Charity Registration No 287863 Company Registration No. 01751398 (England and Walesl ST MARY'S CORONARY FLOW TRUST (COMPANY LIMITED BY GUARANTEE) EXECUTIVE COMMITTEE'S REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 s&w
ST. MARY'S CORONARY FLOW TRUST (COMPANY LIMITED BY GUARANTEE) LEGALAND ADMINISTRATIVE INFORMATION Membep4 Of The Execulive GomTnittEe Dr R Foale Professor P S Sever PTof R Khamis Dr R Al-Lamee Prof Z Vvhinnett Director and CEO Mr L R 9ai1oy IAppoint9d 18 S8pt8mb8r 20241 Secretary Ms C Kilgallon Charity number 287863 Company number 01751398 Registered office 78 Harley Street {Attn Dr R Foalel London W1G7HJ Independent examiner S&W Partners Advisory seCes (Thames Valley) LLP 22 Wycombe End Eseaconsheld HP9 1NB
ST. MARY'S CORONARY FLOW TRUST (COMPANY LIIVIITED BY GUARANTEE) CONTENTS Page Executive Committee¥ report Independent examiner's report Slalemenl of financial activities Balance sheet Notèg to thè ffinancial $tatèmÈnl$ 6-10
ST. MARY'S CORONARY FLOW TRUST (COMPANY LIMITED BY GUARANTEE) EXECUTIVE COMMITTEE'S REPORT {INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 28 FEBRUAR Y 2025 The Member? of th¢ Ex¢Gutive ComrnSttee present their report and ffinanGial statements for the year ended 20 February 2025. Tlie aGbouiitb Ii¢lV¥ bvvii pi vpdi¥d iii d(iiib¥ willi Ili¥ (i¥Lvuiiliiiy yvlibieb uul iii iiul¥ lu IIIE obLuuiitb dll Comply with the Trust's conslilulion, the Charitie5 AGI 2011 and 'Accounling and Reporting by Charities.. Stalemenl of Recommended Pra¢li¢e applicable to charities preparing thèir accounts in accordance wth the FInCIal Reportr'ng Standard applicable in the UK and Republie of Ireland IFRS 1021(effedive 1 January 20151. Obje¢tives and activities The objectives and activities of our St MaTy'S HospTtal Coronary Flow Trust ICFT) for the year ending 28 February 2025 remain unchanged and are focused on the promotion of research into arterial vessel disease and cardiovascular health. Our overall remit for research funding stream 18 to provide support for doctors in their early re5eaich careers to assist their applications to the laiger established grant organisalions, e.g,, Brikn'sh Heart Fouiidalion. Achlevements and performance There are many exciting new developments includirio some early success in publishing work on pressure and flow measurement in native and expeiirnental coronary artery models, this represents a major advance. There has been further development of ele¢lrophysiologi¢al resear¢h and support through the fundraising activities from Piof Zach Inhinnett recently appolnted lo the executive committee lo provide EP insight lor grant applications involving this speciality. The member5 of the Executive Committee have paid due regaid to guidance issued by the Charity Commisslon in deuding the advisability of lunding for such proje¢ts and what activities the Trust should undertake. Financial rÈvi&w The results lor the year arE Set out on page 6. The Members of the Executive Committee have adopted a r¢5erv¢s poliGy that wll, for a Iwo-year period, pioteGt the personnel involved in the development of the Coronary Interventional dalabase. The Executive Committee recognize that having satisfied numerous grant applications over the last e1ve months. that we would look very carefully at additional applicationE in an attèmpt to kèèp tht rÈtÈroÈB at £300,000. Currendy the ieBerveB of the Tiust are £48,136 Goiiipèivd to ieseives lirld of 2024 ul £323,7J4 diid 2023 ul £334,807 The Executive CommitteÈ has ÈssèsgÈd thè major risks to which the Trust is p.xpnqgd, xnd xrp. 8xtisliprt that systems are in pla¢c to mitigatc CXPO4wure. Pldr15 fur (uluwv p¥rivrJ5 The Coronary Flow Trust will continue to support individuals working wthin its domain and to build on the successes ol the last several years. Thg Trust898 wryll considgr additional TruttOO8 Should thie bo rèquirèd on thè Exècutivè structurei govemance and management The Trust 15 a company limited by guarantee and has no shale capital. The cornpany was incorporated on 8 September 1983. Each member has undertaken to contribute to the assets ol the company in the event ol the same being wound up vthile helshe is a member, or within a year of ceasirig lo be a membei, foi payment ol debts and liabililieb uf the GOtHpany GDlltlaGted before Geasing to be a membei, and of the costs, chaiges and expenses of inding up. and for the adjustments of the rights ol the contributors amongst themselves, such amount as may be required not exceedir)g £1. The company is a iegistered charity (Number 2878631. The directors of the company are also charity trustees and undpr the companyÉ Artirl?% (Jf Aqqoe.iation arp known membcro ofthc Ex¢cutive Committce. Mcmbcra ofth¢ Ex¢¢utivc Committcc must bc mcmbcra of the company.
