Yeovil Heartbeat Charity Registration Number: 1160305 Trustees, Annual Report and Financial Statements for the Year Ended 31 March 2024 Contents l} Administrative Details...........,..,.,,.,.......,.,,. 21 Trustees, Annual Report.....,,...,,...,,.......,......,....,,........ 31 Financial Statement........................................... 41 Income and Expenditure Account.........................,...................................,..,....,....,....,.,,..,.,....,..,.. 51 Balance Sheet. 61 Notes to the Financial Statements.............................,..,.,,....,...,,. 71 Independent examiner's statement.... 81 Statement of Trustees, Responsibilities,,,...,.........,... .10
Yeovil Heartbeat Trustees, Annual Report and Financial Statements 2023-24 l) Administrative Details Trustees: Ashley Davidson Andrew Woods Anthony Love Rita Hurt Henry Philip Eveleigh Terence Street John Hayward Paul Hurt Alan Wickes Anne Caines Denise Street Chair Secretary Treasurer (resigned 0110612C24) (resigned 0110112024) (resigned 0111212023) Contact address: Yeovil Heartbeat, Cardiac Rehabilitation Dept, Yeovil District Hospital, Higher Kingston, Yeovil BA214AT Independent Examiner: Mr Timothy Cooper, ACA ICAEW. Page 2
Yeovil Heartbeat Trustees, Annual Report and Financial Statements 2023-24 2) Trustees, Annual Report The Trustees submit their annual report following the provisions of SORP (FRS 102). Structure and Management.. Yeovil Heartbeat is a registered CIO (2015) and is governed by its constitution (revised 2015) The trustees are all volunteers. The Trustees are authorised to co-opt new members to fill vacancies in order to ensure adequate representation and diversity. The trustees Vrk with Yeovil District Hospital {YDH) Cardio Department to try to ensure the department is represented on the board of trustees. The Trustees are aware of their responsibilities regarding public benefit in accordance with the guidan issued by the Charity Commission. Management decisions are taken by the trustees in their regular meetings. Decisions are informed by advice from the YDH Cardio Department staff and from the team of Phase 4 qualified gym instructors. Regular liaison takes place between these bodies, Objectives and Activities: The purposé of the charity is to support the work of the Cardiac Rehabilitstion Unit at YDH, especially the Phase 4 exercise classes, which allow cardiac patients in the local area a lifelong option to maintain their cardiac health. The department provides Phases 1, 2, 3 and 4 of cardiac rehabilitation from the unit based at YDH. All staff costs for Phases 1 to 3 are met by the NHS Trust. The exercise equipment for phases 3 and 4 and the staff costs for the phase 4 provision are met by the charity along with specialised training needs for the staff. Regular maintenance of gym equipment is overseen by phase 4 instructor Matthew King. Where equipment needs replacinglrenewing he will refer to the trustees. The payment rate for gym instructors is set by the trustees and is reviewed annually. It is benchmarked against the rates for local gyms and by the income from gym fees. Volunteers assist with fund raising events, the upkeep of the gym and assisting patients in Phase 3 sessions. Achievements and Performance: The Cardiac rehabilitation unit provides infomiation, support and exercise options for all cardiac patients who attend YDH. Patients can also be referred in by other hospitals or their GP. Counselling services are provided and funded where necessary. We have assisted approximately 250 to 350 new patients this year, enabling them to retum to their lives healthier and more knowledgeable on how to maintain and improve their Page 3
Yeovil Heartbeat Trustees, Annual Report and Financial Statements 2023-24 cardiac health. Many patients return for the voluntary Phase 4 sessions to maintain and further improve their fitness. This year has been one of graat change for the cardiac fehabilitation unit as the Trust has merged with Taunton Musgrove Hospital to create Somerset NHSFT. YDH cardiac rehabilitation unit (with the support of Yeovil Heartbe21) conb'nuÈs to meet all local and national targets set. Fundraising has been sornewhat limited since COVID, but the charity remains in a healthy financial position as a result of donalions and ocGqsional fundraising activities. Page 4
