THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY C.HARITY NO.. 1006509 TRUSTEE ' REPORT AND ACCOUNTS IL 2023
THE NUFFIELD ORTHOPAEDIC CENTRE CHARI TRUSTEES. REP RT The Trustees pres¢nt their Report. iogether with the Accounts. for the year ended S, April 2023. The Trllsiees confim) that the Accounts comply with current statutory requirements, and requirements of the Charity's governing document. Le al & Administrative Infomiaiion Registered Charity No.. 1006509 Principal Office Address.. Nuffield Orthopaedic Centre Appeal, Nuffield Orthopaedic Centre. Headington, OxfoTd. OX3 7HE Patron Her Royal Highness. The Duchess of Comwall President Rt. Hon. Lord Tebbit CH Tru5t¢es and Principal Offi¢ers'. C. Johnstone Ichaimianl E. D. J. Thoma5 (Depuly-chairnian) Mrs. J. Franklin MBE (Appeals Director) R. N. Edwards (Hon. TreasuTer} P. 5. c.andy Prof. A. J. Carr (resigned 8, Ociober 2024) C. R. Dick (resigned 3, October 2023) DT. R. J. Adsetts Prof. J. Rees Ex-Officio- DiYec¢or of thtr BoiKar Research Cenire Prof. R. G. G. Russell (resigned 8, October 2024) I. K. TTeacy (resigned 8 O¢tober 20241 Mrs. S. Woolla¢ott Banks.. National Westminster Bank plc.. 121 High Street. Oxford. OXI 4DD Barclays Bank plc.. Oxford City. P.0. Box 333. Oxford Ac¢ouniants'. Wtlkins & Co., Accountants. 25A Market Square. Bi¢est¢r. Oxon. OX26 6AD AuditOTS'. Edwin Smith, Chartered A¢¢ollntants. 32 Queen$ Road. Reading, Berks. RGI 4AU
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY TRUSTEES, REPORT Continued Statement of Trustees, Re5 onsibslities C'harity Law requires the Trusiees to prepare financial siatem¢nts for each financial year, in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom A¢couniing StandaTds and appli¢able lawl. The financial statements are required by law to give a true and fair wiew of ¢h¢ stale of affairs of the Charity and of its incoming resource5 and appli¢ations of resources of the Charity for that period. In prepaTing these financial statemellts. the Tnksiees should follow best practice and..- Seleci suitable accountin¥ polieies and then apply them coN515tently. Observe the methods and PTinciples irt the Charities SORP. Make judsements and estimates that are reasonable and prudent. d. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statement5. Prepare the financial staiem¢nis on the 80inuJ concern basis, unless it is inappropriate to assum¢ (hat the Charity will continue to function. The Trustees are responsible for keepin8 proper accounting records, which disclose. Wlth reasonable accuracy. the financial position of the Charity, and to enabl¢ ihem io ensure that, where applicable, the financial statements comply with the Charities A¢t 201 I, the Charity (Account5 and Reports) Regulations 2008 and th¢ provisions of the trust deed. They are also respoiisible for safeguarding the assets of the Charity, and hen¢¢ for taking reagonable steps for the prevention and deteetion of fraud or oiher irregulaTltie5. Governance & fvlana emeni The Charity's constitution was adopted on the 7 October 1991, and amended by resoluiion on 10 July 1995. in order to provide funding generally for the hospi1 and research. whereas it had b¢en restricted originally to ihe trAJildin8 of the Tebbit Centr¢. Th¢ Committee shall ¢onsist of the 0)(¢rS of ihe Charity. and not les5 than six or more than sixteen other persons. The Director of ¢h¢ Boinar Re5eaTch Centye shall be an ex otTicio tn¢mb¢r of the Committee (Amended 12, June 2012). All other Trustees have been appoinied by Election. No person shall IK a Member of the Committee who is not a Trustee of the Charity. The appointment of new Trustees is subject to the approval ot'ihe Board of Trustees. Appointees are inierviewed by ihe Chairnan and one other Trustee, and are provided with full infomiaiion about the Chari¢y before beitLgJ invi¢ed to join the Board. New Trustees are given an appropriate induction progrdmme to the WOTkings of the Charity, and receive training as ne¢essary. The Trustee Mernbers meet four times a year ¢0 administer the Chariry. The Board delegaie ihe day to day running of the Charity to the Appea15 Director who 15 assisi¢d by part-titne staff. Th¢ pay of the Appeals Director 15 set by the Trustees and reviewed annually. The Board M¢mbers have overall responsibility for ertsurin8 that the Charity ha5 appropriate systems tsf control, financial and otherwise. The5¢ sysiems should provide reasonable ASSUTance that=_ the charsty is operating effici¢ntly and effectively: its