## **Trustees’ Annual Report for the period**
**From 1 April 2021 to 31 March 22 Charity name: The Open Bionics Foundation**
**Charity registration number: 1186502**
## **Objectives and Activities**
**----- Start of picture text -----**
Summary of the To provide financial assistance to people with upper
purposes of the charity limb differences to provide advanced multi-grip bionic
as set out in its arms.
governing document
Summary of the main During the year, the charity provided funding for 23
activities in relation to multi-grip bionic arms.
those purposes for the
public benefit, in
particular, the
activities, projects or
services identified in
the accounts.
Statement confirming The trustees have complied with their duty to
whether the trustees have due regard to the commission’s public
have had regard to the benefit guidance when exercising any powers or
guidance issued by the duties to which the guidance is relevant.
Charity Commission on
public benefit
**----- End of picture text -----**
## **Additional information (optional)**
You may choose to include further statements where relevant about:
**----- Start of picture text -----**
Policy on grant making The Open Bionics Foundation continues to use the
same grant making policy focusing support on
amputees with the greatest financial, physical, and
emotional need.
Contribution made by During the year, the charity received volunteer
volunteers assistance as follows:
Financial admin support – Martin Vincent (Treasurer)
Fundraising Support - Sarah Lockey
**----- End of picture text -----**
**Achievements and Performance**
Summary of the main During the financial year 2021/2022 23 people achievements of the received Hero Arms. Funding to access this charity, identifying the technology has made a difference not only to the difference the charity’s lives of congenital amputees, but also those that work has made to the have lost limbs due to diseases such as Sepsis circumstances of its and other physical trauma. beneficiaries and any wider benefits to society as a whole.
## **Additional information (optional)**
You may choose to include further statements where relevant about: Achievements against objectives set Performance of fundraising activities against objectives set Investment performance against objectives Other
## **Financial Review**
**----- Start of picture text -----**
Review of the charity’s During the financial year 2021/2022 the Open
financial position at Bionics Foundation’s turnover was
the end of the period £520,169.26, enabling £303,618.59 to be used
to help 23 people receive Hero Arms. The
charity continued to receive support from the
Worshipful Company of Glovers and during this
period received a donation of £15,000 from
the Russell Healey Foundation that has
pledged a further £30,000 over the next two
years.
Statement explaining The charity generally doesn’t hold reserves for
the policy for holding any length of time as there are always
reserves stating why beneficiaries waiting to get help with funding.
they are held A large proportion of the reserves held at year
end related to donations received from the
world’s largest gaming charity event that had
only happened a couple of months before.
Amount of reserves £21,287
held
Reasons for holding N/A
zero reserves
Details of fund N/A
materially in deficit
Explanation of any N/A
uncertainties about
the charity continuing
as a going concern
**----- End of picture text -----**
## **Additional information (optional)**
**----- Start of picture text -----**
You may choose to include further statements where relevant about:
The charity’s principal The charity mostly relies on donations from
sources of funds wealthy individuals who seek to support
(including any amputees' access to care and bionic
fundraising) technology.
Investment policy and N/A
objectives including
any social investment
policy adopted
A description of the The principal risk faced by the charity is over-
principal risks facing reliance on significant donors. The charity has
the charity therefore made steps to mitigate this by
expanding the number and type of donors and
investigating new partnerships with other
Trusts.
Other
**----- End of picture text -----**
## **Structure, Governance and Management**
**----- Start of picture text -----**
Description of
charity’s trusts:
Type of governing Trust Deed
document
(trust deed, royal
charter)
How is the charity Trust
constituted?
