THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY CHARITY NO: 1006509 TRUSTEES. REPORT AND ACCOUNTS asat 5. APRIL 2024
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY TRUSTEES, REPORT The Trustees pr¢5enl their Report, together with the Accounts. for the year ended 5 April 2024. The Trustees confimi that the Accounts comply with ruent ststutory requiremen and requirements of the Charity's governing document. al & Administrative Infonnation Registered Charity No.. 1006509 Principal Office Address.. Nuffield Orthopaedic Centr¢ Appeal. Nle]d Orthopaedic Centre. Headinglon, Oxford. OX3 7HE Patron Her Majesty Queen CaTnilla President The late Ri. Hon. Lord Tebbit CH - (died 0710712025) Trustees and Principal oificers.. C. Johnstone (Chainnan) E. D. J. Thomas {Deputy-Chairnian) Mrs. J. Franklin MBE (Appeals Director) R. N. Edwards (Hon. Treasurer) P. S. Candy Prof. A. J. Carr (resigned 8 October 2024) C. R. Dick (resigned 3, October 2023) Dr. R. J. Adsetts Prof. J. Rees EX-0]c]0 - Director of ihe Botnar Research Centre Prof. R. G. G. Russell (resigned 8 O¢tober ?024) l. K. Treacy (resigned 8 October 2024) Mrs. S. Woollacott Prof. A. Price (appointed 4, December 2024) Banks.. National Weslminster Bank plc.. l ? l High StreeL Oxford. OXI 4DD Barclays Bank plc.. Oxford City, P.0. Box 333, Oxford Accountants: Wilkins & Co.. Accountan 25A Market Squar< Bicesier. Oxon. OX26 6AD Auditors: Edwin Smith, Chartered Accountants, 32 Queens Road, Reading. Berks. RG14AU
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY TRUSTEES, REPORT Continued Stalemenl of Trustees. Res nsibilities Charity Law requires the Trustees to prepare financial stat¢ments for each financial year, in accordance with United Kingdom Generally Accepted Accounting Prnctice (United Kingdom Accounting Standards and applicable law). The financixl statements are required by law to give a true and fair view of the state of affairs of the Charity and of its incoming resources and applications of resources of the Charity for that period. In preparing ihese financial statement5, the Trustees should follow best practice and:_ Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgements and estimates ihat are reasonable and prudent. Slate whether applicable UK Accounting Sthndards hav¢ be¢n followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis. unless it is inappropriate to assume that the Charity will continue to function. The Trustees are responsible for keeping proper accounling records. which disclose. with reasonable accuracy, Ihe financial position of the Charity. and to enable them lo ensure ihat. where applicable. the financial statements comply with the Charities Act 201 I, the Charity (Accounts and Reports) Regulaiions 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity. and hence for taking reasonable steps for the prevention and detection of frdud or other irregularities. Governance & Mana ement The Charity an unincorporated a$slation and is governed by its original constitution which w3s adopted on the 7 October 1991, and amended by resolution on 10 July 1995. in order to provide funding generally for the hospital and research, whereas it had been restricd originally lo ihe building of the Tebbit Centre. The c.ommittee shall consist of the oificers of the Charity, and noi less ihan six or more than sixteen other persons. The Director of the Botnar Research C.entre shall be an ex officio member of the Committee (Amended 12th June 2012). All other Trustees have been appointed by Election. No person shall be a Member of the Committee who is not a Trustee of the Charity. The appointment of new Trustees is subject to the approval of the Board of Trustees. Appointces are interviewed by the c.hairman and one other Trustee. and are provided with full information about the Charity before being inviied to join the Board. New Trustee5 are given an appropriate induction programme to the workings of the Charity. and receive training as necessary. The Trustee Members meet four times a j.ear to administer the Charity. The Board delegate the day to day running of the Charity to the Appeals Director who is assisted by part-lime staff. The pay of the Appeals Director is set by the Truslees and reviewed annually. The Board Members have overall responsibility for ensuring that the Charity has appropriate systems of ¢ontrol, financial and otherwise. These systems should provide reasonable assurance ihat-. the charity is operating efficiently and effeciively? its assets are safeguarded against unauthorised use or disposition: proper records are maintained and financial information used within the charity. or for publication. is reliable. and the charity complies with relevant laws and regulations. The systems of intemal control are designed io provid¢ reasonable. but not absolute, assurance against material misslatement or loss, they include. regular consideration by the Trustees of financial results. and delegalion of authority and segregation ofduties as defined above. Related Parties The c.harity has a close relationship with Nuffield Orthopaedics Lid through which the building work on the Botnar Research Centre is carried out. Nule1d Orthopaedics Ltd is a company limited by guarantee and its six directors are also trustees of ihe Charity. Risk Review The Trustees have assessed the major risks to which the Charity may be exposed. in particular those related to the operation and finances of the TrusL and are saiisfied thai systems are in place to mitigate their exposure to the major risks.
