202:,
NW Hearts Charity
REPORT AND AUDITED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
Charity Number 1194189

NW Hearts Charity.. Report and Accounts 2022-2023
Contents
Contents
Trustees. Report and Financial Statements for the period to 31 March 2023
Objectives and Activities of Ihe Charity
Structure, Governance and Management
Financial Review
11Page

NW Hearts Charity.. Report and Accounts 2022-2023
Trustees, Report and Financial Statements for the year to 31 March
2023
Registered Charity Number
1194189
Principal Office:
Suite 246
Peel House
30 The Downs
Altrincham
WA14 2PX
Trustee5 at the date this report was approved
Dr Niall Campbell {Chairl
Susan Weighell {Treasurer} - appointed 1710512023
Felicity Lee
Dr Sanjay Sastry
Abigail Prabhakar
Bankers
CAF bank
21Page

NW Hearts Charity.. Report and Accounts 2022-2023
Objectives and Activities of the Charity
Our purpose:
Our aim is to lower the impact of heart disease for people living in Greater Manchester and
the surrounding areas. We'll do this by supporting and promoting excellence in practi￿ for
heart disease prevention. treatment, facilities, research and education. This will improve the
lived experience and level of care available to people with heart disease, their relatives,
carers and staff.
Activity in 2022-2023
This is our organisation's first full year of operation and we have made significant advances
from an organisalional and practical perspective. Throughout the summer, the trustees
worked to compile an annual plan which included the recruitment of the first employee and
the development of the NW Hearts Charity brand.
In November 2022, we successfully recruited an experienced charity manager. and she is
now employed with us on an initial 6-monlh temporary contract as Operations Manager.
The operations manager has worked wilh each of the trustees individually and collectively to
draw up a longer-term strategy and has, in addition, helped the Board to deliver on its
financial and operational responsibilities.
Our operations manager has now taken over the responsibility of all the day-to-day
operations of the charity and has progressed in areas including..
Policy Management
Financial recording, management and reporting
Branding
Developing relationships wilh supporters
Developing our website and social media
As we look towards the next financial year, we feel energised and ready to Commen￿ our
grant-making programme. as well as to increase our influence and reach.
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NW Hearts Charity.. Report and Accounts 2022-2023
Structure, Governance and Management
The charity is a Charitable Incorporated Organisation (CIO) registered on 22 April 2021.
Public benefit
In shaping our objectives for the year and planning our activities. the Iruslees have
considered the Charity Commission's guidance on public benefit (Charitable Pur
osesl. As
its main activity, the category that our work falls into is .6. The advancement of health or the
saving of lives,
Governance
There were 4 trustees for the time period being audited.
An annual review of the trustees, attendance, engagement and knowledge is carried out to
ensure thal a broad range of skills, expertise and interest is available to guide and govern
the charity. The charity has identified a skills gap within the financial field, and we are now
looking to recruit a Treasurer in order lo complement our existing board. All potential
trustees will meel with the operations manager before a proposal is made to the board.
Potential trustees will be invited to part of a general board meeting before being nominated
and accepted by vote.
All trustees receive a structured induclion lo the organisation and this includes a copy of the
Charity Commission's information booklet 'The Essential Trustee,.
All trustees are encouraged to undergo development activilies Ihroughoul the year, which is
recorded within a training and development log. which is reviewed annually. These activities
may be completed within their own working environment, personal life or for other charities in
which they are involved. Training and development activity may include private reading,
meeling wilh 'experts' and a whole range of activities, in addition to any fomal events.
sessions and activities.
At present, all trustees are engaged in all aspecls of the running of the charity. As the
charity grows and the board size increases. it is envisaged that sub-committee groups may
be formed.
Key Management
The board has delegated significant authority to the operations manager, who has the scope
and responsibility for the planning, directing and conlrolling of the activities of the charity on
a day-to-day basis.
Remuneration
Our trustees give of their time freely and no trustee received remuneration in the year. The
pay of the staff is reviewed annually. In view of the nature of the charity, the trustees
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NW Hearts Charity.. Report and Accounts 2022-2023
benchmark againsi pay levels in other charilies of a similar size. We do nol have any
employees with a salary ex￿edIng £60,000 per annum.
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NW Hearts Charity.. Report and Accounts 2022-2023
Financial Review
We started the financial year as a new entity, having developed from Wythenshawe
Cardiology Departmenl Research Fund {WCDRF}. This charity (Charity No. 8017601
remains a feeder charity for us. In March, we transferred the financial assets from WCDRF,
under an Asset Transfer Agreement115 July 20211 to the charily's CAF bank account,
leaving £1,000 remaining in the WCDRF Barclays account.
We are in a strong financial position and our balance will enable us to grow to become a
sustainable organisation over the medium-term.
Our monthly operational costs have risen considerably with monthly telephone invoices,
salary and pension costs and other agreed and appropriate support services. The board
acknowledges that the charity will focus on fundraising in order to continue lo fund beneficial
projects in the medium to long-temi.
Reserves Policy
The trustees recognise that there are financial risks associated with the charity and have,
therefore, set a reserves policy to maintain the commitments of the charity, including any
promised grant payments, for a period of up to 6 months. This equates to £20,000. The
board will manage expenditure to ensure that reserves do not drop below this level.
