REGISTERED CHARITY NUMBER: 1178188
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2022
for
THE BRISTOL KNEE CHARITY
THE BRISTOL KNEE CHARITY
Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
THE BRISTOL KNEE CHARITY
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objectives of the charity are to promote and protect the health of persons who suffer with musculoskeletal disease, particularly in relation to the knee joint. In particular but not exclusively by;
-
awarding to researchers scholarships, maintenance allowances or grants for the purposes of performing research into musculoskeletal disease and publishing the useful results;
-
providing to healthcare practitioners and patients education for the purpose of advancing the care of persons affected by musculoskeletal disease;
-
promoting wellness and health amongst patients suffering with musculoskeletal disease.
-
fund raising to these ends.
Public benefit
The Trustees confirm that they have complied with the duty to have due regard to public benefit guidance published by the Charity Commission and believe that the activities to improve the care of future patients with knee pathology is all in the public's interest.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The main activities in this period were providing grants for researchers to collect patient data after surgery.
FINANCIAL REVIEW
Reserves policy
Reserves are required to meet the costs of ongoing research and for building the database, which will be a continuous project, as new surgery takes place and techniques progress. The charity's anticipated expenditure on future research costs will be £50,000 per annum. The trustees believe that the charity will remain active in undertaking research activities for at least the next year and that the charity should therefore retain reserves to cover a minimum period of 1 year, totalling £50,000. The charity's closing reserves as at 31 December 2022 totalled £112,437 representing a surplus above the required level of £62,437, which the trustees will monitor and will allocate to future research activities.
Going concern
The financial statements have been prepared on a going concern basis. The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees have reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the trustees have concluded that they can continue to adopt the going concern basis in preparing the financial statements.
Financial overview
The Statement of Financial Activities sets out total income and expenditure of the charity in the period. Net expenditure in the year totalled £32,654 (2021: £54,371), with closing fund balances totalling £112,437, of which £2,004 were unrestricted and £110,433 were restricted.
Page 1
THE BRISTOL KNEE CHARITY
Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity's governing document is its constitution adopted on 1st May 2018. The charity is a Charitable Incorporated Organisation with its trustees as the voting members.
Recruitment and appointment of new trustees
Trustees, who are recruited from a broad pool of musculoskeletal specialists including physiotherapists, surgeons, nurses and researchers, are appointed or reappointed at the Annual General Meeting held in November each year.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1178188
Principal address
30 Downs Park West Westbury Park Bristol BS6 7QL
Trustees
A J Porteous D Clark J R D Murray N R Howells N Artz
Approved by order of the board of trustees on 1 March 2024 and signed on its behalf by:
J R D Murray - Trustee
Page 2
THE BRISTOL KNEE CHARITY
Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 Unrestricted Restricted Total fund funds funds Notes £ £ £ EXPENDITURE ON Charitable activities Research, education and promoting wellness 32,654 - 32,654 NET INCOME/(EXPENDITURE) (32,654) - (32,654) Transfers between funds 5 130,881 (130,881) - Net movement in funds 98,227 (130,881) (32,654) RECONCILIATION OF FUNDS Total funds brought forward 12,206 132,885 145,091 TOTAL FUNDS CARRIED FORWARD 110,433 2,004 112,437 |
2021 Total funds £ 54,371 (54,371) - (54,371) 199,462 145,091 |
|---|---|
The notes form part of these financial statements
Page 3
THE BRISTOL KNEE CHARITY
Balance Sheet 31 DECEMBER 2022
| Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 114,573 CREDITORS Amounts falling due within one year 4 (4,140) NET CURRENT ASSETS 110,433 TOTAL ASSETS LESS CURRENT LIABILITIES 110,433 NET ASSETS 110,433 FUNDS 5 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 2,004 - 2,004 2,004 2,004 |
2022 Total funds £ 116,577 (4,140) 112,437 112,437 112,437 110,433 2,004 112,437 |
2021 Total funds £ 147,851 (2,760) 145,091 145,091 145,091 12,206 132,885 145,091 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 1 March 2024 and were signed on its behalf by:
J R D Murray - Trustee
The notes form part of these financial statements
Page 4
THE BRISTOL KNEE CHARITY
Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on a going concern basis. The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees have reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the trustees have concluded that they can continue to adopt the going concern basis in preparing the financial statements.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cash and cash equivalents
Cash and cash equivalents 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 overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
continued...
