Charity registration nwnbcr.. 1177753 Northwick Park Cardiac Research Charity Annual Report and Finaltcial Stat¢menls for the YeaT Ended 31 M2r¢h 2025 D A Green and Sons Ciwt¢red Certrfied Accountants 12 Th¢ Broadway St Ives Camb5 PE27 SBN
Northwick Park Cardiac Research Chxrity Contents Reference and Administrative Details _ Trustees, Report _ 2to3 rndependent ¢xaminels report Stat¢Jn¢nt of fmancial activiti¢S ... Balance Sheet _ Notes to the financial staternrllts 7toll Th6 following page does not forni part of the staththry finan¢ial staternerLts-. Statement of financial activities per fund _ 12
Northmqek Park Cardiac Research Charity Trustees, Report The obJeGts for the chariti, are to pronN)te and pruterl ¥(y)d health for tlie public benefit by carrying out m¢di¢al r¢sear¢h in particular but not exclusively into finding e treatm¢nt% for he&rt disease, rescarching methods of assessing Cardiac function and the dev¢lopmtnt of intervenlioll&l devi¢¢$. To disseminate th¢ r¢sults of such research for the public belltfiL AdvaDLill¥ edii¢ation by the proviSiOTJ of traiDLng in th¢ diagnosis, treatment and rs5earch of cardiac dEsease. Publlc benefit Throughout the ye8J, at all of the Trn$tee meetings, TNstees haye COS1derCd th¢ guidance 8iven by the Charity CommissioD regarding operating forpubli¢ benefit wben carrying out th¢ir (IL¢tie4 al have complied with this guidallce. Thr charity works for the public berlefit by carrying out research projcctS Wlth th¢ aim of improving patienthealth and knowledge about he8rt disease. Throught Ihe publicdlion ofthis work, th¢ results have been dis5erninated for the benefit of the wider audience. TteeS hav¢ r¢mained f(Kused on th¢ objects of the chariiy throughout the year, ensuring the direciion of the chality follows the obj¢ct Main actlTr'ltles Research activities have contimjed with a broad rdnge of cardiac conditions beiJ)g studied. The¥r iArlude out of h05Pltal Cardiac arrest. treatment of acute pvlmonary emLx)li5n, heart failure, lipid lowering, attial fibrillation, angi rdiac imagillg aiid corollary intervention. Recruitment into research studies is now consistently exGelleth. We have ¢untinud to SllPPOrt our patients durins this tim¢ and hav¢ published papers about 0r research on topics such as rst -bUSTL ultrafast cardiac imaging how COVtD-19 infection affects the beart and several looking at stabl¢ CaFdiac dÉsease. The Charity continues.to explore multiplc ways of achievittg funding to c out th¢ir objectives. We have now applied for grants to support oui &cademic research aDd have expandcd the object trj advance education by the provision ef Itaining. Invesltnent offvrtd¥' is discussed at ev¢ry meeting. with Trust¢¢s agreein¥ on a low-risk inv¢stment 5tiategy. Main Aehlevemettt A total of 13 academic papers have been published by the cardiac research charity this y. The ¢lwrily has partDered with other academic and cojnmercial institutions to undertake several VTiginal 5ciencE projects. One of ourpast do¢tOTS has been awarded theirPhD, two pasi doctors are fJJ)dlising their PhD theses 2nd two of our Current doctors are ¢urr¢ntly undertaking their PhDs. We Continue to Icad the UK in the Inng tertn f(bllnw up for the Ischemia trial, which will elld ill 2025. We have led the recruitrnent for global early phas¢ research tria]s into new treatments for heart failure. Page 2
