CHARITY REGISTRATION NUMBER: NIC100399 The Heart Trust Fund (Belfast Heart Centre) Unaudited Financial Statements 31 December 2023 Finegan Gibson Ltd Chartered Accountants & Registered Auditors Causeway Tower 9 James Street South Belfast BT2 8DN
The Heart Trust Fund (Belfast Heart Centre) Financial Ststements 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 Tne trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. Chair's report Reference and administrative details Registered charity name The Heart Trust Fund (Belfast Heart Centre) Charity registration 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 Homer Mr D Allistei Independent examiner Finegan Gibson Ltd Causeway Tower g James Street South Belfast BT2 8DN
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report (continued) Year ended 31 December 2023 StruGtureJ governance and management Goveming 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 Rets'rement 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 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 obJectives. Visits to the Cardiology Department at the Belfast Trust are arranged at intervals to allow the trustees to develop 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 and hopefully another will be arranged during the next few years. Organlsation Structure The trustees usually meet two 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 vote. 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 Centre). the organisation which the charity was established to support. Risk Management The Charity does not recognise any 'majorf 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 2023 Objective5 and aGtivities 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 protnotion and support of cardiac ieseaich in the Belfast Heart Centre. The promotion of high standards of patient care in the 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 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 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 Northem Ireland is benefitted in a variety of aspects of cardiac care and a secb'on on the application form for grants now requests clinical or societal impact to be addressed. Achievements and performance During 2023 the Trust continued to fund a variety of projects, one project continued which had commenced in February 2021 initially as a two year project but subsequently approved for a three year PhD, therefore due to complete in 2024. A further two year project ft)r an MD commenced in August 2022 and is also due to complete in 2024. A third project to run over iwo years commenced in August 2023. No applications were received to support staff training during 2023 and no new applications for research projects were received though at least 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 but 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 Financial review The financial position of The Heart Trust Fund in 2023 showed an increase in total value of 1.60h. Expenditure was higher than in the previous three years as research recommenced following the pandemic and the Trust was funding three projects during 2023. Total income generated from investments and donations was £80,790, a decrease from the previous year which had been exceptionally higli due Iu d yerieruub bequebt fiotn two esldte5. The inve5tfflent tnillli]getnent cost5 associated with running the Trust and its investments was £12,901. lower than the previous year but equivalent to 160/0 of gross income. Reserves Policy It is our policy to retain a cash reserve of approximately 500A of our average annual expenditure. At the encl of year our cash reserve was £58,742. This Is lower than the target amount but expenditure in 2023 was higher than average due to the three projects being supported. Investment Pollcy We maintain a statement of investment policy which continues 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 departments within Northern Ireland. Post Year End Impact of Covid-19 Re5eaiGh activity appears to be back thriving in the Belfast Heart Centre post Covid-19 and the 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. There is some discretion in this if the value of the fund is increasing and there are requests for funding for projects deemed by the Trustees to be worthwhile. The Trustee meetings have settled to fwo 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 board of Iiusle¥è by. Dr R A Hamilton (Chairperson) Trustee fessor 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 2023 I report to the trustees on my examination of the financial statements of The Heart Trust Fund (Belfast Heart Centre) ('the charity,) for the year ended 31 December 2023. 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 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 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 completed my examination. I confirm that no matters have come to 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 wrth 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 'true 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 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 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 1197) {197} (216) {12.901) {12.901) (14,612) {182,559) (182,559) (119,139) {195,657) (195,657) {133,967) Net gaingl(losses) on investments 157,651 157,651 (356,047) Net incomel(expenditure) and net movement in funds 42,784 42,784 (296,566) Reconciliation of funds Total funds brought forward Total funds carried forward 2,606,$44 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 ognISed in the year. All income and expenditure derive from continuing acts'vities. The notes on pages 8 to 15 forni part of these financial statements.
