REGISTERED CHARITY NUMBER: 1180901
Report of the Trustees and
Audited Financial Statements for the Year Ended 31 March 2023
for
London Hearts ( Charitable Incorporated Organisation )
DHB Accountants Limited Chartered Accountants Statutory Auditors 110 Whitchurch Road Cardiff CF14 3LY
London Hearts
( Charitable Incorporated Organisation )
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Cash Flow Statement | 10 | ||
| Notes to the Cash Flow Statement | 11 | ||
| Notes to the Financial Statements | 12 | to | 18 |
| Detailed Statement of Financial Activities | 19 | to | 20 |
London Hearts ( Charitable Incorporated Organisation )
Report of the Trustees for the Year Ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are the relief of sickness and the preservation of health for the public benefit amongst people residing in the UK by providing a network of defibrillators throughout the area, provision of CPR training and enhancing public awareness around Cardiac health and associated conditions.
Significant activities
In order to achieve its objectives the charity undertakes various fund raising activities and receives donations and grant funding where successful applications have been made. More information is available from the charities website www.londonhearts.org, the contents of that site do not form part of these financial statements.
Public benefit
In shaping the objectives for the year and planning its activities, the trustees have considered the Charity Commission guidance on public benefit.The charity gives careful consideration to ensuring its activities are accessible to all eligible users from all aspects of the community.
Volunteers
In common with many charities it would be difficult to operate without the support of unpaid volunteers. During the period covered by these financial statements the trustees estimate that the charity has benefited from the support of up to five unpaid volunteers for which the charity is very grateful.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The number of people surviving cardiac arrests outside of hospitals is 10.8%, this is the highest level it has been and is twice the rate that it was ten year ago. The spread of free public access defibrillators around the UK needs to increase to further improve these statistics.
The charity helps to fund the provision of defibrillators throughout the UK by direct sale at a subsidized cost, grant funding and providing free online training support.
Through its charitable activities London Hearts seeks to make defibrillators more affordable to communities and organisations across the country.
The charity continues to raise its profile and placed a considerable number of defibrillators in the community as more fully described in its website.
FINANCIAL REVIEW
Financial position
In previous years the charity has achieved a surplus which has enabled it to secure its financial standing. During this year the chanty has been able to subsidized the cost of provision of defibrillators and cabinets with a consequent effect upon the results for the period.
The charity has shown a deficit of £217,138 for the year. As at 31 March 2023 the charity had total funds of £806,706.
The trustees are pleased with the achievements on the year, the results and the current financial position of London Hearts.
The trustees confirm that there are no funds that have been restricted as to use.
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London Hearts ( Charitable Incorporated Organisation )
Report of the Trustees for the Year Ended 31 March 2023
FINANCIAL REVIEW
Reserves policy
The trustees have considered the requirements for reserves in the charity, such review encompassing the nature of income and expenditure streams and the need to match variable income with fixed commitments and the scale of reserves required.
The trustees recognise the need to hold reserves to continue the principal objects of the charity should funding fall.
They have assessed that there is a need to maintain a base free reserve equivalent of at least three months operating costs. They are satisfied that the level of reserves is more than sufficient to meet that requirement.
The trustees are aware of the need to continually monitor reserves but are satisfied that the charity will be able to meet it's obligations as they fall due out of available resources.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The legal form of the charity is that of Charitable Incorporated Organization (CIO) which is subject to its governing document, its constitution, which came into effect from the date of registration as a charity on 29 November 2018.
Recruitment and appointment of new trustees
The appointed trustees actively encourage and seek to identify appropriate persons to join the CIO as trustees.On appointment each new trustee is provided with a copy of the constitution and the CIO's latest availableTrustees Annual Report and accounts. Appropriate training and induction is provided to enable any new trustee to fulfill their duties.
Organisational structure
The charity trustees manage the affairs of the CIO in accordance with their powers as set out in the constitution document. There must at all times be at least three charity trustees with a maximum number of 12. Apart from the first charity trustees every trustee is appointed for a term of three years after meeting criteria set out in the constitution.
The trustees meet regularly to discuss all aspects of the affairs of the CIO.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees review such risks on a regular basis in line with it's adopted risk management policies.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1180901
Principal address
Harlech House 20 Cathedral Road Pontcanna Cardiff CF11 9LJ
Trustees
J Huckett G Farrow T Harrison N Lloyd (resigned 29.9.23) P R Neil (appointed 17.1.24)
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London Hearts ( Charitable Incorporated Organisation )
Report of the Trustees for the Year Ended 31 March 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
DHB Accountants Limited Chartered Accountants Statutory Auditors 110 Whitchurch Road Cardiff CF14 3LY
COMMENCEMENT OF ACTIVITIES
The charity was incorporated as a Charitable Incorporated Organisation on 29 November 2018.