ST. MARY'S CORONARY FLOW TRUST (COMPANY LIMITED BY GUARANTEE) EAECUTIVE COMMITTEE'S REPORT (INCLUDINO DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 The Member5 of the Executive Commillee. who are also the dire¢lors for ihe purpose of company law, and who .rvAd dijrin J Ihp ypar and ijp IE) the date ol signature ol the finan81 sialemenls were., Dr R Foale Prof P S Sever Prof R Khamls Dr Sayan Sen Dr AAI-Lamec Prof Z lfvhinnett IR8sign8d 7 Oct¢ber 20241 The trustees meet on a monthly bgsis informally and on an annual ba518 for the AGM. The day to day runnin9 of the charity Is undertaken by Chantell Kilgallon, cotnpany 5esielary and Mr L R Bailey is the non-tnediGal truste8 and has been appointed as Director of CFT on 18 S&pt8mber2024. The Executive CoTnmilleE has assessed the maigr risks lo which the Trusl is exposed. and are satisfied that systems are in place lo miligalè èxposure lo the major risks. Th@ Ex8¢uliv@ Committeé's report was approved hy thp. RnArd nf Mpmhgr8 OIThe Exècutive Committee. r R Foaie 13 November 2025
ST. MARY'S CORONARY FLOW TRUST (connpANY LIIVIITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE EXECUTIVE COMMIThEE OF ST. MARY'S CORONARY FLOW TRUST I report to the Members ol the Executive Comrnittee on my examination gf the financial staternents of St. Marys Coronary Flow Trust Ilhe Trust) ft>r the year ended 28 February 2025. Re5ponsibililies and basis of rewrt As the Members of the Executive Committee of the Trust land also its directors for the purposes of company lawl. you are responsible for the preparation of the financial statements in accoidance wlh the requirements of the Companies A¢t 2006. Having Satisfied rnypelf that the ffinanr.i81 tat9.MP.ntx nf thp. Triikt xrp. nnt rp.qiiirp.d trj hp. aiiditgd iJndp.r Part 16 nf the Companies Act 2006 and are eligible for independent examination. I report in respect of my examination of the Trust's financial statements ¢airied out under section 145 of the Charities Act 2011. In carrying out my examinaliori I have followed the Directions given by the Charity Commission under section 14515}{bl ol th8 Charities Act 2011. Independent examinerfs statement vinG¢ the Truot'a gro#8 income exceeded £250,000, thc indcpcndcnt cxamincr mu8t bc o mcmbcr of a body 115ted in section 145 01 the Charities Act 2011. 1 confirm that l am qualified to undertake the exatninalio because l am a men*)er ol the Institute ol Chartered Ac¢ountsnls in England and Wales. which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to rny attention in conneetion with the cxamination giving mc oauve to believe that in any material reBpect: accounbng records were not kept In respect ol the I rust as required by seciion 386 of Ihe Companies Act 2006. the finanGial 3tatern¢nts do not aG¢ord with tho3e record3', or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any rp.qiiirp.mp.nt that thp. finane.ial %tatp.m?nls oive a true and fair view, which is not rnatter considered as part of an indepèndent examination,. or the financial slalemenls have not been prepared in accordance wlh the methods and principles of the st2tpm9.nt of Recomrnended Practice for accounting and reporting by charities applicable lo charities preparing their financial statements in accordance wlh the Finaricial Reporting Standard applicable in the UK and Republlc of Irelan(J IFRS 102). I have no ¢on¢erns and have come across no other matters in Gonnection wth the examination lo which attention should be drawn in this report in order to enable a proper understanding ol the financial slalements to be reached Yuen Man Anna Dulmer fcA fcpAIHKI S&W PartnersAdvisory Services (Thames Valley) LLP 2 Vvycombe End Beaconsfield 8uckinghamshire HP91NB Dated.. 13 November 2025
ST. MARY'S CORONARY FLOW TRUST (COMPANY LIIVIITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2025 Unrestricted funds 2025 Unrestricted funds 2024 Notes Income from.. Donations and legacies Investments 283,794 681 64,098 Total income 284,475 64,098 Expenditure on.. Charitsble activities 60.093 75,151 Totsl expenditure 60,093 75,151 Net incomellexpenditurel and movement in funds 224,382 111.Ua-Jl Reconciliation of funds.. Fund balancgs at 29 Fobruary 2024 323,754 334.807 Fund balances at 28 February 2025 548,136 323.754 The 5tateFnont of financial ttctivitics includes all gains and losses recognised in the year. All inoome and expenditure derive from continuing aclivilies.
