GtrIARITY REfjISTRATION NUMBER: NIG100399 The Heart Trust Fund (Belfast Heart Centre) Unaudited Financial Statements 31 December 2023 Finegan Gibson Lld Chartered Accountants & Registered Auditors Causeway Tower 9 James Street South Belfast BT2 8DN
The Heart Trust Fund {Belfast Heart Centre) Financial Statements Year ended 31 December 2023 Page Trustees, annual report Independent examinerfs report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report Year ended 31 December 2023 The trustees present their report an¢J tne unaudileil financial stslemenls of the charty for ihe year ended 31 De¢ember 2023. Chair's report Reference and administrative details Registered charity name The Heart Trust Fund (Belfast Heart Centrel Charity rggistration number NIC100399 Prln¢lpal offi¢e 9B Castle Street Comber Newlonwnards BT23 5DY Th• trustee8 Dr R A Hamilton (Chairperson) Professor J McLaughlin Dr N Johnston Sir M Horner Mr D Allisler Independent examiner Finegan Gibson Ltd Causeway Tower 9 James Street South Belfast BT2 8DN
The Heart Trust Fund (Belfast Heart Centre) Trustees, Annual Report {contlnued) Year ended 31 December 2023 Structurey governance and management Goveming Document The Heart Trust Fund was established by a Trust Deed in 1980. There were 5ub5equent amending deeds and, in particular, a deed of settlement issued in the High Court in 1990 which clearly sets out the objectives and the prescribed structure. A change of name on the Trust Deed from The Heart Tnjst Fund (Royal Victoria Hospital) to The Heart Trust Fund IBelfasl Heart Cenlrel was approved by the Court in September 2021, having been approved by The Charity Commission in January 2021. Deeds of Retirement and Appointment of new Trustees were also updated in September 2021. Appolntment of Trustees Trustees are recruited to meet the skills required to effectively run the charity. The number of trustees is five, as prescribed by the trust deed. The skills and knowledge required include medical knowledge, legal. investment and an understanding of research. There have been no changes to the Chair or other Trustees during 2023. Trustees Induction and Training New trustees are given a detailed explanation of the work of the charity. They are also guided through the Trust Deeds which established the charity with particular emphasis on the ot)iectives. Visits lo the Cardiology Departrnent al the Belfast Trust are arranged al intervals to allow the trustees lo develop a good understanding of the organisalion which the charity was estsblished to support. Such visits had not occurred during the COVID pandemi¢ but a visit was re-established during 2022 and hopefully another will be arranged during the next few years. Oryanisation Structure The trustees usually meet iwo or three times a year, depending on applications and financial commitments. Discussion and decisions taken are recorded in the minutes of each meeting. In the event of an issue having no overall consensus, decisions are taken by a majority of vole. Two meetings were held during 2023 in March and October. Related Parties and Co-operation with other Organisations As dictated by our Trust Deed, one of the Trustees is appointed by the Cardiology Department of the Belfast Trust IBelfast Heart Centrel. the organisation which the charity was estsblished lo support. Risk Managemont The Charity does not recognise any "majoi. risks. In order to meet the unlikely risk of legal challenge the Trustees have put in pla appropriate insurance.
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report (¢OntIn? Year ended 31 December 2023 Objectlves actlvltle5 The objectives of the fund are set out in the 1990 Trust Deed with the name change updated in Deeds of Retirement and Appointment of New trustees in 2021 and are as follows.. The 8dv8ncement and support of the Belfast Heart Centre. The protnotion and 5UPPOrt of Gardiac reseaTch in the Belfast Heart Cenlre. The promotion of high s18ndards of patient care in the Belfast Heart Cenlre. The provision of facilitie5 and services ft)r the care of palienls requiring care in the Belfast Heart Centre. The promotion of high standards of patient care in surgical cardiology at the regional centre in Belfast The provision of facilities and services for the care of patients requiring surgical cardiac treatment at the regional centre in Belfast The promotion and advancement of hospital research into medical and surgical treatment in cardiac disease in Northern Ireland. Public Benefit The Trustees, having regard lo the Northern Ireland Charity Commission guidance on public benefit. have reviewed the activities of the Trust and the work al the Belfast Heart Centre which the Trust supports. Public health of the population of Northern Ireland is benefitted in a variety of aspects of cardiac care and a section on the application form for grants now requests clinical or societal impact to be addressed. Achievements and performance During 2023 the Trust continued lo ftjnd a variety of projects, one project continued which had commenced in February 2021 initially as a year project but Subsequently approved for a three year PhD, therefore due lo complete in 2024. A further year project for an MD commenced in August 2022 and is also due lo complete in 2024. A third project lo run over years commenced in August2023. No applications were received to support staff training during 2023 and no new applications for research projects were received though al ast one new application is expected in 2024. The Heart Trust Fund website was updated during the year using an external source who will also maintain it. Funding for an ultralow temperature freezer was requested and approved for one of the research projects bul it will be suitable to be utilised in future research projects.