(e.g unincorporated
association, CIO)
Trustee selection Trustees are appointed by 2 existing trustees
methods including
details of any
constitutional
provisions e.g. election
to post or name of any
person or body
entitled to appoint one
or more trustees
**----- End of picture text -----**
## **Additional information (optional)**
You may choose to include further statements where relevant about: Policies and procedures adopted for the induction and training of trustees The charity’s organisational structure and any wider network with which the charity works Relationship with any related parties Other
## **Reference and Administrative details**
**----- Start of picture text -----**
Charity name The Open Bionics Foundation
Other name the charity Open Bionics Foundation
uses
Registered charity 1186502
number
**----- End of picture text -----**
**----- Start of picture text -----**
Charity’s principal Hamilton House
address Wells Road
Chilcompton
Somerset BA3 4ET
**----- End of picture text -----**
## **Names of the charity trustees who manage the charity**
**----- Start of picture text -----**
Na
me
of
pers
on
(or
bod
y)
Office (if Dates acted if not for whole
Trustee name enti
any) year
tled
to
app
oint
trus
tee
(if
any)
1 Daniel Melville
2 Kate Grey
Beverley
3
Gormley
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
**----- End of picture text -----**
Corporate trustees – names of the directors at the date the report was approved **Director name** N/A
Name of trustees holding title to property belonging to the charity
**----- Start of picture text -----**
Trustee name Dates acted if not for
whole year
N/A
**----- End of picture text -----**
**Funds held as custodian trustees on behalf of others** Description of the N/A assets held in this capacity Name and objects of N/A the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of N/A arrangements for safe custody and segregation of such assets from the charity’s own assets
## **Additional information (optional)**
## **Names and addresses of advisers (Optional information)**
**Type of Name Address adviser Name of chief executive or names of senior staff members (Optional information)**
## **Exemptions from disclosure**
Reason for non-disclosure of key personnel details
## **Other optional information**
## **Declarations**
**The trustees declare that they have approved the trustees’ report above.**
**----- Start of picture text -----**
Signed on behalf of the charity’s trustees
Signature(s)
Full name(s) Beverley Gormley
Position (eg
Secretary, Chair,
etc)
Date
24/3/23
**----- End of picture text -----**
**REGISTERED CHARITY NUMBER: 1186502**
## REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## FOR
## THE OPEN BIONICS FOUNDATION
Barretts
Chartered Accountants & Chartered Tax Advisers
22 Union Street Newton Abbot Devon TQ12 2JS
THE OPEN BIONICS FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2022
|||Page||
|---|---|---|---|
|Report of the Trustees|1|to|2|
|Independent Examiner's Report||3||
|Statement of Financial Activities||4||
|Balance Sheet||5||
|Cash Flow Statement||6||
|Notes to the Cash Flow Statement||7||
|Notes to the Financial Statements|8|to|11|
|Detailed Statement of Financial Activities||12||
THE OPEN BIONICS FOUNDATION
## REPORT OF THE TRUSTEES
## for the Year Ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 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 charity's objective is to provide financial assistance to people with upper limb differences to provide advanced multi-grip bionic arms.
## **Significant activities**
During the year, the charity provided funding for 23 multi-grip bionic arms.
## **Public benefit**
The trustees have complied with their duty to have due regard to the commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
## **Grantmaking**
The Open Bionics Foundation continues to use the same grant making policy focusing support on amputees with the greatest financial, physical, and emotional need.
## **Volunteers**
During the year, the charity received volunteer assistance as follows:
Financial admin support - Martin Vincent (Treasurer) Fundraising Support - Sarah Lockey
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
During the financial year 2021/2022 23 people received Hero Arms. Funding to access this technology has made a difference not only to the lives of congenital amputees, but also those that have lost limbs due to diseases such as Sepsis and other physical trauma.
## **FINANCIAL REVIEW**
## **Financial position**
During the financial year 2021/2022 the Open Bionics Foundation's turnover was £520,169.26, enabling £303,618.59 to be used to help 23 people receive Hero Arms. The charity continued to receive support from the Worshipful Company of Glovers and during this period received a donation of £15,000 from the Russell Healey Foundation that has pledged a further £30,000 over the next two years.
## **Principal funding sources**
The charity mostly relies on donations from wealthy individuals who seek to support amputees' access to care and bionic technology.
## **Reserves policy**
Statement explaining the policy for holding reserves stating why they are held The charity generally doesn't hold reserves for any length of time as there are always beneficiaries waiting to get help with funding. A large proportion of the reserves held at year end related to donations received from the world's largest gaming charity event that had only happened a couple of months before.
