Charity number: 291528 THE FEDERATED FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE FEDERATED FOUNDATION CONTENTS Page Roforonco and Adminlstrativo Dolalts of th& Chaiity. Its Trustso$ and Advi$grs Trusts•6' Rèport Independent Auditors. Report on the Financial Statements Stat8ment of Financial Activities 10 Balancè Shoot Note* to the Flnanclal Statoments 12-20 THE FEDERATED FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Lord G R J BoMd( T J R Bors*ick Lady Borwck Charity registsred number 291528 Prln¢lpal 0ffi¢o 15 Great College Street London SW1P 3RX Independont auditors Warrener Stewart Chartered Accountsnts Harwood House 43 Harwood Road London SW6 4QP Page 1 THE FEDERATED FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together the audited financial stslements of the The Federated Foundation for the 1 April 2024 to 31 Mar¢h 2025. Objectives and activities a. Policios and objèctives The principal objeth've of the Chanty is lo benefft the public in en￿UrageMenl, promotion and carrying out research into the causes of heart disease in both Child￿n and adults. The Charity also provides ftjnds for the benefit of other charbtsble objectives and pu(pose$ in any part ol the world. In setting objedives and planning for activities. the Trustees have given due Consideration to general guidance published by the Charity Commission relating to public benefil. induding the guidance 'Public benefit.. running a chanty IPB21'. b. Stratègl•8 for achlèvlng obl•¢tlv•s The main strategies implemented by the Chanty in order to achieve their objectNes indude.. al Carrying out research into the causes of heart disease in both thildren and aduks. bl The making of grants to charities which carry out research into the above. cl The benefit ol exclusively charitable objectives and purposes in the UK or any other part of the wortd as Tru$lees shall. in their dI￿retIon, think fft. c. Activltl•$ und•rtak•n to a¢hl•v• obJKtIv•s Activities for achieving objeth'ves are.. al Donations for the costs of e(Jucalion of nurses and practice educatorn al the Royal Bromplon Hospitsl. The Chanty continues lo contribute lo courses for nurses and other staff. in order that they Can attend woddwide conferen¢e$ associated wth their work.. helping to I￿al and Ca￿ for patients suffering from heart and lung problems. Some of those who attend also speak and present. These conferences enable the nurses and other medical staff to be educated and stay motivated at no cost to the public purse. bl Donations lo other registered charities. All other donations made by the Charity are lo other registered charities. who are themselves responsible for showing the public the benefit of their work. d. Grantwmaking policie5 The Trustees award grants to projects that meet the Charity's strategic objectives. A¢hlevements and perfomiance a. Main achievements of the Charity The Charity, in total. made donations of £297.586. Nurseslpractice educators We￿ given contributions towards further training and the trustees met doctors and nurses of the Royal Brompton & Harefield NHS to discuss this expenditure and the benefits the nurses believed they gained from their attendance. The other donations were given lo charities who met the Trustees to request help with IheiT causes. In each case the Trustees considered these reque51s and agreed the level of sUPPOrt lo be given, dependent on the Charity's causes and needs. Page 2 THE FEDERATED FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfo￿anCe l¢ontinuedl b. Rovl•w of a¢tlvltlo$ The Trustees have received summaries from the projects that the Charrty supports and the Trustees consider these projects have met their initial expectations. c. Investmont policy and performance The Trustees consider Ihal $pecialised investments designed for the Chanty sector best meet the Charity'$ need for income and capital growth. Authorisation has been given to the Charity's broker to rnanage the Charity's investment portfolio. A quarterfy investment report is given to the Charlty and the investment broker provides periodical reports on the portfolio performance. Flnan¢i41 review a. Golng concorn After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason. they continue lo adopt the going eoncern basis in preparing the financial ststemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. R•8•rv•¥ pollcy The Trustees have established a reserve policy wthereby unrestricted fvnds (free reserve$l are maintained al levels which allow the Charity to achieve lis objectives through investment income. Given the intermittent nature of the Charity's income, the Charity's policy is to retain suffiuent cash to cover any committed expenditure. Current levels of I￿e reserves amounting to £11.173,496 12024 £11.939.3411 of which £10.220, 156 12024.. £11,070.6541 1$ represente¢J by investments held lor their polential In￿Me in order lo fund charitable aclivilies. Given the chanty's curTent reserves and fvnding model, the Trustees consider it to be a going concern and have prepared these accounts on this basis. ¢. Prlnclpal rlsks and un¢•rtalnOe8 The Trusleey have assessed the major risks to Nthi¢h the Charity is exposed, in particular those related to the operations and finances of the Charity. and a￿ satisfied that systems and proce(lU￿$ are in place lo mrtigale our exposure lo the major risks. d. Financial risk management objectives and policies Donations to external projects are assessed by the Trustees to ensure