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2024-03-31-accounts

British Heart Foundation Annual Report and Accounts 2024

Science is the difference between the known and the unknown.

And the only way we’ll achieve our vision of a world free from heart and circulatory diseases.

Overview 4-11

Trustees’ report: Strategic report 12-102

Independent auditors’ report 116-118 Financial statements 119-144

Where our money came from in 2023-24

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Legacies £101.4m
Fundraising £47.7m
Retail net profit £18.8m
Other £12.5m
£0m £20m £40m £60m £80m £100m
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Investment in growing our income was £42.0m, meaning 77% of total income (net of retail costs) was available to beat heart and circulatory diseases. Our ongoing target is to ensure that at least 70p in the £1 is available to spend on our lifesaving work.

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23p
Of every £1 raised:
Available for charitable purposes
Invested to generate further income
77p
How we delivered our mission in 2023-24
Research £116.7m
Healthcare Innovation £39.5m
£0m £20m £40m £60m £80m £100m
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*£119.3m of research grant awards, less accounting adjustments and other costs. See page 94 for more information. See also our Financial Review on page 92 for more detail on all of the numbers above.

4[|] British Heart Foundation

Funding world leading science

The British Heart Foundation is the UK’s biggest non-commercial funder of cardiovascular research, with over £430m of BHF-funded research in progress.

£119.3m Grants awarded

703 449 Active research grants Principal investigators

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298
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Students currently supported

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1,262
Research staff
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49
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Research institutions across the UK

Overview[|] 5

Letter from our Chair

Karen Frank

Chair of Trustees

I am honoured to be Chair of the BHF and to have this opportunity to reflect on our remarkable organisation – an organisation that has a unique position in the research community. We are amongst the world’s largest private funders of cardiovascular research, and BHF provides global impact that offers hope to millions, as well as practical support to many thousands of people every week.

BHF is able to garner widespread public support partly because of the tragic scale of heart disease, as the biggest cause of death. Part of what makes BHF so effective is the enduring support we receive from the donors, fundraisers, and volunteers, many of whom have been personally touched by heartbreak. Our hope is that, by funding groundbreaking research, the cycle of suffering can be broken.

Ambitious research projects like CureHeart, a once-in-ageneration search for a solution to inherited heart conditions, are possible thanks to our unique capabilities. I am excited about the numerous breakthroughs that we see on the horizon – breakthroughs enabled by advances in data science, AI and genetic testing. Our new Chief Scientific and Medical Officer, Bryan Williams, will help us drive these opportunities and accelerate the pace of change.

We know that the incredible support given to BHF comes with an immense responsibility to manage resources carefully through efficient organisation and considered management. We are very proud of the job that Charmaine and her team do of stewarding the organisation and creating the solid foundation we require to fund lifesaving research. This is reflected in our strong financial performance, which has outpaced expectations during the cost-of-living crisis. We are very grateful to our volunteers and shoppers, who make our retail operation such a success, and of course to our indefatigable fundraisers and donors who commit themselves to the mission of saving lives.

Progressing in our equity, diversity, and inclusion (EDI) strategy is another important commitment that shows our ongoing commitment to fairness. Recognising the impact of our organisation on the wider world is also vital, which is why I’m supportive of our new environmental, social and governance (ESG) strategy, and the steps already taken towards reducing our impact on our planet.

I would like to thank everyone in the BHF family, to all our generous donors, fundraisers and volunteers. With your support we are creating priceless hope for the people who need it most.

6[|] British Heart Foundation

Letter from our CEO

These pages tell the story of a year defined by how our BHF community has risen to meet unprecedented challenge.

Heart and circulatory diseases remain the world’s biggest killer, claiming the lives of one in four of us across the UK. And there is no doubt that the health and social care crisis that has followed the pandemic is taking a terrible toll across the four nations, taking lives and reversing progress that we simply must tackle now.

We are heartbroken to listen to those who’ve lost loved ones far too soon and those waiting desperately for treatment. It’s for them that we use our voice to campaign for change. And whilst we wait, we will always be here for the millions of people who turn to us for trusted information and support.

In the face of financial pressures affecting households and organisations alike, raising funds for our lifesaving work remains tough. But thanks to the incredible generosity and efforts of our brilliant volunteers, supporters, colleagues, partners and Trustees, our ambitions for the future are growing - fast. In particular, I offer Wendy Becker my heartfelt thanks for her service as our Chair, and I am thrilled to welcome Karen as our next Chair of Trustees as BHF sets a course for the future.

Dr. Charmaine Griffiths Chief Executive

It is an absolute privilege to welcome His Majesty King Charles III as our Royal Patron, which reflects our proud heritage over the past six decades, and a shared hope for the future.

As ever, this hope comes from the inspiring advances BHF researchers make as we back the brightest talent to tackle the toughest of problems, from sudden cardiac death to vascular dementia. Our researchers really are making science fiction a lifesaving reality. From our CureHeart programme offering hope of a cure to 30 million people with an inherited condition for the first time in history, to using data science and artificial intelligence to predict heart attacks before they even happen, we’re proud to be backing transformational science that is changing the world.

As ever, none of this would be possible without the efforts of countless people across our brilliant and inspiring BHF community. I could not be prouder of the work we do together, every day, to save and improve lives. It has never been more needed.

Overview[|] 7

Rising to unprecedented challenges in 2023-24

There is nothing more precious than our hearts. But millions of people’s hearts in the UK are vulnerable and need our help. At the British Heart Foundation (BHF) we are on a mission to protect all our hearts, so no one has to live in fear of heart and circulatory diseases.

lifesaving work as challenging as ever.

As a BHF team, we’ve risen to these challenges to provide a lifeline of support and hope to millions of families in need. We’ve funded bold new research initiatives that hold the promise for new treatments and cures. And we’ve taught thousands of people the skills to save a life.

In 2023-24, this mission has been more important than ever. After decades of progress in saving lives, we’re seeing increasing numbers of people die from heart and circulatory diseases before they reach their 75th birthday. Spiralling waiting lists for vital heart tests and treatments are putting

This has only been possible thanks to our incredible BHF team of supporters, colleagues, and volunteers – all determined to see rapid progress in tackling the world’s biggest killers.

Guided by our strategy to 2030

lives at risk and creating untold anxiety for thousands of families. And the We work with cost-of-living crisis patients and the has made raising public for better health and care funds for our

Our strategy to 2030 has guided us in making this impact. It sets out the changes we want to see in the world by 2030, and how our work will help us achieve them. It’s focused on four strategic pillars and, as you will read in this report, we’ve made significant progress in all areas:

• we’ve awarded £119m in new research awards, including £7.5m to establish the UK’s first Centre for Vascular Dementia Research, and £35m through the latest round of our Research Excellence awards

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We fund research
to save and
improve lives
We grow
support and
income
We strive for
excellence
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8[|] British Heart Foundation

information and support, and we’ve inspired more than 78,000 people to learn lifesaving CPR.

A defining year for the BHF

Although the challenges we face are grave, we look to the future from a position of strength and with a sense of optimism for what we can achieve. We stand on the cusp of revolutionary advances in areas such as artificial intelligence, genomics, and regenerative medicine. It’s now up to us to inspire the support needed to capitalise on

these groundbreaking areas of science to rapidly make the breakthroughs millions of people desperately need.

The year ahead will also see us review and refresh our organisational strategy, to ensure we’re focusing on the things that will make the biggest impact for people affected by heart and circulatory diseases. We’ll undertake this review in response to the significant changes to the world we’re operating in – including changes accelerated by the Covid-19 pandemic, the significant pressures being faced by our NHS, and the rapidly evolving world of charity fundraising.

In the face of significant challenges, the BHF has been there for millions of families in urgent need of support and breakthroughs in 2023-24. But there is far more we need to do to achieve our vision of a world free from the fear of heart and circulatory diseases. We won’t stop until we get there.

Overview[|] 9

Welcoming our Royal Patron

We are delighted to welcome His Majesty the King as our Royal Patron, marking a significant milestone in our history.

His Majesty’s appointment, succeeding his father, the late Duke of Edinburgh, Prince Philip, marks the continuation of a longstanding relationship between the BHF and the Royal Family.

The King’s patronage will help shine a global spotlight on our shared belief in the power of medical research to save and improve lives from heart and circulatory diseases.

As we welcome His Majesty as our new Patron, we also pay tribute to the extraordinary contributions of Prince Philip, whose unwavering commitment as our Patron helped inspire invaluable support for our lifesaving work.

During his remarkable 60 years as our Royal Patron, Prince Philip helped to raise national awareness of the vital need to fund research into heart and circulatory diseases. He was a steadfast presence in supporting our growth as the nation’s heart charity, and was a constant advocate for breakthroughs that have helped to save and improve countless lives since we were founded.

10[|] British Heart Foundation

Overview 111

Lifesaving research

Life won’t wait. We must accelerate the pace of lifesaving discoveries after years of delay and disruption. BHF-funded researchers are on the cusp of turning science fiction into reality.

We stand poised to unleash the power of AI and data science, and achieve revolutionary breakthroughs in areas such as regenerative medicine and genomics.

We continue to fund the most groundbreaking science. This year we committed £119m of new funding to research. These investments are key to translating science into new diagnostics, treatments and cures – and saving more lives.

12[|] British Heart Foundation

LJ Trusteeg report. Strategic report 113

Our 2023-24 priorities We have continued to support the cardiovascular research ecosystem to recover from the devastating impact of the Covid-19 pandemic by funding more than 240 new research awards across 57 organisations. And we have launched groundbreaking strategic initiatives which hold the promise for rapid progress towards new treatments in areas such as heart failure and vascular dementia.

At the beginning of the year, we set out to make significant progress in the following areas:

British Heart Foundation

Powering cardiovascular research

Helping the cardiovascular research ecosystem recover and grow

Advancing heart disease knowledge

Enhancing our knowledge of cardiovascular diseases

Translating research into impact

Seeing more BHF-funded research discoveries being translated into patient and public benefit

Trustees’ report: Strategic report

Powering cardiovascular research

Thanks to our incredible supporters, we’ve continued to be the UK’s leading independent funder of cardiovascular research in 2023-24, supporting groundbreaking research in all areas of cardiovascular disease.

New leadership, bold ambitions

This year we welcomed Professor Bryan Williams OBE, as our first Chief Scientific and Medical Officer.

Professor Williams is recognised as one of the UK’s most influential scientific and clinical leaders, having led one of the largest clinical

research portfolios, with over 1,000 active clinical trials.

As our Chief Scientific and Medical Officer, Professor Williams will define our vision and funding strategy for cardiovascular research, enhance our scientific influence on the national and international stage, and ensure millions of people with heart and circulatory diseases get the vital care and support they need. He succeeds Professor Sir Nilesh Samani in leading our research strategy, after Professor Samani stepped down from his role as our Medical Director after seven years in post. We’re immensely grateful to Professor Samani for leading the BHF to grow its position as the UK’s leading independent funder of cardiovascular research.

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Professor Bryan Williams OBE,
BHF Chief Scientific and Medical Officer
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Dr Michela Noseda

Research Excellence Awards

We have awarded nine universities funding to strengthen our world-leading cardiovascular disease research in the UK, through our Research Excellence and Accelerator Awards. The awards promise a £35m funding injection to encourage collaboration, inclusion and innovation, and enable visionary scientists to drive lifesaving breakthroughs. Funding will be provided over the next five years.

The nine universities have been awarded grants of between £1m and £5m each. Eight have received Research Excellence Awards. These are Imperial College London, King’s College London, University of Cambridge, University of Edinburgh, University of Leicester, University of Manchester, University of Oxford and University College London. The University of Leeds was awarded an Accelerator Award to build research capacity, potentially paving the way for it to apply for a Research Excellence Award in future.

Improving diversity in research

By 2025, we want to have achieved greater inclusivity in the funding and the design of research, as well as in the cardiovascular research community. Over the past year we have focused on collating data that defines our starting point, so we can take the right action to improve diversity.

In July 2023 we published our first research funding diversity report. The report provided valuable insight that is helping us shape our future actions to address under-representation in our research community.

Furthermore, for all our research committees, we have implemented a process to consider bias awareness at the beginning of every meeting. We have also added diversity prompts and questions in our application forms for all grants that involve humans and animals. This change will help ensure findings produced by the research projects we fund will be of the highest quality and have a more considered gender split.

Trustees’ report: Strategic report[|] 17

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Advancing heart disease knowledge

In addition to funding the best ideas in cardiovascular science, we have developed and renewed strategic research initiatives that are harnessing revolutionary areas of science that have the potential to lead to major advances in how we understand, prevent and treat the world’s biggest killers.

A pioneering partnership (BHF/DHF/DZHK)

Leading researchers in Germany, the Netherlands and the UK have joined forces to spur breakthroughs in the detection, diagnosis and treatment of heart and circulatory diseases. This is thanks to collaboration between BHF, the Dutch Heart Foundation (DHF) and the German Center for Cardiovascular Research (DZHK).

Together, we have awarded over €5.2m (approximately £4.7m) to four international teams. This is the fifth round of awards resulting from this partnership, and the second year that we have focused on supporting mid-career researchers in the three countries. Funded research projects include using placentas to understand cardiovascular disease risk, exploring the role of heart muscle fibres in hypertrophic cardiomyopathy, unlocking the potential of immune cells to combat atherosclerosis, and decoding dilated cardiomyopathy. Plans are already underway for a sixth round

of funding in 2024-25, with the LefoulonDelalande Foundation in France joining the groundbreaking collaboration.

Uniting to tackle vascular dementia

In partnership with the UK Dementia Research Institute (UK DRI), work to establish the UK’s first research centre dedicated to vascular dementia is underway. We plan to invest £7.5m over the next five years so the Centre for Vascular Dementia Research can drive pioneering research into new treatments and cures for this devastating condition. Vascular dementia is caused by poor blood flow to the brain, which starves nerve cells of oxygen and nutrients they need to live. This causes nerve cells in the affected areas of the brain to die, and symptoms include memory loss and difficulty concentrating, which worsen over time.

With generous donations from our supporters, the Centre will attract the brightest minds at the forefront of their field.

Professor David Attwell will lead the institute as Centre Director, bringing with him a wealth of expertise in neuroscience and physiology, and bold leadership and vision.

Trustees’ report: Strategic report[|] 19

Dr Christopher Toepfer and Professor Hugh Watkins

CureHeart – progress towards a cure

Following the once-in-a-generation £30m grant we awarded to the Big Beat Challenge winner, CureHeart, researchers are already making progress towards the first treatments and cures for inherited heart diseases and genetic cardiomyopathies. Affecting an estimated 30 million people worldwide, these conditions significantly increase an individual’s risk of heart failure and can devastate families through the sudden death of a loved one.

But now, advances in cutting edge technologies mean a cure for inherited heart muscle diseases is in sight. Led by BHF Professor Hugh Watkins, the

CureHeart team has already produced highly encouraging results, with early studies demonstrating the feasibility of gene editing approaches to prevent disease progression in laboratory studies. The international team is also exploring other avenues, such as gene silencing, to maximise the potential of cutting-edge genetic technologies and accelerate the discovery of much-needed treatments and cures.

Having successfully embedded the programme and built a strong scientific foundation, the team is now poised to accelerate their search for the most promising treatments and potential cures. Within a single generation, we have the incredible opportunity to relieve families of the worry, trauma and heartbreak caused by genetic cardiomyopathies.

20[|] British Heart Foundation

Investing in data for stroke prevention

Stroke research has been boosted by a £0.5m investment in data-driven approaches to tackle the condition, which strikes one person every five minutes in the UK.

The initiative, known as the Stroke Data Science Catalyst, is a five-year partnership between BHF, the BHF Data Science Centre, HDR UK, and the Stroke Association. The Stroke Data Science Catalyst will enable

research teams to generate insights using data from a range of real-world settings, including hospitals, general practices and pharmacies, to improve our understanding of stroke risk factors and open the door to better prevention and treatment.

Stroke occurs when the blood supply is cut off to areas of the brain. Risk factors for stroke overlap with those for heart conditions such as heart attack and angina, and include high blood pressure, cholesterol, and obesity.

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Dr Meritxell Nus
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Trustees’ report: Strategic report | 21

Translating research into impact

The researchers we fund have continued to make discoveries that are shaping how cardiovascular diseases are prevented, diagnosed, and treated on a global scale. And our increased focus on translation is seeing us find new ways to help our researchers turn their discoveries into the treatments and cures of tomorrow.

Improving heart attack diagnosis

to diagnose heart attacks with better speed and accuracy than ever before, according to new research from the University of Edinburgh, funded by BHF and the National Institute for Health and Care Research.

Researchers found that the algorithm, known as CoDE-ACS, was able to rule out a heart attack in more than double the number of patients, with an accuracy of 99.6%. CoDE-ACS has the potential to make emergency care more efficient and effective, by rapidly identifying patients that are safe to go home, and by highlighting patients that require further tests.

An algorithm developed using artificial intelligence could soon be used by doctors

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Using virtual reality to improve surgery

Through a Translational Award made to Professor John Simpson at King’s College London, our funding has enabled the development of new software which could make surgeries simpler and safer, potentially reducing the need for multiple surgical interventions. The new cardiac software harnesses the power of virtual reality to revolutionise the planning of intricate heart surgeries, including challenging surgeries in children with congenital heart disease. A new spinout company – XRnostics – financed by Guy’s and St Thomas’ Enterprise Ltd has been formed to take this forward.

Calling for equal heart care

Stark inequalities exist in the diagnosis and treatment of four of the UK’s most common heart conditions.

Researchers, led by a team at the University of Leeds, have shown that women and older men do not receive the same treatment as younger men. After a heart attack or a diagnosis of heart failure, women and older men are less likely to receive the treatments recommended in clinical guidelines.

This picture reinforces the need to prioritise efforts to tackle heart disease and health inequalities.

A business bootcamp for researchers

We have joined forces with Panacea Innovation to launch CardioStars, a unique programme to equip researchers with the tools to transform research breakthroughs into innovations that deliver real-world benefits for heart patients around the world. The collaboration offers our funded researchers access to networking and mentorship opportunities, as they join a vibrant community of entrepreneurs, scientists, investors and service providers.

AI heart attack prevention

An AI tool to predict heart attack risk could save thousands of lives every year, according to new BHF-funded research.

Every year in the UK around 350,000 people have a cardiac CT scan, the standard test to identify narrowings or blockages in coronary arteries. In around three quarters of cases, there is no clear sign of significant problems, so patients are often discharged. Unfortunately, the scans often miss smaller narrowings - many of these people go on to have a heart attack.

This new AI tool can independently and accurately predict risk of cardiac events. The necessary technology has been commissioned by NHS England for a pilot programme in five NHS hospitals, and researchers are hopeful that it could soon be rolled out across the UK.

Trustees’ report: Strategic report[|] 23

Future focus Lifesaving research

24[|] British Heart Foundation

Funding research to save and improve lives

Cutting-edge technologies – such as artificial intelligence, gene editing and regenerative medicine – hold the potential for rapid and transformational advances in how we prevent, treat and cure diseases. We will continue to fund world-class research to save and improve lives, focusing on:

Helping the cardiovascular research ecosystem recover and grow by:

Enhancing knowledge of cardiovascular diseases, through:

Seeing more BHF-funded research discoveries being translated into patient and public benefit by:

Trustees’ report: Strategic report

Professor Charalambos Antoniades

26[|] British Heart Foundation

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Health and care

Around 7.6 million people live with heart and circulatory diseases in the UK today. And they need us more than ever. Four years of pandemic disruption have exacerbated the pressures on health care systems, leaving too many people in crisis. We’re on a mission to help the millions of families affected by heart and circulatory diseases and give every person the best hope of a long healthy life.

We continue to save lives by providing life-changing information and support, improving access to CPR and defibrillators, and by influencing government policy. Lasting change takes time, but we’re committed to this cause.

28[|] British Heart Foundation

Chris, who recovered from a heart attack with the support of BHF

Trustees’ report: Strategic report | 29

Our 2023-24 priorities At a time when our information and support is needed more than ever, we’ve doubled the number of nurses on our Heart Helpline and given a lifeline of support to countless families through our online and printed health information. We’ve also inspired thousands more people to learn the skills to save a life and made defibrillators accessible in the places they’re needed most.

At the start of the year, we set out to make significant progress in the following areas:

British Heart Foundation

Improving cardiac arrest survival

Increasing people’s chances of surviving out-of-hospital cardiac arrest

Managing heart conditions

Helping more people to manage their cardiovascular condition

Improving the nation’s heart health

Supporting people to reduce their risk of cardiovascular disease

Trustees’ report: Strategic report

Improving cardiac arrest survival

We’ve continued to pursue our goal of saving more lives from cardiac arrest by creating a nation of lifesavers trained in CPR and by making defibrillators available and accessible in the places they’re needed most.

RevivR completions exceed 120,000

To date, nearly 124,000 people have now completed RevivR, our online CPR training programme, while more than 390,000 have engaged with it. This is up from 46,000 completions last year, and 175,000 engagements. The ground-breaking tool teaches people how to save a life by performing CPR and using a defibrillator for free in just 15 minutes. All users need is their phone and a cushion to practise on.