The reserves held on the general account at 31st March 2022 were £21,287.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a Trust Deed dated 1st April 2019, and constitutes an unincorporated charity.
Page 1
THE OPEN BIONICS FOUNDATION
## REPORT OF THE TRUSTEES
## for the Year Ended 31 March 2022
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Risk management**
The principal risk faced by the charity is over-reliance on significant donors. The charity has therefore made steps to mitigate this by expanding the number and type of donors and investigating new partnerships with other Trusts.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1186502
## **Principal address**
Hamilton House Wells Road Chilcompton Radstock BA3 4ET
## **Trustees**
D Melville Ms K Grey Ms S Rodgers (resigned 28.2.22) Ms B Gormley
## **Independent Examiner**
Ian Barrett FCA FCIE Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS
Approved by order of the board of trustees on 24 March 2023 and signed on its behalf by:
Ms B Gormley - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OPEN BIONICS FOUNDATION
## **Independent examiner's report to the trustees of The Open Bionics Foundation**
I report to the charity trustees on my examination of the accounts of The Open Bionics Foundation (the Trust) for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Ian Barrett FCA FCIE
Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS
5 April 2023
Page 3
THE OPEN BIONICS FOUNDATION
## STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2022
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**16,830**
Investment income
3
**1**
**Total**
**16,831**
**EXPENDITURE ON**
**Charitable activities**
4
Charitable Activities
**767**
Other
**-**
**Total**
**767**
**NET INCOME**
**16,064**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**5,224**
**TOTAL FUNDS CARRIED FORWARD**
**21,288**|Restricted
funds
£
**503,338**
**-**
**503,338**
**303,619**
**-**
**303,619**
**199,719**
**208,031**
**407,750**|**2022**
**Total**
**funds**
**£**
**520,168**
**1**
**520,169**
**304,386**
**-**
**304,386**
**215,783**
**213,255**
**429,038**|2021
Total
funds
£
468,397|
|---|---|---|---|
||||17|
||||468,414|
|||||
||||350,538|
||||420|
||||350,958|
||||117,456|
||||95,799|
|||||
||||213,255|
The notes form part of these financial statements
Page 4
THE OPEN BIONICS FOUNDATION
## BALANCE SHEET
## 31 March 2022
|Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Cash at bank
**22,007**
**CREDITORS**
Amounts falling due within one year
8
**(720)**
**NET CURRENT ASSETS**
**21,287**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**21,287**
**NET ASSETS**
**21,287**
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
**407,751**
**-**
**407,751**
**407,751**
**407,751**|**2022**
**Total**
**funds**
**£**
**429,758**
**(720)**
**429,038**
**429,038**
**429,038**
**21,287**
**407,751**
**429,038**|2021
Total
funds
£
213,675
(420)
213,255
213,255|
|---|---|---|---|
||||213,255|
||||5,224
208,031
213,255|
The financial statements were approved by the Board of Trustees and authorised for issue on 5 April 2023 and were signed on its behalf by:
B Gormley - Trustee
The notes form part of these financial statements
Page 5
THE OPEN BIONICS FOUNDATION
## CASH FLOW STATEMENT
## for the Year Ended 31 March 2022
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2022**
**£**
**216,082**
**216,082**
**1**
**1**
**216,083**
**213,675**
**429,758**|2021|
|---|---|---|
|||£|
|||117,619
117,619
17
17
117,636
96,039
213,675|
The notes form part of these financial statements
Page 6
THE OPEN BIONICS FOUNDATION
## NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 March 2022
|**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**OPERATING ACTIVITIES**|**OPERATING ACTIVITIES**|
|---|---|---|---|
|||**2022**|2021|
|||**£**|£|
||**Net income for the reporting period (as per the Statement of Financial**|||
||**Activities)**|**215,783**|117,456|
||**Adjustments for:**|||
||Interest received|**(1)**|(17)|
||Increase in creditors|**300**|180|
||**Net cash provided by operations**|**216,082**|117,619|
|2.|**ANALYSIS OF CHANGES IN NET FUNDS**|||
||At 1.4.21|Cash flow|**At 31.3.22**|
|---|---|---|---|
||£|£|**£**|
|**Net cash**||||
|Cash at bank|**213,675**|**216,083**|**429,758**|
||**213,675**|**216,083**|**429,758**|
|**Total**|**213,675**|**216,083**|**429,758**|
The notes form part of these financial statements
Page 7
THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 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.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **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.