that the Charity's strategic objectives are upheld and the Trustees make SU￿ to follow financial compliance best practice. Stru¢turg. gov•rnan¢o and managemgnt a. Constitution The Federated Foundabon is a registered charity, number 291528. and is constituted under a Trust deed. Page 3 THE FEDERATED FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure. governan¢t and management Icontlnuedl b. Methods of appolnlment or •1g¢tlon of Tru$ts•$ The management of the Chanty is the responsibilty of the Trustees vtho are elected and cTropted under the terms of the Trust deed. Plans for future periods The Trustees hope lo continue lo meet the Charity'$ objectives, to beneffil the public encouragement, promotion and carrying out research into the causes of heart disease in both children and adults, the making of grants to any charity which carries out research Into that endeavour and the benefit of exclusively charitable objectives and purpose5 in the UK or any other part of the world as Trustee5 shall In their discretion think frt. Slatsment of Truslg9$' rgspon$ibilitig$ The Trustees are ￿sponSible lor preparing the Trustees. Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A￿epted Accounty'ng Practice). The law applicable to charities in England & Wales requires the TNstees to Pfepare financial slalements for each financial year which give a true and fair view of the stsle of affairs of the Charty and of ils incoming resources and application ol resource$, including ils income and expendrture, for that period. In preparing these financial statements, the Trustees are required to.. $eled suitable acwunling poli¢ies and then apply them ￿nSisten￿y', observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accountsng esbmales that afe reasonable and prudent.. stste whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained In the financial stslements", prepare the financial statements on the going con¢em basis unless il is inappropriate lo presume that the Charity wll continue in business. The Trustees are responsible for keeping adequate accounting rec(ffds that are suffiryenl to show and explain the Charity's transactions and disdose with reasonable accuracy at any ts'me the financial position of the Charity and enable them to ensure that the financial statements comply V￿th the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the a5se15 of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other Ir￿gu18n1ie$. Disclosurg of inforniation to auditors Each of the persons who are Trustees at the time when this Trustees. Report is approved has Confirmed that.. so far as that Trustee is aware, there is no relevant audit infom)ation of ¥thich the charity's auditors are unaware, and that Trustee has tsken all the steps that ought lo have been tsken as a Trustee in order to be aware of any relevant audrt infomialion and to establish that the chari￿s auditors are aware of that information. Page 4 THE FEDERATED FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Auditorn The auditors, Warrener Stewart, have indicated their wllingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Lord G R J BoTh%ick Dale.. Page 5 THE FEDERATED FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FEDERATED FOUNDATION Opinion We have audited the financial ststements of The Federaled Foundation (the 'charityl for the year ended 31 March 2025 vthich comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, Including a summary of significant accounts.ng policies. The financial reporting framework that has been applied in their preparab.on is applicable law and United Kingdom Accounb'ng Standards, including Financial Repo￿n9 Stsndard 102 'The Finan¢ial Reporting Stsndard applicable in the UK and Republi¢ of Ireland, (United Kingdom Generally A¢¢epted Accounting Practice). The financial stslements have been prePa￿d in ac￿rIance wlh AC￿untsn9 and Reporting by Charities preparing their accounts in accordance wlh the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporb'ng by Charities." Ststement of Recommended Practice issued on 1 April 2005 which is referred to in the exlant regulations but has been wthdrawn. This has been done in order for the accounls to provide a true and fair wew in accordance wlh the Generally Ac¢epted Accounting Pra¢li¢e effe¢ty've for reporting periods beginning on or after 1 January 2015. In our opinion the finan¢i81 statements.. give a true and fair view of the stale of the charivs affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended". have been properfy prepared in accordance Trmih United Kingdom Generally Accepted Accounting Practice". and have been prepared in accordance with the requiremenls of the Charitses Ad 2011. Bas18 for oplnlon We conducted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditors. responsibilities for the audit of the financial statement5 section ol our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the finan¢i31 513lemenls In the United Kingdom, including the Financial Reporting Counul'$ Ethical Standard. ant1 ￿ have fulfilled our other ethical responsibilities In a¢¢ordan¢e wth these requirements. We believe that the audit ewdence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going c¢)ncem In auditing the finanaal 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 idents'fied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least fv￿1ve months from when the financial slatement5 are authorised for issue. Our responsibilities