For patients, carers, relatives and healthcare professionals
Annual Report 2025
Registered Charity No. 1183181 www.heartstogether.org.uk
Annual Report Welcome
There are moments in life when the world around you feels impossibly fast, and all you need is somewhere calm, safe and compassionate to rest. That is what Hearts Together exists to provide — a genuine home away from home for patients, carers and families navigating some of life's most challenging times.
In 2025, we continued to grow and deepen our support for the hundreds of guests who stayed with us throughout the year, all while laying the foundations for the next exciting chapter in our charity's story. This report is our opportunity to share the impact of your generosity and the tireless work of our team and volunteers — the people who make Hearts Together what it is every single day.
As we look ahead to our 25th anniversary in 2026, we do so with enormous pride in what this community has built together, and real excitement about what comes next.
Hearts Together
2
www.heartstogether.org.uk
Contents
| 4 | A message from our Chair |
|---|---|
| 5 | Trustees’ statement |
| 6 | Who we are |
| 7 | Our public benefit |
| 8 | Our Hospital Hotel |
| 9 | Our reach |
| 10 | Supporting you |
| 11 | Going green |
| 12 | Volunteering |
| 14 | In the news |
| 15 | Looking ahead |
| 16 | Development Update |
| 17 | Our financial performance |
| 18 | Reserves Policy statement |
| 19 | Trustee Report |
| 20 | Statement of financial activity |
Hearts Together
3
www.heartstogether.org.uk
A message from our Interim Chair of Trustees
2025 has been a year of steady progress, careful stewardship, and preparation for an important milestone ahead — our 25th anniversary.
Despite continued pressure on demand for our services, our Hospital Hotel provided 7,099 nights of accommodation, saving guests and their families £396,010 compared with the cost of a budget hotel. We were also able to support 289 healthcare professionals during the year, alongside families facing some of the most difficult moments of their lives.
Where guests faced proven hardship, we provided £32,290 in charity subsidies, ensuring cost was never a barrier to staying close to loved ones in hospital.
Our counselling and wellbeing services supported 287 individuals, offering a compassionate ear and professional support when it was needed most. None of this would be possible without our volunteers, who gave 674 hours of their time this year, and our electric shuttle service, which made 895 journeys supporting guests to and from hospital.
Demand for our services continues to outstrip what we are able to provide, and this year we were unable to support 6,216 nights of accommodation that families needed. This reinforces why our plans to expand capacity remain so important as we look ahead.
This year also brought change in our leadership. I want to thank Michelle Clark for her steady hand as Interim CEO throughout the year, and I am delighted to welcome Angela Gatcum as our new Chief Executive Officer, who joins us with a wealth of experience in health and social care leadership. Her appointment comes at a fitting time, as we prepare to mark 25 years of Hearts Together.
We were also proud to be named Charity of the Year by the Plymouth Charity Business Group. In addition, we were also proud to be the inaugural Charity of the year for the Dartmoor League Golf for 2025/26, We are also grateful to everyone who took part in this year's Wear It Red Week, our Clem Spencer Golf Day, and the many other fundraising efforts carried out on our behalf.
Towards the end of the year, we reviewed our expansion plans and have decided to put our “Big Build” on pause. This is primarily due to a much delayed estimated start date of construction, based upon fundraising experience to-date. Our focus is now developing a solution that will provide significant additional capacity for our beneficiaries by the end of the first quarter of 2027, 15 years ahead of the “Big Build” schedule.
As we look towards our 25th anniversary, I want to thank our staff, volunteers, trustees, donors, and supporters for everything you have made possible this year. Together, we continue to ensure that no family need face the hardest days of their lives alone.
Nigel Roy Chair of Trustees
Hearts Together
4
www.heartstogether.org.uk
For the year ending 31st December 2025
The trustees present their report with the financial statements of the charity for the
year ended 31st December 2025. 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 1st January 2019.
