Charlty registration number 1116918 Company reglstr3tion numbfrr 05935975 IEngland Wal0•1 Scottish chaTIty registratlon numbèr SC042984 THE HEART RESEARCH INSTITUTE (UK) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE HEART RESEARCH INSTITUTE (UK) LEGAL AND ADMINISTRATWE INFORMATION Truste•• MrAC Calon OBE Mr S 8 Moodey MrA Phlllips MS E L Pintsdo MrA W Pollitt ProfAndrew GraGo ProlAndrtr Cts Charlty number 1116918 Charlty nUmr Iscollandl SC042984 Company numb•r 05935975 R•glst•r•d offlc• Bankslde 300 Peachman Broadland Business Park Nol¢h Norfolk NR7 OLB Audttor Az•lsAudil SeNcts Waslpoinl Lynch Wood peteOrOugh camIdgeSlr8 United King¢Jom PE2 6FZ 8*nk•rn Santand•r UK PLC 2 Trilon Squar8 Regenfs Placo London Uniied Kingdom Bank of Ireland 12 Th8 High Slrg81 KildaTe T¢)wn CO. Klldare
THE HEART RESEARCH INSTITUTE IUK) CONTENTS Pag• Trustees report Slalement of Tntstoes resM)nstbilities Indepenolent audilorfs r•port Slatemenl of finawal 8¢tivitieB Balance $heet 10 Staternenl ofcash flow$ Notes to the finanual stslemttnls 12.19
THE HEART RESEARCH INSTITUTE (UK) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial stslemenls for the year ended 31 December 2024. The financial 51alemenls have been prepared in accordance with the accounling policies sel out in note 1 to the financial statements and comply wrth The Heart Research Instilule IUKI'S Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Chariti¢s'. Statgment of Recommended Practlce applicable to charities preparing their acctsunts in aetordance with the Financial Rèporting Standard applicable in the UK and Republic of Ire18nd IFRS 102}" leffective 1 January 2019}. Obj•ctiv•s and activities The Heart Research In51ilule has four core objectives.. To investsgate mechanisms contributing to th8 pathog8nesi$ of cardiovascular disease To develop new ways lo dele¢t symptoms of cardiovas¢ul8r disease before il lea4Js lo dinical problems To develop new treatments which can reverse Ihe development of heart disease To prevent individuals developing cardiovascular disease in the ftrtvre The reason the charity and its parent company are focusing mainly on cardiovascular disease is because Ihis is the leading cause of death in the worfd. a phenomena that is also increasing in thifd-world countries. However, research into the origins of such disease spans many years and requires the seNices of highly qualified scientists, as well as the usage ol expensive technology. That is why a major activity of the charity and its parent is fundraisin9, becaus& any funding obtained through competitive grants lor specrfic reseai¢h proje¢ts and infrastructure support frorn governments or othèi bod¢Ès Is Insufficient to eover all the costs invOe. The ¢harity and its parent have a ltsng- term aim of contributing lo a significant feduction in caidiovas¢ul8r disease, bul recognise that eventual success in this regard means extensive investment in research here and now. The charity's main objective for the year ended 31 December 2Q24 where to detemiine Ihe best distribution of funds Taised tts assist with meeting rts objectives and focus on further dèvelopment of the lottery and monthly pledge progiams. The strategy for achievlng these objectives was lo maintain arrangement with reputable contractors well experier)ced in condudin9 lotteries and monthly pled9& programs in the UK. Signifi¢anl adivitJ&s that ¢onlributed lo the achievement of these objedives the negtstl81ion and resolution of oper8tion81 procedu$. and thè recording and processing of ie5ultanl Iiansaclions. The Iruslees have given due consideialion of the Charity Commission published guidance on the operation of the public benefit requirement. A¢hl¢v•mènts and performanc• Funds raised by the HRI in the UK go directly to SCAenlific research helping to find solutions to this global health challenge. Funds are used to support the Iront line researchers and lo purchase the lalesl research equipmenl. Finan¢io1 r•vlew The net incoming resources for the year ended 31 December 2024 amounted to £410,54312023'. {£6,37611. The Trustees are confident of the future success of projects activities for 2024 and beyond and (hat these will result in the building of accumulated surpluses. In addition, the charity enjoys the on-going financ4al support of its parent eompany and the signrficant experience of its management to ensure its future SLKcess. Signifi¢•nt ov•nts The Charity has generated sufficient financial resources from its activities to allow the Trustees to believe that Ihè hatty is operating successfully in the current economic climate. Trustees have reviewed the financial position for a period 0112 monlhs from the date of approval of these financial statements which indicate that the charity will have $uffirJent funds to meèt its liabilities as they fall due lor the pèriod. Therefore, the TnJsteès believe that the Heart Research Inslilule {UlQ lo continue going concern for at least 12 months from the date of approval of thè financial slalemenls. Other than the above developrnenl, no other ilern, Iiansaction or event of a malenal and unusual naluie is likely, in the opinion of the Trustees. lo affect significantly the operalwns of the Charity. the resulls of those opeialions, or the slate of affairs of the Charity. in the future years.
