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2024-12-31-accounts

COMPANY REGISTRATION NUMBER: 07285409

CHARITY REGISTRATION NUMBER: 1138088

Somerville Heart Foundation Company Limited by Guarantee Unaudited financial statements

31 December 2024

Somerville Heart Foundation

Company Limited by Guarantee

Financial statements

Year ended 31 December 2024

Page
Trustees' annual report (incorporating the directors' report) 1
Independent examiner's report to the trustees 12
Statement of financial activities (including income and expenditure account) 14
Balance sheet 15
Notes to the financial statements 16

Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report)

Year ended 31 December 2024

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 and 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 published in October 2019.

Reference and administrative details

Registered charity name Somerville Heart Foundation Charity registration number 1138088 Company registration number 07285409 Principal office and registered 7 Friars Courtyard office 30-32 Princes Street Ipswich Suffolk IP1 1RJ

The trustees

The trustees who served during the year and at the date of approval were as follows:

F Kennedy (Chair) R Nicoll (President) L Barnes (Vice President) M Rosen (Treasurer) L Nisbet C Somerville S Vernon (Appointed 24/03/2025) F Walker Company secretary A Woods Independent examiner A Robinson FCA Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA Scottish charity registration no. SC049673 Bankers TSB Bank Plc 16 Buttermarket Ipswich Suffolk IP1 1BG

- 1 -

Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

Objectives and activities

Our Charitable objectives

  1. The relief of poverty, sickness and distress amongst those persons who have a heart disorder of any form or who have undergone heart surgery of any kind, by such means as charitable.

  2. The advancement of the education of the public in relation to all aspects of heart disorders or abnormalities.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Vision

That every adult born with a heart condition receives excellent medical care and lead healthy, happy lives and reach their full potential.

Mission

Provide support, advocacy, communication and a community for people who have been born with an (congenital) abnormality of the heart and/or cardiovascular system, who reach adolescence and adulthood.

Aims & objectives

Our USP

We are the ONLY UK-wide charity supporting adults born with all forms of heart condition.

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Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

Achievements and performance

Somerville Heart Foundation (SHF) is the only UK wide registered charity working with young people and adults born with a heart condition (congenital heart disease or CHD). The incidence of CHD is approximately 10 in 1000 live births worldwide and remains one of the most common conditions affecting new born infants. This population is increasing exponentially because of improved life expectancy due to the many successes and developments in the treatment and management of CHD. Currently there are more adults than children living with CHD and more adults living to an older age. As a result, SHF needs to provide a range of information, help and support to meet a wide spectrum of need for people living with CHD at different stages of their lives.

CHD refers to structural abnormalities of the heart that are present at birth, even if diagnosed much later in life. They occur during the foetal development of the heart; the causes are multifactorial and there may be a genetic component. Some congenital cardiac conditions are associated with genetic/chromosomal abnormalities.

For thirty years Somerville Heart Foundation (SHF) or Grown-Up Congenital Heart (GUCH) Patients Association, as it was originally known, has campaigned and advocated for improved treatment for young people and adults living with a congenital heart condition. SHF represents patients at national level promoting the rights and needs of adults who have a congenital heart defect. We provide support, advocacy, communication and a community for those we are here to help. We also campaign for their rights to receive excellent medical care to enable them to lead happy, healthy and longer lives.

The majority of trustees and volunteers are themselves heart patients and have personal experience of living with a congenital heart condition or clinicians who work in the speciality. This brings a great deal of empathy and understanding to our work, the organisation has a strong, supportive "family feel". The charity is user led, its direction of travel and services are based entirely on the needs of patients.

Somerville Heart Foundation is entirely independent and receives no funding from central or local government. All our frontline services are free of charge and rely primarily on donations and fundraising.

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Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

Our beliefs

At Somerville Heart Foundation we believe that every adult born with a congenital heart condition in the UK should have:

The organisation uses a combination of surveys, Facebook, X (formerly Twitter), the Somerville Heart Foundation website and focus groups to keep the conversation flowing with patients and continues to campaign and advocate with and for them.