Our Charitable Objectives
The objectives of the Charity as set out in our constitution are the relief of sickness in such ways as the trustees think fit, with specialist but not exclusive expertise in relation to sufferers of heart disease, in particular (without limitation) by:
(a) providing accommodation for people suffering from illness and undergoing treatment at medical centres in the South West of England and their family members and persons supporting them, and for healthcare practitioners and those training in health-related activities
(b) providing or assisting in the provision of counselling and other support services to meet the needs of such persons and to medical professionals linked to or engaged in the treatment or care of such persons
(c) promoting initiatives supporting the prevention, treatment and cure of sickness including promoting research and publishing useful results
(d) providing and assisting in the provision of services, facilities and equipment ancillary to, or not normally provided by, the statutory authorities.
The trustees have complied with their duty as per section 17(5) of the 2011 Charities Act and have had due regard to public benefit guidance published by the Charity Commission in agreeing the activities required to meet its objectives.
Hearts Together
5
www.heartstogether.org.uk
Our purpose, mission and culture
Our mission
Support, care and compassion. Everyday.
Our purpose
We enable families and loved ones to stay close together during difficult times in our Hospital Hotel, providing a home away from home. We provide support, care and compassion when it matters most.
Our culture
People are at the heart of everything we do. We act with kindness, respect and empathy. We take the time to understand what really matters and work together with others to deliver vital support to those who need us.
Our values
We are collaborative.
We work together as a team and with others to meet individuals’ needs. We believe that being inclusive and embracing diversity helps us better achieve our goals. We collaborate to inform what we do and how we do it. We believe that the whole is always greater than the sum of its parts. We know we are stronger when we work in partnership, sharing skills and strengths.
People matter most.
People are at the heart of everything we do. Our people focus, our beneficiaries, our team, and our partners. We treat people as individuals and take the time to understand what matters most to them. We act with care, compassion, and kindness.
We are progressive.
We have drive and determination. We are continually looking at how we can do things better. We seek out opportunities for continuous growth and improvement, to ensure we continue to deliver high quality, forward thinking and innovative services, for the people we are here to support.
Hearts Together
6
www.heartstogether.org.uk
Impact Highlight
£396,010 The total amount saved by guests in comparison to staying at a budget hotel.
7,099 Nights of accommodation provided
£35,435
Saved in hospital parking and £7,676 in taxi fares
287
Individuals supported by our counselling program
674
Hours donated by volunteers
£32,290 Was provided to guests as charity subsidies
289 Healthcare professionals accommodated
Hearts Together
7
www.heartstogether.org.uk
Key Achievements
Throughout 2025, Hearts Together remained a lifeline for hundreds of families navigating the practical and emotional challenges of receiving medical care away from home. Against a backdrop of continued pressure on NHS services and rising living costs, demand for what we offer has never been greater — both in volume and in the complexity of support our guests need.
Many of our guests arrive in already difficult circumstances. The cost of accommodation, transport, food and other essentials during a hospital stay quickly adds up — often at a time of enormous stress and uncertainty. Despite increasing demand for our services and the continuing pressures faced by patients and families, Hearts Together continued to provide affordable accommodation and vital wrap-around support to those receiving treatment away from home.
During the year, we strengthened our governance, compliance and operational resilience through improvements to policies, systems and financial controls, while maintaining the high-quality support our guests rely upon.
We continued to benefit from the generosity of our volunteers, donors, corporate partners and grant funders, whose support enabled us to deliver our charitable objectives.
We also progressed plans to expand our future accommodation capacity through the Garden Lodges project and began preparing for our 25th anniversary and new fundraising initiatives in 2026.
A significant milestone was the appointment of Angela Gatcum as Chief Executive in October 2025, bringing over 25 years of health and social care leadership experience and providing renewed strategic direction as the charity looks confidently towards its next chapter.
