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 requI￿S 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 vOlunt￿r$.
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
be￿een 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. c￿ditors. 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