Information and support

The impact of CHD can be subtle and adversely affect quality of life for some patients. Adults living with a congenital heart condition may encounter a variety of difficulties related to their heart condition at different times in their life and require specific information, advice and support. This might be due to psychological issues/mental health difficulties related to earlier experiences of treatment in childhood or a change in their current heart condition, the need for further surgery, women who want to start a family, patients on the transplant pathway or those who experience financial distress for whom the simple things in life that others take for granted, can be particularly hard.

We aim to create a community where those living with a congenital heart condition can share experiences and support each other, combat the isolation felt by so many, help allay their anxieties as well as those of their families. A range of services and activities enable the provision of information and support in a variety of different ways through face-to-face engagement, online activity and via social media.

The Somerville Heart Foundation website www.sfhearts.org.uk contains information, advice, patient stories, useful articles with details and links to each Congenital Heart Network that includes individual Level 1, Level 2 and Level 3 centres across the UK.

In addition, there are videos of webinars and recordings of talks from our annual Hearts Together conferences. Work is currently underway to refresh the website, update and expand the content.

Our social media platforms perform an essential role enabling our ACHD community to communicate with each other. The number of followers between the four platforms: Facebook, X, Instagram and LinkedIn continues to grow reaching a wide range of patients, healthcare professionals and supporters. Somerville Heart Foundation also uses YouTube to provide information videos to support patients. We have a moderated, closed Facebook group for patients which creates a sense of community, enables peer to peer discussion and support between patients when they feel they need it. There is also a Facebook group for 'Heart Families', so loved ones and the extended family can access support too.

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Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

We publish a range of information leaflets that are available at the specialist congenital heart centres, from the SHF office and directly via the website (in the members area) covering a variety of subjects:

An information leaflet about the menopause is near completion, we are also working on leaflets about exercise and sexual health to add to the portfolio.

We publish our magazine Upbeat online every quarter in Spring, Summer, Autumn and Winter. The Spring issue is a printed version distributed to the ACHD teams and Specialist Centres.

The telephone advice line 0300 0151 998 is available to patients, relatives and carers to provide practical advice, a listening ear, and emotional support.

We are able to provide financial assistance for certain items and expenses such as travel costs for people requiring more frequent hospital appointments and investigations due to their underlying heart condition or for instance, patients who are pregnant and have been affected by the cost of living crisis or loss of income due to ill health.

We fund coagucheck machines for patients who need to take warfarin and require regular blood tests to monitor their blood clotting enabling them to do this at home rather than travelling to a hospital clinic.

We partner with a number of specialists who can provide advice about retirement, mortgages, life assurance and pension advice, wills and power of attorney. We also partner with an employment law specialist who can provide free initial advice and is able to support patients with concerns regarding work.

We work with a travel insurance provider and are able to provide information about travelling with a congenital heart condition.

Regular online 'coffee and catch up' support meetings take place fortnightly.

Mental health support

We know from work previously undertaken at SHF that difficulties with mental health remain a hidden yet distressing problem. Patients reported having personally experienced depression, panic attacks, anxiety and needle phobia. Caroline is a Mental Health and Wellbeing Counsellor who was born with a heart condition so is able to understand some of the difficulties and anxieties associated with living with CHD.

We are expanding the psychological support provided at SHF and have recruited two Postdoctoral Clinical Psychologists from Glasgow Caledonian University due to commence in early 2025. This very exciting development has involved a considerable amount of work.

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Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

Educational and engagement

During 2024 we have continued to work and strengthen our relationships with the CHD networks and specialist centres across the UK. Representatives from SHF have attended a number of events in different parts of the country. This is an important opportunity to raise awareness of the organisation, the services and resources we provide. In addition, it enables us to meet and make contacts with clinicians involved in the care of people who have a congenital heart condition. We were pleased to be invited to, attend and present at the following events and courses:

The 19th Annual Conference "Hearts Together" was held in Bristol on 11th May 2024 in partnership with the South West and South Wales Congenital Heart Network Team. The event was a great success, with 90 people coming together to gain valuable information and support about congenital heart disease. A series of focus groups provided us with important feedback about issues that matter most to members which will inform future work as a matter of priority.