THE HEART RESEARCH INSTITUTE (UK) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Principal financial management ptslicies rhe principal financial rnanagetnenl policies adopted In the year include the following Revenue recognbtion Revenue derived from fundraising efforts is recognised when probable. Provision$ The Charity iecognises by way of provision any anticipated oulgoings relevant lo the year under ièview for which rt May have an obligalion, whether legal or constructive. Reserves The chaiily maintains reserves to covei Tunning costs of the charity and lo enable Il lo fund research opportunities that lull within Ihe charity's obiecliv&s as Ihey arise. The actual funds available can vary significantly depending on Ihe liming ol research. bul Iruslees conclude ihal Ihe actual level of funds should nol fall below 12 months running ctssis. Whefe Iruslees have Internally agreecj lo fund spe¢ifi¢ cardiovascular ièsearch In the UK or wilh collaborators. those ILJnds are sel aside as d?signat2d funds until the detail of the funding Is agreed with the partner. The actual level ol reserves al Ihe year-end 1$ higher Ihan that sel by the policy an¢J the Iruslees are actively reviewing further funcling opportunities. Grantmaking policy The charity awards granls lo be used in accordance with ils chafilable objectives. PrÈncipal funding sources Principal funding sources during the year were from the generation ol ievÈnue fioln the lollery and monthly pledge campaigns. ExpendilLire dijnng the year under review has supported the key objectives ol the ch3Fily by firmly establishing 3 viable basis for the fulure success of the lollery and pledge CaMpan5 Investmenl powers and policy Under the Memorandum and Articles Df Association. lo luriher {S objects Ihe charity has the power lo invest any funds not Imrvediaiely required for Ils objectives In or upon any investmenls. securities or property. Rlsk management The major risks lo which the charity Is exposeLI relaiè in particular to the commitments made to outside parties who undertake the various fundraising campaigns for the charity There can be Considerable sel-up costs Involved in new fundraising campaigns. which means there Is a delay before a particular campaign realises a surplus. Once Ihe tiuslees have approved the new catnpaign, they sub5equenlly receive regular reports of 11s progr&s5 and are kept appraised of 8ny budget Irregulaiilies that ihe campaign may be facing. Restnclions on further comrnitmenls can be Instiluled quickly and, in addition. a request that Ihe oulside conliaclor cornply wilh specific guidelines lo keep the prograrn conlained can be also implernenlecj efficiently. The trustees also require that safeguard5 be incorpofaled inlo legal agreements wilh the fundraising conliaclDrs lo lirnil the risk exposure of the charity. Plan$ for future periods The ¢harily will continue to support Post Doclorale Fellowships for youn9 and ernerging UK rese8herS and collaborate with The Heart Research Insiilule Australia In funding spècialist equipment and research so we cari understand Fnore about. and lo find a cure for cardiovascular diseases, which are the nufnber one killer of people woddwide
THE HEART RESEARCH INSTITUTE {UK) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structurn, governancg and manag•m•nt The Heart Research Institute IUKI is a company limited by guarantee and is govemed by 115 Memorandum and Articles, dated 14 September 2006. It is also registered as a charity with the Charity Cornrni5sion lor England and Wales (No. 11169181 and, with effect from 1 March 2012, Ihe Scottish Charity Regulator ISC042984}. The Tru51ees, who are also the diredors ol The Heart Research Institute IUKI for the purpos& of Company law. and who served during the year and up to the date of signature of the financial slalemenls were.. MrAG Caton OBE Mr S B Moodèy Mf A Phillips Ms E L Pintado Mr A W Pollitt PToIAndrew Grace ProfAndrew Coals As set out in the Articles of AssocialK)n Iruslees are appointed by a Te501ulion ol the m&mr$ for a renewable lerrn of three years. The charity Shall have at least three Trustees who are not Iruslee51andloi employees of The Heart Research Institut8 Limited. Organisatlon The Heart Research Institute IUKI and The Heart Research Instilule Ltd have enlered inlo a 'Service Agreement, to record the basis on which they will work together to further the charities, charitable objects and to oulline the 5eMces prtsvidèd by Thè Heart Rèsèarch Institutè Ltd to The Heart Research Institute {UlQ. Under the Service$ Agreement. the day-IIHlay