## **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.
## **2. DONATIONS AND LEGACIES**
|Donations
**3.**
**INVESTMENT INCOME**
Deposit account interest|**2022**
**£**
**520,168**
**2022**
**£**
**1**|2021|2021|
|---|---|---|---|
|||£||
|||468,397||
|||||
|||2021||
||||£|
||||17|
|||||
continued...
Page 8
THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022
## **4. CHARITABLE ACTIVITIES COSTS**
|Support
Direct
costs (see
Costs
note 5)
£
£
Charitable Activities
**303,618**
**768**
**5.**
**SUPPORT COSTS**
Governance
Management
costs
£
£
Charitable Activities
**48**
**720**|Totals
£
**304,386**|
|---|---|
||Totals
£
**768**|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
5,748
Investment income
17
**Total**
5,765
**EXPENDITURE ON**
**Charitable activities**
Charitable Activities
-
Other
420
**Total**
420
**NET INCOME**
5,345
**RECONCILIATION OF FUNDS**
Total funds brought forward
(121)
**TOTAL FUNDS CARRIED FORWARD**
5,224|Restricted
funds
£
462,649
-
462,649
350,538
-
350,538
112,111
95,920
208,031|Total
funds
£
468,397
17|
|---|---|---|
|||468,414|
|||350,538
420|
|||350,958|
|||117,456
95,799|
|||213,255|
continued...
Page 9
THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**9.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Paul Nicholas Fund
The Prism Foundation
Yogscast
Other funds
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Paul Nicholas Fund
The Prism Foundation
Yogscast
Other funds
**TOTAL FUNDS**|At 1.4.21
£
**5,224**
**11,863**
**10,481**
**133,052**
**52,635**
**208,031**
**213,255**
Incoming
resources
£
**16,831**
**-**
**20,405**
**271,064**
**211,869**
**503,338**
**520,169**|**2022**
2021
**£**
£
**720**
420
Net
movement
At
in funds
31.3.22
£
£
**16,063**
**21,287**
**(8,000)**
**3,863**
**9,924**
**20,405**
**60,556**
**193,608**
**137,240**
**189,875**
**199,720**
**407,751**
**215,783**
**429,038**
Resources
Movement
expended
in funds
£
£
**(768)**
**16,063**
**(8,000)**
**(8,000)**
**(10,481)**
**9,924**
**(210,508)**
**60,556**
**(74,629)**
**137,240**
**(303,618)**
**199,720**
**(304,386)**
**215,783**||2021
£|
|---|---|---|---|---|
|||||420|
||||||
continued...
Page 10
THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022
## **9. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Paul Nicholas Fund
The Prism Foundation
Yogscast
Other funds
**TOTAL FUNDS**|At 1.4.20
£
(121)
50,735
9,432
-
35,753
95,920
95,799|Net
movement
in funds
£
5,345
(38,872)
1,049
133,052
16,882
112,111
117,456|At
31.3.21
£
5,224
11,863
10,481
133,052
52,635|
|---|---|---|---|
||||208,031|
||||213,255|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Paul Nicholas Fund
The Prism Foundation
Yogscast
Other funds
**TOTAL FUNDS**|Incoming
resources
£
5,765
140,376
35,000
151,600
135,673
462,649
468,414|Resources
Movement
expended
in funds
£
£
(420)
5,345
(179,248)
(38,872)
(33,951)
1,049
(18,548)
133,052
(118,791)
16,882
(350,538)
112,111
(350,958)
117,456|Resources
Movement
expended
in funds
£
£
(420)
5,345
(179,248)
(38,872)
(33,951)
1,049
(18,548)
133,052
(118,791)
16,882
(350,538)
112,111
(350,958)
117,456|
|---|---|---|---|
||||112,111|
||||117,456|
Donations from Paul Nicholas Fund and the Prism Foundation are to provide assistance to specific individuals and those from Yogscast and other individuals are to assist unspecified people.