Transition Project 2022-2024

Following a successful grant application in 2022, we have been able to offer funding and support to each of the eleven CHD networks across the UK to organise an event for young people moving from paediatric to adult care. These events have provided a wonderful opportunity for young people to meet others with CHD, have fun and find out more about the support and services available at SHF. The project concluded at the end of July 2024. All eleven CHD networks engaged with us, 8 events took place at various activity centres and a school across the UK. We have been delighted to reach so many young people and their families via our events across the country.

Feedback has been excellent and demonstrated the importance and value of peer support together with an increased awareness of support and services available at the CHD centres and at SHF, as a result our membership continues to increase.

We have produced some new resources which are available to view on SHF website in the members area (sign up for free) under support & services.

Short films were made during the events with permission about:

Additional resources include:

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Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

During 2024 we were pleased to be invited to and attend the following transition events:

The work has provided a springboard to run more regular events, some specifically for young people to which we have been invited and had the pleasure of attending:

Youth @ Heart

We were delighted to announce our merger with Youth@Heart (Y@H) on 1st November 2024 and welcome Xander Patel Cook, Senior CHD Health Youth Worker to the SHF team. Y@H was set up to empower, inform and support teenagers, young adults aged 13 - 24 and their families living with CHD across South West England and South Wales. This has been such an exciting development and we are looking forward to continuing and building upon the wonderful services of Y@H in 2025 and the years to come.

Advocacy

SHF was pleased to attend a CHD workforce summit organised by NHS England on 20th November 2024 to discuss issues currently facing the CHD workforce and develop a long-term strategy for a resilient and sustainable CHD workforce.

We continue to work with the Cardiothoracic Transplant Patient Advisory Group (CTAG) and actively support their campaign to improve access to heart transplant for ACHD patients.

SHF has been invited by NHS England to become involved in the work of the Transformation Programme for Adult and Lung Transplants to improve access, patient experience and outcomes from heart and lung transplants, with long-term sustainable services. The programme will last up to three years. As part of this work, we were delighted to attend the Implementation Steering Group for Organ Utilisation (ISOU) Commissioning Symposium, London on 6th November 2024 to explore current issues with commissioning and opportunities for improvement. Patient experience is central to the programme and we are delighted that Richard Bird, SHF Wellbeing Counsellor has kindly agreed to represent SHF on the NHSE Patient Engagement Group.

In May 2024 SHF registered as a stakeholder with the National Institute for Health and Care Excellence (NICE) voluntary and community sector forum.

Research

The Congenital Heart Audit: Measuring Progress in Outcomes Nationally (CHAMPION) study, the aim of which is to improve how the quality of congenital heart services is measured and reported in England is near completion. This UK population based study is an important development in the management and care of ACHD patients. The findings and related publications will be shared when available.

A sincere thank you to all the people who have contributed to the research.

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Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

International Links

Somerville Heart Foundation continues to collaborate with partner organisations throughout the world campaigning for better patient services, fight discrimination and improve the lives of CHD patients.

The President of SHF is now Treasurer for the European Congenital Heart Disease Organisation (ECHDO), having previously held the position of Vice President. SHF is also a member of Global Alliance for Rheumatic and Congenital Hearts (Global ARCH) a worldwide assembly of patient support organisation.

Volunteers

Somerville Heart Foundation is very grateful for the help and support given by volunteers at every level within the organisation as well as:

Fundraising

We are extremely grateful to all those who so generously devote time and energy fundraising for SHF.

Paid membership really helps provide an annual income that makes our future more stable and means we can strengthen our services and offer more support where it is needed.

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Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

Financial review

Somerville Heart Foundation has benefitted from additional support with donations from individuals taking part in sponsored events.

During the year the total income amounted to £277,578 (2023: £222,917) of which income from donations and legacies increased to £211,409 from £155,739, income from other trading activities decreased to £61,573 from £63,292.