Investment Policy
NW Hearts Charity does not currently hold any free reseNes in investments, however funds
which are surplus to that required for day-to-day expenditure may be held in a different
savings account.
Risk Management
The charity upholds a risk policy, as a formal acknowledgement that the trustee board is
committed to maintaining a strong risk management frarnework. The policy outlines the risk
management strategy, which comprises a risk identification document, evidence of mitigation
and a protocol for board discussion of residual risk. This document is reviewed annually.
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NW Hearts Charity.. Report and Accounts 2022-2023
Statement of Trustees, responsibilities
In the attached accounts set out on pages 14 to 19, the Trustees have prepared financial
statements for the year to 31 March 2023. In preparing such statements the Trustees are
required to..
select suilable accounting policies and apply them consistently-
make judgements and estimates that are reasonable and prudent.,
state whether applicable accounting standards and statements of recommended
practice have been followed. subject to any departures disclosed and explained in
the financial slatements., and
prepare the financial stalements on the going con￿rn basis unless it is inappropriate
to presume the Charity will continue in its operational existence.
The Trustees are responsible for keeping proper accounting records which disclose with
reasonable accuracy al the time the financial position of the Charity and to enable them to
ensure that the financial statements comply with the Charities Act 2011. They are also
responsible for safeguarding ihe assets of the Charity and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
The report was approved by the trustees on 5 December 2023 and signed on its behalf by..
Niall Campbell
Chair
Susan Weighell
Treasurer
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NW Hearts Charity.. Report and Accounts 2022-2023
Independent Auditor's Report to the Members of NW Hearts Charity CIO
Opinion
We have audited the financial statemenls of NW Hearts Charity (the 'charity') for the year
ended 31 March 2023 which comprise the statement of financial activities {including income
and expenditure account), balan￿ sheet, and the related notes, including a summary of
significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounling Standards, including FRS 102
The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (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 March 2023 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-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance wilh International Standards on Auditing {UK) IISAS
IUK}l and applicable law. Our responsibilities under those standards are further described in
the auditorfs 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 lo
our audil 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 thal the audit evidence we have obtained is sufficienl and appropriale to provide a
basis for our opinion.
Conclusions relating to going concern
In audiling the financial statemenls. we have concluded Ihat Ihe trustees, use of Ihe going
concern basis of accounting in the preparation of the financial statements is appropriale.
Based on the work we have perfomed, we have not identified any material uncertainlies
relating to events or conditions thal, individually or collectively, may cast significant doubt on
the charity's ability to continue as a going concern for a period of at least Iwelve 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.
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NW Hearts Charity.. Report and Accounts 2022-2023
Independent Auditor's Report to the Members of NW Hearts Charity CIO
Other information
The other informalion comprises the information included in the annual report, other than the
financial statements and our auditorfs report thereon. The trustees are responsible for the
other information. Our opinion on Ihe financial slatements does not cover the other information
and, except to the extent othetwise 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 othenNise 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 perfomied, 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the infomiation given in Ihe trustees, report for the financial year for which the financial
statements are prepared is consistent with the financial statements., and
the trustees. report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the 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 io report in respect of the following malters in relation to which Ihe
Companies Acl 2006 requires us to report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audil 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
rtain disclosures of trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audil.
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NW Hearts Charity.. Report and Accounts 2022-2023
Independent Auditor's Report to the Members of NW Hearts Charity CIO
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement, the trustees (who are also
the direclors for the purposes of company law) 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 lo continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going con￿rn basis of accounting unless the trustees either intend to
liquidate the charity or to cease operations, or have no realistic alternalive but to do so.
Auditor's responsibilities for the audit of the financial statements
Our responsibilities 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 auditorfs 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.
Irregularities, including fraud. are instances of non-compliance with laws and regulations. We
design procedures in line with our responsibililies. outlined above. to detect malerial
misslatemenls in respect of irregularities, including fraud. The extent to which our procedures
are capable of detecting irregularilies, including fraud. is detailed below.
Extent to which the audit was considered capable of detecting irregularities,
includingfraud
We identity and assess the risks of malerial misslalement of the financial slalemenls, whether
due to fraud or error, and then design and perform audit procedures responsive to those risks,
including obtaining audit evidence that is sufficient and appropriate to provide a basis for our
opinion.
10IPage

