland. This was held just outside of the financial year covered in this report, in May 2025.

We improved the support available via our Listening Line by enhancing the service from January 2025. This included adding the function for people to book their own appointments online, increasing the number of appointments available, and refining the marketing of the service to ensure all who can benefit know that it is available to them. Bookings have grown steadily throughout the period covered by this report, with consistently positive feedback from service users.

We maintained our commitment to quality information provision, receiving re-certification of the Patient Information Forum (PIF) quality mark following our successful audit in July 2024. This marks another consecutive year of recognition for our excellence in producing patient information resources.

Supporting our specialist centres remained a priority, with the production of bespoke patient packs for the Hallamshire Hospital between February and August 2024. In May 2024 we developed and distributed bespoke notebooks for use by healthcare staff within the specialist centres. As well as being practical tools, they include a series of adverts for PHA UK support services, reminding patient-facing staff of what is available to those they care for.

Throughout the year, we played a crucial advocacy role in supporting access to new treatments. Our work on the Sotatercept Early Access Programme from October 2024 to January 2025 helped ensure eligible patients could access this promising therapy ahead of formal approval. This work included the production of information packs for use by specialist centres.

We also continued to represent the patient voice in NICE submissions for both Sotatercept and inhaled Treprostinil, ensuring patient perspectives were central to decision-making processes. Alongside this, we have ensured our community has been kept up-to-date via our communications channels.

Our monthly e-newsletters continued to keep members informed and connected, with twelve editions produced throughout the year, each carefully curated to provide timely updates, practical advice, and community news.

In the Spring of 2025 we helped our members to navigate and understand the proposed benefits reforms announced by the Government, adding information resources to our website and delivering a comms programme to both inform and alleviate anxieties.

We have advocated for our community in many other ways during this financial year. We have sent open letters to Government about the proposed NHS reforms, and taken ministers to task about attempts to curtail lobbying from charities.

We spent four months working with drug manufacturers GSK and the specialist centres to help manage critical supply issues with the intravenous PH therapy Flolan. Our crucial stakeholder role involved keeping both patients and healthcare professionals informed via our central communications channels, and holding the manufacturers to account during their attempts to rectify the situation.

One of the most valuable outputs of this financial year was the launch of our self-help intervention for people living with PH and depression / low mood. Developed with psychologists, the programme consists of a series of workbooks based on cognitive behavioural therapy (CBT) and since its release at the end of 2024 it's already helped many members improve their mental health.

Page 3

PULMONARY HYPERTENSION ASSOCIATION UK (REGISTERED NUMBER: 06268494)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025

AWARENESS RAISING, MEMBER ENGAGEMENT, AND FUNDRAISING

PH Day UK 2024, held in November, once again served as our flagship awareness campaign. Preparations began in August, and the campaign focused on raising awareness of PH symptoms and the impact of diagnostic delays. Films were made with four members, who were media case studies for the campaign. Media relations work resulted in widespread coverage across England, Scotland, and Wales.

The integrated fundraising element of PH DAY UK 2024 continued to bring our community together through sponsored activities, generating both vital funds and increased public awareness of the condition.

In early 2025 we launched a hugely successful member engagement campaign in the form of a nature photography competition. The initiative invited the PH community to submit their photographs of the natural world in return for a £5 donation - with the combined aims of encouraging people to benefit from nature, raising funds, and engaging people with our charity. This ran throughout the spring and summer and resulted in over 40 entries.

In September 2024, we supported Organ Donation Week, recognising the importance of this issue for many in our community who may require transplantation. Our communications helped raise awareness of the importance of organ donation and encouraged members to have conversations with their families about their wishes. We produced a case study film with a PHA UK member who had undergone transplant, and an accompanying media relations campaign resulted in valuable coverage.

Fundraising efforts from our community were supported throughout the year. We provided advice and guidance and promoted challenges and events ranging from marathons to garage sales. PR support was supplied where appropriate, which helped challenges raise awareness as well as funds. This included a Land's End to John O'Groats drive in a classic car, undertaken by an elderly supporter who had undergone CTEPH surgery.