a55ets are safeguaTded against unauthO$¢d llse or disposition,. proper records are mainthined and financial informatson used within the charity. or for publi¢ation. is reliable, and the charity complies wilh relevant laws and regulations. The systems of internal control are designed to provid¢ reasonable, but not absolute. assurance against material mi5Statement or Ios5, they include. regular consideration by the Trustee5 of financial results. and delega¢ton of authority and segregation of duiies as defined above. Related Parties The Charity has a close relationship with Nuffield Orthopaedics Ltd throllgh which the building work on the Botnar Research Centre is Carried out. NutTield OrthopaedLC5 Ltd is A ¢ompany limited by guardntee and it5 Six dir¢ciors are also trustee$ of the Charity-
THE NUFFIELD ORTHOPAEDIC ENTRE CHARITY TRUSTEES. REPORT Continued Risk Review The Trus¢e¢s have assessed the major risks to which th¢ Charity may be ¢xwsed. irt particular those related to the operation and finan¢£s of the Trusi, and are Satisfied that sysiems are in place to mitigate their exposure to the major risks. The Trustees are aware of the following.. That they ac¢ept the heaTry reliance on Mrs. Frartklin Thai they rely mainly on one principal donor The reputational risk to our fund raisins if the hospi¢al or the Botnar suffer si8nificant reputational damage Th¢ Trustees take legal and other professional advice wherever necessary. and will alway5 continue ro do so. Ob'ectiv¢s and Activities The objects of the c.harity are as follows.. To relieve sickness and physical di5abiliiy, and lo prornote good health by supporting the Nuffield Orthopaedic Centre and in particular. but without prejudice to the generality of the foregoing, by as515ting in the raising and provision of funds for new buildings, facilities and equipment. To advallce iesearch (and the dissemination of the use1 results ther¢ofj. teaching and study in all aspects of musculoskeletsl disord¢r for the public b¢nefit. The Trustee5 confimi that they have referred to the guidance contained in the Charity Commission's general guidance on public benefii when revÈewing the Charity'5 aims and objectives and in planning future activities. The Trustees of ihe Nuffield Orthopaedic Centre Charity administer the Nuffield Orthopaedic Centre Appeal and the Nuffield Orthotics Appeal. The Trusiees under iheir fornier Chairnian. MT. E. D. J. Thoma5 and current C.haimian. Mr. C. Johnstone. have ¢ontinued to s¢ek donaiions and raise monies for ihe Nufyield Onhopaedic Centre Appeal, the BotllaT Research Centre, and to receive donations for the NulTield Orthotics Appeal. A¢hievemenis and Performance The Nutyield Orthotic No income has been Teceived by the Nuffield Orthotics Appeal during the year under review. The Appeal will for an indefinite period. continue to receive donaiion5 and legacies. The Charity c.ommissioners in May 2001 approved a S¢hem¢ so that the Trustees of the Nuifield Orthoiics Appeal may use any donated funds or legacies for.- l. The reli¢fof person5 suffcring from any form of musculoskelethl di50rder. 2. To advance research and the dissemination of the useful results of such research in all aspect5 of musculoskeletal disorder. The Nuffield Ortho ic Centre A eal The Nuffield Orthopaedic Centre Appeal was launched in 1996 initially to raise £6.6 million for a hydrotherapy pool, a new children's ward and two adult warcls. which were Completed, as part of the overall PFI redevelopment in 2007, with ihe new buildings being officially opened by HRH The Duchess of Cornwall on the 3 July 2007. The Appeal is continuing io assist the hospital with funding for projects not funded by ihe NHS including the children's outpatients. the 5POrts injury setvi¢e. art projects and tnore. Funding for r¢search proj¢cis is ongoing. Botn8r Resear h Cenire- To date ha5 been built irt 3 Phases. with iht construction of the 4th Phase nearing completion. The I. Pha5e- Boinar l is laboraiory based and was opened in 2002. The Phase- Botnar l A. was built in 2010 and ctsnsists of meeting and seminar rooms. Bolnar l and l A provides accommodation for 120 s¢ientlS15 and dociors. The 3, Phase- BotnaT 2, houses 120 clinical researchers, ¢pidemiologists and statisticians and was completed in 2012 The 41h Pha5e- Botnar 3, the constru¢tion of Btstnar 3 started in 2020 and wa5 Otyicially opened in 2022. Once fvlly opeTational it will house l ?0 scientisis and doctor5 who will be working on advanc¢d clillical trial$.