NW Hearts Charity.. Report and Accounts 2022-2023
Independent Auditor's Report to the Members of NW Hearts Charity CIO
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, we considered the following=
the nature of the sector, control environment and the organisation's performan￿.,
the organisation's own assessment of the risks that irregularities may occur either as a
result of fraud or error.,
the results of our enquiries of management and Trustees of their own identification and
assessment of the risks of irregularilies-
any matters we identified having obtained and reviewed the organisation's documentation
of their policies and procedures relating to..
identifying, evaluating and complying with laws and regulations and whether they were
aware of any instances of non-compliance.,
detecting and responding to the risks of fraud and whether they have knowledge of any
actual, suspected or alleged fraud.,
the internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations., and
the matters discussed among the audit engagement team regarding how and where fraud
might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist
within the organisation for fraud and identified the greatest potential for fraud in the following
The recognition of revenue and categorisation as restricted or unrestricted. In common with
all audits under ISAS IUKI. we are also required to perform specific procedures to respond lo
the risk of managemenl over-ride.
We also obtained an understanding of the legal and regulatory framework that the organisation
operates in, focusing on provisions of those laws and regulations that had a direct effect on
the determination of material amounts and disclosures in Ihe financial slatemenls. The key
laws and regulations we considered in this context included the fundraising regulations.
In addition, we considered provisions of other laws and regulations that do not have a direct
effect on the financial statemenls but compliance with which may be fundamental to the
company's ability lo operate or to avoid a material penalty. These included Data Protection
Regulations.
11 IPage

