TI IE MAGDI YALC)ULI IA company Ilmlted by guarantee) Registered Charity Number: 1082750 Registered Company Numbor: 04061607 AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 The Magdi Yacoub Institute Contents Page LagaS and AdmInIstra￿ve Inlomation Trustees Report Independent Auditors Report 8-11 Stat¥m•nt of Finan￿01 12 Balance Sh98t 13 Statement of Cash Flows 14 Notes to the Financial Stalernents 15-25 The Magdi Yacoub Institute Legal and Administrativ& Informatlon Company R•glstratlon Numb•r 04061607 Charity Registration Number 1062750 Mr A18n Hargreaves r As9har Khaghani Professor lQ'rn Fox Dr Magdy lshak Professor Sir Magdi Yacoub Dr Assem Allam Chl•l Executive Dr Magcty Ishak Cng Val￿ lissue. Transplantatlon. Transplant related research continues in addrassing sevèral cuN*nt issues, indudlng chronic rejection. the rc4e of endothelial cells in rejedion, metabolic function in xerK)transplantalion and importanty Organ resuscitation. Page.. 3 The Magdi Yacoub Institute Report of the Trustees Valve R•sgar¢h. The Valve Researth Group is uncovering the muW¢dlular components of valve form and function and the molecular pathways that mediats vascular protection. Studies on the biology of heart valves contrnue, wfth a currènt focus on the rde of me¢hotransduction. The work is continuing on Ihè British H&art Foundation grant that Was obtained. We have had a numbe¥ of v¢s￿n9 LSnd8rgraduate and work experience students working in the laboratory over the course of the year who have contritrMJted to a number of drfferent projects, some ol wNch also relate to ¢hè Tlssue Engineering project. Cardlae Blophplu This di￿￿0￿ focusès on two main research programs. 11 Myofilam•nt dysfunetlon In h&art failurè.. This researth program is focused on the impact of eontra¢til protèln wst-tr8n$lational modth¢ations on myofilament activationlrelaxation dynamics Mrith Ihe ultimate goal lo achieve a lull understanding of contractile pyotèin structur&function relationships in striated muscle. 21 Frank-starfing's Law of the Heart & Myofilament lundon.. Vgntricul8r filling modulates cardiac pump function., one of th• und•rfwng cellular mechanisms is Ihe modulation ol myofilamenl Ca2+ sensit￿lty by sarix)m8r818ngth. Here wa focu8 on elucidation ofthe undety'ng molecular rnèchanisms. Both r8588rch programs make lull use of the loc4s of modem blology. such as molecular bioloJy. transgenic mouse models, rècombinant DNA protein manufacture, isolated muscje biophysics, and proteomic analyBes. Votunt••r H•lp The Magdi Yacoub Institute does not ublise vdunteer help wth the except￿n of the *me dedicated by its Trustees. Gmnt moklng poII¢y The Magdl Yacoub Inslitvtè supports Tesèarch by direclty ryloykng 3tsff aswell as making awards lo Ih National H&3rt 8 Lung Insti￿le I'NHU'I Ilmperial College) forthe cost of consumables for the staff engaged in research at the Heart ScAenc6 Centr&. Harefleld. The salarigs a small number of some Staff employed by Impgrfal College 8nd th¥ Royal Brompton & H¥rgfield Hospitsl Tru8t are also recharged to the Institute. Support 18 8130 given to facÈlitat8 collaboration with research wth the Aswan Heart Centre l Magdi Yacoub Foundation and tissue eroineeriThJ, genetic sludies into cardiomyopathy and developmentsl dynamics. REVIEW OF ACHIEVEMENTS AND FINANCIAL ACTivrrY The Tissue Engineering project continues to make progress, wilh a second trial in sheep completed, with the valve being IM￿anted for 6-12 months nearing com￿etion. In pMrÈll81 to this 8 significant amount of work have been underlaken to 5tsnd8rdise the vafve production process so that il cornplies with GLP regulathons. The group also rAan to obtain a Haemodynamic Valve Tesing Rig, so that haemodynamK dala for Ihe tissue en￿n88r8d valv• that Is ￿qUIred for FDA approval use of thè valvè In cllnlcal trf81s. The application to the BHF for a proleet to Investigate the role of angiotensin 11 in valve c8lcrflr*ion grant was successful, with £130,000 b8inu Awarded ovtrr 2 yèars. Thtt grant 8tsrted in October 2020. The 91h Heart Valve 8¢ology & Tissue Enginèaring mèèting 8t the Como Hac8 Hotol, in Como Ilaly at the end of October 2020 was cancelled due to the COVID-19 pandemic. Plans are now being made k> hold the next meeting in Gr98ce in 2022. Many actiwties in the Institulo wore restricted by the effects of the panderni¢. Wa ar6 unable to accept any Nuffield students or wsting reseafchers over the summer months. The HSC Committee Im￿emen￿￿ a Covid Safe Risk A55essment, whlch allowed stsff to retum to woth aftor th$ first lockdown in June, and then continue lo work throughout the r881 of the year. With help frown the RBH Trust all staff have received the Covld vaccSnation. Page.. 4 The Magdl Yacoub Institute Report of the Trustees REVIEW OF ACHIEVEMEMTS AND FINAJ4CIAL ACTivrrY Icontl A paper on the expT&ss*on and lunction of stretch activated lon chann&ls, based on tho work from Ho$sah shammani PhD th•sis. was publish&d in Plos One. Dr Chester, togotheT Wth a Professor from Hou3ton, Texas. wrote an invited revlaw in Frontier Cardiovascular Research on the relevanc• of heart vafve blology to tissue engineering. The Leducq grant ￿ntinUeS to make good 8¢ienlifi¢ progress. The learn continues to putAish papeTS in leading joumals. The Institute has r&¢?ived substsntial donations to suppcrt the adv8ncernonl of research from personal donors. R•M*Tch Support and Equipm•nt purcha808 Funding W85 made available for the runnlng and maintenanc8 of the MYI laboTatOTies. The only signTrlcont oquipment purchased in year was 8 Pu18e Duplicatorwhich was used ￿1h1n the heart biotech wojecL Results foy th? year are shwn Sn the Statement of Financlal ACtiWt￿S on page 12. Bas¢d on tot81 incoming resources of £7,105,100 and totsl resources expended of £1.229,427, Ihe CharTty tn8d8 3 deficit of £124,32712020.' deficit of £192.7841 . CombSned unrestrlcted and restricted lunds of £4,958,01212020'. £5,082,339) have been carried fotW8rd. Al the year end total reslrfc¢èd funds were £374,33812020 £89.6791. The principal