In Spring 2024 we devised and promoted our annual Chairman's Challenge, engaging members in fundraising activity linked to charity-led activity.

Our efforts to engage with the PH community and the general public via our influential social media channels has continued to reap rewards. Our audience across all platforms has grown considerably, and they remain a vital source of communication with our members and stakeholders.

RESEARCH

This year saw significant investment in understanding the lived experiences of people with PH.

Our symptom burden research, launched in March 2025, represents a comprehensive effort to understand the full impact of PH symptoms on daily life. This ongoing project will continue into 2026, gathering crucial data that will inform both clinical practice and our support services.

During the early part of 2025, significant preparation was put into a major research project examining the lived experience of lung disease in PH, which began in April 2025. Delivery of the research falls into the next financial year and will be covered in the next report.

We supported external research initiatives throughout the year, including a study by a trainee psychologist to understand more about self-image in PH.

The MY PAH App utility research, completed in May 2025, helped evaluate digital tools for PH management, while our support for AI patient perception research provided insights into how people with PH view emerging technologies in healthcare.

In collaboration with specialist centres, we conducted a Frailty Score Survey between April and August 2024, contributing to better understanding of how to assess and support vulnerable patients within the PH population.

In November 2024 we organised and hosted the PH Research Forum, a national event held in London to bring researchers together to share study findings and develop future research plans. This prestigious and highly valued event is a highlight in the calendar for PH researchers across the UK.

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PULMONARY HYPERTENSION ASSOCIATION UK (REGISTERED NUMBER: 06268494)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025

PUBLICATIONS AND RESOURCES

Three issues of emPHAsis, our member magazine, were produced and published this year, maintaining our commitment to keeping members informed and connected. The magazines covered diverse topics relevant to our community, from medical developments to member stories, and feedback continues to highlight the value members place on this publication as a source of information and connection.

We continued to expand our educational resources with several significant publications. A mental wellbeing publication, co-developed with a psychotherapist living with PH, is in development and addresses crucial aspects of living with PH that extend beyond physical symptoms. Development work has also continued on our comprehensive Nutrition & PH publication, building on previous research to provide evidence-based dietary guidance.

In February 2024, we were delighted to support the launch of 'Kiki the Koala,' a unique resource created by PHA UK member Maryam Hussain to help children understand PH. Inspired by her sister's experiences, this beautifully illustrated book has already generated international interest, with translation requests from multiple countries.

Supporting specific patient populations remained a priority. Work began in early 2025 on a bespoke resource for Great Ormond Street Hospital to distribute to schools who have a pupil with PH, and our ongoing collaboration on PH and congenital heart disease resources, which began in March 2024, continues to address the complex needs of this patient population.

The physical activity workbooks project, initiated in July 2024, represents our commitment to supporting active living with PH. Working with exercise physiologists, these resources will provide safe, evidence-based guidance for maintaining physical fitness while managing PH symptoms.

The update to our 'Medication & PH' resource in June 2024 ensured members have access to current information about treatment options.

SUPPORT AND EDUCATION FOR MEDICAL PROFESSIONALS

The PH Academy, our comprehensive online medical education programme, has continued in development throughout the year. This ambitious project, is approaching launch in Q1 of 2026 and will provide healthcare professionals with structured training to improve PH recognition and management across the UK.

We have supported specialist centres by producing bespoke information materials for patients and through continued regular provision of our publications to distribute during appointments.

We continue to be a source of information for healthcare professionals working within PH, particularly nursing staff, by fielding enquiries and signposting to our resources. Our role in supporting professional development was recognised through Iain Armstrong's appointment to the Specialised Respiratory Clinical Reference Group, strengthening links between patient perspectives and clinical service development.

We have continued to provide secretariat support for the PH Professionals and PH Physicians working groups, hosting four meetings throughout the year covered by this report.

CHARITY DEVELOPMENT

A strategic development was the formation of 'Together Events' as a potential trading arm in early 2025. This business case, developed between February and April 2025, aims to establish a sustainable model for organising profitable events that can generate unrestricted income for the charity while bringing our community together.