8
Hearts Together
www.heartstogether.org.uk
Our Reach
----- Start of picture text -----
The average round trip
journey time travelled by
guests to Hearts In 2025, 71% of our guests
Together: were located within the
South West:
3 hours
Scotland 40 mins
Devon, 51%
Northern
Ireland
Cornwall, 49%
England
Wales
Barnstaple
Bideford
The longest domestic journey Tiverton
travelled by a guest to Hearts Together Bude
Hospital Hotel was 641 miles from Exeter
Aberdeenshire, a journey of : Launceston
10 hours
Bodmin
52 mins Newquay
Torquay
Plymouth
St Austell
Truro
Falmouth
Penzance
In 2025 we also hosted guests from Canada,
France, Germany, Ghana, New Zealand, Pakistan,
Spain and the United Arab Emirates
----- End of picture text -----
Hearts Together
9
www.heartstogether.org.uk
Supporting you Our counselling services
Many of the families who stay with us are navigating some of the most emotionally demanding circumstances imaginable — whether supporting a loved one through a medical emergency, a life-changing diagnosis, or end-of-life care. In these moments, the emotional toll can be immense.
That is why accessible, compassionate support is not just helpful — it is essential as a fundamental part of the support we offer.
Our counselling and wellbeing service continued to grow in 2025, offering a trusted and valued resource for guests who need someone to talk to. Feedback consistently highlights how much people value the space to speak freely with a professional who truly understands, offering empathy without judgement and support without pressure.
Our dedicated team of professional counsellors ensure that no guest faces their circumstances entirely alone.
Over the course of the year:
287 people received counselling and wellbeing support
146 hours of formal counselling were delivered
156 hours of further informal support sessions took place
“It was invaluable to speak to somebody and verbalise thoughts I felt were too heavy and upsetting to share with friends and family.”
Hearts Together
10
www.heartstogether.org.uk
Reduce, reuse, recycle
As our services expand, so too does our responsibility to do things in a way that protects the world around us. Sustainability isn't an add-on for us — it's woven into the way we plan for the future. From cutting energy use and exploring eco-technologies in new developments, to thinking carefully about how we manage day-to-day operations, our goal is clear: to lower our carbon footprint while setting a positive example for accommodation linked to healthcare.
Our electric shuttle service, launched in 2022, remains an essential support for families. This year it provided 895 journeys, helping guests get where they need to be without the cost, stress, or emissions of individual car trips.
By combining practical transport solutions with our wider commitment to sustainable operations, we continue to reduce our environmental impact while creating an atmosphere of care that extends far beyond our walls.
1,269.8 £5,042 Miles driven in Amount saved in the shuttle taxi fares by using the shuttle 895 172.79 Lifts provided to Kg of Co2 reduced 35,515 guests in our by using the KWH generated by electric vehicle shuttle the solar panels 0.79% of waste went to landfill 5.82 Tonnes of Co2 reduced from recycling
Hearts Together
11
www.heartstogether.org.uk
Volunteering
Volunteers remain at the very heart of Hearts Together, giving their time, energy, and compassion to make our Hospital Hotel feel like a true home from home for the families who stay with us.
This International Volunteer Day, we took the opportunity to celebrate the vital contribution our volunteers make, from the practical support they provide day to day, to the warmth and friendship they bring to guests during difficult times.
This spirit of togetherness was also reflected at our "What Hearts Together Means To Me" Thank You event, where colleagues, volunteers, and supporters came together to celebrate the shared purpose that unites everyone behind our charity — a reminder that our impact is built not by one team, but by a whole community working side by side.
Businesses across Plymouth continue to lend not just their support, but their time. This year, staff from leading law firm Foot Anstey LLP rolled up their sleeves at our Hospital Hotel, helping to refresh guest bedrooms and ensure our accommodation remains a comfortable, welcoming space for the families who need it most.
Corporate volunteering like this makes a real difference — not only through the practical work completed, but in showing the strength of local business support behind our mission.
34
Total number of volunteers
674
Total number of volunteering hours
12
Hearts Together
www.heartstogether.org.uk
“I chose to volunteer as I had a couple of free hours a week and wanted to do something worthwhile. I enjoy gardening at Hearts Together, the team are lovely.”
Karen
“I feel very proud of myself helping such a lovely charity support others in their time of need.”
Anna
“Since being retired I find having a set day to volunteer gives my week structure. The customer feedback reminds me that I have contributed in my own small way.”
Vera
“We continue to support Hearts Together because the people are lovely, always so welcoming.”