fun(Jraising and admini$lialive a¢tiwilies of the charity have been delegated lo the managernenl 51aff of The Heart Rese8rch Inslilule Ltd. These staff mèmbers report to a Director of the Institute who, in turn. is subject lo the Board of Governors of Ihe Auslialian wmpany. However. any arrangements and activities affeding the UK charily are also subject lo the oversight and review of the board of trustees of The Heart Research Institute (UK). In particular, new fundraising Programs require the specific approval of the trustees who will meet as a board to consider and vote on such proposals. Trustee indu¢tlon and tralnlng The charity has espoused a policy of providing new tnjstees with whatever information and assistance is necessary lo help them fulfil their responsibilities under both the Companies Acl 20Q6 and Iheir roles under relevant legislation and regulations affecting the organisation as a charity. Tha procedurés adopted include providing new trustees with a copy ol The Essential Trustee". what you need to know supplied by the Charrty Commission lor England and Wales which describès the roles and rèsponsibilitie$ ol trustèès. as well as a copy ol the company's constitution. The Iruslees are a150 enctsuraged lo visrt the website of the rhanty commission lor règular updates or changes to legislation and guidelines. Ongoing information updates along with regular ¢ommunication between The Heart Research Inslilule Ltd management and the Iruslees ensures kn¢)wledge and information ¢UfTon¢y. Relatèd part[89 The charity is a wholly owned subsidiary of The Heart Research Institute Ltd. an Australian ¢harity which runs heart research programmes and which has built up expertise in the field5 of both running a chaiity and fvndiaising in this area. The objects of the charity las outlined abovel are compalible with The Heart Research Institutè Ltd and both are committed to the promotion and support of research and the advancement of education in th15 area. The Heart Research Institute Ltd assists the charily by prowding it with the services and support it needs to successfully operate and raise funds in order to support heaf research and educate the public. The Heart Rèsèarch Institute has a presence in Scotland. Our scientists are working across a number of research areas to idenlfy laclors that contribute to an inuease risk of heart disease. Understanding the underlying causes of heart disease is the kéy lo finding a solution.
THE HEART RESEARCH INSTITUTE (UK) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORTI {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Auditor In awordanee with the cornpany s articles. a resolution proposing that Azets Audit Services be reappoinied as audilor of the company will be put al a General Meeting. The Trustees repo was approved by the Board of Trustees. Mr A W Pollitt Date".
THE HEART RESEARCH INSTITUTE (UK) STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also the directors of The Heart Research Instittrte IUK) for the purpose of company law. are responsible for preparing the Trustees Report and Ihe financial statements in accordance with applicable law and United Kingdom Accountin9 Standards (Unitèd Kingdorn Generally Accepted Accounting Praclicel. Cornpany Law Tequires the fruslees lo prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the The Heari Research Institute IUKI and ol the incoming rèsources and application of reSoUrs, including the income and expendrture, of the charitable company for that year. In preparing these tinancial statemènts, thè Trusteès 8re requid lo. select suitable accounting policies and then apply them consislenlly.. observe Ihe methods and principles in the Charities SORP., make judgements and estim*es that are reasonable and prudent". slate whèther 8pplie8ble UK A¢untIng Sland8Tds have been fcdlowed, subject lo any material departuras disclosed and explained in Ihe financial statements., and prepare Ihe financial statements on the going concern basis unless it is inappropriate to presume that thè The Heart Research Institute IUK) will continue in operation. The Trustees are responsible foi keèping adequatè aecounling ieeord$ that disclosè with reasonable accuracy al any time the financial position of the The Heart Research In51ilule IUKI and enable them lo ensure that the financial 51alemenls ctsmply wrth the Companie5 Act 2006. They are a150 responsible for safeguarding the assets of the The Heart Researth In51ilute (UK} and hence for taking reasonable steps for the prevention and detection of fraud and other iffegularilies.
