REGISTERED CHARITY NUMBER: 1186502
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE OPEN BIONICS FOUNDATION
THE OPEN BIONICS FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2024
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 18 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 2023/2024 18 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 2023/2024 the Open Bionics Foundation's turnover was £196,498 enabling £146,287 to be used to help 18 people receive Hero Arms. The charity continued to receive support from 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 2024 were £19,793.
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 investing in the website and exploring direct marketing to raise awareness of the foundation.
Page 1
THE OPEN BIONICS FOUNDATION
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1186502
Principal address
Hamilton House Wells Road Chilcompton Radstock BA3 4ET
Trustees
D Melville Ms B Gormley(resigned1.3.24) Ms J Armitage (appointed 12.7.23) Ms K Westwood (appointed 27.4.24)
Independent Examiner
Adam Milward ACCA GS Verde Tax & Accountants Ltd 5 The Maples Bristol BS49 4FS
Approved by order of the board of trustees on 30 January 2025 and signed on its behalf by:
Mr D Melville - 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 2024.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Adam Milward ACCA GS Verde Tax & Accountants Ltd 5 The Maples Bristol BS49 4FS
30 January 2025
Page 3
THE OPEN BIONICS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2024
| Unrestricted INCOME AND ENDOWMENTS FROM Notes fund £ Donations and legacies 6,362 Investment income 2 144 Total 6,506 EXPENDITURE ON Charitable activities Charitable Activities 9,664 NET INCOME/(EXPENDITURE) (3,158) RECONCILIATION OF FUNDS Total funds brought forward 29,394 TOTAL FUNDS CARRIED FORWARD 19,793 |
Restricted funds £ 190,136 - 190,136 146,287 43,849 258,194 308,487 |
2024 Total 2023 Total funds £ funds £ 196,498 137,639 144 26 196,642 137,665 155,951 279,115 40,692 (141,450) 287,588 429,038 328,280 287,588 |
2023 Total |
|---|---|---|---|
| funds £ |
|||
| 137,639 | |||
| 26 | |||
| 137,665 | |||
| 279,115 | |||
| 429,038 | |||
| 287,588 | |||
The notes form part of these financial
Page 4
THE OPEN BIONICS FOUNDATION
BALANCE SHEET 31 March 2024
| CURRENT ASSETS Unrestricted fund Notes £ Cash at bank 21,083 CREDITORS Amounts falling due within one year 5 (269) NET CURRENT ASSETS 20,814 TOTAL ASSETS LESS CURRENT LIABILITIES 20,814 NET ASSETS 20,814 FUNDS 6 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 308,714 (1,248) 307,466 307,466 307,466 |
2024 Total funds £ 329,797 (1,517 ) 328,280 328,280 328,280 19,793 308,487 328,280 |
2023 Total funds £ 296,213 (8,625) 287,588 287,588 287,588 29,328 258,260 287,588 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2025 and were signed on its behalf by:
Mr D Melville - Trustee
The notes form part of these financial
Page 5
THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2024
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
| Deposit account interest | 2024 £ 144 2023 £ 26 |
|---|---|
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
continued...
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THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
| 4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 8,227 Investment income 26 Total 8,253 EXPENDITURE ON Charitable activities Charitable Activities 212 NET INCOME 8,041 RECONCILIATION OF FUNDS Total funds brought forward 21,287 TOTAL FUNDS CARRIED FORWARD 29,328 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 6. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund 29,393 Restricted funds Paul Nicholas Fund7,863 Healey Family Charitable Trust - Yogscast 160,801 Other funds 89,596 258,260 TOTAL FUNDS 287,588 |
Restricted funds £ 129,412 - 129,412 278,903 (149,491) 407,751 258,260 2024 £ 1,517 Net movement in funds £ (9,600) - 22,500 (20,454) 48,181 50,227 40,627 |
Total funds £ 137,639 26 137,665 279,115 (141,450) 429,038 287,588 |
Total funds £ 137,639 26 |
Total funds £ 137,639 26 |
|---|---|---|---|---|
| 137,665 | ||||
| 279,115 | ||||
| 287,588 | ||||
| 2023 | ||||
| £ | ||||
| 8,625 | ||||
| At 31.3.24 £ 19,793 7,863 22,500 140,347 137,777 308,487 328,280 |
continued...
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THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
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 Healey Family Charitable Trust Yogscast Other funds TOTAL FUNDS |
Incoming resources £ 6,506 - 22,500 - 167,636 190,136 196,642 |
Resources expended £ Movement in funds £ (16,106) (9,600) - - - 22,500 (20,454) (20,454) (119,455) 48,181 (139,909) 50,227 (156,015 ~~)~~ 40,627 |
Resources expended £ Movement in funds £ (16,106) (9,600) - - - 22,500 (20,454) (20,454) (119,455) 48,181 (139,909) 50,227 (156,015 ~~)~~ 40,627 |
|---|---|---|---|
| 50,227 | |||
| 40,627 | |||
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Paul Nicholas Fund The Prism Foundation Yogscast Other funds TOTAL FUNDS |
At 1.4.22 £ 21,287 3,863 20,405 193,608 189,875 407,751 429,038 |
Net movement At in funds £ 31.3.23 £ 8,041 29,328 4000 7,863 (20,405) - (32,807) 160,801 (100,279) 89,596 (149,491) 258,260 (141,450) 287,588 |
|---|---|---|
continued...
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THE OPEN BIONICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
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 £ 8,253 - - - 129,412 129,412 137,665 |
Resources expended £ Movement 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) |
|---|---|---|
Donations from Paul Nicholas Fund 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 2024.
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THE OPEN BIONICS FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2024
| 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 |
2024 £ 184,831 11,667 - 196,498 144 196,642 146,287 9,664 0 155,951 40,691 |
2023 £ |
|
|---|---|---|---|
| 129,412 | |||
| 8,167 | |||
| 60 | |||
| 137,639 | |||
| 26 | |||
| 137,665 | |||
| 277,748 | |||
| 587 | |||
| 780 | |||
| 279,115 | |||
| (141,450) |
This page does not form part of the statutory financial statements
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