In addition to the public accessing the training individually through RevivR, we’re grateful to the 500+ organisations and partners who have rolled RevivR out to their colleagues and customers. These include Royal Mail, Travelodge, Next, Screwfix, Nationwide, EY and Barclays. Together, we’re creating a nation of lifesavers that could lead to more people surviving an out-of-hospital cardiac arrest in the years ahead.

A record-breaking Heart Month

For a second year, we used February’s Heart Month to call on people to learn CPR with RevivR, with record numbers responding to our call. Our newest ambassadors, S Club, proved a smash hit when they helped students at Clapton Girls Academy in Hackney learn CPR. The iconic pop group have been supporting us since they tragically lost their bandmate Paul to an undiagnosed heart condition in April 2023.

We partnered with 14 high-profile gamers to have their Twitch streams ‘flatlined’ to mimic the sudden and unexpected impact of a cardiac arrest. This was followed by cardiac arrest statistics and information on how viewers could learn lifesaving CPR with RevivR. The award-winning campaign reached over 5 million impressions with more than 2 million from the Twitch homepage.

To close the month, we worked with Luton Town captain, Tom Lockyer, to share his story of suffering a cardiac arrest while playing in the Premier League in December 2023. Tom’s media appearances led to 1,761 people learning CPR with RevivR – the highest number recorded on a single day. In February alone we set a new monthly record with more than 20,000 people learning CPR with RevivR, up from 11,000 during Heart Month 2023.

32[|] British Heart Foundation

Heart month statistics

RevivR

124,000 x10 RevivR learners to date 10-fold increase in visits to CPR pages

20,000 New monthly record of RevivR learners

£1m Raised during Heart Month

1,761 People learned CPR on 21 February

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New schools registered for Classroom RevivR

Trustees’ report: Strategic report[|] 33

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RevivR in the classroom

With the support of Royal Mail, we launched Classroom RevivR in September. Building on our RevivR technology, we worked closely with schools to develop accredited training that meets curriculum guidelines in every nation of the UK. Classroom RevivR is now teaching pupils how to recognise a cardiac arrest, when to call the emergency services, how to give CPR, and how to use a defibrillator.

Launching the Community Defibrillator Fund

In November we were able to launch a free defibrillator scheme to save lives in communities across the UK. We urged communities to apply for a free lifesaving defibrillator from us and 141 of those awarded were funded as a result of Royal Mail employee fundraising.

handlers to direct callers to their nearest defibrillator when they witness a cardiac arrest.

In support of our effort, the Daily Express launched the ‘Complete the Circuit Crusade’ to help us identify and register more defibrillators. It was launched with an article featuring BHF Ambassador and cardiac arrest survivor, David Ginola, and NHS Medical Director, Professor Sir Steven Powis, urging people to register their defibrillators ahead of the NHS’s 75th birthday in July.

Despite incredible progress, we estimate that tens of thousands of defibrillators remain unregistered and therefore invisible to ambulance services in an emergency.

Completing the Circuit

Working with Resuscitation Council UK, NHS England, St John Ambulance, the Association of Ambulance Chief Executives and all 14 NHS ambulance services, we’ve seen more than 26,000 defibrillators registered on The Circuit – the national defibrillator network. This brings the total up to 87,000, with a target of reaching 100,000 by the end of 2024. The Circuit was established to create a single database of UK defibrillators that would allow 999 call

Trustees’ report: Strategic report[|] 35

Managing heart conditions

In the face of record demand for our information and support, we’ve significantly grown our Heart Helpline team, run campaigns to promote the support we offer, and made our health information more accessible for everyone.

Royal Mail support makes Heart Helpline free

People with heart and circulatory diseases have needed our support and information more than ever before over the last year. We saw a 40 per cent surge in contacts between December 2023 and February 2024 compared to the same period last year, with the number of people getting in

touch at an all-time high of 7,858 during these months. In total, we responded to more than 26,000 calls, emails and live chats in 2023-24.

In a year of significant pressures on the NHS, many people contacting the helpline raised concerns at not being able to get a diagnosis or an appointment for a heart problem or because they were worried about new or changing symptoms.

In response to this unprecedented demand, we’ve doubled the number of nurses working on our helpline over the last year. And, through our partnership with Royal Mail, we’ve made the line free to call for the first time, ensuring our information and support is made accessible to every person in need.

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Chloe MacArthur, BHF Heart Helpline
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Record breaking visits to our health information

Our health information provides a valuable resource for people with questions about their heart health, so making sure we’re reaching as many people as we can with the information and guidance they need is a priority.

Health content pages on our website were viewed more than 32 million times this year (29% up on 2022-23). The final three months of the year alone saw 9.7 million pageviews, which is more than any three-month period at the height of the Covid-19 pandemic. We also distributed 1.6 million information booklets to individuals, hospitals, GP surgeries and other healthcare settings.

Eighty-five per cent of people engaging with our health content said it made them feel more confident about managing their heart condition, while almost three-quarters said they were likely to make a positive lifestyle change as a result.

Our Heart Matters magazine and email newsletter reached around 375,000 members in 2023-24, with our winter reader

survey reporting 90% satisfaction with the product. We recruited 64,000 new members during the year.

We have also taken steps to make our health content more accessible, by introducing audio, Easy Read (designed for people with learning disabilities) and Braille versions. Information in different languages and animations with British Sign Language are planned for next year.

Supporting new innovations

We’ve continued to fund innovative approaches to improving cardiovascular care through our ‘Innovation in Care’ Fund. This has included a ground-breaking project with the NHS and The Chief Coroner for England and Wales, which is identifying families who may be at risk of deadly inherited heart conditions following the sudden death of a loved one. In a trial across seven regions, more than 500 people have been referred to Inherited Cardiac Condition Clinics following the post-mortem of a family member, meaning they can be assessed for an undiagnosed heart condition. Based on its success, work is underway to spread this approach to all senior coroners in England.

Trustees’ report: Strategic report[|] 37

Improving the nation’s heart health

Working with our partners, we’ve supported people to lower their risk of heart conditions including heart attack and stroke. And through our campaigning across the four nations, we’ve been a constant voice for heart patients, influencing change that helps to save and improve lives.

Promoting healthy hearts

Our strategic partnerships with some of the UK’s biggest brands and organisations have helped thousands of people improve their heart health. As part of our 3-year partnership with PureGym, we launched

the Healthy Hearts Programme in July 2023. Since launching, the programme has provided the opportunity for 75,000 PureGym app users to lead a heart healthy lifestyle through tiered workout programmes developed by PureGym’s fitness experts, advice from BHF cardiac nurses plus a selection of heart healthy recipes from BHF dietitians.

Tesco continued to offer free blood pressure checks at their pharmacies, in addition to sharing delicious heart healthy recipes with customers. And to mark one year of our Royal Mail partnership and to encourage the public to learn CPR, Royal Mail applied a special postmark to stamped UK mail during February 2024.

38[|] British Heart Foundation

BHF Chief Executive Dr Charmaine Griffiths gave evidence in Parliament to support the Tobacco and Vapes Bill

Hearts Need More

As the UK headed towards a General Election in 2024, we called on all political parties to put cardiovascular diseases at the centre of their health priorities. We launched Hearts Need More, a campaign calling for action to protect the public’s heart health by addressing factors like obesity and smoking, prioritise NHS heart care to minimise waiting times, and supercharge research to unlock new treatments and cures. The campaign launched at a time when record numbers of people were waiting for vital heart tests and treatment. In March 2024, around 414,000 people were on the waiting list for care in England alone – up 78% since February 2020.

In June 2023, we published a troubling new analysis showing there had been nearly

100,000 excess deaths involving cardiovascular disease since the

beginning of the pandemic in England. And in January, we published data that showed the number of people dying from heart and circulatory diseases before their 75th birthday was at its highest point in more than a decade. The issue was taken to the House of Commons in February 2024, with Conservative MP for Watford, Dean Russell, who suffered a heart attack in 2023, leading a debate on the rise in premature heart deaths in England.

With a new Government in place, we’ll continue to call for heart disease to be prioritised, and use our voice to ensure there is a focus on better prevention, faster access to diagnosis and treatment, and a supercharging of research to help discover the next generation of cures.

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Future focus Health and care

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Better health and care

People with heart disease need us more than ever as they’re faced with the biggest heart care crisis in living memory. Our continued focus on ensuring people get the information, care and support they need will be accelerated by:

Increasing people’s chances of surviving out-of-hospital cardiac arrest (OHCA) by:

Helping more people to manage their cardiovascular condition by:

Supporting people to reduce their risk of cardiovascular disease by:

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Heart Hero Krystella gave her husband Lee’s lifesaving CPR so he could live to meet their daughter Martha

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Support and income

The British Heart Foundation has never been more needed. This means that, in challenging times, the generosity of our supporters, customers, volunteers and partners is more vital than ever in powering the lifesaving breakthroughs millions of people need.

We’re on a mission to inspire even greater support and income. We’ll do this by telling stories that leave people in no doubt about the power of our lifesaving research, by inspiring greater support from those with a connection to our cause, and by evolving to a rapidly changing fundraising and retail environment.

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Trustees report. Ic repor

Our 2023-24 priorities

In the face of an ever changing and challenging fundraising environment, the dedication of our colleagues, volunteers, partners and supporters have generated an incredible £138m in net income to support our lifesaving research.

At the beginning of the year, we set out to make significant progress in the following areas:

British Heart Foundation

Growing fundraising income

Generate more fundraising income, with an increased proportion from high-value audiences

Growing commercial income

Generate more income from our commercial operations, with an increased proportion from online retail

Improving supporter experience

Ensure our supporters have an outstanding experience

Trustees’ report: Strategic report

Growing fundraising income

Our fundraising activities generated almost £150m in gross income, including £101.4m in legacies and £47.7m in other forms of fundraising. Once again, our lifesaving work has only been possible thanks to the incredible generosity and commitment of all those who fundraise and donate to us.

Building our brand and inspiring support

We’ve continued to build our brand in 2023-24, by making the BHF matter more to more people and showcasing the power of groundbreaking science to save and improve lives. In May 2023, we launched our second ‘This is Science’ campaign. The award-winning TV advert shined a spotlight on the preciousness of our hearts, highlighting that the only way

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to protect them is through supporting the BHF’s groundbreaking research. The campaign has helped the BHF continue to maintain 95% brand awareness, and seen the number of people who say they would consider donating to the BHF reach record levels.

In September, we enlisted the support of David Seaman and S Club to call on the nation to shine a spotlight on hidden heart diseases and raise funds for our vital work. In December, our Christmas campaign urged people to give a ‘gift that keeps on living’ by donating to BHF. And to mark February’s Heart Month, we urged people to go red to raise funds for lifesaving research, raising more than £1m.

Legacy income exceeds £100m for only the second time

For only the second time in BHF history, our legacy income exceeded £100m in 2023/24, thanks to the generous gifts left by more than 2,500 people in their Will. Our nationwide campaign to inspire people to consider leaving a future gift in their Will has also proved extremely effective, with nearly 20,000 people requesting a BHF Free Will Guide, and record numbers of people utilising our Free Wills Service.

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Thanks to the generosity of our supporters, the decade ahead has the potential to be truly transformational.

Philanthropic backing has powered lifesaving research, funded talented PhD students at the beginning of their cardiovascular journeys and ensured our information and support services can be there when families need us.

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Breakthroughs are not guaranteed, yet it is thanks to the generosity of our philanthropic partners that we can continue to fund the very best research, from discovery through to translational and clinical science.

Together we have powered real change for people and their families across each of the four UK nations and beyond.

We would like to extend our warmest thanks to:

Mr Peter Ball

The Rosenfeld Heart Foundation

Mr Richard Burns

Rosetrees Trust

Copley May Foundation

The Shanta Foundation

Mr Andrew Cripps

ShareGift

Mr Paul Deakins

The Dow Clewer Foundation

Mr Andrew Spokes Mr Lance J. Trevellyan

Mr C Fidler

Mr Charles Wilson and Dr Rowena Olegario

GeneSys Legacy Project

The Laerdal Foundation

Mr James and Mrs Margaret Lancaster

Mr Mitchel and Mrs Valerie Lenson

With special thanks to BHF Distinguished Fellows:

The Lidbury Family Trust Ms Jill M. Marx

The Moondance Foundation

The Peacock Charitable Trust

Dr Robert Easton Dr Doug Gurr Professor Sir Kent Woods Mr Philip Yea

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Celebrating our corporate partners

Our corporate partnerships have raised £5.3m for our lifesaving research in 2023-24, and helped us reach millions of people with vital heart health information and CPR training. We’re grateful to all our partners for their contribution to powering our lifesaving work.

The Gemini Boat Race

We were delighted to be named as the Charity Partner for the Gemini Boat Race in 2024. The partnership follows the tragic death of former Chair of The Boat Race Company, Tim Senior, who died of a cardiac arrest in 2023. In addition to raising vital funds, we hope the partnership will save lives by raising awareness of the risk of cardiovascular disease and creating a lasting legacy by encouraging spectators to learn lifesaving CPR via our RevivR app.

The AJ Bell Great Run Series

In 2023, BHF was named as the official charity of the AJ Bell Great Run Series. The partnership will run for two years and the money raised will be invested in improving the heart health of the nation.

The Great Run Company motivates more than 250,000 people to take part in major events in the UK, raising millions of pounds for charity every year. As well as the Great North Run, the largest half marathon in the world, the AJ Bell Great Run Series portfolio includes five other events across the UK – from the

Great Scottish Run in Glasgow to the Great South Run in Portsmouth.

We owe a huge thanks to the AJ Bell Futures Foundation too. The company’s charitable arm donated £5 for every person trained in CPR (a total of £50,000) during Heart Month, and have provided funding for more than 200 defibrillators to be placed in communities across the UK.

PureGym

PureGym has raised over £1m for our lifesaving research into heart and circulatory diseases. So far, we have helped to set up a Recycle for Research initiative by installing donation boxes in their 380+ gyms which has raised £195,000. PureGym are committed to ensuring the best health outcomes for their members, and they now offer free in-gym blood pressure checks and have registered 190 defibrillators to the Circuit. Our partnership has also produced the Healthy Hearts Programme, a free health and fitness programme on the PureGym app which has helped over 75,000 people access support and information for their heart health.

Tesco

Tesco’s unwavering support has now raised a staggering £29m for our health charity partnership with Cancer Research UK and Diabetes UK. Till round-ups, staff fundraising and customer donations – every pound raised supports groundbreaking research into the world’s biggest killers. But it doesn’t stop there. Tesco continued to offer free blood

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BHF-funded Oxford rower Catherine King and her twin sister, Cambridge rower Gemma

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pressure checks at their pharmacies, in addition to sharing delicious, affordable heart healthy recipe inspiration with customers. And, with nearly 3,000 lifesaving defibrillators in their stores, Tesco is helping to save lives in communities across the country.

PayPal Giving Fund

PayPal Giving Fund showed their support by partnering with us in Heart Month on a Give at Checkout feature. Throughout the month, PayPal’s customers raised an incredible £48,000, which will continue to support lifesaving research.

SunLife

We were delighted to extend our partnership with SunLife for a further two years. The team at SunLife have really got behind our partnership with all employees now trained in CPR using RevivR.

Travelodge

Since the start of our partnership in 2017, Travelodge have raised an incredible £917,000. Through employee fundraising and customer donations through Pennies, the team have done it all, and are hoping to reach the incredible £1m milestone by the end of 2024. Committed to building a nation of lifesavers, Travelodge have also pledged to train an incredible 3,000 people in CPR in the year ahead.

Royal Mail

Since the partnership launched in 2023, colleagues have raised over £400,000 towards BHF’s lifesaving work. Royal Mail have also made a commitment to support their people by sharing BHF resources on how to help reduce the risk of cardiovascular diseases. In January 2024 they launched their Heart Healthy dishes in restaurants with their

catering partner, and have also committed to train their colleagues in CPR with RevivR.

Admiral Slots

Admiral Slots have been in partnership with BHF since August 2022. As well as raising over £250,000 to date, they have trained 1850 of their colleagues with RevivR and installed 39 defibrillators in new venues and areas of significant need.

Cardiff Airport

Cardiff Airport announced BHF Cymru as their Charity Partner for the Year for 2023-24 after an airport-wide vote. The airport has run a number of engagement events throughout this time, signposting holidaymakers to RevivR and displaying BHF Cymru on screens across the Departure Lounge.

Rangers Charity Foundation

The partnership kicked off in September with support from former Rangers player Graeme Souness, heart hero winner Scarlett Dougan, 12, and Craig Murray, whose son Chris passed away after a cardiac arrest aged 22. Funded by a £25,000 donation from the Rangers Charitable Foundation, the partnership has helped change attitudes and promoting a healthier lifestyle amongst communities throughout Glasgow. Together we were able to promote lifesaving CPR skills, deliver blood pressure checks, and raise awareness of heart and circulatory diseases.

Omaze

Congratulations to Omaze UK who won BHF Corporate Partner of the Year at the 2023 Heart Hero Awards. The award recognises the Omaze UK community, which exceeded all expectations by raising a phenomenal £3 million for BHF to date

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Fundraising events

In challenging times, nearly 20,000 people raised almost £6m by taking on walks, runs, cycles and swims for our groundbreaking research. We’re always amazed at the lengths our supporters go to, to power our lifesaving work.

Team BHF take on the London Marathon

Over 5,000 people pounded the streets in running events across the UK to raise £3.2m. Fresh off the back of our 2022 Charity of the Year partnership, the TCS London Marathon raised an amazing £1.6m with our highest fundraiser raising over £15,000. Our Team BHF runners were supported along the 26.2 mile course by an army of over 200 volunteers who travelled from across the country to cheer them on and help get them across the famous finish line along The Mall.

Bournemouth Pier to Pier Swim raises £200,000

The unique Bournemouth Pier to Pier Swim returned to our events calendar. This ‘must do’ event for any open water swimmer, and those just looking for a different type of challenge, was extra testing this year as the Great British weather made the water far choppier than normal. However, every swimmer rose to the challenge and emerged from the water with a smile on

their face, ready to receive their welldeserved medal. And with nearly £200,000 raised – it really was well deserved.

Sarah Foreland swam in memory of her father-in-law who suffered a cardiac arrest on her wedding day and sadly died two days later. Sarah said: “We’d planned on taking part in the event before the pandemic. We never got to do it together, but I wanted to honour him by doing it this year in his name.”

Flagship fundraising at London to Brighton

Our flagship London to Brighton Bike Ride was once again the cycling event of choice for over 7,000 riders wanting to take on the iconic route whilst enjoying the amazing atmosphere. A combined 391,000 miles were cycled by our participants, who raised an amazing £1.6 million. We’re proud that our worldrenowned event also supported the wider charity sector. In 2023, cyclists from 21 other charities took on the challenge and raised money for their worthwhile causes.

We’re extremely grateful to all Team BHF participants, and we’re looking forward to another packed calendar of events in 2024-25.

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Celebrating our fundraisers

Record numbers of people took on fundraising challenges, raising £3.2m while our incredible fundraising groups and branches have generated more than £800,000.

Driving for donations

In June 2023, CP Hire raised £17,000 at their Norman Hutchinson Memorial Golf Day at Castlerock Golf Club. David and Andrew Hutchinson, brothers and Managing Directors of the local business, have been holding the bi-annual golf day in memory of their late father ‘Big’ Norman since 2019. Their father lived with a heart condition and

David explained, “Our family knows only too well the impact of heart conditions. We wanted the money raised to go to a local and research-based charity. It’s good that BHF Northern Ireland isn’t just about the treatment but that it is trying to find a cure for heart diseases too.”

40 London to Brighton Bike Rides

BHF fundraiser Philip Courtenay-Luck, from Buckinghamshire, took part in his 40th consecutive London to Brighton Bike Ride (L2B) in 2023. Over 40 years, he has raised over £130,000 for BHF’s lifesaving research.

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Elliot Awin
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Alex Roth

100 miles through the ‘snow’

In January 2022, Alex Roth suffered a heart attack. Previously fit, well and an active sportsman, subsequent examination revealed that he had a heart defect that could reduce his lifespan by 10-15 years.

In May 2022, Alex had open-heart surgery, and since then has been in cardiac rehabilitation. In May 2023, just one year after surgery, Alex trekked an incredible 108 miles through Eryri (Snowdonia) over five days in support of the British Heart Foundation, raising over £65,000!

An ‘oar-some’ Antarctic challenge

Jamie Douglas-Hamilton was diagnosed with a hereditary heart condition in 2022. In January 2023, just five months after undergoing surgery, Jamie completed an audacious rowing expedition across the Antarctic Scotia Sea to raise over £53,000, and breaking a number of Guinness World Records in the process.

Making pace across the Atlantic

Elliot Awin became the first person with a pacemaker to complete The World’s Toughest Row – a 3,000 mile challenge across the Atlantic – to raise money for BHF.

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In memory of Kate

Kate Dewsnap was only 39 when she died suddenly of a cardiac arrest in 2021 leaving her family and friends devastated. Since then her mum, Mags, has volunteered, fundraised, and raised awareness for BHF. And Kate’s former employer chose BHF as their charity in memory of Kate, raising over £11,000.

