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 I￿land.
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