‘ 

## Heart Research Wales 

## Charity No. 509427 

Trustees’ Report and Unaudited Accounts 

30 June 2025 

Heart Research Wales ‘ Contents 

||Pages|
|---|---|
|Trustees’ Annual Report|2 to 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6 to 10|
|Statement ofCash flows|11|
|DetailedStatementofFinancialActivities|12to13|



Page 1 

Heart Research Wales Trustees Annual Report 

The trustees present their report with the unaudited financial statements of the charity for the year ended 30 June 2025. 

## REFERENCE AND ADMINISTRATIVE DETAILS 

## Charity No. 509427 

## Principal Office 

Department of Cardiology 

University Hospital of Wales 

Cardiff 

CF14 4Xw 

Trustees 

The following trustees served during the year: 

W J Penny 

Andrew Wood 

Z Yousef 

## Accountants 

Naunton Jones Le Masurier 

24 St Andrews Crescent 

Cardiff 

CF10 3DD 

## OBJECTIVES AND ACTIVITIES 

The purpose of the charity as set out in its governing document is to support research, education, and patient activities in Wales in matters related to diseases of the heart, lungs, and vascular system. 

The main activities undertaken in relation to those purposes for the public benefit, identified in the accounts are: 

* Clinical Research: University fees to facilitate Medical Doctorate (MD) of a cardiology specialist registrar. Project involves an investigation of a novel pacing intervention for patients with heart failure. 

* Basic Science Research: University fees and project costs to support a PhD student investigate the potential anti-arrhythmic effects of Mavacamten (a recently introduced negative inotrope: myosin binding inhibitor that is being used in patients with hypertrophic cardiomyopathy). ¢ Prescribing Module: University fees to support x2 specialist heart failure nurses to gain prescribing certification to aid their care of heart failure patients. 

* Heart failure patient support group: After feedback from patients requesting greater community-based support following a diagnosis of heart disease, we funded patient-focused meetings every week where multi-disciplinary healthcare professionals (dieticians, psychologists, pharmacists, physiotherapists, nurses) deliver health promotion talks and workshops in relaxed community-based surroundings. The trustees have given due consideration to the Charity Commission's guidance on the public benefit and are satisfied that our objectives and activities are of public benefit. 

Page 2 

Heart Research Wales 

## Trustees Annual Report 

Funding requests are forwarded to the 7 nominated charity officers who independently appraise each application and recommend to either fund, not fund, or part-fund the application. Charity chair collates all responses and the final decision is based on majority vote after ratification that the project meets our objectives. 

Chairman, Trustees, and nominated officers work on a voluntary basis to ensure that our overhead costs are minimal. 

## ACHIEVEMENTS AND PERFORMANCE 

The charity has recovered from a dormant period during the COVID outbreak. We are pleased to have been able to support clinical & basic science research projects, a patient support group, and fund the advanced training of specialist heart failure nurses to obtain prescribing certification.These projects are aligned to the objectives of the charity. 

## FINANCIAL REVIEW 

The charity's financial position at the year end is solvent with healthy reserve funds. 

The reserve fund is largely made up of legacy funds accrued during years where the charity was dormant through COVID restrictions. For 2025-2026, we plan to support the following projects: 

- Continued funding of patient support group. 

- ¢ Continued support of Africa-HF project. 

- Support Duchenne Muscular Dystrophy network: supply of x2 ECG machines to facilitate community-based 

- assessment of patients. 

- ¢ Neuromuscular Network: To support a “dance for your heart” project which aims to promote therapeutic dance-based interactions to facilitate cardiac health, dexterity, and social interactions. 

- e Academic: support MD/PhD studentships. 

- Clinical workforce: To sponsor an evening event for cardiac allied healthcare professionals to promote well 

- being and professional support. 

## Statement of trustees’ responsibilities in relation to the financial statements 

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## Signed on behalf of the charity's trustees 


**----- Start of picture text -----**<br>
weZSine ——}<br>Andrew Wood ca<br>Trustee<br>20 March 2026<br>**----- End of picture text -----**<br>


Page 3 

Heart Research Wales Independent Examiners Report 

## Independent Examiner's Report to the trustees of Heart Research Wales 

| report to the trustees on my examination of the financial statements of Heart Research Wales for the year ended 30 June 2025. 

## Responsibilities and basis of report 

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act’). 

| report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## Independent examiner's statement 

| have completed my examination. | can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- ¢ the accounting records were not kept in respect of the charity as required by section 130 of the Act; or e the financial statements do not accord with those records; or 

- e the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair' view which is not a matter considered as part of an independent examination. 

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. 