The total expenditure amounted to £166,426 (2023: £170,765) with expenditure on charitable activities decreasing to £156,196 from £161,424 in the preceding period. The charity's net income for the year which includes a net gain on investments of £8,687 (2023: £6,809) amounted to £119,839 (2023: £58,961).

As a result of the net income in the year total funds carried forward has increased to £413,505 (2023: £293,666). Of which, £311,653 (2023: £236,497) is unrestricted.

Cash funds have also increased as a result of the net income in the year, with cash funds available at the year end totalling £251,171 (2023: £145,507).

Reserves policy

The organisation normally expects to hold up to one year's unrestricted expenditure in a reserve fund, which based on 2024 activities would amount to £147,109. Somerville Heart Foundation's unrestricted reserves held at the year-end date amounted to £311,653 (2023: £236,497) which is in surplus to the policy.

The trustees, mindful of the current economic climate, will look to expense reserves in excess of the policy over the coming years.

Plans for future periods

Going into the spring of 2025, the trustees finalised a budget for the year in which the projection was for the charity to return to a largely balanced budget and a restored reserves policy as referred to above.

The effect of Covid-19 since March 2020 has had a significant effect on the operations of the charity at all levels and continues to do so as this report is being finalised and approved.

Many of the fundraising events from which the Charity routinely secures its mainstream funding have been curtailed or no longer take place. All patient services have been restored and indeed increased but we continue to develop services and support.

Somerville Heart Foundation has received significant gifts of time and commitment to assist with providing care and services to the patients since.

Our services and support are in demand more than ever with the helpline having seen a 2,000% increase during the early stages of the Covid-19 pandemic and many of those people accessing our other services and support as well.

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Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

Projected income and expenditure

Looking forward, the projected income is very likely to be reduced for 2025 as it is getting increasingly difficult to raise funds for charitable causes whilst the economic difficulties leave individuals with less disposable income. In a similar way, costs of maintaining the charity's services are becoming more expensive in numerous respects including payroll, office overheads and providing necessary patient services.

Structure, governance and management

The charity is a company limited by guarantee. The organisation is therefore governed by its Memorandum and Articles of Association. The charity was incorporated on 15 June 2010 and began operating on 1 January 2011. Following the transfer of all operations, assets and liabilities from GUCH PA, the unincorporated charity (number 1041866) on that date.

The trustees, who are also directors for the purpose of Company law, are seen on the officers and information page of the financial statements.

Day to day management may be delegated to staff through the General Manager, however the board of trustees remains fully responsible for the running of the organisation.

Services are based upon the needs of the Charity's beneficiaries. These are identified through formal surveys, questionnaire, information and individual patients, our website and focus groups.

Trustee recruitment and training

Where possible trustee recruitment follows best practice as outlined within the Governance Code. Trustees are chosen to give the Somerville Heart Foundation a range of skills and expertise to ensure the charity is managed effectively. The trustee Board recruits experienced professionals including those who were born with heart conditions.

Potential trustees attend an informal interview with the Chairman of the trustees and undergo appropriate background and reference checks. Once appointed they are given an overview of the organisation by the Chairman, a copy of its policies and procedures as well as an up to date set of accounts. Trustees are also given a copy of the Charity Commission advice leaflet CC3, "The Essential Trustee What you need to Know", The Governance Code and have access to the Suffolk Academy for Voluntary Organisations' online governance learning material. They also receive the PB3 document, Public Benefit reporting' and are required to complete a "Declaration of Interest form".

There is no one external to the charity that is entitled to appoint trustees.

Public benefit

In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commissions guidance on public benefit when setting the objectives for the year.

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011.

Related parties

The organisation works informally with other charities including Little Hearts Matter, ECHO (Evelina Childrens' Heart Hospital) British Heart Foundation and the Childrens' Heart Foundation and Ipswich Disability Advice Services in order to meet its charitable objectives, these form the CHD Voice - a group known as the Children and Congenital Heart Forum.

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Somerville Heart Foundation

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2024

Risk management

The major risks to the charity have been and continue to be identified and reviewed. Systems have been established to mitigate these risks.

