2024
NW Hearts Charity
REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
Charity Number 1194189
NW Hearts Charity: Report and Accounts 2023-2024
Contents
| Contents | 1 |
|---|---|
| Trustees’ Report and Financial Statements for the period to 31 March 2024 | 2 |
| Objectives and Activities of the Charity | 3 |
| Structure, Governance and Management | 4 |
| Financial Review | 5 |
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NW Hearts Charity: Report and Accounts 2023-2024
Trustees’ Report and Financial Statements for the year to 31 March 2024
Registered Charity Number 1194189
Principal Office:
Suite 246 Peel House 30 The Downs Altrincham WA14 2PX
Trustees at the date this report was approved
Dr Niall Campbell (Chair) Susan Weighell (Treasurer) – appointed 17/05/2023 Felicity Lee - resigned 31/08/2024 Dr Sanjay Sastry Abigail Prabhakar
Bankers
CAF Bank Barclays Bank PLC
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NW Hearts Charity: Report and Accounts 2023-2024
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 practice 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 2023-2024
We started the year by strengthening our trustee board with the appointment of an experienced accountant as our Treasurer. Her charity financial expertise has enabled NW Hearts Charity to develop improved financial systems and to support our banking and investment strategy.
In June 2023, we were delighted to open our inaugural grants programme. We worked with colleagues in the healthcare and community sectors to encourage and support proposals for innovative heart health projects. Our newly formed independent grants panel, made up of esteemed professionals, were able to award several grants across our region. The grants programme is now firmly embedded in our key activities and round two opened in January 2024.
We continue to grow our brand through activities across the 10 boroughs of Greater Manchester, a new website and increased social media presence. We have become a key partner with 8 of the umbrella voluntary sector organisations and have been welcomed at several cardiac team meetings in the hospitals in our area. These relationships will be nurtured and developed over the coming 12 months.
In February 2024, we were able to recruit a second member of staff. We anticipate that our new Partnerships Manager will be able to work with local businesses and help us to expand our reach into the corporate domain.
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NW Hearts Charity: Report and Accounts 2023-2024
Structure, Governance and Management
The charity is a Charitable Incorporated Organisation (CIO) registered on 22 April 2021.
Public benefit
ln shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit (Charitable Purposes). As its main activity, the category that our work falls into is ‘6. The advancement of health or the saving of lives’
Governance
The charity currently has 5 trustees, including our newly appointed treasurer.
An annual review of the trustees’ attendance, engagement and knowledge is carried out to ensure that a broad range of skills, expertise and interest is available to guide and govern the charity. The charity has identified that an additional trustee would be beneficial and we will seek to identify a suitable individual to complement our existing board over the course of the next financial year. All potential trustees will meet 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 induction to the organisation and this includes a copy of the Charity Commission’s information booklet ‘The Essential Trustee’.
All trustees are encouraged to undergo development activities throughout 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, meeting with ‘experts’ and a whole range of activities, in addition to any formal events, sessions and activities.
At present, all trustees are engaged in all aspects 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 controlling 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 benchmark against pay levels in other charities of a similar size. We do not have any employees with a salary exceeding £60,000 per annum.
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NW Hearts Charity: Report and Accounts 2023-2024
Financial Review
We are in a strong financial position and our balance will enable us to grow to become a sustainable organisation over the medium-term.
As our fledgling charity grows, we acknowledge that our expenditure costs in terms of marketing, staff salaries and operational activity will rise steeply, without seeing income generation in line with spending at this stage. In 2024/5 we hope that our income from fundraising and donations will increase and have set out a 3-year strategy and action timeline to support this.
Following a review of our charity bank provider, we have now moved our daily banking activity to Barclays Bank plc.
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
The Trustees, having regard to the liquidity requirements of operating the Charity and to the reserves policy, have operated a policy of keeping available funds in interest-bearing deposit accounts.
The trustees have appointed Brown Shipley, a private bank, to hold funds not immediately required and the funds will be invested at different levels of fixed terms. The process to open the account started in this financial year and money was transferred to the account in 2024/2025.