Northwlek Park Cardiac Research Charity Reference and Administrative Details Charlty name Northwick Park Cardiac Resea Chality Chsrity regl3tratign number 1177753 Prin¢ipal ofllee Northwick Park Hospital WarfoTd Road Harniw Middles¢x HAI 3UJ Reglstered office Northw¢k Park Hospital Warford Road Harrow Middlesex HAI 3UJ Trustee5 Dr Ahmed El8haTktsZ Mrs Ann Lewis Dr NEgel Stephen8 Sard R*wlins Dr Hugh Bethell A¢¢DuntaDt D A Gretn and Son8 12 The Broadway St Ives C8n)bs PE27 5BN Page I
NortbvAck Park CardlaeReseartlk Chftrlty Trustee¥, Repurt FlnallglNlrovlpw Tbe tru#eeg havè eoJsidet¢dthe IlquldlLy te8ervoAalldre ooll6d6nt th¢r¢ Is ¢utYwtly ]ko Ask io th¢ fiuanllal VI&]llty ofibe Cbarlty. Follow rt¢ovcry tLMn COVID-Ig tb¢ dwity 5¥ intyewiuth¢twmber attd vah Thepo]iCyOnT¢5erye8 is ID obtain ¢b¢ JJtixitfjw IDtmtpo8lbkwitbout the c4Pitalat IIFL Rcserye nWiV¢Sta viitb¢Fkn&(bie platforAU in lowlSk sttal¢8y. All a¥oroV£r by tho FSCS All nc•iYed are ut]rrsttlotrdgTht 4r¢ u5Ed to Co]nUE th tbg work of the cbuity, swportlll8 llppropdatsproJE¢t¥ aris1 withiTr theT¢serch team thaLar¢ inliuo with the obJ¢¢*s of ¢Pty. Approyedby tbi Trustotss attd slRll¢d thotrh¢balf by. DrNig¢l St4)ITrBDs PaBe 3
IndePe]ellt E5amInl Report to tbe Trusteu of Northwlck Park CT6rdl4¢ ReyeJMh tharky lTrpr¢¢on th¢oocowJl8 ¢Da 31 M8rclL 2025. ate i¢r out 0Pa8¢S 5 to 11. R¢¥Jéetiv¢rnpoD•lbS1Lllpsrftru# px4mlu•r rryulrnd for thks UDAv ¢li04 144(2) rf tkn {lItI Aot 2011(th¢ 2011 A¢t) And thdt all indcprnd¢Tht ¢XaToinatsOn is tsecd¢d. It 18 w.ff5pnyibslttytc.. twmlne th¢ BccouLtsusths¢¢tioll 145 ofthg 2011 A follow th¢ ptoc¢duw ILid in thè Ger01 DJwtititLi givM by tkn Cbadry unthr 145 (5)Ib) of the 2011'Act" ptt B•d$ ofSndpeThtwt ¢L9mler,$ reyort An 9%ltIon includ¢& 4 ¥1¥W 4f th# ktyt by thè iknxty an(I'& eoyJp&riAon of PTewted wiJE thos¢ xeBgTd8, inclwd¢8 COldratiOrI oeatyy VLwual itox)x or dis¢JosuTrs in th do tLOt NoYtd¢ all th¢ ¢vId¢ll tht wvuld bo r¢4uud iu iudit gad wtt91¢lfy no opiDlon 18 given a¥ towh¢tknr the AOu]Its ptMIt a'l d fair attd r¢pDrti$lisnit¢d to tho¥¢ rniier8 S¢t otrt i fndepeDdentexaJlU¢rtsIttUj¢Mt (l) whkh8ives mÈTt48oll4bl¢w%e blIeVeAt in AtynMtdfi81 nspcctth¢ rtiwlre: tokew ordS w¥th seKtiott 130 oftheA¢ elld tre ofthe 2011 Art ur G) to w]dci in oplnio4 at*lioll bè iu ordex W •nabb g pwer of th aetwats tob¢rEaDh 12 TheBToth stlve4 D A (Itèètt aud D4ta,2.. .1.2.:.20.2 PE27 5BN
Northivlek Park Cardiac Research Charity Balance Sheet as #t 31 Mllrch 202S 2025 2024 Note Flxed assets Tangible as5et5 39.716 52,955 Cui'rent a&set5 Debtor5 Cash at bank alld Iwid 10 5,830 864,855 870,685 17.711 875,810 893.521 Creditors: Amount5 falllllg due within one yeAr (23,7391 (28.623) Net turrellt et9 846,946 864.898 Total assets less current liJb41ities 886,662 917,853 Creditors: Amoullts fauing due #fter Jnore than OllE year 12 (21,347) {37,601) Net assets 865,315 880,252 The funds of th¢ ¢hqrlty: Unrestrlettd fundy UDf¢6tri¢t¢d itOme funds 86_5,315 880,252 Tol&l ch4rity fund5 865,3 15 880.252 2£11,Itts23 Approved by tbe Board on................... al signed on its bebalf by-. Dt NI1 Stephens Trustee The llotes on pages 7 to I I f¢)nn an integral part of these fm8¢11 stattmcnts. Page 6
Northwiek Park Cardiac Research Charity StalenieDI of FiDallcial Activities for the Year Ellded 31 March 2025 Uttrestrieted Tot•1 Fmnds T<btal Fund5 Fund5 2025 2024 Not Incomin% resourees Incomitig resources from generated fids VoluJ)tary incom¢ ActiTrilies for getterating fimds ITLvestm¢nt in¢ome Totalincomingresources 3,479 400.107 42,669 446.255 3,479 400.107 42.669 446.255 2,487 335,020 15,135 352,642 Re50urees expended Costs of generating fi]nds FundraT5ing trading-. cost of goods sold and other costs Total resources ¢xpertded 461,191 461.191 461.191 461.191 436,718 436,718 movements in fid$ (14,9361 Il4,936) (84,076) Reconclllation of fuThd5 Total fund5 brought forward Totsl furmjs caTried foThvard 880,251 865,315 880,251 865,315 964,328 880,252 All inconJia r¢source5 and resources expended derive from continuing 8Ctiviti¢s. The charity has no recognised gains or losses for the year other than th¢ results above. The notes on pages 7 to I I fom) an integral part of thest financial staternents. Page 5
