Oxford International Biomedical Centre Limited
Charity No. 1038260
Company No. 02805347
Trustees' Report and Unaudited Accounts
31 August 2023
Oxford International Biomedical Centre Limited Trustees Annual Report
The Trustees, who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 August 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 02805347 Charity No. 1038260
Registered Office
Culham Innovation Centre D5, Culham Science Center Abingdon Oxfordshire OX14 3DB
Directors and Trustees
The Directors of the charitable company are its Trustees for the purpose of charity law. The following Directors and Trustees served during the year:
M. Brooks C.A. Carr R.A. Draper S. Draper K.A. Foster D.R.A. Hankey C. Kennard E. Sim
R. Webber
Company Secretary
K. Lewis
Accountants
Oxon Accountancy 28 The Quadrant The Science Park Abingdon OX14 3YS
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Oxford International Biomedical Centre Limited Trustees Annual Report
Objective and Acticities
OIBC's vision is a world in which wider access to scientific learning brings better health and quality of life. It seeks to realise this through educational projects for all generations and especially for the young, building greater understanding of biomedical and other scientific issues.
Its current aim is to increase the number of pupils continuing to study science at school beyong GCSEs and encourage them to consider a career in that subject.
It believe that there is an under-tapped resource of pre-GCSE students. The reason is that many lack confidence in their ability to excel because of their or their school's background. This contribute to social immobility. Other causes are dyslexia among some and ignorance of how exciting and rewarding career in science can be.
To Achieve our aim we:
-Enthuse - through direct contact with scientists at the cutting edge of new discoveries
-Educate - by explaining what careers in science and other STEM subjects exist and how they can be accessed
-Encourage - by showing that successful scientist often started out no better than the students themselves
A feature of the charity is that due to the great enthusiasm of the professional scientific community for promoting science to young people, much time is given for free, ensuring an unusually high output and benefit for every pound donated.
None of the directors take any remuneration, their total expenses for the year amounted to £nil (2022: £nil), and OIBC has but one salaried member of staff.
It is a firm principle of the charity that it sharply constrains administrative costs and ensures it expends all donations received, rather than diverting them to reserves, which it does not require for future functioning.
Public Benefit
OIBC always take into account the Charity Commission guidance on public benefit and believes that the activities of Oxford International Biomedical Centre are in line with this guidance. This is underpinned by rigorous feedback sessions with all stakeholders and in particular the schools and colleges with which OIBC works. Their overall message is consistently one of "More Please!".
Achievements and Performance
Financial Review
OIBC Continues to hold firmly to its policy of deploying all its income to the benefit of young people's scientific education and thus applies a policy of not building up reserves.
Review
The OIBC annual accounts reporting period is geared to the academic year. This year OIBC worked hard to re-establish its Scientist in Schools and Cafe des Sciences Programmes and its career talks. Several events took place including the annual event at St Edward's School on 18 January, on 'Cutting Edge Science', at Cooper School in Bicester on 30 January, Little Heath School on 3 February and on 27 April at Didcot Girls School on Drug development. All events were very well received. In addition six career talks took place at Aureus School in Didcot.
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Oxford International Biomedical Centre Limited
Trustees Annual Report
In July 2023 OIBC’s annual Summer School on Global Health took place - USC returned to Oxford with 22 students and 12 students from University of UAE also participated. It was a very successful event and both USC and UAE plan to return in 2024.
OIBC's showcase, the annual Anne McLaren lecture took place on 26 May 2023 at Kellogg College and was well attended. An outstanding panel of four women academics discussed various aspects of women in science and public policy (Prof Sarah Franklin, Prof Emily Jackson, Prof Susan Michie, Prof Dorothy Bishop and Dr Helena Rodriguez Caro).
The trustees are confident that OIBC will continue to expand its activities in the future and they are delighted that OIBC enjoys a successful relationship with Oxford University from which it continued to drive benefit.
The development of OIBC continues to be underpinned by a loan from its founder and current President, Professor Charles Pasternak. The Overall Surplus for the year of £95,468 (2022: £8,159) has been added to the general unrestricted fund, which at the balance sheet date stood at £123,715 (2022: £28.247). The Board considers these sums entirely acceptable from both a risk and an operating viewpoint, given their modest size and the financial support on which OIBC can call.