ST. MARY'S CORONARY FLOW TRUST (COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 28 FEBRUARY 2025 2025 2024 Notes Fixed assets nvestment5 11 325,182 Current assets Cash at bank and in hand 227,174 327,234 GIEdltor¥- awnvuiiLb l¢illiiiy vvilliiii one year 12 14,2001 13,4801 Net curr?nt as¥ets 222,974 323,754 Total assets less current Ilabllltles 548,136 323,754 The fund5 of the Trust Unre8lnGted funds 13 548,136 323,754 548.136 323.754 The company Is entitled to the exemption frorn Ihe audit requirement contained in section 477 of the Companle8 Act 2006. for the year ended 28 February 2025. The directors a¢knoedge their responsibilities for cotnplylng with the requlremenls of the Companie5 AGt 2006 th respect to accounting records and the preparation of linancial statement8. I he Members nave nDi required the company to ootain an auoii ol Its fln8nc1815taietnent8 for the year in quesliLIFi iri accordanco with 5ectlon 476. I hese fillancial statements nave been prepared In accordance wllh the piov15ions applicable Iu CQlTiporiieb iuiJjv6l lo the small companies regime. Tne flnanclal sialemenls were approved by the Metnbpis of the Executive Guiiiiiiitl¥¥ vii 13 Nuv¥iiiLJ¥i 2025 Dr R Foale
ST. MARYS CORONARY FLOW TRUST (COMPANY LItVllTED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUAR Y 2025 AGGQUlltiiig poliGie5 Charity inforniation bl. Mary's Loronary Plow"Irust is a prjvale cornpany limited by guarantee Incorporated In kngland and Wales. The registered office is 78 Harley Street, (Attn Dr R Foalel. London, W1 G 7HJ. 1.1 Basis of preparation The financial statements have been prepared in a¢cordance with the Trusvs govtsmlng document. the Companies AGt 2006. FRS 102 "The Financial Reporlir)g Standard appli¢able in the UK and Republic of Ireland and the Charities SORP "Accounlinq and Reportinq by Charities.. Statement of Recommended Practice applicable lo chaiilie5 pieparing thpir a¢¢ounls in a¢¢ordancp wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). The Trust is a Public Benefit Entity a5 defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for chaiities not to prepare a statement ol cash flows. The fjnancial statements ale pr8paied in sterling, which is the fijnctional currency of the Tiusl. Monetary amounts in these finan¢ial statements ale r¢)unded to the nearest £. The financial slalements have been prep8red under the historical cost convention. The prCipal a¢¢ounting poliries adopted are set out below. 1.2 Going At the time ol approving the finanoal statements, the Members ol the Executive Committee have a roaeonablè expectation that tho Trust hag adoquatg rgsourcos lo continue in opgrational gX15tèn¢$ for tho IvivbV#dLJlv fului r. TIILJS Ilir Mei)ILJvis uf tlie ExeGutive CoiiiiTLittee Goiitiiiue to adopt tlie going GonGern ba615 of accounts.no in preparing the financial statements. 1.3 Ghariiable funds Thp. Tniqt only hrJld4 iJnrgEtrictpd fund%, thgse 8Te funds which can be used in accordance wth the charitable company'5 objectives, at Ihe discretion of the Executive Committee. Restriotod funds are subject to specific conditions by donors or grantors as to how they may be used. The puipose5 and uses ol the restricted funds are set out in the notes lo the financial slalements. Eiiduwiii¥iil luiiLIts buiJjvLt Iv bpebifify wiitlitivii** LJY dtsiiuib Ili¢lt tli¢ Lapilal Inust be tnaiiitained by tlie Trust. 1.4 Income In¢ome is re¢ognised when the Trust is legally entilled to it after any perloimance conditions have been met, the amounts can be measured reliably, and il is probable that income wll be received. Cash donations are recognised on receipt. Other donations are re¢ogr)ised once the Tiusl has been notified of the donation, unless perloimance conditions require deferral of the amount, Income tax recoverable in relalion to donallons recelved under GiftAid or rseeds ol covenant is recognised at the time ol the donaton. Voluntary in(x>me and donafjons are accounted for a5 received by the Trust. Al other income is ac¢ounted for on an accruals basis.