THE NUFFIELD ORTHOPAEDI ENTRE CTrI RITY Pa TRUSTEES. REPORT C.oniinued The Botnar Research Centre continued The Botnar Re5ear¢h C.¢ntre con5isis of over 6.000 square metres and Cost over £17 million and 15 owned by ihe charitable company Nuffield Orthopaedics Ltd and leased to the University of Oxford until 2062. The Charity raised all of the funds for the Centre which 15 now th¢ largest in Europ¢. The Trustees Intelle¢tu31 Property Rights Policy is that the research is for the public benefir and no individual benefits from charltable funds. The Univer51ty is an exempt charity and ha5 an obligaiion to publish. General The Nuffield Orthopaedic Centre was merged with the John RadLliff¢ and other Oxford hospitals to fomi the new Oxford Universiry Hospitals NHS Trust on l November 2011. The Nuffleld Orthopaedic C.entre is a Division of ihe Oxford University Hospita15 NHS Trust. Financial Review Cjencral The Charity receives funding from individuals, paii¢nts. companies, charitable trusi& le8acies and bank interest from deposits plus lax repayments via Gift Aid. These funds have been spent in 8rants to the hospital. Reserves Polic The Charity's financial position has continued io be totally secure, in thai at no tiTne have commitments been made before monies have been raised. The TTUStees intend that this policy will continue for all fuiure new building WOTk. for the protection of benefa¢¢ors and Trustees. The Charity en5ure¥ that sufficient funds are in reserve for two years adminisiraiion costs of the Charity amountillg to £200.000, should there be limes when in¢ome 15 lower ihan charitsble expendi¢ure. GranL Makin Polic Various grants in Te5PeCt of the h05Pital are always being considered. but only given vihen fundin¥ is in place. Investment Polic The monie5 and property of the Charity not immediately required for the purpose of the Charity may be htld or Yested in such persons. whether Members ofthe Charity or noi, as the Committee may from time to time determine as Holding Trust¢es. Because the Charity's poli¢y LS to only Commit to expenditure once 5uIYicient monies have b¢en raised all funds are held on deposit or otherwise invested with banks. The Charity only places 5urh monies with one OT more of th¢ major UK High Street Banks. No funds are invested In equities or other insiruments. which are Subject to market risk. The TTUStees have considered ihe most appropriate policy for th¢ inve5tmwit of funds, and have always been aware that funds must be protected from movements not always under their control. The poli¢y 15 to have minimal risk. with maximising income as fund5 are needed for short-term expenditure. with protection given to benefactors. Current Plan5 for ihe Future The Charity seeks to raise funds to support the hospital for project$ and equipment on the hospital site that cannot be provided by the NHS. The Trustees have also been ac¢umlllaling funds to constnjct an additional building for the Botnar Research C.enire (Botnar 3} with buildingj work havin¥ commenred in 2020.Al¢hough Botnar 3 was officially opened in Jartuary 2022. certain Tninor WOTks to compleie the building are still ongoing. OHNSTONE (On behalf of th¢ Board of Tru5tee5)
THE NUFFIELD ORTH AEDIC CENI- ARITY INDEPENDENT AUDITORS, REPORT TO THETRUSTEES OF THE NUFFIELD RTHOPAEDIC CENTRE CHARITY Opinio We have audited the fLnan¢ial statement5 of Nule[d Orthopaedic C.entre Charity lthe'"C.harity") for the year ended 5 April 2023 which ¢ompri5e statement of financial activiiies. balance sheei, statement of cash flows and notes to lh¢ financial statemenis. including a summary of significant aoUntIng policies. The financial reporting framework thai has been applied in their preparation is applicable law and United Kingdom Accounting Standards. includings Financial Reportirtg Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Ac¢epied Accountirtg Practice). In our opiniort, the financial ststements= 8iwe a true and fair view of the state of the Charity's affairs as at 5 April 2023 and of its income and expenditure for the year then ended; have been properly prepaT¢d in acrtsrdance with United Kirtgdom Generally Accepted Ac¢ollniin8 Practice; have been pr¢pa¥ed in accordance with ¢he requirements of the Charitits A¢t 2011. Basis for opinion We Conducted our audit in accordance with Intemation81 Standards on Auditing (UK} IISAS (UK)) and 2pplicable law. (r responsibilitie5 under those Standards are furtheT descrihed in the Auditor's responsibilities for the audit of the financial siatemerht5 section of our rewrt. We are independent of the Charity in accordance with the ethical requirements that are relevant io our audit of the financial statem¢nts in the UK, including the FRC'S Ethical S¢andard. and we have fulfilled our other ethical responsibilitie5 in a¢¢ordance with these requirements. We believe that the audii evidence we have obtained is sulyjcient and appropriate to provide a basi5 for our opinion. Con¢lusion5 relating to going concer In audtiing the financial statements, we have concluded that the trustees use of the going conrern basis of a¢¢ountin8 in the preparation of the financial statetnents is appropTiate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or condiiions that. individually or coll¢¢tiwely, may rast Sl8nificant doubt on ihe Charity'g ability to ¢ontinue as