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2022.
Page 11
THE OPEN BIONICS FOUNDATION
## DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2022
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Hero Arms funded
**Support costs**
**Management**
Sundries
**Governance costs**
Independent Examination
Total resources expended
**Net income**|2022
£
**520,168**
**1**
**520,169**
**303,618**
**48**
**720**
**304,386**
**215,783**|2021
£
468,397
17
468,414
350,538
-
420
350,958
117,456|
|---|---|---|
This page does not form part of the statutory financial statements
Page 12
**REGISTERED CHARITY NUMBER: 1186502**
## REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## FOR
## THE OPEN BIONICS FOUNDATION
Barretts
Chartered Accountants & Chartered Tax Advisers
22 Union Street Newton Abbot Devon TQ12 2JS
THE OPEN BIONICS FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2022
|||Page||
|---|---|---|---|
|Report of the Trustees|1|to|2|
|Independent Examiner's Report||3||
|Statement of Financial Activities||4||
|Balance Sheet||5||
|Cash Flow Statement||6||
|Notes to the Cash Flow Statement||7||
|Notes to the Financial Statements|8|to|11|
|Detailed Statement of Financial Activities||12||
THE OPEN BIONICS FOUNDATION
## REPORT OF THE TRUSTEES
## for the Year Ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 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 charity's objective is to provide financial assistance to people with upper limb differences to provide advanced multi-grip bionic arms.
## **Significant activities**
During the year, the charity provided funding for 23 multi-grip bionic arms.
## **Public benefit**
The trustees have complied with their duty to have due regard to the commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
## **Grantmaking**
The Open Bionics Foundation continues to use the same grant making policy focusing support on amputees with the greatest financial, physical, and emotional need.
## **Volunteers**
During the year, the charity received volunteer assistance as follows:
Financial admin support - Martin Vincent (Treasurer) Fundraising Support - Sarah Lockey
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
During the financial year 2021/2022 23 people received Hero Arms. Funding to access this technology has made a difference not only to the lives of congenital amputees, but also those that have lost limbs due to diseases such as Sepsis and other physical trauma.
## **FINANCIAL REVIEW**
## **Financial position**
During the financial year 2021/2022 the Open Bionics Foundation's turnover was £520,169.26, enabling £303,618.59 to be used to help 23 people receive Hero Arms. The charity continued to receive support from the Worshipful Company of Glovers and during this period received a donation of £15,000 from the Russell Healey Foundation that has pledged a further £30,000 over the next two years.
## **Principal funding sources**
The charity mostly relies on donations from wealthy individuals who seek to support amputees' access to care and bionic technology.
## **Reserves policy**
Statement explaining the policy for holding reserves stating why they are held The charity generally doesn't hold reserves for any length of time as there are always beneficiaries waiting to get help with funding. A large proportion of the reserves held at year end related to donations received from the world's largest gaming charity event that had only happened a couple of months before.
The reserves held on the general account at 31st March 2022 were £21,287.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a Trust Deed dated 1st April 2019, and constitutes an unincorporated charity.
