MERU Medical ETh8ineering Resource Unit J4RU from disabilities to possibilities Medical Engineering Resource Unit Financial Statements For the year ended 31 March 2024 CHARITf NO. 269804 COMPANY REGISTRATION NO. 1214125 Que•n Ellz•b•th's Foundation for Dlsabled People QEF Enablin9 Potential Strww Reportand Acroun15-YearEDded 31 Morth 2024
MERU Medlc81 Englneerlng Resource Unlt LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 MARCH 2024 PATRONS LAURENCE LLEWELLYN BOWEN SIR KICHAKD STILGOE OBE DL BOARD OF TRUSTEES PAUL BEATER (reslgned 27 July 2023) MOIRA BOWIE GORDON BOWSER ALICE COLLINS STEPHEN COLLINSON MICHAEL CONNAUGTON TIMOTHY JASON DAVIES (resigned 3 May 20231 ABIGAIL PRICE (resigned 25 September 20241 GRAHAM RUSLING (appointed 4 October 20231 ELIZABETH SHARP CHRISTOPHER THORNE (reslgned 10 October 20231 DIRECTORS MOIRA BOWIE GORDON BOWSER STEPHEN COLLINSON (appointed 3 May 2023) TIMOTHY JASON DAVIES (reslgned 3 May 20231 COMPANY SECRETARY PHILIP KIRK REGISTERED OFFICE LEATHERHEAD COURT WOODLANDS ROAD LEATHERHEAD, SURREY, Kf22 OBN BANKEKS CAF BANK LTD 25 KINGS HILL AVENUE KINGS HILL WES[ MALLING KENT ME19 INDEPENDENT AUDtTORS MOORE KINGSTON SMrrH LLP 9 APPOLD STREET LONDON EC2A 2AP statut(ty tnts- 31 Narth 2Q24
MERU Medical En8ineering Re50urce Unit CONTENTS Directors Report page 4 Main Activities page 4 structure, Governance and Management page 6 Financial Review page 7 statement of Directors Responsibilities page 9 Endependent Auditors, Report to the Members of Medical Engineering Resource Unlt page 11 Balance Sheet page 16 Statement of Financial Activities page 17 Notes to the Financial Statements page 18 statutrQryRewrt•ndActOur-réIthd 31 2024
MERU Medlcal En8lTreerin8 Resourte Unlt DIRECTORS. REPORT The dlrectors (who are also trustees for the purposes of company law) are pleased to present their Report and Financial Statements for the year ended 31, March 2024. The accounts have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Flnancial Reporting Standard applicable in the UK and RepLJblic of Ireland. The report and statements also comply with the Companies Act 2006 and the Charities Act 2011. History On 1st April 2012 Medical Engineering Resource Unit (MERU) became a member of the Queen Elizabeth's Foundatlon for Disabled People (QEF) family of charities and QEF is the sole trustee of MERU. In this report, reference to 'Trustees' means the Board ofTrustees of QEF. The aim of the merger was to be able to enhance the range of services on offer from both charities. QEF is a national charity working with people living with physical and learning disabilities or acqLJired brain injuries, to gain new skills and increase independence. MERU has continued its work of providing innovative equipment which started at QLJeen Mary's Hospital for Chlldren over 40 years ago. QEF and MERU both support disabled people to achieve goals for life and realise their full potential. Vision and Strategic Direction MERU care deeply about helping young people with disabilities who are striving to enhance their ability to grow and achieve personal fulfilment. MERU'S core solutions are aimed at serving the unique needs of individuals for whom standard equipment solutions are inadequate. MERU foster an environment of innovation and creativity to deliver both the quality and effficacy of solutions in a timely manner. All equipment is manufactured to the highest posslble standards and compliant with the latest legislation in this fleld. MERU draw on the widest possible range of expertise In engineerlng, design and disability, bringing new skllls and experlence into the organisation whenever possible. No child will be denied help on the grounds of cost, but where approprlate, statutory agencies will be expected to make a contribution. All employees, volunteers and clients of MERU are ambassadors for the organisation. MAIN ACTIVITIES All charitable activities focus on enabling children and young people with disabilities to take a more actlve, Independent role in society through the Stratutry REpllrtand ts~yEarndd 3L Mah 2024
