LONDON HEART HOUSE – FOUNDATION FOR CARDIOVASCULAR RESEARCH AND EDUCATION (a Charitable Incorporated Organisation)
REPORT AND UNAUDITED ACCOUNTS
YEAR ENDED 31 DECEMBER 2024
Charity number: 1189331
LONDON HEART HOUSE
I N D E X
Year ended 31 December 2024
| Page | |
|---|---|
| Report of the Trustees | 2 |
| Independent examination report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
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R E P O R T O F T H E T R U S T E E S
LONDON HEART HOUSE
Year ended 31 December 2024
The Trustees present their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 and 9, and with the 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 (FRS102) (effective 1 January 2019).
The London Heart House is a charitable incorporated organisation (“CIO”) and became a registered charity on 4 May 2020.
Structure, governance and management
The names of the Trustees who served throughout the year are stated on page 3.
The London Heart House is governed by a board of trustees who meet regularly face-to-face to discuss the Foundation’s strategy, including provision of activities, risk management, policies and performance. The board currently consists of five trustees listed on page 3. New members of this board will be selected and appointed by existing trustees. New trustees are provided with guidance as to their responsibilities from existing trustees.
The London Heart House is governed by a Constitution dated 4 May 2020.
Application of income of the charity is limited to the promotion of its objects. Decisions are made by simple majority of votes cast at a meeting of the Trustees, or by resolution in writing or electronic form agreed by a majority of all the Trustees.
Objects and activities for the public benefit
The London Heart House is a foundation which aims to support research from bench to bedside and to help disseminate current knowledge in the cardiovascular field to health care professionals and the society as a whole through basic and clinical research, medical treatment, teaching and education.
The Foundation’s main object is to advance such charitable purposes (according to the law of England and Wales) as the Charity Trustees see fit from time to time and in particular, but not limited to, the advancement of education and the advancement of science through research in cardiovascular diseases and the provision of training and educational courses in cardiovascular diseases for the public benefit.
The policy of the charity is to continue to apply the Unrestricted Funds for general charitable purposes in furtherance of the main objective. At present the Foundation is in its early stages and so has yet to commence its activities in full. The first events were held during 2022, for which restricted funds were received in 2021.
The Trustees, having regard to the Public Benefit Guidance published by the Charity Commission in accordance with section 17 of The Charities Act 2011, consider that the purpose and activities of The London Heart House satisfy the requirements of the public benefit test set out in section 4 of the same Act.
Achievements and performance
The total amount of expenses incurred for the advancement of the objectives in this financial period was £277,962 (2023 - £12,270).
The Foundation currently has no overheads and therefore has no need to maintain reserves at a particular level.
The Foundation received donations of £nil (2023 – £40,000) and grants of £100,000 (2023 - £nil) during the year.
The Foundation held five (2023 – one) education conferences in the period for which sponsorship income of £238,500 (2023- £61,265) was received.
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R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
LONDON HEART HOUSE
Year ended 31 December 2024
Future developments
The London Heart House currently focusses on education with important projects with worldwide. Reach: First the London Postgraduate Course in Heart Failure just started in in 4th edition with 85 young cardiologists as participants from 30 countries from Europe and beyond. Participants will engage in 6 modules over 2 years with exams after each module and a certification ceremony at the end.
The London Heart House has developed a Postgraduate Course on CardioMetabolic Medicine that took place this year and will again in 2025 with a fantastic faculty encompassing cardiologists, nephrologists, diabetologists and hepatologists. The Postgraduate Course on Periprocedural Echocardiography will take place in 2025 for the second time at the Royal Brompton Hospital. Each of these courses have a 3 day duration. On a monthly basis, the London Heart House provides the infrastructure and organisation of the Royal Brompton Hospital with speakers from around the world.
The London Heart House continues to organise the 9th Edition of the Cardiology Update London – the year in cardiology in December 2025.
The London Heart House will expand its activities in education and research: in research, projects are underway on prediction models of outcome after Transaortic Valve Implantation (TAVI) and of AIenhanced algorithms for the phenotyping and outcomes prediction in patients with cancer experiencing an acute myocardial infarction. Furthermore, with fellows from the Royal Brompton, Zurich and the University of Torino in Italy, an analysis of outcome after acute myocardial infarction of 80,000 patients of the Discover Registry of Imperial College is currently under way.
Current educational programmes for young cardiologists and consultants will continue as in previous years. New educational programmes are in discussion.
Risk management
The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation, and are satisfied that systems are in place to manage the exposure to the major risks.
Reference and administrative details
Trustees Professor T F Luscher Chair Professor J Deanfield Dr J Holzmeister Dr R V Amstein Lipton H J Beerli (resigned 30 November 2023) Registered and principal office Charlesworth House 48 Stanhope Gardens London SW7 5RD Charity number 1189331 Independent Examiner G P Smye-Rumsby ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ
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R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
LONDON HEART HOUSE
Year ended 31 December 2024
Trustees’ responsibilities in relation to the financial statements
The charity Trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting standards.
The law applicable to charities in England and Wales requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the 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 applicable Charities 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 that must be disclosed and explained in the financial statements; and
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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 that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Declaration
The Trustees declare that they have approved the trustees’ report above.