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY TRUSTEES. REPORT Continued The Truslees are aware of the following: That they accept the heavy reliance on Mrs. Franklin That they rely mainly on one principal donor The reputational risk to our fund rnising if th¢ hospithl or the Botnar suffer significanl reputational damage The Trustees take legal and other professional advice wherever nece55ary. and will always continue to do so. Ob'eclives and Activities The obj¢¢ts of the Charity are as follows.. To relieve sickness Znd physical disability. and io promote good hedlth by supporting the Nuffield Orthopaedic Centre and in particular. but without prejudice to the generality of the foregoing, by assisting in ihe raising and provision of fund5 for new buildings, facilities and equipment. b. To advance research (and the dissemination of the useful results thereofj, teaching and study in all aspects of musculoskeletal disorder for the public benefit. The Trustees confirni that they have refeed to the guidance contained in the c.harity Commission's general guidance on public benefit when reviewing the Charity's aims and objeclives and in planning future activities. The Trustees of the Nutyield Orthopaedic Centre Charity administer ihe Nuffield Orthopaedic Centre Appeal and the Nuffield Orthotics Appeal. The Tntstees under their fomier Chairn]an. Mr. E. D. J. Thomas and current Chaimian, Mr. C. Johnstone, have continued to seek donations and raise monies for the Nuffield Orthopaedic Centre Appeal which includes the Bolnar Research Centre. The Nuffield Orthotics Appeal's original purpose has been fulfilled, but the Trustees will continue to receive donations should they be specifically r¢¢eiv¢d for its amended purpose as detailed below. No specific fund raising has tsken place for the Nuifield Orthotics Appeal with all monies being raised for the NutTield Orthopaedi¢ Centre Appeal. Achievements and Perfomiance The Nutfield Ortholics A eal No income has been received by the Nuifield Orthotics Appeal during the year under review. The Appeal will for an indefinite period, continue to receive donations and legacies. The Charity Commissioners in May 2001 approved a Scheme so that the Trusiees of the Nuffield Orthotics Appeal may use any donaled funds or legacies for:_ l. The relief of persons suffering from any fom) of museuloskeletal disorder. 2. To advance research and the dissemination of th¢ useful results of such research in all aspects of musculoskeletal disorder. The Nuffield Ortho aedic Centre A eal The Nuffield Orthopaedic Centre Appeal wa5 launched in 1996 initially to raise £6.6 million for a hydrotherapy pool, a new children's ward and iwo adult wards. which were compleied, as part of the overall PFI redevelopment in 2007, with the new buildings being officially opened by HRH The Duchess of Comwall. (now Her Majesty Queen Camilla) on the 3, July 2007. The Appeal is continuing to assist the hospital with funding for projects not funded by the NHS including th¢ children's outpatients. the sports injury service, art projects and more. Funding for research projects is ongoing. The Botnar Research Cenlre - To date has bttn built in 3 Phases. with the construction of the 4 Phase nearing completion. The I St Phase- Botnar l is labordtory based and was opened in 2002. The 2 Phase- Botnar IA, was buili in 2010 and consists of meeting and seminar rooms. Botnar l and IA provides accommiKlation for 120 scientists and dwtors. Phase- Botnar 2, houses 120 clinical researchers. epidemiologists and statisticians and was completed tn 2012 The 4th Phase- Botnar 3, the constNction of Botnar 3 started in 2020 and was officially opened in 2022. Once fully operational it will house 120 scientists and dodors who will be working on advanced clinical trials.