MERU Medical Englneerlng Resource Vnll provision of innovative aids. They are undertaken to further MERU'S charitable purposes for the public benefit. This objective falls within the guidance contained in the Charity Commission's general guidance on public benefit and this guidance has been taken Into account when planning MERU'S future. MERU offers a free loan scheme for our chlldren's mini powered wheelchairs known as Bugzis. Following an assessment, Bugzls are available for the famlly to take home and use for as long as the child need it. It is then retumed, refurbished and reloaned to another child. A wide range of asslstlve products are available to purchase as well as adaptatlons to toys. There were 5,366 toys adapted during the year. MERU stopped providing one-off engineering servlces during 2020 and these are no longer available. M ERU provides a toy adaptation service to one distribution partner in the UK. Bugzi loan scheme MERU produces children's mini powered wheelchairs "Bugzls" which are available to buy or offered as part of a free loan scheme. The loan scheme aSlows a famllv to take a Bugzi home following an assessment and use for as long as the child needs it. It is then returned, refurbished and reloaned to another chlld. A total of 42 children received a Bugzi through the Bugzi Loan Scheme between April 2023 and March 2024. In addition, the school-based Bugzi Club was operational in I I schools in the Southeast in 2023-24 (2023.. 10), helping children access independent mobility at schoo5. MERU produced 3 new Bugzis for the loan scheme in the year and a further 34 Bugzis were refurbished. We issued a Field Safety Notice on December 2023, which Impacted upon the Bugzi loan scheme for the remalnder of the year. MERU also sells a wide range of assistive products and adapted toys as well as providing a toy adaptation service to a distribution partner in the UK. A total of 6,584 toys were adapted during the year. Outreach and partnerships MERU'S outreach work Is carefully targeted to increase referrals and to support fundraislng activities. MERU has continued to foster partnerships with charities and organisations who work directly with dlsabled children to ensure every child who needs MERU'S services knows how to access them. There are now partnerships with organisations in Glasgow, Leeds, Blrmingham, Truro, Thetford, London, Northem Ireland, St Helens, Newcastle, Aylesbury Derby and South Wales. MERU is also a member of the BHTA Paediatric Equipment Sertion with other manufacturers and providers of Medical Devices. SlilutoryRewrt and A(-&r•ithd 31 2024
MERU Medical Englneerlng Resource Unlt Fundraising and Marketing De5Plte the challenging fundralsing environment, overall funds raised totalled £297k (2023.. £29Ok). Volunteers and Support MERU'S charltable activity 15 undertaken by our dedicated engineers and sUPPOrt staff. Volunteers are also a key part of the MERU story, in the workshop, In the office, in fLJndraising activities and as ambassadors for the charity. By opening the workshops to volunteers we have been able to recrult hlghly skllled engineers and designers who work for local engineering companies. This team is now responsible for much of our commercial output and have been instrumental in providing the toy adaptation service. STRUCTURE, GOVERNANCE AND MANAGEMENT Structure The Charity is a company limited by guarantee. The governing documents are the MemorandLJm and Articles of Association. MERU is registered as 3 charity with the Charity Commission. The Directors oversee the governance, management and administration of MERU. Directors Directors are elected by Members of QEF or co-opted by the Trustees, based on how their skill set and experience can benefit QEF and further Improve the knowledge of the Boèrd. A formal recruitment and selection process is agreed by the Board in advance of all appointments and is in line with best practice guidance. As stated in the Memorandum and Articles of Association, one thlrd (or the number nearest one third) of the Directors must retire at each AGM, those longest in Offi retiring first and the choice between any equal service being made by drawing lots. A retiring Trustee who is eligible may be re-elected. If at the date of the AGM a Trustee has held offlce for nine consecutive years, since first election, they may not be re-elected, except in exceptional circumstance of there being no other person eligible to be a Trustee and acceptable to the Members as such. The Directors delegate day to day management and admlnistration of MERU to the Chief Executive and Senior Management Team of QEF and the staff of MERU. Ac(Dunls-yÈ4rEndEd 3L 2024