and the responsibilities of the Trustees vAlh respect to going concem are described in the relevant sections of this report. Page 6 THE FEDERATED FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FEDERATED FOUNDATION (CONTINUED) Other Infomiatlon The other information comprises the information included in the Annual Report other than the financial Statements and our Auditors, Report Ihereon. The Tru5tee5 are responsible for the other information contained within the Annual Report. Our opinion on the financial slalemenls does not cover the other inftsrmation and, except to the extent otherwse explicrtly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infom)ation and. in doing so. consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If ￿ identify such material incon51Stencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material mi551alemenl In the financial slalemenls themselves. If. baseil on the work have perfomed, we conclude that there is a material misslalemenl of this other infomiatson, ￿ are reqUi￿d to report that facl. We have nothing to report in this regard. Mattgrs on whS¢h wg •rg rgquired to report by gX¢ePtion We have nothing to report in respect of the following matters vknefe the Charities IAccounl$ and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Trustees, Rewrt is inconsistent in any material respect wlh the financial statements,. or suffieienl accounting records have not been kept". or the financial statements are not in ag￿ement wlh the accounting records and retums.. or we have not received all the information and explanations we require for our audit. Ro$p¢nslbllitlos of tru$tso8 A5 explained more fully in the Trustees, Responsibilitie5 Statement. the Trustees are responsible for the preparation of the financial slalemenls which give a true and fair wew, and for such inlemal control as the Trustees determine is necessary lo enable the preparation of financial $tslements that are free from material misslalemenl, vthether due lo fraud or error. In preparing the financial statements, the Tru5tee5 are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable. matters related lo going concem and using the going concern basis of a¢¢ounling unless the Trustees erther intend lo liquidate the charity or lo cease operations, or have no realistic alternatsve but to do so. Page 7 THE FEDERATED FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FEDERATED FOUNDATION (CONTINUED) Audltors. r•$pon$lbllltl•s for th• audlt of th• finan¢lal $tatsm•nts We have been appointed as auditor under sects.on 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or hawng effect thereunder. Our objectives are to obtain reasonable assurance about vthether the financial stalements as a whole are free from material misstatement, vthether due to fraud or error, and to issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of a35urance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI wll atways delect a mateiial misstslement %then rt exists. Misslalemenls can anse from fraud or error and are considered material if. individualty of in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregulanlies, including fraud, are inslan¢es of non-compliance wlh laws and regulations. We design procedures in line wlh our responsibilibes. outlined above. lo detect material misstslements in respect of irregularities, including fraud. The extent to which our pro¢edures are ¢apable of detecting irregularrties, including fraud is detailed below., Consideration of the following. which reduce the likelihood of irregularities, induding fraud lo oriye or lo go undetected.. Total control over all aspects of the charity by the Trustees wth no non-truslee involvement. Informed management within the Trustees. Banking relationships managing cash funds. Investment relationships managing Investment frjnds. Very low transaction levels. Delegation to professional advisors of the preparation of the financial statements. Some specrfic procedures perfomed. lo detect material misstatements in ￿SpeCt of irregularities including fraud, indude.. A very high level ol verificabon of transactions executed. both during and after the year. A full review for unusual transactions which may be inconsistent the objectives of the charity. Consideration of all transactions for any indication of fraud or inappropriate use of funds. Consideration of all ITansactions and balances for any Irregular related party involvement. Independent verification of all year end fvnd balances and any subsequent diminution in value. Critical consideration of the going concem basis for appropriate application within the financial statement5. Detsiled review of the financial slalemenls for fair presenlation and correct conlenl. Because of the inherent limitations of an audit, there is a risk thal we will not detect all irregularities, including those leading to a material misslalemenl in the financial statements or non-compliance wth regulation. This risk increases the more that compliance a law or regulation is removed from the events and Iransacliony reflected in the financial stslements. as we ￿11 be less likely lo become awa￿ of inslan¢es of non-¢omplian¢e. The risk is also 9￿ater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentats'on. A further descripkn'on of our responsibilities for the audit of the finanoal ststements is located on the Financial Reporting Council's website at.. vM¥.frc.o .uklaudttors￿s nsibilities. This