|||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|||
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||||||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||2022||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|
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|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|
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|||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|head count ofemployees
are as follows.|||
|---|---|---|---|---|
||||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|
##
##
|12|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|
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