MERU MedKal EThgiTheerin8 Resource Unlt Risk Management The Directors regulady examine the major strateglc, buslness and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these rlsks. Risk MERU remalns heavily reliant on charitable donations to fund operations. There is diminishing availability and Increasing competition for these funds. Continued pressure on supply line5 means that the availability of key components remains a challenge. How this is ex ected to be mana MERU is increasing the proportion of income that is self-generated year on year and work closely with QEF Engagements and Partnerships team to su ort fundraisin initiatives. MERU is continually assessing stock requirements and planning increased lead times into production schedules. The use of alternative suppliers andlor materials is considered on a case by case basis. FINANCIAL REVIEW Income and Expenditure Income from charitable activities, wh1ch comprises the sale of Ready Made products, Bugzls and Travel Chairs, remained broadly constant at £195k in 2024 (2023: £197k). Income from donations increased slightly by £7k to £297k in 2024 (2023.. £29Ok). Overall, MERU total income was £493k In 2024 (2023.. £487k) with operating expendlture of £457k (2023: £520k) resulting in net operating income of £35k. This was an improvement on net operating expenditure incurred in prior year of £(33k}. Net operating income in 2024 was boosted by a £26k gain arising from a reduction in the dilapidation reseNe following the settlement of a dilapidation claim post year-end. Balance Sheet The net book value of fixed a55ets reduced from £118k to £73k, a decrease of £45k reflecting the depreciatlon of existing Bugzis and reduced activity undertaken in building and capitalising new ones. stock held at the year-end was £IOOk (2023.. £93k) reflecting a slight increase in the levels of ready-made products and components. The cash balance decreased by £64k to £64k (2023: £128k). This was primarily driven by movement In the inter-company position including a reduction in the amount owed to QEF of £65k. Sttht Rewrt and ACtnI$-ar 31 March 1024
MERU Medlcal Englneerft)g Resource Unlt Total accumulated funds were £58k at 31 March 2024 (2023= £22k) comprising restricted funds of £47k (2023.. £22k) and unrestricted funds of £llk {2023'. Reserves policy The Board of Dlrectors reviews the reserves policy of MERU on an annual basis. The reserves include unrestricted and restricted reserves. An analysis of the reserves is shown in note 9 of the financial statements. The reserves policy is determined after assessing the capital requirements, considering the nature and timing of income and expenditure streams and by reviewing the specific business risks identiffied through the risk management process. The Board of Directors aims to maintain a level of unrestricted reserves not tied up in fixed assets or free reserves which it believes will be sufficient to ensure the operational efficiency of the charity. The Board of Directors has concluded that, glven the current economic sltuation, the level of free reserves at the year-end should be three months, worth of operating expenditure. The actual level of free reserves 15 defined as the unrestricted net current assets (-£62k see note 9) divided by the average monthly operating expenditure (£38k see SOFA). However, the parent company, QEF, calculates the resources requlred for the whole QEF Group, which includes its subsidiaries and speciflcally MERU. QEF will ensure that MERU has adequate reserves at all times. Investment policv Any cash reserves have been deposlted In a current account for ease of aCss. No reserves have been available for investment. ststutuv RÈpurtandActhtsrt*-yElrEndEd 31 2024
MERU Medical Engineerlng Resourte Unlt STATEMENT OF DIRECTORS, RESPONSIBILITIES The D1rectors (who are also trustees for the purposes of company law) are required to prepare financial statements for each financlal period which give a true and fair view of the financial activities of the charity and of its financial position at the end of that period. In preparing those financial statements the Directors are required to.. select suitable accounting policies and apply them consistently. make judgements and estimates that are reasonable and prudent. state whether the policies adopted are in accordance with the Companles Act 2006 and with applicable accounting standards and statements of recommended practice, subject to any material departures disclosed and explained in the financial statements. prepare the financlal statements on a going concern basis unless it is inappropriate to presume that the charity will continue in existence. The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wlth the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularitles. In so far as the Directors are aware.. there is no relevant audit information of which the charitable company's auditor is unaware,. and the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the audltor is aware of that information, The Directors are responsible for the malntenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and disseminatlon of financial statements may differ from legislation In other jurisdictions. This conflrmation is given and should be Interpreted in accordance with the provisions of the Companies Act 2006. Auditors The auditors, Moore Kingston Smith LLP, have Indlcated their willingness to continue in office, and a resolution concerning their reappointment will be proposed at the next Annual General Meeting. SL)tstthV o-v0redQd 31 Ilirch 2024