des¢ripb'on fomis part of our Auditors, Report. Page 8 ## **THE FEDERATED FOUNDATION** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATED FOUNDATION (CONTINUED)** ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. ## _Atex cagte_ **Warrener Stewart** Chartered Accountants Harwood House 43 Harwood Road London SW64QP Date: 21 January 2026 Warrener Stewart are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 9 THE FEDERATED FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Nots Incom8 from: Donations and legacies Investments 75 294,384 75 294,384 70,249,498 130, 164 Total income 294,459 294,459 10,379,662 Expénditure on: Investment management costs Charitable acliwtses 62,548 247,673 62,$48 247,673 25, 109 275, 794 Total oxpondlture 310,221 310,221 300,903 Nat{9x￿nditUr9jr1nCOmo bgforn nét Iloss8sVgains on inv&5tm6nts Nel Ilossesll9ains on investments 115,7621 17SO,0831 115,7621 1750,0831 70,078, 759 894, 788 Not movom•nt Sn funds 1765,8451 1765,8451 70,973,547 RgconcllSatSon of funds: Total lunds brought forward Nel movement in funds 11.939,341 1765,8451 11.939,341 1765,8451 965, 794 70,973,54T Total funds carrl•d forward 11,173,496 11.173,496 9 1,939,341 The Statement ol Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 10 20 fom part of these financial statements. Page 10 THE FEDERATED FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Mote Flx•d ass•ts Investments 12 10,220,1S6 11,070,654 10,220.156 7 1,070,654 Curr•nt a$sots Debtors Cash al bank and in hand 13 5.000 958.048 877,987 963,048 877,987 Creditors.. amounts falling due within one year 14 19.7081 (9.300) Ng1 Current a$s•ts 953,340 868,687 Total not ass•ts 11.173,496 7 1,939,341 Charlty fund$ Unreslri¢ted funds 15 11,173,496 11,939,341 Total fund# 11,173,496 11,939,341 The financial slalemenls were approved and authorised for issue by the Trustees and yigned on their behalf by.. Boiwick lJan 21,2026 16..16..56 GMT) Lord G R J Borwick Dale.. The notes on pages 12 to 20 fomi part of these financial statements. Page11 THE FEDERATED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General infomiation The Federated Foundation is a charitable incorporated organisation ICIOI registered wth the Charity Commission in England & Wales. The principal office is 15 G￿al College Street. London, SW1 P 3RX. Accounting policies 2.1 Ba$ls of proparatlon of finan¢lal ststemonts The financial statements have been prepared in accordance wth the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable In the UK and Republic of I￿land IFRS 1021 leffecb.ve 1 January 20191. the Financial Repc>rting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charib'es Act 2011. The financial statements have been prepared to give a Irue and fairf view and have departed from the Charities (Account5 and Reports) Regulations 2008 only to the exient required to provide a Irue and fairf view. This departure has Involved following the Charities SORP IFRS 1021 published In October 2019 rather than the Accounting and Reporting by Charities." Slalemenl ol Recommended Practice effective from 1 April 2005 vknich has since been wlhdrawn. The Federated Foundation meets the definitson of a public benefit entity under FRS 102. Assets and liabilits'es are initially recognised at historical cost or transath'on value unless otherwise slated in the relevant accounting policy. 2.2 Golng conc•m Having assessed the principal risks and uncertainties to %thich the Foundation is likely lo be exposed, and after making appropriate enquiries. the Trustees have a reasonable expectation that the Foundation has adequate resources lo continue in operational existence for the foregeeable future. For this reason. they conts.nue lo adopt the going concem basis in preparing the financial slalements. 2.3 Income All income is recognised once the Charity has entidemenl to the income, il is probable that the income wll be received and the amount of income receivable can be measured reliably. Where the donated good is a fixed assel. it is measured at fair value. unless il is impractical lo measure this reliably, in which case the co$t of the item lo the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate rixed asset class and depreciated over the usefvl economic life in accordance wlh the Charity's accounting policies. On receipt, donated professional services and facilrties are re¢ognised on the basis of the value of the gift to the Charity vthich is the amount it would have been wlling to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expendrture in the period of recEipt. Income lax recoverable in ￿latiOn to donations receive(1 under Gift Aid or deeds of covenant is reu>gnised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 12 THE FEDERATED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.4 Expgnditure Expenditure is recogni3ed once there 15 a legal OT constructive obligats.on lo transfer economic benefit lo a third party. il is probable that a Iransler of e¢onomic benefits will be required in settlement and the amount of the obligation can be measured celiably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each acb'vity. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contnbule lo more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of tsme spent, and depreciats'on charges allocated on the portion of the asset's use. Expenditure on raising funds indude$ all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising acts'vth'es events and non