sourcès of fvnding during the year were fr(*n.' - £1 t9.714 Coronavirus Job Retention Scheme Grants b. £ 289,625 Magdi Yacoub Foundallon recharged expenses £329.590 Magdi YarA)ub Global Found8tson- resèarch grants d. £122,808 Heart Biotech - restrided funds e. £125,000 Eva Phanna- donation for research R•s•Mis Pollcy The Inslitute's policy wlh regard to reserves is to m8ke suitsble inveslrnenl in ongoing development of the charity whllst maintsining adequ8te fijnds to deal with cUr￿n1 and medium term needs. FTee réserves at the year end excluding dèslgnated funds and restricted funds are £768.15912020'. £1,098.2451- The Trustees wsh to have a minlmum 01 £360,000 In reserves to Cover dosur¢ commi¢ment. The Tru8tees agr89d Ihat this would not be held withln the funds of the Magdi Yacoub Instltute but with pathers In the USA. Our pather in the USA MYGHF h8ve committed to cover these costs in the event of dosuf8. The free reserves calculated ty the Chaiity are above the level sal by the trusi¢es and théy arè satisfied with th* current levd of werves. Fundralslng pollcy Magdi Yawub InslTlut8 has a cost of raising funds in the financial statements in r81ation to generating income frLMn donors. The charity does not utilise extemal professional fundralsèrs or cornmercial participators to carry out fundraising actiwty ond does not eng89e in face-to-face ortelephonts fundraising. We alm to build an¢ malnfain solid partnershlps with our supportars and do not undert8ke a¢b￿tieS to raise funds from Ihose th* could be ¢Jasslfleil 88'vulnerat4e people" Any approath to fvndraising would tak8 account of Ihe Code of Fundraising Practice issued by the Fundraising Regulator. Magdi Yacoub Institute has re￿Ved complalnts about its fundraising adivilies either during the financial year Of sub$equently. Page.. 5 The Magdi Yacoub Institute Report of the Trustees Risk Manag•m•nt In Marth 2021, thè Trustees completed its annual rethÈw ol the Institth¢'$ risk management $tr8te9y in accordance wlh tre requir8rn￿ts of the SORP. Each identifi&J risk is d8ssified into one of the following categories.. Govem8nce.' Twstee apwntm8nts, decision n78king and pos&ble cc#7flicts of Interest. Operational.. Olsaster recovery. HeE4th & Safety issues. Regulatory Framework.. Compliance wth existing legislation and r•gulatiorts. Extemal.. Relaticffiship with the NHS and Imperial Cdlege. Financial.. RttduclK•n in investment in¢¢me. donations and grants. Fundraising i8SUg8.' Loss of key supwrters, Appropriate fundraising stfatsgy. In the ￿Urse of the fftview. the Trustees have detsmiine(S the major risks to which the Institute is èyposed, the potenlal impact il an individu81 risk mai8rialises. and whiEh mitigating acdon is to be taken, by whom, in order to re(lucA the risk to a lo¥91 the TN5tees ¢￿nSIder to b¢ 8cw)lable. The Frfjsition is recorded in 8 risk register %thich is used by management Ènd wll continue io be fomially rovSewed annually. The COVID-19 pandemic posed a slight risk to the MYI wth respect to impeding Professor Yao)ub's abilty to travel and meet donors. In order to protect the stsff the Heart Sueneè Centre operated on a reduced capaclty. th a srnall numbor of stsff going in to carry out essential work keeping th¢ BioBank of ￿S￿arCh Samples safe and protécting the fabric ol ihe building and the equipment within. A couple ol key staff wer8 in the high ￿sk groups and thg loss of any of these Staff V+rJuld have had a neggtive impart on the Charity- Publlc B•n•ftt The Truste88 hava conSide￿d the Charity C(Mnmissionerfs gener81 guidance on putrAic bentfft when reviewng the Institute's alms and objedves and planning future activlb"es. The alm of the Institute is to undertake an adv8nce thrtld class research into the ¢aLt6es and natur8 of heart disease, includlng its prevention and tre8trnent, for the benefit of humanity. To this end. advances in resèarch are published and avallable to oth8rs th similar aims. The Institute collaborèt8s ￿th otherorganisations undertaking r•ga8rch in third worfd countrwJ and assists in advanring their research capability. There are no exdusions to those who can bÈntrfit Irom the results of the Institute's T88ewch and benefityari8s will be ￿&. TheF8 are no pn'vats benefits gained, olh8r Ihan inddental, by those gngaged in researth at the Instiiute. Plans for th• Future For Ihe year to 31st March 2022. the Trustees havè set the fdlowing key performan¢e indicators IKPII.. 1 TD (x)ntinue collaboration with NHLI and MYF plus our partner in America MYGHF 2 The k48n to expand stiyanee is undelway *4th the collaboratlon with AHC 3 Expand the Websile to develop it Into an open access knovAedge hub for dissemination of the Institutas acttvites Our aim rernains to progress res8arch projects and this data is being gathered. Th• 18am are wogr855ing ￿11 th grant submlssions and artides being otied in re￿o￿ed lournaL8. The charity wil continue to work in a Covid 59Gure way until the pandgmic is over. Pagè- 6 The Magdi Yacoub Institute Report of the Trustees Oi5cIosure of Infonnation to Audltors So lar as the trustees are aware. there is no relevant audit infomiation of which the company's auditors a unaware. The tNstees have taken all the sleps that they ought to have taken as tnjstees in order to make theTnseJves awAre of any relevant audit infom)ation and to establish that the companvs auditor5 are aw8re of that inforrnatiori. Stattm•nt ol Trust••s' R•sponsibilitl8s The trystees (who are also directors of The Magdi Yacoub Institute lor the purposes ol company lawl are responsible for preparing the Truslees, Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted A￿oUntIng PractiTr. Company law requires trustees to prepare financial 5t8ternents for each financial year which give a true and f8ir view of the stste of aff8ir5 of the Charit8ble company and of th8 incomingloutgoing resourGes and application of resources. including the income and expenditure. of the charitsble company for thal period. In preparing those financial statemenis. the directors are