Michael Jones FCA 

Naunton Jones Le Masurier 

24 St Andrews Crescent Cardiff 

CF10 3DD 

20 March 2026 

Page 4 

Heart Research Wales Statement of Financial Activities 

## for the year ended 30 June 2025 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|
|funds|Totalfunds|Total|funds|
|2025|2025|2024|
|Notes|£|£|£|
|Income|and|endowments|
|from:|
|Donations|and|legacies|3|64,384|64,384|8,090|
|Charitable|activities|4|100|100|-|
|Investments|5|1,617|1,617|1,255|
|Total|66,101|66,101|9,345|
|Expenditure|on:|
|Charitable|activities|6|23,083|23,083|6,472|
|Other|8|474|474|1,067|
|Total|23,557|23,557|7,539|
|Net|gains|on|investments|-|-|-|
|Net|income|42,544|42,544|1,806|
|Transfers|between|funds|-|-|-|
|Net|income|before|other|
|:|42,544|42,544|1,806|
|gains/(losses)|
|Other|gains|and|losses|
|Net|movement|in|funds|42,544|42,544|1,806|
|Reconciliation|of funds:|
|Total|funds|brought forward|139,938|139,938|138,132|
|Total funds|carried|forward|182,482|182,482|139,938|

**----- End of picture text -----**<br>


Page 5 

Heart Research Wales 

Balance Sheet 

at 30 June 2025 

|Charity No. 509427|||2025|2024|
|---|---|---|---|---|
||||£|£|
|Current assets|||||
|Cash at bank and in hand|||182,482|139,938|
||||182,482|139,938|
|Net current assets|||182,482|139,938|
|Total assets less current liabilities|||182,482|139,938|
|Net assets excluding pension asset or liability|||182,482|139,938|
|Total net assets|||182,482|139,938|
|Thefunds ofthe charity|||||
|Restricted funds||10|||
|Unrestricted funds||10|||
|General funds|||182,482|139,938|
||||182,482|139,938|
|Reserves||10|||
|Total funds|||182,482|139,938|
|Approved bythe trustees on 20 March 2026|||||
|And signed on their behalf by:|||||
|pee<br>AndrewWog||<br>jie||||
|Trustee|||||
|20March2026|||||



Page 6 

Heart Research Wales Notes to the Accounts 

for the year ended 30 June 2025 

## 1 Accounting policies 

## Basis of preparation 

The financial statements have been prepared on a receipts and payments basis. The receipts and payments have been drawn up as a summary of the receipts and payments made during the year by the charity. Receipts are included when received by the charity and payments are included when cheques are drawn. 

Change in basis of accounting or to previous accounts 

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. 

## Fund accounting 

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds _—_‘ These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. 

## Income 

- Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income receives it. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when received. Investment income This is included in the accounts when receivable. 

## Expenditure 

Grants payable All grant expenditure is accounted for on an actual paid basis. Governance costs _ These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. 

## Taxation 

The charity is exempt from tax on its charitable activities. 

Page 7 

Heart Research Wales 

Notes to the Accounts 

: 

## 2 Statement of Financial Activities - prior year 

|2|Statement of Financial Activities - prior yearyear|||||
|---|---|---|---|---|---|
||||Unrestricted|||
||||funds|Total funds||
||||2024||2024|
||||£||£|
|Income and endowments from:||||||
||Donations and legacies||8,090||8,090|
||Investments||1,255||1,255|
|Total|||9,345||9,345|
|Expenditure on:||||||
||Charitable activities||6,472||6,472|
||Other||1,067||1,067|
|Total|||7,539|7,539||
|Netincome|income||1,806||1,806|
|Net|income before other|||||
|gains/(losses)|||1,806||1,806|
|Othergainsand losses:||||||
|Netmovement|movement infunds||1-806 -~|~|1806—|
|Reconciliation of funds:||||||
|Total funds brought forward|||138,132||138,132|
|Totalfundscarriedforward|||139,938,|139,938,||
|3|Income from donations and legacies|||||
|||Unrestricted|Total||Total|
||||2025||2024|
|||£|£||£|
|||4,671|4,671||8,090|
|||59,713|59,713||-|
|||64,384|64,384||8,090|
|4|Income from charitable activities|||||
|||Unrestricted|Total||Total|
||||2025||2024|
|||£|£||£|
|||100|100||-|
|||100|100||-|
|5|Income from investments|||||
|||Unrestricted|Total||Total|
||||2025||2024|
|||£|£||£|
|||1,617|1,617||1,255|