Diana
Hearts Together
13
www.heartstogether.org.uk
In the news
Throughout 2025, we were once again moved by the generosity and energy of our community. Our biggest-ever Wear It Red Week launched with sponsorship from local business BryteSpark Communication, helping raise awareness and vital funds.
We welcome our new CEO, Angela Gatcum
We are delighted to announce the appointment of Angela Gatcum as our new Chief Executive Officer. Angela brings more than 25 years'
leadership experience in health and social care, most recently as Head of Support and Deputy CEO at a South West Based charity.
Nigel Roy, Chair of Trustees, welcomed her appointment as Hearts Together prepares to celebrate its 25th anniversary.
Fundraising support came from every corner of our community. kicking things off in 2025, Wolferstans Solicitors named Hearts Together as their Charity of the Year and raised an incredible £8,000 through various fundraising events. After 25 years of dedicated fundraising, Dancing Duo made their final donation of £1,000, bringing their remarkable total to more than £25,000. Their outstanding commitment was recognised with a Lifetime Achievement Award and our heartfelt thanks.
We were also proud to be named Charity of the Year by the Plymouth Charity Business Group, launching a new partnership as part of celebrations marking 25 years of Hearts Together. In addition, we were also proud to be the inaugural Charity of the year for the Dartmoor League Golf for 2025/26. We also marked International Volunteer Day, celebrating the many people who give their time to make Hearts Together a warm and welcoming home from home.
Hearts Together
14
www.heartstogether.org.uk
Looking ahead Our strategic plans for the future
Consolidate
Implement a sustainable and scalable operation model.
Develop
Collaborate and work in partnership to provide services which meet current and future needs.
Sustain
To become a regionally / nationally recognised and supported charity.
Grow
Expand the existing provision in terms of physical capacity and additional services.
Hearts Together
15
www.heartstogether.org.uk
Development Update
Accommodation Expansion
During 2025, Hearts Together continued to explore opportunities to increase the accommodation and support available to patients, families and healthcare professionals who rely on our services.
Following careful consideration, the Board made the decision to pause the proposed "Big Build" development This is primarily due to a much delayed estimated start date of construction, based upon fundraising experience to-date.
As an alternative, Hearts Together has begun exploring the development of a number of high-quality garden lodges within the existing grounds. This phased approach has the potential to increase our accommodation capacity while remaining financially sustainable and responsive to the growing demand for our services. This will provide an in excess of 3,000 nights of capacity for our beneficiaries by the end of the first quarter of 2027, 15 years ahead of the “Big Build” schedule.
The garden lodge project will continue to be developed throughout 2026 as feasibility work, design and funding opportunities are explored.
This represents an important step towards strengthening the charity's long-term resilience and ensuring that more patients, relatives, carers and healthcare professionals can access the support they need during some of life's most challenging times.
6,216 nights
we couldn’t accomodate due to capacity
741 families
we didn’t have the rooms to host
Hearts Together
16
www.heartstogether.org.uk
A year in review
We received £673,729
Donations 26% Grants 1% Hospital Hotel 58% Other 15%
We spent £699,479
Big Build 27% Raising Funds 13% Charitable Activities 60%
Note: Some Big Build costs relate to work undertaken in previous financial years but have been recognised within the 2025 financial statements in accordance with the timing of expenditure recognition.
£32,290
is the total amount we provided in Charity subsidies, helping to ease the burden of staying away from home
£12,300
was spent on our Supporting You service, providing in house and remote counselling services for our guests
£361,262
was how much we needed to raise in 2025 to cover the cost of running Hearts Together Hospital Hotel
Hearts Together
17
www.heartstogether.org.uk
Reserves Policy
The Trustees recognise the importance of maintaining an appropriate level of reserves to ensure the long-term financial sustainability of Hearts Together. The charity’s reserves policy is reviewed annually and aims to ensure that sufficient funds are available to protect services during periods of finanical uncertainty whilst enabling investments in the charities strategic priorities.