a going con¢em for a peTiod of at least 12 mLinihs from when the financial statements are auihori5ed for issue. Our resp)nsibilities and the responsibilities of the trustees with resp¢ct to going concem are described in the relevant sections of this report. Other irtformatio The other inforniation comprises the information inLluded in the annual report, including ihe trllstees. report, other than ihe financial siatements and our auditor's report thereon. The trustee5 are responsible for the other information contained within the annllal report. Our opinion on ihe fJnan¢ial statements does not cover the other infom)ation and. except to the extent otherwise explicitly stated in our report. we do not ¢xpress any forni of asguran¢e Conclusion ihereon. Our responsibility is to read the other information and. in doing so, Consider whether the other inforniation is materÉally in¢on515tent Wlth lh¢ financial statemenis or OUT knowledge obtained in the audii or otherwise appeaTS to be materially misstat. If we identify such mat¢rial inconsistencies or appareni material misslatemenis. we are required to ddermine whether thi5 ¥ives rise to a material ni55$1atement in the financial statements themselves. If. based on the work w¢ have perfortned, we conclude that there is a mai¢rial misstatemeni of thi5 Other infortmation. we are required to report that fact. We have nothin8 to report in this regard.
THE NUFFIELD ORTHOPAEDIC CENTRE HARITY tNDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE NUFFIELD ORTHOPAEDIC CENTRE C.HARITY Continued Matters on which we #re required to report by exception In the light of the knowledge arhd understanding of the Charity and its environment obtained in the course of the audit. we have Thx identified material mi5Stat¢m¢nis in the Tru5tees' Annual Report. We have nothing io report in respect of the following matters in relation to whi¢h the Charities A¢t 2011 require5 US to report to you if. in our opinion.. th¢ information given in the tru5t¢e5' repon is ineonsistent in any material respect with the financial statements,. or su1C¢enT accountingj records have not been kept,. or the financial statemenrs are not in agFrecment with the accounting records and retum$' or we have not tsbtained all the information and explanations necessary for the PUTposes of our audit. Responsibilities of the trustees As explY4in¢d more fully in the trustees, Te5pollsibilities statement set out on page * the trusiees are responsible for the preparation of the financial statements and for bein8 satisfied thai ihey give a true and tair view, and for such intemal conrrol as they determine is nece55ary to enable the prepardtion of financial sthiements that are free from ma¢erial misstatement, wh¢ther due io fraud or error. In preparing the financial sta¢emenis, the trustees are responsible for assessin8 the C.h3rity's ability to continue as a goingF con¢¢rn. disclosing, as applicable. matters related io going Concern and using ihe goin8 conc¢m basis of accounting unless the trustees either intend to liquidate the c.harity or to cease operation& or have no realistic altemaiive but to do $0. Auditor's responsibilities for the audit of the fin8neiAI st*tem¢nts We have been appointed as audiior under section 144 of the Charities Act 2011 and report in a0rdance with lh¢ ACL and relevant regulations made or having effect thereunder. OUT objectives are tts obwin reasonable assurance about whether the financial statements as a whole are free from material mis5tatemeni. whether dve io fraud or error. and to issue an auditor's report that includes OUT opinion. Reawnable assurance is a high level ofassurance, but is not a guaraniee that an audit conductrd in accoTdance with ISAS (UK) will always detect a material TlliSStatement when it exists. Misstatements can aTise from fraud or error and are considered m2teTial if, indifvidijally or in the aggrega¢e. they could reasonably be expected to innuence the e¢onomic decisions of useT% thken on the basis of thc5e financial statements. Irregjularities. includsng fraud, are insLqllces of rtom-compliance with laws ard regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respeci of i¢larItIe5. Lncluding fraud. The extent to which our procedures 8re capable of detecting irregularitie8 including fraud is detailed below.. Exp19n8tion as to what extertt the 8udit was considered capable of detecting irftgularitie5. including fraud. The objectives of our audit in respect of fraud. are to id¢n¢ify and assess the risks of material mi5Statrmenl of the finan¢ial statements due to fraud,. to obtsin sutTicienL appropriate audit evidence regarding the assessed risks of material rn15Stamen1 due to fraud, Ihrough designing and implementingT appropriate resw)n&es to those assessed risks.. and to respond appropriately to insiances of fraud or 5USP¢Cted fraud id¢ntified durin¥ the audii. However. the PTitnary responsibility for the prevention and detection of fraud rests with boih managemeni and those charged wilh gtsvernance ot'th¢ company. Our approach wa5 as follows.. W¢ obtained an understanding of the legal and regulatory requirements applicable to the c.harity and considered that the most significant are the Charities A¢t 2011. UK financial reporting standards as issu¢d by the Financial Rq)tsrting Council and UK taxation legislation.
