CHARITY REGISTRATION NUMBER: NIC100399 The Heart Trust Fund (Belfast Heart Centre) Unaudited Financial Statements 31 December 2022 Finegan Gibson Ltd 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 2022 Page Trustees. annual report Independent examiner's report to the trustees Statement of financial activities ststement of financial position Notes to the financial statements
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report Year ended 31 December 2022 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022. Chair's report Rèference and administrative details Registered charity name The Heart Trust Fund (Belfast Heart Centre) Charity regislration number NIC100399 Principal office 9B Castle Street Comber Newtonwnards BT23 5DY The trustees Dr R A Hamilton (Chairperson) Professor J McLaughlin Dr N Johnston Sir M Horner Mr D Allister Independent examlner Finegan Gibson Ltd Causeway Tower 9 James Street South Belfast BT2 8DN
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report (continued) Year ended 31 December 2022 Structur8, governance and management Governing Document The Heart Trust Fund was established by a Trust Deed in 1980. There were subsequent 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 Trust Fund (Royal Victoria Hospital) to The Heart Trust Fund (Belfast Heart Centre) 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. Appointment 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 2022. Trustees Inductlon and Training New trustees are given a detailed explanatlon of the work of the charlty. They arè also guid8d through the Trust Deeds which established the charity with particular emphasis on the objectives. Visits to the Cardiology Department at the Belfast Trust are arranged at intervals to allow the trustees to develop a good understanding of the organisation which the charity was established to support. Such visits had not occurred during the COVID pandemic but a visit was re-established during 2022. Organisation Structure The trustees usually meet two or three times a year. depending on applications and financial commitments. Discussion and decisions taken are racorded in the minutes of each meeting. In the event of an issue having no overall consensus, decisions are taken by a majority of vote. Face to face meetings were re*stablished during 2022 one in April and a second meeting in October. This latter meeting was combined with a visit to the Cardiology Department where as well as the routine business agenda we had presentations from the staff who were receiving research grants from the Heart Trust Fund. We also had the opportunity to meet their supervisors and other departmental staff. Related Parties and Co-operation with other Organisations As dictated by our Trust Deed, one of our trustees is appointed by the Cardiology Department of the Royal Victoria Hospital. the organisation which the Charity was established to support. Risk Management The Charity does not reGognise any "m8jorf' risks. In order to meet the unlikely risk of legal challenge the Trustees have put in place appropriate insurance.
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report (continued) Year ended 31 December 2022 Objectives and activities 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 advancement and support of the Belfast Heart Centre. . The promotion and support of Cardiac Research in the Belfast Heart Cent. The promotion of high standards of patient care in Belfast Heart Centre. The provision of facilities and services for the care of patients 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 at the regional ntre in Belfasl. The promotion and advancement of hospital research into medical and surgical treatment in cardiac disease in Northern Ireland. Public Benefit The Trustees. having regard to the Northern Ireland Charity Commission guidance on public benefit, have reviewed the activities of the Trust and the work at 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 2022 the Trust continued to fund 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. A fvrther iwo year project for an MD commenced in August 2022. A grant was approved for a third project to run over years which is due to commence during 2023. No applications were received to support staff training during 2022. The Heart Trust Fund website was updated during the year using an external source who will also maintain it.