Following a review of the charities financial position, the trustees have formally designated £1,152,623 of unrestricted reserves for specific purposes
The Trustees have designated £360,000 as an operating reserve to provide approximately one years running costs and ensure the charity can continue operating during periods of financial uncertainty £780,000 has been designated to support the future expansion of accomodation services, incresaing capacity to meet the growing needs of patients, families and carers travelling to derriford hospital.
The remaining designated reserves are held to support future strategic priorities and provide flexibility to respond to opportunities and unforeseen circumstances.
The Trustees believe this approach provides an appropraite blance between protecting the charity’s financial sustainability and investing in its long term strategic objectives.
The Trustees believe this approach achieves an appropriate balance between protecting the charity's ongoing operations and investing in its future, ensuring Hearts Together remains financially resilient while continuing to meet the growing needs of its beneficiaries
18
Hearts Together
www.heartstogether.org.uk
Trustees’ Report
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
rd
The annual report was approved by the trustees of the charity on 23 July 2026 and signed on its behalf by:
N Roy Trustee
Hearts Together
19
www.heartstogether.org.uk
Statement of financial activity performance For the year ending 31st December 2025
Hearts Together
www.heartstogether.org.uk 20
Contents
-
22 Reference and Administrative Details
-
23 Independent Auditors' Report
-
27 Statement of Financial Activities
-
28 Balance Sheet
-
29 Cash Flow Statement
-
30 Notes to the Financial Statements
21
Hearts Together
www.heartstogether.org.uk
Reference and Administrative Details
Trustees
S J Demuth N Roy N Thielmann J Chauhan E Preston T Kirk D Cole
Registered Charity number
1183181
Registered address (Principal Office)
Hearts Together 7 Blunts Lane Derriford Plymouth Devon PL6 8BE
Auditor
Westcotts (SW) LLP 3 Plym House Longbridge Road Marsh Mills Plymouth PL8 8LT
22
Hearts Together
www.heartstogether.org.uk
Opinion
We have audited the financial statements of Hearts Together CIO (the 'charity') for the year ended 31 December 2025, which comprise the Statement of Financial Activities, Balance Sheet, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 auditor 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.
Other matter
We draw attention to the comparative period values which are unaudited. Our opinion is not modified in respect of this matter.
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 original financial statements were 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 auditor’s report 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.
23
Hearts Together
www.heartstogether.org.uk
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 19), the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.
Auditor Responsibilities for the audit of the financial statements
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 an auditor’s report 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.
24
Hearts Together
www.heartstogether.org.uk
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The charity is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
• identifying areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with management and trustees;
-
communicating identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit; and
-
assessing the extent of compliance through making enquiries of management and inspecting legal, regulatory, and HMRC correspondence, if any.
We evaluated the incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance and misstate revenue. Our audit procedures in relation to fraud included but were not limited to:
• making enquiries of management and trustees on whether they had knowledge of any actual, suspected or alleged fraud;
• gaining an understanding of the internal controls established to mitigate risks related to fraud;
- discussing amongst the engagement team the risks of fraud;
• addressing the risks of fraud through management override of controls by performing risk-based target testing of journal entries; and
• substantive analytical procedures reconciling revenue recognised to cash receipts.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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 auditor’s report.
25
Hearts Together
www.heartstogether.org.uk
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Emma Mills ACA (Senior Statutory Auditor) For and on behalf of Westcotts (SW) LLP, Statutory Auditor
3 Plym House Longbridge Road Marsh Mills Plymouth PL8 8LT 30/07/2026 Date:.............................
26
Hearts Together
www.heartstogether.org.uk
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2024 is shown in note 19.
The results for the year to 31 December 2024 have been restated due to prepayments which should have been released to expenditure during that financial year. An additional £192,180 of designated expenditure has been recognised.
The notes on pages 30 - 45 form an integral part of these financial statements.
27
Hearts Together
www.heartstogether.org.uk
The financial statements on pages 27 -45 were approved by the trustees, and authorised for issue on 23rd July 2026 and signed on their behalf by:
N Roy Trustee
The results for the year to 31 December 2024 have been restated due to prepayments which should have been released to expenditure during that financial year. An additional £192,180 of designated expenditure has been recognised.