THE NUFFIELD ORTHOPAEDIC. CENTRL IAKI TY INDEPENDENT AUDITOR ' REPORT TO THE TRUSTEES OF THE NUFFIILD ORTHOPAEDIC CENTRE CHARITY Continued We obtained an understanding of how the Charity complies wilh these requirem¢nts by making enquirie5 with management and those charged with governance. W¢ corroborated our cn9UiTies through our revi¢w of the frustees, meetlTi8 minutes. • We assessed the susceptibility of the financial staments to material mi5Statement. including how fraLad might ¢ur by considerin thc key risks impactirt¥¥ the finatlcial staiemtnt5 and documenting the ¢ontrols that the c.harity has esthblished to address risks identified. or that otherwise seek io Prevellt, deter or detect fraud. In our asses5meni we coll5ider¢d the risk of management override. Our audit procedures included iesiing manual journals including segregati()n of duties. • We inquired of management and those charged with gov¢mance as to any known in5tan¢¢s of noncompliance or Suspec non- eomplianc£ with laws and regulations. Based on thig understanding. we designed specifie appropriate audit procedures to identify insiances of non-compliance with laws and regulations. This included making enquiTi¢S of management and those Charged with gjovemance and obtaining additional corroborativ¢ evidence as r¢9uired A further description of our responsibilities for the audit of the financial statements is locaied on the Financial Reporting Council, website at.. www.frc.org.uklauditorsreÈponsibilitie5. 1.his description forms part of auditor's rewrt. Edwin Smith is eligible foT appointment as audiior ot-the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companie5 Act 2006 Use of our report This report js made solely to the Charity'5 trustees. as a body, in a¢cordance with section 144 of the Chari¢ies Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken $0 thai we mibFhi state to the Charity's trustees those matters we are required to state to them in an auditur's report and for no other purpose. To the fullest extent permitted by law. we do not ac¢epi or assume respon5ibilily to anyone other than the Charity's trust¢¢s as a ix)dy. for our Audit work. for this report. or for th¢ opinions we have formed. Edwin Smith Chartered Accountaiits Statutory Auditor 32 Queens Road Reading RGI 4AU Dated... z
THENUFFIELD ORTHOPAEDIC CENTRE CHARITY_ STATEMENT OF FINANCIAL A TIVITIES for the ear ended 5 APRIL 2023 Unrestricied Fund Restricted Fund 2023 Total 2022 Total Note5 Income fr Donations and Le8acies Inv¢siments 622.956 2.439 622.956 2,441 350.468 Total Income 625,395 625.397 350,583 endit re on.. Raising Funds Costs of G¢nerdting Voluntary Income 3a Charitable Activities 3b Other 2,995 2,896.096 16,456 253.079 17,-398 253,079 17,398 To[ Expenditure 270.477 270,477 2.915.547 Nei Movem¢nt in Funds 354.918 354.920 12.564,964) Total fund5 brou ht forward 350 339.054 339,404 2,904.368 To l fijnds rried forward 352 693.972 694.324 339.404 The Notes on Page5 1 I to 15 form part of these Accounts.
THE NUFFIELD ORTHOPAEDIC C[NuE CHARI BALANC.E SHEET asat 5 ' APRI 23. Unrestricted Fund Restricted Fund 2023 Total 2022 Total Notes ix Tansyible Assets 26,938 26,938 25.837 Current Assets Debtors Cash at Bank Total Cuneni Ass5 236,942 482.430 236,942 482,782 1,985 369.279 352 352 1 19.372 719,724 371.264 Liabili11¢S Cr¢diiors falling du¢ within one year 5 {.$2.3381 (52.338) 157.697) N t Curmit A 352 667.034 667,386 313.567 To¢al Net Assets 352 693,972 694,324 339,404 Funds of the Chari 352 693.972 694.324 339.41M Approved by the Board of Trustees on 3rJ DeuLmber a02* . and signed on IÈS behalf by.. MR. C. JOHNSTONE- TRUSTEE The Ne5 on Pages I I to 15 fomi part of th¢se Accounts.