Yeovil Heartbeat Trustees, Annual Report and Financial Statements 2023-24 3) Financial Statement The financial position of Yeovil Heartbeat is strong with a trading balance of £12,420 at the year end and with £220.000 held in Designated ReseNes. The Reserves Pollcy, which was unanimously approved by the trustees at their meeting on Ih 8 April 2024, sets out why Yeovil Heartbeat holds its particular level of reserves and how the TrLJStees seek to ensure finanoial stability and sustainability. Relaining approximately a £15,000 floating fund for day-to-day trading, at present the Charity has £220,000 in Unrestricted Reserve funds. These are allocated to two Designated ReseNe Funds: 1) Trading Contingency Reserve Fund. The Trustees believe that £20,000 of unrestricted reseNes (equating to approximately 6 months, operating expenditure) is an adequate and appropriate minimum level of reserves for a resilient business model, allowing the Charity lo continue to provide rehabilitation services in the case of a period of severely reduced income (e.g. a pandemic). 2) Gym Rèfurbishment Res8rv8 Fund. The Trustees have assigned £200,000 of unrestricted re8e.rves to be retained for refurbishment of Ihe gym and the gym equipment. There are currently 20 professional cardiovascular exercise machines which are in use on a d8ily basis 8nd all except 4 machines are over 7 years old. Currently they are maintainable but they are showing significant signs of wear. The Trustees want to anticipate replacing them when the cost of maintaining them becomes uneconomic and also lo be able to refurt)ish the gym ils81f. Yeovil Heartbeat's principal Sour of funés is from donations and gym fees from patients who voluntarily attend our cardiac rehabilitation sessions. We also receive funds from the profit from our 200 Club, bank interest, fundraising events (e.g. sponsored runs, band concert and a dog show) and sundry clolhing and book sales. Yeovil Hearlbeat's principal oulgoings are for gym instructor fees, gym equipment. maintenance, training. counselling and sundry clothing and expenses. Yeovil kleartbeat does not have an Investment Policy but we have historically retained 648 ordinary shares in 8arclays Bank. The principal risk we face is from a severe downturn in atlondees of our cardiac rehabilitation sessions {e.g. from the pandemic) resulting in revenue loss, whilst having to mainlain our operating expenses. We have mitigated this risk by allocating a Trading Contingency Reserve of £20,000. Page 5
Yeovil Heartbeat Trustees, Annual Report and Financial Statements 2023-24 4) Income and Expenditure Account Income and Expenditure Account As at 31 March 2024 2024 2023 Notes Income 62,697 150.421} 28,640 19,179 Operating Expenses Operating Income Interest Received 12,275 3,351 19,461 1,232 Surplus on Operating Activities Funds Bought Forward LY 15,626 216,794 20,693 196,lOJ Funds Carried Forward TY Reserved Funds 232,420 220,000 216,794 210,000 Tradin8 Balance 12,420 6,794 Stocks 1,187 948 Equlty Balance 13,607 7,742 Page 6
Yeovil Heartbeat Trustees, Annual Report and Financial Statements 2023-24 5) Balance Sheet Balance Sheet As at 31 March 2024 2024 2023 Notes Assets Cash and Cash Equivalents Accounts Reteiyable Stocks 245.577 5,043 1,187 216,794 948 Total Assets 251,808 217,742 Liabilitles Accounts Payable Accrua Is 1412) 117.788) Total Liabilities 118,2001 Net Assets 233,608 217,742 Reserves Trading Contingency RÈserve Gym Refurbishment Reserve 20,0 200,ODO 10,000 200,000 Total Reserves 220,000 210,000 Equlty Balance 11,608 7.742 Page 7
Yeovil Heartbeat Trustees, Annual Report and Financial Statements 2023.24 6) Notes to the Financial Statements 11 Income from charitable activities as stated above in the Financial Statement. 21 Operating Expenses for charitable activities as stated above in the Financial Statement. 31 1 nterest is received from NatWÈst bank, Manchester Buildi ng Society and 8irmingha m Midshires Building Society. 41 Cash in hand and cash at banks at beginning of year. 51 Debtors at year end. 61 648 ordinary shares held in Barclays Bank plc at valuation. 71 Creditors at year end, 81 Payment obligatlons for servlces recelved, mainly Gym Instructor fees pending. Page 8
Yeovil Heartbeat Trustees, Annual Report and Financial Statements 2023-24 7) Independent examiner's statement I have completed my examination. I confirm that no material 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 Society as required by section 130 of the Act., or 2. The accounts do not accord with those records,. or 3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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. Signature: Date: Narne: Timothy Cooper, ACA ICAEW. 184 St Johns Road Woking Surrey Page 9
Yeovil Heartbeat Trustees, Annual Report and Financlal Statements 2023-24 8) Statement of Trustees, Responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England & Wales requires the trustees to prepare financial stalements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. The trustees are responsible for maintaining proper accounting records which disdose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charitiés Act 2011, the Charity (Accounts and R8POrts) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasoridble steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 9th June 2025 ané signed on their behalf by.. Slgnature: Date: Name and posltlon: Ashley Dav5dson Chair Signature: Date: IS nilLJ Name and position: Andrew Woods Secretary Page 10