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 Cash at bank and in hand 15 366 34,383 354 34,749 354 Creditors: amounts falling due within one year Net current liabilities 16 61,707 66,834 26,958 66,480 Total assets less current liabilities 2,649,328 2,649,328 2,606,544 2,606,544 Net assets Funds of the charity Unrestricted funds 2,649,328 2,606,544 Total charity funds 17 2,649,328 2,606,544 These financial statements were approved by the board of trustees and authorised for issue on 19 August 2024. and are signed on behalf of the board by.. Dr R A Hamilton (Chairperson) Trustee fessor J McLaughlin Trustee The notes on pages 8 to 15 fonn part of these financial statements.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements Year ended 31 December 2023 General infortnation The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 9b Castle Street, Comber, Newtownards. BT23 5DY. Statement of Gotnpliance 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 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 102}) and the Charities Act (Northern Ireland) 2006. Accounting policies Basis of preparation The financial statements have been piepaied on the historical Gost basis, as modified by Ilie 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 Goncern There are no material uncertainties about the charty's ability to continue. Disclosure exemptions The charity has taken advantage of the exemption in SORP 2015 from the requirement to produce a cashflow statement because it is a small Charity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requIS management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of frjture events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available 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. Rastricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sutFclasses: restricted income funds or endowment funds.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (continued) Year ended 31 December 2023 Accountlng pollcles (conb"nuedJ Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity- it is probable that the economic benefits associated with the transaction wlll flow to the charlty and the amount can be rellably measured. The ft)Ilowing specific 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 its amount can be measured reliably. legacy income is recognised 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 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 included for the contribution of general vOluntr$. 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 activitr'es to which it relates.. expenditure on raising funds includes the costs of all fvndraising activities, events, non-charitable trading actÉvities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking 2P.tivitips that furthpr I r.haritAblp aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activtties. All costs are allocated to expenditure categories reflecb'ng the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequentty stated at cost less any 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 {continuedJ Year ended 31 December 2023 AGGOUnting policies fconunued) Tangible assets (Conlinued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been teGognised as expenditure wilhin the staleinent of fiiiaiicial aclivilies. A deLiease iii Ili¥ bai Iyiwig 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% straight line Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured. a55ets are measured at Cost le55 impairmenL Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Impaimient 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. Idvhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. 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 recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest ideiitifiable group of asbelb Iliat iriLlu(Jvb Uie ilbbet dlltj gerlerdte Ltabli inflvwb tlidt 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 synergies of the combination, irrespective of whether other assets or liabilities of the charity are asslgned to those unlts. Financial instruments A financial asset or a financial liability is recognised only when the charty becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transackn'on 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 Financial Statsments (continued) Year ended 31 December 2023 AGCQUllting poliGies (conrinued) Financial instruments (continued) Debt instruments are Subsequently measured at amortised cost. Mhere 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 recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value. unless Pdyrii¥iil lui ali 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 fvture payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated neaglng relauonship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equty 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 grouped on the basis of similar credit 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. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funijs 2023 Funds 2022 Donations Donations 2.775 2,775 916 916 Legacies Legacies 128,674 128,674 2.775 2,775 129,590 129,590 11
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (continued) Year ended 31 December 2023 Investment income Unrestricted Total Funds Unrestricted 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 78.015 78,015 63,858 63,858 Costs of raising donations and legacies Unrestrlcted Total Funds Unrestrlcted Totsl Funds Funds 2023 Funds 2022 Costs of raising donations and legacies Donations 197 197 216 216 Investment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Investment management fees 12.901 12,901 14,612 14,612 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Support to the Regional Medical Cardiology Centre at RVH Governance costs 174,388 4,539 3.632 178,927 3,632 117,271 1,868 174,388 8,171 182,559 119,139 Analysis of support costs Support to the Regional Medical Cardiology Centre at RVH Total 2023 Total 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) Notss to the Financial Ststements (continued) Year ended 31 December 2023 10. Net gains1(losses) on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Gainsl{losses) on listed investments 157,651 157,651 (356,047) (356,047) 11. Independent examination fees 2023 2022 Fees payable to the. inde.pp.ndent Èxaminer for. Independent examination of the financial statements 1,896 1.806 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entty were received by the trustees. 13. Tangible fixed assets Fixtures and fittings 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 Statements (continued) Year ended 31 December 2023 14. Investments Cash or cash Listed equivalents investments Total Cost or valuation At 1 January 2023 Additions Disposals Fair value movements Transfers Other movements 148,439 (195,448) 260,140 2,524,585 195,448 (260.140) 157,651 2,673,024 157,651 {3,043} (151,346} 2,676,286 (3,043) (151,346) 58.742 At 31 December 2023 2,617.544 Carrying amount At 31 December 2023 58,742 2,617,544 2,676,286 At 31 December 2022 148,439 2,524,585 2,673,024 All investments shown above are held at valuation. Listed investments The aggregate market value of listed investments is £- (2022: £2,524,585). Financial assets held at fair value These investments were valued by Brewin Dolphin, Belfast 15. Debtors 2023 2022 Prepayments and accrued income 366 354 16. cditors. amounts falling due within one year 2023 2022 Bank loans and overdrafts Accruals and deferred income 32,240 29,467 32,240 34,594 61.707 14
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (continued) Year ended 31 December 2023 17. Analysis of charitable funds Unrestricted funds At 1 January 20 23 At Gains and 31 December losses 2023 Income Expenditure General funds 2,606,544 80.790 (195,657) 157,651 2.649,328 At 1 January 20 At Gains and 31 December losses 2022 Incom8 Expenditure General funds 2,903,110 193,448 (133.967) {356,047) 2,606,544 18. Analysis of net assets between funds Unrestricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Net assets 2,676,286 34,749 (61,707) 2,649,328 2.676,286 34,749 (61,707) 2,649,328 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 (66,834) 2.606,544 19. Related parties No related party transactions occurred during the 2023 year (2022.. NI L). 15