E NUFFIELD ORTHOPAEDIC CENTRF. CFIARITY_ elo ST ATEMENT OF CASH FLOWS as at 5 A 23 2023 2022 Cash flows fro erati ctivities.. Net cash provided by opuating activities 111,062 £ (2,565.481) Cash flows from investin Interest froTn investments activitie 2,441 Nei cash vided b investin, Llvjties 2.441 Change in cash and cash equivalen15 in the year Cash and equivalents at the beginniiig of the vear 113.503 369.279 (2,565.3661 2.934,645 48?.782 369,279 Reconciliatio of net incomel ex enditure to cash owfromo rotin activi jes 2023 2022 Net incomelex Adjustments for.. Depreciation charges InteTest from investments (In¢reas¢lldecT¢35e in debtors Incre8sellde¢reasel in creditots nditure for the ear 354.920 {2.564,9641 1.197 (2,4411 {234,957} (5.7591 75.932 177.531) Nei cash rovided from ratin aciivitits 111,062 £ (9 565.481) An sis of cash and e uivalents 2023 2022 Cash in hand 482.782 369.279 To 482,782 369,279
THE NUFFIELD RTHOPAE CHAR5TY NOTES TO THE ACCOUNTS for the ear end 5th APRIL 2023 l. Ac¢ountin Poli¢ie5 Basis of Pre aration These Accounts combin¢ all accounts of all fvnd5 governed by the Constitution Deed dated 7, October l 1)91, using the principal name of the Charity. or the name Nuifield OrthotLC5 Appeal. The Nuffield Orthopaedic Charity IS registered charity re8l5tered in England and Wales. The principal offi¢e address is Nuffield Orthopaedic Centre, Headington, Oxford, OX3 7HE 2. The fillaneial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statemenl of Re¢ommended Practice applicable to charities prepaTing their ac¢ounis in accordance wilh the Finar5cia Reportingl Stsjidard applicable in the UK and Republic of Ireland {FRS 1021 (effective l Jalluary 20191- (C.harities SORP FRSI 02}. and the Charities Aci 2011 and appli¢abl¢ regulations. The oceounts have been PTepard llndeT the his(OTical cost convention with iiems recognised ai cost or fransaction value unless otherwise stated in the rel¢vant notes to thes¢ accoullts. The accounts are prepared sn sterlin8 which is the functional currency of the charity. Mon¢tary amount$ in these a¢counts are rounded to ihe nearest £. 4. The ¢harity ¢onstitutes a public benefji entity as defined by FRS 102. 5. The charity has a reasonable exp(411n Ihat there are adequate resource5 to contitlue in operational existence foT the foT¢seeable future. li has therefore continued to adopt the going concem basis in preparing its financial statements. b. Fund Accountin The Charity's general fund ¢onsists of funds. which the Charity may use for its purpose. at its discretion. under the tenns of the object5 ¢lau5e of the C.onstiiuiion. The Charity's restricted fund is for the Nuffleld Orthopaedi¢ Centre and the Bothar Research C¢ntre. under the tem)s of the objects clause of the c.onstitution. IrJ¢ome reco iiion All income is recognised when there is entitlement. sufficient ¢¢rtainty ihai receipt of in¢ome is probable and the amount of income receivable can be measured reliably. Gifts. donY4tions and lega¢ies art taken on a ¢ash received basis. Bank interest is included u5)on notificaiion of.Ih¢ intuest paid or payable by the bank. Bank interest re1Ved after dai< ha5 been a¢cruLxi for th¢ amount earn by the Balance Sheet dale. d. Ex endiiure rec Liabilities are recogni5ed as expenditure as soon as there is a legal OT Constructive obligation committing the charity to that ¢xpenditure, it 15 probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
THENUFFIELDORTHOPAEDIC CHARITY Pa ¢12 NOTES TO THE ACCOUNTS for the ear ended 5 APRIL 2023 Co tsnued l. Accounting Policies Iconiinued) Pension scheme The Charity participates in a defined contribution plan for its employees. f. Govemance Costs This comprises all rgs¢s incurred in running the c.harity. which cannot be diwily allocated to the Charity's projects, or to fund rai5in8. Cost5 are not aprK)rtl0n between a¢¢ivities but expended getL¢rally. In addiiion see note 3 Ic}. 8. Costs of Generatin Volunia Income This comprises costs incurred in inducing people, or or8anisaiions to ¢ontribute financially to the Charity'5 WOt*. h. Granis Pa able Grants payable are a¢counted for when the Charity is cotnmitted to payirtg them, with further d¢iail$ given in noi¢s Ilm}. 3{bl and 6 to the Accounts. Realised and Unrealised Gains and Losses All realised gains and losses are recognis¢d iti the A¢¢ounts. Pernianent diminution in the value of fjxed agsers is chaoed to the Statement of Financial Activities. ilalisalion & De rcciati l angibl¢ Assets us¢d by the Charity have b¢en capiiali5ed on the basis of their historical cost or, where Teceived as a 8ift. their aseertained market value at that time. Depti&ll0n is provided on Tangible Assets. wh¢re applicabl¢. The depr¢ciation rdies currenrly in use for Tangible Assets held for use by the Charity are as follows.. Noi Depr¢ciated 20/0 of cost per annum 200/4) reducin8 balance basis Garage Land - Garage Office Equipment Debto Debtors are rtcognised at th¢ settlemeni amount. Cast at bank Cash at bank includes cash held at bank Current attounts and short temi hL8hly liquid investments held on deposit awounts. .reditors Tovisions C.reditor5 and provisions are recognised wher¢ the charity ha5 a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third party and the amount due to settle th¢ obligation can be m¢a$ured or ¢&limated r¢liably. C.T¢diLors and provi5ion5 are slated at their Settlement amount. Comm5tments Legally binding and nort-legally binding commiiments aTe shown in the note5 to the Accounts after approval by th¢ Tnjstees. Where financial support is promised but not contraeied, the amount is showTh in the Accounis when paid. Transfer5 of Funds Transfers of income between various funds 15 Considered arceptable should circumstances allow.