Backwards Walking Ben

Ben Stewart, known as Backwards Walking Ben, has become the first person to walk backwards up Mount Kilimanjaro and back. He took on the challenge to raise money for BHF in memory of his grandfather Ian who died after having a heart attack. His training for the trek had included using a

special device to help strengthen his neck for long periods of needing to look over his shoulder.

Ultramarathon in Newport

In June 2023, James Barrington from Newport ran a 60km ultramarathon on what would have been his mother’s 60th birthday. James’ mother Cheryl passed away after a heart attack on New Year’s Day 2021. The challenge raised £3,400 for BHF Cymru after initially aiming to raise £600.

Gordon’s walk

Rachel Smith has been supporting BHF since her brother Gordon died of a heart attack in 2019. Gordon’s Walk was started when a group of Gordon’s family, friends

Jamie Douglas-Hamilton

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Ben and Oscar

and colleagues climbed Pen y Fan, to celebrate his life and to promote physical and mental health and wellbeing, particularly in the face of bereavement. It has now become an annual event.

Sadly, in 2022, Gordon’s partner Dave also passed away due to heart related issues. Knowing that Dave wanted a local walk for the 5th edition of Gordon’s Walk, their family and friends walked a section of the coastal path from Borth to Aberystwyth. Rachel and her friends and family have now raised over £21,000 for the BHF in memory of Gordon and Dave.

Treadmill ultra

Police officer Joe Roy brought Glasgow Central Station to a standstill when he walked a 50-mile ultra marathon on a treadmill, wearing a 20kg weighted vest, in memory of his friend and colleague

PC Stuart Gray, who died from a heart condition.

Joe, who previously served with the Adjutant Generals Corps and was attached to The King’s Own Scottish Borderers, raised more than £13,000 and is already planning another event for BHF in 2025.

Ben and Oscar

At the age of just 10 and 6, Ben and Oscar and their family walked 20km over the Peak District hills to raise money for BHF. They both lost very special grandparents to sudden heart attacks and wanted to raise as much money as possible, and ended up raising over £1,500. Thank you Ben and Oscar.

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Growing commercial income

Our operation has maintained its position as the UK’s premier charity retailer and the world’s leading eBay charity retailer, achieving record sales levels in the year. This reflected the incredible contribution of our donors, shoppers and team members across the four nations.

Breaking records and fresh starts

Our retail performance reflects another successful year of growth across our Clothing and Home formats, with total sales up 5% on the prior year. This performance continues to be driven by our combination of choice, value and sustainability delivered in community locations, which is increasingly attractive to our customers and supporters.

Stock donations drive the breadth and quality of our retail offer, such that we are so grateful for the generosity of so many individuals and corporate supporters. In addition, running our shops is dependent on the time given by our 18,000 wonderful volunteers, who represent an increasingly diverse and vibrant community.

Our online offer, which includes sales of donated stock via eBay, as well as a growing contribution from a range of heart health products such as defibrillators, blood pressure monitors and portable ECG devices, remains a key area of focus and growth. Overall, we achieved a 9% growth in online sales to a record £14.8m for the year.

Despite the growth in sales and the benefit of an additional week’s trading, overall the net profit from retail trading was £18.8m, down from £24.9m in the prior year. This decline reflected the challenging economic conditions experienced during the second half of the year, as inflationary pressures and high interest rates adversely affected consumer confidence.

We experienced significant increases in our key cost areas, particularly pay and energy, and also commenced a multimillion pound investment programme in upgrading and expanding the store estate to position us for the future.

This investment is focused on improving operational efficiency and working environments for our teams. It includes enhancements to our technology, as well as an ongoing programme of shop refurbishment, complemented by new store openings and new retail formats.

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64 1 British Heart Foun

Retail innovation and investment

This year we accelerated our new store opening programme. We opened 15 new locations, including six re-sites, in Bexleyheath, East Grinstead, Hempstead Valley, Leeds Colton, Plymouth, Cambridge, Dalston, Ashton Under Lyne, Wakefield, Bulwell, Eastbourne, Cameron Toll, Coventry, Romford, and Feltham.

Our extensive store refurbishment programme also continues to improve the retail experience for customers and the working environment for our colleagues.

All these shops have benefited from our new Store of the Future design, which focuses on improved sustainability and will continue to be refined as we move forward.

Growing online revenue

BHF is now the world’s leading charity eBay seller and by the end of 2023-24, had sold an extraordinary two million items since joining the platform. Our teams are now listing more than 20,000 items every week, with some of the largest sales including a diamond engagement ring sold for over £5,000, a Wurlitzer jukebox for over £4,000, and a sauna for nearly £4,000.

Sales of new goods through our online shop grew by 13% in the year, driven by strong sales of defibrillators, blood pressure monitors, and the successful introduction of ECG monitors.

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Retail ambassadors This year we were pleased to welcome our first retail ambassadors.

Kimberly Hart-Simpson, Coronation Street star and entrepreneur, is a longtime BHF supporter, volunteer, and a champion of preloved clothing. Kimberly’s sister Emma was diagnosed with dilated cardiomyopathy in 2017, a chronic heart condition which affects the size, shape and thickness of the heart.

Dr Brett Staniland rose to fame in 2021 when he appeared on hit dating show Love Island and was the first contestant in the show’s history to decline free clothes from the fast fashion sponsor, instead opting to wear his own wardrobe.

With a PhD in public health, and a career focused on cardiovascular disease and lifestyle related risk factors, Brett champions sustainable fashion and a more responsible and ethical industry.

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Improving supporter experience

Our latest Customer Satisfaction survey was completed in January 2024 by 2,969 customers.

Consistent with previous surveys, the highest proportion of customers were retail at 72%. In this latest wave there were a higher proportion of health customers, looking to us for information and support, than in previous waves 43% (versus 33% previously) and all responded more positively.

Overall satisfaction improved to 90% which is significantly higher than the national average of 76% (as reported by the Institute of Customer Service in January 2024).

Our customers highlighted a broad range of areas where they were very satisfied with our service:

We continue to work on improvements to our furniture collection and delivery service. In relation to collection bookings, we have also revised our processes to reduce the number of refusals and, for situations where we do have to decline the donation, we have a created a ‘Thank you for thinking of us’ letter which drivers can hand to donors and includes information in respect of recycling alternatives.

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Future focus Support and income

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Growing support and income

By being clear on where we lead, where we partner, and what we don’t do, we can make an even bigger impact for people living with heart and circulatory diseases. We will continue to focus our attention on raising awareness of our mission and raising funds to power our lifesaving science by:

Generating more fundraising income, including an increased proportion from high value audiences:

Generating more income from our commercial operations, with an increased proportion from online retail by:

Ensuring our supporters have an outstanding experience by:

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Striving for excellence

At BHF we are committed to improving hearts and saving lives. We are determined to fund research for cures and treatments in a responsible way, making a positive impact on people and the planet. This includes improving how we care for our colleagues and our communities, how we fund research, and how we manage resources.

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Our 2023-24 priorities As a BHF team, we’ve risen to significant challenges, to provide a lifeline of support and hope to millions of families in need. Together, we’re determined to be part of a better world – and that starts with a better BHF.

At the beginning of the year, we set out to make significant progress in three key areas:

British Heart Foundation Accounts to 31 March 2024

For our colleagues

Deliver an outstanding people experience

Digital direction

Accelerate our digital and technology transformation

Sustainable future

Continue to increase our social, environmental and financial sustainability

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For our colleagues

Improving our people experience

Our equality, diversity and inclusion (EDI) strategy, Igniting Change, recognises that everyone’s circumstances are unique, and we’re proud to announce positive changes to leave entitlements for all BHF colleagues.

Everyone taking paternity, partner or shared parental leave will now get 12 weeks’ paid time off, matching our maternity and adoption leave offering to recognise the equal role of parents and carers and BHF’s commitment to treat everyone fairly.

We are also introducing a new holistic and flexible support leave option to provide extra paid time off for our people in times of uncertainty, or when they may need to take more time away from work for themselves or others close to them.

Colleague-led initiatives such as sharing demographic data to help inform future EDI planning, podcast series To Affinity and Belong, and additional colleague affinity groups and sub-groups, all contribute to an inclusive workplace.

Colleagues have supported the introduction of a diverse range of greetings cards in BHF shops and stores for celebrations such as Eid and have championed the introduction of pronoun badges and pronouns on e-signatures.

Events have been held to support the feeling of belonging, such as several PRIDE activities, the celebration of Black History Month, and ‘a fortnight of learning’ led by our anti-racism affinity group. We have also started creating Easy Read versions of our key documents, such as our Safeguarding policy.

The latest colleague engagement survey took place in January 2024. Encouragingly our highest scoring areas were goal setting, fair treatment, responding appropriately to instances of discrimination and that BHF has created an environment where people of diverse backgrounds can succeed. By January 2025, we want this to be 90% and this year we are tracking in the right direction scoring 86%.

As part of our drive for inclusivity, all our job adverts promote BHF’s approach to flexible working from day one. A better flexible working offer means we can attract talent from a wider pool, which could be a key factor in reducing the gender pay gap. Our gender pay gap is still less than 1%, standing at 0.7% in favour of men, and our ethnicity pay gap is 7.4% in favour of ethnic minority groups. This is because, while colleagues from ethnic minority backgrounds make up 11% of BHF’s overall workforce, they account for 14% of colleagues in our upper pay quartile.

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Fair for all

Making the world a fairer place is an important goal, one that we are proud to contribute to by tackling inequalities in cardiovascular health, improving the diversity of our research workforce, and making BHF a more inclusive place to work.

In the year since we published Igniting Change, our first equality, diversity and inclusion (EDI) strategy, we’ve taken important steps to achieve our 2025 goals.

Research

Diversity of BHF research funding committees, advisors, and reviewers

We have collated and analysed data on the diversity of our research funding committee members for the last three years and will expand this to include our reviewers.

We are developing a process for people to put themselves forward as peer reviewers or to volunteer as committee members to help ensure equal representation and we will implement this in the second year of the programme. Our Clinical Studies Committee, initially all male, is now gender balanced.

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Professor Vijay Kunadian

Diversity and inclusion in BHF-funded workforce

We have made similar progress with looking at the BHF-funded research workforce. Diversity of lead applicants and award holders for the last three years has been collated and reviewed. We have also made changes to our small meetings grant fund, so that we can help under-represented groups to network and develop their careers.

Cardiovascular health

Understanding health inequalities

We launched the England Health Inequalities Hub and associated report, which is focused on equipping policy makers and health professionals with the data they need to target inequalities across the cardiovascular pathway.

Over time we will incorporate data from Scotland, Wales and Northern Ireland to provide a UK-level view of inequalities. Once this data is in place, we will be in

a better position to develop long-term strategies to reduce cardiovascular inequalities across all four nations.

Raising our profile and influencing change

Our funding and support for expert organisations like the Obesity Heath Alliance (OHA) and Action on Smoking and Health (ASH) shows how we can galvanise action against the biggest lifestyle factors in cardiovascular health inequality – smoking and diet.

We released a series of BHF reports highlighting the impact of the Covid-19 pandemic on cardiovascular care and prevention, and how it has disproportionately hit deprived and minority communities.

The Secretary of State for Health has acknowledged that cardiovascular disease must be prioritised if we are to improve overall population health and reduce inequalities.

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Transforming our technology

We’ve continued to invest in technology transformation in 2023-24, with the aim of helping us work more collaboratively, securely, and quickly. This investment is vital in setting the foundations for our future growth in a rapidly changing world.

Creating a data led organisation

We launched our BHF Data Strategy with the goal of improving how we use, share and work with our data. The strategy has paved the way for the initiation of one of the BHF’s most ambitious programmes to date, Enterprise Foundations. This programme, involving all areas of the BHF, aims to update our core enterprise technologies across Finance, Customer Relationship Management and Retail in order to connect our enterprise data together and drive insight-led operations across the BHF.

Cyber-secure

We are making rapid progress toward achieving our Cyber Essentials PLUS accreditation, enhancing both security and compliance. Additionally, we have successfully developed and closely monitor new customer payment concepts through the Customer Payment Alignment Programme Forum, driving revenue growth. We have also implemented waste reduction strategies and process improvements to enhance our privacy

management and to comply with data protection regulations. Ensuring sustained support for our platforms, we’ve made strategic infrastructure changes to enhance both sustainability and security.

Embracing the opportunities of AI

In January 2024, we launched an Artificial Intelligence (AI) strategy, with the vision of using AI to enhance BHF’s work, improve customer experiences, empower everyone and create new opportunities. To start to make this vision a reality, we have set-up an AI community to foster open dialogue and collaboration around AI, held a two-day hackathon with Microsoft and PWC to identify use cases, launched an AI working group, developed a roadmap to implement the ambitions of the AI strategy, and partnered with Microsoft to trial M365 Copilot across the organisation. These activities have put us in a sector leading position in the trial and adoption of AI. As a result, we’ve shared the lessons we’re learning at events, joined podcasts (Third Sector and Virtue), and presented at conferences, such as the Microsoft Global Nonprofit Leaders’ Summit.

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Sustainable future

We’ve continued our journey to become a more socially, environmentally and financially sustainable organisation.

Links between environmental factors and cardiovascular disease are clear. Research shows that extreme weather, such as intense heat and cold, have negative impacts on people living with heart and circulatory diseases.

We see it as a key part of our core purpose – to make sure that we carry out our lifesaving work in a responsible way.

Our progress this year has included setting our commitment to be a net zero organisation by 2045, at the latest. This

covers all areas of our activities, from direct (Scope 1 and 2) emissions, such as the heating we use in our BHF offices and stores, to the much more significant indirect (Scope 3) emissions generated from within our supply chain through to how the research we fund is undertaken. As a part of this roadmap, we are committing to a short-term target of a 50% reduction in Scope 1 and 2 emissions and a 30% reduction in Scope 3 emissions by 2030.

Alongside work we are already doing to maximise our social impact through our ‘Igniting Change’ strategy (see page 79), these commitments form an ambitious roadmap to be an ever more responsible organisation to our planet and our people.

----- Start of picture text -----
Net-zero roadmap to 2045
By 2030 By 2045
• Near term targets reached • Long-term targets reached
• Residual emmissions neutralised
50,000
40,000
30,000
20,000
10,000
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
Scope 1 and 2 emissions Scope 3 emissions Net Zero
tCOe2
----- End of picture text -----

84[|] British Heart Foundation

Responsible operations

This year we have focused our work on mapping BHF’s full carbon footprint. This gives us a detailed view of where and how we can make the most impact to reduce our impact.

We worked closely with Bioregional – a purpose-led sustainability consultancy – to make sure our targets are ambitious, and developed in line with international standards such as the Science Based Targets Initiative and Greenhouse Gas Protocol. Our roadmap to net zero has six key areas for initial focus:

Energy efficient and zero emission buildings

Decarbonising and improving the energy efficiency of the buildings we own and manage, including our offices and stores.

Zero emissions transport

Electrifying our fleet and supporting the decarbonisation of our third-party transport.

Product sourcing and suppliers

Reducing the cradle-to-grave impact of the new goods we sell and supporting our suppliers’ decarbonisation efforts.

Travel and logistics

Reducing our travel impacts, from the movement of our staff to the third-party transport in our supply chain.

Waste and circular economy

Using resources more efficiently, prioritising the reuse, repair and repurposing of our new and donated goods, product packaging and goods not for resale.

Research funding

Understanding and reducing the environmental impact of the research we fund.

Trustees’ report: Strategic report[|] 85

But we have already made improvements to our operational sustainability. Progress in our Streamlined Energy and Carbon Reporting measures, as set out on page 98, included a further 6% reduction in energy consumption and an 8% decrease in greenhouse gas emissions in the last year. In addition, our company car fleet is now 39% fully electric, with the remainder hybrid. We also have our first two electric vans on the road as part of a pilot scheme which we hope to build on in the next year.

Reducing avoidable waste is a cornerstone of our drive for operational sustainability, re-using and recycling what we can. We also achieved the milestone this year of removing all single use non-biodegradable plastic carrier bags from our retail network.

Talks with traders, community groups, waste managers and environmental activists in Kenya and Ghana – where a proportion of clothing donated to BHF ends up – have given us a better understanding of the used clothing value chain, and its social and environmental benefits.

Responsible partnerships

We are committed to working closely with others in the sector on sustainability. The benefit of cross-sector collaboration to share learning and work more efficiently together is key to our ambitions. We also have rigorous governance requirements to make sure our partners and suppliers share our commitment to work to a high ethical standard.

BHF remains committed to continue to invest our funds responsibly and in alignment with our charitable mission and values. We are currently exploring options to ensure that our portfolio reflects our roadmap to net zero and other commitments to work responsibly. While our portfolio already includes a formal exclusion on tobacco, we anticipate that this work will bring further nuance to our investment approach.

Responsible research

We are continuing to work with the research sector to understand how we can raise awareness of environmental sustainability in research. This includes partnership with other funding bodies and research institutions to develop sector wide standards for best practice and tools for the measurement of the environmental impact of research.

86[|] British Heart Foundation

Trusteeg report. Strategic report 187

Future focus Striving for excellence

88[|] British Heart Foundation

Striving for excellence

We strive to be bolder, braver, and have a single-minded focus on what will make the biggest difference for families affected by heart and circulatory diseases. By working together, we can inspire support, accelerate breakthroughs and save more lives than ever before, with focus on these key areas to drive our performance:

Trustees’ report: Strategic report

Frye￿r Ajeed some hel Volunteer 90 1 British Heart Foundation

h'ili Trusteeg report. Strategic report 191

Financial review

Overview

Despite a challenging economic environment in the United Kingdom, marked by high inflation and a significant cost-of-living crisis, BHF maintained a robust financial performance throughout 2023-24. The prevailing economic conditions, however, exerted pressure on income generation, with fundraising and retail trading facing notable challenges compared with the prior year.

For the year ended 31 March 2024, BHF reported a total net income of £138.4m, a decrease of £5.9m or 4% from the previous year’s £144.3m. Fundraising income saw a reduction of £3.3m, while retail profits declined by £6.1m. In contrast, legacy income demonstrated remarkable resilience, increasing by £6.4m to reach £101.4m — the second-highest figure on record — thanks to an exceptional number of high-value bequests.

The portion of income allocated for charitable activities was 77%, down from 80% in the prior year, yet still significantly above our benchmark of 70p of every £1 being directed towards our lifesaving work.

BHF’s investment in its charitable mission totalled £156.2m for the year, which included £116.7m in medical research funding, reflecting a steadfast dedication to combating heart and circulatory diseases and their risk factors. New research grants for the year amounted to £119.3m.

Furthermore, £39.5m was channelled into Healthcare Innovation activities to provide support and information to families impacted by heart and circulatory conditions. This led to a deficit in income over expenditure of £17.8m, before accounting for investment gains, a reversal from the previous year’s surplus of £11.2m.

Statement of financial activity – Summary

Statement of fnancial activity – Summary
2024 2023 Movement
£m £m %
Legacy income 101.4 95.0 7
Fundraising income1 47.7 51.0 (6)
Retail net proft2 18.8 24.9 (24)
Investment and other income3 12.5 9.7 29
Total income (net of retail costs) 180.4 180.6 –
Direct costs ofgeneratingfunds4 (42.0) (36.3) 16
Total net income 138.4 144.3 (4)
% of total income available for charitable purposes 77% 80%
Research (116.7) (99.4) 17
Healthcare Innovation (39.5) (33.7) 17
Total charitable expenditure (156.2) (133.1) 17
Net(expenditure)/income (17.8) 11.2 (259)

Notes

  1. Fundraising income comprises donations of £33.7m (2023: £29.3m), volunteer fundraising of £7.1m (2023: £14.6m) and income from fundraising trading activities of £6.9m (2023: £7.1m)

  2. Retail net profit comprises retail net profit of £15.2m (2023: net profit of £21.6m) and income from donations received in BHF shops of £3.6m (2023: £3.3m).

  3. Investment and other income includes income from charitable activities of £2.1m (2023: £3.7m), investment income of £10.3m (2023: £5.9m) and other income of £0.1m (2023: £0.1m)

  4. Direct cost of generating funds comprises total fundraising costs of £37.9m (2023: £33.0m) and costs of fundraising trading of £4.1m (2023: £3.3m)

92[|] British Heart Foundation

Financial review

Overall net income in 2023-24 was £12.7m, (including a substantial £30.5m gain from investments) compared to net income of £7.9m in the prior year (including a £3.3m loss from investments).

As detailed in the Group Statement of Financial Activities, the total expenditure for the year was £416.7m (2023: £370.1m), with £222.6m (2023: £204.0m) directly related to our trading operations, predominantly our retail business. When discussing our results, the figures in the table above are used because they reflect more clearly the performance of our retail and fundraising income activities during the year.

Net income

In 2023–24 BHF achieved a total income of £180.4m inclusive of the return generated from our retail trading activities, a marginal £0.2m decrease from the previous year’s £180.6m.

Our legacy income remained the predominant contributor, reaching £101.4m, compared to £95.0m in 2022–23, bolstered by significant individual gifts. The majority of legacy income comes from generous residuary bequests (share of estate), reflecting the public’s enduring commitment to supporting BHF’s vital research endeavours. Conversely, income from other fundraising streams, such as philanthropy, corporate partnerships, events and individual giving, reached £47.7m. This represents a decrease from the previous year’s £51.0m, influenced by the ongoing economic climate and the benefit in the prior year of being the London Marathon’s lead charity.