Northwick Park Cardiae Research Charity Notes to the Financial Statements for the Year Ended 31 March 21125 Accounting poli¢i¢s Bgsls of pYepAralion The fit)allcial siat¢ments hav¢ been prq>ared under the historical cost convention arld accordance with the stat¢ent of Recon]n]ended Practice 'ACcoUlltg and R¢iwting by Charities (SORP 2005),. issued in Mar¢h 2005, applicabl¢ accounting standards and th¢ Charitie5 Act 2011. Fund *ccountSng policy Unrestrictcd income are g¢E]er31 fw)d5 tknt ale available for at the trustees, discretion in furtherance of the objectives of thc ebarity. Funher details of ea¢h fuD& are dksclosed in note 14. IAeoming resources Donations are rQgnised whC there is entitlement, certatnty of receipt and the amount catt be measured with sufficient reliability. Investm¢nt luc0n is re¢ognis¢d on a re¢eivabl# basis. Re50ur¢es expeDded Liabilities aTr wognis¢d as soon as ihere is a legal 01 ¢onstm¢tive obligation WTMTnitting the cl?arity io tbe expenditure. All ¢xp¥nd]tu is ilLCOIITLted for OD accruals basis aThd has been classifEed uTh¢kr headings that aggregate all costs rel&tcdto the Category. Costs of gen¢rnting funds are the costs of trading for fundraising purwjses. Support ets&ts Sllprt Costs include centfdl functions and have been allocated to activity cost categories on a basis Collbisteiit with thr use of resources. for example. allocatin8 property ¢0sts by floor ar¢as, or per copita. staff c05t5 by the time spellt at)d otber costs by the usa¥e. Flxed assets Individual assets costing £0 or more are iDitially rec¢)rded at Cost. Depreciation Depreciation is provided on tangible fIxed assets so as to wyite off the cost or v&luation. less any estimated residual valug. oveT th¢ir exp¢¢ted usethl economi¢ life as follows.. Office equipment 25/0 straigbt line basis Plant and m&chinery 25Q/o reducing balat)ce basi5 Page 7
NorthiFiek Park Cardlae Research Charlty Note5 to the FinAneial Statements for the Year Ended 31 March 2025 . continued Hlre purchase and le¥se ¢othtrntts Assets hcld under finance leases, which are leases where substantially all the risks and rewards of OlerShIp of the asset have passed to the charity. are ¢apitslised in the balanc¢ sheet as tangible fixed assets and are depreciated over theii usefuL hv¢s. The cApital elements of fUne obligations under the 1¢&8cs are Included as liabihtie5 in th¢ balan¢e sheet. The interest elemeni of the rent21 obiigation is charged to ibe ststement of fjjwiai activities over the period of the 1C aud reprc5Ellts a eonstant woportion of the balance of eapit*l repayments outstanding. Assets held under hirc purehase a8reements Ire capitaltsed as tsngible fixed assets are depreciated over their useful lives. The capital element of tUre flnance payments 15 included within ¢r&liiors. Finance charges are allocated to accounting periods OV the length of Ih¢ contract. Voluntary illctsme Unrestricted Total Funds Tfrtsl Funds Fund5 2025 2024 Donations and legacle5 App¢a]5 and donations 3.479 3,479 2.487 ACtitIeS for Eenerating fuDds Unrestricted Total Funds uThd5 2025 Total Funds 2024 Operating actiTr4ty 1 F¢e$ alld suppli¢s Grdnts receivable 373.168 26,939 400.107 373,168 26,939 400,107 33S,ff20 335.020 InYt%tment Income UDrestrieted Total Funds Total Funds Fund& 2025 2024 Int¢r¢st on cash deposits 42,669 42.669 15.135 Page 8