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report (eontinu8d) Year ended 31 December 2022 Financial review The financial position of The Heart Trust Fund in 2022 showed a decrease in total value of 10.20/0. Expenditure wa5 higher than the previous years as research recommenced following the pandemic. Total income generated from investments and donations was £193,448, an increase from the previous year due to a generous bequest from estates. The investment management cost5 associated with running the Trust and its investments was £14.612 equivalent to 7.50/0 of gross income. ReseNes Pollcy It is our policy to retain a cash reserve of approximately 500/0 of our average iinnual expenditure. At the end of year our cash reserve was £148,439 well in excess of our target amount. Investment Policy We maintain a statement of investm8nt policy which continues to be reviewéd on an annual basis. Plans for future periods We will continue to support the work in the Belfast Heart Centre as well as offeririg some Iraining support to nursing staff in other cardiology departments within Northem Iland. Post Year End Impact of Covid-19 Research activity appears to be back to normal in the Belfast Heart Centre pobt Covid-19 and Ihe expectation is that applications for research grants will continue as previously. The Charity finances appear to be fairly stable at present. Funding for projects is from income generated from investments with some income from individual donations. The Trustee meetings have settlpd to two each year, face to face and can be increased if required. Financially the Trust is stable. ap.d iii 'a good position to maintain its objectives in the year ahead. The trustees, annual report was approved on 10th August 2023 and signed on behalf of the board of truslees by- Q, G Dr R A klamilton (Chairperson) Trustee rofessor J McLaughlin Trustee
The Heart Trust Fund (Belfast Heart Centre) Independent Examiner's Report to the Trustees of The Heart Trust Fund (Belfast Heart Centre) Year ended 31 December 2022 I report to the trustees on my examination of the financial statements of The Heart Trust Fund (Belfast Heart Centre) I'the charity,) for the year ended 31 December 2022. Responsibilities 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 Ireland} 2008 (the '2008 Act.). You are satisfied that your charity is not required by charity law to be audiied and have chosen instead to have an independent examination. I report in respect of my examination of the Gharity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9}(b) of the 2008 Act. Independent examinerfs statement I have comp18ted my examination. I confirm that no mattars have coma to my attantion in connection with my examination giving me cause to believe that in any material respect: accounting records were not kept a5 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 the accounting requirements of the 2008 Act., or the financial statements do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fair, view which is not a 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. Finegan Gibson Ltd Independent Examiner Causaway Tower 9 James Street South Belfast BT2 8DN 10 August 2023
The Heart Trust Fund (Belfast Heart Centre) Statement of Financial Activities Year ended 31 December 2022 2022 Unrestricted fvnds Total funds Total funds 2021 Note Income and endowments Donations and legacies Inve51ment income 129,590 63,858 129.590 63,858 13,858 64,066 Total income 193,448 193,448 77,924 Expenditure Expendilure on raising ftjnds: Costs of raising donations and legacies Investment management costs Expenditure on charitable activities Total expenditure 12161 (216) (14,612} (14,612) (119,139) (119,139) (133,967) (133,967) (303) (15,167) (75.516) (90,986) Net (lossesygains on investments 10 (356,047) (356,047) 291,032 Net (expenditure)lincome and net movement in funds (296.566) (296,566) 277,970 Reconciliation of funds Total funds brought forward Total funds carried forward 2,903.110 2.903,110 2.625,140 2,606.544 2.606,544 2,903,110 The statement of financial activities includes all galns and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 15 form part of these financial statements.
The Heart Trust Fund (Belfast Heart Centre) statement of Financial Position 31 December 2022 2022 2021 Notg Fixed assets Investments 14 2,673,024 2,921,886 Current assets Debtors Cash at bank and in hand 15 354 350 9,044 354 9.394 Creditors: amounts falling due within one year Net current liabilities 16 66,834 66.480 28,170 18,776 Total assets less current liabilities 2,606,544 2,903,110 Net assets 2,606.544 2,903,110 Funds of the charity Unreslricted funds 2,606,544 2.903,110 Total charlty funds 17 2,606,544 2.903,110 These financial statements were approved by the board of trustees and authorised for issue on 10 August 2023, and are signed on behalf of the board by: Dr R A Hamilton (Chairperson) Trustee ssor J McLaughlin ustee The notes on pages 8 to 15 form part of these finan¢ial statements.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements Year ended 31 December 2022 General information The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the princip8J office is 9b Castle Street, Comber, Newtownards, BT23 5DY. Stslement of compliance These financial ststements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland.. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 1021) and the Charities Act (North8rn Ireland) 2008. Accounting policies Basis of preparation The financial statements have been pr8parad on th8 historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern There are no material uncertainties about the charitys ability to continue. Disclosure exemptions The charity has taken advantage of the exemption in SORP 2015 from the requirement to produce a cashflow statement b8cause it 15 a small charity. Judgements and key sources of estimation uncertainty The preparation of the financial ststements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are Gontinually reviewed and are based on experience and other factors, induding expectations of future events that are believed to be aSonable under the circumstances. Fund accounting Unrestrictod funds are avallable for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure dedared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowmenl funds.