MERU Medlcal Englneerlng Resourte Unil Small Company Rules This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved by the Directors on 27 November 2024 and signed on its behalf. G Bowser Dlrector io 5tatut(ryRewrt4nd AwouDts- yeirendod 31 Marth 2024
MERU Medlcal Englneerlt)g Resource Unlt INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDICAL ENGINEERING RESOURCE UNIT Opinion We have audited the financial statements of Medical Engineering Resource Unit ('the charitable company,) for the year ended 31st March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the flnancial statements, including a summary of significant accoLJnting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republlc of Ireland, (United Kingdom Generally Accepted Accountlng Practice). In our opinion the financial statements.. give a true and fair vlew of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resource5, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our aLJdit in accordance with Intemational Standards on Auditlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requlrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other eth1c81 responsibilities in accordance with these requirements. We believe that the aLJdlt evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any materfal uncertalntles relating to events or conditions that, individually or collectively, may cast signiflcant doubt on the charitable company's ability to continue as a going concern for a perlod of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. other information The other inforrnation comprises the Informatlon included in the annual report, other than the financial statements and our audltor's report thereon, The li SIDtuiV Peportaré knunts-yeètea 31 Narth ID24
MERU Medical EnElneerlng Resource Unit directors are responsible for the other information contained within the annual report. Our opinlon on the financial statements does not cover the other informatlon and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wlth the financial statements or our knowledge obtained in the course of the audit, or otherwise appear5 to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements, we are required to determine whether thls glves rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requlred to report that fact. We have nothing to report in thls regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken In the course of our aLJdlt'. the Information given in the Directors, Report for the financial year for which the financial statements are prepared 15 consistent wlth the financial statements,. and the Dirertors, Report has been prepared in accordance wlth applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and Its environment obtained in the course of the audit, we have not identified material misstatements in the Dlrectors, Report. We have nothlng to report in respect of the following matters where the Companies Act 2006 requires LJ5 to report to you if, In our opinion.. adequate accoLJnting records have not been kept, or returns adequate for our audit have not been recelved from branches not visited by us; or the flnancial ststements are not in agreement with the accounting records and returns; or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the information and explanations we requlre for our audit. or the directors were not entitled to prepare the financlal statement in accordan with the small companies regime and take advantage of the small companies, exemption in preparing the directors, report and from the requirement to prepare a strateglc report. 12 stthtry IoUnt8-yeartha 31 Mah 2024
MERU Medlcal EnelneerlnE Resource UThil Responsibilities of directors A5 explained more fully in the Directors, Responsibilities Statement set out on page 9, the directors (who are also trustees for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of flnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the flnancial statements, the dlrectors are responsible for assessing the charitable company's ability to continue as a going concern, disclosingi as applicable, matters related to golng concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to ase operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mlsstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of a55urance, but is not a guarantee that an audit conducted in accordance wlth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materi31 If, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financlal statements. As part of an audit In accordance with ISAS (UK) we exercise professional Judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the flnanclal statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that IS sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materi31 misstatement resulting from frèud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentatlons, or the override of internal contml. Obtain an understandlng of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charltable company's internal control. Evaluate the appropriateness of accountlng policies used and the reasonableness of accounting estlmates and related disclosures made by the directors. Conclude on the appropriateness of the directors, use of the golng concern basls of accounting and, based on the audit evldence obtained, whether a material uncertalnty exists related to events or conditions that may cast signifficant doubt on the charitable company's ability to continue as a going 13 ststutory Rewrtand Atr$-YosrInthd 31 Marth 2024
MERU Medical En8lneerlt)E ResDurte Unit concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our concluslons are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concem. Evaluate the overall presentation, strurture and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves falr presentation. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencles in internal control that we identify durlng our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wlth our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud. to obtaln sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designlng and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud Identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows.. We obtained an understanding of the legal ond regulatory requirements pplicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP and UK financial reportlng standards as issued by the Financial Reportlng Council. We obtained an understanding of how the charitable company complies with these requirements by discusslons with management and those charged with governan. We assessed the risk of materlal misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 14 statry Rewrtand A(Trts- 31 Mh 2024
MERU Medlcal Et)Elneerlng Resource Unlt We inquired of management and those charged with governance as to any known Instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed speclfi'c appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged wlth governance and obtaining additional corroborative evidence as requlred. There are inherent limitatlons in the audit procedures described above. We are less likely to become aware of instances of non-complian with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a materlal misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the charitable company's members, as a bodyi in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this ort or for the opinions we have formed. James Saunders (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Date- 10 December 2024 Chartered Accountants statutory Auditor 9 Appold Street London EC2A 2AP 15 stotutV REPQrtath rInthd JI march 2024
MERU Medical Enzlneerlng Resource Unlt BALANCE SHErr AS AT 31 MARCH 2024 2024 2023 Note Fl)red assets: Tangible assets 72,631 72,631 117 942 117,942 Current assets stocks Debtors Cash at bank and in hand 99,800 68,012 92,578 22, 143 128 310 243,031 231,755 Credltors Amounts falling due within one vear {215,7161 1281,713} Net current assets Total assets less current liabilltles Provislons 131,1431 (57,1431 Net asset or IlèbllltSes Accumulated furbds Restrlcted funds 47,000 Unrestricted funds 10,527 22,117 Total accumulated funds These flnanclal statement5 have beerTr prepared in accordance wlth the provlslons appllcable to companies subject to the small companies regime. Approved by the Trustees on 27 November 2024 and signed on Its behalf bv.. G Bowser Director The annexed note5 form part of these finandal statements Company Registration Number.. 1214125 16 REprtanA[cOYnts-Ye4rendEd 3L 2024
MERU Medical EThgiTheerin8 Resourte Unlt STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENCIED 31 MARCH 2024 2024 Unrestricted Funds 2024 Restricted Funds 2024 2Q23 Notes Totsl Funds Total Funds INCOME: Donations and legacies Charltable activities Business Grants 189,998 195,215 107,486 297,484 195,215 290,370 189.244 7,766 12 12 Totsl Operatlng Income 385,213 107 486 492 699 487,380 EXPENDITURE: Raising funds CharStsble activities 13 14 16,492 380,311 16,492 440.797 15,254 504,880 $0,486 Totsl tsperatlng Expendlture 396 803 60,486 457 289 520 134 Net Operatlng {ExpendIre}1]nCorne 111,5901 47,OQO 35,410 (32,7541 Reconclllatlon of funds: Total funds brought fon¥ard 22,117 22,117 54,871 Total funds carried forwèrd The ststement of flnandal actlvltles Include5 all gains and losses recognlsed In the year. All Incomlng resource5 and resources Èxpended derlve frorn continuing 4rtivities. 17 strtary Rèwrtand AccoUnfS-brendea 31 Morch 2a24