Future Development
The charity is now developing ambitious plans to build on its earlier successes by expanding its operational activities within those areas where it already has a presence, and reaching out to additional educational institutions across the country. Board meetings always include a strategic overview component and the growth to date evidences the success of this approach.
Already for 2024 OIBC has plans for 3 careers talks at Aureus School in Didcot; the annual symposium at St Edward's School; events at Cooper School in Bicester and at The Little Heath School in Reading, plus another to coincide with the Didcot Science week with Didcot Girls School. It is also in talks with River Learning Trust about organising a series of events at their schools.
Preparations for another USC Summer School in 2024 are under way. Both USC and UAE are planning to bring their students back to Oxford next year.
RISK Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have examined the major strategic, business, financial and operational risks which the charity faces and confirm that system have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. it is the policy of the board to fully utilise all income received each year, but to do so prudently, and without creating significant surpluses or deficit. It does, however, regularly review the financial position, to ensure that the charity always has six months of funding available to meet it operational cost.
The trustee's report was approved by the Board of Trustees.
E. Sim Trustee 10/01/2024
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Oxford International Biomedical Centre Limited Independent Examiners Report
Independent Examiner's Report to the trustees of Oxford International Biomedical Centre Limited
I report to the trustees on my examination of the accounts of Oxford International Biomedical Centre Limited for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance sheet and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me no cause to believe that:
-
accounting records were not in accordance with section 386 of the 2006 Act ; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of the independent examination; or
-
the accounts do not accord with those records; or
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Oxon Accountancy 28 The Quadrant The Science Park Abingdon
OX14 3YS 10 January 2024
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Oxford International Biomedical Centre Limited Statement of Financial Activities
for the year ended 31 August 2023
| Notes Income and endowments from: Donations and legacies 4 Investments 5 Other Total Expenditure on: Raising funds 6 Charitable activities 7 Total Net income 12 Transfers between funds Net income before other gains/(losses) Reconciliation of funds: Total funds brought forward Total funds carried forward |
Total funds 2023 £ 154,775 885 - |
Total funds 2022 £ 97,245 52 2,531 |
|---|---|---|
| 155,660 10,649 49,543 |
99,828 12,380 79,289 |
|
| 60,192 | 91,669 | |
| 95,468 - |
8,159 - |
|
| 95,468 28,247 |
8,159 20,088 |
|
| 123,715 | 28,247 |
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Oxford International Biomedical Centre Limited Balance Sheet
at 31 August 2023
| Charity No. 1038260 Fixed assets Tangible assets 9 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 10 Net current assets Total assets less current liabilities Creditors:Amounts falling due after more than one year 11 Net assets excluding pension asset or liability Total net assets The funds of the charity Unrestricted funds General funds 12 Designated funds Total funds Approved by the trustees on 31 August 2023 And signed on their behalf by: |
2023 £ - - 168,009 168,009 (28,645) 139,364 139,364 (19,761) 119,603 119,603 123,715 - 123,715 123,715 |
2022 £ - |
|---|---|---|
| - 73,747 |
||
| 73,747 (25,739) |
||
| 48,008 48,008 (19,761) |
||
| 28,247 | ||
| 28,247 | ||
| 28,247 - |
||
| 28,247 | ||
| 28,247 | ||
E. Sim Trustee 10 January 2024
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Oxford International Biomedical Centre Limited Notes to the Accounts
for the year ended 31 August 2023
- 1 Accounting policies
Basis of preparation
The Financial statement have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charitable company has taken advantage of the provision in the SORP for charities applying FRS 102 update bulletin 1 not to prepare a statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
Charitable Fund
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purpose.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company.
Incoming Resources
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company.
Cash donations are recognised on receipt. Other donation are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenants is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not know, the legacy is treated as a contingent asset.
Assets for distributions are recognised only when distributed. Assets given for use by the charitable company are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purpose.
Voluntary income encompasses income from a successful residential summer school which is run to generate funds for charitable activities plus a wide range of donations from both the scientific community and the general public, augmented by general grants from a range of charitable and other bodies. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
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Oxford International Biomedical Centre Limited Notes to the Accounts
Resources expended
Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the charity to the expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligations can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to charity. Where costs can not be directly attributed to particular heading they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers 25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is recognised in net income/ (expenditure) for the year.