On behalf of the board
Professor T F Luscher
2025 July 3rd, 2025
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E X A M I N E R ’ S U N Q U A L I F I E D R E P O R T
LONDON HEART HOUSE
Year ended 31 December 2024
Independent Examiner’s Report to The Trustees of the London Heart House
I report to the Trustees on my examination of the accounts of the CIO for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity Trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am an employee, has provided bookkeeping services to the CIO and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
GREGORY SMYE-RUMSBY ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS
2025 7 July
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LONDON HEART HOUSE
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 31 December 2024
| Unrestricted Restricted Note Fund Fund £ £ Income and endowments from: Donations 2 - - Sponsorship income 238,500 - Grant Income 100,000 - Interest receivable 1,019 - Total incoming resources 339,519 - Expenditure on: Charitable activities 3 277,962 - Total expenditure 277,962 - Net income 61,557 - Transfers between funds - - Net movement in funds 61,557 - Reconciliation of funds: Fund balance brought forward at 1 January 2024 142,176 - Fund balance carried forward at 31 December 2024 203,733 - |
2024 Total Funds £ - 238,500 100,000 1,019 339,519 277,962 277,962 61,557 - 61,557 142,176 203,733 |
2023 Total Funds £ 40,000 61,265 - - 101,265 12,270 12,270 88,995 - 88,995 53,181 142,176 |
|---|---|---|
The Statement of Financial Activities includes all gains and losses for the year. All income and expenditure derive from continuing activities.
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Charity number: 1189331
LONDON HEART HOUSE
B A L A N C E S H E E T
As at 31 December 2024
| Note Current assets Cash at bank 4 Other debtors 8 Creditors: amounts falling due within one year 5 Net current assets Total assets less current liabilities Total funds of the charity: Unrestricted income funds 9 Total The accounts on pages 6 to 11 were approved by the board of trustees on signed on its behalf by: Professor T L Luscher Dr R Amstein Trustee Trustee |
2024 2023 £ £ 225,435 142,926 14,826 - 240,261 142,926 (36,528) (750) 203,733 142,176 203,733 142,176 203,733 142,176 203,733 142,176 2025 and were |
|---|---|
London, July 3rd, 2025
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
LONDON HEART HOUSE
Year ended 31 December 2024
1. Accounting policies
The principal accounting policies adopted, judgement and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
London Heart House meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The Trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern for the next 12 months and foreseeable future. The Foundation only makes grants available to institutions in line with its objectives, once funding for that grant has been received.
(b) Fund accounting policy
Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the charity.
Restricted funds are those that have been donated for a specific purpose.
(c) Incoming resources
All income is recognised in the statement of financial activities when the London Heart House has entitlement to the income, it is probable that the income will be received and the amount of the income can be measured reliably.
Donations are recognised when the Foundation has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Sponsorship income relates to conferences and events held by the Foundation to further the charitable objectives. It is recognised at the point of event date.
(d) Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, for further information on the allocation and apportionment of governance and support costs across these categories refer to note 3 below.
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
LONDON HEART HOUSE
Year ended 31 December 2024
1. Accounting policies (continued)
(e) Financial instruments
Financial instruments are recognised in the Foundation’s Balance Sheet when the Foundation becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include receivables and cash at bank, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities, including payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
| 2. Donations Donations |
2024 £ - - |
2023 £ 40,000 |
|---|---|---|
| 40,000 |
Donations relate to the unrestricted fund in all years.
| 3. Charitable activities Direct activities Conference fees 238,720 Course Sponsorship 2,802 Catering costs 1,784 Advertising 1,397 Accommodation costs 20,869 265,572 Support costs Accountancy fees 11,612 Fees payable to the Independent Examiner 750 Bank charges 28 277,962 |
9,120 - - - - |
|---|---|
| 9,120 2,550 600 - |
|
| 12,270 |
All support and direct costs were attributable to unrestricted funds.
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LONDON HEART HOUSE
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2024
4. Cash at bank
| C Hoare & Co current account | 225,435 225,435 |
225,435 225,435 |
142,926 142,926 |
142,926 142,926 |
|---|---|---|---|---|
| 5. Creditors: amounts falling due within one year Accruals Trade Creditors |
2024 £ 3,982 32,546 36,528 |
2023 £ 750 - 750 |
6. Trustees’ remuneration and related party transactions
No Trustees received remuneration or reimbursement of expenses during the period (2023 – none). The Foundation has no staff (2023 – none).
7. Taxation
The London Heart House is a registered charity and as such is exempt from tax on its income to the extent this is applied for charitable purposes.
8. Other debtors
| 8. Other debtors |
|||
|---|---|---|---|
| VAT Receivable | 14,826 14,826 |
- - |
|
| 9. Analysis of funds At 1 January Incoming Resources 31 December 2024 resources expended Transfers 2024 £ £ £ £ £ Analysis of fund movements Unrestricted fund 142,176 339,519 (277,962) - 203,733 Restricted fund - - - - - Restricted fund 142,176 339,519 (277,962) - 203,733 Analysis of funds between net assets Net current assets Total £ £ Unrestricted fund 203,733 203,733 Restricted fund - - Total funds 203,733 203,733 |
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LONDON HEART HOUSE
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2024
| Prior year | At 1 January | Incoming | Resources | 31 December | |
|---|---|---|---|---|---|
| 2023 | resources | expended | Transfers | 2023 |
|
| £ | £ | £ | £ | £ |
|
| Analysis of fund movements | |||||
| Unrestricted fund | 53,181 | 101,265 | (12,270) | - | 142,176 |
| Restricted fund | - | - | - | - | - |
| Restricted fund | 53,181 | 101,265 | (12,270) | - | 142,176 |
The above funds are explained further in the accounting policy on page 8.
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