MERU Medical Englneerlng Resource Unlt NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 l. Company Status The Company is limited by guarantee, has no share capital and Is also a registered charlty. The liability of each member Is Ilmlted to a sum of no more than £1 In the event of a winding up. 2. Prlnciple Accounting Policies a) Basis of Accounting The financial statements are prepared under the historlcèl c05t convention and In accordance with the Financial Keportlng Standard applicable in the UK and Republic of Ireland IFRS1021. The company is a public beneflt entity for the purposes of FRS102 and therefore the Charity also prepares Its financial statements in accordance with the Statement of Recommended Practice appllcèble to charities preparing their account5 In accordance with the Financial Reporting Structure applicable In the UK and Republic of Ireland (The FRS102 Charities SOKPI and The Companies Act 2006. A summ3ry of the more important accounting policies, which have been applied consistentlyi is set out below. The fbnancial statements are prepared In sterling, which is the functlonal currency of the charity. Monetary amounts In these financial statements are rounded to the nearest pound. bl Golng Concern The Directors have assessed whether the use of the going concern ba515 15 appropriate and have considered possible events or condltltsns that might cast significant doubt on the ability of the charltable company to continue as a going concern. The Directors have made this assessment for a period of at least one year from the date of the approval of these fi'nancial statements. In partlcular, the Directors have consldered the charitable company'5 forecasts and projections and have taken account of pressures on dc>nation income. After making enqulrles, the Directors have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charltable company therefore continues to adopt the going concern basls In preparing its fi'nancial statements. c) Incoming Resources Grants and donations are Included when receivable. Government grants are recognlsed at the fair value of the asset recelved or receivable when there is reasonable assurance that the grant conditlons wlll be met and the grants will be received. 18 stat¥ REpDrt arA£CaUnts- yvrend¥J 3L March 2024
MERU Medical En8ineerin¥ ResDurce Unlt NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont'd) A grant that specifies perfomiance conditions is recognlsed In Income when the performance condltlons are met. Where a grant does not specify performance conditlons, It Is recognised in income when the proceeds are received or receivable. A grant received before the recognltlon criteria are satisfied is recognlsed as a Ilability. All income is recognised when there Is entitlement to the funds, the recelpt Is probable and the amoLJnt can be measured reliably. d) Fixed Assets and Depreciation Assets are purchased from donations and grants provided and are showri a5 dlrect chatable expenditure from the fund Concerned. Indlvldual tangible fixed assets costlng more than £1,000 are capltallsed at cost. Tangible fixed assets are stated at cost less depreciation. All tangible fixed assets are depreclated on a straight-line basis. Plant & machinery Five to Ten years Motor vehlcles FoLJr years Leasehold improvements Five years At the end of each accountlng period the residual values and useful lives of assets are reviewed and adjusted if necessary. In additlon, If events or change in circumstances Indicate that the carrying value may not be recoverable then the carrylng values of tangible fixed assets are reviewed for impairment. el Stocks Stocks comprise items purchased for resale and are stated at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving stock. Resources Expended Cost5 of charltable activities, support costs and the costs of raising fvnds of the charlty have been allocated between these headings directly to the relevant expense for which the cost was incurred. Where costs cannot be 5peclflcally identifi'ed within one of the above categories an e5tlmated allocation has been made. gl Operatlng Leases Rentals payable under operating leases are charged on a straight-line basis over the term of the lease. h) Pensions For each member of the Group Personal Pension Plan {GPPP) the company makes a contribution of 50kn of the employee's gross salary provided the employee has made a personal contrlbution of at least 3%. 19 Reporta# AccouThts-Vearend 31 March 2024