The Heart Trust Fund {Belfast Heart Centre) Notes to the Financial Statements (continued) Year ended 31 December 2022 Accounling policies (contlnued} Incoming resources JI incoming resources are included in the statement of financial activities when entitlèment has passed to the charity. It 15 probable that the economic benefits associatèd with the transaction will flow to the charity and the amount can be reliably measured. The following speclfic policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt is probable and entiuement 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 derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are induded 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. Resources 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 statement of financial activities to which it relates: 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 activities that further its charitable aims for the benefit of its benefiGiaries. including those support Gosts and costs relating to the governance of the charity apportioned to Gharitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocatèd to expenditure categories rgflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Sharèd costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less 8ny accumulated depreciation and Impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at 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 Statements (condnuéd) Year ended 31 December 2022 Accounling policies (continued) Tangible assets (contlnued) An increase In the carying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless It reverses a charge for impairm8nt 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 to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value. over the useful economic life of that asset as follows.. Fixtures and fittings 25°/o straight line Investments Unlisted equity investmenls are initially recorded at cost. and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured al cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired a¢Gordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverabl8 amount of an individual assat, an estimate is made of the recoverable amount of the cash-generating unit to which Ihe asset belong5. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date. allocated to each of the cash-generating units that are expected to benefit from the synergie5 of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial assel or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrumenl. Basic financial instruments are initially recognised at the amount receivable or payable including any relaled transaction costs. Current assets and current liabilities are subsequently 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 Fi nancial Statements (con¢lnu8d) Year ended 31 December 2022 Accounting policies (continued) Financial instruments (eonllnu8d) Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value racognised in income and expenditure. Atl other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rale of interest for a similar debt instrument. other ffnancial instruments are subsequently measured at fair value, with any changes reGognised in the statement of financial activilies, with the exception 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 there is objective evidence of impaimient, an impairment Ioss 15 recognised under the appropriate heading in the statement of financial activitie5 in which the initial gain was recognised. For all &quity instruments regardle55 of significance, and other financial assets that are individually significant. these are asse55ed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar ¢dit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donatlons and legacies Unrestricted Total Funds Unrestricted Totsl Funds Funds 2022 Funds 2021 Donations Donations 916 916 4,374 4.374 Legacies Legacies 128,674 128,674 9.484 9,484 129.590 129.590 13.858 13.858 11
The Heart Trust Fund {Belfast Heart Centre) Notes to the Financial Statements (contlnug Year ended 31 December 2022 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Fund5 2021 Income from UK listed investments Bank interest receivable 63,813 45 63,813 45 64,059 64.059 63,858 63,858 64,066 64,066 Costs of raising donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Costs of raising donations and legacies Donations 216 216 303 303 Investment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Investment management fees 14.612 14,612 15,167 15,167 Expenditure on charitsble activities by activity type Activities undertaken directly Support costs Total funds 2022 Tolal fund 2021 Support to the Regional Medical Cardiology Cenlre at RVH Governance costs 113.595 3,676 1,868 117,271 1,868 119,139 73,760 1,756 113.595 5,544 75,516 Analysls of support costs Support to Ihe Regional Medical Cardiology Centre at RVH Total 2022 Total 2021 Premises Communications and IT General office Governance costs 958 436 1,820 1.869 958 436 1,820 1,869 1,481 999 1,831 1,906 6,217 5,083 5,083 12