In BHF Retail, we operate the largest charity retailer in the UK and the largest eBay charity retailer in the world. In a year of challenging trading conditions impacted by cost inflation, we achieved a profit of £18.8m (2023: £24.9m), inclusive of a £3.3m benefit from a 53rd week’s trading. This outturn reflected

growth in sales being more than offset by the impact of cost inflation, as further described below. Gross retail income, inclusive of donations received in BHF shops and stores, grew 5% to £237.3m, compared to £225.6m in 2022-23. This reflected like for like sales growth of 3%, including 5% in our Home stores and 1% in our Clothing shops. In addition, online sales grew 9% to £14.8m, including sales of donated stock via eBay, as well as a growing contribution from a range of heart health products such as defibrillators, blood pressure monitors and portable ECG devices.

Retail trading costs increased ahead of sales growth by 9% to £218.5m, (2023: £200.7m). This reflected the continuing impact of significant inflationary pressures that have affected all businesses. This included investment in our team’s pay and benefits in a highly competitive employment market, together with the impact of increased energy costs throughout our operations.

As of 31 March 2024, BHF managed 672 shops, including 495 Clothing shops and 177 Home stores. The year saw the opening of 9 new outlets, the relocation of 6, and the closure of 14, as part of our ongoing strategy to optimise our portfolio.

Investment and other income experienced a notable rise to £12.5m (2023: £9.7m), primarily due to improved investment returns of £10.3m following interest rate rises. In addition, other income included a grant of £1.8m from the Department for Science, Innovation and Technology, following our advocacy for the protection of charity-funded research postCovid-19.

The direct costs associated with generating funds increased by 16% to £42.0m, reflecting investment to drive income growth in the longer term. This resulted in net income available for charitable activities of £138.4m, a 4% reduction from the previous year (£144.3m).

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Financial review

Charitable expenditure

During 2023–24, our charitable expenditure totalled £156.2m, up from £133.1m in 2022–23.

The solid net income performance, combined with the strength of our financial reserves, meant that we were able to increase funding for new research by 3.2% to £119.3m (2023: £115.6m). After adjusting for cancellations and discounting as outlined below, and including allocated support costs, research expenditure is reported as a total investment of £116.7m (2023: £99.4m). In addition, £39.5m (2023: £33.7m) was invested to fund Healthcare Innovation, covering a range of activities focused on promoting information and support for heart and circulatory disease patients.

As noted above, our five research funding committees awarded 241 new research grants worth £119.3m (2023: £115.6m), including supplements made to new and existing grants. The Chairs and Programme Grants Committee spent £68.8m, of which £35.0m was allocated to nine universities through our Research Excellence Awards programme. This programme offers researchers greater flexibility than traditional funding, allowing scientists to quickly launch ambitious projects that can act as a springboard for larger, transformative funding applications. A further range of research projects were funded including £11.9m for

programme grants and £5.8m for special projects. Total research investment also included £28.4m for fellowships, £16.1m for project grants, £5.3m for clinical studies and £0.7m for translational awards (representing expected payments to the completion of future milestones).

The total reported investment in research of £116.7m (2023: £99.4m) is different to the total new grants awarded because it reflects allowances for the experience that the majority of grants are not claimed in full, the application of a discount factor

to reflect the long-term nature of the majority of the grant liabilities, as well as relevant BHF staff and support costs.

Beyond our core research funding, investment in Healthcare Innovation totalled £39.5m (2023: £33.7m). This covered a range of activities in support of heart and circulatory disease patients, including launching the free phone service to enable more equitable access for people to contact specialist cardiac nurses on our heart helpline and access better information and support. We also continued to invest in innovation through the delivery of The Circuit: the national defibrillator network with 87,000 defibrillators registered by March 2024, and RevivR, our digital CPR training tool in partnership with Laerdal. In September 2023, we also launched our Healthcare Innovation Fund to seek to test and evaluate innovative approaches to the delivery of improved services for patients and funded five projects.

Balance sheet

As at 31 March 2024, total cash, deposits and investments for BHF Group were £368.7m, an increase of £53.5m in the year. This reflected the benefit of strong equity markets contributing to a £30.5m investment gain (2023: loss of £3.3m), together with solid operating cash flow.

Our cash and investment portfolios are held to help us ensure we are always in the position to settle grant commitments, with gross unconditional grant commitments of £409.9m as at 31 March 2024 (2023: £365.8m). Grants awarded are commitments by BHF to reimburse recipients for expenditure properly incurred in accordance with grant agreements. It is our policy to provide for the total expected commitment at the point a grant is agreed and communicated to the grantee. However, there is often a substantial time lapse between recording a new grant award in our financial statements and its

94[|] British Heart Foundation

Financial review

subsequent payment, and the full grant commitment may not be utilised in full. These factors are reflected in the year-end grant liability, which was £357.1m as at 31 March 2024 (2023: £307.1m).

At the end of the financial year, BHF Group is reporting total net assets of £138.3m compared to £125.6m last year. Total Unrestricted Funds in the Group balance sheet showed a surplus of £117.2m (2023: £102.4m). The increase in net assets reflects the investment gain and operational cash generation, offset by higher grant liabilities.

Although Total Unrestricted Funds have remained in surplus as at this year end, after careful consideration the Trustees remain of the view that a deficit on reserves is a position that could be maintained in the longer term, taking into account the relatively long-term nature of BHF’s grant liabilities, our cash and investment portfolio and the considerable diversity of our fundraising activities, including legacies, which provide ongoing cash resources to fund research grant liabilities. Of the total research liabilities of £357.1m, £237.8m are long-term and will be funded, in part, by income generated in future years.

Reserves policy

The Board of Trustees considers the key measure of sustainability for BHF to be current and future liquidity cover, rather than the surplus or deficit accounting position. Consequently, Trustees have set an appropriate reserves policy, which is reviewed annually relating to liquidity, based on the relationship between readily realisable assets and the cash required to settle grant liabilities and sustain BHF’s operations for an anticipated period. Trustees have decided that, after an allowance for future income expectations (including an assessment of the potential loss from an extended interruption to retail trade), BHF should at all times maintain cash and readily realisable assets at least sufficient

to fund between 12 and 24 months of forecast cash outflow to settle grant awards, plus 12 months of non-retail operating costs (excluding direct costs of income generation). In the event of BHF facing difficult financial circumstances, these liquid reserves would allow us to both meet our responsibilities to grant holders and for operations to continue during a period of managed adjustment to these new circumstances.

Based on the current grants position, this policy requires us to hold at least £138m to £173m in liquid and readily realisable assets. With total cash, deposits and investments of £368.7m as at 31 March 2024, we have the benefit of substantial headroom above the base reserves requirement. As part of our strategic planning process, the Trustees will continue to consider how this headroom can best be applied over the medium term to accelerate our charitable mission. This is expected to focus on opportunities to expand our research funding capacity, together with a programme of investment in BHF’s technology infrastructure and brand, so as to position the organisation for longer term success. Such

application of reserves is expected to be achieved through net cash outflows, the quantum of which is in part represented by the short-dated bond portfolio (£116m as at 31 March 2024), which is structured to match the forecast net cash requirements of BHF over the medium term.

Trustees’ report: Strategic report[|] 95

Financial review

Reserves and grant commitments

Reserves and grant commitments
2024 2023
£m £m
Equity growth portfolio (including cash held for investment purposes) 154.7 137.2
Short-dated corporate bond portfolio (including cash held for investment purposes) 116.0 48.6
Cash and cash equivalents 98.0 129.4
Total cash and investments 368.7 315.2
Grant liability 357.1 307.1
Unrestricted funds 117.2 102.4
Total funds 138.3 125.6

Investment policy and performance

BHF held total cash, deposits and investments of £368.7m as at 31 March 2024, an increase of £53.5m on 2023. BHF has three portfolios: an equity growth portfolio, a short-dated corporate bond portfolio and a cash portfolio. The investment objective of the equity growth portfolio, which was valued at £154.7m as at 31 March 2024 (2023: £137.2m), is to provide real growth over a 5-to-10 year horizon. Overall, the growth portfolio generated a total return, net of fees, for the year ended 31 March 2024 of +13.2%, against a benchmark of +11.8%.

The short-dated corporate bond portfolio is managed by Royal London Asset Management Limited (RLAM), with £116.0m held as at 31 March 2024 (2023: £48.6m). The portfolio is constructed such that the coupon and maturity payments generated broadly match the forecast net cash requirements over the medium term. The increase in the year reflects the transfer of £65m from cash resources to extend the maturity profile of the portfolio which now runs to 31 March 2032. The short-dated corporate bond portfolio generated a total return, net of fees, for the year ended 31 March 2024 of 5.3% (2023: 0.0%). The growth and shortdated corporate bond portfolios included a total of £3.1m of cash held for investment purposes as at 31 March 2024 (2023: £1.8m).

To balance short-term cash requirements and investment risks, we maintain a cash portfolio, with £76.5m held as at 31 March 2024 (2023: £111.6m). The cash portfolio is predominantly held in RLAM’s Short Term Money Market and Short Term Fixed Income funds, and is comprised of readily realisable investments which are reported within the total cash and cash equivalents on the balance sheet of £98.0m (2023: £129.4m). The investment objective of the cash portfolio is to preserve the absolute capital value of the assets, with the return benchmarked against the relevant SONIA (Sterling Overnight Index Average) rate. The RLAM cash portfolio generated a total return for the year ended 31 March 2024 of 5.3% (2023: 2.4%), against the benchmark return of 5.2% (2023: 2.3%). The total return on investments for the year (including net investment income) was a net gain of £39.7m (2023: £1.7m).

Our investments are governed by investment and treasury policies that are reviewed by the Trustees on an annual basis. The policies are designed to balance the objective of maximising investment returns against the risk and liquidity of the investments, including consideration of environmental, social and governance issues, as further discussed below. All investment managers are asked to demonstrate effective systems of control, including annual compliance with the requirements of the ICAEW Audit and Assurance Faculty assurance framework (or equivalent) on internal controls.

96[|] British Heart Foundation

Financial review

Responsible investment policy

BHF is committed to investing its funds in a responsible manner and for the investment portfolio to be managed in accordance with BHF’s own charitable mission and values. This means having regard to best practice in Environmental, Social and Governance (ESG) issues. The investment managers are expected to encourage good behaviour in the companies in which they invest and should promote sustainability, good business ethics, good employment practices and the transition to a low carbon economy. BHF currently employs Schroder Investment Management Limited and Royal London Asset Management Limited to manage the investment portfolio. Both firms are signatories to the Principles for Responsible Investment (PRI), integrate ESG and engagement fully into their investment processes and produce regular ESG reports. There is a formal exclusion on investment in tobacco (defined as a company deriving more than 5% of turnover from the manufacture of tobacco or tobacco related products) and the investment portfolio is regularly monitored for its resilience to ESG and carbon risks.

Pensions

BHF UK Retirement Plan, a defined contribution scheme, is available for employees to join at any time. Contributions made to the Plan during the financial year totalled £5.7m (2023: £5.1m). In addition, the Charity retains a funding obligation to the BHF UK-defined benefit pension scheme (‘the Scheme’), which was closed to new entrants from 30 June 2001 and to future accrual from 31 May 2016.

accordance with ‘FRS 102: Employee Benefits’, in which different funding assumptions are applied. The FRS 102 valuation as at 31 March 2024 showed a surplus of £2.1m (2023: £2.0m). This surplus is not recognised as an asset, on the basis that future economic benefits are not deemed available to BHF in the form of a reduction in future contributions or a cash refund. This is further explained in note 14 to the financial statements.

Charitable activity in Scotland

BHF has charity shops in Scotland and receives income from other fundraising activities undertaken in Scotland. In 2023–24, 35 research grants totalling £14.4m were awarded to the Universities

of Edinburgh, Aberdeen, Glasgow, Glasgow Caledonian, Dundee, Heriot Watt, Napier, St Andrews, Stirling and Strathclyde.

Activity in the Isle of Man

BHF is registered as a charity in the Isle of Man and has a fundraising group there. During 2023–24, fundraising continued with the support of the community and £5,000 was raised.

Trading subsidiaries

The British Heart Foundation has two wholly owned subsidiary undertakings: British Heart Foundation Ventures Limited and BHF Shops Limited. Profits of trading subsidiaries are detailed in note 13 to the accounts.

The Scheme remains subject to a formal triennial funding valuation, with the most recently completed being as at 1 July 2020. This showed a funding surplus of £2.0m, such that no additional employer contributions are currently required. The next valuation is being undertaken as at 1 July 2023, but has yet to be finalised. The actuary carries out a separate annual valuation of the Scheme in

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Financial review

Streamlined energy and carbon reporting

In line with the Streamlined Energy and Carbon Reporting legislation, BHF is required to report its energy consumption and greenhouse gas emissions arising in the UK. All scope 1 & 2 sources of energy and emissions have been disclosed as well as mandatory scope 3 sources of energy and emissions. In addition, scope 3 includes wellto-tank emissions and distribution losses.

This report has been compiled in line with the March 2019 BEIS ‘Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance’, and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The carbon figures have been calculated using the BEIS 2023 carbon conversion factors for all fuels, other than the market-based electricity, which has been taken from EDF as the UK supplier.

The intensity metric that BHF uses to normalise emissions for annual comparison is tCO2e per £1m turnover, which is considered the most appropriate metric for the nature of BHF activities and operations. Location-based Scope 2 Emissions are calculated based on the average emissions intensity of the UK grid and do not take into account any specific renewable energy certificates or other green energy guarantees. Market-based Scope 2 Emissions reflect the specific electricity purchased by the charity, rather than the local grid’s average intensity, and demonstrate our commitment to green energy choices.

In comparison with 2022-23, our overall energy consumption has decreased by 6% or 1,660MWh, and our total greenhouse gas emissions have decreased by 8% or 246tCO2e. This success built on the progress reported last year, and reflected the further benefit of our energy efficiency programme which our wider team has fully embraced. We have also been rolling out our new electric company car fleet and introduced our first two electric vans. We continue to purchase our electricity through renewable contracts for all sites where we have operational control.

Source of Energy and Emissions
Combustion of Natural Gas
Combustion of Fuel in Company Vehicles
Other
UK Carbon Footprint Data 2023-24		 Energy Consumption
GHG Emissions
(MWh)1
(tCO2e) 2
2024
2023
2024
2023
3,815
4,120
698
752
4,177
4,733
1,062
1,177
11
–
5
–
Scope 1 Total
Generation of Purchased Electricity
Of which from Electric Vehicles
Renewable Electricity Percentage
Location-based Emissions
Market-based Emissions		 8,003
8,853
1,765
1,929
17,087
17,857
103
20
95%
96%
3,538
3,452
171
158
Scope 2 Total
Combustion of Fuel in Staff-owned Vehicles
Electricity Transmission & Distribution Losses
Well-to-tank Emissions of PrimaryFuels		 17,087
17,857
171
158
978
1,018
236
259
–
–
306
316
–
–
549
611
Scope 3 Total 978
1,018
1,091
1,186
Grand Total 26,068
27,728
3,027
3,273
Intensity per £m Turnover (Market-based) –
–
7.6
8.6

Notes

  1. Megawatt hour

  2. Tonnes of carbon dioxide equivalent

98[|] British Heart Foundation

Financial review

BHF recognises the threats posed by climate change, pollution and resource depletion. Our Sustainability Programme is the framework we use to shape our medium term approach and monitor and improve our performance, with progress on key initiatives reported on pages 84 to 86.

Going concern

The Trustees have reviewed our financial position and financial forecasts, taking into account the levels of investment reserves and cash, and the systems of financial control and risk management. As a result of this review, the Trustees believe that there are no material uncertainties that could cast significant doubt over their ability to continue as a going concern, and that we are well placed to manage operational and financial risks successfully. Accordingly, the Trustees have a reasonable expectation that the Charity and the Group have adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the approval of the financial statements. As a consequence, the Trustees continue to support the going concern basis in accounting in preparing the annual accounts.

Internal control

The Trustees are responsible for ensuring that there are effective risk management and internal control systems in place to manage the strategic and operational risks facing BHF.

Processes in place regarding risk management and internal controls include the following:

of resources across BHF

Risk management at BHF

BHF’s risk management process is underpinned by a clear Risk Management Framework which sets out the process that we use to identify and manage risks in all our activities. Each directorate is responsible for effective management of risk through individual Directorate Risk Registers. An overarching BHF

Corporate Risk Register (CRR) is used to monitor the management of strategic, operational and compliance risks to BHF. The Trustee Board formally review the CRR annually and it is reviewed quarterly by the Audit and Risk Committee and Executive Group.

In March 2024, the Trustees completed their annual review of the CRR. During this review, the Board has considered:

In 2023-24, BHF continued to develop its Risk Appetite position which aligns with our strategic plan. Our Risk Appetite approach forms a key part of our strategic decision-making process, and we report on corporate risks outside our agreed appetite to the Executive Group and the Audit and Risk Committee. Developing our understanding of Risk Appetite supports the delivery of our strategic ambitions by helping ensure we maximise our potential objectives whilst maintaining a prudent approach to identified risks.

BHF proactively monitors new and emerging risks through the Incident Response Group which meets monthly, to identify and discuss emerging risks in order to assess the potential impact on our strategic objectives and day to day delivery activities.

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Principal risks and uncertainties

Risk Management
Income & Charity Expenditure BHF has seen positive performance results from key income sources, particularly
macro economic factors significantly legacies, while continuing to prioritise investment in technology, property and
reduce income or increase costs, compliance. Principal risk mitigations include:
impacting on our ability to deliver
our charitable mission.		 Increasing income and reducing expenditure
• we continue to develop our online platforms to better serve the needs of our
supporters and customers, with a focus on operational effciency and to drive
data driven decision making
• scoping a long-term review of our technical infrastructure to drive internal and
external effciencies.
Monitoring, review and management of the fnancial position
• regular monitoring and reforecasting of fnancial performance
• an underlying liquidity focus in our cash and investment portfolio, to ensure we
retain capacity to honour our research and other fnancial commitments
• the preparation of long-term fnancial forecasts aligned to BHF’s strategy to
2030 that target a diversifcation of income streams and incorporate an ongoing
consideration of market and consumer trends.
Ensuring ongoing research programmes and new commitments are effective and
impactful:
• evaluating and monitoring impact to ensure an evidence-based approach to our
position and investment
• continued focus on sustainable long-term growth of the UK cardiovascular
research ecosystem and identifcation of new strategic opportunities through
stakeholder dialogue
• advocating for the Government to safeguard research in the UK by adopting the
Life Sciences – Charity Partnership Fund.
Cyber Threats and Security BHF retains a specialist Information Security team who are delivering a
Maturity comprehensive information security programme which ensures cyber risks are
a breach of BHF’s IT regularly reviewed and counter measures prioritised. Key risk mitigations include:
infrastructure or services results • the development of an Information Security Strategy, aligning with our
in loss of data or denial of Technological roadmap, to reduce the likelihood of cyber security attacks;
service. including an external NIST assessment of our cyber posture
• a programme of mandatory training and supporting communications to ensure
colleagues maintain a high level of security awareness
• delivery of effective data classifcation, data loss protection and asset
management processes
• a robust technical environment, including frewalls, proxy and anti-virus
protection, vulnerability monitoring, penetration testing, installation restrictions,
patch management and end of life monitoring,
• utilisation of third party specialists to support cyber risk assessments and incident
response capabilities.

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Risk Management
Adverse Events • proactive detection, monitoring, reporting and whistleblowing arrangements to
incidents that damage reputation enable investigation of potential adverse events and incidents
and/or negatively impact operations • proactive and reactive media management in place, including ongoing digital
(including, serious fraud, supply and traditional media monitoring
chain disruption, major health and • dedicated specialist resource is applied in key areas such as health and
safety incidents, safeguarding and safety, risk and assurance, procurement, safeguarding and legal that support
internal process failures). organisation-wide events and operations
• monitoring of key suppliers, including fnancial and due diligence checks
• programme of health and safety improvement training across our workforce
to strengthen our safety management systems and manage compliance and
hazard risks
• continuing programme to drive IT improvements and strengthening of
infrastructure and cyber security to protect BHF assets
• regular review and testing of our incident management framework, and business
continuity and disaster recovery plans.
Regulatory environment •BHF risk management, legal and fundraising compliance teams monitor public
changes in government policy,
regulatory requirements and/or
Charity Sector guidance negatively		 policy and the regulatory environment to ensure potential risks can be proactively
managed
•active programmes of advocacy, infuencing and senior level engagement to
impact on BHF’s strategy and ensure our views are shared
activities. •senior BHF and partner representation at key events and forums to help shape the
research agenda.
BHF Strategy •BHF’s Strategy to 2030 sets out how we aim to play a leading role in achieving
strategic objectives and activities signifcant improvements in heart and circulatory health
are not properly or sufficiently •our 3-year Strategic Plan outlines the key milestones in the medium term for the
focused in order for the charity to successful delivery of the Strategy, which are monitored and reviewed by the
deliver its mission. Executive Group and Trustees
•the development of supporting programmes and operational plans is informed by
internal and external subject matter experts
•scrutiny and approval of research funding applications by international expert
committees.
Investments • expert fnancial advice informs investment and treasury policies that ensure our
BHF is exposed to financial risk
and market movements through its
cash and investment portfolios, and		 portfolio is adequately diversifed and managed. This includes having regard for
best practice in Environmental, Social and Governance (ESG) issues, as further
discussed below
via the assets and liabilities of a • oversight of investment performance by our Investment Committee, who monitor
defined benefit pension scheme. compliance with, and the effectiveness of, our investment and treasury policies
• the Trustees of the defned beneft scheme (closed to new members and future
service accrual), in consultation with BHF as sponsoring employer, ensure expert
advice informs the Scheme’s investment and liability management policies.

