CHARITh REGISTRATION NUMBER: NIC100399 The Heart Trust Fund (Belfast Heart Centre) Unaudited Financial Statements 31 December 2024 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 2024 Page Trustees, annual report Independent examiner's 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 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. Chair's report Reference and adminlstratlve detalls Registered charity name The Heart Trust Fund (Belfast Heart Centrel Charity registration number NIC100399 Principal offjce 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 Allisler Independent examiner Conor Dolan FCA
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report (continued) Year ended 31 December 2024 Structure. 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 Ihe Trust Deed from The Heart Trust Fund (Royal Victoria Hospital) to The Heart Trusl Fund (Belfast Heart Centrel was approved by the Court in September 2021, having been approved by The Charity Commission in January 2021. Deeds of Retiremenl 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 2024. Trustees Induction and Trainlng New trustees are given a detailed explanation of the work of the charity. They are also guided through the Trusl Deeds which established the charity with particular emphasis on the objectives. Visits to Ihe Cardiology Department at the Belfast Trust are arranged at inlervals to allow Ihe trustees to develop a good understanding of the organisalion which the charity was established to support. Such visils 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. Oryanisation Structure The trustees usually meet or three times a year. depending on applications and financial commitments. Discussion and decisions taken are recorded in the minules of each meeting. In the event of an issue having no overall consensus, decisions are taken by a majority of vote. Three meetings were held during 2024 in March, June and October. Related Partles 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 (Belfast Heart Centre), the organisation whi¢h the Charity was established to support. Risk Management The Charity does not recognise any 'major risks,. In order to meet the unlikely risk of legal challenge the trustees have in place appropriate insurance.
The Heart Trust Fund (Belfast Heart Centre) Trustees, Annual Report (ntInued) Year ended 31 December 2024 Objectives and activities The objectives of the fund are set out in Ihe 1990 Trust Deed with the name change updated in Deeds of Retirement and Appointment of New trustees in 2021 and are as follows.. The advanment and support of the Belfast Heart Centre. The promotion and support of cardiac research 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 palient care in surgical cardiology al the regional centre in Belfast. The provision of facilities and services for the care of patienls 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 Northern Ireland is benefitted in a variety of aspecls of cardiac care and a section on the application form for grants now requests clinical or societal impact to be addressed. Achievements and porformance During 2024 the Trust continued to fund a variety of projects. A project over three years due to complete early 2024 was given a three months extension, requested due to disruption caused by COVID. Anolher project over two years for an MD completed in 2024. A third project to run over two years commenced in August 2023. Progress reports from all grant recipients were provided at intervals lo reassure progress to the Trustees and to anticipate any problems or delays as early as possible which could affect funding. One new application for research was received in 2024. This was the largest request for funding received to date and a special presentation by the applicant and supervisors was arranged for Ihis reason. The applicant was successful in receiving funding from The British Heart Foundation and The Heart Trust Fund agreed to fund 6 months set up costs with a view lo further funding at a later slage subject to a further application and progress reports. No applications were received to support stsff training during 2024. The Heart Trust Fund website was kepi updated during the year.
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report (continued) Year ended 31 December 2024 Flnanclal review The financial position of The Heart Trust Fund in 2024 was a value of £2,645,707 showing a decrease in lotal value of 0.1°/.. Expendilure £279.314, was again higher than in the previous three years as research recommenced following the pandemic and the Trust was fvnding 4 projects during 2024. The majority of requests are now for 3 years PhD research and salaries have increased and cosls associated with research have also increased. Tolal income generated from investments and donations was £329,417, an increase from the previous year both in donations and legacies and investment income. The investment management cosls associated wilh running Ihe Trust and its investments was £15,34, higher than the previous year but equivalent to 4.7 /0 of gross income. ReseNes Policy It is our policy lo retain a cash resetve of approximately 500/0 of our average annual expenditure. At the end of year our cash reseNe was £68,360. This is lower than the largel amount but expenditure in 2024 was higher both due to number of projecls funded and costs of individual projects increasing for reasons given above. This is unlikely to change going forward. Investment Policy We maintain a statement of investment policy which continues to be reviewed on an annual basis. Plans for future periods We will continue to support the work in the Belfast Heart Centre as well as offering some Iraining support to nursing staff in olher cardiology departments within Northern Ireland if requested. Due to the larger amounts of grants being requested and the complexity of the projects il is likely thal the Trustees will request to meet with the applicants and their supervisors for a presentation and opportunity to ask questions before a decision regarding funding is made. Post Year End Impact of Covid-19 Research activity appears to be thriving in the Belfast Heart Cenlre back to levels seen before COVID and the expectstion is that applicalions for research grants will conlinue 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 requesls for fvnding for projects deemed by the Trustees to be worthwhile. The Trustee meetings will continue at two or three each year depending on applications received. 