Northwick Park Cardiac Research Charity Notes to the Financial Statements for the Year Ended 31 March 2025 TotAI resources expended Operating A¢tlvlty I TotaI Direct Costs Cost of goods 501d Employment eosts Travol subsistellce Bank charges Depreciation of tangiblc fixcd assets 28,307 396.472 1.456 2.962 13239 452.436 28.307 396,472 11,456 2,962 13.239 452,436 Support ¢vst Office txpenst Printing, posting and stationery SuThdry and other costs Accountancy fees Interest payablc 2.665 397 2,665 397 2,040 3.650 8,755 2,040 3.650 8.755 461,191 461,191 Trustee$, remulleration and expenses No trustee$ received any rernun¢rntion during the year. Net olltgoing resources Net outgoing resources is stated after charging.. 2025 2024 Depreci*tion of ovmed assets Deprcciation of 3s%ets held under finance leases and hiie purchase contracts 13.239 5,705 17.652 Employee$. rtmuneratlon The aggregate payroll costs of these petsons were as follows.. 2025 2024 Wa8es and salaries 392,039 344,296 Page 9
Northwick Park Cardiydc Research Charity Notes to the Financi41 Statements for the YtAr Ended 31 March 2025 Tangible red 4ss¢ts Pla1 and machinery Including motor vehieles Flxtllres, rittings And eqlllpment Tot41 Cost As at l April 2024 and 31 Marcb 2025 98235 30,423 128,658 Depre£i4tion Ay at l April 2024 Charge for the year As at 31 MaTch 2025 45.280 13239 58,519 30,423 75,703 13,239 88.942 30,423 Net book vae As at 31 March 2025 As at 31 March 2024 39,716 52,9)5 39,716 52,955 10 Debtors 202S 2024 Tr&de debtors PrepaiTrnents and accrued income 3,960 1,870 5.830 15,841 1.870 17.711 11 Creditors: AmouDt5 falling due Trvithin one ye¥r 21125 2Q24 Trade crediiors Othe[ creditor5 Accruals and d¢£¢Ed iurouK 1.914 19.904 1,921 23,739 6,918 19,904 1,801 28,623 12 Cr¢dit(brs: Amounts fauing due after more Dne year 2025 2024 Other creditors 21347 37,601 Page 10
Northiviek Park Cvdrdiac Research Charity Notes to the Financial Statements for the Year Ended 31 March 2025 . continued 13 Related parties Conlrollin£ entity Th¢ charity is controlled by the tntees. 14 Analysis of funds At l Aprll 2024 INcolg resource5 Kesollrces expellded At31 March 2025 Getter#l Fullds u[e5]Cted incimie fut 880,251 446,255 (461.191) 865.315 15 N¢t gssets by fund Unrestricted Funds Total Funds 2025 Total Funds 2024 Tansible assets Curr¢nt assets Creditors.. Amoutsts falling due within on¢ year Creditor5.' Amolmts falling due afier more tha one year Net assets 39,716 870,685 (23.739) 39.716 870,685 (23,739} 52.955 893.521 (28.623) (21.347) 865.315 (21,3471 865,315 {37,601} 880,252 Pagell
Northwick Park CArdiac Research Charity Statement of financial %¢tivilAes by fund Year Ended 31 March 2025 Ullre5tri¢ted Unrestricted Income fUd Ineom¢ fund 2025 2Q24 IDcoJlliThg resource5 Incoming regources from generdted fimds Voh]ntary income Activities for generating fvnds InvestmeDt incom6 Totdl incoming resources 3,479 400,107 42.669 446.255 2.487 335,020 15.135 352,642 Resource5 expended Costs of gen¢rating funds Fundraising tr&ding'. cost of goods sold and other costs Total resources expcnded 461.191 461.191 436,718 436,718 Net movements in fund5 114,936) 184.076) Recon£lll&tlon of funds Tot*1 fimds brought forwaid Totrl fuuds carried fonvdrd 880,251 865,315 964,328 880,252 This page tloes not fom part of the statutory fin&ncial stst¢m¢nts. Page 12