required io.. select suitable accounting pdicies and then apply them consist6ndy,' obsèrve the methods and principles in the Charities SORP", make judgernents and estim8te5 thal are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any materkgl departures disdosed and explained in the financial statements., prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charitable cornpany will continue in bu5ine55. The trustee5 are resptsnsible for keeping proper accounting records that dis¢lose wth reasonable accuracy at any time the financial position of the charitable cornpany and enable them to ensur8 that Ih8 financial statements comply with the Companies Act 2006. They are also responsible for safegLJarding the a55ets of the charitable company and the group and hence for taking ￿aSOnable 5tep5 for the prevention and detection of fraud and other irr8gularits"es. These accounts have been prepared in ac¢or(18n¢e wth the 5￿cIal provi51Cn5 relating to srn811 cornp8nie5 iihin Part 15 of the Cornpanies Act 2006. By ¢xd8r of th8 board Trustee & The D1￿ctr)r of Research Professor Slr Magdl Yacoub Oate.. 19 Decernber 2021 Page.. 7 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE MAGDI YACOUB INSTITUTE Oplnlon We have audited the flnancial statsmenls ol the Magdi Yacoub InstitLrte I'the company'l for the year onded 31 March 2021 which comprise the Statsm¢nt of Fin8n¢ial Acliwti86, lh8 88lanco Sheet, the ststement of Cash Flows and notes to the financjal stsl¢mtrnts, induding a summary of significarrt aC￿untIng policies. The fin8nryal reporting framework that h8s been applied in their prepar*ion is applicablg law and United Kingdom Accounting Stanijards, including FRS 102'The Financial Reporting Standard Applicablé in the UK and lrnlar7d' (Unitad ￿ngdOrn Generaly Accepted Accounting Practicel. In our winion the financial statsrnents.. give a Iruo and 1811 view of Ihg $18ts of the charitable company's affairs as at 31 March 2021 and of ts incoming resources and apF4ication of resources, induding its income and expenditure. for the year then ended", havg been properly pr8P8red in accordance w¢th United Kingdom Gener811y Accepted Accounting Practice., and have been preparad in accordan￿ ￿th the raquirernents of the Corrpanies Act 2006. Basls for oplnlon We cc4)ductad our audr( in accordance with Int8rnational Stsndards on Auditing IUKI IISAslUKII and 8ppli¢able law. Our respJnsibilitie5 under those standards arg further doscribgd in the Auditorfs ReskKnsibilities for the audit of financi81 stslernents section of our ropgrL We ar8 indèpgndenl of th• Corporat*)n in a￿rdance with th• *thical requirements that are relevant lo our audit of Ihe financial statsrnents in the UK, including the FRC'S Ethical Standard, and we havè fulfimed our other ethical responsibilities in accordance with these requirements. We believe that the audit evmlence wè have obtained i8 sufficient and appropriate to provide a basis f(* our opinion. Conclu•ions relating to going concern In auditing the financial ststernents, we have concluded that the trustees, use ofthe going concem ba818 of a￿OuntIng in the praparation of the financial $18toments is appropriate. Based on the work we have performed. we have not id8nllfiad any malertal ur￿rtainlpes relating to events w conditions that, indivKSually or collectively, may ¢8$1 S￿nIf￿nI dwbl 05) Ihe company's ability to continue Bs a going con¢8m foro period of atleasttwelve rnonths from when the financial statements ar8 3Uthorised for issué. Our resFons1bil￿leS nd the rèsponsibillues of the dlrg(*ors with respect lo going concem are described In the ralèvant sections of this r8POrt. (Xh•r Snfonnatlon The othgr information comprises the infomiation induded in the annual rewrt, other than th8 finanLxal statements and our audilorfs report thereon. The tnJstees arè rèsponsible the gther infgrmation. Our opinion L¥) the financial statemetrts does not cover the othar information and. ex￿p1 to the extent Othe￿Ise explicitly ststed in our rewt, we do not express any forrn of assurance conclusion Ihereon. In connection wth our audrt of the finBncial statements, our r6sponsibiltty is to read thg other information and. in doing so, consider whglher the other information is materialty inconsistent with the financAal stst8m8nts or our knowltrdg8 obtained in the audit or othe￿1$9 appears to be materially misstated. If we hlentsfy such material inconsistencies or apparent material misststements, we are required to deterniine whether ihere is a material misslalement in th& finanGial statements Ix 8 material misstalernent of the other infomiation. If, based on th8 workwe have performed, we conclude trat there is a m3terial rnisstaternenl of this other infomiation, we are r8quiTed to iaport Ihat fact. We hAve nothing to report in this regaTd. Pa99'. 8 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MAGDI YACOUB INSTITUTE Oplnlons on other matters proscrlbod by the Cornpanl•s Act 2006 In our opinion, based on the %￿)rk undertaken in the o)urse of the audit.. the information gNen in the trustees, annual report for the financAal year for which the financial statements are prepared is consistent with the financial statements,. and the trustees, annual rekX)rt h8ve been prepared in accordance wth 8ppllcalAe legal requirements. Aqatters on which we are r•qulrod to report by exceptio+) In the light of the knowlgdg¢ and underslanding of the Company and its trnvironment obtained Trn the course oflhe audit, we have not Identified material misstatem&nts in the trustses, annual report. We have rtothing to rep¢)rt in respect of the followlng matters w*)ere the Compan(es Act 20[￿ requlr&8 us to report to you if, in our opinion.. adequats actr)untiny rwd$ h8ve not been kept, or returns adgquate for our audr( have not been received from branches not visf(ed by us,. or tha financial statements Art not in agreemant with thé accounting TerA)rds and retums.. or certain di8dosures ol trustees. rernuneration specified by are not rnade., or we have not rec&ved all the