The Heart Trust Fund {Belfast Heart Centre) Trustees, Annual Report (continued) Year ended 31 December 2023 FlnanGral review The financial position of The Heart Tru51 Fund in 2023 showed an increase in lolal value of 1.6QA. Expenditure was higher than in the previous three years as research recommenced following the pandemic and the Trust was fvnding three projects during 2023. Total incorne generated from investments and donations was £80,790, a decrease from the previous year which had been exceptionally high due lo a generous bequest from iwo estates. The investment management costs associated with running the Tiusl and ils investments was £12,901, lower than the previous year but equivalent to 16% of gross income. Reserves Pollcy 11 is our policy lo retain a cash reserve of approximately 50% of our average annual expenditure. At the end of year our cash reserve was £58,742. This Is lower than the target amount bLSt expenditure in 2023 was higher than average due lo the Ihree projects being supported. Investment Pollcy We maintain a statement of investment policy whi¢h ¢onlinues to be reviewed on an annual basis. Plans for future perlods We will continue to support the work in the Belfast Heart Centre as well as offering some training 5UPPOrt to nursing staff in other cardiology departrnents within Northern Ireland. Post Year End Impact of Covid-19 Re5earEh aGtivity appears to be bacK thrtvlng In the Beltsst Heart Gentre p95t Govl(J-19 an(J the expectation is that applications for research grants will continue a5 previously. The Charity finances appear to be fairly stable al present. Funding for projects is from income generated from investments with some Income trom individual donations. There is some discreiion In this If the value of Ihe fvnd is increasing and there are requests for funding for piojects deemed by the Trustees to be worthwhile. The Trustee meetings have settled lo each year, face to face and can be Increased if required. Financially the Trust is stable and in a good position to maintain its objectives in the year ahead. The trustees, annual report was approved on 19 August 2024 and signed on behalf of the tsoard of Li by. Dr R A Hamilton Ichairpersonl Trustee fessor J McLaLtghlin Trustee
The Heart Trust Fund (Belfast Heart Centre) Independent Examiner's Report to the Trustees of The Heart Trust Fund {B@Ifast Heart Centro) Year énded 31 December 2023 I report to the trustees on my examination of the financial statements of The Heart Trust Fund (Belfast Heart Cenlrel I'lhe charily'l foi the year ended 31 December 2023. Responsibllitie$ and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northern Irelandl 2008 (the '2008 Act'l. You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination. I report In respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In earrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 6519}{bl of the 2008 Acl. Independent examiner's statement I have completed my examination. I confirm that no matters have come lo my attention in connection with my examination giving me cause to believe that in any material respect.. accounting records were not kept as required by with section 63 of the 2008 Act.. or the financial statements do not accord with those records.. or the financial statements do not comply with me accounting requirements of the 2008 Act., or the financial statements do not comply with the applicable requirements concerning the form and content ot account5 Set out In the Lharilies (Accounts and Reponsl Regulations 2008 other than any requirement that the accounts give a Irue and fai¢ view which ts not matter considered as part of an independent examination. I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Z-•L Finegan Gibson Ltd Independent Examiner Causeway Tower 9 James Street South Belfast BT2 8DN
The Heart Trust Fund (Belfast Heart Centre) Statement of Financial Activities Year ended 31 December 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Donations and legacies Investment income 2,775 78,015 2,775 78,015 129.590 63,858 Total income 80,790 80.790 193.448 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Investment management costs Expenditure on charitable activities Total expenditure (1971 11971 (2161 112,9011 112.9011 114,8121 (182,5591 1182,5591 1119,1391 1195,6571 1195,6571 1133,9671 Net gainslllossesl on investrments 10 1 57.651 157.651 1356,0471 Net incomellexpenditurel and net movement in funds 42,784 42,784 1296,5661 Reconciliatlon of funds Total funds brought forward Total funds ¢arried forward 2,606,544 2,606,544 2.903.110 2,649.328 2.649,328 2.606,544 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The noto$ on pagos 8 to 15 fonn part of th•se flnanclal stat8monts.