Page 8 

Heart Research Wales 

Notes to the Accounts 

## 6 Expenditure on charitable activities 

|6|Expenditure on charitable activities||||
|---|---|---|---|---|
|||Unrestricted|Total|Total|
||||2025|2024|
|||£|£|£|
||Expenditure on charitable||||
||activities||||
||Grants made|23,083|23,083|6,472|
||Governance costs||-|-|
|||23,083|23,083|6,472|
|7|Analysis ofgrants||||
||Activity orprogramme||Total|Total|
||||2025|2024|
||||£|£|
||Mavacamten in HCM||14,818|-|
||Cardiff Uni: HF Masters||3,150|-|
||Cardiff Uni: MD Fees||4,786|-|
||Africa Heart Failure Post||||
||Grad Course||:|1,709|
||PhD Student Access SAIL||||
||database||:|4,100|
||Heart Failure Support Groups||329|663|
||||23,083.|«G72|
||Activityorprogramme||Total|Total|
||||2025|2024|
||||£|£|
||Mavacamten in HCM||14,818|-|
||Cardiff Uni: HF Masters||3,150|-|
||Cardiff Uni: MD Fees||4,786|-|
||Africa Heart Failure Post||||
||Grad Course||:|1,709|
||PhD Student Access SAIL||||
||database||”|4,100|
||Heart Failure Support Groups||329|663|
||||23,083|«G72|



Page 9 

Heart Research Wales 

Notes to the Accounts 

. 

. 

## 8 Other expenditure 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Total|Total|
|2025|2024|
|£|£|£|
|General|administrative|costs|474|474|467|
|Legal|and|professional|costs|-|-|600|
|ny+7|nr> 7 o|1,067|
|9|Staff|costs|
|No|employee|received|emoluments|in|excess|of £60,000.|
|10|Movement|in|funds|
|Incoming|
|resources|
|{including|Resources|At30 June|
|other|expended|2025|
|At1July|—|gains/losses|
|2024|)|
|£|£|£|
|Restricted|funds:|
|Unrestricted|funds:|
|General|funds|139,938|66,101|(23,557)|182,482|
|Total funds|139,938|66,101|(23,557)|182,482|
|11|Analysis|of|net|assets|between|funds|
|Unrestricted|
|funds|Total|
|£|£|
|Net|current|assets|182,482|182,482|
|182,482|182,482|
|12|Reconciliation|of|net|debt|
|At|1|July|At|30 June|
|2024|Cash|flows|2025|
|£|£|£|
|Cash|and|cash|equivalents|139,938|42,544|182,482|
|139,938|42,544|«182,482|
|Net debt|139,938|«42,544|«182,482|

**----- End of picture text -----**<br>


Page 10 

Heart Research Wales Statement of Cash flows 

for the year ended 30 June 2025 

||2025|2024|
|---|---|---|
||£|£|
|Cash flowsfrom operating activities|||
|Net income perStatement of Financial Activities|42,544|1,806|
|Adjustments for:|||
|Dividends, interest and rentsfrom investments|(1,617)|(1,255)|
|Net cash provided by operating activities|40,927|551|
|Cash flows from investing activities|||
|Dividends, interest and rents from investments|1,617|1,255|
|Net cashfrom investing activities|1,617|1,255|
|Net cash from financing activities|-|-|
|Net increase in cash and cash equivalents|42,544|1,806|
|Cash and cash equivalents atthe beginning ofthe year|139,938|138,132|
|Cash and cash equivalents attheend oftheyear|182,482|139,938|
|Components ofcash and cash equivalents|||
|Cash and bank balances|182,482|139,938|
||182,482|139,938|



Page 11 

Heart Research Wales 

Detailed Statement of Financial Activities 

. 

, 

## for the year ended 30 June 2025 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|Unrestricted|
|funds|Totalfunds|Total|funds|
|2025|2025|2024|
|£|£|£|
|Income|and|endowments|from:|
|Donations|and|legacies|
|Donations|4,671|4,671|8,090|
|Legacy|-|Estate|of|Brian|Trask|59,713|59,713|-|
|64,384|64,384|8,090|
|Charitable|activities|
|100|100|-|
|100|100|-|
|Investments|
|1,617|1,617|1,255|
|1,617|1,617|1,255|
|Total|income|and|endowments|66,101|66,101|9,345|
|Expenditure|on:|
|Charitable|activities|
|Grants|made|23,083|23,083|6,472|
|23,083|23,083|6,472|
|Total|of expenditure|on|charitable|
|segs|23,083|23,083|6,472|
|activities|
|General|administrative|costs,|
|including|depreciation|and|
|amortisation|
|Stationery|and|printing|474|474|467|
|474|474|467|
|Legal|and|professional|costs|
|Accountancy|and|bookkeeping|-|-|600|
|-|-|600|
|Total|of expenditure|of other costs|474|474|1,067|
|Total|expenditure|23,557|23,557|7,539|
|Net gains|on|investments|-|-|.|
|Net|:income|42,544|42,544|1,806|
|Net|income|before|other|
|:|42,544|42,544|1,806|
|gains/(losses)|
|Other|Gains|-|-|.|
|Net movement|in funds|42,544|42,544|1,806|
|Reconciliation|of funds:|

**----- End of picture text -----**<br>


Page 12 

Heart Research Wales 

| 

, 

|Heart Research Wales||||
|---|---|---|---|
|Detailed Statement of Financial Activities||||
|Total funds brought forward|139,938|139,938|138,132|
|Totalfundscarriedforward|182,482|182,482|139,938|



Page 13