ST. MARY'S CORONARY FLOW TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 2R FEBRIJARY 2025 AGGounting poli¢ie> (Continucdl 1.5 Expenditure Liabilities are recognised as resources expended as soon as there is a leaal OT consliuth.ve obliaalion comrnitting the Trust to the expenditure. All expenditure is accounted for on an a¢crual basis. Chaiitable expenditure comprises those costs incurred by the Trust in furtherance of the objectives of the Trust. Contribulon for the funding of researchers. salaries are accounted for when paid or otheiSe when the Trust ha5 committed to and communicated this to the third party. No ¢onlingenl funding is accrued for. Governance costs associated th the preparation of the finanaal statements and any other constitutional and statutory requirements. )ere support costs cannot be directly attributed to patfycular headings they have been allocated lo cost of raising funds and expenditure on charitable activities on a basis ¢onsistenl with use of the resources. IrieGov¢rabl¢ VAT its Gharged 03 an expenae Againat thc activity for vthich cxpcnditurc oro?c. 1.6 Fixed asset invÈstmenfs Ixed asset Investments are iniiially rneasured ai [ransalOn price excluding Iiansaction costs, and are subsequently measured at fair value at each repOng dale. Changes in fair value ale iecogllised in net incomellexpenditurel for the year. Transaction costs are expensed a8 incurred. 1.7 Cash and cash equivalents Cash (Ind c(Ibh equivdleiils IiiLlud¥ casli iii Iiand, deposits held at call with banks, other short-lerrn liquld investments With oiiginal maturitie5 of three months or less, and bank overdralts. Bank oveTdiafts are shown thin borrowings in eurrenl liabilities. Dprprr)gniÉit)n rjf financial liabililiÈs FiiiaiiLial liabiliti¥s ai"e dei"VGOgnised when the Trust's GontiaGtual obligations expir¢ or are disGharged or cancelled. .1.8 ValueAdded Tax Value added tax is not recoverable by the Trust, as as such Is Included In the relevant costs in the Statement of Financial Activities. Income from donations and legacies Unrestricted funds 2025 Unrestricted funds 2024 Dviiuliuri¥ uiitl yiti¥ 283,794 64,09e
ST. MARY'S CORONARY FLOW TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY2025 UnrestTiCted Unrestricted fund5 fund5 2025 2024 Intere8t receivable 681 Expenditure on charitable activities Grant fundings 2025 Grant fundings 2024 Direct costs Grant fvnding of a¢fjvlUes (see note 51 39,256 59,300 Share of support and governance costs (see note 61 Supptsrt Gvveiii<lllb¥ 16,013 4,824 12,302 60,093 75,151 Analysis by fund Unrestricted funds 60,093 75,151 Grant5 payable Oraiit fundings 2025 Qraiit lundings 2024 Grants to institutions: Other 6,135 49,894 Graiits to individuals 33,121 9,40G
ST. MARY'S CORONARY FLOW TRUST (COMPANY LItVllTED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRIJARY 2025 8upport Go&ts Support Goveman¢e costs costs 2025 Support Govemance costs costs 2024 Administiative setvices 16,013 16,013 12,302 12,302 Governance costs 4,824 4,824 3.549 3,549 16,0fj3 4,824 20,837 12,302 3,54g 15,851 Analysed b8twe@n Charitable aclivthes 16,0fj3 4,824 20,837 12,302 3,549 15,851 Governanace costs include payment lo the independent examiner of £4,82412024 £3,549) for independent examineis fees. NÈt movemènt in funds 2025 2024 The net movement in fLtnds is slated after charging11eI1illl.. Fees payable lor the indepenrjent examination otlhe chanty's Iinancial statements 4,824 3,549 Membcr5 Of Thc Exccutive Committce None of the Member8 of the Executive Committeè {or any pereont connèetèd with thaml rac&ivad any remuneration or benefits frorn the Trust dur¢ng the year. Employeps Tlie dvei<iyE Iiiuiillily Iiuiiibei ul eiiiplvyvvb dui iiiy itIV y¥dl W<ib. 2025 NuTnber 2024 Nuynber Total There were no employees whose ar)nual remuneration was more than £60.000. 1D Taxation The Trust Is reglstered charlty, number 287863. It Is exempt from taXaOn Ilabllllles on Its Income.
ST. MARY'S CORONARY FLOW TRUST (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y 2025 11 Fixed a53et inv¢31ments Cash in puilfvliv Cost or valuation Al 29 February 2024 Additions 325,162 At 28 Fcbruary 2025 325,162 Carrying amount At 28 February 2025 325,162 At 28 February 2024 12 Creditors: amounts falling due within one year 202S 2024 AGGruals and deferiEd inGoine 4,200 J,480 13 Unrestricted funds The unrestrlcted fvnds of the charity cornprise the unexpended balances of donations and giants which ale not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated fvnd8 which havé bèon È&t asido out of unr88trict8d funds by the trustga& for specific PLJrpo$ès. Inrnrnin resources Rp41)iirtr.p4 At28 expendedFebNary 2026 February 2024 fieneral wnds 323,754 284,475 160,0931 548,136 Previoijs ygAr'. At28 Febwary 2023 Incoming resources Resources At28 expendedFebwary 2024 General funds 334,807 64,098 175,1511 323,754 There were no disclosable related party transactions during the year12024- none). 10-