The Heart Trust Fund (Belfast Heart Centre) Statement of Financial Position 31 December 2023 2023 2022 Note Fixed assets Investments 14 2,676,286 2,673,024 Current assets Debtors C8sh at bank and in hand 15 366 34,383 354 34,749 354 Creditors: amounts falling due within one year Net current liabilitles 16 61,707 26,958 66,834 66,480 Total assets less current liabiliti9$ 2,649,328 2,649,328 2,606,544 2.606,544 Net assgts Funds of the chartty Unrestricted funds 2,649,328 2,649,328 2.606,544 2,606,544 Total charity funds 17 These fi'nancial statements were approved by the board of Iruslees and authorised for issue on 19 August 2024. and are signed on behalf of the board bv.. Dr R A Hamilton {Chairpersonl Trustee fesKrf J McLaughlin TN$tee The notes on pages 8 to 16 form part of these financial statements.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Ststements Year ended 31 December 2023 Gen¢r41 information The charity is a public benefit entity and a registered Charity in Northern Ireland and is unincorporated. The address of the piincipal office is 9b Castle Street. Comber, Newlownards. BT23 5DY. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Stslement of Recommended Practice applicable to charities preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Irelarid IFRS 1021 Icharilies SORP IFRS 1021} and the Charities Act (Northern Ireland) 2008. Accounting policios Basls of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity- Goin9 GonGern There are no material uncertainties about the charity's ability to continue. Dlsclosure exemptions The charity has taken advantage of the exemption in SORP 2015 from the requirement to produce a Cashflow slaternenl because it is a small charity. Judgements and key sourccs of estimation un¢¢rtainty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amount reported. The- -timates and jud9cmcnts are continually reviewed and are based on experience and other f8Ctors. including expectations of future events that are believed to be reasonable under the circumstances. Fund a¢Gounting Unrestricted funds are available for use at the discretion of the trustees to further any of the chanty'$ purposes. Designated funds arg unrestricted funds eamiarked by the Iruslees for particular future project or commitment Reslricled funds are subjected to reslriclions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of sub-classes.. restricted income funds or endowmentfunds.
The Heart Trust Fund (Belfast Heart Centre) Notss to the Financial Statements (conllnued) Year ended 31 December 2023 Accountlng pollcles {c¢)ntinu8dJ Incoming resources All incoming resources are included in the statement of financial activities when entiuement has passed lo the charity., it is probable that the economic benefits associated with the transaction will fiow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement lo the gift, receipt is probable and ils amount can be measured reliably. legacy income is recognise¢J when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is deTived from the cost to the donor or the eslimaled resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resourcgs expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the 51alement of financial adivilies lo which il Telates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking Artrivitip.-4 trhAt fiirthp_r itg rharitahlp. aims for thp. bgnefit of its neficIarieS, including those support costs and costs relating to the governance of the charity apportioned to charitable aclivilies. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable aclivilies. All costs are allocated to expenditure categories lleCtIng the use of the resource. Direct costs atlribulable lo a single activity are allocated directly to that aelivity. Shared costs are apportioned befvjeen the activities they contribute to on a Teasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently staled at cost kss any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The Heart Trust Fund {Belfast Heart Centre) Notes to the Financial Ststsments fc¢)ntlnu•dJ Year ended 31 December 2023 AGGouiitliig pollcles {conunueoJ Tangible assets (contitrJtsedJ An increase in the carrying amount of an asset as a osult of a revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for impaimienl that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses. except lo which il offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activllies. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less ils residual value, over the useful economic life of that asset as follows.. Fixtures and fitting5 250A straight line Investments Unlisted equity investments are initially recorded al cost, and subsequently measured at fair value. If fair value Gannot be reliably measured. assets are measur¢d al ¢ost less impairmenL Listed investments are measured at fair value with changes in fair value being recognlsed In income or expenditure. Impaim)ent of fixed assets A review for indicators of impairment is carried out al each reporting dale, with the recoverable amount being estimated where such indicators exist Where the carrying value exceeds the recoverable amount, the asset is impaired aGGordingly. Prior impairments are a150 reviewed for possible reversal at each reporting date. For the purposes of impairment t¢3ting, when it i• not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unit to which the asset belongs. The cash-generaling unit 15 the smallest ideiitifiable yioup ul Iliol iiibluLJes Ili¥ g¢rier<*l¥¥ ia¥li influwb Ili¢at lafgely independent of the cash inflows ftom other assets or groups of assets. For impairment testing of goodwlll, the goodwill acquired in a business combination is, from the acquisition dale, allocated lo each of the cash-generaling units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the conlraclual provisions of the instrument. Basi¢ financial instruments are initially recognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequenlty measured at the cash or other Consideration expected to be paid or received and not discounted. 10