THI N'Lf.FIELD ORTHOPAEDIC ENTR CH.4RITh' Pa TRLSTEES. REPORT Continued The BOar Rese2r¢h Centre coniinued -l-h¢ Boiiiar Rcscarch C.cntre Consists of over 6.000 4uare mettcs and oler £17 million and is owiied by chariLable compan!. Nuffi¢ld Orthopaedics Ltsl and leased io Ihe Uni%'ersiti' of Oxford uniil 206 The charity raised all of the funds for the C,¥nlre whiLh is now the lar4Jest in Europe. -he l-ruslees IntelleLtual Pror[). Ri¥hts Polic¥ is Ihai the research 15 1.or ihe public benefi1 and no individual benefits trom charitable lunds. The L:'niversil)' is an excmpt charity and has an obligatron to publi4h. CJen¥ral "l-h< % utlield OrthopaediL Cenlre was merg7ed wilh the John RadclitTe and other Oxford hospilals 10 fonn ihe new Oxford lJiJiN'ersiLI. 14ospital> NHS Trusi on l ¥ h,0elnber ?01 l. The Nuffield Orthopaedic C.enire isa Dii'ision of the Oxford Unsi'ersil) Hospita15 NHS Trust. frinancial R¢1¢ General I'h C4arity receives fundino from indi¥'iduals. patients, companies. charitable trusts. le¥a¢ie5 and bank ini¢rest from deposits plus lax repa)'munis vi& Gift .4id. As shown on paoe 8 tn¢ SUFA shows a better position Lhis lear: due to a larger accrued 'I'hesL tunds haN'c beei) spcnt in grants lo the hospital. ReseTr'es Polic ' -l-hi C'liarily's tinancial posiiion has continued to be totsll>' ure. in that at no time have MmItMenl8 n made befor¢ moniL's hai ty been raised. -rhe I ru5fre5 inlend that this polic).. will continue lor all future new buildin2 work. for th¢ prot¢¢tion of benLfactvrs and 'l-n15tees. The charli ensure5 thai 5UtTJii¢ni fvnds are in reserke lor iwo )ear5 administration cosis of the Charity Uinountinu io L?00,000. shoiild ihcr¢ b¢ limes when ifjcome is lower ihan charitsble expendiiurc. Ar 5, .4pril ?024 the reserve bal8nc¢ £2,479,529. Grani l.1akin ' Polic larious 17fiillis in rcslkyt of the hospital are ala!'5 being considered, but are onl). given ,hen funding is in place. Ir?I'¢%tmenT Poli¢v 'rhi n)i)nies and properry of ihe Charity noi immediaiel) required for the purpose of the c.harity mav be held or vested in suLn per8on%. whLÈhLr I1cmbLrs of the Charit). or noL as the Commille¢ may from tiine lo tinie delermine as Holding Tru%iee5. EleLau5L the Charit> s polic) is onl> ¥ommil [() expenditure once sulTicient monies hai'e been raised all fund4 are hLld on deposit or c?rheTr4'ise ini'esled with banks. Th¢ Charity OTtI)"" place5 such monie5 with one or more of the major UK High Streei Banks. No funds are Inested it) cquilies rtrr oiher insErumenis iihich are subject w mark.et risk. 'rhe T'rusts"es haNe considered thc ITtosi appropriaie policy for the iiivestment of funds. and have always been aware that funds n)ust be pri)ILLied Irkim m01.emLn noi alwa)""s under their conirol. The POilCJ is to haK.'e minimal risk. with maximisingF income as ndS are needed t-or short-term ekpenditure. H'iih protection given to benetacrs. C'.urr¢ni Plans lor Ihe Future The C.haril)' seek_% io raise funds lo support the hospital for projects and equipment on the hospital siie that canttoi be protr idi'd b¥. Ihe XHS. The Trusiees hai'¢ also been aLcumulaiinb) funds io construci an additional building for tlie Botiiar Research C'enTfL' (Llutnar )) i%iih building w'ork ha% inL¥ commLThccd in ?0•0..41though Botnar 3 was ofticially opened in January ?02? certain minor M'orks io complete Lhe buildino are still ongoino. . C.. JOHNSTONE (On behalf ofthe Board of Tfustees)
THE NUFFIELD ORTHOPAEDIC LENTRE CHARITI. INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY Opinion We have audited the financial statements of Nuffteld Orthopaedic Centre Charity (the'charity") for the year ended 5 April 2024 which comprise statement of financial activities, balance sheet. statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102= The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatements: give a true and fair view of the state of the Charity's affairs as at 5 April 2024 and of its income and expenditure for the year then ended; have been properly prepared in accordanc¢ with United Klngdom Generdlly Accepted Accounting Practice. have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We conducled our audit in accordance with International Standards on Auditing (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 r¢port. We are independent of the Charity in accordance with the ethi1 requirements 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obLqined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatements, we have concluded that the trusiees use of the going concern basis of accounting in the preparalion of the financial statements is appropria. Based on the work we have perfornied. we have not identifid any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other infomiation comprises the inforn)ation included in the annual rew)rL including the trustees, report. other than the financial slatements and our auditor's report thereon. The trustees are responsible for the other inforniation contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so. consider whether the other inform3tion is materially inconsislent with the financial stal¢ments or our knowledge obtained in ihe audit or othenvise appears to b¢ malerially misstated. If we identify such material inconsistencies or apparent maierixl misstatements. we ar¢ r¢quired to deterniine whether thi5 gives rise io a material misstatement in the financial statements themsclves. If, based on the work we have perfomied, we conclude that there is a material misstatement of ihis other infomlaiion, we are required to report thai fact. We have nothing to report in this regard.
