2022-03-31-accounts - The Magdi Yacoub Institute

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		Page
Legal and Administrative Information
Trustees Report		2-7
Independent Auditors	Report	8-11
Statement of Financial	Activities	12
Balance Sheet		13
Statement ofCash Flows		14
Notes to the Financial	Statements	15-25

Company Registratio	Company Registratio	n Number	04061607
Charity Registration		Number	1082750
Trustees			Mr Alan Hargreaves
			Mr Asghar Khaghani
			Professor Kim Fox
			Dr Magdy Ishak
			Professor Sir Magdi Yacoub
Chief Executive			Dr Magdy Ishak
Company	Secretary		Mr Alan Hargreaves
Registered	Office		Heart Science Centre
			Harefield Hospital
			Hill End Road
			Harefield
			Uxbridge UB96JH
Bankers			NatWest Bank	pic
			Rickmansworth
			159High Street
			Rickmansworth
			Herffordshire, WD3 1AR
Solicitors			Charles Russell	Speechlys	LLP
			5 Fleet Street
			London
			EC4M 7RD
Auditors			Moore Kingston	Smith LLP
			9Appold Street
			London
			EC2A 2AP

					2022	2021
		Notes	Unrestricted	Restricted	Total	Total
			K			K
Income from:
Grants and donations		2a	726,482	761,219	1,487,701	1,104,724
Legacies Investment income		2b 3	747,265 109		747,265 109	376
Total income			1,473,856	761,219	2,235,075	1,105,100
Expenditure on: Raising funds			180,915		180,915	162,405
Charitable activities:
Research			833,631	415,027	1,248,658	1,067,022
Total expenditure		4	1,014,546	415,027	1,429,573	1,229,427
Net income/(expenditure)			459,310	346,192	805,502	(124,327)
Transfers between	funds	11/12
Net movement in	funds		459,310	346,192	805,502	(124,327)
Reconciliation of	Funds
Balance brought forward at 1 April 2021			4,772,066	185,946	4,958,012	5,082,339
Balance carried forward at 31 March 2022		11/12	5,231,376	532,138	5,763,514	4,958,012

				Notes			2021
Fixed Assets
Intangible fixed assets						3,075		4,201
Tangible fixed assets						3,639,400		3,811,314
						3,642,475		3,815,515
Current Assets
Stock					1,000		1,000
Debtors				9	1,141,366		244,511
Cash at bank	and	in hand			1,107,228		1,141,681
					2,249,594		1,387,192
Creditors: Amounts			falling due
within one year				10	(128,555)		(244,695)
Net Current	Assets					2,121,039		1,142,497
Net Assets						5,763,514		4,958,012
Funds
Unrestricted	funds
—General				11		1,588,901		956,551
—Designated				11		3,642,475		3,815,515
Restricted funds				12		532,138		185,946
						5,763,514		4,958,012

	For the	year	en	ded 31s	t March 202	2
					Notes	2022 K	2021f
Cash inflow used in	operating activities
Net cash (used in) / generated by operating activities						21,664	382,883
Cash flows used in	investing activities
Investment income Acquisition of tangible fixed assets Acquisition of intangible fixed assets Disposal of intangible fixed assets						109 (8,961)	376 (102,019) (1,380) 472
Cash flows used in investing activities						12,812	280,332
Net increase/(decrease) in cash and Cash and cash equivalents at beginning		cash equivalents ofyear				12,812 1,141,681	280,332 861,349
Cash and cash equivalents at end ofyear						1,154,493	1,141,681
(i) Reconciliation of	net expenditure	to net	cash flow from		operating activities:
						2022	2021
						6
Net expenditure as	per Statement of	Financial		Activities		805,502	(124,327)
Adjustments for: Depreciation charge Amortisalion charge Interest income (Increase) / decrease (Decrease) / increase	in debtors in creditors					180,875 1,126 (109) (849,590) (116,140)	180,911 916 (376) 193,912 131,847
Net cash generated	by/(used in) operating		activities			21,664	382,883
					As at 1	Cash	As at 31
Analysis ofchanges	in net debt				April 2021	flows	March 2022
Cash at bank					1,141,681	12,812	1,154,493

Grants and Donat	ions
							2022
2022					Unrestricted	Restricted	Total
					8	K	Z
Heart Biotech						500,917	500,917
Imperial College London		—BHF				41,596	41,596
Leducq Foundation						70,157	70,157
Magdi Yacoub Global Heart Foundation			(MYGHF)			142,032	142,032
Recharges					371,709		371,709
Baxter Healthcare						353	353
Eva Pharma					100,000		100,000
CJRS grants					55,866		55,866
Kuwait Foundation	for the Advancement		ofScience	(KFAS)	144,735		144,735
Other donations					54,172	6,164	60,336
					726,482	761,219	1,487,701

		Fo	Fo	Fo	r th	e year ende	d 31st March 202	2
4	Expenditure	(continued)					Fundraising
							and		Total
							Publicity	Research	2021
	2021						6	6	6
	Staff costs						77,161	480,704	557,865
	Travel						423	12,959	13,382
	Research						638	205,546	206,184
	Equipment							45,674	45,674
							78,222	744,883	823,105
	Support costa:
	Bank charges						91	391	482
	Accountancy						1,045	19,856	20,901
	Legal and professional			fees			216	4,113	4,329
	Premises						2,074	39,397	41,471
	Communications						1,325	33,809	35,134
	Depreciation							180,911	180,911
	Stationery						94	1,793	1,887
	Insurance						1,203	22,852	24,055
	Foreign exchange		gains					65	65
	Sundry						341	6,914	7,255
	Governance	(note	4a)				77,794	12,038	89,832
							162,405	1,067,022	1,229,427
	Allocation ofsupport
	Support costs are		allocated		on a	basis consistent	with the use ofresources.
								2022 K	2021f
4a	Governance	costs comprise of				the following;
	Staff costs							85,116	77,161
	Audit and accountancy							13,168	12,671
								98,284	89,832
5	Net expenditure		for the year					2022	2021
								6	K
	This ia stated after charging:
	Depreciation							180,875	180,911
	Amortisation							1,125	917
	Auditors' remuneration			(excluding		VAT)
	Audit							9,295	8,650
	Other services							3,595	3,450