Page 1
THE OPEN BIONICS FOUNDATION
## REPORT OF THE TRUSTEES
## for the Year Ended 31 March 2022
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Risk management**
The principal risk faced by the charity is over-reliance on significant donors. The charity has therefore made steps to mitigate this by expanding the number and type of donors and investigating new partnerships with other Trusts.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1186502
## **Principal address**
Hamilton House Wells Road Chilcompton Radstock BA3 4ET
## **Trustees**
D Melville Ms K Grey Ms S Rodgers (resigned 28.2.22) Ms B Gormley
## **Independent Examiner**
Ian Barrett FCA FCIE Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS
Approved by order of the board of trustees on 24 March 2023 and signed on its behalf by:
Ms B Gormley - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OPEN BIONICS FOUNDATION
## **Independent examiner's report to the trustees of The Open Bionics Foundation**
I report to the charity trustees on my examination of the accounts of The Open Bionics Foundation (the Trust) for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Ian Barrett FCA FCIE
Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS
5 April 2023
Page 3
THE OPEN BIONICS FOUNDATION
## STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2022
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**16,830**
Investment income
3
**1**
**Total**
**16,831**
**EXPENDITURE ON**
**Charitable activities**
4
Charitable Activities
**767**
Other
**-**
**Total**
**767**
**NET INCOME**
**16,064**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**5,224**
**TOTAL FUNDS CARRIED FORWARD**
**21,288**|Restricted
funds
£
**503,338**
**-**
**503,338**
**303,619**
**-**
**303,619**
**199,719**
**208,031**
**407,750**|**2022**
**Total**
**funds**
**£**
**520,168**
**1**
**520,169**
**304,386**
**-**
**304,386**
**215,783**
**213,255**
**429,038**|2021
Total
funds
£
468,397|
|---|---|---|---|
||||17|
||||468,414|
|||||
||||350,538|
||||420|
||||350,958|
||||117,456|
||||95,799|
|||||
||||213,255|
The notes form part of these financial statements
Page 4
THE OPEN BIONICS FOUNDATION
## BALANCE SHEET
## 31 March 2022
|Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Cash at bank
**22,007**
**CREDITORS**
Amounts falling due within one year
8
**(720)**
**NET CURRENT ASSETS**
**21,287**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**21,287**
**NET ASSETS**
**21,287**
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
**407,751**
**-**
**407,751**
**407,751**
**407,751**|**2022**
**Total**
**funds**
**£**
**429,758**
**(720)**
**429,038**
**429,038**
**429,038**
**21,287**
**407,751**
**429,038**|2021
Total
funds
£
213,675
(420)
213,255
213,255|
|---|---|---|---|
||||213,255|
||||5,224
208,031
213,255|
The financial statements were approved by the Board of Trustees and authorised for issue on 5 April 2023 and were signed on its behalf by:
B Gormley - Trustee
The notes form part of these financial statements
Page 5
THE OPEN BIONICS FOUNDATION
## CASH FLOW STATEMENT
## for the Year Ended 31 March 2022
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2022**
**£**
**216,082**
**216,082**
**1**
**1**
**216,083**
**213,675**
**429,758**|2021|
|---|---|---|
|||£|
|||117,619
117,619
17
17
117,636
96,039
213,675|
The notes form part of these financial statements
Page 6
THE OPEN BIONICS FOUNDATION
## NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 March 2022
|**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**OPERATING ACTIVITIES**|**OPERATING ACTIVITIES**|
|---|---|---|---|
|||**2022**|2021|
|||**£**|£|
||**Net income for the reporting period (as per the Statement of Financial**|||
||**Activities)**|**215,783**|117,456|
||**Adjustments for:**|||
||Interest received|**(1)**|(17)|
||Increase in creditors|**300**|180|
||**Net cash provided by operations**|**216,082**|117,619|
|2.|**ANALYSIS OF CHANGES IN NET FUNDS**|||
||At 1.4.21|Cash flow|**At 31.3.22**|
|---|---|---|---|
||£|£|**£**|
|**Net cash**||||
|Cash at bank|**213,675**|**216,083**|**429,758**|
||**213,675**|**216,083**|**429,758**|
|**Total**|**213,675**|**216,083**|**429,758**|
The notes form part of these financial statements
Page 7
THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 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.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **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.
## **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.
## **2. DONATIONS AND LEGACIES**
|Donations
**3.**
**INVESTMENT INCOME**
Deposit account interest|**2022**
**£**
**520,168**
**2022**
**£**
**1**|2021|2021|
|---|---|---|---|
|||£||
|||468,397||
|||||
|||2021||
||||£|
||||17|
|||||
continued...