In July 2024 we exhibited at the World Symposium on PH in Barcelona, a prestigious international event hosted by the World Health Organisation. This activity strengthened the global reputation of the charity and added UK patient voices to the global agenda.

The implementation of our new client record management (CRM) platform represents the most significant operational development in recent years. This system, developed from February 2024 to December 2024 with enhanced sign-up processes completed by April 2025, revolutionises how we manage member relationships and deliver services. The platform enables more personalised support, better tracking of member needs, and improved efficiency in service delivery.

Our digital infrastructure continued to evolve with the comprehensive maintenance project for PHAUK.org, running from June 2024 to September 2025.

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PULMONARY HYPERTENSION ASSOCIATION UK (REGISTERED NUMBER: 06268494)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025

The year also saw significant recognition for our leadership. Our Chair, Iain Armstrong, received a nomination to the Specialised Respiratory Clinical Reference Group in late 2024, strengthening the charity's reputation and its influence in shaping national PH services.

Office development throughout 2025 has created a more effective working environment for our team, with improvements to both physical and technological infrastructure supporting hybrid working practices established during the pandemic era.

Sales from our online shop products have continued to provide a steady income stream, with the refreshed platform and expanded merchandise range maximising this funding source. The development of bespoke PHA running tops has supported both fundraising activities and awareness raising.

Global demand has continued for licenses for the use of EmPHasis-10, the quality-of-life measure developed by the PHA UK - generating a significant amount of income for the charity. It continues to be translated into additional languages, extending its reach and impact globally.

The establishment of Together Events as a potential trading arm represents strategic thinking about sustainable income generation, with the business case developed in early 2025.

We have continued to outsource our communications and design provision where appropriate, ensuring access to specialist expertise while maintaining cost effectiveness. Investment management continues to be provided by Verso Investment, maintaining and growing the charity's financial reserves.

If you have any questions about the contents of this overview, please email hello@phauk.org

FINANCIAL REVIEW

Investment policy and objectives

The charity has invested in a portfolio of investments currently held in Aegon, managed by IEP Financial. The investments are valued at market value at the year end in the accounts.

Financial review and reserves policy

The financial position of the charity as at 30 April 2025 was showing:-

£ Unrestricted funds 1,494,636 Restricted funds 8,668 __ Total funds 1,503,304 =======

At 30 April 2025, Pulmonary Hypertension Association UK had free reserves of £557,587 and £900,000 of designated funds as follows:

Where funds set aside for research are subsequently spent the expenditure is inclusive of both the charity's own unrestricted funds and contributions from third party partners including industry.

The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately 6 months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to support the work of the charity for the short term should any of the charity income cease unexpectedly,

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PULMONARY HYPERTENSION ASSOCIATION UK (REGISTERED NUMBER: 06268494)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025

FINANCIAL REVIEW

Going concern

There are no material uncertainties about the charity's ability to continue as a going concern.

Income from supporters via fundraising, legacies, regular giving (including our lottery), and one-off donations continues to reach us. We are currently developing a targeted three year fundraising strategy to ensure this continues.

Based on the preceding 12 months, we forecast an increase in sponsorship of our events, which will provide a significant boost to our income.

We continue to benefit from industry support, with transparent and ethical grants from pharmaceutical companies assisting us with mutual objectives, and there is no reason to see this changing. We are working to build relationships with new and emerging companies to secure future investment in this way.

Our investments continue to be well-managed, and forecasting from our investment advisors continues to be positive, and we have three years of reserves.

FUTURE PLANS

It is envisaged that future developments would include: -

Survey work amongst our members has identified multiple areas of unmet need, so we will be developing patient and carer resources on a range of topics including nutrition, mental health, and physical activity. This resource development work will also include collaborating with physicians to produce information materials for those with PH and congenital heart disease.

All of the resources highlighted above will also be utilised by medical staff as part of their interactions with patients.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Pulmonary Hypertension Association UK is a private company limited by guarantee (registered in England & Wales), governed by its Memorandum and Articles of Association (company number 06268494) and registered with the charity commission (charity number 1120756).

