**Charity Registration No. 1174803** **Company Registration No. 10469145 (England and Wales)** ## **THE AORTIC CENTRE TRUST** **(A COMPANY LIMITED BY GUARANTEE)** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 APRIL 2025** ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION** ## **Trustees** R Grosse N Cheshire J Gaer J Pepper C Bicknell **Charity number** 1174803 **Company number** 10469145 **Registered office** Acre House 11-15 William Road London NW1 3ER United Kingdom **Independent examiner** Mark Taylor HW Fisher Professional Services Limited Acre House 11-15 William Road London NW1 3ER United Kingdom ## **Bankers** Coutts & Co 440 Strand London WC2R 0QS United Kingdom ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independant examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 10| **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 30 APRIL 2025**_ The trustees present their report and financial statements for the year ended 30 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the 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 (FRS 102) (effective 1 January 2019)". ## **Objectives and activities** The objects of The Aortic Centre Trust (“ACT”) as set out in its Articles of Association are to protect and promote the health of the public in particular by research into the nature, causes, diagnosis, prevention, treatment and cure of all forms of aortic disease, including the development of findings of research into practical applications for the prevention, treatment and cure of aortic disease, and by the provision or assistance in the provision of equipment, facilities and services at aortic surgical centres principally in the United Kingdom, and in the furtherance of those primary objects, to provide information and raise professional and public understanding of such matters. During the year, a grant of £36,520 was made to Kings College,London relating to research into the possible relationship AortoVascular Disease and Dementia. The Trust continues to pursue various avenues with leading UK medical research institutions for further grant opportunities. ## **Achievements and performance** Since its incorporation and registration as a charity with the Charity Commission (on 8th November 2016 and 22nd September 2017, respectively), ACT has expended funds on the establishment of a working public website to promote its objects which included registering its domain name and its design logo with the appropriate authorities. This website is now fully functional and is being used not only to post updates on significant Trust related events but also to raise funds from the public in conjunction with the likes of PayPal, Stripe and Memory Giving. We continue to keep expenditure to an absolute minimum thus reserving funds raised for charitable purposes. The trustees of ACT confirm that they have had regard to the Charity Commission's guidance on public benefit. ## **Financial review** The charity received income in the period of £35,996 (2024: £36,796). Total resources expended were £52,301 (2024: £35,673). As at 30 April 2025, the charity has reserves of £542,227 (2024: £558,532), out of which £512,227 (2024: £528,532) is unrestricted and £30,000 (2024: £30,000) is designated for a Fellowship grant to The Society for Cardiothoracic Surgery in Great Britain and Northern Ireland (SCTS) in the memory of late Michael Warburg. ## **Reserves Policy** It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to meet anticipated annual expenditure. At this early stage, the charity has very little overhead cost but that is likely to change. Accordingly, the trustees consider that reserves at the current level are justified due to this uncertainty and until such time as there is greater clarity as to such expenditure. ## **Structure, governance and management** The charity is a company limited by guarantee incorporated in England and Wales with company number 10469145. Its registered office is Acre House, 11-15 William Road, London, NW1 3ER. It is registered with the Charity Commission with charity number 1174803. Its govering document is its registered Memorandum and Articles of Association. The original and current trustees were the only members of the company and no new trustees have been appointed and there are no current plans to appoint any new trustees. The current trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: R Grosse N Cheshire - 1 - ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 30 APRIL 2025**_ J Gaer J Pepper C Bicknell ACT has not acted as custodian trustee during the reporting period. The trustees' report was approved by the Board of Trustees. .............................. ## **R Grosse** 03 Nov 2025 Dated: ......................... - 2 - ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE AORTIC CENTRE TRUST** I report to the trustees on my examination of the financial statements of The Aortic Centre Trust (the charity) for the year ended 30 April 2025. ## **Responsibilities and basis of report** As the trustees of the charity (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 charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** 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 charity 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). 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 financial statements to be reached. Mark Taylor Mark Taylor HW Fisher Professional Services Limited Acre House 11-15 William Road London NW1 3ER United Kingdom 03 Nov 2025 Dated: ......................... - 3 - ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 30 APRIL 2025**_ |**Unrestricted**
**Designated**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
16,955
-
Investments
**4**
19,041
-
**Total income**
35,996
-
**Expenditure on:**
Charitable activities
**5**
52,301
-
**Net (expenditure)/income for the**
**year/**
**Net movement in funds**
(16,305)
-
Fund balances at 1 May
2024
528,532
30,000
**Fund balances at 30 April**
**2025**
512,227
30,000|**Total**
Unrestricted
Designated
funds
funds
**2025**
2024
2024
**£**
**£**
**£**
16,955
23,635
-
19,041
13,161
-
35,996
36,796
-
52,301