inlorrnalion and eXplanati￿S we r*quirè for our audit-, or tho trustees were not gntiugd lo prepare the financial $latsmtrnls in accordan¢& with the 8mall mpanies r￿lma and t8k8 8dvantag& of the sm811 companies exemption in preparing the TTUStees' Annu81 Report 8nd from preparing a Strategic Report. Responslbllltl•s of trustees As explained more fully in the trustees, resFrtJnsibiliti'es statèm8nt set out on page 7, tho trustees Iwho are also the directors of th$ ¢harit8bl& company for the purposes of (￿MpanY lawl are responsible for thg preparation of th¢ financial stat6m¢nts 8nd for btring satisfied that Ihey give a true and fair view, and for such intemal control as the ITL¢Stees detemiine is neco$$8ry to en8bl¢ the preparation olfinan¢lal stateTnents that ar• free from rnaterial mis5tal8ment, wh8th8r due to fraud OT error. In preparin9 th8 fin8nci81 statemontg. th8 trusteè5 8re responsible foT a8sessing the charitable company's abilty to continue as a going ¢onc8rn, disdosing, as 8pplk8ble, matters relatgd to going concem 8nd uslng the going concem basis of a¢countin9 un1035 the trustèes either intend to liquidate the charilable company or to Cease operdtions, or have no realistic alternative trtjt to do so. Auditovs r•sponsibiliiies for the audit of the flnancial 8tat•mènts Our objectsv85 arg to obl8in re850nable a&%urance abwt wheth8r the financial slaiements as a whole are free from rnaterial misstatement, whether due to fraud or error. and to is$￿6 an auditorfs report that include5 (XJT opirbion. Reasonable 8ssurance *5 a htqh level of assurance, but is not a guarantee thal an audtt conducted in accordance with ISAS IUKI will always dèlect a material misslalernent when st exists. hAi&8tstements can arisè frorn fraud or arror and are considered material if, individually or in aggregate. they cwld reasonably be expected lo inlluence the economic decisic*ss of usgrs taken C￿ thè basis of these financial statements. lffegularilies. induding fraud, arg instan¢8s of non-compliance wlth laws and regulations. We design procedures in line with OUT Te5ponsibilibes. outlined above, to detect mat¢rial mi$ststemants in rg¥PgCt irr8gul8riti86, including fraud. Thg extant to whith OUT wocedures are capable of det8clJng irr8gularibes. induding fraud is detailed b810w. Explana￿On as to what extent the audft was consld•r•d ¢#pablo of d#t8ctlng Irr•gularftlws, Sncludlng fraud The objectives of our audit in respect of fraud, are.. to idèntify and assoss the risks of matèrial misststement of the finanaal Statements due to fraud: to obtain su￿1Clent appropriate 8udit evidence Tegard¢ng the assessed risks of material misstatement due lo fraud, through designing and P8gg'. 9 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE MAGDI YACOUB INSTITUTE implementing appropriale responses to those assessed risks., to respond appropriately to instances of fraud or suspected fraud identified during the audiL However, the primary r8sponsibility lor the prgvents.on 8niJ d6tectlon of fraud rests with both managamgnl and those charged with govemance of the charitsble company. Our approach was as follows.. We obtained an undeTstsnding of the legal and regulatory requirements applicable to the company and considered tha( the mast Significant are the Companies Act 2006, the Charitigs Act 2011, UK finanaal repo￿"ng standard8 as issued by the FinanrAal Reporling Councl an¢J UK tsxation legisl8lion. We obtained an understanding of how the charitable company complie8 With these requirements by discussions with managem8nt 8nd those charged wrth governance. We assessed the risk of Mater1￿ misstslemenl of the financtal stBt¢rnents, including Iht risk of m8teTial mls¥tstemenl duo to frèud and hrhy it mi9hl o¢¢ur, by holdin9 disuAsion3 wlh m8nagemgnl and th089 th8rged with govemance. We inquired of management and those charged with governance as to any known Instan¢e$ of non-complian￿ or 8uspected nonrfompfiance wiih18ws and regulations. Based on this understanding. we designect specTfic appropriate 8LJdit procedures lo kyentsfy instsnces of non-GomplianGe with laws and regulations. This induded making enquiries of managernent and those charged with goveman¢8 and obtsining additional corroborative evidence as requir&J. As part of an audit in accordartce with ISAS {UKI wg ¢xercise PTofes3ional judgement and maintain professK)nal sceplirjsm throughout the audii. We also.. Identify and 385ess the risks of material misstatefflent of the finan¢lal stslem&nls, whelhtrr due to fraud or error, dèsign and perform audit procedures responsN8 to thosè fi$ks, and obtsln audit evidence that is sufficient and approprlate to provide 8 basis for OUT opinion. The risk of not detecting a material misstatem&nt rèsulting from fraud is higher than for one resulting from erwr, 8s fraud may Involv6 Cdlusi￿l, lorgèry, inlenlional cmissions, misTepresenl8lions. th overrKJe of inlemal conlrnl. Obtsin an urKJeistanding of inlemal contrd relevant to the audit in ordar to degi9n 8udit procedures that 8Te appropriate in tre cIr￿MS￿￿Ces, but not for th8 purposgs of expre55Trng an opinion on the effectiveness of the ¢haritsble u)mpany's intemal control. Ewalu8t8 the 8ppropriat8ness of accounting rh)licies used and Ihe reBson8bleness of acctsjnling estimates and related disclosures mada by th9 twstses. Concltsde on the appropn"8tenes$ of the trustee3' use of ihe going concern basis of accounting and, b8sad on the aLtdit evidènc8 obt8¢n8d. whether a material uncertainty exists related to events or condits'ons that may cast significant doubt on the charitable company's ability lo conlinue a5 8 going concern. If we condude thal a material uncertainty exists, we are required to draw attention in our auditor's report to Iho relate(I disdosur85 in the fin8ncl81 stst8mènts or. if Such disGk)sures tt￿ inadequate, to modify our opin￿n. Our condusions are based on the au(lit ewdence obtsine(l up lo the date of our auditorfs report However, future events or conditions may oause the charitable company to 10 (xjnlinue as a going