2023-03-31-accounts

REGISTERED CHARITY NUMBER: 1186502

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 2023

		Page
Report of the Trustees	1	to	2
Independent Examiner's Report		3
Statement of Financial Activities		4
Balance Sheet		5
Notes to the Financial Statements	6	to	9
Detailed Statement of Financial Activities		10

THE OPEN BIONICS FOUNDATION

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 19 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 - Carole Neale (Treasurer) Fundraising Support - Sarah Lockey

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the financial year 2022/2023 19 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 2022/2023 the Open Bionics Foundation's turnover was £137,665 enabling £106,332.80 to be used to help 19 people receive Hero Arms. The charity continued to receive support from Yogscast and the Russell Healey Foundation.

Principal funding sources

The charity mostly relies on donations from wealthy individuals and Trusts/Foundations who seek to support amputees' access to care and bionic technology.

Reserves policy

The charity only holds reserves to cover one year's operating costs.

The reserves held on the general account at 31st March 2023 were £29,328.

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.

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.

Page 1

THE OPEN BIONICS FOUNDATION

REPORT OF THE TRUSTEES

for the Year Ended 31 March 2023

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1186502

Principal address

Hamilton House Wells Road Chilcompton Radstock BA3 4ET

Trustees

D Melville Ms K Grey (resigned 23.2.23) Ms B Gormley Ms J Armitage (appointed 12.7.23) Ms J Hewitt (appointed 4.7.23)

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 25 January 2024 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 2023.

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

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

29 January 2024

Page 3

THE OPEN BIONICS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023

Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 8,227 Investment income 2 26 Total 8,253 EXPENDITURE ON Charitable activities Charitable Activities 212 NET INCOME/(EXPENDITURE) 8,041 RECONCILIATION OF FUNDS Total funds brought forward 21,287 TOTAL FUNDS CARRIED FORWARD 29,328	Restricted funds £ 129,412 - 129,412 278,903 (149,491) 407,751 258,260	2023 Total funds £ 137,639 26 137,665 279,115 (141,450) 429,038 287,588	2022 Total funds £ 520,168
			1
			520,169
			304,386
			215,783
			213,255
			429,038

The notes form part of these financial statements

Page 4

THE OPEN BIONICS FOUNDATION

BALANCE SHEET

31 March 2023

Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 37,953 CREDITORS Amounts falling due within one year 5 (8,625) NET CURRENT ASSETS 29,328 TOTAL ASSETS LESS CURRENT LIABILITIES 29,328 NET ASSETS 29,328 FUNDS 6 Unrestricted funds Restricted funds TOTAL FUNDS	Restricted funds £ 258,260 - 258,260 258,260 258,260	2023 Total funds £ 296,213 (8,625) 287,588 287,588 287,588 29,328 258,260 287,588	2022 Total funds £ 429,758 (720) 429,038 429,038
			429,038
			21,287 407,751 429,038

The financial statements were approved by the Board of Trustees and authorised for issue on 25 January 2024 and were signed on its behalf by:

B Gormley - Trustee

The notes form part of these financial statements

Page 5

THE OPEN BIONICS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023

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. INVESTMENT INCOME

INVESTMENT INCOME
	2023	2022
	£	£
Deposit account interest	26	1

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Page 6

continued...

THE OPEN BIONICS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 16,830 Investment income 1 Total 16,831 EXPENDITURE ON Charitable activities Charitable Activities 767 NET INCOME 16,064 RECONCILIATION OF FUNDS Total funds brought forward 5,224 TOTAL FUNDS CARRIED FORWARD 21,288 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 6. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 21,287 Restricted funds Paul Nicholas Fund 3,863 The Prism Foundation 20,405 Yogscast 193,608 Other funds 189,875 407,751 TOTAL FUNDS 429,038	Restricted funds £ 503,338 - 503,338 303,619 199,719 208,031 407,750 2023 £ 8,625 Net movement in funds £ 8,041 4,000 (20,405) (32,807) (100,279) (149,491) (141,450)			Total funds £ 520,168 1
				520,169
				304,386
				215,783 213,255
				429,038
				2022 £
				720
		At 31.3.23 £ 29,328 7,863 - 160,801 89,596 258,260 287,588

continued...

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THE OPEN BIONICS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

6. MOVEMENT IN FUNDS - continued

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 Comparatives for movement in funds Unrestricted funds General fund Restricted funds Paul Nicholas Fund The Prism Foundation Yogscast Other funds TOTAL FUNDS	Incoming resources £ 8,253 - - - 129,412 129,412 137,665 At 1.4.21 £ 5,224 11,863 10,481 133,052 52,635 208,031 213,255	Resources Movement expended in funds £ £ (212) 8,041 4,000 4,000 (20,405) (20,405) (32,807) (32,807) (229,691) (100,279) (278,903) (149,491) (279,115) (141,450) 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

continued...

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THE OPEN BIONICS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

6.

MOVEMENT IN FUNDS - continued

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 £ 16,831 - 20,405 271,064 211,869 503,338 520,169	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

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.

7. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

Page 9

THE OPEN BIONICS FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023

INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Sundry income Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Hero Arms funded Support costs Management Office & general administrative expenses Governance costs Independent Examination Total resources expended Net (expenditure)/income	2023 £ 129,412 8,167 60 137,639 26 137,665 277,748 587 780 279,115 (141,450)	2022 £ 520,168 - - 520,168 1 520,169 303,618 48 720 304,386 215,783

This page does not form part of the statutory financial statements

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