MERU Medical EngineerlThg Resource Unlt NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont'd) A third-party penslon provlder holds the assets of the GPPP. i) Taxatlon As the company 15 a registered charity, it Is exempt from corporation tax on its charitable activltles. j) Cash Flow The company Is exempt from the requirement to prepare a cash flow statement as it is a wholly owned subsidiary of the Queen Elizabeth's Foundation for Disabled People and Its cash flows are consolidated into the cash flow statement of that company. k) Unrestrlrted Fund5 These are donations and other incoming resources receivable or generated for the objects of the Charlty without further specified purpose and are avallable as general funds. l) Restricted Funds These are funds to be used for the specific purposes lald down by the donor. See note 8 for more details of restricted funds. Expenditure which meets these cterIa Is charged to the fund. m) Other Flnanclal Instruments Cash and Cash Equlvalents Cash and cash equivalents include cash at banks and In hand and short-term deposlts with a maturity date of three months or less. Debtors and Credltors Debtors and credltor5 receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable In more than one year and not subject to a tnarket rate of interest are measured at the present value of the expected future recelpts or payment dlscounted at a market rate of interest. Critical accounting estimates and areas of Judgement In preparing financial statements it Is necessary to make certain judgements, estimates and assumptlons that affect the amounts recognised In the financial statements. The following judgements and estimates are consldered by the trustees to have most significant effect on amounts recognised in the financial statements. As per note 7, the dllapldatlon reserve shows the amount that has been provlded In relatlon to the on-going dispute for dilapidatlons for MERU'S previous rented property in Eclipse Way, Epsorn. The trustees have taken professional artv1 on the case and are confident the amount provlded for Is sufficient to cover the costs. 20 St4iutoryR4port4nd AccouThts- VearendEd 3L 2024
MERU Medical Engineering Resource Unit NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont'd) TANGIBLE FIXED ASSETS PlaDt and Equipmont Motorvehjdes Total Cost at 1.4.23 Addltlons DIsp0$31s Cost 3t 31.3.24 580,526 2,200 7.015 587.541 2,20D 566,364 1,795 568,159 Depredatlon at 1.4.23 Charge for vear On disposals Depredatlon at 31.3.24 462,584 47,511 7,015 469,599 47,511 21 495,528 22 1,795 493,733 NEf BODK VALUE at 31.3.24 NEf BOOK VALUE at 31.3.23 STOCK 2024 2023 Raw materfals and finlshed goods 800 DEBTORS AND PREPAYMENTS with the exptIon of prepayments, all debtots a flnanclal Instwments and a measured at present value. 2024 2023 Arrw)unts falllna due vAthln or* year.. Debtors for equlpment sold Rent Deposlt re Epsorn prernlses Amount due from grDup undertaklfWJ HMRC (Re VAn Prepayments & Accrued Income 18,208 5,000 41,427 2,988 L3,184 5,000 CREDITORS All Credito arE flnancial Instruments and a meaSUd at present value. 2024 2023 Amounts falllry due wlthln ane year.. A¢cw?Is dry clItOrS HMRC (Re VATI Atnount due to parent organlsatlon Purthase Ledger Control Bugzl L03n Deposlt 5,828 1,282 2,605 1,041 72 248,724 15,121 184.214 10,542 21 statut(wy and Arts- yearendEd 31 Marth2024
MERU Medical Engineering Resource Unl¢ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont'd} PROVISIONS 2024 2023 DIladatIOn Reserve 31,143 57,143 STATEMENT OF FUNDS Openlng Balance In¢omlng Resources Resources Expended Closing Balance Actlvlty Unrestricted Funds: Gener81 Fund 22,117 385,213 396,803 10,527 Restricted Funds.. ugzi Éngineer Salarfes students lQ7,486 60,486 47,000 Total All Funds 492 699 457 289 57,527 ANALYSIS OF NET ASSETS BY FUND UThrestrlcted Fund R¢strlcted Total Funds Fund 2024 Tanglble Flxed Assets Current A55ets 72,631 184,755 246,859 10,527 72,631 231,755 246 859 57,527 47,000 47,000 Unrestricted Fund Restrlcted Total Funds Fund 2023 Tariglble flxed a55ets Current Assets Current Uabllltl 117,942 243,031 338,856 22,117 117,942 243,031 338 856 22,117 The restrittlon Is defined to have been met If money has been spent on the attivity it was intended for. 10 RECONCILIATION OF Movf MENT IN FUNDS 102d Totsl 2023 Total Openlng fundg Net movernent5 of resources In the year Clwng funds 22,117 35,410 57,527 54,871 32,754 22 Slètutwfiekrt ind Acn1s-Y•or•ft 31 Marth 2024