concern. Evaluate the over811 presentation, structure and content of the financial statgments, including the disdosures, and whetherthe fiftan¢i81 statements representlhe undetying transactions and ever￿8 in a fflanner that achieves fair presenlation. We communicate with Ihose ch8rg8d with govemarsce regarding, among othèr m8ttars. th• plBnned so)p& and limlng of th& audit and sign1fl¢8nl audit findings, induding any sgnificant deficiencies in intemal G￿trol that we identfy d4Jring ￿Jr audiL Page.. 10 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE MAGDI YACOUB INSTITUTE Uso of our r•port This report is made solely to the charitable companys members, as a body, in accordanctr with ChapteT 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stat$ 19 the company's members those matters we are required to stste to them in an auditor's ￿pOrt and for no otheT PiWiX)$8. To the fulle31 extent peTmilled by law. vle do n¢A accept OT assume responsibility lo any paty other than the charit8ble ¢omp8w and charrtable compan1$ mèMbgr$ as 8 body, for our audit work, for this reFKyL Of ffx the opinlons we have fornied. Luke Hoh (Senior Ststutory Audtt(xl for and on behalf of Mocfe ￿ngstOn Smith LLP. St8tLttory ALwJitor Devonshire House 80 Goswell Road London EC1 M 7AD Dats 22 De￿mber 2021 Pago.. 11 The Magdi Yacoub Institute Statement of Financial Activities (including Income and Expenditure account) For the year ended 31st March 2021 2021 Total 2020 Total Not98 Unrestrlcted Re8trlctsd Income from: Grants and donations Legacies Investment income 2a 2b 559,484 545,240 1,104,724 1,177.005 376 376 1,581 545,240 ￿ 1.178,586 ,105,100 Total income 559,860 Expendllure on: Raising funds Charitable activities: Research 162,405 162,405 147,501 713.567 353,455 1.067,022 1,223,869 Total oxpenditure 875,972 353,455 1,229.427 1,371,370 Net incomW(•xponditure) 1316,1121 191,785 (124,327) 1192.7841 Transfers befv￿en funds 11112 9S,518 {95,518) Net movement In fund8 1220.5941 96.267 1124,3271 1192,7841 Reconclllatlon of Funds Balance brought forward at 1 Apnl 2020 Balance carrlod forward at 31 March 2021 4,992,660 89,679 5,082,339 5.275,123 11112 4,772,066 185,946 4.gs8,012 5,082,339 The aC￿mPanY1n9 notes on pages 15- 25 form part of these financial statements. Page.. 12 The Magdi Yacoub Institute Balance Sheet As at 31st March 2021 Notes 2021 2020 Fixed Assets Intangible fixed assets Tangible fixed assets 4.201 3,811,314 3,815,515 4,209 3,890,206 3.894,415 Current Assets Stock Debtors Cash at bank and in hand 1,000 244,511 1,141,681 1.000 438.423 861,349 1,387,192 1,300,772 Creditors.. Amounts falling due within one year 10 1244,6951 1112,8481 Net Current Assets 1,142,497 1,187.924 Not Ass&ts 4,958,012 5,082.339 Funds Unrestricted fvnds General Designated Reslricled funds 956,551 3,815,515 185,946 1,098,245 3,894,415 89.679 11 12 4.958,012 5,082,339 These financial statements were approved by the 8oard of Trustees and aulhorised for issue on Trustee & The Director of Research Professor Sir Magdi Yacoub Dat8.. 19 Decemb81 2021 The accompanying noles on pages 15 - 25 form part of these financial statements. Company Registration Number.. 04061607 Page. 13 The Magdi Yacoub Institute Statement of Cash Flows For the year ended 31st March 2021 Notsg 2021 2020 Cash Inflow us8d In operatlng actlvitles Nel cash generated byl{used inl operatlng activities 382,883 193,050) Cash flows usod In investing activitles Investment income Acquisition of tangible fixed assets Acquisition of intsngible fixed assets Disposla of intsngible fixe(l a$sels 376 (102,019) 11,3801 472 1,581 (67,3871 {8251 Cash flows used in investing acbvities 280,332 1159,6811 Nol incroaselldecreasel In cash and cash equlvalents Cash and cash equivalents at beginning of year 280,332 861,349 1159,681) 1,021,030 Cash and cash equivalents at fjnd of yoar 1,141,681 861,349 (i) Reconciliation of net expgnditure to net cash Ilow Irom O￿tatIng adlvltles: 2021 2020 Not oxpendlturn a8 Por Statsmonl of Flnan¢lal Activities {124,3271 1192,784) Adjustments for: Depreciab'on charge Amortisation charge Interest income Decreas￿11n¢rease) in stock Decreaselllncreasel in debtors In¢reasellDecreasel in creditors 180,911 916 1376) 195,498 11,581) 523 {86,258} 18,448) 193,912 131,847 Not cash generated byllu•ed In) operating activities 382,883 193,050) A8at1 April 2020 Cash A•at31 Mor¢h 2Q21 Anaty81s of net debt Cash at bank 861,349 280,332 1,141,681 Pa9e.' 14 The Magdl Yacoub Institute Notes to the Financial Statements For the year ended 31st March 2021 1 Accountlng Pollcies These financial statements ar8 prepared on a going concem basis. under the historul cost conventson. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Company is 8 public benefit entity for the purposes of FRS 102 and a registere(I charty estsblished as a company limrted by guarantee and therefore has also prepared rts financlal statements in accordance wlth the Statement of Recommended Pracb'ce applicable to charities preparing their accounts in accordance wrth the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI includina Update Bulletin 2 and the compan￿ kt 2006, The financial 5talemenls have been prèpared in steding, whi¢h is the functional currency of the entity. Monetary amounts in these financial stslements are rounded to the nearest pound. Going Concom The Iruslees have assessed whether the use of the going concern basis 18 appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concem. The trustees have made this assessment for a period of al least one year from the dale of approval of the financial stslemenls. In particular the trustees have cOns￿ered the company's forecast and projeobons and have taken account of the COVID-19 pandemic. Donaty'on income is the Inslitule's main sOu￿t of income and often is reliant on large ad-hoc donations from donors from the wider netr￿rk of the Instrtute's founder Professor Yacoub. The trustees have prepared a ¢ash flow forecast ¢overing a period of al least tmelve months from the date of approval of these