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 fInan￿d 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 ex￿ptIOn 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 recogn￿Sed 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 dOnat￿S 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