Trustees’ report: Strategic report[|] 101

Principal risks and uncertainties

Risk Management
Our People • an active communication programme using our intranet site to ensure staff
attracting and nurturing talent and volunteers are always informed on BHF’s strategy and the progress being
and leadership development and achieved
succession planning to retain • monitoring of trends in an increasingly competitive and dynamic employment
the right staff in a competitive market with regular external benchmarking of compensation and benefts
employment market • monitoring and responding to insight from organisational engagement surveys
• continuing the #fexiblyconnected programme to enable staff to have more
fexibility in their work patterns and to help maintain a healthy work-life balance
• ethnicity and Gender Pay Gap monitoring and reporting
• continuing to roll out and embed the EDI strategy and engagement programme
• talent management, leadership development and succession planning
programmes for key functions
• investments in pay and wellbeing benefts to recognise the impact of the cost-of-
living crisis on our workforce
• a network of staff Affnity Groups to share information and support diversity of
our people
• commitment to BHF’s Volunteer Strategy with a focus on ensuring it is inclusive,
easy, and fexible for volunteers to be able to support BHF.
Normalising Change & Delivery • creation of an Enterprise Portfolio Management Offce (EPMO) to support
delivering effective change operational effectiveness and prioritisation of resources across BHF
management through major • operations Board and Executive Group review, monitor and support all key
process improvement programmes change programmes ensuring appropriate governance and resourcing priorities
in support of BHF Strategy are addressed
• independent programme assurance of key change programmes
• utilising expert third party advice and strategic delivery partners, to help
determine and deliver BHF’s future technology architecture and road-map.
Collaborative Research • we have made, and continue to develop, bilateral agreements with European
the impact of Britain’s withdrawal and global institutions
from the European Union on the • engaging with BHF funded researchers to better understand any ongoing
research sector, our ability to impact, and therefore the extent to which BHF’s funding programmes may
attract researchers, or collaborate require amendment or development
with European research institutions. • engaging with relevant government and umbrella organisations to advocate
and infuence in the interest of our benefciaries, including applicable visa
arrangements such that the UK remains an attractive location for international
researchers to come and work.
Environment and Sustainability • implementation of an Environmental, Social and Governance (ESG) programme,
failure to progress our sustainability
programme could damage our		 fully embedded within our overall strategic ambition, including the establishment
and subsequent monitoring of longer term ESG targets for BHF
reputation, introduce higher costs • commitment to investing BHF’s reserves in a responsible manner and for the
and impact our ability to meet our investment portfolio to be managed in accordance with BHF’s own charitable
charitable mission. mission and values. Employing best practice in ESG Implementation
• the ESG Board with Executive Group sponsorship oversees the delivery of our
ESG programme.

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British Heart Foundation is a company limited by guarantee, incorporated in England on 28 July 1961, and registered at Greater London House, 4th Floor, 180 Hampstead Road, London NW1 7AW. Our Articles of Association were last amended on 31 March 2016 and provide for a limitation of member liability to £1. BHF is a registered charity in England and Wales (charity number 225971), in Scotland (charity number SC039426) and on the Isle of Man (charity number 1295).

BHF is the UK’s largest independent funder of cardiovascular research in the UK. Our mission is to prevent and defeat heart and circulatory diseases by pioneering lifesaving research into the causes, diagnosis, treatment and prevention of heart and circulatory disease for the public benefit, and to provide vital support and information for people living with heart and circulatory diseases.

The Board of Trustees is responsible for the governance and strategy of BHF. The board comprises up to 14 Trustees, and a mix of medically-qualified and lay members. The Trustees have full legal responsibility for the actions of BHF, are appointed for a renewable term of three years and are the directors of the company for the purposes of the Companies Act 2006.

The Board meets on a quarterly basis and delegates day-to-day responsibility for the running of BHF to the Executive Group.

The Board also delegates specific responsibilities and activities to various sub-committees, including the Audit & Risk, Investment, Retail, Nominations and Remuneration & People committees. Our investment in research is overseen by five medical committees with responsibility for specific areas of research including the review of grant applications and other scientific award proposals. An organisation chart listing all our current committees can be found on page 104.

Our board and committee structure

Our committees and groups are arranged into one of three streams – Governance, Operational and Advisory.

Governance stream

The Trustees have the ultimate responsibility for running the Charity, their principal duties being to set the strategic direction of the Charity and ensure that the Charity is solvent, properly run and delivers its charitable purposes. To ensure that all decisions are informed and appropriate, and where it is beneficial to BHF, the Trustees have delegated certain tasks to directly accountable committees. These ‘Governance Committees’ are comprised of members with relevant specialist knowledge. There are currently three Governance Committees – Audit & Risk, Nominations and Remuneration & People – each of which has members who are experts in areas appropriate to their committee’s work.

Operational stream

The operational committees review and make decisions on key operational matters on behalf of the Board of Trustees in the following areas:

Each operational committee operates within clearly defined delegated authority and budgetary limits set by the Board to further the strategic aims of the Charity.

Legal structure and governance[|] 103

Legal structure and governance

Advisory communities

BHF advisory communities cover specific areas of expertise, each designed to support BHF’s strategy to 2030. Working with supporters, specialist advisers, patient representatives and other key stakeholders these groups:

The advisory communities currently include as part of the formal board structure, a Retail Committee, and among other specialist advisory groups, the Research Strategy Advisory Group, Technology Advisory Group, and Marketing Advisory Board. Each is made up of independent experts who provide advice on our operations and insight on the wider research, commercial and technology environment.

Charity Governance Code

The Board supports the principles of good governance as set out in the Charity Governance Code and has reviewed and will regularly revisit the Code’s key principles to support continuous improvement and ensure the highest standards of governance. As recommended by the Code, every three years the Board commissions an independent review of its performance, and in the intervening years undertakes a self-evaluation process.

In 2023, an independent governance review was commissioned and undertaken by Campbell Tickell. This included a review of our committee structure and overall governance arrangements including board culture and effectiveness, decision making, risk and performance monitoring and overall compliance with the Charity Governance Code. The Nominations Committee has been asked to provide oversight of the implementation of an agreed set of actions.

Board of Trustees

Governance

Audit and Risk Committee Nominations Committee Remuneration and People Committee

Operational

Chairs and Programme Grants Committee Projects Grants Committee Fellowships Committee Clinical Studies Committee Translational Awards Committee Investment Committee

Advisory

Retail Committee

plus other advisory communities including: Technology Advisory Group Research Strategy Advisory Group Marketing Advisory Board

104[|] British Heart Foundation

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of Acting Chair this year on the retirement of Wendy Becker, before subsequently being appointed Chair. We also express our thanks to Wendy Becker, Chair of Trustees and to Daryl Fielding, Sir John Hood, Professor Jill Pell and Peter Phippen, who also retired this year, each having played a huge role in the direction of BHF during their tenures.

Board of Trustees

The Trustees act as the company directors of BHF, and under charity law they have legal duties and responsibilities as Trustees.

We are pleased to welcome two new Trustees, David Boynton and Sharron Pamplin who joined the Board of Trustees this year. The Board of Trustees is grateful to all our committee members for their support during the year, but our particular thanks go to Karen Frank for initially stepping into the role

The membership of the Board of Trustees, and their involvement on other Governance Committees is as follows:

support during the year, but our particular thanks
go to Karen Frank for initially stepping into the role

is as follows:
Trustees
Year of
Audit
Trustee
& Risk
appointment		 Nominations
Remuneration
Committee
& People
Committee
Karen Frank (Chair)*
2019		 C+
M+
Wendy Becker (Chair)*
2022		 C
M
David Boynton*
2023
Dr Sarah Clarke (Deputy Chair)
2018		 M
M
Professor Sadaf Farooqi
2022
Daryl Fielding
2017
M*
Mark FitzPatrick
2020
C
Sir John Hood*
2021
Timothy Howe KC
2018
M
Dr Annalisa Jenkins
2021
Professor David Lomas
2016		 M
Sharron Pamplin*
2023		 M++
C++
Peter Phippen*
2017
Professor Sir Munir Pirmohamed
2020
Professor Jill Pell*
2020
Professor Brian Walker
2022
*Changes to the Board of Trustees in this financial year
• Sir John Hood retired on 5 July 2023
• Wendy Becker retired on 1 October 2023
• Karen Frank became Acting Chair on 1 October 2023 and Chair on 11 June 2024
• Professor Jill Pell retired on 17 October 2023
• Daryl Fielding retired on 14 December 2023
• Peter Phippen retired on 14 December 2023
• David Boynton joined the Board of Trustees on 14 December 2023
• Sharron Pamplin joined the Board of Trustees on 14 December 2023
 Key
C Chair
M Member
+ from 1 October 2023
++ from 14 December 2023
* to 1 October 2023
** to 14 December 2023

Trustee biographies are available at: www.bhf.org.uk/what-we-do/our-people/our-trustees

Legal structure and governance[|] 105

Legal structure and governance

Trustee recruitment, induction and training

The Nominations Committee is responsible for recruiting members of the Board of Trustees and its sub-committees. One of its key aims is to ensure a broad mix of skills, experience, knowledge and diversity including gender and ethnicity. The Nominations Committee meets regularly to review the composition of the Board of Trustees and its committees, and all new appointments are evaluated against the existing skills, experience, knowledge and backgrounds. Trustee and committee vacancies are advertised as necessary and for recent appointments BHF has extended its search and taken advice from specialist agencies to enhance and broaden the pool of candidates. BHF will also approach individuals thought to have the right skills.

New Trustees undertake a comprehensive induction programme and are invited to spend time with individual members of the Executive Group. This is a chance to learn about BHF and identify opportunities to become more involved with our work. Trustees are also invited to attend regular research site visits to learn more about BHF research, and additional training and updates are provided as appropriate.

Section 172 Companies Act 2006 Statement

The Trustees, as company directors of BHF, must act in accordance with a set of general duties as detailed in Section 172 of the Companies Act 2006, which includes a duty to promote the success of the company, and in doing so have regard (amongst other matters) to:

Our governance processes

Throughout this report, we have summarised our governance framework, our values and behaviours, and how we have engaged with stakeholders during the year. The Trustee Board has considered the views and needs of key stakeholders in Board discussions and decision making. It also believes that a balance of skills, experience, knowledge and diversity in the broadest sense is vital to providing a variety of different perspectives to its discussions and enhancing the Board’s decision-making. The following paragraphs are not intended to be an exhaustive list, but are illustrative of how the Trustees have fulfilled these duties during the year.

The likely consequences of any decision in the long term

BHF’s long-term ambition is to see a world free from the fear of heart and circulatory disease. Our Strategy to 2030 is a blueprint for achieving these goals and has informed the Board’s decisions and likely consequences of these in the long term. As part of their induction, the Trustees are briefed on their role and duties, which are fulfilled partly through the governance structure detailed on pages 103-105. The Board’s discussions have been informed by detailed reports on specific subjects from the Executive Team and quarterly performance reporting to provide assurance and assist the Trustees in their decision making. In addition to this, a detailed Risk Management Framework is used to identify and manage risks in all our activities.

During 2023-24 we have continued to operate in an uncertain environment where prompt, informed decision making has been essential. The Board receives monthly operational updates to support business-critical decisions and has undertaken an annual review of BHF’s Strategy to 2030 to agree short term priorities and assess the longer-term impact of the pandemic and current economic climate on the delivery of BHF activities, and on staff, volunteers and other key stakeholders.

For further details on our Risk Management Framework and principal risks and uncertainties please refer to pages 99-102.

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Engaging with our stakeholders

Our stakeholders How we engage with them
Patients and those affected by heart • the Board of Trustees continues to recognise the growing backlog of care,
and circulatory disease diagnostics and treatment and the disproportionate effect of the pandemic
It is vital that we understand the on people affected by heart and circulatory diseases. It is agreed that fghting
experiences, needs and priorities for better health and care, tackling health inequalities and the provision of
of those affected by heart and information and support for the people who need us are critical priorities
circulatory disease to inform our • we regularly consult and work with patients and the public to work for better
research strategy, help us identify health and care. We do this through various patient panels and advisory groups.
where policy changes are most For example, The Lived Experience Advisory Forum (LEAF) seeks advice from
needed to improve care and to people affected by heart and circulatory conditions on our infuencing priorities
provide relevant and accessible and our Patient Research Strategy Advisory Panel provides regular input into our
information. research strategy
• we are using data, insights and feedback to ensure we are effectively supporting
the people who need us and are progressing with plans to be more inclusive in
our approach
• our valued information and support website pages continue to reach a wide
audience and our Heart Helpline remains a lifeline for thousands of patients and
their families
• for further details on how we have engaged with patients and those affected by
heart and circulatory disease please refer to pages 28-41.
Research and clinical •our research portfolio includes 703 research projects spanning all areas of heart
community and circulatory disease, and the research training and fellowships we provide are
As the largest independent funder a key part of BHF’s prominent contribution to the UK cardiovascular research effort
of cardiovascular research in the • our focus in 2023-24 has continued to be our use of partnerships and engagement
UK, supporting a thriving research with other international research funders to develop and deliver a strategic
community and fostering future research agenda
talent is vital to our mission. • in July 2023 we published our frst research funding diversity report. This report
provided valuable insight that is helping shape and inform the board’s future
strategy and actions to address under-representation in the research community
• for further details on the impact on BHF’s research please refer to pages 12-25.
Our supporters • the board recognises its responsibility to increase awareness, inspire and build
Building lasting relationships
with our supporters is vital to our
long-term mission. We need to		 lasting relationships with our supporters, and is committed to ensuring our
supporters have an incredible experience while helping to fund our lifesaving
research
provide the right opportunities for • informed in part by feedback received from stakeholders, we have continued to
people to support us and the level
of customer service they would
expect.		 invest in technology to support our retail business and customer services, and are
committed to signifcantly enhancing the quality of customer experience across
the whole of our customer base
• we would like to thank all our supporters for their continued support, donations
and tireless fundraising this year
• for further detail on our fundraising activities please refer to pages 44-71.

Legal structure and governance[|] 107

Legal structure and governance

Engaging with our stakeholders (continued)

Our stakeholders How we engage with them
Our staff and volunteers • we strive to promote a culture whereby everyone at BHF is treated equally, with
As an organisation we know we respect, is safe from abuse or harm and is able to give of their best
need to recruit, develop and support • we undertake regular staff and volunteer engagement surveys to understand
the best people to help us achieve and take into account any concerns
our goals. In order to do this we • our employee survey shows that our Flexibly Connected policy on hybrid working
need to understand what support, is working well and valued by colleagues; and we are proud to have announced
information and development this year positive changes to parental leave entitlements for all BHF colleagues
opportunities our people need from recognising the equal role of parents and carers and BHF’s commitment to treat
us. everyone fairly
• our volunteering strategy and MyVolunteer digital platform have been designed
to make gifts of time easy, fexible and inclusive. We want all our volunteers to
have the best possible experience
• we continue to build on and evolve our EDI strategy, Igniting Change, with input
from our Kaleidoscope and affnity groups which provide a forum for raising
awareness, listening and improving our understanding of the experiences
of different groups at BHF. Outputs from these groups are fed back to the
Remuneration & People Committee and have helped inform actions as part of
this workstream
• the Board is assisted in fulflling its governance duties in relation to staff
and volunteers by the Remuneration & People Committee, and part of this
Committee’s remit is to review regular reports on safeguarding, learning and
development, employee and volunteer engagement and initiatives relating to
wellbeing and safety, equality, diversity and inclusivity. Any concerns around
culture or policy or people or compliance are brought to the attention of the
Trustees
• for further details on how we engage with our staff and volunteers please see
pages 79 and 111-112.
Policy and key opinion leaders • throughout the year, BHF has continued to develop and maintain strong and
Strong and effective relationships
with policy makers and other
medical research charities is key to
furthering our objectives in support		 effective relationships with communities, key opinion leaders, the NHS and
Government in each of the four Nations to further our objectives in support of the
prevention, treatment and care of heart patients and making sure cardiovascular
disease is seen as a top priority in tackling poor health and inequality
of the prevention, treatment and • we have also worked closely with other medical research charities in pursuing
care of heart patients. shared policy outcomes
• for further details on how we engage with policy makers please see pages 32-39.

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Engaging with our stakeholders (continued)

Our stakeholders How we engage with them
Business relationships with suppliers, • we are extremely grateful for the advice and direct fnancial support received
customers, partners, landlords and from our business partners, landlords and other service providers during the past
others year. The Board has encouraged management to develop and maintain trusted
The delivery of our charitable partnerships with each and expects our partners to be aligned with the values of
aims and objectives is dependent BHF. We seek always to act with honesty and integrity in all that we do to deliver
on a range of relationships with the best value for money in support of our strategic goals
universities, suppliers and other • partner organisations are expected to comply with the requirements of any
business partners. professional standards, or trade bodies, depending on their activities, and all
applicable laws, statutes, regulations and codes of practice relating to anti-
bribery and anti-corruption
• BHF has a zero-tolerance approach to modern slavery and we strive to act
ethically and with integrity in all of our business dealings and relationships to
ensure that modern slavery is not taking place anywhere in our own business or
in any of our supply chains. We will also ensure that our approach to this issue is
clear to our partner organisations. BHF also has a zero-tolerance policy on harm
and abuse and provisions in relation to Safeguarding are also included in our
Code of Practice for suppliers
• through building trusted partnerships and working with others we believe great
progress can be made towards our vision of a world free from the fear of heart
and circulatory diseases. In 2023-24 some of these partnerships have also
provided fnancial and practical support through a range of initiatives aimed at
further supporting BHF
• full details of our policies in relation to our business relationships with companies,
suppliers, customers and others, including our supplier Terms & Conditions,
statement on Modern Slavery and Feedback & Complaints policy can be found
at:www.bhf.org.uk/what-we-do/our-policies.
Sustainability and Environmental •we have a programme of activities underway as we work to operate in the most
Impact responsible manner, with a series of commitments to ensure that our environmental,
The threats posed by climate social and economic impact is considered
change, pollution and resource • building on the work of previous years, in 2023-24 a principal decision of the Board
depletion will affect us all, and we of Trustees was the agreement of an Environmental, Social and Governance (ESG)
recognise the need to address this roadmap, inclusive of a commitment to be a net carbon zero organisation by 2045
threat through effective and ethical at the latest. In making this decision, the Board had regard to a range of factors,
decision making. including the likely consequence of the decision on our stakeholders, including
patients, staff and volunteers; the impact on the BHF’s operations and the research
community we support; and the impact on the BHF’s reputation for maintaining
high ethical standards and standards of business conduct
• further information on ‘Being a Responsible Charity: BHF’s Roadmap’ and key
areas of focus which will enable us to meet this commitment can be found on
pages 84-86, and our Streamlined Energy and Carbon Reporting on pages 98-99.

Legal structure and governance[|] 109

Legal structure and governance

Public benefit

In reviewing our aims and objectives, and planning future activities, the Trustees have taken into account the Charity Commission’s general guidance on public benefit. The Trustees always ensure that the activities undertaken are in line with the charitable objectives and aims of BHF.

As highlighted earlier in this report, some of our health promotion, care and communications initiatives are specifically targeted at those population groups most at risk of heart and circulatory diseases, due to ethnic, social or economic factors. However, by their very nature, all our charitable activities are undertaken for the benefit of the public.

BHF fundraising

BHF is registered with the Fundraising Regulator and we, along with all fundraising partner organisations are committed to meeting the standards set out in the Code of Fundraising Practice:

fundraisingregulator.org.uk/code

To ensure compliance, BHF operates a continuous review of the standards set out within the Code included in quarterly reporting to the Audit & Risk Committee. Code requirements also form part of our fundraiser training.

BHF operates a broad fundraising portfolio which includes the use of third-party professional fundraisers, commercial participators and volunteers. The types of fundraising initiatives we engage in include (but are not limited to) in person and online events, community engagement through our groups, branches and volunteers, mass marketing which includes public fundraising, as well as engaging in corporate partnerships and with high net worth individuals.

Our fundraising activity and overall strategy is regularly addressed by the Board of Trustees in exercise of their duties under CC20 Charity Commission guidance. They, together with our Audit and Risk Committee, monitor significant risks and ensure they are being properly addressed.

Fundraising on our behalf

We continue to monitor all public fundraising agencies through our dedicated mystery shopping, training evaluation, doorstep shadowing and telephone call monitoring programme in line with the requirements set out in The Charities (Protection and Social Investment) Act 2016.

BHF currently engage the following professional fundraising organisations – APPCO UK Ltd and Ethi-call Limited. We have written fundraising agreements in place with each partner organisation which include clauses related to our monitoring and assurance activity.

