The Hull and East Rldln Cardlac Trust rt and Financial Statsments Yeue ed 31 Oc ber 2024 Trust No: 252918 IRegistered 4 April 1967) Contents Page stees RetK)rt Independent Exati)iner3 Report St&tem¢nt of fi1￿cial activitie Balance Sheet Note8 fomiing part of th¢ fmancial statements &8 The Hull and East Ridin Cardiac Trnst Truste￿ R rt for the ear ended 31 October 2024 The Trust The Trust was established by a Deed dated 4 April 1967 for tbe purpose of raising fi]nds by means of appea18 for subscriptions, donatioD4 and bequests to applied for the following objects: _ the care and treatment of cardi￿ patients. norn)8lly resident in Kingston wn Hull or the East Riding of Yorkshtre. the puKhase of apparths or m¢dical ¢quipment wuired for the treatment of such patients or for the purpose of research ID the field of cardiology. paying the expen￿ of sending any pemn engaged in the field of wdiology to conferences or Study courses. making subscriptioJJ3 to the library of any orgaDiSations gpecialising in the field of cardiology for such other purposes as the Trustees in their absolute discretion CODsider de5ir8ble and consistent with the obje¢ts of the TnL%L Th? trustees confilrn that they hav¢ refffred to the guidance cA)ntained in the Charity Con]mission's general guidanc¢ on public benefit wben reviewing the tnjst's aims objectives 2nd in planning future activities and s¢tting the grant making policy for the year. The trust is a registered Tn￿t with the TTUSt Commission, reference 252918. Address The registered address of tbe Trust 18 Grange L(Mlge, Kemp Road, Swanland HU14 3LZ. stees The pr￿ent Trustees of the Trust ar¢: Dr J.L. Capli Dr S. Greep Mr D. Hair¢ Dr IL Pat¢1 Profwor N.D. Stafford Mr K.S. Webster (resigned 0210112024) Dr J, Caldwell Mr S. Griffin Ms G Martin {appointed OY0112024) The power to appoint Trustees 18 v&$t￿ in cumt Tr￿Stee8. tatement of Trust¢es' Res onsibilities Law applicAbie lo Charities in Fmgland and Wales ttqUiTes the Tn￿teeS to prepare financial statements for each financial year. which give a t￿￿ and fair view of the TAUSt's financial 8Ctivities thiring the year and of its financial tM)sition at the ¢nd of the year. In preF)aring financial statements giving a1N¢ ond fair view, tbe Trust¢¢s should follow best Practice and.. select suitsble accounting Policies and then apply them consistendy. make judgements and estimates that are reasonable and PTudenL stale whether applicable accounting standards and statements of wommended practice have been followed, subject to any departures disclosed aod explained in the f]n8ncial statements. prepare the financial staternents on the going concern basis unless it is inappropriate to &ssum¢ that th¢ Trust will continue in operation. The Trustees are re8pon5ible for commi&8ioning the keeping ofac¢ouuting records which disc108e with reasonable accuracy the financial position of thc TrusL and which cnablc thcm to ensure that the financi statements comply with the Clwrities Acts 2011 alld the Charities (Accounts and Reports) Regulations 2005 and the Provisions of the Tn￿t Deed. They are also responsible for safeguarding the assets of the Trust and henc¢ foT taking reasonable steps for the prevention detection of frdud ￿ other ]￿egul￿1ties. The Hull and East Ridin Cardlac Trust Trustees Re ort for the ear ended 31 Oclober 2024 continu Grant Makin Polic The Trustees will giv¢ coDsid¢ration to any grant application wbich falls withtn the objects of the Trust- as stated on page l. Th¢ only things we think should ￿[hapS be said As that we concluded two outstandittg grants during the year, and ￿s0 somewhere that we are actively seeking applicants. Investhient Polio There are no restrictions on the Trust's power to invesL The Anve5tsnent strategy is 8et by the Trustees and the only restriction is not to invest in 4ctivÉties cOnn￿ted with thc tobacco industy. Thc Tnjstccs con,qider the income rquirements, risk profile