accounts and have concluded the Institute has adequate resourcés to continue in opefats.on in this period. The company therefo￿ continues to adopt the going concern basis in preparing ts financial statements. Income Donations. L8wi•s and slmllarln¢ome All income is recognised when there is entitlement to the funds. the receipt is probable and the amount can be measured reliably. Legacies are recognIs￿ following probate and once there is sufficient evidence that r￿lpt is probable and the amount of the legacy receivable Can be measured reliability. Where enlitlernent to a legacy exits but there is uncertainty as to ils receipt or the amount re￿1Vable, details are disck)sed as a contingent asset until the criteria for income recognition are met. Grants Recelvable Grants receivable are credited to th8 Statement of Financial Actsvilies ISOFAI in th8 year for which they a￿ received. Deferred income represents amounts received for future periods 8nd is released to incominq resources in the period for whlch it has been received. Expendltur¢ Expenditure is attounted for on an accruals basis and are recognised when the￿ is a legal or conslructsve obligation lo pay for the expenditure. Expendilure on operational programmes is recognised in the period in whtch il Is incurred. A designated fund is established for expendilufe, which has been committed lo projects, but remains un5penl at the year end. Raising Funds These include the salaries, direct expenditure and overhead costs of the stsff who promote fund-raising including events. Charftabl• frxpendlture These compTi5e of research ¢osts. It includes both costs that can be allocated d1￿CtlY to such activities and those costs of an indirect nature necessary to support them. Page.. 15 The Magdi Yacoub Institute Notes to the Financial Statements For the year ended 31st March 2021 1 Accountlng Poll¢les l¢ontlnuedl Allocation of costs All costs are allocated befyveen expendlture categories of the SOFA on a basis to reflect thè use of the resource. Costs relating to a particular a￿1Vity a￿ allocated directly. others are apportioned on a direct cost basis. Govomance costs These include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and the costs linked to the strategic management of the charity. Stock Stock is stated at the lower of cost and net ￿alisable valsje. Capltallsatlon and Depreclatlon of Tanglble Flxed Assets All assets costing more than £500 are capitslised al cost. Depreciation is provided on all tangible fixed assets at rates ¢al¢ulated to wnte off their cost over their expected useful lives as follows.. Freehold Land Freehold Buildings Furniture, Fittings and Equipmenl Machinery Flnancial Instruments Cash and cash oqulvalents Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three monlhs or less. Land is not depreciated 2Yo Straoht line 25'h reducing balance 25% reducing balance Dobtorn and Credltors Debtors and ¢￿dItorS receivable or payable within one year of the reporting date are carried al their at transaction prkce. Debtors and creditor5 that are receivable or payable in more than or¢e year and not subject lo a marf(et rale of interest are measured al the present value of the expected future receipts or payment digcounted at a market rate of interest. Pension The organisation operates a defined contribution ￿heme where Costs are charged to the Ststement of Financial Activits'es as they become due. Taxallon The chanty is exempl from corporation lax under sections 466497 of the Corporation Taxes Act 2010 as all its income is applied lo charitable purposes, Employee beneflts Tem)ination benefits are recognised immediatety as an expense when the company is demonstrably committed to temlnale the employment of an employee or to provKle temiination benefits. Fund A¢¢ountlng Funds hdd by the charity are.. Un￿striCted gene￿1 funds These are funds which Can be used in accordance with the chanlable objects at the discretion of the trustees. DeS￿nated Funds These funds have been earmark&J by the trustees for a particular purpose. Page.. 16 The Magdi Yacoub Institute Notes to the Financial Statements For the year ended 31st March 2021 1 Ac¢ountlng Polk1￿ (Contlnuodl Fund A¢countlng {contlnuod) R8strict&d Funds Thes8 are funds that can onty be used for particular restricted purposes within the objects of the chanty. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Foroign Currencies Transactions in foreign currencies a￿ recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rat6 of exchange rLtling al the balance sheet date. Gains or losses on transactions are included in the Statement of Financial Aclivilies. Critical accounting estlmates and aroa8 of judgomont Eslimales and judgements are continually evaluated and are based on historical experience ar¢d other factors, including expectstions of future events that are believed to be reasonable under the circumstances. {•) Useful economlc Ilves of tanglblo ass•ts The annual depreciation charge is sensitive to changes in the estimated useful economic lives of the assets. Useful economic lives are re4ssessed annually and are amended where necessary to refiect current estimates based on the physical condrtion of the 8ssel$. See note 1 a¢￿untIng polic￿ for the useful economic live$ of tsngibte assets. 