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|
1 **|** Page
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
2 **|** Page
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.
3 **|** Page
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.
4 **|** Page
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.
5 **|** Page
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
- 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
**----- End of picture text -----**
6 **|** Page
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|
7 | Page
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
8 | Page
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
9 | Page
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
12 | Page