6	Staff Costs and Numbers		2022	2021
				E
	Staff costs were as follows: Gross salaries - administrative support Gross salaries - research staff Gross salaries - grants Employer National Insurance Pension costs Research staff - Imperial College Other staff costs		107,953 304,525 42,108 45,856 34,299 44,214 117,455 696,410	100,314 297,456 20,745 40,397 29,133 37,011 109,970 635,026

The average	monthly
		2022	2021
		No.	No.
Administration Research	support	2 10	2 9
		12

	including pension costs ofthe key management personel w	ere E96,591 (2021:E79,004).
7	Intangible Fixed Assets	Website 2022
		E
	Cost At 1st April 2021	5,625
	Additions
	Disposals
	At 31st March 2022	5,625
	Amortisation At 1st April 2021 Charge	1,424 1,126
	Disposals
	At 31st March 2022	2,550
	Net Book Value At 31st March 2022	3,075
	At 31st March 2021	4,201

	For the year ended	For the year ended	For the year ended	31st M	arch 2022
8	Tangible Fixed Assets			Freehold	Fixtures and
	Cost			Property f	Fittings R	Machinery 6	Total
	At 1st April 2021			5,280,222	1,240,600	571,870	7,092,692
	Additions				8,961		8,961
	At 31st March	2022		5,280,222	1,249,561	571,870	7,101,653
	Depreciation
	At 1st April 2021			1,793,046	1,113,568	374,764	3,281,378
	Charge			98,804	32,795	49,276	180,875
	At 31st March	2022		1,891,850	1,146,363	424,040	3,462,253
	Net Book Value
	At 31st March	2022		3,388,372	103,198	147,830	3,639,400
	At 31st March	2021		3,487,176	127,032	197,106	3,811,314
9	Debtors					2022	2021
	Trade debtors					306,206	181,246
	Other debtors					425	238
	Prepayments	and accrued income				834,735	63,027
						1,141,366	244,511
10	Creditors: Amounts		falling due within one year			2022	2021
	Trade creditors					31,198	75,779
	Other Creditors					16,846	6,918
	Taxation &Social Security					18,946	12,046
	Accruals and	deferred	income (10a)			61,565	149,952
						128,555	244,695

			Brought	Amount	Amount	Carried
			forward	added	released	forward
Deferred	income	2022	2,732		(100)	2,632
Deferred	income	2021	3,749	1,404	(2,421)	2,732

		For	the year en	ded 31st	March 2022
11	Unrestricted 2022	Funds	Balance at 1stApril 2021	Income	Expenditure	Transfers	Balance at 31st March 2022
	General		956,551	1,473,856	(832,545)	(8,961)	1,588,901
	Designated: Fixed assets Fixed assets Fixed assets Fixed assets	- Building - Equipment - Machinery -Website	3,487,176 127,032 197,106 4,201		(98,804) (32,795) (49,276) (1,126)	- 8,961 -	3,388,372 103,198 147,830 3,075
			3,815,515		~182,0011	8,061	3,642,428
	Total		4,772,066	1,473,856	(1,014,546)		5,231,376
	Unrestricted 2021	Funds	Balance at 1st April				Balance at 31stMarch
			2020	Income	Expenditure	Transfers	2021
	General		1,098,245	559,860	(693,673)	(7,881)	956,551
	Designated: Fixed assets Fixed assets Fixed assets Fixed assets	- Building - Equipment - Machinery -Website	3,585,980 157,730 146,496 4,209		(98,804) (41,199) (40,908) (1,388)	- 10,501 91,518 1,380	3,487,176 127,032 197,106 4,201
			3,894,415		(182,299)	103,399	3,815,515
	Total		4,992,660	559,860	(875,972)	95,518	4,772,066

Restricted Funds 2022	Balance at 1st April	Income	Expenditure	Transfers	Balance at 31st March
	2021				2022
	6	6			E
Heart Biotech Holdings 2019	(86,094)	500,917	(232,707)		182,116
Imperial College London-BHF		41,596	(41,596)
Leducq Foundation		70,157	(70,157)
New Cairo Heart Centre	65,327	5,564			70,891
Magdi Yacoub Foundation	453				453
Magdi Yacoub Global Heart Foundation-IPS	204,324	142,032	(67,859)		278,497
Baxter Healthcare	1,936	353	(2,108)		181
Stockwell		600	(600)
	185,946	761,219	(415,027)		532,138
Restricted Funds 2021	Balance at 1stApril	Income	Expenditure	Transfers	Balance at 31st March
	2020				2021
	E			E	E
Heart Biotech Holdings 2019	23,899	122,808	(141,283)	(91,518)	(86,094)
Imperial College London - BHF		24,659	(24,659)
Leducq Foundation		58,291	(58,291)
New Cairo Heart Centre	65,327				65,327
Magdi Yacoub Global Heart Foundation		102,298	(102,298)
Magdi Yacoub Foundation	453				453
Magdi Yacoub Global Heart Foundation-IPS		227,292	(22,968)		204,324
Baxter Healthcare		9,892	(3,956)	(4,000)	1,936
	89,679	545,240	(353,455)	(95,518)	185,946