THE NUFFIELD ORTHOPAEDIC CHARITY e13 NOTE TOTHEA OUNTS for ear ended 5th APRIL 2023 Continued 2. Tan ibl Assets for use b the Chari Freehold Garage Office Equipment Total Gross Book Value At 6) April. 2022 Additions at Cost 45,937 32,928 13,009 At S April, 2023 45.937 32.928 13,009 reciation At 6 April. 2022 Charge for the year 2U.I(X) 9.243 10,857 430 At 5th April. 2023 18,999 7,712 11.287 Net Book Values As at 5 April, ?023 As at S April, 2022 26.938 25.837 25.216 23.685 1,722 2.152 3. Ex nditu Unrestricted Funds Restricted Funds 2023 Tolal 2022 Total a) Costs of Generatin Volunta Income Promotions & Publicity 2.995 b) C.hariiablc A¢tivitics The Nuffield Orthopaedic and Botnar Research Centres Sundry Gran¢$ ort Costs Staff Costs- net of furlough gTant received Social Security Costs Staff pension Golf Office Expense5 Bank & Credit Card Charges Insurance Prof¢55ional Fees Depreciation Sundries IS0.000 3,500 150,000 3,5¢X> 2.772.089 21,449 80,951 4.956 179 80.951 4,956 179 85.518 6,638 664 (200) 5.154 985 2,388 2,764 347 2,147 9.336 2,764 347 2.147 9,336 1.197 102 253,079 253.079 2.896.(196 c) Other- Governance Costs Audit Fee Accountancy Services 6,714 10.684 6,714 10,684 5.850 10.606 17.398 17,398 16.456 4. Debtors Gift Aid Recoverie5 Accrued Bank Interest Other Debtors Leg4¢y Property Sale 2023 20 81 1,441 £ 235,420 1,982 £ 236,942 £ 1,985
THE NUFFIELDORTHOPAEDI CHARITY e14 NOTES T THE AC OUNTS for the ear end 5th APRIL 2023 Continued 2023 2022 5. Cr¢dilor5.' Amounts Fallin Dlle within one Social Security & Other Taxes Accruals O¢her Creditors Grants ¢ar 1.827 21.114 13 29,384 1.103 24,076 38 32,480 £ 52,338 £ 57,697 6. Accrued GrantlGifi Commitmellts Ill a¢cordance with policy note l{h} and I Inl, contracted grantgiftS are actollnied for at ihe incq)tion of the grant. Known gift& not commiti¢d. to be paid in the future. are shown in the Accounts as and when paid. There are commitments made by the Trustee5 10 provide the following grants in the future: Cornmitments at 05104122 Provided Paid in the y¢ar Carried Forward Other various Smaller grants- all due within one year 32.480 4,592 (7,688) 29,384 Botnar Research Centre {Botnar 31 150.000 £ (150,0001 Due wi¢hin one year 7. Anal sis of N t Assets tween Fu Net Current Asset51 Tangible Assets Investments 2023 Tothl 2022 Total Restricted Fund (A) Unrestricied Fund5 26,938 667.034 352 693.972 352 339.054 350 26,938 667,386 694.324 339,404 Fund MoverTJents- Kestri¢ted Fund (A} Fujid Balances Incomin8 Brought forward Resources Outgjoin R¢soLTrrces Fund Balances Carried Forward Nulyield Ofthopaedic Centre Appeal General Fund Goodfellow Knee Research Fellowship 259.054 80.000 625,395 270.477 613,972 80.000 339,054 625.395 270.477 693,972
THE NUFFIELD ORTHOPAEDIC CH RITY e15 NOTES TO THE ACCOUNTS for the ear ended 5 APRIL 2023 Continued 2023 2022 Average number of employees.. Clerical Full Time Part Time One employee's earnings were abov¢ £60,000 per annum shown b¢low. Mrs. J. Frartklin. a Trustee, is also an employee of the C.hariry. Her gTOSS salary cost paid under a ¢ontract of employment. was £77,500, and expenses of £0 were owing to her at 5 April 2023. No other Trustee received remuneration or benefits. or was