Independent examiner reappointment

A resolution to appoint A Robinson FCA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.

Small company provisions

This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.

The trustees' annual report was approved on 3 September 2025 and signed on behalf of the board of trustees by:

M Rosen Trustee and Treasurer

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Somerville Heart Foundation

Company Limited by Guarantee

Independent examiner's report to the trustees of Somerville Heart Foundation

Year ended 31 December 2024

I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 December 2024 which comprise the statement of financial activities (including income and expenditure account), balance sheet and the related notes.

Responsibilities and basis of report

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

Having satisfied myself that the financial statements 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 company's financial statements 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 the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), 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 that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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

  4. the financial statements 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).

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Somerville Heart Foundation

Company Limited by Guarantee

Independent examiner's report to the trustees of Somerville Heart Foundation

(continued)

Year ended 31 December 2024

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.

A Robinson FCA Independent Examiner

Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA

3 September 2025

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Somerville Heart Foundation

Company Limited by Guarantee

Statement of financial activities (including income and expenditure account)

Year ended 31 December 2024

2024 2023
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income
Donations and legacies 5 147,409 64,000 211,409 155,739
Other trading activities 6 61,573 – 61,573 63,292
Investment income 7 4,596 – 4,596 3,886
   
Total income 213,578 64,000 277,578 222,917
   
Expenditure
Raising funds
Costs of raising donations and legacies 6,532 653 7,185 7,227
Charitable activities 8 137,809 18,387 156,196 161,424
Other expenditure 2,768 277 3,045 2,114
   
Total expenditure 147,109 19,317 166,426 170,765
   
Net income and net movements in funds
before gains and losses on investments 66,469 44,683 111,152 52,152
Net gains/(losses) on investments including
fair value movements 8,687 – 8,687 6,809
   
Net income and net movement in funds 75,156 44,683 119,839 58,961
   
Reconciliation of funds
Total funds brought forward 236,497 57,169 293,666 234,705
   
Total funds carried forward 311,653 101,852 413,505 293,666
   

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 16 to 25 form part of these financial statements.

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Somerville Heart Foundation

Company Limited by Guarantee

Balance sheet

31 December 2024

2024 2023
Note £ £ £ £
Fixed assets
Investments 11 164,972 150,882
Current assets
Debtors 12 5,740 2,031
Cash at bank and in hand 251,171 145,507
 
256,911 147,538
Creditors: Amounts falling due within
one year 13 (8,378) (4,754)
 
Net current assets 248,533 142,784
 
Total assets less current liabilities 413,505 293,666
 
Net assets 413,505 293,666
 
Funds of the charity
Restricted funds 101,852 57,169
Unrestricted funds 311,653 236,497
 
Total charity funds 15 413,505 293,666
 

For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

These financial statements were approved by the board of trustees and authorised for issue on 3 September 2025, and are signed on behalf of the board by:

M Rosen Trustee and Treasurer

Company registration number: 07285409

The notes on pages 16 to 25 form part of these financial statements.

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Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements

Year ended 31 December 2024

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 7 Friars Courtyard, 30-32 Princes Street, Ipswich, Suffolk, IP1 1RJ.

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on the going concern basis and the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Pensions

The charity operates a defined contribution pension scheme. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Income tax

As a registered charitable company, the activities are exempt from United Kingdom Income and Corporation taxation, provided that the income is applied to charitable purposes.

Leasing

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

- 16 -

Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds where necessary, are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Income

All income is included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Income from donations and legacies is included in full in the statement of financial activities when receivable. Grants, where entitlement is conditional on the delivery of a specific performance by the charity, are recognised when it is considered probable that the income will be received.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.

Investment income consists of bank interest and dividends receivable and is accounted for when receivable.

Expenditure

All expenditure is accounted for on an accruals basis as a liability is incurred. Expenditure includes any VAT that cannot be recovered and is reported as part of the expenditure to which it relates.

Cost of raising funds comprise of the costs associated with attracting voluntary income and the cost of trading for fundraising purposes.