MERU Medlcal Englneerlng Resource Unlt NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont'd) 11 DONATIONS AND LEGACIES 2024 Unrestrkted 2024 Restrkted 2024 Total Category Trusts Major DoDots Dlrert Mall Comofyte Communlty EvÈnts Legades other 39,486 117 71,910 10,181 9,287 23.292 8.OQO 99,950 139,436 117 78,030 10,181 LO,423 23,292 8,280 72 297 484 6,120 1,136 280 189 998 107 486 2023 Uhrestrkted 2023 2023 Total Category Trusts Major Donors DlrecL Mail Corporate Community other 65,000 947 18,566 677 16,816 78.343 143,343 947 40,972 677 35,332 22.4D6 18,516 115917 174 453 290 12 CHARThABLE ACTIVITES & fjRANT5 All attiwtie5 in the current aThJ Ddor vear weE n$ttte. 2024 2023 SalÈ of Equlpment by the Charity Buslness Grants 195,215 189,244 21 13 RAISING FUNDS In the cuwent and prior year there were uresttted tt)sts of ralslng funds. 2024 Dkect Costs 2024 2024 staff Costs Total Funds Unrestricted Ke5tricted - BJgzl 16,492 16,492 2023 Dwecl Costs 2023 Staff Costs 2023 Yolal Funds UnrÈstrfcted Restrfcted - 8ugzl 15,254 15,254 254 254 23 stètut<ry Rort or u15-YareTrdtd 31 Narch 2024
MERU Medical En8ineerlnE Resource Vnlt NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont'd) 14 CHARITABLE ACTIVITIES 2024 Direcl Costs 2024 2024 Support Costs Total Funds Instant Solutlons Audltors, Remuneration In¢ VAT 170,646 258,953 429,599 170 646 270 150 440 796 2023 Direct Costs 2023 2023 Support Costs Total Funds In5taDt Solutions Audltorg Remuneratlon Inc VAT 335,358 165,655 501,013 335 358 169 522 504 880 Instant SolutlOn5 Indude costs for Bugzi, asl5tive product5 and toy adaptatlons. IS SUPPORT tosrs 2024 staff CoÈts 2024 2024 other Costs Yotal Fvnds Travelchalr Instant Solution5 168 230 168 230 101 920 101,920 270 150 270,150 3023 staff Costs 2023 2023 other Costs Tts&l Funds Travelchalr In#ant Solufions 187 439 187 439 169 522 169 522 The basis of the o)5t allation shown above is as a proportion of the c05t ofeach acbvlty. 16 AFF COSTS 2024 2023 Salarles Social Security Costs Pen4an Costs other C05ts 149,818 11,911 6,062 439 168,230 166,673 13,784 7,222 240 IS7,439 The average nurnber of person5 employed by MERU durlng the year w3s'. Full time 2024 Full lime 2023 Part tlme 2024 Part tlme 21123 NERU No employee recelved remuneratlon amounting to more than £60,000 ln elther year. Induded wlthln staff ts)sts ave Is £90D {2D23.' EII,D931 of labDur costs that have been capitalised thin fixed aS5Ets. The TrusieÈs ret*ved no remuneratyon nor Inturred any 1MbUr$ab1e epeTh$es In either year. 24 Slilulqry Repjrt ifid Accounfs- wreThdod 31 Narch 1024
MERU Medlcal Englneerlng Resource UThit NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (cont'd) 16 STAFF COSTS Icontirbuedl Key management personnel Includes seven emplDyees,' Financla1 Offir, Design Engineers, Project Leaders and the Englneering Teain Leader. Remuneration for key tnanagement personnel was £144,819 for the year 12023.. £159,952). Pension costs of £6.062 were split between unrestrlcted of £4,745 and restrfcted costs of £1,317. For the year endlno 31 Mard) 2023, the full £7,222 was restrltted. 17 OPERATING INCOME 2024 2023 Surplus before Audltors Remuneratlon and DePre0aOn of Flxed Assets Auditor's Remuneratlon Depretion of Tangible Flxed 94,118 11,197 47,511 35,410 44,996 3.867 18 RELATED PARTY TRANSACTIONS Medical Engineerlng Resource Unit Is a 100% owned b$[dIarY of Queen Elizabeth Foundation for Dlsabled People. Tran¥ctions wlth parent cornpany are follows.. QEF management fee ch8rged E86,229 12023.. £75,770). There were no other group transactlons In the year. Induded within debtors and credltors at year end for MERU are the followng balari$ wlth the group of charitles.. 2024 41,427 184 214 1142,7871 2023 QEF Tradlng Ltd Queen Ellzabeth's Foundation for Disabled People 248,724 248 724 19 ULTIMATE PARENT UNDERTAKING The company is a wholly owned subsidiary of Queen E11zabeth's Foundatlon for Disabled People, company incorporated in England and Wales (company number.. 892013 and tharity nurnber.. 2510511. The Immedlate and ultlmate controlling rtY is Queen Ellzabeth's Foundatlon for Dlsabled People, whlch Is the parent undertaking of the srDallest and largest group to consolldate these financlal Statements. These accounts can be obtained from The Company Secretsryt Leatherhead Court, Woodlands Road, Le3therhead, Surrey Kr22 OBN. Queen Elizabeth'5 Foundation for Disaed People IQEFI Is a leadlng natlonal charlty with over 80 vear5' experlence of developlng Innovative services vthith enable and support people wlth dlsabllltles to Increase IndepeThden and improve opFK)rtunities for life. QEF can exer(ise control over MERU through corporate ownershlp and Power to appoinvremove directors or trustees. 25 5t4tutoryfter ind AOUnts- 31 Mh 2024