THE HEART RESEARCH INSTITUTE (UK) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HEART RESEARCH INSTITUTE (UK) Opinion We have audited the financial slalernents of The Heart Research Inslilule IUKI Ilhe 'The Heari Re5earGh Institute IUKI'I for Ihe year ended 31 Decembei 2024 which compiise the statement of financial aclivilies the balance sheet. the Slalefflenl of cash flows and notes lo the linanc81 Slalemenls, including significant accounting policies. The financial reporting framework Ihal has been applied In Iheii preparation is applicable law and United Kingdom Aecounlillg Standards, induding Financial Reporting Slandarfl 102 Tl?e Fiiiaiicial R8POrting Slaiidard applicable in Ihe UK and Republic of Ireland Iunilecf Kingdom Generally Accepted Accounting Pr8Cticel. In our opinion. the fin3nci31 st3temenls- give a true and fair view of the stsle of the charitable company's affair5 85 al 31 December 2024 and ol 115 incoming resources ancl application of resource5. for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and havè been prepad in accordance with the requirements of Ihe Companies Act 20(. Basis for opinlon We conducted our audit In attofdance with Intèrnational Standards on Auditing IUKI IISAS IUKII and applicable law Our responsibilities under those standards are furiher described In Ihe Autlilorfs $[jOnsIbilI11es for the aiidif of the financial stalemeiits section ol our report. We are independent of the cttarilable company in accordance with Ihe ethical requiremenls Ihal ale relevant lo our audit of the financial slaiefflenls Iii Ihe UK. Including the FRC s Ethical Standard, and we have fiilfilled our other ethical responsibililie5 In accordance wilh these requ1MentS. We believe that the audit eviden we have obtained is suffici&nl and appropriate lo provide a ba515 for our opinion. Collclusions relatlllg to going concern In auditing the financi01 statements. we have concluded that the Trustees use of the going concern basis of acoounling in the preparation of the financial slalemenls is appropriaie. Based on Ihe work we have performed, we have not Idenlified any material uncertainties relating lo events 01 conditions Ihal individkJ8lly or collectively. may casl significant doubl on the The Heart Research Inslilule IUKI'S ability lo Continue as a going concèrn lor a period of al leasl Iwelve monlhs from when the financial slatemenls are aulhonsed for issue. Our responsibilil*es and the responsibilities of the Trustee$ wilh respect io going concern are described in thè relevanl sections ol this report. Other infomiation The other informalion comprises the Inforrnalion included in the annual report other than the financial statements and our auditor's report Iheieon. The Truslees are responsible lor the other information containeL% wilhin ihe annual report. Our opinion on the financial staiernents does not Cover Ihe other Infofmaiitsn and we do not express any form ol as$vran¢e conclusion Ihereon Our responsibility Is lo read the olhei information and, in doing so, considei whelhei the other information Is Tnaterially inconsislenl wilh the f5nancial sialemenis or our knowledge obtained In the course of the 8udil or otherwise appeals lo be materially misslaled. If we Identify such material inconsisiencies or apparenl material misslalemenls. we are required to deiertnine whelher this gives rise lo a material rnisslalemenl In the financial 51alemenlS Ihernselves. If. based on the ivork we have pertormed, we conclude Ihal Iheie is a rralerial misslalemenl of this other information. we are required lo reporf Ihal f3cI. We have nothing to report in this regard Matters on whlch we are requSred to report by exception We have nothing lo report In respeci of the following malleis In relation lo which the Charities (Accounts and Reports) Regulations 2008 require us to repon lo you If, in our opinion. the Information given In the financial statements is inconsislenl In any material respect with the Trustees report. or sufficient accounting records have not been kept. or the financial slalelnenls are not in agreement with the accounting records-. or we havè noi received all the information and explanations we require for our audit.
THE HEART RESEARCH INSTITUTE (UK) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HEART RESEARCH INSTITUTE IUK) R•$pon$ibilrlies of Truste As explained MO fully in the slaleTnenl of Trustees responsibilities. ihe Tiustees. who are also the directors of the The Heart Research Institute IUKI for the purpose of company law, are responsible lor the preparation of the finanaal statements and for being satisfied that they give a true and fair view, and lor such inlemal control as the Trustees determine is necessary to enable the preparation of financial statemenis th81 are free from malerial misslalernent, whether due lo fraud or èrror. In préparing the finan¢tal statements. the Trustees are responsible for assessing Ihe The Heart Research Inslrtule IVKI'S ability lo continue a5 a going concern. disclosing. as applicable, matters related to going concein and using the going concern basis of accounting unless ihe Trustees either intend to liquidate the ehant8ble company or lo cease operations. or have no realistic alternative but to do so. Auditorfs rosponslbilities for thè audlt of th• finan¢lal $tat•m¢nts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations madè or having effect thereundtrr. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatèmènt, whether due to fraud or error. and lo issue an audrtor's report that includès our opinion. Reasonable assurance is a high level ol assurance but is not a guarantee that an audit conducted in a¢¢ordance with ISAS IUKI will always detect a material misslatement when it exists. Misstatements ¢an aiise from fraud or error and are considered malerial rf, individually or in the aggregate. they could rèasonably be expected lo influence Ihe economic decish)ns of useis taken on thè basis of thesè financial slalemenls. A furiher description of our spOnSIbIlItIeS is available on the Financial Reporting Council's websit• at.. http$..11 www.Ir¢.org.uklau¢Jiltsrsiesponsibilities. This description forms part of our auditorfs report. Extent to which the audit was consid•r•d eapablè of d•t•etlng IrrÈgularltiè$. rncluding froud Irregularities. including Iraud, are instances of non-eompliance wrth laws and iegulalions. We design pro(%dures in line with our responsibilities, outlined above and on the Finanr4al Reporting Council'5 website, to delect material misstatements in respect of irr8gulaiilie5. induding fraud. We obtain and update our understanding of the entity. ils activrties, its control environment, and likely fulvre developments. including in Telation to the legal and regulatory framework applicable and how the entity Is complying with that framework. Based on this understanding, we identrfy and assess the risks of matèiial misslalement of the financial 51aternents, whether due to fraud or error. design and perform audrt procedures responsive lo Ih03e risks, and obtain audit ewdence that is suffiaènt and appropriatè lo provide 3 basis foi our opinion. This indudes consideration of Ihe risk of acts by the entity Ihal wèrè contrary lo applicable laws and regulations. including fraud. In response to the risk of irregularities and non-¢omplian¢e with laws and regulation5. including fraud, we deSned proceduies which included. Enquiry of management and Ih05e charged with govemance around actual and potential liligalion and daims as well as actual, 5U5pected and alleged fraud., Reviewing minute5 of rneetings ofthose charged with governan.. Asse55ing the extent of cornpliance with the laws and regulations considèi¢d to have a direct material effect on the financial statements OT the operations of the entrty through enquiry and inspeetion,. Reviewing financial slalemenl disclosures and tesling lo supporting documentation lo assess compliance with applicable laws and regulations", Performing audit work over the risk of management bias and ovemde of controls. incjuding le5ting ol journal entries and other adiustmenls for appropriateness. evalu8ling the business ralionale of significant transactions outside the nomal eourse ol businèss and ieviewing accounting eslirnates for indicators of potents'al bias. Because of the inherent limrtalions of an audit. there is a risk that we will not detect all irregularities, induding those leading to a mateii81 misstalemenl in the financial statements or non-compliance with regulation. This risk increases the more that cornpliance wrth a law or regulation 15 removed frorn the events and transactions reflécted in the financial slalemenls. as we will be le55 likely to become aware of InStanS of non-compliance. The risk of not delecling a material misslalement resulling from fraud is higher than for one resutting from error, a$ fraud may involve ¢ollusion. forgery. intentional omissions, misrepresenlalions. or the override of intemal control.
THE HEART RESEARCH INSTITUTE (UKI INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HEART RESEARCH INSTITUTE (UK) Use of our report This report is made solely lo Ihe charily's Irusiees as a body. In accordan with part 4 of ihe Charities (Accounts and Reportsl Regulations 2008. Our audit work has b2en undertaken so th81 we rnight slate lo the chaiity s Iruslees Ihose mallers we are required lo slate to thèm In an audiloi's repoil and for no other purpose. To Ihe fullest exlenl peimitled by law, we do not accept or assume responsibilily lo anyone other than Ihe charity and the charity s Iruslees as a body. for our audit work. for this report, or for the opinions we have forme(J. Mr Mark Jackson FCA DChA Isenior StatOry Audilorl for and on behalf of Azets Audit Services Chartered Accountants ststutory Auditor Weslpoint Lynch Woott Peierborotsgh Cambridgesbire Uniied Kingdom PE2 6FZ Aze15 Audil Services Is eligible for appoinltnenl as auditor of Ihe The Heart Reseaich In51ilule IUKI by virfue DI ils eligibility foi appoinlrnenl as auditor ol a company under section 1212 of the Companies Act 2006.
THE HEART RESEARCH INSTITUTE (UK) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Unrestrictsd funds fund$ general deslgnat•d 2024 2024 Total Unrgstrlct•d Unr•strletèd funds funds general designated 2023 2023 Total 2024 2023 Not*¥ Incom• from: Donations and legacies Other trading activrfies Investments 421.688 421.688 441,958 441.958 248.413 164,106 248.413 164,106 257.635 165.516 257.635 165,516 Totsl incomè 834.207 834.207 865,109 865.109 enditure on: Raising fvnds 153,020 153,020 273.638 273,638 Ch8iitable activities 171,849 98,795 270,644 437,049 160.798 597,847 Total expendSturn 324,869 98.795 423.664 710,687 160.798 871.485 Net incominglloutgoinyl rèsourcés tOr& transfèrs 509,338 198.7951 410,543 154,422 {160,7981 16,3761 Gr055 transfers between funds 176.2961 76.296 132,992 1132.9921 Nèt Incom•llèxp•ndltyrel for thè yèarl N•t mov•m•nt in funds 433,042 122.4991 410,543 287,414 1293,7901 16.3761 Fund balances al 1 January 2024 2.754.929 314,0( 3,068,935 2,467,516 607,795 3.075,311 Fund balances at 31 Oecember 2024 3,187,971 291,507 3,479,478 2.754,930 314.005 3,068,935 The slalement of financial actlvtl3S includes all gains and losses recogniseil in the year. All income and expenditure derive from ¢onlinving 8¢1ivilies. Thè slatement tsf financi818clivilies also complies with the requirements for an income and Èxpènditure account under the Companies Act 2006.