Members of the company guarantee £1 in the event of the company being wound up. There are currently 5 members being the Charity Trustees

The Charitable Company's powers ("the powers") are:

In furtherance of the objects but not otherwise the Management Committee may exercise the following powers:

(i) power to raise funds and to invite and receive contributions provided that in raising funds the Management Committee shall not undertake any substantial permanent trading activities and shall conform to any relevant requirements of the law;

(ii) power to buy, take on lease or in exchange any property necessary for the achievement of the objects and to maintain and equip it for use;

(iii) power subject to any consents required by law to sell, lease or dispose of all or any part of the property of the Charitable Company; (iv) power subject to any consents required by law to borrow money and to charge all or any part of the property of the Charitable Company with repayment of the money so borrowed;

(v) power to employ such staff (who shall not be members of the Management Committee) as are necessary for the proper pursuit of the objects and to make all reasonable and necessary provision for the payment of pensions and superannuation for staff and their dependants; (vi) power to co-operate with other charities, voluntary bodies and statutory authorities operating in furtherance of the objects or of similar charitable purposes and to exchange information and advice with them;

(vii) power to establish or support any charitable trusts, associations or institutions formed for all or any of the objects;

(viii) power to appoint and constitute such advisory committees as the Management Committee may think fit;

(ix) power to do all such other lawful things as are necessary for the achievement of the objects;

(x) power to provide financial assistance towards research activities for members of the medical profession.

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PULMONARY HYPERTENSION ASSOCIATION UK (REGISTERED NUMBER: 06268494)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

Appointment of the management committee is governed by the charitable company's memorandum and articles.

The directors of the company are also charity trustees for the purposes of charity law and are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association at each annual general meeting one third of the trustees are subject to retirement by rotation and may be re-elected.

All members of the Management committee give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts.

Training of charity trustees is in accordance with advice published by the charity commission.

Decision making is carried out democratically during regular trustee meetings, held at least annually. Major decisions are documented in meeting minutes which are held by the secretary. Minutes are circulated to trustees before being signed off.

Organisational structure

Shaun Clayton (Operations and Finance Director) is delegated to deal with the day to day management of the charity after discussions with the trustees.

Related parties

Due to the nature of the charity's operations and the composition of the Board of Trustees being drawn from local and national public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the board of trustees may have an interest. Any such transactions are conducted at arm's length and in accordance with the charity's financial regulations and normal procurement procedures.

On 31 July 2010 the net assets and operations of Pulmonary Hypertension Association (UK), a unincorporated registered charity (charity number 1082613) were transferred to the charity at net book value.

The trustees of Pulmonary Hypertension Association UK are also trustees of Pulmonary Hypertension Association (UK).

Donations totalling £178,107 were made to the charity by Pulmonary Hypertension Association (UK) (2023 - £187,836).

At 30th April 2024, £41,663 was due from Pulmonary Hypertension Association (UK) (2023 - £13,556).

Details of Trustee's interests are summarised below;

In order to provide clarity and to comply with advice from the Charity Commission on dealing with potential conflicts of interest the Pulmonary Hypertension Association UK wishes to make public a register of trustee's interest.

Mr Iain Armstrong, Chairman and Executive trustee is employed by Sheffield Teaching Hospitals NHS Trust.

Mr Iain Armstrong receives remuneration from Pulmonary Hypertension Association UK for consultancy. Pulmonary Hypertension UK pays Sheffield Teaching Hospitals NHS Trust for Mr Armstrong's services other than those as a trustee.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 26 January 2026 and signed on its behalf by:

I J Armstrong - Trustee

Page 8

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PULMONARY HYPERTENSION ASSOCIATION UK

Independent examiner's report to the trustees of Pulmonary Hypertension Association Uk ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