15,673
20,000
(16,305)
21,123
(20,000)
558,532
507,409
50,000
542,227
528,532
30,000|Total
2024
**£**
23,635
13,161| |---|---|---| |||36,796| |||35,673| |||1,123
557,409| |||558,532| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 4 - ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET** ## _**AS AT 30 APRIL 2025**_ |||**2025**||**2024**|| |---|---|---|---|---|---| ||**Notes**|**£**|**£**|**£**|**£**| |**Current assets**|||||| |Debtors|**10**|8,651||5,888|| |Cash at bank and in hand||538,458||557,403|| |||547,109||563,291|| |**Creditors: amounts falling due within one year**|**11**|(4,882)||(4,759)|| |Net current assets|||542,227||558,532| |**Income funds**|||||| |Designated funds|||30,000||30,000| |Unrestricted funds|||512,227||528,532| ||||542,227||558,532| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 April 2025. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. ## 03 Nov 2025 The financial statements were approved by the Trustees on ......................... .............................. R Grosse **Trustee** ## **Company Registration No. 10469145** - 5 - **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 30 APRIL 2025**_ ## **1 Accounting policies** ## **Charity information** The Aortic Centre Trust is a charitable company, limited by guarantee incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom. ## **1.1 Accounting convention** The accounts have been prepared in accordance with the charity's governing document, the 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 (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. ## **1.4 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. ## **1.5 Resources expended** Resources expended are recognised in the period to which they relate. Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the charitable objectives. Support costs represent costs that cannot be directly attributed to charitable activities but are necessarily incurred in running the charity. Governance costs include costs payable to the independent examiner and other costs incurred in relation to statutory and constitutional requirements. ## **1.6 Cash and cash equivalents** Cash and cash equivalents include cash in hand and deposits held at call with banks. - 6 - ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 30 APRIL 2025**_ ## **1 Accounting policies** ## **(Continued)** ## **1.7 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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. ## **2 Critical accounting estimates and judgements** The trustees are satisfied that there are no material estimates or judgements in these financial statements. ## **3 Donations and legacies** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2025**|2024| ||**£**|£| |Donations and gifts|16,955|23,635| ## **4 Investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2025**|2024| ||**£**|£| |Interest receivable|19,041|13,161| - 7 - ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 30 APRIL 2025**_ ## **5 Charitable activities** |Grant funding of activities (see note 6)
Share of support costs (see note 7)
Share of governance costs (see note 7)
**Analysis by fund**
Unrestricted funds
Designated funds|**2025**
**£**
37,336
9,499
5,466
52,301
52,301
-
52,301|**2024**
**£**
20,216
8,906
6,551| |---|---|---| |||35,673| |||15,673
20,000| |||35,673| ## **6 Grants payable** |Louise Medd
Kings College London
Just giving
The Society for Cardiothoracic Surgery in Great Britain and Northern Ireland|**2025**
**£**
600
36,520
216
-
37,336|2024
£
-
-
216
20,000| |---|---|---| |||20,216| - 8 - ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 30 APRIL 2025**_ |**7**
**Support costs**
**Support costs**
**Governance**
**costs**
**£**
**£**
Bank charges
555
-
Computer costs
8,944
-
Independent examination
fees
-
4,882
Accountancy fees
-
584
9,499
5,466
Analysed between
Charitable activities
9,499
5,466|**2025**
Support costs
Governance
costs
**£**
£
£
555
547
-
8,944
8,359
-
4,882
-
4,781
584
-
1,770
14,965
8,906
6,551
14,965
8,906
6,551|2024
£
547
8,359
4,781
1,770| |---|---|---| |||15,457| |||15,457| Governance costs includes payments to the independent examiner of £4,882 (2024: £4,781) for independent examination fees and £584 (2024: £1,770) for other services. ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration from, or were reimbursed for any expenses by, the charity during the current or prior year. ## **9 Employees** There were no employees in the current or prior year. |**10**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**11**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**2025**
**£**
8,651
**2025**
**£**
4,882|**2024**
**£**
5,888| |---|---|---| |||**2024**
**£**
4,759| - 9 - ## **THE AORTIC CENTRE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 30 APRIL 2025**_ ## **12 Designated funds** The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |**Balance at**
**1 May 2023**
**Resources**
**expended**
**Balance at**
**1 May 2024**
**£**
**£**
**£**
Michael Warburg
50,000
(20,000)
30,000
50,000
(20,000)
30,000|**Incoming**
**resources**
**Balance at**
**30 April 2025**
**£**
**£**
-
30,000
-
30,000|**Incoming**
**resources**
**Balance at**
**30 April 2025**
**£**
**£**
-
30,000
-
30,000| |---|---|---| |||30,000| Designated for a Fellowship grant to The Society for Cardiothoracic Surgery in Great Britain and Northern Ireland (SCTS) in the memory of late Michael Warburg. ## **13 Analysis of net assets between funds** |**Unrestricted**
**funds**
**Designated**
**funds**
**2025**
**2025**
**£**
**£**
Fund balances at 30 April
2025 are represented by:
Current assets/(liabilities)
512,227
30,000
512,227
30,000|**Total**
Unrestricted
funds
Designated
funds
**2025**
2024
2024
**£**
£
£
542,227
528,532
30,000
542,227
528,532
30,000|Total
2024
£
558,532| |---|---|---| |||558,532| ## **14 Related party transactions** There were no disclosable related party transactions during the current or prior year. ## **Remuneration of key management personnel** The Charity's key management personnel comprises the Board of Trustees only. No remuneration was paid to any of the Trustees in the period. - 10 -