2a} Grnnts and Donatlon$ 2021 Tolal 2021 Unrgstrlctod Restrkted Heart Biotech Imperial College London- BHF Leducq Foundation Magdi Y8coub Global Heart Foundation {MYGHFI Recharges Baxter Heallh¢are Eva Phamia CJRS grants Other donations 122,808 24,659 58,291 329,590 122,808 24,659 58,291 329,590 290,656 9,892 125,(N)O 119,714 24,114 290,656 9,892 125,000 119,714 24,114 Page. 17 The Magdi Yacoub Institute Notss to the Financial Statements For the year ended 31st March 2021 2a) Grants and Donatlons Icontlnuedl 2020 Total 2020 Unrnslricted Re$trktod Canadian Cardio Society Wedding Gift Registy Heart Biotech Imperial College London Impefial College London - BHF King Baudouin Leducq Foundation AI A￿￿Abu-Ghaza1eh agdi Yacoub Global Heart Foundation (MYGHFI Magdi Yacoub Foundation IMYFI Recharges Other donations 3,788 49,090 3,788 49,090 80,000 10,718 33,610 120,118 81,486 382.695 67,847 26,969 306,541 14,143 80,000 10,718 33,610 120,118 81,486 382,695 67,847 26,969 306,541 13,743 4(KJ 3 Investment Incomo and Intsrast 2021 2020 Bank interest 376 1,581 4 Exp•ndltur• Fundraoslng and Publlclty Total 2021 Research 2021 Staff costs Travel Research Equipment 77.161 423 638 480,704 12,959 205,546 45.674 557,865 13,382 2C6,184 45.674 78,222 744,883 823,105 Support costs: Bank charges Accountancy Legal and professional fees Premises Communi¢ations Depreciation Stationery Insurance Foreign exchange gains Sundry Governan￿ (note 481 91 1,045 216 2,074 1,325 391 19,856 4,113 39,397 33,809 180,911 1,793 22,852 65 6,914 482 20,901 4,329 41,471 35,134 180,911 1,887 24,055 1,203 341 77,794 162,405 7,255 AJ 12,038 1,067,022 89,832 1,229,427 Page., 18 The Magdi Yacoub Institute Notes to the Financial Statements For the year ended 31st March 2021 4 Expenditure Icontlnuedl Fundralslng and Publicfty Total 2020 Research 2020 Staff costs Travel Research Equipment Adverts'sing 68,906 1,627 552 546,692 61,139 216,717 58,258 616 615.598 62,766 217,269 58.258 653 37 Support costs: Bank charges A¢countsncy Legal and professional fees Premises Communications Depreciats'on Stationery Insurance Foreign exchange losses Sundry Goveman¢e (note 4a) 13 1,195 227 3,243 1,076 239 22,696 4,363 58,970 26,038 195,497 798 17.289 1471 3,403 11,201 1.223,869 252 23.891 4,590 62,213 27,114 195,497 839 18,199 {47) 3,582 80,696 1,371,370 41 910 179 69,495 147,501 Allocatlon of Support Support costs a￿ allocated on a basis consBtent with the use of resources. 2021 2020 48 Goveman¢e ¢osts ¢omprl$• of th• following: staff costs Audit and accountancy 77,161 12,671 89,832 68,906 11.790 80,696 5 Net expendlturg for tho yoar 2021 2020 Thls Is stated after charylng: Depreciation Amortisats'on Auditors, remuneration {excluding VATI Audit other services 180,911 917 195,498 10,350 1,320 10,050 1,700 Page.. 19 The Magdi Yacoub Institute Notes to the Financial Statements For the year ended 31st March 2021 6 Staff Costs and Number8 2021 2020 Staff ¢osts wgre as follows: Gross salaries - administrative support Gross salaries - ￿searCh staff Gross Salaries - grants Employer National Insurance Pension costs Research staff - Impeiial College Contractors 100,314 297,456 20.745 40,397 29,133 37,011 109,970 85,571 302.235 38,233 44,338 31,328 62,099 120,700 The number of employees who were paid in excess of £60,000 lindudin9 ￿nefits in kindl were". 2021 No. 2020 No. £60,000- £69,999 £70,000 - £79,999 The pension contribub'ons relating to the higher paid employees amounted lo £16,010 {2020.' £15,825> during the year. No trustees or connected persons, re￿iVed any remuneration during the period. One trusl8e12020.' One) was reimbursed £1,088 as travel and subsistence expenses {2020.' £113) during the year. The average monthly head ¢ounl of employees affj as follows.. 2021 No. 2020 No. Administration support Research Key Management P8rnonn•l The charity considers that the key management personnel comprise of the trustees and the sen￿r management team, who are the trustees and the Chief Operating Officer, The total employee benefits including pension costs of the key management personel were £79,00412020'. £79,628). 7 Intangible Fixed Ass Websits 2021 At 1st April 2020 Additions Disposals Al 31st March 2021 4,8g8 1,380 653 5,625 Amortlsallon Al 1st April 2020 Charge DisF4)sals At 31st March 2021 N•t Book Valuo Al 31st March 2021 689 916 181 1,424 4,201 4.209 At 31st March 2019 Page.. 20 The Magdi Yacoub Institute Notes to the Financial Ststements For the year ended 31st March 2021 Tangibl• Flxed Assets Freehold Flxtur88 and Propety Fittlngs Machlngry Total Cost At 1 st April 20 Additions 5,280,222 1,230,099 10,501 1,240,600 480,352 91,518 6,990,673 102,019 7,092,692 At 31st March 2021 5,280,222 571,870 Depreciatlon Al 151 April 20 Charge 1,694,242 98,804 1,072.369 41,199 333,856 40,908 3,100,467 180,911 At 31st March 2021 1,793.046 1.113,568 374,764 3,281,378 Net Book Valu• At 31st March 2021 3.487.176 127,032 197.106 3.811,314 At 31st Mar¢h 2020 3,585,980 157,730 146,496 3,890,206 9 Debtorn 2021 2020 Trade debtors Other debtors Prepayments and accrued income 181,246 238 63,027 244,511 403,147 2,312 32,964 438,423 10 Credltor•: Amounts falllng due wlthln one year 2021 2020 Trade creditors Other Creditors Taxation & Social Security Accruals and deferred income11 Oa} 75,779 6,918 12,046 149,952 244,695 38,344 6,236 11,344 56,924 112,848 10al Deferred income in 2021 includes amounts received in advance of use of the research labor8lories. Brought fonvard Amount added Amount released Carried lorward Delerred income 2021 3,749 1,404 {2,4211 2,732 Deferred income 2020 1,732 2,742 17251 3,749 Page". 21 The Magdi Yacoub Institute Notes to the Financial Statements For the year ended 31 st March 2021 11 Unrestrlcted Fund8 2021 Balance at 1st Aprll 2Q20 Balance at 31st March 2021 Income Expondftur8 Transfors Genernl 1,098,24S 559,860 1693,673} 17,8811 956,551 Deslgnated: Fixed assets- Building Fixed assets- Equipment Fixed assets - Machinery Fixed assets - Website 3,585,980 157,730 146,496 4,209 {98,8041 (41,1991 140,908) (1,388} 3,487,176 127.032 197,106 4,201 10,501 91,518 1,380 3,894.415 182,299 103,399 3,815,515 Total 4,992,660 95,518 4,772,066 Unrestrlcted Funds 2020 Balance at 1st Aprll 2019 Balance at 31st March 2020 Income Exp•nditurg Transfer5 Genernl 1,139.532 877,556 1875,370} (43,4731 1,098,245 Deslgnated.. Fixed assets - Building Fixed assets - Equipment Fixed assets- Machinery Fixed assets- Website Kohl Group General Fund 3,684,785 166,210 167,321 3,384 90 198,8051 149,6811 147,013) 3,585,980 157,730 146,496 4,209 41.201 26,188 825 168 {258} 4,021,790 195,757 68,382 3,894,415 Total 5,161,322 877,556 1,071,127 24,909 4,992.660 Fixed As ets - Buildin This fund represents Ihe net book value of Phase11, Heart Science cenlre, Ha￿field which is owned by the charity. Fixed