V Hill BA (Hons) FCA

The Institute of Chartered Accountants in England and Wales

TC Group Park House 200 Drake Street Rochdale Lancashire OL16 1PJ

26 January 2026

Page 9

PULMONARY HYPERTENSION ASSOCIATION UK

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Charitable activities
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2025
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
616,364
11,032
627,396
153,907
-
153,907
1,031
-
1,031
771,302
11,032
782,334
16,160
-
16,160
620,391
2,758
623,149
636,551
2,758
639,309
39,820
-
39,820
174,571
8,274
182,845
1,320,065
394
1,320,459
1,494,636
8,668
1,503,304		 2024
Total
funds
£
447,246
80,050
1,637
528,933
18,364
560,848
579,212
109,738
59,459
1,261,000
1,320,459

The notes form part of these financial statements

Page 10

PULMONARY HYPERTENSION ASSOCIATION UK (REGISTERED NUMBER: 06268494)

BALANCE SHEET 30 APRIL 2025

Notes
FIXED ASSETS
Intangible assets
13
Tangible assets
14
Investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
8,274
28,775
1,123,719
1,160,768
13,156
216,326
174,017
403,499
(69,631)
333,868
1,494,636
1,494,636		 Restricted
funds
£
8,274
-
394
8,668
-
-
-
-
-
-
8,668
8,668		 2025
Total
funds
£
16,548
28,775
1,124,113
1,169,436
13,156
216,326
174,017
403,499
(69,631)
333,868
1,503,304
1,503,304
1,494,636
8,668
1,503,304		 2024
Total
funds
£
-
24,320
1,114,213
1,138,533
12,571
128,755
117,486
258,812
(76,886)
181,926
1,320,459
1,320,459
1,320,065
394
1,320,459

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

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PULMONARY HYPERTENSION ASSOCIATION UK (REGISTERED NUMBER: 06268494)

BALANCE SHEET - continued 30 APRIL 2025

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 26 January 2026 and were signed on its behalf by:

I J Armstrong - Trustee

The notes form part of these financial statements

Page 12

PULMONARY HYPERTENSION ASSOCIATION UK

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period		 2025
£
67,238
67,238
(22,064)
(16,267)
(1,239,024 )
1,265,617
1,031
(10,707)
56,531
117,486
174,017		 2024
£
(115,290)
(115,290)
-
(12,719)
(78,976)
87,769
1,637
(2,289)
(117,579)
235,065
117,486

The notes form part of these financial statements

Page 13

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2025 2024
£ £
Net income for the reporting period (as per the Statement of Financial Activities) 182,845 59,459
Adjustments for:
Depreciation charges 16,879 9,754
Gain on investments (39,820) (109,738)
Loss on disposal of fixed assets 449 369
Interest received (1,031) (1,637)
Investment income redistributed 3,327 892
Increase in stocks (585) (8,178)
Increase in debtors (87,571) (63,600)
Decrease in creditors (7,255) (2,611)
Net cash provided by/(used in) operations 67,238 (115,290)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.5.24 Cash flow At 30.4.25
£ £ £
Net cash
Cash at bank and in hand 117,486 56,531 174,017
117,486 56,531 174,017
Total 117,486 56,531 174,017

The notes form part of these financial statements

Page 14

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

In the process of applying the entity's accounting policies management have not made any judgements that would have a significant effect on the amounts recognised in the financial statements. No estimations have been made that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

The costs are allocated between each relevant fund as directed by the trustees. Costs are apportioned to match the correct period to which they relate.

Intangible fixed assets

The charity invested in a CRM/software database in the year, which will be amortised over 3 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 15% on reducing balance Office equipment - 50% on cost and 25% on reducing balance

At each balance sheet date, the Charity reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount and would have been determined (net of depreciation) had no impairment loss be recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Fund accounting

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

Page 15

continued...

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

1. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Fixed Asset Investment

The charitable company holds an investment in a portfolio of shares managed by an independent Investment Broker. In accordance with FRS 102, these investments are recorded on the balance sheet at fair value and the net gains or losses are recorded in the Statement of Financial Activities, along with any investment income received.

2. DONATIONS AND LEGACIES

Donations
Legacies
Grants
Donations received from PHA (UK)
Other income		 2025
£
193,508
220,784
45,897
161,311
5,896
627,396		 2024
£
213,273
11,037
36,000
178,107
8,829
447,246

Page 16

continued...