The Heart Trust Fund (Belfast Heart Cpntre) Notes to the Financial Statements (continued) Year ended 31 December 2022 10. Net (losses)Igains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Fund5 2021 Gainsl(losses) on listed investments (356,047) (356,047) 291,032 291,032 11. Independent examination fees 2022 2021 Fees payable to the independent examiner for- Independent examination of the financial statements 1.806 1,702 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 13. Tangible fixed assets Flxtures and fittings Cost At 1 January 2022 and 31 December 2022 Depreciation At 1 January 2022 and 31 December 2022 Carrying amount At 31 December 2022 450 450 At 31 December 2021 1 Investments Cash or cash Listed equivalents investments Total Cost or valuation At 1 January 2022 Additions Disposals Fair value movements other movements 138,607 {516,777) 419,424 2.783.279 516.777 (419.424) (356.047) (356.047) 107.185 2.921.888 107,185 At 31 Decernber 2022 148,439 2.524,585 2,673,024 Carrying amount At 31 December 2022 148,439 2.524,585 2,673.024 At 31 December 2021 138,607 2,783,279 2,921.886 13
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (eontinu8dJ Year ended 31 December 2022 14. Investments (contlnuedj All investments shown above are held at valuation. Listed investments The aggragate market value of Ilsted investm&nts is £2,524,585 (2021.. £2,783,279). Financial assets held at falr value These investments were valued by Brewin Dolphin. Belfast. 15. Debtors 2022 2021 Prepayments and accrued income 354 350 16. Creditors: amounts falling due within one year 2022 2021 Bank loans and overdrafts Accruals and deferred income 32,240 34,594 28.170 66,834 28,170 17. Analysis of charitable funds Unrestrlcted funds At 1 January 20 22 At Gains and 31 December losses 2022 Incoma Expenditure General funds 2.903,110 193.448 {133,967) (356,047) 2.606,544 At 1 January 20 21 At Gains and 31 December losses 2021 InGome Expenditure General funds 2.625.140 77.924 (90,986) 291,032 2.903,110 14
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (conunuedj Year ended 31 December 2022 18. Analysis of net assets betwe8n funds Unrestricted Total Funds Funds 2022 Investments Current assets Creditors less than 1 year Net assets 2,673,024 354 (66,834) 2,606,544 2.673,024 354 {66,8341 2,606,544 Unreslricted Total Funds Funds 2021 Investments Current assets Creditors less than 1 year Net assets 2,921,886 9,394 (28,170) 2,903,110 2,921,886 9,394 128,170) 2.903.110 19. Related parties No related party transactions occurred during the 2022 year (2021=NIL). 15
The Heart Trust Fund (Belfast Heart Centre) Management Information Year ended 31 December 2022 The following pagos do not form part of the financial statements. 16
The Heart Trust Fund (Belfast Heart Centre) Detailed Statement of Financial Activities Year ended 31 December 2022 2022 2021 Income and endowments Donations and legacies Donations Legacies 916 128.674 4.374 9,484 129,590 13,858 Investment Income Income from UK listed investments Bank interest receivable 63,813 45 64,059 63.858 64,066 Total Income 193.448 77,924 17
The Heart Trust Fund (Belfast Heart Centre) Notes to the Detailed Statement of Financial Activities Year ended 31 December 2022 2022 2021 Costs of raising donations and legacies Costs of raising donations and legacies - Donations Fundraising costs 216 303 Costs of ralslng donatlons and legacies 216 303 Expenditure on Gharilable activities Support to the Regional Medical Cardiology Centre at RVH Activities undertaken directly Research grant costs Website costs 111,451 2.144 69.300 113,595 69.300 Support costs Rent & rates Light & heat Insurance Secretarial expenses Telephone Postage, stationery and advertising 650 650 104 727 1,803 999 177 764 1,625 436 195 3,676 4,460 Governance costs Accountancy services Bank interest payable 1,806 62 1,702 54 1,868 1.756 Expenditure on charitable activities 119.139 75,516 Investment management costs Investment management fees 14.612 15,167 Total expenditure 133,967 90,986 Net (losses)Igains on investments Gainsl(losses) on listed investments (356.047) 291.032 Net lexpenditure)lincome (296.566) 277,970 18