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 15 Seplember 2025 and signed on behalfofthe board of truslees by: Dr R A Hamilton (Chairperson) Trustee Professor 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 2024 I report to the trustees on my examination of the firbancial statements of The Heart Trust Fund (Belfasl Heart Centre) ('the charity'l for the year ended 31 December 2024. Responslbilities 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 charily law lo 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 Ihe 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 6519llb) of the 2008 Act. Independent examinerfs statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 65 of the 2008 Act. I confirm that l am qualified to undertake the examination because l am a member of Chartered Accountants Ireland, which is one ofthe listed bodies. 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 malerial respect.. accounting records were not kept as required by with seclion 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 ststements do not comply with the applicable requirements concerning the form and content of accounls set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that Ihe accounts give a 'lrue 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 lo be reached. Conor Dolan FCA Independent Examiner Finegan Gibson 9 James Street South Causeway Tower BT2 8DN Dale= Syt
The Heart Trust Fund (Belfast Heart Centre) Statement of Financial Activities Year ended 31 December 2024 2024 Unrestricted funds Total funds Tolal funds 2023 Note Income and endowments Donations and legacies Investment income 21,150 308,267 21,150 308,267 2,775 78,015 Totsl income 329,417 329,417 80,790 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Investment management costs Expenditure on charitable activities Total expenditure (2161 (2161 11971 (15,342) (15,3421 (12,9011 (263.7561 1263,756) 1182.5591 1279,3141 1279.314) 1195.6571 Net {lossesllgains on investments 10 (53,724) {53,724) 157,651 Net {expenditure)lincome and net movement in funds (3.6211 (3,621) 42,784 Reconciliatlon of funds Totsl funds brought forward Total funds carried forward 2,649,328 2,649,328 2,606,544 2,645,707 2,645,707 2,649,328 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivities. The notes on pages 8 to 15 form part of these flnanclal statements.
The Heart Trust Fund (Belfast Heart Centre) Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Investmènts 14 2,684,420 2,676,286 Current assèts Debtors Cash at bank and in hand 15 350 22,672 366 34,383 23,022 34,749 Creditors: amounts falling due within one year Net Current liabilities 16 61,735 61,707 38,713 26,958 Total assets less current liabilities 2,645,707 2,649,328 Net assets 2,645,707 2.649.328 Funds of the charlty Unrestricted funds 2,645,707 2,649,328 Totsl charity funds 17 2,645,707 2,649,328 These financial statements were approved by the board of trustees and authorised for issue on 15 September 2025, and are signed on behalf of the board by.. Dr R A Hamilton (Chairperson) Trustee Professor J McLaughlin Trustee The notgs on pages 8 to 15 forni part of these financial statements.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements Year ended 31 December 2024 General Informatlon The charity is a public benefit entily and a registered charity in Northem Ireland and is unincorporaled. The address of the principal office is 9b Castle Streel. Comber. Newtownards, BT23 5DY. ststement of Compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, Ihe 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 1021 (Charities SORP (FRS 1021) and the Charities Act (Northern Ireland) 2008. Accounting policies Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investmenl properties measured at fair value through income or expenditure. The financial statements are prepared in slerling, which is the functional currency of the entity. Going concern There are no material uncerlainties about the charity'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 estlmatlon uncertainty The preparation of the financial statements requires management to make judgemenls, estimates and assumptions that affect the amounts reported. These estimales and judgements are continually reviewed and are based on experience and other factors. including expectations of fulure events thal 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 unrestrrcled funds earmarked by the Irustees for particular future project or commitment. Restricted 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 sub-classes.. restricted income funds or endowment funds.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements fconlinuedj Year ended 31 December 2024 Accounting pollcies (eontinu8d) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed lo the charily- it is probable that the economic benefits associated with the transaction will flow to the charity and Ihe amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement 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 lo Ihe donor or the estimaled resale value. Donated facilities and services are recognised in the accounts when reiVed rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless Ihere 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 activilies that further its charitable aims for the benefit of its beneficiaries, including Ihose support costs and costs relating io the governan of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neilher related to raising funds for the charity nor part of its expenditure on charitable aclivilies. All costs are allocated to expenditure catègories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that aclivily. Shared costs are apportioned beeen the a¢livities they contribute to on a reasonable. juslifiable and consistent basis. Tangible assots Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulaled impairment losses.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (continuad) Year ended 31 December 2024 Accounting policies (6onfinu•d) Tangtble assets {conlinuedJ 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 recognised as expenditure within the statement of financial aclivilies. A decrease in the carrying amount of an assel 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°/0 Straight line Investments Unlisted equity investments are initially recorded at cost. and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. Listed investments are measured at fair value wilh 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 Ihe recoverable amounl being eslimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporknng 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-generaling unit to which the assel belongs. The cash-generating unit is Ihe smallest identifiable group of assets Ihal includes the asset and generates cash inflows that largely independent of the cash inflows from olher 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 benefil from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assels and current liabilities are subsequently measured at the cash or olher consideration expected to be paid or received and not discounted. 10