Charitable expenditure comprises of those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs are included within charitable expenditure. These are costs associated with the constitutional and statutory requirement of the charity and include the examination fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of resources.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

- 17 -

Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Investments

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

4. Limited by guarantee

The Somerville Foundation is a registered charity and a company limited by guarantee, which is not liable to corporation tax. The members of the company are the trustees and directors named on the information page. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

- 18 -

Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2024

5. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations
Donations and gifts 38,210 10,000 48,210
Youth @ Heart – 54,000 54,000
Legacies
Legacies receivable 109,199 – 109,199
  
147,409 64,000 211,409
  
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations
Donations and gifts 44,655 – 44,655
Youth @ Heart – – –
Legacies
Legacies receivable 111,084 – 111,084
  
155,739 – 155,739
  

During the year, income was received from the Youth @ Heart charity following a merger of the two entities. As such, a restricted fund has been created in the year to continue the charitable activities historically undertaken by Youth at Heart.

6. Other trading activities

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Membership 12,890 – 12,890
Fundraising events 38,932 – 38,932
Lottery income 9,751 – 9,751
  
61,573 – 61,573
  
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Membership 10,728 – 10,728
Fundraising events 22,906 19,500 42,406
Lottery income 10,158 – 10,158
  
43,792 19,500 63,292
  

- 19 -

Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2024

7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Income from fixed asset investments 4,596 4,596 3,886 3,886
   
8. Expenditure on charitable activities
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Wages, salaries and pension contributions 83,596 12,967 96,563
Events and course expenses 15,321 1,532 16,853
Office expenses 8,944 894 9,838
Rent and room hire 11,686 1,169 12,855
Insurance and subscriptions 134 13 147
Bank charges 1,597 160 1,757
IT expenses 2,945 294 3,239
Project funding 10,215 1,021 11,236
Independent examiner costs 3,371 337 3,708
  
137,809 18,387 156,196
  
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Wages, salaries and pension contributions 90,364 9,036 99,400
Events and course expenses 18,980 1,898 20,878
Office expenses 5,024 502 5,526
Rent and room hire 8,261 826 9,087
Insurance and subscriptions 1,090 109 1,199
Bank charges 1,267 127 1,394
IT expenses 9,060 906 9,966
Project funding 4,410 7,434 11,844
Independent examiner costs 1,936 194 2,130
  
140,392 21,032 161,424
  

- 20 -

Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2024

9. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2024 2023
£ £
Wages and salaries 92,163 90,945
Social security costs 1,767 6,709
Other pension costs 2,633 1,746
 
96,563 99,400
 

The average head count of employees during the year was 5 (2023: 6).

As a small charity, all of our staff have a front facing role, helping and supporting Grown Up Congenital Heart patients staff including our General Manager who staffs the helpline, looks after volunteers, supports patients at events and through our social media and information and advice services as well as campaigning and advocating.

The key management personnel of the charity comprise the Trustees and Management positions of the charity. The total employee benefits (Including employer national insurance and employer pension contributions) of the key management personnel of the charity were £40,832 (2023: £39,120).

No employee received employee benefits of more than £60,000 during the year (2023: £Nil).

10. Trustee remuneration and expenses

No members of the management committee or any person connected with them has received or is due to receive any remuneration for the year directly of indirectly from Charity funds. Trustees were reimbursed expenses amounting to £34 (2023: £1,230) during the year.

11. Investments

Listed
investments
£
Cost or valuation
At 1 January 2024 150,882
Additions 74,036
Disposals (66,077)
Fair value movements 6,131

At 31 December 2024 164,972

Impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024 164,972

At 31 December 2023 150,882


All investments shown above are held at valuation.

- 21 -

Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2024

11. Investments (continued)

Financial assets held at fair value

Fair value is determined by an externally provided investment portfolio managed by Rathbone Investment Management Limited at each reporting date.

The historical cost as at the year end is £147,080 (2023: £134,973).