NW Hearts Charity.. Report and Accounts 2022-2023
Independent Auditor's Report to the Members of NW Hearts Charity CIO
Audit response to risks identified
As a result of performing the above, we identified the recognition of revenue as the key audit
matter relaled lo the potential risk of fraud. In addition to the above, our procedures to respond
to risks identified included the following:
reviewing the financial ststement disclosures and testing lo supporting documentation lo
assess compliance with relevant laws and regulations described above as having a direct
effect on the financial statements.,
enquiring of management and the Trustees concerning aclual and potenlial litigation and
claims.,
performing analytical procedures to identify any unusual or unexpected relationships that
may indicate risks of material misstatement due to fraud.,
reading minutes of meetings of those charged with governance and reviewing
correspondence with relevant authorities where matters identified were significant,. and
in addressing the risk of fraud through management over-ride of controls, testing the
appropriateness of joumal entries and other adjustments,. assessing whether Ihe
judgements made in making accounling estimates are indicative of a potential bias,. and
evalualing the rationale of any significant transactions thal are unusual or outside the
normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all
engagement leam members and remained alert to any indications offraud or non-complian
with laws and regulations throughout the audit.
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.uklauditorsresponsibilities. This
description forms part of our auditor's report.
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NW Hearts Charity: Report and Accounts 2022-2023 

## Other matters on which we are required to report 

The comparatives in the financial statements have not been subject to audit, as this is the first year in which the company has been audited. Our opinion is not modified in this respect. 

## Use of our report 

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's 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 members as a body, for our audit work, for this report, or for the opinions we have formed. 


Jamielee Johnston (Senior Statutory Auditor) 

For and on behalf of Mitchell Charlesworth (Audit) Limited Chartered accountants & statutory auditor 3rd Floor 44 Peter Street Manchester M2 5GP 

Date 15/12/2023 

**13 |** P a g e 



NW He8ns Charity.. Report and Ac￿nL8 2022-2023
Accounts for the year ending 3110312023
statement of Financial Activities for the year ended 3110312023
TOt41fvn¢$
2023
2022
IncomE ènd ehdoVrtnEhts from..
Donabons and legacle5
1.069.384
1.￿9.384
1.000
1,000
Incomefrom Investments
Total Income
1.069.498
1.￿9.498
1.000
1,WO
Expanditur8 on..
75
75
11.604
Charitsbje actiwbes
11.6
Totsl eXPEnditufE
11.679
Neiincome
1.057.619
1.057.619
1.000
Transfers beiw&en fu￿$
100.wo
Net movement In funds
957.619
100.000
1.057.619
1.WO
Tot81 funds brought forNèrd
1.0
1.0
TDtBI funds rAnled forward
958.619
100.000
1.058.619
1.000
Pa8e 14

NW Hearts Charity.. Report and Accounts 2022-2023
Accounts for the year ending 3110312023
Balance Sheet as at 3110312023
Noles
2023
2022
Current Assets
Debtors
Cash at bank and in hand
673
1,060,577
1,061,250
1,0
I,0(
Current Liabilitie5
Creditors and accruals
12.6311
Net current assets
1,058,619
1,0
Net assets
1,058,619
1,0
The fund$ of the ¢harlty
Designated funds
l(rt),000
Unrestricted funds
958,619
1,0
Total charity funds
1,058,619
I,0(
Approved by the trustees on 5 December 2023 and signed on its behaW by
Chair
Trustee
Charity number". 1194189
Page 15