Vulnerable people

BHF recognises its responsibility and is committed to acting appropriately and with compassion when engaging with vulnerable or potentially vulnerable people. Our Vulnerable Supporters Policy applies to all our fundraising activities and ensures that we are protecting the public from undue pressure to donate, as well as identifying people in vulnerable circumstances. We train all door-to-door and private site fundraisers around identifying the signs which may indicate a person is not able to make an informed decision to donate to BHF. Our Supporter Promise provides a further commitment to conduct our fundraising activity in a manner that is honest and transparent.

In addition, for 2023-24 we launched enhanced training for BHF staff on interacting with vulnerable supporters and on general fundraising compliance.

bhf.org.uk/what-we-do/our-policies/supporterpromise

Complaints

From the millions of contacts we have with supporters each year, in 2023-24 we received 271 complaints about our fundraising practices (2022-23: 258 complaints). We take all complaints very seriously and respond according to our Complaints Policy. We received no complaint investigations via the Fundraising Regulator in 2023-24.

110[|] British Heart Foundation

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Our Board of Trustees receives the ‘Voice of the Customer Report’ which includes results of the latest online surveys in order to understand the views and concerns of our customers and supporters across all our activities.

Company Secretary

Head of Legal & Governance and Company Secretary Sam Ryan

Executive Group biographies are available at:

Grant award policies

We only award scientific research grants after a formal, detailed application process and a comprehensive peer review. For in-depth information on research expenditure, the grant award process and application guidelines visit:

bhf.org.uk/for-professionals/information-forresearchers

Executive Group

The Executive Group is responsible for the day- today running of BHF under authority delegated to it by the Board of Trustees. It proposes to the Board of Trustees where BHF should invest its time, money and expertise, including an annual discussion of strategy supported by financial forecasts. It proposes an annual operating budget to the Board of Trustees for approval and monitors financial performance accordingly. The Executive Group members are detailed below:

Chief Executive

Dr Charmaine Griffiths

Medical Director

Professor Sir Nilesh Samani – to December 2023

Chief Scientific and Medical Officer

Professor Bryan Williams OBE MD FMedSci – from December 2023

Chief Technology Officer

Alex Duncan

Chief Financial Officer Martin Miles FCA

bhf.org.uk/what-we-do/our-people/our-executivegroup

Our staff and volunteers

None of our lifesaving work would be possible without the dedication and hard work of our volunteers, supporters and staff.

At 31 March 2024 we had a paid workforce of 4,393, spread right across the UK (3,373 of whom are employed in our retail operation). The full-time equivalent headcount is detailed within note 4 to the accounts on page 130.

To many people across the UK, volunteers are the public face of our charity. We are extremely grateful to our retail and fundraising volunteers for their continued support. We recognise that the world of volunteering has changed significantly over recent years, and our volunteering strategy is to make volunteering for BHF as easy, flexible and inclusive as possible. We want all our volunteers to have an incredible experience and truly feel they are making a difference to BHF.

Increased communication and engagement with staff and volunteers has helped to ensure that organisational trust and dedication have remained high. We’ve continued to foster a culture that empowers colleagues to Live well and Work well through a range of support, including a comprehensive programme of online webinars, promotion of external sources of support and encouraging social connection. We continued to expand our Mental Health Ambassador network and promote our Employee Assistance Providers accordingly.

Chief Marketing and Fundraising Officer Claire Sadler

Chief People Officer Kerry Smith

Commercial Director

Mike Taylor

Legal structure and governance[|] 111

Legal structure and governance

BHF is committed to employment policies which follow best practice, based on equal opportunities for all employees, irrespective of gender, ethnicity, religion, sexual orientation, age, employment status, disability or marital status.

BHF gives full and fair consideration to applications for employment from people with disabilities, having regard to their particular aptitudes and abilities.

All reasonable adjustments are made for the continued employment and training, career development and promotion of people with disabilities employed by BHF. We do not condone or tolerate any form of discrimination in our recruitment or employment practices. All employees and applicants are treated on merit, fairly, with respect and dignity, recognised as individuals and valued for the contribution they make, provided fair and equal access to training, development, reward and progression opportunities, and are accountable for the impact of their own behavior and actions.

During the year, regular communications are provided to our staff and volunteers, including updates on the Charity’s progress. In addition, one of our values is to encourage our staff and volunteers to speak out and express their views and opinions. Staff and volunteer forums are used, as well as engagement surveys and regular all-staff updates. Employee suggestion schemes, webchats with directors and senior managers, and informal opportunities to express views as well as our ‘concern at work’ email for any anonymous reporting, support the priority for open and transparent engagement at all times. All new employees attend BHF induction events attended by our Chief Executive and members of our Executive Group.

Executive pay

We have a detailed Reward Policy, which sets out our guiding principles for reward at BHF. The remuneration for the Executive Group is set, monitored and reviewed by the Remuneration & People Committee, which is chaired by a senior human resources specialist.

BHF is committed to a policy of equal pay and aims to ensure that salaries reflect the knowledge, skills, behaviours and capabilities required for satisfactory performance in each role whilst also demonstrating appropriate use of charitable donations. Salaries are benchmarked against the voluntary sector and, where appropriate, other relevant job markets. More information on our executive pay policy can be found on our website at:

bhf.org.uk/what-we-do/our-policies/ourstatement-on-senior-salaries

An annual pay review was awarded on 1 April 2023. In the financial year 2023-24 our Chief Executive’s basic salary was set at £218,400.

Gender and ethnicity pay gap

We’re pleased to share that BHF’s gender pay gap remains small, although it will naturally reflect year-to-year changes in our team. In 2023 our median gender pay gap remained less than 1% (0.7% in favour of men vs 0.1% in 2022 in favour of women).

We also choose to share our median ethnicity pay gap, noting that it represents a smaller number of colleagues across our various BHF teams. In 2023 the median shows that the gap reduced with colleagues from ethnic minority backgrounds paid 7.4% more than white colleagues (down from 12.2% in 2022).

Creating a more diverse workforce, including at senior leadership level, remains a priority. Some of the key actions we are continuing to implement include: using a gender bias decoder for job advertisements, promoting flexible working, not asking for current salary details, partnering with Rare Recruitment to combat bias at the interview stage, using anonymous CV software, launching an Interview Builder to reduce unconscious bias, and tracking recruitment data to inform future strategies. BHF is also a member of the Tech Talent Charter to promote diversity in technology.

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Trustees’ indemnity

As permitted by the Articles of Association, each of the Trustees has the benefit of an indemnity which is a qualifying third-party indemnity as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

The Company also purchased and maintained throughout the financial year Trustees’ and Officers’ liability insurance in respect of itself and its Trustees.

Auditors

As a result of tendering the audit during the year, PricewaterhouseCoopers LLP resigned as auditors. The trustees would like to thank PricewaterhouseCoopers LLP for their service as auditors. BDO LLP were successful in the tender and replaced PricewaterhouseCoopers LLP on 5 October 2023. BDO LLP have expressed their willingness to continue to act as auditors.

The Trustees’ Report, including the Strategic Report, was approved by the Board of Trustees on 23 July 2024.

Legal structure and governance[|] 113

Statement of Trustees’ responsibilities

The Trustees (who are also directors of the British Heart Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report (including the Strategic Report) and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and the group, 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 charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustees are aware:

Karen Frank Chair 23 July 2024

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, and disclose with reasonable accuracy at any time the financial position of the charitable company and the group, and enable them to ensure that the financial statements comply with the Companies Act 2006/Charities Act 2011, the Charities (Accounts and Reports) Regulations

114[|] British Heart Foundation

Independent auditors’ report to the members and Trustees of British Heart Foundation

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The British Heart Foundation (“the Parent Charitable Company”) and its subsidiaries (“the Group”) for the year ended 31 March 2024 which comprise the group statement of financial activities (incorporating a group income and expenditure account), the group and charity balance sheets, group statement of cash flows 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements 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.

Conclusions related 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 Group and the Parent Charitable Company’s ability to continue as a going concern for a period of at least twelve 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.

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. 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

Independent auditors’ report[|] 115

Independent auditors’ report to the members and Trustees of British Heart Foundation

material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic report or the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities, the Trustees (who are also the directors of the charitable company 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 determines 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 Group’s and the Parent Charitable Company’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 Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our

116[|] British Heart Foundation

Independent auditors’ report to the members and Trustees of British Heart Foundation

responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations Based on:

We considered the significant laws and regulations to be FRS 102 and the Charities SORP 2019, UK tax legislation, Fundraising Regulations, Charities Act 2011, the Office of the Scottish Charity Regulator and the Companies Act 2006 .

The Group is also subject to laws and regulations where the consequence of noncompliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of journals and controls, revenue recognition, valuation of the legacy income accrual and valuation of the grant liability.

Independent auditors’ report[|] 117

Independent auditors’ report to the members and Trustees of British Heart Foundation

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the Charitable Company’s trustees, as a body, in accordance with the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charitable Company’s members and trustees 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 Charitable Company, the Charitable Company’s members as a body and the Charitable Company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jill Halford (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor London, UK

23 July 2024

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

118[|] British Heart Foundation

Group statement of financial activities for the year ended 31 March 2024

(Incorporating a Group income and expenditure account) Company reg. number: 699547

2024
2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
and
funds
funds
and
funds
endowment
endowment
funds
funds
£m
£m
£m
£m
£m
£m
Income from
Note
Donations and legacies
2
136.7
9.1
145.8
130.8
11.4
142.2
Charitable activities
2.1
–
2.1
3.7
–
3.7
Investments
10.3
–
10.3
5.9
–
5.9
Other income
0.1
–
0.1
0.1
–
0.1
Total fundraising income
149.2
9.1
158.3
140.5
11.4
151.9
Expenditure on
Raising funds: donations and legacies
4
(36.8)
–
(36.8)
(32.1)
–
(32.1)
Investment management fees
4
(1.1)
–
(1.1)
(0.9)
–
(0.9)
Total fundraising costs
(37.9)
–
(37.9)
(33.0)
–
(33.0)
Fundraising contribution
111.3
9.1
120.4
107.5
11.4
118.9
Trading income
3
240.6
–
240.6
229.4
–
229.4
Tradingcosts
3/4
(222.6)
–
(222.6)
(204.0)
–
(204.0)
Contribution from trading activities
18.0
–
18.0
25.4
–
25.4
Net income available for charitable purposes
129.3
9.1
138.4
132.9
11.4
144.3
Charitable expenditure
Research
4
(106.5)
(10.2)
(116.7)
(94.2)
(5.2)
(99.4)
Healthcare Innovation
4
(38.5)
(1.0)
(39.5)
(33.2)
(0.5)
(33.7)
Total charitable expenditure
(145.0)
(11.2)
(156.2)
(127.4)
(5.7)
(133.1)
Net (expenditure)/income before gain/(loss) on investments
(15.7)
(2.1)
(17.8)
5.5
5.7
11.2
Represented by
Total income
389.8
9.1
398.9
369.9
11.4
381.3
Total expenditure
(405.5)
(11.2)
(416.7)
(364.4)
(5.7)
(370.1)
Net (expenditure)/income before gain/(loss) on investments
(15.7)
(2.1)
(17.8)
5.5
5.7
11.2
Net gain/(loss) on investments
30.5
-
30.5
(3.3)
-
(3.3)
Net income/(expenditure)
14.8
(2.1)
12.7
2.2
5.7
7.9
Other recognised gains/(losses)
Actuarial gain/(loss) on defned beneft pension scheme
14
–
–
–
–
–
–
Net movement in funds
14.8
(2.1)
12.7
2.2
5.7
7.9
Reconciliation of funds
Funds balances brought forward at 1 April
5
102.4
23.2
125.6
100.2
17.5
117.7
Total funds carried forward
5
117.2
21.1
138.3
102.4
23.2
125.6

There are no recognised gains or losses other than those disclosed above. All results derive from continuing operations. Gross income for the year for the parent charity is £374.6m (2023 restated: £359.5m (note 17)) and gross expenditure is £392.9m (2023: £350.5m). The notes on pages 122 to 144 form an integral part of these financial statements.

Financial statements[|] 119

Balance sheets as at 31 March 2024

Company reg. number: 699547

Fixed assets
Note		 Group
Charity
2024
2023
2024
2023
£m
£m
£m
£m
As restated
Tangible assets
6
Investments
7		 32.3
29.9
32.3
29.9
270.7
185.8
270.7
185.8
Total fxed assets
Current assets		 303.0
215.7
303.0
215.7
Inventories
Debtors
8
Cash and cash equivalents		 7.6
8.8
–
–
133.1
121.9
131.9
120.8
98.0
129.4
89.0
120.5
Total current assets
Creditors: amounts falling due within oneyear		 238.7
260.1
220.9
241.3
Research and other grant awards
9
Other creditors
10		 (119.3)
(98.0)
(119.3)
(98.0)
(41.3)
(38.2)
(41.3)
(36.8)
Total current liabilities (160.6)
(136.2)
(160.6)
(134.8)
Net current assets 78.1
123.9
60.3
106.5
Total assets less current liabilities
Creditors: amounts falling due after more than oneyear		 381.1
339.6
363.3
322.2
Finance lease creditor
Research and othergrant awards
9		 (1.3)
(0.8)
(1.3)
(0.8)
(237.8)
(209.1)
(237.8)
(209.1)
Total Creditors: amounts falling due after more than one year
Provision for liabilities and charges
11		 (239.1)
(209.9)
(239.1)
209.9
(3.7)
(4.1)
(3.7)
(4.1)
Net assets excluding pension liability
Defned beneftpension liability
14		 138.3
125.6
120.5
108.2
–
–
–
–
Net assets including pension liability 138.3
125.6
120.5
108.2
Represented by:
Endowment funds
5
Restricted income funds
5
Unrestricted funds		 7.5
7.5
7.5
7.5
13.6
15.7
13.6
15.7
General funds
5
Pension reserve
14		 117.2
102.4
99.4
85.0
–
–
–
–
Total unrestricted funds 117.2
102.4
99.4
85.0
Total funds 138.3
125.6
120.5
108.2

The balance sheet was restated to de-recognise the distribution receivable asset previously recorded, see note 17. The Charity’s net movement in funds for the year was an increase of £12.3m (2023 as restated: increase of £5.7m). The financial statements on pages 119 to 144 were approved by the Board of Trustees on 23 July 2024, and signed on its behalf by:

Karen Frank

Chair

Mark FitzPatrick

Chair of the Audit & Risk Committee

Members of the Board of Trustees

The notes on pages 122 to 144 form an integral part of these financial statements.

120[|] British Heart Foundation

Group statement of cash flows for the year ended 31 March 2024

2024 2023
£m £m
As restated
Cash fows from operating activities
Net cash fow from operating activities 24.8 35.6
Cash fows from investing activities
Investment income 5.2 2.8
Purchase of investments (75.0) (35.0)
Proceeds from sale of investments 24.6 7.4
Purchase of tangible fxed assets (10.9) (8.1)
Proceeds from sale of tangible fxed assets 0.6 0.1
Net cash (outfow) from investing activities (55.5) (32.8)
Cashfow from fnancing activities
Repayment of obligation under fnance leases (0.7) (0.4)
Net (decrease)/increase in cash and cash equivalents (31.4) 2.4
Cash and cash equivalents at 1 April 129.4 127.0
Cash and cash equivalents at 31 March 98.0 129.4
Reconciliation of net cash fow from operating activities
Net income 12.7 7.9
Add/(less):
Depreciation 9.6 9.4
Increase in provision for impairment of fxed assets 0.1 0.1
(Gain)/loss on disposal of fxed assets (0.3) 0.1
Investment income (10.3) (5.9)
Net (gain)/loss on investments (30.5) 3.3
Decrease/(increase) in inventories 1.2 (2.8)
(Increase) in debtors (10.1) (10.3)
Increase in creditors 2.8 8.8
(Decrease) in provisions for liabilities and charges (0.4) (0.1)
Increase in grant liability 50.0 25.1
Net cash outfow from operating activities 24.8 35.6

The cash flow was restated following a revision of fixed asset investments additions and disposals, see note 17. The notes on pages 122 to 144 form an integral part of these financial statements.

Analysis of changes in Debt

Analysis of changes in Debt
At 1 April 23 Cash Flows New Finance As at
Leases31 March 2024
£m £m £m £m
Cash and Cash Equivalents
Cash 17.8 3.7 – 21.5
Short term Deposits 111.6 (35.1) – 76.5
Cash and Cash Equivalents 129.4 (31.4) – 98.0
Borrowings
Finance Leases (1.3) 0.7 (1.5) (2.1)
Total 128.1 (30.7) (1.5) 95.9

The notes on pages 122 to 142 form an integral part of these financial statements.

Financial statements[|] 121

Notes to the accounts

1. Accounting policies

Statement of compliance

The Group and Charity financial statements have been prepared in accordance with the Statement of Recommended Practice: ‘Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)’ (SORP) and the ‘Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102). They also comply with the reporting requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the Charities Act 2011. BHF constitutes a public benefit entity as defined by FRS 102.

Basis of preparation

The Group and Charity financial statements have been prepared on a going concern basis (see below), under the historical cost convention, as modified by the revaluation of listed investments. The principal accounting policies applied in the preparation of the Group and Charity financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

In determining the appropriate basis of preparation of the financial statements for the year ended 31 March 2024, the Trustees are required to consider whether BHF can continue in operational existence for the foreseeable future.

The Trustees have reviewed our financial position and financial forecasts, taking into account the levels of investment reserves and cash, and the systems of financial control and risk management. As a result of this review, the Trustees believe that there are no material uncertainties that could cast significant doubt over their ability to continue as a going concern and that we are well placed to manage operational and financial risks successfully. Accordingly, the Trustees have a reasonable expectation that the Charity and the Group have adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the approval of the financial statements. As a consequence, they continue to support the going concern basis in accounting in preparing the annual accounts.

Reporting period

The financial statements for the year ended 31 March 2024 incorporate the trading results of our Retail operations for the 53 week period ended 30 March 2024 (2023: 52 week period ended 25 March 2023).

Basis of consolidation

The financial statements of BHF and its subsidiary companies are consolidated, on a line-by-line basis, to produce the Group financial statements. The consolidated entity is referred to as ’the Group’. The Charity has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual statement of financial activities.

Statement of cash flows

The Charity has taken advantage of the exemption in FRS 102 from preparing a statement of cash flows, on the basis that it is a qualifying entity and the Group statement of cash flows included in these financial statements includes the cash flows of the Charity.

Income

Income is recognised and included in the statement of financial activities when the Group has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably. Income received relating to future accounting periods is deferred and recognised as a creditor within the balance sheet.

122[|] British Heart Foundation

Notes to the accounts

Expenditure

Expenditure is recognised when there is a legal or constructive obligation committing the Group to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Direct costs, including directly attributable salaries, are allocated on an actual basis to each expenditure heading.

Shared costs are allocated, where appropriate, across different expenditure headings.

Governance costs relate to the management of BHF’s assets, organisational administration and compliance with constitutional and statutory requirements. Support costs are costs incurred which are not directly attributable to our charitable, fundraising or retail activities, including for example head-office finance, human resources and legal costs. Governance and support costs have been allocated to expenditure headings on a basis relevant to the nature of the underlying cost, including headcount, time spent or in proportion to resources used.

Costs arising from service contracts to use cloud-based software are recognised as an expense in the Statement of Financial Activities.

Awards

Grants awarded are included within charitable expenditure when the award of the grant has been communicated to the recipient.

Grants awarded are commitments by BHF to reimburse grant recipients for expenditure incurred, up to the value of the grant award. Grant payments are made to recipients retrospectively when invoiced by the recipient and when supporting evidence of costs incurred has been provided. To calculate the grants award liability, the timing and value of grant payments is estimated using a portfolio approach based on historical experience of similar grant awards. The expected underspend against award value reflected within the grant liability range from zero to 15.3% of award value and at 31 March 2024 reflects 5.2% (2023: 5.9%) of the grant award value for open grants.

All grant liabilities in excess of one year are discounted to net present value. The discount rate used to determine the net present value is calculated with reference to UK Gilt yields at the balance sheet date, weighted to reflect the expected phasing of future grant payments. The discount rate applied at 31 March 2024 was 3.15% (2023: 3.65%).

Chairs of BHF Professors

Awards are subject to a quinquennial site visit and review. For new chairs, an initial five-year award is recognised in the financial statements, with a further five years disclosed as a contingent liability and recognised as a liability in the financial statements only on satisfactory completion of the quinquennial site visit and review. For chairs awarded before this policy changed, a contingent liability is recognised from the end of the current five-year award up to the date of retirement.

Programme grants

Awards run initially for five years with a two-and-a-halfyear review and can be extended for a further period of five years subject to Committee approval. On the basis of experience, it is assumed that the overwhelming majority of applicants will be successful at the mid-term review and therefore a liability is recognised in the financial statements for expected future payments required to settle BHF’s five year commitment.

Other Research grants

Where grants are conditional upon the successful achievement of project milestones the total award value is disclosed as a contingent liability and expected payments to the next milestone performance review are recognised as a grant liability in the financial statements. For unconditional grants, a liability is recognised in the financial statements for expected future payments required to settle grant awards.

Irrecoverable VAT is included within the expense items to which it relates.