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Ststements (contlnued) Year ended 31 December 2023 Awounting pollcies rconiinueoj Financial in$truments (continued) Debt instruments are subsequently measured al amortised cost. Vvhere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured al fair value with changes in fair value recognised in in¢ome and expenditure. All other such investments are subsequenuy measured at cost less impaiimenl. Other financial instruments. including deTivalives, are initially recognised al fair value, unless payment for an asset is defeired beyond normal busine5$ terms or fInand at a rale of interest that is not a market rate, in which case the asset is measured al the present value of the future payment5 discounted at a market rale of interest for a similar debt instrument. Other financial instruments are subsequently measured al fair value. with any changes recogni5ed in the statement of financial actTriities, with the exptIOn of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If Ihere is objeGtive evidence of impairment, an impairment loss is recognSed under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed Individually or groupe(J on the basls OT slmllar creolt rt5k charaGÉeiistlG5. Any reversals of impairment are recognised immediately, lo the extent that the reversal does not result In a earrying amount of the financial asset that exceeds wnat the Gairying atnounl would have been had the impairment not previously been recognised. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Fund5 2022 Donations Donations 2.775 2,775 916 916 Legacies Legacies 128,674 128,674 2.775 2,775 129,590 129,590
The Heart Trust Fund (Belfast Heart Centre) Notss to the Financial Ststements (continu Year ended 31 December 2023 Invo¢tm¢nt income Unrestricted Total Funds Unreslricled Total Funds Funds 2023 Funds 2022 Income from UK listed investments Bank interest receivable 76,758 1,257 76,758 1,257 63.813 45 63,813 45 78,01S 78,015 63,858 63,858 Costs of ralslng donations and legacies Unreslricled Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of raising dOnatS and legacies Donations 197 197 216 216 Investment management costs Unrestrtcted Total Fundg Unrestricted Total Funds Funds 2023 Funds 2022 Inv88tmont management feee 12.901 12.901 14,612 14,612 Expenditure on charftable actlvltles by a¢tivity typo Activities undertaken directly Support costs Totsl funds 2023 Total fvnd 2022 Support lo the Reqional Medical Cardiology Centre al RVH Governance Costs 174,388 4,539 3,632 178,927 3,632 117,271 1,868 11Y,1Jg 174,388 8,171 182,559 Analysls of support costs Support to the Regional Medical Cardiology Centre al RVH Total 2023 Totsl 2022 Premises Communications and IT General office Governance costs 892 353 3,294 3,632 8,171 892 353 3,294 3,632 958 436 1,820 1.869 8,171 5.083 12
The Heart Trust Fund {Belfast Heart Centre) Notes to the Financial Ststements (continued) Year ended 31 December 2023 10. Net gainsll1055e5) on Investm¢nts Unrestricted Total Funds Unrestricted Total Funds Fullds 2023 Funds 2022 Gainsl{lossesl on listed investments 157,651 157,651 {356,0471 {356,0471 11. Independent examination fg0s 2023 2022 Fees payable to the independent examiner for.. Independent examination ol the financial slalemenls 1,896 1,806 12. Trustee remuneratlon and expgnses No remunerab'on or other benefits from employment with the charity or a related entty were received by the trustees. 13. Tangible fixed assets Fixtures and fittlngs Cost At 1 January 2023 and 31 December 2023 Depreciation At 1 January 2023 and 31 December 2023 Carrying amount At 31 December 2023 450 450 At 31 December 2022 13
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Ststements (contlnue Year ended 31 December 2023 14. Invèstrn#nt$ Cash or cash Listed equivalents investments Total Cost or valuation At 1 January 2023 Additions Disposals Fair value movements Transfers Other movements 148.439 1195.448) 260.140 2,524,585 195,448 1260.1401 157,651 2,673.024 157.651 {3,0431 1151.3461 2,676.286 13.0431 1151,346) 58,742 At 31 December 2023 2,617,544 Carrylng amount At 31 December 2023 58,742 148,439 2.617,544 2.524,585 2,676,286 2,673,024 At 31 December 2022 All investments shown above are held at valuation. Listed investments The aggregate market value of listed investmersts is £-12022= £2.524,5851. Financial assets held at fair value These investrnents were valued by Brewin Dolphin, Belfast. 15. Debtors 2023 2022 Prepayments and accrued income 366 354 16. Creditors: amounts falling due within one year 2023 2022 Bank108ns and overdrafts Accruals and deferred income 32,240 29,467 61,707 32,240 34,594 66,834 14
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Ststements (conllnuedl Year ended 31 December 2023 1T. Aiialysls of cliarltal)1g funds Unrestrlcted funds Al 1 January 20 23 At Gains and 31 December losses 2023 Income Expenditure General funds 2.606,544 80,790 1195,6571 157,651 2,649.328 At 1 January 20 22 At Gains and 31 December losses 2022 Ineome Expenditure General funds 2,903,110 193,448 1133,967} 1356.0471 2,606,544 18. Analysls of net assets beiween funds Unrestricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Net asset$ 2,676,286 34,749 161.7071 2,649,328 2,676,286 34,749 161.7071 2,649.328 UnreslTlCted Total Funds Funds 2022 Investments Current assets Creditors less than 1 year Net assets 2,673,024 354 166,8341 2,606,544 2,673,024 354 166,8341 2.606,544 19. Related parties No related party transactions occurred during the 2023 year12022..NIL}. 15