The trustees present their annual report and financial statements for the year ended 31 August 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
OIBC's vision is a world in which wider access to scientific learning brings better health and quality of life. It seeks to realise this through educational projects for all generations and especially for the young, building greater understanding of biomedical and other scientific issues.
Its current aim is to increase the number of pupils continuing to study science at school beyond GCSEs and encourage them to consider a career in that subject.
It believes that there is an under-tapped resource of pre-GCSE students. The reason that many lack confidence in their ability to excel because of their or their school's background. This contributes to social immobility. Other causes are dyslexia among some and ignorance of how exciting and rewarding a career in science can be.
To achieve our aim we:
Enthuse through direct contact with scientists at the cutting edge of new discoveries
Educate by explaining what careers in science and other STEM subjects exist and they can be accessed
Encourage by showing that successful scientists often started no better than the students themselves
A feature of the charity is that due to the great enthusiasm of the professional scientific community for promoting science to young people, much time is given for free, ensuring an unusually high output and benefit for every pound donated.
None of the directors take any remuneration, their total expenses for the year amounted to £nil (2023: £nil), and OIBC has but one salaried member of staff.
It is a firm principle of the charity that it sharply constrains administrative costs and ensures it expends all donations received, rather than diverting them to reserves, which it does not require for future functioning.
OIBC always take into account the Charity Commission guidance on public benefit and believes that the activities of Oxford International Biomedical centre are in line with this guidance. The is is underpinned by rigorous feedback sessions with all stakeholders and in particular the schools and colleges with which OIBC works. Their overall message is consistently one of "More Please!".
The OIBC annual accounts reporting period is geared to the academic year. This year OIBC worked hard to continue to offer its Scientist in Schools and Cafe des Science programmes and its career talks.
Several events took place including the annual event at St Edwards School on 17 January, on 'Cutting Edge Science', at Cooper School in Bicester on 30 January, Little Heath School on 6 December and on 21 April at Didcot Girls School. All events were well received. In addition career talks took place at Aureus School in Didcot.
In July 2023 OIBC's annual Summer School on Global Health took place - USC returned to Oxford with 18 students and 6 students from University of UAE also participated. We also offered 3 Pasternak Scholarships to students from Senegal. It was a very successful event and both USC and UAE plan to return in 2025. We are also planning to continue the Pasternak Scholarship programme next year and sponsor more students from Senegal to benefit from the participation in our Summer School on Global Health.
OIBC's annual Anne McLaren lecture on A history of the UK's 14 days rule governing human embryo research took place on 29 May 2024 at Kellogg College and was well attended.
The trustees are confident that OIBC will continue to expand its activities in the future and they are delighted that OIBC enjoys a successful relationship with Oxford University from which it continued to drive benefit.
The charity is now developing ambitious plans to build on its earlier successes by expanding its operational activities within those areas where it already has a presence, and reaching out to additional educational institutions across the country. Board meetings always include a strategic overview component and the growth to date evidences the success of this approach.
OIBC continues to hold firmly to its policy of deploying all of its income to the benefit of young people's scientific education and thus applies a policy of not building up reserves.
The overall deficit for the year of £17,487 (2023: Surplus £95,468) has been deducted from the general unrestricted fund , which at the balance sheet date stood at £106,228 (2023: £123,715). The Board consider these sums entirely acceptable from both a risk and an operating viewpoint, given the modest size and the financial support on which OIBC can call.
The policy regarding reserves is to utilise all of it's income for the benefit of scientific education. Any funds retained will be deployed in subsequent years. The trustees are not concerned with any going concern issues as they believe sufficient funds will be generated to carry on the work of the charity going forward.
The charity is a company limited by guarantee without share capital. The governing document is the memorandum and articles of association amended by special resolutions.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
In order to recruit new trustees that will benefit the charity, the existing board rely on their experience and the guidelines set out by HM Government to ensure that the correct personnel are brought in.
The trustees report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Oxford International Biomedical Centre Limited (the charity) for the year ended 31 August 2024.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no 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 charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Oxford International Biomedical Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 3rd Floor Hathaway House, Popes Drive, London, England, N3 1QF.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2023 - none).