and the invesknent man8geTs' view Df the market prospects, The strategy 15 peri(NJically t¢viewed with the inv¢stment manager. Re8erva8 Poli It is pr¢sently the policy of the Trust to expend all cutTent years, income after extKnses. If appropriate applications receiv¢d whi¢b, if apprnved, would result in grea*r expe￿IltUre than income in tbc yeai. the excess will be taken from res¢rves- SubJ￿r to du¢ consider￿lon of tlie futur¢ implications of Such decisions. Risk Mana ment The Trnstees consider that they have appropriate systems in pla¢e to monitor and control risks and these are regularly kept Und￿ Trvi¢w. Advisors The Tn￿t'S investment advisors are COIF Charity Funds, CCLA Inveslment Man8g¢men¢ One Angel Lane, London, EC4R 3AB. Th¢ Trust's soli¢itor6 are Atuirew Jackson, Marina Couri C&stke Stree( Hull. HUI ITJ. The Tnjst's indcpendent examiners are Finnies Aw)witants Limited, 4-6 Swaby's Yard, Walkergate, Beverley, HU17 9BZ. The Trust's bankers are Lloyd8 TSB Bank plc. 52 Par88on Strrt Huu. HUI 3NG. Publio Benefit The Trustees have reviewed the activities of the Charity and confiTm that they are in accord with its objectives. Th¢ dir¢Gtor5 also ¢onfm that the Charity's aims and objectiv¢s fall within the descriptions of PW)08es in the Charities Act 2011 and 8re Te¢ognised a5 thitablc and carried out foi. the benefit of the public 8t large. Review of the The Trust'8 income for the ye8T ended 31 October 2024 w&8 £68,471 (2023: £nil). After expens¢s the balance available for distiibution w&8 £66.971 (2023. £nil) with ￿t suptK)rt offered of £3,740 (2023: £42,816), the profit for 2024 wa8 traDsferTed to accumulated fifftds. Net 00&8) I profit on th¢ r¢valuation and disposal of investments amount¢d to £37,172 (2023: £4,590). AS detailed in note 2 to the accounts, the CIMTity continued to fund research wo￿. The ￿SearCh work eDSW¢S Gontioued impr()vernents in the care and treatment of patients. conditions and h¢Dce is of ongoing benefit to the general public. Approved on i*half of the TNste¢s on 23 June 2025 Dr S threp The Hull and East Ridin Cardiac Trust Inde endent Exwniner's Re ort Independenl examtner's report to the Tru8tee8 of The Hyll and East Riding Cardia¢ Tru8t I report to the tru8tee8 on my exarnination of the accounts of The Hull and Faqt Riding Cardiac Trust for the year ellded 31 October 2024, which are set out oll pages 4 to Re8ponslbilltle8 and basts ofreport As the charlty truste￿ of the TrusL you are responsible for the PTepar&tion of the acwunts in acconlance with the requiremeuts. of the Chariti¢s Act 2011('the Act,). I report 111 respect of my examtnation of the Trustee's accounts oarried out under section 145 of th¢ 2011 Act alld in carrying out my examin8tion I bave followed gll the applicabl¢ Dir¢ctioD5 givw by the Charity Commission under Section 145(5)(b) of th¢ 2011 A(£ Independent examlner's 5tstement I have completed my examination. I confirm that no mat¢ri81 matter8 h8ve come to my attention in connection with the examination giving me cause to believe that in any material rewt: (l) the acrounting recordB w¢r¢ not kept in rwt of the Tn]8t as required by section 130 of the Act. or (2) the accounts do not accord with thos¢ records. I have no concerns and h&v¢ across no oth¢r matters in CODn¢dion with th¢ ¢xamination to which attention should be drdwn in this report in ord¢r to enable a proper uttderstandkng of the accounts to be reache Finni49 Accountants Limited Chart¢rnl Certified AcfA)untants 4-6 Svrdby8 Yard Beverley HU17 9BZ Th¢ Hull and East Ridin Cardiac Trust stst¢ment of financial activities For the ear ended 31 October 2024 Unrestricted fvnds 2024 2023 Note Incomlng resources Donations, legaci&s, alld gilLg Total incoming re80urces Resourceu expended Dire¢t charilable ¢xpendith.' Gr￿ts payable 3,740 42,816 Management and administration of the ¢l)arity Total r￿oUrceS expended NET INCOMING / oufGOIliG RESOURCES FOR THE YEAR Oth¢r