COMPANIES HOUSE
The charity is a Charitable Incorporated Organisation(CIO) registered with the Charity Commission under number 1180901. The charity is also registered on the Companies House register under CE015738.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 26 January 2024 and signed on its behalf by:
P R Neil - Trustee
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Report of the Independent Auditors to the Trustees of London Hearts ( Charitable Incorporated Organisation )
Opinion
We have audited the financial statements of London Hearts ( Charitable Incorporated Organisation ) (the 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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Report of the Independent Auditors to the Trustees of London Hearts ( Charitable Incorporated Organisation )
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Trustees of London Hearts ( Charitable Incorporated Organisation )
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
As part of planning our audit and based upon our understanding of the charity and industry and the legal and regulatory framework applicable , and through discussion with trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws & regulations related to charity, health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect upon the financial statements.We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities act and 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. We communicated identified laws and regulations throughout our team and remained alert to any indications on non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override on controls) and determined the principal risks were related to: management bias in accounting estimates and judgemental areas of the financial statements such as income recognition and provisioning for costs. Audit procedures performed by the engagement team included:
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Discussions with management and assessment of known or suspected instances on non-compliance with
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laws and regulations
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Assessment of identified fraud risk factors
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Challenging assumptions and judgements made by management in significant accounting estimates
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Performing analytical review
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Confirmation of related parties with management and review of transactions
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Performing such substantive procedures as judging appropriate and seeking independent confirmations.
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Audited the risk of management override on controls and evaluating the rationale of significant transactions
Our audit tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, for example, forgery, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statement's, the less likely we are to become aware of it.
As part of an audit in accordance with ISA'a (UK), we exercise professional judgment and maintain professional scepticism throughout the audit.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that w identified during our audit.
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Report of the Independent Auditors to the Trustees of London Hearts ( Charitable Incorporated Organisation )
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
DHB Accountants Limited Chartered Accountants Statutory Auditors 110 Whitchurch Road Cardiff CF14 3LY
26 January 2024
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London Hearts ( Charitable Incorporated Organisation )
Statement of Financial Activities for the Year Ended 31 March 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Other trading activities 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Defibrillators & Training Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 2,220,100 2,813,813 5,033,913 77,323 4,814,327 359,401 5,251,051 (217,138) 1,023,844 806,706 |
2022 Total funds £ 1,909,565 1,631,741 |
|---|---|---|
| 3,541,306 | ||
| 35,955 2,263,268 263,981 |
||
| 2,563,204 | ||
| 978,102 45,742 |
||
| 1,023,844 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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London Hearts ( Charitable Incorporated Organisation )
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Tangible assets 11 CURRENT ASSETS Stocks 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS FUNDS 16 Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ 527,272 450,010 214,543 664,553 (283,783) 380,770 908,042 (101,336) 806,706 806,706 806,706 |
2022 Total funds £ 548,009 455,262 407,871 863,133 (260,290) 602,843 1,150,852 (127,008) 1,023,844 1,023,844 1,023,844 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 26 January 2024 and were signed on its behalf by:
P R Neil - Trustee
The notes form part of these financial statements
Page 9
London Hearts ( Charitable Incorporated Organisation )
Cash Flow Statement for the Year Ended 31 March 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | (154,407) | 822,230 |
| Interest paid | (9,903) | (5,818) | |
| Net cash (used in)/provided by operating activities | (164,310) | 816,412 | |
| Cash flows from investing activities | |||
| Purchase of tangible fixed assets | (7,501) | (461,566) | |
| Net cash used in investing activities | (7,501) | (461,566) | |
| Cash flows from financing activities | |||
| Capital repayments in year | (21,517) | 46,544 | |
| Net cash (used in)/provided by financing | activities | (21,517) | 46,544 |
| Change in cash and cash equivalents | |||
| in the reporting period | (193,328) | 401,390 | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 407,871 | 6,481 | |
| Cash and cash equivalents at the end | |||
| of the reporting period | 214,543 | 407,871 |
The notes form part of these financial statements
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London Hearts ( Charitable Incorporated Organisation )
Notes to the Cash Flow Statement for the Year Ended 31 March 2023
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest paid Decrease/(increase) in stocks Decrease in debtors Increase in creditors Net cash (used in)/provided by operations |
2023 £ (217,138) 28,238 9,903 5,252 - 19,338 (154,407) |
2022 £ 978,102 20,643 5,818 (333,010) 2,170 148,507 822,230 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/4/22 | Cash flow | At 31/3/23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 407,871 | (193,328) | 214,543 |
| 407,871 | (193,328) | 214,543 | |
| Debt | |||
| Finance leases | (143,476) | 21,517 | (121,959) |
| (143,476) | 21,517 | (121,959) | |
| Total | 264,395 | (171,811) | 92,584 |
The notes form part of these financial statements
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London Hearts
( Charitable Incorporated Organisation )
Notes to the Financial Statements for the Year Ended 31 March 2023
1. GENERAL INFORMATION
London Hearts is a Charitable Incorporated Organisation (CIO) registered with and regulated by the Charity Commission in England & Wales. The address of the charity, its objectives and details of its trustees are provided in the Report of the Trustees included within these financial statements.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS102) "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 February 2019), and the Charities Act 2011.