Excess funds not immediately required in our current account are transferred to a 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 framework. 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 2023-2024
Statement of Trustees’ responsibilities
In the attached accounts set out on pages 7 to 12, the Trustees have prepared financial statements for the year to 31 March 2024. In preparing such statements the Trustees are required to:
-
select suitable 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 statements; and
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prepare the financial statements on the going concern 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 at 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 the 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 18 September 2024 and signed on its behalf by:
----- Start of picture text -----
Niall Campbell (Oct 14, 2024 13:35 GMT+1)Niall Campbell S Weighell (Oct 14, 2024 14:23 GMT+1)S Weighell
___ ___
Niall Campbell Susan Weighell
Chair Treasurer
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NW Hearts Charity: Report and Accounts 2023-2024
Accounts for the year ending 31/03/2024
2024 2023
Statement of Financial Activities for the year ended 31/03/2024
| Notes | Unrestricted funds Restricted funds Designated funds Total funds Prior Period Total funds 2024 2023 £ £ £ £ £ |
|---|---|
| Income and endowments from: Donations and legacies 2 Income from investment 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward |
11,679 0 0 11,679 1,069,384 2,075 0 0 2,075 114 |
| 13,754 0 13,754 1,069,498 1,200 0 0 1,200 75 71,957 0 0 71,957 11,804 |
|
| 73,157 0 73,157 11,879 (59,403) 0 (59,403) 1,057,619 0 0 0 0 |
|
| (59,403) 0 0 (59,403) 1,057,619 1,058,619 0 100,000 1,158,619 1,000 |
|
| 999,216 0 100,000 1,099,216 1,058,619 |
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NW Hearts Charity: Report and Accounts 2023-2024
Accounts for the year ending 31/03/2024
Balance Sheet as at 31/03/2024
| Notes | 2024 £ £ |
2024 £ £ |
2023 £ |
|---|---|---|---|
| Current Assets Debtors and prepayments 6 Cash at bank and in hand Current Liabilities Creditors and accruals 7 Net current assets Net assets The funds of the charity Designated funds Unrestricted funds Total charity funds 8 |
1,495 673 1,000,186 1,060,577 1,001,681 1,061,250 2,465 2,631 999,216 1,058,619 999,216 1,058,619 100,000 100,000 899,216 958,619 999,216 1,058,619 |
673 1,060,577 |
|
| 1,061,250 | |||
| 999,216 1,058,619 |
|||
| 100,000 100,000 899,216 958,619 |
|||
| 999,216 1,058,619 |
Approved by the trustees on 18 September 2024 and signed on its behalf by
Niall Campbell S Weighell Niall Campbell (Oct 14, 2024 13:35 GMT+1) S Weighell (Oct 14, 2024 14:23 GMT+1) _____ ____ Chair Trustee
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NW Hearts Charity: Report and Accounts 2023-2024
Notes to the accounts for the year ending 31/03/2024
1) Accounting policies
a) Basis of preparation
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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
NW Hearts Charity 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(s).
The financial statements are prepared on a going concern basis. There are no material uncertainties in respect of the charity's abililty to continue as a gouing concern for the foreseeable future, based on latest strategic plans and financial budgets.
b) Donations and grants
Donations, grants other forms of voluntary income are recognised as incoming resources when receivable.
c) Donated goods and services
Intangible income which comprised donated goods and services, is included at a valuation which is an estimate of the financial cost borne by the donor where such cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by the third party.
d) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
e) Fund Accounting
Funds held by the Foundation can be one of:
i) Unrestricted general funds – which can be used in accordance with the Foundation’s objects at the discretion of the ii) Designated funds- which are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects; or
iii) Restricted funds – which are funds that can only be used for particular restricted purposes within the objects of the
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NW Hearts Charity: Report and Accounts 2023-2024
Notes to the accounts for the year ending 31/03/2024
2) Donations and legacies
| Unrestricted funds Restricted funds Total funds Prior Period Total funds 2024 2023 £ £ £ £ |
|
|---|---|
| Donations Legacies Total 3) Income from Investments |
11,679 0 11,679 668,384 0 0 0 401,000 |
| 11,679 0 0 11,679 1,069,384 |
|
| Unrestricted funds Restricted funds Total funds Prior Period Total funds 2024 2023 £ £ £ £ |
|
| Bank interest 2,075 0 2,075 114 Total 2,075 0 0 2,075 114 4) Expenditure on raising funds |
2,075 0 2,075 114 |
| 2,075 0 0 2,075 114 |
|
| Unrestricted funds Restricted funds Total funds Prior Period Total funds 2024 2023 £ £ £ £ |
|
| Fundraising costs Charges for online donations Total |
895 0 895 68 305 0 305 7 |
| 1,200 0 0 1,200 75 |
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NW Hearts Charity: Report and Accounts 2023-2024
Notes to the accounts for the year ending 31/03/2024
5) Expenditure on charitable activities
| Unrestricted funds Restricted funds Total funds Prior Period Total funds 2024 2023 £ £ £ £ |
|
|---|---|
| Grants Health Promotion Website Staff costs Legacy advisor Bank fees Insurance Audit fees Printing & stationery Payroll processing fees Telephone and internet Recruitment fees IT software and consumables Subscription Rent (room hire) Travel expenses Staff training Governance Postage Total |
25,620 0 25,620 0 2,617 0 2,617 0 2,696 0 2,696 540 28,480 0 28,480 8,040 138 0 138 203 61 0 61 72 350 0 350 329 720 0 720 2,400 170 0 170 86 390 0 390 98 169 0 169 36 4,675 0 4,675 1,887 0 1,887 305 0 305 994 0 994 716 0 716 811 0 811 1,135 0 1,135 24 0 24 |
| 43,720 0 0 43,720 11,804 |
6) Other debtors and prepayments
| 2024 2023 £ £ |
|
|---|---|
| Outsourced payroll Deposit for event Total |
0 673 1,495 0 |
| 1,495 673 |
7) Creditors: amounts falling due within one year
| 2024 2023 £ £ |
|
|---|---|
| Trade creditors Accruals Pension due Total |
2,065 59 0 2,400 400 172 |
| 2,465 2,631 |
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NW Hearts Charity: Report and Accounts 2023-2024
Notes to the accounts for the year ending 31/03/2024
8) Statement of funds
| Brought forward Incoming resources Resources expended Transfer between funds Carried forward £ £ £ £ £ |
|
|---|---|
| Unrestricted funds Unrestricted funds Designated funds Research projects Total |
958,619 13,754 (73,157) 0 899,216 100,000 0 100,000 |
| 1,058,619 13,754 (73,157) 0 999,216 |
The charity plans to give grants to projects in line with their aims and has designated £100,000 for this purpose over the next financial year
9) Trustees' remuneration
Trustees received no remuneration or benefits in this period. Out of pocket travel expenses have been reimbursed
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