THE HEART RESEARCH INSTITUTE (UK) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note3 Current assets Deblors Cash al bank and in hand 11 23.828 3,695.436 28,445 3.424,056 3.719,264 3,452.501 Creditors.. amounts fallln9 due wlthln one year 12 1239,7861 1383,5661 Nel cuttenl assets 3,479,478 3,068.935 Income funds Unrestricted funds Designated funds General unresliicled funds 13 291,507 3.187,971 314.005 2,754.930 3.479.478 3.068.935 3,479.478 3.(8 935 The corrpany Is enlilled lo Ihe ex&rnplion from the audrt reouifemenl conl8ined In se¢lion 477 of ihe Cofnpanies Acl 2006. for the year ended 31 Dember 2024. although an audit has been carried out under seclion 144 of the Charities Act 2011. The directois acknowledge their responsibililie5 for complying with the requirerTrenls of the Companies Act 2006 with respect lo accouTrling records and the preparation of finanual $131ements. The members have not required thè company to oblain an audil of Ils financ131 slatements under the requirements of the Companie5 Act 2006. for the year In queslion In accordance with section 476. These financial statements have been prepared in ac¢oidance with Ihe provisions applicable lo companies subject lo the small companies regime The financial 5tateffl8nls were approved by the Trustees on Mr A W Polliti Trustee Company règistration r7umbgr 0593597S 10
THE HEART RESEARCH INSTITUTE (UK) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 310ECEMBER 2024 2024 2023 Not•s C•sh tlows from op•ratlng a¢VId•S Cash generated fromllabsorbod by) operabons 16 107,274 1218,0831 Investlng actlvlde8 Invgslmenl income recelved 164.106 165,516 Net cash generated from Inv•8tlng activit1•8 164,106 165.516 N•t ¢a•h u••d In fin•n¢ing *Ctiviiles Ngt Sncr•as•l{d•cr•as•l In cash and ¢ash •qu5v•l•nts 271,380 (52,5671 Cash and cash •qUivQnts al beglnnmig of yèar 3.424,056 3,478.823 Ca•h •nd ¢•$h •qulval•nts at •nd oly•ar 3,695,436 3.424,056 11
THE HEART RESEARCH INSTITUTE (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢counltn9 policies Charity infonnatton The Heart Research Ii)siilule IUKI is a pnval& company Iimiied by guarantee incorporated in England and Wales. The registered office Is Bankside 300, Peachman Way. Broacsland &u51ness Park. Nonwich, Nortolk. NR7 OLB. United Kingdom. 1.1 AccountiThg convention The financial statements have been prepared In accordanee with the The Heart Research Institute IUKI'S arti¢les of associalion, Ihe Companies Act 2006, FRS 102 'The Financial Reponing Siand3rd applicable In Ihe UK and Republic of Ireland. I'FRS 102 1 and the Charities SORP"Acwunting and Reporting by Charilies Slatefflenl of Recommended Practice 8pplicable lo charities prep3ring their accounts In accoidance with the Financial Reporting Standard applicable In the UK and Republic ol Iieland IFRS 1021" leffeclive 1 January 20191. The The Heart Research Institute IUKI is a Public Benefit Entity 35 defined by FRS 102. The finanual 5talemenls are prepared In sterling, which Is the lunclional Cufrency of the The Heart Research Institute IUKI. Monetary amounls in Ihe5e financial slalèmenis are rounded lo the nearest £ 1.2 Goin9 concern The charity has generaied sufficient Iin3ncial iesources from Its aciivities lo allow the Trustees lo believe Ih3t the chaiily is well placed to manage Ils bu51ne55 risks successfully In the cuirenl economic dirnale. Accordingly. the Tfuslees have a reasonable expeclalion th81 the charity has adequ81e resources lo continue in exislence for Ihe foreseeable future, Ihus Ihey conlinLie lo adopt the going ¢on¢ern b351s ol accounting in prep3ring the financial slalemenls. The financial stalemenls have been prepared on a going ¢tsnrn basis which the Trustees consider 10 be appropri21e for Ihe fcillowing reasons The business model of the charity IS such that Its chaiilable aclivilie5 ale limited lo those which il has sufficient ui)#s lo support from Ihe excess of funding received over the costs ol administering the chaiily The charity therefore has no 5pecffjic commiimenls and committed costs beyond Ils fixed costs of operation. The Trustees have reviewed Ihe cash flow loiecasls for a periocl of 12 months Irorn the dale of approval of these financi31 slal&menls which Indieaie that Ihe charity will have sufficient funds lo meel Ils Iiabililies as they fall due lor thai period. Conseouenlly. the Trustees are confident that the charity will hav& sufficient funds lo continue lo meèl Ils Iiabililie5 as they 1311 due al le3sI 12 months from the dale of approval ol the fiDaTTrcial slalements. 1.3 Chaiitable funds UnTeslricled funds are available loi use ai ihe discretion ol Ihe Trustees in fvrtherance of their charitable objectives Desigi)3ied funds compnse funds which have been set aside 31 the ¢iscrelion of Ihe Truslees for specific purposes The purposes 2nd uses of Ihe designated funds are sel out in the notes lo the financial Slalemenls. Reslricled funds are subieci to specific conditions by donors as to how they may be used The purposes and uses of Ihe reslncted funds are set oul In the notes to the financial slalemenls 1.4 Income Income Is recognised when the The Heart Research Institute IUKI is legally entitled 10 Il after any performance conditions have been rnel. the smounis can be measured reliably. and Il is probab that Income will be received 12