The notes on pages 30 - 45 form an integral part of these financial statements.
28
Hearts Together
www.heartstogether.org.uk
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 30 - 45 form an integral part of these financial statements.
29
Hearts Together
www.heartstogether.org.uk
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Hearts Together CIO meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Other income
Other income comprises items such as, interest receivable, and gains on the disposal of social investments. All other income is recognized in the Statement of Financial Activities (SoFA) when the charity has entitlement to the funds, any performance conditions attached have been met, it is probable that the income will be received, and the amount can be measured reliably.
Hearts Together
30
www.heartstogether.org.uk
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it 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 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Hearts Together
31
www.heartstogether.org.uk
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Depreciation method and rate
Asset class Motor vehicles 4 years straight line Land and buildings 50 years straight line
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Prior year restatement
Adjustments required relating to prepayments were noted during the audit process. A number of the previously classified prepayments did not meet the SORP FRS 102 criteria for a prepayment and were as such reversed to expenditure accordingly.
The net impact on the financial year 31 December 2024 were as follows:
-
A reduction in debtors of £192,180
-
An increase in costs of £192,180
32
Hearts Together
www.heartstogether.org.uk
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method: Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Hearts Together
33
www.heartstogether.org.uk
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Hearts Together
34
www.heartstogether.org.uk
Hearts Together 35 www.heartstogether.org.uk
Hearts Together 36 www.heartstogether.org.uk
Hearts Together 37 www.heartstogether.org.uk
Hearts Together 38 www.heartstogether.org.uk
11 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
E Harding
The CEO, Liz Harding, was appointed as an ex-officer trustee by the trustees on 22/07/2019, she resigned on 31/12/2024. The constitution of the CIO allows for this appointment and that she may be remunerated for her role as CEO.
The remuneration paid during the year was £nil (2024: £61,929) together with pension contributions of £nil (2024: £2,201). None of the remuneration was paid for acting as a trustee.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
12 Staff costs
The aggregate payroll costs were as follows:
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year was as follows:
Hearts Together
39
www.heartstogether.org.uk
13 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Revaluation
The fair value of the company's Land and buildings was revalued on 1 January 2023 by Bruton Knowles, an independent valuer.
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £887,400 (2024 - £887,400).
Hearts Together
40
www.heartstogether.org.uk
Hearts Together 41 www.heartstogether.org.uk
Hearts Together 42 www.heartstogether.org.uk
Hearts Together 43 www.heartstogether.org.uk
The specific purposes for which the funds are to be applied are as follows:
The Big Build - Build specific donations and fundraising.
-
Co-op & Groundworks - Both to be used to fund our free lunch service. Westfield Health - Build project
-
2024 Festive Appeal - For buying guests in house at Christmas a small hamper, crackers and Christmas dinner.
-
Ann Cross - Donation in memory of Ann's husband towards garden furniture and running of the shuttle bus.
-
Crucible/Ludlow - A grant to fund 2 rooms as part of the new build project.
-
Postcode Lottery - Funds from Postcode Lottery towards the new build project.
20 Analysis of net assets between funds
21 Related party transactions
There were no related party transactions in the year.
The directors of Heartswell South West Ltd are also trustees of Hearts Together CIO.
Hearts Together
44
www.heartstogether.org.uk
22. Prior year restatement reconciliation of funds
Adjustments required relating to prepayments were noted during the audit process. A number of the previously classified prepayments did not meet the SORP FRS 102 criteria for a prepayment and were as such reversed to expenditure accordingly.
Closing fund position as at 31 December 2024 £3,321,085 Prior year restatement - reduction in prepayments (£192,180) Opening fund position as at 1 January 2025 £3,128,905
Hearts Together
45
www.heartstogether.org.uk
Hearts Together 7 Blunts Lane Derriford, Plymouth PL6 8BE
T: 01752 315 900 E: info@heartstogether.org.uk W: www.heartstogether.org.uk
Hearts Together is a registered charity in England and Wales (1183181)
46