12. Debtors

2024 2023
£ £
Trade debtors 1,112 545
Prepayments and accrued income 4,628 1,486
 
5,740 2,031
 
13. Creditors: Amounts falling due within one year
2024 2023
£ £
Accruals and deferred income 8,378 4,754
 
14. Deferred income
2024 2023
£ £
At 1 January 2024 2,479 4,968
Amount released to income (2,479) (4,968)
Amount deferred in year – 2,479
 
At 31 December 2024 – 2,479
 

Deferred income relates to conditional grant income received in the year on behalf of projects being completed in following years.

- 22 -

Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2024

15. Analysis of charitable funds

Year ended 31 December 2024

Expenditure
and
Investment
1 Jan 2024 Income movements Transfers 31 Dec 2024
£ £ £ £ £
Restricted funds
Fellowship fund 41,813 – (1,150) – 40,663
COVID hardship fund 2,810 – (568) – 2,242
PEARS fund 12,546 – (12,546) – –
Youth @ Heart fund – 54,000 (5,053) – 48,947
Heartbeat fund – 10,000 – – 10,000
    
57,169 64,000 (19,317) – 101,852
    
Designated funds
S Shackman legacy fund 155,008 – – – 155,008
Investment reserve 15,909 – – 1,983 17,892
Website fund – 10,000 – – 10,000
    
170,917 10,000 – 1,983 182,900
    
Unrestricted funds
General fund 65,580 212,265 (147,109) (1,983) 128,753
    
Total funds 293,666 286,265 (166,426) – 413,505
    

- 23 -

Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2024

Year ended 31 December 2023

Expenditure
and
Investment
1 Jan 2023 Income movements Transfers 31 Dec 2023
£ £ £ £ £
Restricted funds
Fellowship fund 43,213 – (1,400) – 41,813
COVID hardship fund 3,100 – (290) – (2,810)
PEARS fund – 17,000 (4,454) – (12,546)
Richard Kirkman Trust fund – (2,500) (15,737) 13,237 –
    
46,313 19,500 (21,881) 13,237 57,169
    
Designated funds
S Shackman legacy fund 155,008 – – – 155,008
Investment reserve 2,923 – – 12,986 15,909
    
157,931 – – 12,986 170,917
    
Unrestricted funds
General fund 30,461 203,417 (142,075) (26,223) 65,580
    
Total funds 234,705 229,726 (170,765) – 293,666
    

Restricted fund purposes:

Fellowship fund - The Fellowship Fund supports the education and training of professionals who provide services to congenital heart patients. Funding was provided mainly from fundraising events.

COVID Hardship fund - income is restricted to support vulnerable patients during the difficult Covid-19 period and thereafter.

Youth @ Heart fund - The income received within this fund is restricted to the ongoing services and activities of Youth @ Heart.

Heartbeat fund - The income received within this fund is restricted to the purposes set out by the fund provider.

The following restricted projects have been completed:

PEARS fund - The income received within this fund is restricted to the purposes set out by the fund provider and was completed in July 2024.

Richard Kirkman Trust fund - The income received within this fund is restricted to the purposes set out by the fund provider and was completed in the prior year.

- 24 -

Somerville Heart Foundation

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2024

Designated fund purposes:

S Shackman legacy fund - The organisation is able at its discretion to draw down funds from the legacy left by S Shackman. This is planned expenditure in line with advice form the Charity Commission that the legacy should be used for beneficiaries and gradually reduced over time.

Investment reserve - represents amounts set aside to reflect the overall movement in investments between the current value and cost.

16. Analysis of net assets between funds

Year ended 31 December 2024

Net current
Investments assets Total
£ £ £
Restricted funds – 101,852 101,852
Unrestricted funds 164,972 146,681 311,653
  
164,972 248,533 413,505
  
Year ended 31 December 2023
Net current
Investments assets Total
£ £ £
Restricted funds – 57,169 57,169
Unrestricted funds 150,882 85,615 236,497
  
150,882 142,784 293,666
  

17. Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
Not later than 1 year 9,000
		 6,000


18. Related parties

During the year the charity received donations from F Kennedy totalling £10,000 (2023: £Nil). F Kennedy is the Chair of this charity, Somerville Heart Foundation.

There were no other related party transactions in this or the prior year.

- 25 -