Assets- E ui menumachine ebsite This fund represents the net book value of the remaining fixed assets (Equipment and Machinery) and intsngible fixed assets. General Fun This fund provides for seminar support costs at the Heart scien￿ Centre and minor general expenses of the Kohl Research Group. Tran8fern All transfers relate to costs for specific projects that have been met directiy from other unrestsicted funds and have therefore been reallocated to the correct fund. Page.. 22 The Magdi Yacoub Institute Notes to the Financial Statements For the year ended 31st March 2021 12 Rostri¢tsd Funds 2021 Balance at 1st Aprll 2020 Balance at 318t March 2021 Income EXpendI￿re Transfors Heart Biotech Holdings 2019 Imperial College London - BHF Leducq Foundation New Cairo Heart Cenl Magdi Yacoub Global Heart Foundation Magdi Yacoub Foundation Magdi Yao)ub Global Heart Foundath'on - IPS Baxter Healthcare 23,899 122.808 24,659 58,291 1141,2831 {91,5181 186,094) 124,6591 158,291) 65,327 65.327 102,298 1102,298) 453 453 204,324 1,936 185,946 227,292 9.892 89,679 545,240 122,9681 13,9561 14,000 1353,4551 195,5181 R•strleted Funds 2020 Balance at 1st April 2019 Income Expgndlture Tran8ferd Balance al 31s¢ March 2020 Heart Biotech Holding$ 2019 lrnperial College London - P67820 Imperial College London - Techcelerate Leducq Foundation New Cairo Heart Centre Magdi Yacoub Global Heart Foundat￿ - 2020 Magdi Yacoub Foundation Other restricted donations 65,937 80.000 33.610 10,718 81,486 26,969 67,847 197,1291 (24,9091 133,610) 110,7181 181,546) 23,899 60 38,358 65,327 167,847) 18,9931 14001 9.446 453 400 113,801 301,030 {300,2431 {24,9091 89.679 xt r Healthcare This grant was given to support the research costs to evaluate Pr•veleak as a surgical sealant for aortic dissection repair. Heart Biotech Holdin 82019 The Institute collaborates with Heart Biotech in developing a tissue engineered free-standing 3D valve thal reproduces the hemodynarnic function of a normal valve and therefore is ready for the nexl stage of validation. e London- BHF This BHF grant was given lo supp)rt the research ¢osts to investigate the Role of the Angiotensin11 and Natriurelic Peptides in Aortic Valve Disease. The grant started in October 2020 and runs for 2 years. erial Coll e London - P67820 This BHF grant was given to support the research Costs to investigate the ro￿ of the mechanosensitive Channel Piezo 1 in human valve endothelial cells. The grant ended in January 2020. ond The funds were given to support a staff member attendance on a Techcelerate course at Imperi81 col*e. Page.. 23 The Magdi Yacoub Institute Notes to the Financial Ststements For the year ended 31st March 2021 12 R￿trict•d Funds lcontinuedl Ledu Found81io These funds are resth'cted to the project"Redox Regulation of card10my￿Yte Renewal" in which the MYI is one of the participating institutions within the Ledu¢q funded Transallanlic Netsvork. Ma di Yacoub Global Heart Foundation These grants were given to support MYI during the Covid-19 pandemic. Ma di Yacoub Global Hea lon 020 These fvnds were received to purchase imaging equipment and were fully utilised at year end. Ma di Yacoub Global Hoart Foundation - IPS This fund is 8 ￿ year project for Generation of AHC- 100 IPSC lines library. Ma di Yacoub Foundation This fvnd supports the laboratory costs. including minor equipment and travel for M$ Mona Allouba, a PhD Student under the supeNi$ion of Dr Paul Barton, Cardiovascular Genetics and Gènomics Group. New Cairo Hea ntr Funds received towards bltilding a new Cardiac Untt. TrnDsf015 Transfers relate lo costs for specific projects Ihat have been mel directly from other unrestricted funds and have therefore been reallocated to thè COTTect fund. Page.. 24 The Magdi Yacoub Institute Notes to the Financial Ststements For the year ended 31st March 2021 13 Analpis of Net Assets bfrtw￿n funds 2021 Total 2021 General D¢slgnatod Restrkted Tangible fixed assets Nel Current Assets At 31st March 2021 3,815,515 3,815,515 1,142,497 4,958.012 956,551 956,551 185,946 185,946 3,815,515 Anatysl8 of A88ets betw•èn fund8 2020 Total 2020 Genornl Deslgnated Rutrlct•d Tangible fixed asset$ Net Curffnl Assets At 31st March 2020 3,894,41 S 3,894.415 1.187,924 5,082,339 1,098,245 1,098,245 89,679 89,679 3,894,415 14 Share Capltal The Magdi Yacoub Institute is a company limited by guarantee. The liability of th8 members of the charitable company is limited to £1 each. 15 Pon81on Scheme The Foundation operates a defined contribution scheme for the empbyees. The assets of the scheme are administered by Aviva Iformerly Friends Life} and are held in a separate fund. The pension costs for the year were £29,13312020.' £31,328) of which £3,958 (2020.. £4,351) was unpaid al the year end and 1$ included in creditors. 16 Capilal Commltments There were no capital commitments noted al year end (2020.. £Nill. 17 Relal•d Party Transactions Costs of £278,851 12020: £291,509) were incurred by Magdi Yacoub Institute IMYII and recharged to Magdi Yacoub Foundation {MYFI as agreed be￿een the entrties. Dr Magdy Ishak is the Chaimian of MYF and a trustee of MYI. At the yearend a balance of£14Q,481 {2020. £412.2131 was due from MYF. MYI receivèd ￿ restricted grants of £30,000 and £92,808 lotalling £122,80812020- £80,000) from Heart Biotech Holdings of which Dr. Magdy Ishak is the Chairman and where Professor Sir Magdi Yacoub 15 a Research Director. Dr. Magdy Ishak is the Chief Executive of MYI and Sir Magdi Yacoub is a trustee of MYI. During the year MYI rec8ived th grants from the Magdi Yacoub Global Heart Foundation IMYGHFI of £102,298 covid grant and £227,292 IPS lotalling £329,00012020.'£67,8471 Mr Magdy Ishak is the chairman and Sir Magdi Yacoub is a tru$te& of MYGHF whilst both are trustees of MYI. 18 Gnnts MYI board approvod but not committed to At 31 March 2021 the Magdi Yacoub Insts'tute board has grants approved bul not committed of £51,72512020.. £67,488). The￿ are unspent at the year end and are not included in these financial statèments. Page.. 25