NW Hearts Charity.. Report and Accounts 2022-2023
Notes to the accounts for the year ending 3110312023
11 Accountlng pollcles
a} Basis ofpreparation
The financial 5talemenls have been
prepared in accordance with Accounting 8nd R8POrting by Charities.. Ststement of Recommend8d Practice
applicable tri charities preparing their accounts in a￿OrdanCe with the Financial Reporting Stsndard applicable
in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the
United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted
Accounting Practice.
NW H88rts Charity meets th8 d8finition of a public b8n8fit entity und8r FRS 102.
Assets and liabilities are initially recognised at historical cost or transa¢tion value unless olhetwise ststed in the relevant
acwunting policy notelsl.
Th8 financial statem8nts ar8 prepar8d on a going conc8rn b8sis. There ar8 no material unc8rt8inties in r8SPeCt of the charity's
abililty lo continue as a gouing ¢on¢ern for the foreseeable futu￿. based on latest Strat￿1¢ plans and financial budgets.
b} Don8tion$ 8ndgranls
Donations, grants other forms of voluntary income are recognised as incoming ￿$oUr￿$ when receivable.
c) Donat8dgoods and s8rvic8s
Intangible income which comprised donated goods and services, is included at a vsluation which is an estimate of the financial
cost bome by the donor where such cost is quantifiable and measurable No income is re￿nised Whe￿ the￿ is no financial
cost bome by the third party.
d? Expenditu￿ and irrecoverable VA T
Expenditure is recognised OTr￿ there is a legal or wnstructive obligation to tnake a payment lo a third party, it is probable that
Settlement will b8 requir8d and the amount of th8 obligation can b8 measured reliably.
Irr8coverable VAT is chary8d as a cost against the activity for which the expenditure was incurred.
e) FundAccountlng
Funds held by the Foundation Can be one of".
il Unrestricted general funds- which can be used in accordance with the Foundation's objects at the discretion of the Trustees.,
ill Designated funds- which are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or
projects., or
iiil Restricted funds- which are funds that can only be used for particular restricted purposes within the objects of the
Foundation. Restrictions arise when spectfied by the donor or when funds are raised for particular restricted purposes.
Page 16

NW Hearts Charity.. Report and Accounts 2022-2023
Notes to the accounts for the year ending 3110312023
21 Donatlons and legacles
Unresiritted
funds
Resiricttd PriorPeriod
funds
Tolal
d5
funds
Total funds
2023
2022
Donations
Legacies
668,384
401,000
668,384
401,000
1,000
i.o(NJ
Total
1,069,384
1,069,384
1,000
1.000
31 Expenditure on raising fund$
Unrestrkted Restrlcled PrlorPwlod
fvnds
funds
Total fujjds
rotslfunds
2023
2022
Fundrdi5ing costs
Charges for online donations
68
68
Total
75
75
Page 17

NW Hearts Charity.. Report and Accounts 2022-2023
Notes to the accounts for the year ending 3110312023
41 Expenditure on charitable activities
Unrnstrlcled
funds
Restrfcted
lunds
PtlorP8rt0(I
rotslfunds
2022
Total lunds
2023
Website
Sl8ff costs
Legacy advisor
Benk fees
Insurance
Audit fees
Printing & ststionery
Payroll proces$in9 fè6s
Telephone and internet
S40
540
8,040
203
72
329
2.400
86
8,040
203
72
329
2,400
86
98
36
98
36
Total
11,804
11,804
51 Ixher Debtors
2023
2022
Outsourced payroll
673
Total
673
61 Creditors.. amounts falling due within one year
2023
2022
Tr8d8 creditors
A¢¢ruals
Pension due
59
2,400
172
Total
2,631
Page 18

NW Hearts Charity.. Report and Accounts 2022-2023
Notes to the accounts for the year ending 3110312023
71 Statement of funds
Brought
forbvard
Apr-22
Resource5
Transfer
expended behveen funds
Carried
fonvard
Mar-23
sources
Unre$trietÈd funds
Unre5thct8d funds
1,000
1,069,498
111,8791
iioo,0001
958,619
Designated fvnds
Research projects
IcK),000
IcK),O(rt)
Total
1,000
1,069,498
111,8791
1,058,619
The charlty plans to give grants to projects In Ilne wSth thelr alms and has deslgnated £IOO.000 for thls purpose over the
next financial year.
Bmughl
fonvard
Apr-21
In¢omlDg
resOu￿&S
Resou￿0$
T￿nSfer
expended tsehv8en funds
Carrled
fonv41
MaTr23
Restricted funds
Restricted funds
Unrestricted funds
Unreslrided funds
I,wo
1,0
Deslgnated funds
Research projects
Total
i.wo
1,0
81 Trust88s' r&mun8ration
Trustees received no remuneration or benefits in this period. Out of pocket travel expenses have been reimbursed
Page 19