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

2. DONATIONS AND LEGACIES - continued

Grants received, included in the above, are as follows:

3.

Barnsley MBC
Bayer
MSD
Janssen
Gossame
AOP
OTHER TRADING ACTIVITIES
Emphasis 10 licence fees
PHA Exhibitions		 2025
£
11,032
-
17,365
17,500
-
-
45,897
2025
£
105,735
48,172
153,907		 2024
£
-
15,000
7,500
7,000
5,000
1,500
36,000
2024
£
25,350
54,700
80,050

PHA UK has received money for the provision of Emphasis 10 licence fees from pharmaceutical companies to help with their research projects to better understand pulmonary hypertension. This research will advance education and awareness of the condition. This income has been classed as trading income but this ancillary trading contributes indirectly to the success and furtherance of the purposes of the charity.

During the year PHA UK has received sponsorship money to provide PHA exhibitions which provide support and provide information through the PHA support network.

4. INVESTMENT INCOME

5.

Deposit account interest
RAISING FUNDS
Raising donations and legacies
Commissions and fundraising
Fundraising costs		 2025

£
1,031
2025

£
7,269
8,891
16,160		 2024
£
1,637
2024
£
7,887
10,477
18,364

continued...

Page 17

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

6. CHARITABLE ACTIVITIES COSTS


Charitable activities
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Printing, newsletters, merchandise, etc.
National awareness/fundraising (including DVD's and books)
Support meetings
Medical research
Support services
Consultants and professionals fees
Trustees expenses
Exhibitions and educational conferences
8.
SUPPORT COSTS
Management
£
Charitable activities
223,471
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Deficit on disposal of fixed assets
Computer software amortisation
Auditors remuneration non audit work		 Direct
Support
Costs (see
costs (see
note 7)
note 8)
£
£
365,670
257,479
2025
£
166,669
53,022
9,247
40,041
13,735
22,994
619
59,343
365,670
Governance
Finance
costs
£
£
11,988
22,020
2025
£
11,363
449
5,516
7,020		 Totals
£
623,149
2024
£
174,799
30,190
6,991
55,026
10,700
10,413
-
48,347
336,466
Totals
£
257,479
2024
£
9,754
369
-
6,817

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30th April 2025, nor for the year ended 30th April 2024.

Trustees Expenses:

2025 2024
£ £
Amounts paid to trustees 60,502 54,374
====== ======

No grants were paid to any trustee during the year (2024 - £Nil).

No honorarium was paid to any trustee during the year (2024 - £Nil).

continued...

Page 18

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

10. TRUSTEES' REMUNERATION AND BENEFITS - continued

One trustee received £21,472 for consultancy fees in the year for services other than as a trustee, and £21,472 for secondment to the charity (2024 total - £42,476). These amounts are included in the totals above, and £14,536 is included in Other Creditors in respect of these fees (2024 - £3,416).

Trustees' expenses

Other expenses includes travel, subsistence and administrative expenses, the number of trustees reimbursed were 2.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Administration		 2025
£
77,155
1,957
1,194
80,306
2025
3		 2024
£
68,814
982
1,000
70,796
2024
3

No employees received emoluments in excess of £60,000.

The salaries of key personnel in the year were £48,187 (2024 - £41,929).

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable activities
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds		 Unrestricted
funds
£
438,746
80,050
1,637
520,433
18,364
551,448
569,812
109,738
60,359
(900)
59,459		 Restricted
funds
£
8,500
-
-
8,500
-
9,400
9,400
-
(900)
900
-		 Total
funds
£
447,246
80,050
1,637
528,933
18,364
560,848
579,212
109,738
59,459
-
59,459

continued...