Impairment of fixed assets
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment loss (if any).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the assets may be impaired.
Cash and cash equivalents
Cash and cash equivalent include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdraft. Bank overdrafts are shown within borrowings in current liabilities.
Basic Financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of Interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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Oxford International Biomedical Centre Limited Notes to the Accounts
Derecognition of financial liabilities
Financial liabilities are derecognised when the charitable company's contractual obligation expires or are discharged or cancelled.
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/ (expenditure) for the period.
Critical accounting estimates and judgements
In the application of the charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
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Oxford International Biomedical Centre Limited Notes to the Accounts
3 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Investments Other Total Expenditure on: Raising funds Charitable activities Other Total Net income Transfers between funds Net (expenditure)/ income Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies 5 Income from investments |
Total 2023 £ 154,775 154,775 |
Total funds 2022 £ 97,245 52 2,531 |
|---|---|---|
| 99,828 12,380 79,289 - |
||
| 91,669 | ||
| 91,669 - |
||
| 91,669 | ||
| 8,159 20,088 |
||
| 28,247 | ||
| Total 2022 £ 97,245 |
||
| 97,245 | ||
| Total 2023 £ 885 885 |
Total 2022 £ 52 52 |
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Oxford International Biomedical Centre Limited Notes to the Accounts
6 Expenditure on raising funds
Fundraising trading costs 7 Expenditure on charitable activities Expenditure on charitable activities
| Total 2023 £ 10,649 10,649 Total 2023 £ 49,543 49,543 |
Total 2022 £ 12,380 |
|---|---|
| 12,380 | |
| Total 2022 £ 79,289 |
|
| 79,289 |
8 Staff costs No employee received emoluments in excess of £60,000.
9 Tangible fixed assets
| Cost or revaluation At 1 September 2022 At 31 August 2023 Depreciation and impairment At 1 September 2022 At 31 August 2023 Net book values At 31 August 2023 At 31 August 2022 Creditors: amounts falling due within one year Trade creditors Other taxes and social security Other creditors Accruals |
2023 £ 1,555 1,118 25,276 696 28,645 |
£ 460 |
|---|---|---|
| 460 | ||
| 460 | ||
| 460 | ||
| - | ||
| - | ||
| 2022 £ 1,555 592 22,896 696 |
||
| 25,739 |
10 Creditors:
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Oxford International Biomedical Centre Limited Notes to the Accounts
11 Creditors:
| amounts falling due after more than one year Loans C Pasternak Loan Movement in funds Unrestricted funds: General funds Total Analysis of net assets between funds Net current assets Creditors due in more than one year and provisions |
At 1 September 2022 £ 28,247 28,247 |
2023 £ 13,088 6,673 19,761 Incoming resources (including other gains/losses ) £ 155,660 155,660 |
Resources expended £ (60,192) (60,192) |
2022 £ 13,088 6,673 19,761 At 31 August 2023 £ 123,715 123,715 Unrestricted funds £ 139,364 (15,649) 123,715 |
||
|---|---|---|---|---|---|---|
12 Movement in funds
13 Analysis of net assets between funds
35 Related party disclosures
Controlling Party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
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Oxford International Biomedical Centre Limited Detailed Statement of Financial Activities
for the year ended 31 August 2023
| Income and endowments from: Donations and legacies Investments Other Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Charitable activities Total of expenditure on charitable activities Total expenditure Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Net movement in funds |
Total funds 2023 £ 154,775 154,775 885 885 - - 155,660 10,649 10,649 10,649 49,543 49,543 49,543 60,192 - 95,468 - 95,468 95,468 |
Total funds 2022 £ 97,245 |
|---|---|---|
| 97,245 | ||
| 52 | ||
| 52 | ||
| 2,531 | ||
| 2,531 | ||
| 99,828 12,380 |
||
| 12,380 | ||
| 12,380 79,289 |
||
| 79,289 | ||
| 79,289 91,669 - |
||
| 8,159 - |
||
| 8,159 8,159 |
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