reirnbursed expenses during the year ¢0 5 April 2023. The salary arrangem¢ni has been approved by th¢ Charity Commissioners. Related P les The Charity has a c105e relationship with Nuffield Orthtspa¢dics Ltd whi¢h caffies oui the buildin¥ of the BotnaT R¢seaTch Cenire buildin¥s. The Six directors of Nuffield Orthopaedics Ltd who ar¢ also trustees of the Charity are as follows:_ C.. Johnstone (Chaim)anl E. D. J. Thomas Mrs. J. Franklin Professor A.J. Carr C.R. Dick P. S. c.andy The Charity made a grant to Nuffjeld Orthopaedics Lid durin8 the y¢ar of £150.000 for the BotnaT R¢search Centre buildings 1902? £2.772.0891. Mrs. J. Franklin remain5 the Chairman of the Marcella TrusL who in turn have made si8nificant donations towards ihe cost of construction of the Boinar research building. Professor A. J. c.arr is also a Trustee of The Nomian Colli5$0n Foundation who have tnade a signifi¢ant donation ¢owards the cost of construction of the Botnar research building. l O. The Trustees Consider the Charity will be a going concem for the next twelve month5.
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY NOTES TO THE ACCOUNTS for the ear ended 5th APRIL 2023 Continued I l. Detailed Income and Ex enditure Account for the ear ended 51h A ril 2023. Unrestricied Fund A- Nuffield Orthotics Association Income Bank Interest 2023 2022 enditure lus Incotnel D¢fJrit for the ear Restyi¢ied Fund B- Research Institute Fund Transfer from Gen. Account Bank Interest 48 Sur lus Incomel Deficit for the ear 48 C-oxs Transfer from Gen. Account Interest 33 lus In¢omel Deficit for the ear 33 Transfer froTll Gen. A¢counr Donations Interest 90 lus Incom¢1 Defjcit for the ear THIS PAGE DOES NOT FORM PART OF THE STATUTORY ACCOUNTS
THE NUFFIELD ORTHOPAEDI ENTRE CHARIITr' e17 NOTES TO THE AC UNTS for the ear en ed 5th APRIL 2023 Continued I l. Detailed me and Ex enditure Account for the ear ended 5 A ril 2023 Continued 2023 2022 E-Nuffie rtho aedic Centre A eal In¢ome Granls & Donations Legacies & Bequests Bank Interest- Received Garage Rent 161,816 460,420 2,268 720 252.740 97,008 720 625,224 350,579 enditure Gr3nis Salary costs c.haritable Activities- Golf OITice Expenses Adveftising Insurance Bank & Cr¢dit Card Charges Accountancy Services Audit Fee Professional Fe¢s Depreciation Sundric5 153.500 86.086 2.793,538 92.820 (200) 5.154 2.995 2.388 985 10,606 5.850 2,764 2.147 347 10,684 6,714 9,336 1.197 102 270.477 2,915,547 lus Incomel Deficit for the ear 354.747 £ (2,564.968) her Desi nated Rtstricted Grant5 (paid in year) Research C.entre- Phase 4 Dolphin Mobility Pool League of Friends- Donation to IT Equipment 150.OIX) 2,772.089 21.449 3.500 153.51K) 2,793,538 THIS PAGE DOES NOT FORM PAR'F OF THE STATUTORY ACCOUNTS
THE NUFFIELD ORTHOPAEDI ENTRE CHARITY e 18 NOTES TO THE ACCOUNT for che ear ended APRIL 2023 Continu G-Desi nated unresirlcd Grants {not >'ei paid) 2023 2022 Limb Reconstruction Unit Sports Injury Service Res¢arch Institute Oxsarc Oxpar¢ Children's Ward {Rehab) Maz Bone Infection Unit Foot & Ankle Yund 12.012 5.000 3.462 3.744 1.680 1.050 1,091 1,000 345 10.810 5,000 3.462 5,271 1.680 1.<>21 3,491 1.000 145 29.384 32.480 THIS PAGE DOES NOT FORM PART OF THE STATUTORY ACCOUNTS