reoognised gain8 Gains l (Losses)on investments unrealised NET mOvEME￿r IN FUNDS 100403 Balan￿ brought fonv8rd at l November 2023 Balance ¢4rnied forward at 31 October 2024 The statement of finoncial activities includes all gains and10&8es recognised in the ye4T. All incoming resources and rn80urces expanded d¢rive from continuing activities. The Hull and East Ridin Cardia¢ Trust Balance Sheet as at 31 October 2024 Not 2024 2023 Flxed 488et Inv&stments Securities. listed inve8tmcnts 58 261161 Current assets Cash on deposit at bank Curr¢nt IIFdbllltle8 16,911 13,679 Credltors: amounts fglling due Jwhhin on¢ year (1,575) (1,575) Net current 435¢ts Net a88ets 373 668 IPund8 of the Trust Unrestricted Approved by the TTU8tee6 Signed on b¢half of the Trustees on 23 June 2025 Dr S Greep The Hull and Rast Ridin Cardiac Tntst Note8 formin art of the fiDancial statements For the ear ended 3 I OGtob¢r 2024 Accountin Policie (a) Basis of AccountAn The financial statements of the TnJ8t are prq)ard under the historical co8t conveDtion (except for investments wbi¢h are stated at market valu¢) and in accordance with applicable Statement of RecomD)ended Practice 'Accounting and Rcporting by Charities, in accordance with the finatLcial reporting standard applicable in th¢ UK (FRS102)- effe￿1ve l January 2015 and Chariti&s SORP (FRS102). (b) Unrestricted Fund The income and a5bets olthe Trust are held in an unrestricted fund and aTe expendable At the discretioll of the Trust¢es in furtheranc¢ of th¢ objects of the TTUSt. estments A]1 investments ar¢ In¢lUd￿ in the financial statements at market value at the balance 8heet d8t¢. All realised and unrealis¢d gain8 and losse8 are dealt with through the Statement of Financial Activities. (d) Income Dividends and interest payments are recognised in the financial statements as b¢ing received on the due date of paym¢nt. Investment income is included as the net amount received plus the amount of r¢coverdble incomc tsx and tax credit transitional relief. Voluntsry income is received by way of donaiions. gifts and legacies and is included in full in th¢ Statement of Finanoial Activiti¢s when receiv (e) Grants able The trustees pay grants out of income but Tr￿e the w)wer to have recourse to capital if required. Grant applications are wnsidered periodically throughout Ihe yeaT and successful appllcations ar¢ p8id after approval. ended Expenditure is included (m an aC(￿alS basis. (g) Trhnsition The transition date for the Cbarlty was the 1$1 Nov¢mI￿r 2014. No adjugtments have been required on transition uDder the new accounting guidelines. 2024 2023 2. Gratlts Pa able University of Hull The Hull and East Ridin Cardiac Trnst Notes foi of the financial ststemellts contillu For the ear ended 31 October 2024 2024 2023 3, Man ement and Administration of the Trust Accountancy and taxation service8 (Adjustm¢nt on prior year) 1,500 ,575 75 ¢curiti¢s Listed Investrn¢nts Market valu¢ at l November 2023 261,161 60,0(X) 284,071 Additions Disposals Net unrealised inv¢51m¢nt 00&8) I gai]Js in the year Maknt Yalue al 31 Odober 2024 (27,500) Structure of portfolio: Inv¢stm¢nt fund 358 332 261161 Historkcal c(Kst at 31 octo￿ 2024 5, Cre ilord: Amounts fallin due within one kn¢ruals: AGcoutttan¢y and taxation s¢rYi¢es The Hull and East Ridin Cardiac Tn￿t Notes foTmin of the flllancial statetuents contin For the ear ended 3 1 October 2024 2024 6. Unr¢$tricted Fund At 31 Oclober 2023 273,265 68,471 (5,240) 312,991 Resources expend¢d Oth¢r recognised g&in81 (108ses) At 31 October 2024 {44.31 7. No Truste¢s rweived any remuneration or other benefjts during the year. (2023 £Nil}. 10. Related Part Trdnwtions The trustees oonsid¢r that no member has Dltimate colltrol. 11. Ca mmiÉments As at 31 0¢to￿r 2024 the tn]st had approved the following gr8nt awards payable within 12 months,. - Dr Hopkirk 22.0 The two grants outstanding as at 31 Octob¢r 2023 wer¢ ¢on¢luded during the year.