Page 19

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£
RECONCILIATION OF FUNDS
Total funds brought forward
1,260,606
TOTAL FUNDS CARRIED FORWARD
1,320,065
13.
INTANGIBLE FIXED ASSETS
COST
Additions
AMORTISATION
Charge for year
NET BOOK VALUE
At 30 April 2025
At 30 April 2024
14.
TANGIBLE FIXED ASSETS
Fixtures
Long
and
leasehold
fittings
£
£
COST
At 1 May 2024
-
14,150
Additions
5,240
235
Disposals
-
(435)
At 30 April 2025
5,240
13,950
DEPRECIATION
At 1 May 2024
-
9,439
Charge for year
437
725
Eliminated on disposal
-
(316)
At 30 April 2025
437
9,848
NET BOOK VALUE
At 30 April 2025
4,803
4,102
At 30 April 2024
-
4,711		 Restricted
funds
£
394
394
Office
equipment
£
57,833
10,792
(2,326)
66,299
38,224
10,201
(1,996)
46,429
19,870
19,609		 Total
funds
£
1,261,000
1,320,459
Computer
software
£
22,064
5,516
16,548
-
Totals
£
71,983
16,267
(2,761)
85,489
47,663
11,363
(2,312)
56,714
28,775
24,320

continued...

Page 20

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

15. FIXED ASSET INVESTMENTS

Listed Listed
Investments Investments
2025 2024
£ £
Market value at 1st May 2024 1,114,213 1,014,159
Additions 1,239,025 78,976
Disposals ( 1,265,617 ) (87,769)
Unrealised gain/( loss) 102,063 109,866
Realised loss (65,571) (1,019)
------------- -------------
Market value at 30th April 2025 1,124,113 1,114,213
======= =======
Historical cost at 1st May 2024 912,351 913,565
Addition 1,239,025 78,976
Disposals (939,046) (80,190)
------------- ------------
Historical cost at 30th April 2025 1,212,330 912,351
======= =======
16. STOCKS
2025 2024
£ £
Stocks 13,156 12,571
17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Trade debtors 4,378 23,869
Other debtors 128,334 -
Pulmonary Hypertension
Association (UK) 22,973 41,663
Accrued income 1,109 832
Prepayments 59,532 62,391
216,326 128,755

continued...

Page 21

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accruals and deferred income
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Medical Research
Development and Printing of Booklets and
Online content
Awareness Activities
Fundraising Activities
Contingency Fund
Patient & Peer, Education & Support Events
Restricted funds
Covid19
Barnsley MBC Capital Grant
TOTAL FUNDS		 At 1.5.24
£
420,065
250,000
350,000
80,000
50,000
65,000
105,000
1,320,065
394
-
394
1,320,459		 Net
movement
in funds
£
390,580
(37,784)
-
(103,843)
(12,018)
-
(62,364)
174,571
-
8,274
8,274
182,845		 2025
£
20,934
4,669
44,028
69,631
Transfers
between
funds
£
(216,009)
37,784
-
103,843
12,018
-
62,364
-
-
-
-
-		 2024
£
11,139
3,416
62,331
76,886
At
30.4.25
£
594,636
250,000
350,000
80,000
50,000
65,000
105,000		 2024
£
11,139
3,416
62,331
76,886
1,494,636
394
8,274
8,668
1,503,304

19. MOVEMENT IN FUNDS

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Medical Research
Awareness Activities
Fundraising Activities
Patient & Peer, Education & Support Events
Restricted funds
Barnsley MBC Capital Grant
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
768,102
(417,342)
3,200
(40,984)
-
(103,843)
-
(12,018)
-
(62,364)
771,302
(636,551)
11,032
(2,758)
782,334
(639,309)		 Gains and
Movement
losses
in funds
£
£
39,820
390,580
-
(37,784)
-
(103,843)
-
(12,018)
-
(62,364)
39,820
174,571
-
8,274
39,820
182,845		 Gains and
Movement
losses
in funds
£
£
39,820
390,580
-
(37,784)
-
(103,843)
-
(12,018)
-
(62,364)
39,820
174,571
-
8,274
39,820
182,845
174,571
8,274
182,845

continued...