The financial statements are presented in pounds sterling which is the functional operating currency of the charity.
The financial statements have been prepared on a going concern basis.The trustees are of the view that this is entirely appropriate having reviewed future fund raising activities and having received confirmation of support from funders and are satisfied that the charity will be able to meet its obligations as they fall due for the foreseeable future.
Income
All income is recognized in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Grants received are recognized as income in the period of receipt unless conditions exist that suggest otherwise.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - at varying rates on cost Motor vehicles - at varying rates on cost Computer equipment - at varying rates on cost
Fixed assets are stated at cost.
Freehold land & Buildings are not depreciated, the trustees are of the opinion that the fair value of such assets is at least equal to the cost stated in the accounts and that the buildings are maintained to a high standard of repair such that any depreciation charge as required to comply with accounting standards is not material to the financial statements.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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continued...
London Hearts ( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
2. ACCOUNTING POLICIES - continued
Taxation
The charity is considered to pass the tests set out in Paragraph 1, Schedule 6 of the Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3, Part 11 of the Corporation Tax Act 2010, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.
Pension costs and other post-retirement benefits
The charity's employees are enrolled in a pension scheme as part of the governments Auto Enrolment provisions and contributions are charged in the financial statements in the period in which they are incurred.
Irrecoverable vat
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
3. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Donations | 1,840,063 | 1,522,835 |
| Gift aid | 380,037 | 381,900 |
| Grants | - | 4,830 |
| 2,220,100 | 1,909,565 | |
| Grants received, included in the above, are as follows: | ||
| 2023 | 2022 | |
| £ | £ | |
| Other grants | - | 4,830 |
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continued...
London Hearts
( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 4. OTHER TRADING ACTIVITIES Defib & Cabinet sales 5. RAISING FUNDS Raising donations and legacies Advertising & Marketing 6. CHARITABLE ACTIVITIES COSTS Defibrillators & Training 7. SUPPORT COSTS Management £ Other resources expended 106,651 Human resources £ Other resources expended 230,420 8. AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements |
2023 £ 2,813,813 2023 £ 77,323 Finance £ 3,194 Governance costs £ 6,000 2023 £ 6,000 |
2022 £ 1,631,741 2022 £ 35,955 Direct Costs £ 4,814,327 Information technology £ 13,136 Totals £ 359,401 2022 £ 6,000 |
|---|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
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continued...
London Hearts
( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 10. STAFF COSTS Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Support & Administration staff No employees received emoluments in excess of £60,000. 11. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 April 2022 381,616 Additions - At 31 March 2023 381,616 DEPRECIATION At 1 April 2022 - Charge for year - At 31 March 2023 - NET BOOK VALUE At 31 March 2023 381,616 At 31 March 2022 381,616 |
2023 £ 141,121 5,390 2,584 149,095 2023 7 Plant and machinery £ - - - - 485 485 (485) - |
2022 £ 65,960 3,195 1,668 |
|
|---|---|---|---|
| 70,823 | |||
| 2022 7 Fixtures and fittings £ 2,185 7,501 |
|||
| 9,686 | |||
| 1,638 273 |
|||
| 1,911 | |||
| 7,775 | |||
| 547 |
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London Hearts ( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
11. TANGIBLE FIXED ASSETS - continued
| COST At 1 April 2022 Additions At 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Motor vehicles £ 217,350 - 217,350 52,582 27,480 80,062 137,288 164,768 |
Computer equipment £ 3,446 - 3,446 2,368 - 2,368 1,078 1,078 |
Totals £ 604,597 7,501 |
|---|---|---|---|
| 612,098 | |||
| 56,588 28,238 |
|||
| 84,826 | |||
| 527,272 | |||
| 548,009 |
Freehold land and buildings are not depreciated as the building is maintained to a high standard of repair such that in the opinion of the trustees any depreciation as might be required to be charged under accounting standards is not material to the financial statements.
Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
| COST At 1 April 2022 and 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Motor vehicles £ 217,350 |
|---|---|
| 52,582 27,480 |
|
| 80,062 | |
| 137,288 | |
| 164,768 |
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London Hearts ( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 12. STOCKS 2023 £ Stocks 450,010 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Hire purchase (see note 15) 20,623 Taxation and social security 105,224 Other creditors 157,936 283,783 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Hire purchase (see note 15) 101,336 15. LEASING AGREEMENTS Minimum lease payments under hire purchase fall due as follows: 2023 £ Net obligations repayable: Within one year 20,623 Between one and five years 101,336 121,959 16. MOVEMENT IN FUNDS Net movement At 1/4/22 in funds £ £ Unrestricted funds General fund 1,023,844 (217,138) TOTAL FUNDS 1,023,844 (217,138) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 5,033,913 (5,251,051) TOTAL FUNDS 5,033,913 (5,251,051) |
|
|---|---|
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London Hearts ( Charitable Incorporated Organisation )
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above Unrestricted funds General fund TOTAL FUNDS |
At 1/4/21 £ 45,742 45,742 are as follows: Incoming resources £ 3,541,306 3,541,306 |
Net movement in funds £ 978,102 978,102 Resources expended £ (2,563,204) (2,563,204) |
At 31/3/22 £ 1,023,844 1,023,844 Movement in funds £ 978,102 978,102 |
|---|---|---|---|
17. RELATED PARTY DISCLOSURES
Included in other creditors is an amount of £149,936 (2022: £210,000) in relation to a loan made to the charity by a trustee. There are no interest arrangements and no fixed repayment terms.
The motor vehicles shown in the accounts were acquired subject to hire purchase arrangements that were entered into in the name of a trustee as the charity was unable to obtain credit in its own name being a new entity. The charity has indemnified the trustee under the terms of those agreements and on a substance over legal form basis the assets and liabilities have been included in these accounts as if the transactions had been entered into directly by the charity. This is regarded s arms length and commercial with no direct benefit to the trustee.
A formal fixed charge over the Freehold Property exists in favour of a Trustee.
18. MEMBERS LIMITED LIABILITY
In accordance with the constitution, in the event of a winding up of the CIO, its members have no liability to contribute to its liabilities nor any personal liability for settling any debts and liabilities that might arise.
Page 18
London Hearts ( Charitable Incorporated Organisation )
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Grants Other trading activities Defib & Cabinet sales Total incoming resources EXPENDITURE Raising donations and legacies Advertising & Marketing Charitable activities Defibs, Cabinets & Training Support costs Management Rent & Rates Insurance Light and heat Telephone Postage and stationery Travel costs Repairs & Maintenance Subscriptions & licences Motor Running Costs Legal & Professional Fees Depreciation Bank interest Finance Bank charges Card machine charges Information technology IT Support & Consumables Human resources Wages Carried forward |
2023 £ 1,840,063 380,037 - 2,220,100 2,813,813 5,033,913 77,323 4,814,327 7,162 10,031 14,464 3,447 8,039 6,854 6,454 - 8,730 3,329 28,238 9,903 106,651 722 2,472 3,194 13,136 141,121 141,121 |
2022 £ 1,522,835 381,900 4,830 |
|---|---|---|
| 1,909,565 1,631,741 |
||
| 3,541,306 35,955 2,263,268 6,670 4,130 - 3,306 24,570 10,812 2,869 1,120 11,582 10,110 20,643 5,818 |
||
| 101,630 306 9,061 |
||
| 9,367 12,151 65,960 65,960 |
This page does not form part of the statutory financial statements
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London Hearts ( Charitable Incorporated Organisation )
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| Detailed Statement of Financial Activities for the Year Ended 31 March 2023 |
||
|---|---|---|
| Human resources Brought forward Social security Pensions Sundries Costs of temporary support Governance costs Auditors' remuneration Total resources expended Net (expenditure)/income |
2023 £ 141,121 5,390 2,584 - 81,325 230,420 6,000 5,251,051 (217,138) |
2022 £ 65,960 3,195 1,668 105 63,905 |
| 134,833 6,000 |
||
| 2,563,204 | ||
| 978,102 |
This page does not form part of the statutory financial statements
Page 20