THE HEART RESEARCH INSTITUTE (UK) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policrwts lcontinuedl Voluntary In¢om• Donations are 9èneraled through the pledge program actmty are included wilhin incoming resOurS when probable. Other income Other income, including interest income, are indud9d within incoming resources when probable. 1.5 Expenditure Expenditure 15 recognised once there is a legal 01 ConStrLtlve obligation to transfer economic benefrt lo a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Costs of generating voluntsry InMe Include expenditure associated with the activities undertaken by the harily lo generate such income. such a5 the pledge programrne. Fundraising expenditure includes expendilure associated with the setting up and running the lottery a¢tivilies undertaken by the charity and consisls of the direct costs relating to thèse actiwti8s. Grants payable are included within the stètèmant of finan¢ial a¢tivities when approved by the trustees and agreed with the rècipient unlèss there ale restrictions of future funding that allow the charity lo withdraw the funding at theii discretion. Govemance c0515 indude expenditure incurred in the govemance of the charity and its assets. These are primarity a550cialed with the constitutional and slalulory requirements. 1.6 Cosh and cash equivalents Cash and Cash èquivalents include Gash in hand, dep05rt5 held al call with banks, other short-lerm liquid investments with original malurilies of three months or less. and bank overdraft5. Bank overdrafts are shown within borrowings in current Iiabilrties. 1.7 Financial instruments The Heart Research Instrtute IUKI has elected to apply the provisions of Section 11 'Basic Financial Instrutnents. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the The Heart Research Institute IUKI'S balan sheel when the The Heart Research Inslrtule IUKI becomes party to (he contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts prèsènted in the finanoal statements. when there is a legally enforceablè right to sèt off the recognised amounts and the 15 an intention lo seltle on a net basis or to realise the asset and settle the liability simultaneously. 8asi¢ financial a55ets Basic finanual assets, which include debtors and ¢ash and bank balan5, are initially measured at transaction price Induding tr8n$8Ction costs and arè subsequently carried al amortised cost usin9 the effective Interest méthod unle$$ the ariangernenl wnslrtules a financing transaction. where the transaction is measured al the present value ol the future rerRipls discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. 13-
THE HEART RESEARCH INSTITUTE (UK) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policie$ Icontifiuedl Basic financial liabilities Basic financial liabilities, including crediiors and bank loans ale Initially fe¢ogniseO al transaction piice unless the arran9emenl constilules a financing Iransacliorl where Ihe debt Instrument Is measured al the piesenl value ol the future paymenls discounted al a maikel rate o11nleresl. Financial Ii?bililies classified as payable wilhin one y&3r are nol amoflised. Debt Instrumen15 ar& subsequenlly Carried al amomised cost, using the effective inleresl raie melhod Trade creditors are obligations lo pay for goods or services Ihal have been a¢quired in the ordinary course ol operations from suppliers Arnounls payable are classified as current liabilities If payment is due within one year or less. If not, they are presented as non-currenl liabilities Trade creditors are recognised initially al Iransaclion price and subsequently ffleasured al amortised cosl using the eftective Inleiest melhod. Dere¢ognition of financial liabilities Financial liabililies are derecognised when The Heart Research Inslilule IUKI'S contiaclual obligalions expire or are discharged or cancelled. Critical accounting estimates and judgement$ In the applicalK>n of The Heart Research Institute IUKI'S a¢counling policies, Ihe Trustees are iequiièd lo make judgemènts. estifflales and assurnplions about Ihe cairying atnount of 8Ssels and Iiabililie$ Ihal are nol readily apparent from other sourtss. The eslimales and associ31ed assumptions are based on historical expellen and other factors Ihal ale considered lo be relevant. Actual rèsults may differ from these eslirnales. The e5tirnale5 8nd underfying assumptions are rèviewed on an ongoing b8sis Revisions 10 accounting esliinales are iecognised ITI the period in which the estimate Is revised wheie the revision affects only thai period, or In the peiiod of the revision anrl lulure periods wheie the iev1510n affects both current and fulure period5. Dorbations and legacie$ Unrestricted ijnrestricted funds funds gèneral general 2024 2023 Donations and gifts 421,688 441.958 Donations and gifts General donations Pledge program donations 50,804 370.884 40.519 401.439 421 688 441 958 14
THE HEART RESEARCH INSTITUTE (UK) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other tradlng a¢tlvlll•• Unr•strlct•d UnMlrf¢tsd fund# fund$ general gtn•rnl 2024 2023 Lott¢ry a¢tivities 248.413 257.635 Inv•Jlments Unrn•trict•d Unmtrl¢tsd fund# fund$ g•neF*l gen•ral 2024 2023 Inter&sl re1vable 164,106 165.516 R•i8ing fund8 Unr•strlct8d UnY••trlcted funds fund¥ general genernl 2024 2023 in nd Seeking donation5. grants and logacA8s Othèr fundraising costs 19.982 133.038 22,011 257.627 Fundraising and publicity 153,020 273.638 153,020 273,638 15.