Page 22

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.5.23
£
Unrestricted funds
General fund
360,606
Medical Research
250,000
Development and Printing of Booklets and
Online content
350,000
Awareness Activities
80,000
Fundraising Activities
50,000
Contingency Fund
65,000
Patient & Peer, Education & Support Events
105,000
1,260,606
Restricted funds
Covid19
394
AOP - Travel grant
-
Pulmonary Hypertension Centres meeting
-
394
TOTAL FUNDS
1,261,000
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
520,433
Medical Research
-
Development and Printing of Booklets and
Online content
-
Awareness Activities
-
Fundraising Activities
-
Patient & Peer, Education & Support Events
-
520,433
Restricted funds
AOP - Travel grant
1,500
Pulmonary Hypertension Centres meeting
7,000
8,500
TOTAL FUNDS
528,933		 Net
movement
in funds
£
345,135
(66,204)
(84,267)
(36,511)
(17,500)
-
(80,294)
60,359
-
(180)
(720)
(900)
59,459
Resources
expended
£
(285,036)
(66,204)
(84,267)
(36,511)
(17,500)
(80,294)
(569,812)
(1,680)
(7,720)
(9,400)
(579,212)		 Transfers
between
funds
£
(285,676)
66,205
84,267
36,511
17,500
-
80,293
(900)
-
180
720
900
-
Gains and
losses
£
109,738
-
-
-
-
-
109,738
-
-
-
109,738		 At
30.4.24
£
420,065
250,001
350,000
80,000
50,000
65,000
104,999
1,320,065
394
-
-
394
1,320,459
Movement
in funds
£
345,135
(66,204)
(84,267)
(36,511)
(17,500)
(80,294)
60,359
(180)
(720)
(900)
59,459

Details of designated funds

At 30 April 2024, Pulmonary Hypertension Association UK had £900,000 of unrestricted funds currently designated as follows:

continued...

Page 23

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

19. MOVEMENT IN FUNDS - continued

Details of designated funds - continued

Where funds set aside for research are subsequently spent the expenditure is inclusive of both the charity's own unrestricted funds and contributions from third party partners including industry

Transfer between funds

Where expenditure on a restricted fund project exceeds the level of restricted funds a transfer is made from unrestricted funds to cover the shortfall

Where previously designated funds have been utilised and the trustees consider the designation appropriate for a future period there is a transfer from unrestricted funds to make up the required designated balance.

20. OTHER FINANCIAL COMMITMENTS

Commitments under operating lease agreements.

At 30 April 2025 the charity had total commitments under non-cancellable operating leases as follows;

2025 2024 2024
Other
£
-
-
-
Land &
Building		 Other Land &
Building
Expiry date: £ £ £
Less than 1 year 35,551 - -
Within 1 to 5 years - - 57,711
35,551 - 51,711

21. RELATED PARTY DISCLOSURES

Due to the nature of the charity's operations and the composition of the Board of Trustees being drawn from local and national public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the board of trustees may have an interest. Any such transactions are conducted at arm's length and in accordance with the charity's financial regulations and normal procurement procedures.

Details of trustee's interests are contained within the trustees report , and note 8.

On 31 July 2010 the net assets and operations of Pulmonary Hypertension Association (UK), an unincorporated charity (charity number 1082613) were transferred to the charity at net book value.

The trustees of Pulmonary Hypertension Association UK are also trustees of Pulmonary Hypertension Association (UK).

Donations totalling £161,311 were made to the charity by Pulmonary Hypertension Association (UK) (2024 - £178,107).

At 30 April 2025, £22,973 was due from Pulmonary Hypertension Association (UK) (2024 - £41,663).

continued...

Page 24

PULMONARY HYPERTENSION ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2025

22. RESTRICTED FUNDS

Covid-19 Impact

A grant was received to support PHA's research project on the impact of the Covid-19 pandemic on people affected by Pulmonary Hypertension.

AOP - Travel grant

A grant was received to support I Armstrong travelling to the ERS conference.

Pulmonary Hypertension Centres meeting

JC General Services (Janssen) paid a grant to the charity to support the Pulmonary Hypertension Centres best practice shared care meeting bringing together the perspectives of all the PH centres across the UK. The grant went towards venue hire, catering costs and travel.

Barnsley MBC

A capital grant received to contribute towards the development and production of a new client record management platform.

Page 25