Financial statements[|] 123

Notes to the accounts

Healthcare Innovation grants

Grants are made in furtherance of BHF’s objective to work with patients and the public for better health and care. On award of a grant, a liability is recognised in the financial statements for the expected future payments required to settle the grant award.

Fund accounting

Unrestricted funds comprise funds that are available for use at the Trustees’ discretion in furtherance of BHF’s objectives. Restricted funds are subject to restrictions imposed by the donor. Endowment funds, which are permanent, represent amounts for which the capital must be retained and invested. Restricted and endowment funds assets are held as cash and cash equivalent until expenditure is incurred.

Tangible fixed assets

Tangible assets are stated at cost which includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated on a straight line basis. The costs of fixed assets are written off over their estimated useful lives at the following rates:

The statement of financial activities includes the net unrealised gains and losses arising on revaluation and realised gains and losses arising from disposals throughout the year. Realised gains and losses are calculated as the difference between sale proceeds and the opening carrying value or the purchase value if acquired in the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and the opening carrying value or purchase value if acquired in the financial year.

Foreign currency

Foreign currency transactions are recorded at the exchange rate at the time of the transaction. Foreign currency balances are translated into sterling at the exchange rate at the balance sheet date. Resulting gains or losses are included in the statement of financial activities.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, cash held in current accounts with UK banks and readily realisable short term fixed interest investments managed on behalf of BHF by Royal London Asset Management Limited.

Inventories

Freehold property: over 50 years

Short leasehold property: over the life of the lease

Shop fittings: over 7 years

Plant, equipment and vehicles: over 3–4 years

IT equipment and software: over 3–5 years.

BHF only capitalises items costing more than £1,000. However, if components of equipment (e.g. office furnishings or personal computers) are acquired with individual unit costs below the capitalisation threshold but with collective costs exceeding £1,000 and anticipated asset lives in excess of two years, then these groups of assets are collectively capitalised at the time of purchase. The holding values and estimated useful lives of assets are regularly reviewed for impairment and where deemed appropriate, are written down.

Investments

Investments are a form of basic financial instrument and are initially recognised at transaction value and subsequently measured at fair value as at the balance sheet date using the closing market bid price.

Inventories purchased for sale are valued on a weighted average cost basis and carried at the lower of cost and net realisable value. Provision is made to reduce carrying values to net realisable value for slow moving, obsolete and defective stock. The provision at 31 March 2024 was £0.3m (2023: £0.2m). Inventories does not include goods donated for sale as it is impractical to measure the fair value of these donated items reliably.

Pension costs

BHF’s defined benefit scheme was closed to future accrual on 31 May 2016. BHF employee costs include the net pension finance income or costs, together with the expenses of running the Scheme. Actuarial gains and losses are recognised immediately on the face of the statement of financial activities. Where the pension scheme valuation shows a net deficit, this is reported separately on the face of the balance sheet and within reserves. Where the valuation shows a net surplus, an asset ceiling is applied to the extent that future economic benefits are not available to the Charity in the form of a reduction in future contributions or a cash refund. The detailed assumptions relating to the valuation of the defined benefit scheme can be found in note 14.

For defined contribution schemes, the amount charged to the statement of financial activities for pension costs is the total contributions payable in the year. This amount is allocated to expenditure headings and funds on the same basis as staff costs, reflecting the activities performed by staff.

124[|] British Heart Foundation

Notes to the accounts

Operating leases

Rents payable under operating leases are charged to the statement of financial activities on a straightline basis over the lease term. Benefits received as a lease incentive are credited to the statement of financial activities, to reduce the lease expense, on a straight-line basis over the lease term.

Finance leases

A lease is classified as a finance lease if it transfers substantially all of the risks and rewards of ownership of the leased asset to the Group. Assets acquired under finance leases are reported within fixed assets and are capitalised when acquired at fair value or, if lower, at the present value of the minimum lease payments.

These assets are subsequently depreciated over the shorter of the estimated useful economic life of the asset or the lease term. The payment obligations arising from the future lease payments are discounted and recorded as a liability in the balance sheet.

Taxation

As a registered charity BHF is entitled to certain exemptions from corporation tax on profits from investments and any trading activities carried on in furtherance of the Charity’s primary objectives.

The subsidiary companies make qualifying donations of all taxable profits to BHF and thus do not incur corporation tax. Costs are recorded net of recoverable VAT as the Group is able to reclaim a proportion of VAT paid, because of its trading activities, using the partial exemption method.

Significant areas of estimation and judgement

The preparation of the financial statements requires judgements, estimations and assumptions to be made that affect the reported values of assets, liabilities, revenues and expenses. The nature of estimation and judgement means that actual outcomes could differ from expectation.

Critical accounting judgements

In the event that the FRS 102 valuation of the defined benefit pension scheme identifies a net surplus, judgement is applied regarding the extent to which any such surplus is available to BHF in the form of a reduction in future contributions or a cash refund. Where such a surplus is not deemed available to BHF, an asset ceiling is applied, as further discussed in note 14.

Sources of estimation uncertainty

Financial statements[|] 125

Notes to the accounts

2. Donations and legacies

2. Donations and legacies
2024
Unrestricted Restricted Total
fund fund funds
£m £m £m
Legacies 99.8 1.6 101.4
Donations 26.3 7.4 33.7
Donations received in BHF Shops 3.6 – 3.6
Volunteer fundraising 7.0 0.1 7.1
Total income from donations and legacies 136.7 9.1 145.8
2023
Unrestricted Restricted Total
fund fund funds
£m £m £m
Legacies 93.8 1.2 95.0
Donations 19.2 10.1 29.3
Donations received in BHF Shops 3.3 – 3.3
Volunteer fundraising 14.5 0.1 14.6
Total income from donations and legacies 130.8 11.4 142.2

The Charity has received notification of 383 legacies (2023: 377) with an estimated value of £12.2m (2023: £10.9m) which are not included in legacy income. This includes legacies which are subject to a life interest, legacies which have not yet been granted probate, and contentious legacies.

126[|] British Heart Foundation

Notes to the accounts

3. Trading activities
Income/direct Support cost 2024
costs allocation Total
£m £m £m
Retail income* 233.7 – 233.7
Retail costs (213.1) (5.4) (218.5)
Retail net proft 20.6 (5.4) 15.2
Income from fundraising trading activities 6.9 – 6.9
Costs of fundraisingtrading (4.1) – (4.1)
Net fundraising trading income 2.8 – 2.8
Contribution from tradingactivities 23.4 (5.4) 18.0
Represented by:
Total trading income 240.6 – 240.6
Total tradingcosts (217.2) (5.4) (222.6)
Contribution from tradingactivities 23.4 (5.4) 18.0
2023
Income/direct Support cost Total
costs allocation
Retail income* 222.3 – 222.3
Retail costs (195.2) (5.5) (200.7)
Retail net proft 27.1 (5.5) 21.6
Income from fundraising trading activities 7.1 – 7.1
Costs of fundraising trading (3.3) – (3.3)
Net fundraisingtradingincome 3.8 – 3.8
Contribution from tradingactivities 30.9 (5.5) 25.4
Represented by:
Total trading income 229.4 – 229.4
Total tradingcosts (198.5) (5.5) (204.0)
Contribution from tradingactivities 30.9 (5.5) 25.4

*2024 includes income of £63.5m (2023: £59.7m) representing donations from our supporters on which Gift Aid has been claimed from sale of goods through the Retail Gift Aid Programme.

Financial statements[|] 127

Notes to the accounts

4. Gross expenditure
Awards Staff Other Support costs Total
(note 9) costs costs allocated 2024
£m £m £m £m £m
Expenditure on raising funds
Costs of raising funds – 16.4 12.5 7.9 36.8
Investment management fees – – 1.1 – 1.1
Total fundraising costs – 16.4 13.6 7.9 37.9
Expenditure on trading activities
Retail costs – 78.4 134.7 5.4 218.5
Other tradingcosts – – 4.1 – 4.1
Total trading costs – 78.4 138.8 5.4 222.6
Expenditure on charitable activities
Research 113.7 1.5 0.5 1.0 116.7
Healthcare Innovation 1.6 7.3 24.4 6.2 39.5
Total charitable expenditure 115.3 8.8 24.9 7.2 156.2
Support cost allocated – 18.7 1.8 (20.5) –
Total expenditure 115.3 122.3 179.1 – 416.7
Awards Staff Other Support costs Total
(note 9) costs costs allocated 2023
£m £m £m £m £m
Expenditure on raising funds
Costs of raising funds – 14.9 12.6 4.6 32.1
Investment management fees – – 0.9 – 0.9
Total fundraising costs – 14.9 13.5 4.6 33.0
Expenditure on trading activities
Retail costs – 71.6 123.6 5.5 200.7
Other tradingcosts – – 3.3 – 3.3
Total trading costs – 71.6 126.9 5.5 204.0
Expenditure on charitable activities
Research 96.3 1.4 0.7 1.0 99.4
Healthcare Innovation 1.1 8.0 19.7 4.9 33.7
Total charitable expenditure 97.4 9.4 20.4 5.9 133.1
Support cost allocated – 15.1 0.9 (16.0) –
Total expenditure 97.4 111.0 161.7 – 370.1

Support costs included in gross expenditure

BHF adopts a policy of allocating costs to the respective cost headings throughout the year, and this allocation includes support costs where they are directly attributable.

Support costs are allocated to activities on a basis relevant to the nature of the underlying cost, including headcount, time spent or in proportion to resources used.

128[|] British Heart Foundation

Notes to the accounts

4. Gross expenditure (continued)
Charitable expenditure Total
Analysis of support costs Fundraising Trading Research Healthcare 2024
Innovation
£m £m £m £m £m
CEO, strategy and legal 0.6 0.3 0.2 0.5 1.6
Information technology 4.1 1.7 0.4 3.4 9.6
Finance, risk and procurement 1.4 1.4 0.2 0.7 3.7
Human resources 1.4 1.8 0.2 1.3 4.7
Facilities management 0.2 – – 0.2 0.4
Governance costs 0.2 0.2 – 0.1 0.5
Total Support Costs 7.9 5.4 1.0 6.2 20.5
Charitable expenditure Charitable expenditure Total
Fundraising Trading Research Healthcare 2023
Innovation
£m £m £m £m £m
CEO, strategy and legal 0.4 0.3 0.1 0.5 1.3
Information technology 1.5 3.4 0.3 1.7 6.9
Finance, risk and procurement 1.0 0.9 0.2 0.8 2.9
Human resources 1.5 0.6 0.4 1.7 4.2
Facilities management 0.1 0.1 – 0.1 0.3
Governance costs 0.1 0.2 – 0.1 0.4
Total Support Costs 4.6 5.5 1.0 4.9 16.0
2024 2023
Support costs are made up of: £m £m
Staff costs 18.7 15.1
Other costs 1.8 0.9
Total Support Costs 20.5 16.0

Financial statements[|] 129

Notes to the accounts

4. Gross expenditure (continued)

4. Gross expenditure (continued)
Gross expenditure for the year is stated after charging /(crediting): 2024 2023
£m £m
Operating lease rentals (land and buildings) 26.1 25.9
(Gain)/ loss on disposal of fxed assets (0.3) 0.1
Depreciation charge for the year 9.6 9.4
Provision for impairment 0.1 0.1
Auditors’ remuneration(*):
Audit fee 0.2 0.1
Non audit services 0.1 0.4

Gross expenditure for the year is stated after charging /(crediting):

*BDO LLP replaced the previous auditors PricewaterhouseCoopers LLP on 5 October 2023.

Auditors’ remuneration in 2023-2024 relating to BDO LLP comprises £154,875 for the audit of the charity and £39,375 for the audit of subsidiary undertakings. In addition, £69,686 was incurred for tax advisory services.

Auditors remuneration in 2022-23 relating to PricewaterhouseCoopers LLP was £107,658 for the audit of the charity and £33,754 for the audit of subsidiary undertakings. In addition £11,750 was incurred in respect of the British Heart Foundation Staff Pension Scheme and £420,000 in respect of non-audit services (technology consultancy). All numbers exclude VAT.

Staff and Trustee information 2024 2023
Staff costs £m £m
Wages and salaries 103.9 94.6
Social security costs 9.0 8.5
Pension costs (see note 14) 5.9 5.2
Other benefts 1.1 0.8
Other staff costs 2.4 1.9
Total staff costs 122.3 111.0

Wages and salaries include redundancy costs of £0.4m (2023: £0.4m) arising from restructuring activities completed during the year. Redundancy costs are recognised and accrued when the employee has been notified of the planned redundancy.

All staff are employed by BHF. The average number of staff, employed in the year, was:

All staff are employed by BHF The average number of staff employed in the year was:
. , , 2024 2023
Head offce 696 642
Regions 73 74
Shops 3,552 3,475
Total number of staff 4,321 4,191
Refecting:
Full time staff 2,486 2,438
Part time staff 1,835 1,753
Total number of staff 4,321 4,191
Full time equivalent average headcount 3,632 3,409
The following numbers of staff have emoluments above £60,000: 2024 2023
Between £60,000-£70,000 65 52
Between £70,001-£80,000 39 26
Between £80,001-£90,000 20 13
Between £90,001-£100,000 11 15
Between £100,001-£110,000 7 1
Between £110,001-£120,000 1 1
Between £120,001-£130,000 – –
Between £130,001-£140,000 1 2
Between £140,001-£150,000 1 1
Between £150,001-£160,000 – –
Between £160,001-£170,000 2 2
Between £170,001-£180,000 1 –
Between £180,001-£190,000 – –
Between £190,001 - £200,000 1 1
Between £200,000 - £210,000 – –
Between £210,001 - £220,000 1 1

The key management personnel of BHF are the members of the Executive Group, further details of the membership and function of which is provided on page 111. The total employee benefits of the Executive Group in the year was £1.3m (2023: £1.2m). Trustee costs: no Trustees received any remuneration for services as members of the Board of Trustees and two Trustees (2023: three Trustees) were reimbursed for travelling expenses to and from meetings at a cost of £226 (2023: £1,216). As permitted in the Articles of Association, Trustee indemnity insurance was purchased at a total cost of £22,792 (2023: £20,720).Total Donations from Trustees amounted to £39,000 (2023 £102,916).

130[|] British Heart Foundation

Notes to the accounts

5. Statement of funds

5. Statement of funds
Balance Net Balance
Note 1 April Income Expenditure investment Actuarial 31 March
2023 gain gain
2024
£m £m £m £m £m
£m
As restated
Endowment funds
(Group and Charity):
Chair endowment trusts a 7.1 – – – – 7.1
G M Yule bequest b 0.1 – – – – 0.1
DrJohn A Gordon memorial trust c 0.3 – – – – 0.3
Total endowment funds 7.5 – – – – 7.5
Restricted funds
(Group and Charity)
Research d 5.8 4.8 (3.3) – – 7.3
Healthcare Innovation e 0.4 0.8 (1.0) – – 0.2
Unallocated legacies f 1.6 0.5 (0.8) – – 1.3
Oxford IDRM g 2.4 0.1 – – – 2.5
Regenerative medicine h 1.8 0.9 (2.0) – – 0.7
UK Government Covid-19 Medical
Research Charity Support Fund i 3.7 2.0 (4.1) – – 1.6
Total restricted funds 15.7 9.1 (11.2) – – 13.6
Unrestricted funds (Group) 102.4 389.8 (405.5) 30.5 – 117.2
Unrestricted funds (Charity) 85.0 365.5 (381.7) 30.5 – 99.3
Total Group funds 125.6 398.9 (416.7) 30.5 – 138.3
Total Charity funds 108.2 374.6 (392.9) 30.5 – 120.4

Financial statements[|] 131

Notes to the accounts

5. Statement of funds (continued)

Balance Net Balance
Note 1 April Income Expenditure investment Actuarial 31 March
2022 gain gain 2023
£m £m £m £m £m £m
As restated
Endowment funds
(Group and Charity):
Chair endowment trusts a 7.1 – – – – 7.1
G M Yule bequest b 0.1 – – – – 0.1
DrJohn A Gordon memorial trust c 0.3 – – – – 0.3
Total endowment funds 7.5 – – – – 7.5
Restricted funds
(Group and Charity)
Research d 4.2 3.9 (2.3) – – 5.8
Healthcare Innovation e 0.6 0.3 (0.5) – – 0.4
Unallocated legacies f 2.7 0.6 (1.7) – – 1.6
Oxford IDRM g 2.4 – – – – 2.4
Regenerative medicine h 0.1 2.9 (1.2) – – 1.8
UK Government Covid-19 Medical
Research Charity Support Fund i – 3.7 – – – 3.7
Total restricted funds 10.0 11.4 (5.7) – – 15.7
Unrestricted funds (Group) 100.2 369.9 (364.4) (3.3) – 102.4
Unrestricted funds (Charity) 85.0 348.1 (344.8) (3.3) – 85.0
Total Group funds 117.7 381.3 (370.1) (3.3) – 125.6
Total Charity funds 102.5 359.5 (350.5) (3.3) – 108.2

Notes

Endowment of Chairs of BHF Professors

BHF has 26 Chairs (also known as BHF Professors) as at 31 March 2024. Of this number, 3 universities hold endowments and 6 previously returned endowments are held on BHF balance sheet as permanent endowment funds with the income being used to part fund the ongoing cost of the chairs.

132[|] British Heart Foundation

Notes to the accounts

5. Statement of funds (continued)

Analysis of Group net assets between funds Unrestricted funds Restricted funds Endowment funds Total
£m £m £m £m
Tangible fxed assets 32.3 – – 32.3
Investments 270.7 – – 270.7
Current assets 217.6 13.6 7.5 238.7
Current liabilities (160.6) – – (160.6)
Long-term liabilities (242.8) – – (242.8)
Total net assets as at 31 March 2024 117.2 13.6 7.5 138.3
Analysis of Charity net assets between funds Unrestricted funds Restricted funds Endowment funds Total
£m £m £m £m
Tangible fxed assets 32.3 – – 32.3
Investments 270.7 – – 270.7
Current assets 199.8 13.6 7.5 220.9
Current liabilities (160.6) – – (160.6)
Long-term liabilities (242.8) – – (242.8)
Total net assets as at 31 March 2024 103.1 13.6 7.5 120.5
Analysis of Group net assets between funds Unrestricted funds Restricted funds Endowment funds Total
£m £m £m £m
Tangible fxed assets 29.9 – – 29.9
Investments 185.8 – – 185.8
Current assets 236.9 15.7 7.5 260.1
Current liabilities (136.2) – – (136.2)
Long-term liabilities (214.0) – – (214.0)
Total net assets as at 31 March 2023 102.4 15.7 7.5 125.6
Analysis of Charity net assets between funds Unrestricted funds Restricted funds Endowment funds Total
£m £m £m £m
As restated As restated
Tangible fxed assets 29.9 – – 29.9
Investments 185.8 – – 185.8
Current assets 218.1 15.7 7.5 241.3
Current liabilities (134.8) – – (134.8)
Long-term liabilities (214.0) – – (214.0)
Total net assets as at 31 March 2023 85.0 15.7 7.5 108.2

The statement of funds was restated to de-recognise the distribution receivable asset previously recorded, see note 17.

Financial statements[|] 133

Notes to the accounts

6. Tangible fixed assets

Group and Charity

Group and Charity
Freehold
property		 Short
leasehold
property		 Shop
fxture and
fttings		 Vehicles Furniture IT equipment
and
and
equipment
software		 Assets
under
construction		 Total
£m £m £m £m £m £m £m £m
Cost
At 1 April 2022 2.4 35.1 29.5 1.7 11.8 34.9 1.5 116.9
Transfers – – – – – 1.1 (1.1) –
Additions – 1.1 3.4 0.4 0.4 0.3 3.2 8.8
Disposals – (0.9) (0.9) (0.3) (0.2) (7.2) – (9.5)
At 31 March 2023 2.4 35.3 32.0 1.8 12.0 29.1 3.6 116.2
Transfers – – – – (0.1) 6.0 (5.9) –
Additions – 3.5 3.4 1.3 0.9 0.2 3.1 12.4
Disposals – (1.2) (0.8) (1.4) (0.2) (0.9) – (4.5)
At 31 March 2024 2.4 37.6 34.6 1.7 12.6 34.4 0.8 124.1
Accumulated depreciation
At 1 April 2022 0.6 24.3 24.6 1.4 11.1 24.1 – 86.1
Depreciation charge – 2.2 1.9 0.2 0.5 4.6 – 9.4
Provision for impairment – 0.1 – – – – – 0.1
Disposals – (0.8) (0.9) (0.2) (0.2) (7.2) – (9.3)
At 31 March 2023 0.6 25.8 25.6 1.4 11.4 21.5 – 86.3
Depreciation charge – 2.1 1.8 0.3 0.4 5.0 – 9.6
Provision for impairment – 0.1 – – – – – 0.1
Disposals – (1.0) (0.7) (1.4) (0.2) (0.9) – (4.2)
At 31 March 2024 0.6 27.0 26.7 0.3 11.6 25.6 – 91.8
Net book values
At 31 March 2024 1.8 10.6 7.9 1.4 1.0 8.8 0.8 32.3
At 31 March 2023 1.8 9.5 6.4 0.4 0.6 7.6 3.6 29.9

The net carrying amount of assets held under finance leases included in IT equipment and software is £0.7m (2023: £1.0m) and vehicles is £1.4m (2023: £0.3m).