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (¢ontinuedJ Year ended 31 December 2024 Accounting policies (conlinuedj Financial instruments (continued) Debt instruments are subsequenlly measured at amortised cost. Where investments in shares are publicly traded or Iheir 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 payment for an asset is deferred beyond normal business terms or financed at a rate of inleresl 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 inslrument. 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 hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective eviden of impairment at Ihe end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised under the appropriale heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Olher financi81 assets are either assessed individually or grouped on Ihe basis of similar credit risk characterislics. Any reversals of impairment are recognised immediately, to the extent Ihat 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 Funds 2024 Funds 2023 Donations Donations 21.150 21.150 2,775 2,775 Investment Income Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from UK listed investments Bank interest receivable 308,200 67 308.200 67 76,758 1.257 76,758 1,257 308.267 308.267 78,015 78,015 11
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (continued) Year ended 31 December 2024 Costs of raising donations and legacles Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of raising donations and legacies Donations 216 216 197 197 Investment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Inveslment management fees 15,342 15,342 12,901 12,901 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Support to the Regional Medical Cardiology Centre at RVH Governance costs 260,822 2,621 313 263,443 313 178.927 3,632 260,822 2,934 263,756 182,559 Analysis of support costs Support to the Regional Medical Cardiology Centre al RVH Total 2024 Total 2023 Premises Communications and IT General office Governance costs 777 383 1,461 313 777 383 1,461 313 892 353 3.294 3,632 2,934 2,934 8,171 10. Net (losses)Igains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(losses) on listed investments 153.724) (53,7241 157.651 157.651 12
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements fconlinued) Year ended 31 December 2024 11. Independent examination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial stslements 1,896 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were reiVed by the Irustees. 13. Tangible fixed assets Fixtures and fittings Cost At 1 January 2024 and 31 December 2024 Depreciation At 1 January 2024 and 31 December 2024 Carrying amount At 31 December 2024 450 450 At 31 December 2023 14. Investments Cash or cash Listed equivalents investments Total Cost or valuation At 1 January 2024 Additions Disposals Fair value movements Other movements 58,742 {519.0731 653.411 2,617,544 519.073 1653,4111 191,360 191.360 (58,5061 {183,226) 2,616,060 2,684,420 2,676,286 {124.7201 68.360 At 31 December 2024 Carrying amount At 31 December 2024 68,360 2,616,060 2,684,420 Al 31 December 2023 58,742 2,617,544 2.676,286 All investments shown above are held at valuation. Financial assets held at fair value These investments were valued by Brewin Dolphin, Belfast. 13
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (conlinu¢dJ Year ended 31 December 2024 15. Debtors 2024 2023 Prepayments and accrued income 350 366 16. Creditors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Accruals and deferred income 11601 61,895 32,240 29,467 61,735 61,707 17. Analysis of charitable funds Unrestrlcted funds At 1 January 20 24 At Gains and 31 December losses 2024 Income Expenditure General funds 2,649,328 329,417 (279,3141 {53,7241 2,645,707 At 1 January 20 23 At Gains and 31 December losses 2023 Income Expenditure General funds 2,606.544 80,790 (195,6571 157,651 2,649,328 18. Analysis of net assets between funds Unreslricted Total Funds Funds 2024 Investments Current assets Creditors less than 1 year Not assets 2,684,420 23.022 {61,7351 2,645,707 2.684,420 23.022 {61.735) 2.645.707 Unrestricled Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Net assets 2.676.286 34,749 {61,7071 2,649,328 2,676,286 34,749 161,7071 2,649,328 14
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (continued) Year ended 31 December 2024 19. Related partles No related paty transactions occurred during the 2024 year (2023.'NILI. 15
The Heart Trust Fund (Belfast Heart Centre) Management Information Year ended 31 December 2024 The following pages do not fomi part of the flnanclal ststements. 16
The Heart Trust Fund (Belfast Heart Centre) Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Income and endowments Donatlons and legacies Donations 21,150 2,775 Investment income Income from UK listed investments Bank interest receivable 308,200 67 76.758 1.257 308,267 78,015 Total income 329,417 80,790 17
The Heart Trust Fund (Belfast Heart Centre) Notes to the Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Costs of raising donations and legacies Costs of raising donations and legacies . Donations Fundraising costs 216 197 Costs of raising donations and legacies 216 197 Investment management costs Investmenl management fees 15,342 12.901 Expenditure on charitable activtties Support to the Regional Medical Cardiology Centre at RVH Activities undertaken dlrectly Research grant costs Website costs 260.290 532 174,243 145 260,822 174,388 Support costs Rent & rates Insurance Secretarial expenses Telephone Poslage. stationery and advertising Sundry expenditure 625 267 2,572 353 209 513 777 1,082 383 335 44 2,621 4,539 Governance costs Accountancy services Bank interest payable 265 48 3.591 41 313 3.632 Expenditure on charitable activities 263,756 182,559 Net (losses)Igains on investments Gainsl(losses) on listed investments 153,724) 157.651 Net (expenditure)fincome (3,621) 42.784 18