THE HEART RESEARCH INSTITUTE (UK) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities 2024 2023 Awareness costs Research costs 17.223 230.581 13.347 548.472 247,804 561.819 Share ol governance cosls (see note 81 22.840 36.D28 270,644 597.847 Analysis by fund Unreslricled funds general Unreslricled funds- de5ignaled 171.849 98.795 437 049 160 798 270,644 597.847 Included within Ihe research c051s noled above Is £214 644 12023. £491 1031 ol contributions by the Charity lo the parent company for research and scientific expenditure. Of this amount £nil 12023 £330.3051 ielale5 10 Ihe esiablishmetil of a fluxomics centre al HRI Austra113 out of unreslri¢led funds Support and go¥ernan¢• costs 2024 2023 Governance Governance C05t5 costs Auditor fees Leg81 and professional 19.000 3.840 18 900 17.128 22,840 36 028 Chantablè aciivilios 22,840 36 028 Governance costs includes payrnenls lo the audilors of £16.50012023- £15,600) for 8udil fees. Trustees None of the Trustees lor any persons (x)nnecled wilh Iheml received any femuneraiion or beneti15 from the The Heart Research Institute IUKI during the year 10 Taxatron The chaflty Is exempl from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Ta¥alionof Ch3rgeable Gains Act 1992 to the 8xlenl Ihal these are applie¢ lo ils charitable objects 16
THE HEART RESEARCH INSTITUTE (UK) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 D•btor• 2024 2023 Amounts falllng due wlthln on• y••r: Other debtors Prepayments and aru¥d irKom• 16,142 7,688 17.461 10,964 23,828 28,445 12 Cr•dltors: amounts lalllng du• wlthln ono y•ar 2024 2023 Not•• Acw8d grant expenditurg Trade creditors Amount owed lo PonI undertaking Accruals and defeed incom& 136,399 50.601 33,765 19,021 247,163 91.184 26,022 19,217 239.786 383,566 13 D••lgnit•d fund• The income funds of the charty indude Ihg foll¢)wing designated fvnds whi¢h have been Set aslde oul of unreslrfctgd funds by th• trustees for specific purposes: 8•¢• •t R••4)UY¢ I hnu•ry 2023 •xpMdqd Tr•n•f•rn B•l•n¢• 1 J•nu•ry 2024 RMour¢ •Ap•nd•d Tr•n•f•rn 31 D•egmb•r 2024 Coll8borator contracts Funding eommilled for parent company 79.529 179,5291 528,266 {160.7981 153,4631 314.005 196,7941 76,298 291,507 607,795 (160,7981 1132.9921 314,005 198,7941 76,296 291,507 Tho d•signated funds represent grants that have been sel aside by the Btsard for inlemal programmgs not finalised at th8 yoar end. 17-
THE HEART RESEARCH INSTITUTE (UK) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Analysis of net assèts between fund$ Unrestricted Designated funds funds 2024 2024 Totsl Unreslricled Designèied funds funds 2023 2D23 Total 2024 2023 Fiirid balances al 31 December 2024 are represented by. 3 187,971 291.507 3.479,478 2 754 930 314 005 3.068 935 3,187.971 291.507 3,479.478 2.754.930 314 005 3.068.935 IS Related party transactFons The followii)g amounts were Dulslaiiding al the feporting end dale Amounts owed to related parties 2024 2023 Balan due lo The Heart Research Limited, Ihe ullimale parenl company 33.765 26.022 33,765 26.022 16 Cash generated frorn operztions 2024 2023 Surplu51ldeficill for the year 410,543 16,3761 Adjustmen15 101 Investrnenl income recognised In statement ol financial aclivilies 1164 7061 1165.5161 Movements in working capital.. Decrease In deblors IDecre88el In creditors (Decreasellincrease in (leferieij Income 4.617 133.0161 1110.7641 36.070 1329.4241 247.163 Cash generated fromllabsorbed by) operations 107,274 1218.0831 18
THE HEART RESEARCH INSTITUTE (UK) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 17 Ultlmate paront company The cornpany's ultirnate parent company, both this year and th• pr8vtou$ year. was The Heart Re5earc Inslilut8 Ltd. a mpanY incorpoialed in Australia. As sud). these financial slemenls wlll be consolidaled within thi$ entity. The He8rt Research Institute Ltd 18 located at the following addres8.' 7 Eliza Slreet Newtown NSW 2042 Australia 18 Controlllng Int•rn•l The company is ullima181y conlroll8d by The Heart Resgar¢h In$lilule Lld both this year and the previous year. 19-