Page 8
THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022
## **4. CHARITABLE ACTIVITIES COSTS**
|Support
Direct
costs (see
Costs
note 5)
£
£
Charitable Activities
**303,618**
**768**
**5.**
**SUPPORT COSTS**
Governance
Management
costs
£
£
Charitable Activities
**48**
**720**|Totals
£
**304,386**|
|---|---|
||Totals
£
**768**|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
5,748
Investment income
17
**Total**
5,765
**EXPENDITURE ON**
**Charitable activities**
Charitable Activities
-
Other
420
**Total**
420
**NET INCOME**
5,345
**RECONCILIATION OF FUNDS**
Total funds brought forward
(121)
**TOTAL FUNDS CARRIED FORWARD**
5,224|Restricted
funds
£
462,649
-
462,649
350,538
-
350,538
112,111
95,920
208,031|Total
funds
£
468,397
17|
|---|---|---|
|||468,414|
|||350,538
420|
|||350,958|
|||117,456
95,799|
|||213,255|
continued...
Page 9
THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**9.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Paul Nicholas Fund
The Prism Foundation
Yogscast
Other funds
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Paul Nicholas Fund
The Prism Foundation
Yogscast
Other funds
**TOTAL FUNDS**|At 1.4.21
£
**5,224**
**11,863**
**10,481**
**133,052**
**52,635**
**208,031**
**213,255**
Incoming
resources
£
**16,831**
**-**
**20,405**
**271,064**
**211,869**
**503,338**
**520,169**|**2022**
2021
**£**
£
**720**
420
Net
movement
At
in funds
31.3.22
£
£
**16,063**
**21,287**
**(8,000)**
**3,863**
**9,924**
**20,405**
**60,556**
**193,608**
**137,240**
**189,875**
**199,720**
**407,751**
**215,783**
**429,038**
Resources
Movement
expended
in funds
£
£
**(768)**
**16,063**
**(8,000)**
**(8,000)**
**(10,481)**
**9,924**
**(210,508)**
**60,556**
**(74,629)**
**137,240**
**(303,618)**
**199,720**
**(304,386)**
**215,783**||2021
£|
|---|---|---|---|---|
|||||420|
||||||
continued...
Page 10
THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022
## **9. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Paul Nicholas Fund
The Prism Foundation
Yogscast
Other funds
**TOTAL FUNDS**|At 1.4.20
£
(121)
50,735
9,432
-
35,753
95,920
95,799|Net
movement
in funds
£
5,345
(38,872)
1,049
133,052
16,882
112,111
117,456|At
31.3.21
£
5,224
11,863
10,481
133,052
52,635|
|---|---|---|---|
||||208,031|
||||213,255|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Paul Nicholas Fund
The Prism Foundation
Yogscast
Other funds
**TOTAL FUNDS**|Incoming
resources
£
5,765
140,376
35,000
151,600
135,673
462,649
468,414|Resources
Movement
expended
in funds
£
£
(420)
5,345
(179,248)
(38,872)
(33,951)
1,049
(18,548)
133,052
(118,791)
16,882
(350,538)
112,111
(350,958)
117,456|Resources
Movement
expended
in funds
£
£
(420)
5,345
(179,248)
(38,872)
(33,951)
1,049
(18,548)
133,052
(118,791)
16,882
(350,538)
112,111
(350,958)
117,456|
|---|---|---|---|
||||112,111|
||||117,456|
Donations from Paul Nicholas Fund and the Prism Foundation are to provide assistance to specific individuals and those from Yogscast and other individuals are to assist unspecified people.
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2022.
Page 11
THE OPEN BIONICS FOUNDATION
## DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2022
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Hero Arms funded
**Support costs**
**Management**
Sundries
**Governance costs**
Independent Examination
Total resources expended
**Net income**|2022
£
**520,168**
**1**
**520,169**
**303,618**
**48**
**720**
**304,386**
**215,783**|2021
£
468,397
17
468,414
350,538
-
420
350,958
117,456|
|---|---|---|
This page does not form part of the statutory financial statements
Page 12