There are no future capital expenditure commitments on specific projects for the Group (2023: £nil).

134[|] British Heart Foundation

Notes to the accounts

7. Investments

7. Investments
Group and Charity 2024 2023
£m £m
Analysis of movement
Market value at 1 April 185.8 158.8
Purchase of investments at cost 194.6 113.4
Disposal Proceeds (140.2) (83.1)
240.2 189.1
Netgain/(loss)on investments 30.5 (3.3)
Market value at 31 March 270.7 185.8
Original cost 228.5 165.5
Represented by
Listed investments: equities 151.6 135.4
Short-dated corporate bonds 116.0 48.6
Cash held for investmentpurposes 3.1 1.8
Total investments at 31 March 270.7 185.8

Listed investments include overseas investments of £148.3m (2023: £127.0m).

No material shareholdings were held by the Charity in any one company. The Trustees consider the value of investments to be supported by their underlying assets, as appropriate.

The Charity holds 100 per cent shareholdings in the two (2023: two) subsidiary undertakings within the Group; these are valued at cost of £5 (see note 13). For investments sold during the financial year, the realised gain against historic cost was £8.5m (2023: £10.9m)

8. Debtors

8. Debtors
Amount owed by subsidiary undertakings
Other debtors
Tax recoverable
Prepayments
Accrued income
Accrued legacies		 Group
Charity
2024
2023
2024
2023
£m
£m
£m
£m
As restated
–
–
–
0.1
5.1
8.6
4.1
7.4
5.3
3.0
5.3
3.0
11.5
11.0
11.5
11.0
2.1
3.5
1.9
3.5
109.1
95.8
109.1
95.8
Total debtors 133.1
121.9
131.9
120.8

Some accrued legacy income may be received after more than one year, but this has not been estimated due to uncertainty in the timing of receipt of such income.

The debtors balance was restated to de-recognise the distribution receivable asset previously recorded, see note 17.

Financial statements[|] 135

Notes to the accounts

9. Research and other grant awards

9. Research and other grant awards
Healthcare Research 2024 2023
Innovation
£m £m £m £m
Research and other grant awards
Grants awarded during the year 1.7 119.3 121.0 117.1
Movement in estimated future grant underspend (0.1) (7.0) (7.1) (7.3)
Decrease ingrant discount – 1.4 1.4 (12.4)
Net research grant awards as recognised in the statement of fnancial activities 1.6 113.7 115.3 97.4
Payments made duringtheyear (1.0) (64.3) (65.3) (72.3)
Net movement in liability during the year 0.6 49.4 50.0 25.1
Grant liabilityat 1 April 2.3 304.8 307.1 282.0
Grant liability at 31 March 2.9 354.2 357.1 307.1
Awards falling due within one year 119.3 98.0
Awards fallingdue after more than oneyear 237.8 209.1
Grant liability at 31 March 357.1 307.1
Research and other grant awards commitments
Total grants awarded and unpaid at 31 March, including 415.3 371.4
conditional grant awards (total grant commitments)
Less conditional translation awards and Chairsgrants * (5.4) (5.6)
Total unconditional grant awards outstanding at 31 March 409.9 365.8
Less estimated future grant award underspend * (35.9) (40.4)
Lessgrant discount (16.9) (18.3)
Grant liability at 31 March 357.1 307.1

Notes

The Charity has discounted its long term liabilities, both for Research and Healthcare Innovation. A discount rate of 3.15% (2023:3.65%) has been applied to both amounts recognised in the financial statements as grant creditors and grant commitments (not applied to the financial statements).The discount rate applied is calculated with reference to UK Gilt yields at the balance sheet date, weighted to reflect the expected phasing of future grant payments. The gross discount value included in total liabilities for Research grant awards is £16.8m (2023: £18.2m) and for Healthcare Innovation grant awards £0.1m (2023: £0.1m).

136[|] British Heart Foundation

Notes to the accounts

9. Research and other grant awards (continued)

The Charity occasionally receives applications for grants from, and makes awards to, universities and hospitals which employ members of the Board of Trustees or Council in senior research capacities. All grants are made to institutions, and a list of awards made during the year is available in the Charity’s website at www.bhf.org.uk/research/information-for-researchers/previous-awards (this is unaudited). The top 50 grants made in 2023-24 are listed below.

grants made in 2023-24 are listed below.
2024
Institution Activity Number of grants £m
University of Cambridge Research 7 11.4
University of Oxford Research 7 10.4
Imperial College Research 4 9.4
University of Edinburgh Research 6 8.6
UK Dementia Research Institute Research 1 7.5
University of Leicester Research 3 5.7
King’s College London Research 3 4.9
University College London Research 3 4.3
University of Manchester Research 1 4.0
University of Bristol Research 4 2.6
University of Leeds Research 2 2.3
Queen Mary, University of London Research 3 2.1
University of Dundee Research 1 1.3
University of Glasgow Research 1 1.1
University of Warwick Healthcare Innovation 1 0.8
St George’s, University of London Research 1 0.7
University of Reading Research 1 0.7
Universityof Birmingham Research 1 0.5
Total 50 78.3
Other grants paid to institutions Research 41.8
Healthcare Innovation 0.9
Totalgrants and awards 121.0

Financial statements[|] 137

Notes to the accounts

10. Other creditors

10. Other creditors
Other creditors
Amount owed to subsidiary undertakings
Finance lease creditor
Taxation and social security
Accruals
Deferred income
Holiday payaccural		 Group
Charity
2024
2023
2024
2023
As restated
£m
£m
£m
£m
8.8
6.4
8.4
5.6
–
–
0.8
0.6
0.8
0.5
0.8
0.5
2.2
2.0
2.2
2.0
25.4
25.6
25.0
24.4
2.4
1.9
2.4
1.9
1.7
1.8
1.7
1.8
Total other creditors 41.3
38.2
41.3
36.8
Deferred income
Deferred income at 1 April
Released during the year
Income received duringtheyear to be deferred		 Group
Charity
2024
2023
2024
2023
£m
£m
£m
£m
1.9
2.5
1.9
2.3
(1.9)
(2.5)
(1.9)
(2.3)
2.4
1.9
2.4
1.9
Deferred income at 31 March 2.4
1.9
2.4
1.9

Deferred income relates to events where income is received in advance.

Other creditors was restated to de-recognise the distribution receivable asset previously recorded, see note 17.

11. Provisions for liabilities and charges

11. Provisions for liabilities and charges
Provision at 1 April
Provision utilised in year
Provision accrued inyear		 Group
Charity
2024
2023
2024
2023
£m
£m
£m
£m
4.1
4.2
4.1
4.2
(0.5)
(0.8)
(0.5)
(0.8)
0.1
0.7
0.1
0.7
Provision at 31 March 3.7
4.1
3.7
4.1

The provision comprises the estimated future unavoidable lease costs of £0.1m (2023:£0.1m) in respect of loss-making stores and an estimate of the probable future costs of restoring rented properties to their required condition at the ultimate expiry of the lease of £3.6m (2023: £4.0m) based on the dilapidation costs required, provided the lease is not renewed. The provision is expected to be utilised between 2024 and 2039 as leases terminate. Prior to confirmation of the payment amount and date, values are estimated based on historical data, the ongoing monitoring of lease contracts, and advice from property advisers.

12. Operating leases

At 31 March the Group had total commitments under non-cancellable operating leases as follows:

2024 2023
Payment due: £m £m
Within one year 24.0 24.2
Between two and fve years 58.4 62.7
After fveyears 16.6 20.8
Total operating lease commitments 99.0 107.7

138[|] British Heart Foundation

Notes to the accounts

13. Subsidiary undertakings

The British Heart Foundation has two wholly owned non-charitable subsidiary undertakings registered in England and Wales, all of which are consolidated. The registered address for all the subsidiary undertakings is Greater London House, 180 Hampstead Road, London NW1 7AW.

These are:

Company name Registered company number Activity
British Heart Foundation Ventures Limited 02767880 Making commission arrangements and
sponsorship agreements
BHF Shops Limited 02472513 Retailing new (non donated) goods online
and in BHF shops

The share capital of each subsidiary is as follows - British Heart Foundation Ventures Ltd (3 ordinary shares of £1), BHF Shops Ltd (2 ordinary shares of £1).

The taxable profits of these undertakings are paid to the Charity (parent) each year as Gift Aid.

British Heart BHF Total Total
Foundation Shops 2024 2023
Ventures Limited Limited
£m £m £m £m
As restated
Turnover 0.9 46.8 47.7 41.5
Cost of sales – (23.9) (23.9) (19.4)
Gross proft 0.9 22.9 23.8 22.1
Other income – 1.1 1.1 1.0
Other costs – (7.1) (7.1) (5.7)
Net taxableproft 0.9 16.9 17.8 17.4
Assets 0.9 16.9 17.8 19.5
Liabilities – – – (2.1)
Net assets 0.9 16.9 17.8 17.4

Subsidiary undertakings was restated to de-recognise the distribution to parent previously recorded, see note 17.

Financial statements[|] 139

Notes to the accounts

14. Pensions

BHF operates a defined contribution scheme and a defined benefit scheme for its employees. The total pension cost for the financial year was:

Pension costs 2024 2023
£m £m
Defned contribution scheme 5.7 5.1
Defned beneft scheme 0.2 0.1
5.9 5.2
i) Defned contribution scheme

BHF operates a defined contribution scheme for certain eligible employees, the total cost of which for the year ended 31 March 2024 was £5.7m (2023: £5.1m). From 1 August 2013, all employees have been automatically enrolled into the defined contribution scheme and BHF contributes between 2% and 25% of pensionable salaries.

ii) Defined benefit scheme

BHF operates a defined benefit scheme, the assets of which are held in a separate Trustee-administered fund. The scheme closed to new entrants from 30 June 2001 and to service accrual on 31 May 2016, such that from this date the pension benefit for the remaining active members will be of a defined contribution type.

The most recent completed valuation of the scheme was carried out as at 1 July 2020 and issued in March 2021. The market value of the scheme’s assets at that date was £75.5m and it showed a funding surplus of £2.0m, such that no further contributions to the Scheme were required beyond BHF continuing to separately settle the cost of running the Scheme. The next valuation is being undertaken as at 1 July 2023, but has yet to be finalised.

In accordance with the requirements of the relevant accounting standard (FRS 102), the full actuarial valuation of the defined benefit scheme dated 1 July 2020 has been updated at 31 March 2024 by a qualified actuary. This reflects the application of broadly consistent assumptions to the actuarial valuation, with the exception of the discount rate, where a less conservative rate is required by FRS 102. On the FRS 102 basis, the Scheme has a surplus at 31 March 2024 of £2.1m (2023: surplus of £2.0m). In accordance with FRS 102, this surplus is not recognised, as future economic benefits are not deemed available to BHF in the form of a reduction in future contributions or a cash refund.

The major assumptions used for the actuarial valuation were :

The major assumptions used for the actuarial valuation were :
2024 2023 2022 2021 2020
% % % % %
Salary growth 3.3 3.3 3.7 3.4 2.6
Pension increases in payment – Limited Price Indexation 3.1 3.2 3.6 3.3 2.0
Pension increases in payment – guaranteed 5.0 5.0 5.0 5.0 5.0
Discount rate 4.9 4.6 2.7 2.0 2.3
Infation - RPI 3.3 3.3 3.7 3.4 2.6

Mortality

The average life expectancy in years of a pensioner retiring at age 65 on the balance sheet date is as follows:

2024 2023
Male 86.5 87.0
Female 88.9 89.4

The average life expectancy in years of a pensioner retiring at age 65 twenty years after the balance sheet date is as follows:

2024 2023
Male 87.7 88.3
Female 90.3 90.8

140[|] British Heart Foundation

Notes to the accounts

14. Pensions (continued)

Major categories of plan assets as a percentage of total scheme assets

Major categories of plan assets as a percentage of total scheme assets
Corporate bonds
Liability Driven Investment (LDI) funds
Cash/other
Analysis of amount charged to the Statement of Financial Activities under FRS 102		 Asset categories as a percentage of plan assets
2024
2023
%
%
£m
£m
76.0
75.0
23.0
24.0
1.0
1.0
Current service cost
Expenses
Past service cost		 2024
2023
£m
£m
–
–
0.2
0.1
–
–
Total operating charge
Interest income on pension scheme assets
Interest on pension scheme liabilities
Interest effect of the asset ceiling		 0.2
0.1
(1.8)
(1.7)
1.7
1.4
0.1
0.3
Total amount charged to the Statement of Financial Activities 0.2
0.1
Analysis of actuarial (loss)/gain and effect of the asset ceiling
Actuarial gain/(loss) before consideration of asset ceiling
Amounts not recognised due to effect of asset ceiling		 –
(9.2)
–
9.2
Total actuarial(loss)/gain and effect of asset ceiling –
–

Analysis of changes in the present value of defined benefit obligations and fair value of assets

Present value of Fair value of Fair value of Asset ceiling Net liability Net liability
defned beneft scheme assets recognised in the
obligation balance sheet
2024 2023 2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m £m £m
**Scheme (liabilities)/assets at the start of the year ** (38.6) (53.9) 40.6 64.8 (2.0) (10.9) – –
Interest cost (1.7) (1.4) – – – – (1.7) (1.4)
Interest income on assets – – 1.8 1.7 – – 1.8 1.7
Employer contributions – – 0.1 – – – 0.1 –
Actuarial gain/(loss) and effect of asset ceiling 1.7 14.8 (1.8) (24.0) – – (0.1) (9.2)
Benefts paid 1.6 1.9 (1.6) (1.9) – – – –
Interest effect of the asset ceiling – – – – (0.1) (0.3) (0.1) (0.3)
Remeasurement of the asset ceiling – _ – – – 9.2 – 9.2
Scheme(liabilities)/assets at the end of theyear (37.0) (38.6) 39.1 40.6 (2.1) (2.0) – –

Financial statements[|] 141

Notes to the accounts

14. Pensions (continued)

Analysis of pension scheme assets and liabilities for the previous four financial years

2024 2023 2022 2021 2020
£m £m £m £m £m
Defned beneft obligation (DBO) (37.0) (38.6) (53.9) (59.2) (53.5)
Fair value ofpension scheme assets(includingasset ceiling) 37.0 38.6 53.9 59.2 53.5
Pension defcit – – – – –
Experience gain/(loss) on pension scheme assets (0.1) (9.2) 0.2 (5.4) 6.0
Adjustments as a percentage of pension scheme assets 0% (24%) 0% (9%) 11%
Analysis of change in the effect of the asset limit
2024 2023
£m £m
Opening effect of the asset limits 2.0 10.9
Interest effect of the asset limit 0.1 0.3
Remeasurement of the asset limit – (9.2)
Closing effect on the asset limit 2.1 2.0

15. Financial instruments

15. Financial instruments
Note
Financial assets at fair value through statement of fnancial activities		 Group
Charity
2024
2023
2024
2023
£m
£m
£m
£m
As restated
Investments
7		 270.7
185.8
270.7
185.8
Financial assets that are debt instruments measured at amortised cost
Amount owed by subsidiary undertakings
8
Other debtors
8
Accrued income
8
Accrued legacies
8
Cash and cash equivalents		 –
–
–
0.1
5.1
8.6
4.1
7.4
2.1
3.5
1.9
3.5
109.1
95.8
109.1
95.8
98.0
129.4
89.0
120.5
214.3
237.3
204.1
227.3
Financial liabilities at fair value through statement of fnancial activities
Grants liability
9		 357.1
307.1
357.1
307.1
357.1
307.1
357.1
307.1
Financial liabilities that are debt instruments measured at amortised cost
Other creditors
10
Amounts owed to subsidiary undertakings
10
Accruals
10		 8.8
6.4
8.4
5.6
–
–
0.8
0.6
25.4
25.6
25.0
24.4
34.2
32.0
34.2
30.6

Financial instruments was restated to de-recognise the distribution receivable asset previously recorded, see note 17.

142[|] British Heart Foundation

Notes to the accounts

16. Related Party Transactions

Donations received from and expenses reimbursed to Trustees and the total employee benefits of the Executive Group of the Charity are disclosed in note 4. Transactions by the Charity with its defined benefit pension scheme are set out in note 14.

As set out in note 9 on pages 136 to 137, the Charity occasionally receives applications for grants from, and makes awards to, universities and hospitals which employ members of the Board of Trustees in senior research capacities. All such grants are made to institutions. A summary of the top 50 grants is provided on page 137. In certain cases, a BHF Trustee holds a senior position in the institutions we fund. In this context, the grant funding is regarded as being between related parties, as the individuals concerned holds a position of influence in both parties to the transaction. Such instances are set out below, although in no case was the Trustee involved in either the grant funding decision or the grant application process:

Wendy Becker was the Chair of the Trustees of the Charity (until October 2023) and a Trustee of the University of Oxford, which was awarded £16.9m grant funding during the year to 31 March 2024 (2023:£40.5m).

Professor David Lomas is a Trustee of the Charity and Vice Provost of University College London, which was awarded £5.3m of grant funding during the year to 31 March 2024 (2023: £5.5m).

Professor Brian Walker is a Trustee of the Charity and Deputy Vice Chancellor at Newcastle University. Newcastle University was awarded £1.4m grant funding during the year to 31 March 2024 (2023: £0.3m).

Professor Jill Pell was a Trustee of the Charity (until October 2023) and a member of the Council of the Medical Research Council. During the year to 31 March 2024, the Charity awarded £0.4m of grant funding to the Medical Research Council (2023: £2.2m).

Daryl Fielding is CEO of The Marketing Academy Foundation. During the year to 31 March 2024, the Charity paid £9,710 (2023: £nil) to The Marketing Academy Foundation for recruitment and training services.

Professor Sir Munir Pirmohamed is a Non-Executive Director of NHS England and a member of the Council of the Medical Research Council. During the year to 31 March 2024, the Charity awarded £0.4m of grant funding to the Medical Research Council (2023: £2.2m). During the year the Charity was paid £0.3m by NHS England towards the operational costs of The Circuit: the national defibrillator network.

Professor Sadaf Farooqi is a Trustee of the Charity and a Council member of the Academy of Medical Sciences. During the year to 31 March 2024, the Charity awarded 0.1m of grant funding to the Academy of Medical Sciences (2023: £0.7m).

For the year the Charity received income of £16.3m (2023: £14.2m) from BHF Shops Limited and £1.1m (2023: £1.0m) from British Heart Foundation Ventures Limited, being a corporate Gift Aid payment to the parent charity. In addition BHF Shops Limited reimbursed the Charity £6.6m (2023: £4.8m) for services and other expenses incurred on its behalf.

At the year end, the Charity owed £0.8m (2023: £0.6m) to BHF Shops Limited and was due £0.0m (2023: £0.2m) BHF Ventures Limited.

Financial statements[|] 143

Notes to the accounts

17. Prior period adjustment

Cash flows for investing and financing activities as disclosed in the prior year have been restated to exclude those transactions that do not require the use of cash or cash equivalents as reported on the group balance sheet. Cash flows from investment income have been restated to reflect movements in accrued investment income.

As previously reported Amendment As restated
Cash fows from investing activities 2023 2023
£m £m £m
Investment income 5.9 (3.1) 2.8
Purchase of investments (113.4) 78.4 (35.0)
Proceeds from sale of investments 83.1 (75.7) 7.4
Reconciliation of net cash fow from operating activities:
(Increase) in debtors (10.7) 0.4 (10.3)

Income in the Charity has been restated to recognise distributions from the trading subsidiaries as income in the year distributions are received by the Charity not in the year that profit has been generated in the subsidiary as a legal obligation to make the distributions did not exist as at 31 March 2023. The recorded amounts owed by subsidiary undertakings, included within current assets on the Charity balance sheet have similarly been restated to de-recognise the distribution receivable asset previously recorded. This restatement has no impact on the reported Group Statement of Financial Activities or Balance Sheet position.

Statement of fnancial activities
Total gross income
Balance sheet
Debtors
Other creditors
General funds		 Charity
As previously reported
Amendment
As restated
2023
2023
£m
£m
£m
361.7
(2.2)
359.5
137.6
(16.8)
120.8
(36.2)
(0.6)
(36.8)
102.4
(17.4)
85.0

144[|] British Heart Foundation

Legal and administrative details

Registered office

British Heart Foundation Greater London House 180 Hampstead Road London NW1 7AW Tel: 020 7554 0000 bhf.org.uk Company registration number: 699547 Registered charity number: 225971 Scottish registered charity number: SCO39426 Isle of Man charity number: 1295

Bankers and principal advisers

Bankers

Barclays Bank PLC 1 Churchill Place London E14 5HP

National Westminster Bank PLC 250 Bishopsgate London EC2M 4AA

Investment managers

Schroder Investment Management Limited 1 London Wall London EC2Y 5AU Royal London Asset Management Limited 80 Fenchurch Street London EC3M 4BY

Independent investment advisors

Stanhope Capital 35 Portman Square London W1H 6LR

Independent Auditors

BDO LLP Chartered Accountants and Statutory Auditors 55 Baker Street London W1U 7EU

Legal and administrative details[|] 145

British Heart Foundation