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THE BRISTOL KNEE CHARITY Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES - continued
Cash and cash equivalents
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no expenses reimbursed to the trustees during the year ended 31 December 2022.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ EXPENDITURE ON Charitable activities Research, education and promoting wellness 54,371 NET INCOME/(EXPENDITURE) (54,371) RECONCILIATION OF FUNDS Total funds brought forward 66,577 |
Restricted funds £ - - 132,885 |
Total funds £ 54,371 (54,371) 199,462 |
|---|---|---|
continued...
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THE BRISTOL KNEE CHARITY
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ TOTAL FUNDS CARRIED FORWARD 12,206 4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 5. MOVEMENT IN FUNDS Net movement At 1.1.22 in funds £ £ Unrestricted funds General fund 12,206 (32,654) Restricted funds TKA & Revision TKA fund 130,881 - Soft Tissue fund 2,004 - 132,885 - TOTAL FUNDS 145,091 (32,654) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund - TOTAL FUNDS - |
- continued Restricted Total funds funds £ £ 132,885 145,091 2022 2021 £ £ 4,140 2,760 Transfers between At funds 31.12.22 £ £ 130,881 110,433 (130,881) - - 2,004 (130,881) 2,004 - 112,437 Resources Movement expended in funds £ £ (32,654) (32,654) (32,654) (32,654) |
Total funds £ |
|
|---|---|---|---|
| 145,091 |
continued...
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THE BRISTOL KNEE CHARITY
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022
5. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.1.21 | in funds | 31.12.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 66,577 | (54,371) | 12,206 | |
| Restricted funds | ||||
| TKA & Revision TKA fund | 130,881 | - | 130,881 | |
| Soft Tissue fund | 2,004 | - | 2,004 | |
| 132,885 | - | 132,885 | ||
| TOTAL FUNDS | 199,462 | (54,371) | 145,091 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | - | (54,371) | (54,371) | |
| TOTAL FUNDS | - | (54,371) | (54,371) | |
| A current year 12 months and prior year 12 months combined position is as follows: | ||||
| Net | Transfers | |||
| movement | between | At | ||
| At 1.1.21 | in funds | funds | 31.12.22 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 66,577 | (87,025) | 130,881 | 110,433 |
| Restricted funds | ||||
| TKA & Revision TKA fund | 130,881 | - | (130,881) | - |
| Soft Tissue fund | 2,004 | - | - | 2,004 |
| 132,885 | - | (130,881) | 2,004 | |
| TOTAL FUNDS | 199,462 | (87,025) | - | 112,437 |
continued...
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THE BRISTOL KNEE CHARITY
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2022
5. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | - | (87,025) | (87,025) |
| TOTAL FUNDS | - | (87,025) | (87,025) |
The TKA & Revision TKA fund relates to the specific surgical activities around all (partial and total) knee replacement and revisions of previous replacement surgery. The abbreviation 'TKA' is short for Total Knee Arthroplasty.
The Soft Tissue fund relates to medical activities around soft tissue surgery of the knee, which is surgery other than knee replacement.
The Partial Knee fund relates to specific research on surgical actives performed to one of the three main parts of the knee, being the inside, the outside and the front of the knee.
Transfers between funds
During the year, the opening balance of restricted The TKA & Revision TKA fund of £130,881 was transferred to the General fund reserves, to show an amended position. This adjustment was required, as since The TKA & Revision TKA fund was established, all its funds have been spent in line with the donor's wishes, however, the associated expenditure had been incorrectly allocated against the General fund. The transfer is therefore required to show the depletion of the restricted fund and to reinstate the General fund.
6. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
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THE BRISTOL KNEE CHARITY
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | 2021 | ||
|---|---|---|---|---|
| £ | £ | |||
| INCOME AND ENDOWMENTS | ||||
| Total incoming resources | - | - | ||
| EXPENDITURE | ||||
| Charitable activities | ||||
| Advertising | - | 200 | ||
| Sundries | - | 250 | ||
| Grants to researchers | 30,624 | 50,081 | ||
| 30,624 | 50,531 | |||
| Support costs | ||||
| Information technology | ||||
| Sundries | 650 | - | ||
| Governance costs | ||||
| Accountancy and legal fees | 1,380 | 3,840 | ||
| Total resources expended | 32,654 | 54,371 | ||
| Net expenditure | (32,654) | (54,371) |
This page does not form part of the statutory financial statements
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