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY tNDEPENDENT AUDITORS, REPORT TO THE TRLISTEES OF THE NUFFIELD ORTHOPAEDIC CENTRE CHARtTY Continued Matters on which we are required io report by exception In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have nol identified material misslatements in the Trustees. Annual Report. We have nothing to report in respeci of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion= the inforniation given in the trustees. report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kepi. or the financial stalements are not in agreement with the accounting records and returns; or we have not obtained all the infonnation and explanations necessary for the purposes of our audit. Responsibilities of the trustees As explained more fully in ihe trustees. responsibilities statement set out on page 2. the trustees 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 they deterniine is necessary to enable ihe preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statemenls, the trusiees are responsible for ass¢ssing the Charity's ability to continue as a 80ing concern, disclosing, as applicable, matter5 related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidale the Charity or to cease operations, or have no realistic aliemativ¢ but to do so. Auditor's responsibilities for the audil of the fiDgnci41 statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under S.154 of that Act. Our objectives are lo obtain reasonable assurdnce about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or eOr, and to issue an auditor's report thal includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guaraniee that an audit nduCted in accordance with ISAS (UK) will always detect a material misstatemenl when it exisls. Misstatemenls can aris¢ from fraud or emr and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision5 of users taken on the basis of these financial slatements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to deieci material misstalemenls in respeci of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Explanation as ¢0 what extent the audit was considered Capable of detecting irregulirities including frgud. The objectives of our audit in respect of fraud, are to identify and assess the risks of material misstatement of the financial stateTn¢nts due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material mi5Statement due to fraud. through designing and implementing appropriate responses to those assessed risks- and to Spond appropriately to instances of fraud or suspected fraud tdentified during the audit. However. th¢ primary responsibility for th¢ prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: • We obtained an understanding of ihe legal and regulatory requirements applicable to the Charity and considered that the most significant are the Charities Act 201 I. UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
TIIE NLIFf5ELD OR'fHOP.4F.DIC CF.'N'I'RF. CH.4RIII' INDEI)ENDEN 1'.4L,DI'IUR%' REPURT TO THE TRLSTEES OF Tl Ir. NLII.-kll-:LD OR'I'FSOPAEDIC, CbNTRE Q'H.4RITI' Continued l e obtained an underslandiniT ol" how. Lhe Chariry"" complies with these requirements b) m3kino enquiries l¥ith management and Ihose charuL.d M'ith governance. W'e CoObOrdted our enquirie5 Ihrough our re¥'iei% ot ihe Truste¢s" meeiing minutes. e dsS¢Ss lh¥ SUSCI'plibilil)' of ihc finan¥ial 5teMents to ma(¢rial missiatement. includingy ho. fraud might occur by ¢onsid¢ring lh¢ key risks iinpactinij the tinancial siatenienis and duMentIng ihe controls thai the ('harit} h&$ established to address risks ideniil i¢d. or thai oil)¥rwisL sL'ck 10 pr6¥Lnt. deter or d¢i¢tt fraud. In our assessTneni we ionsidered the risk of management override. Our audit proLedures inclLaded iesling manual jouma5& including s¢gre¥ation of dulles. inquirdl vf InaiiaL>emeni and (hose charged with gOernanCe &s to any knowti inslancLS of non Complian or suspected non- ci)mplian¥e wilh laws and reoulations. 14ased L)n this ui)derstandin4J we designed specilic apprL)priaie audit procedures io id¢ntih' instances of non-complianLe with laws and b LLiulation5. Thi5 included making ¥'nquiries of mana¥em¢ni and tho% Charged '4th eoveman¢¢ and obuining addiiional corr0buratie th'idence as rcquired ..1 furthLr descriptioii of our r¢%pK)nsibilitics for the audit of the financial sleme17ts is located on the Financial Reportiiig C.ouncil's 14'¥b5ite at-. iiww.frc.org.ultraudiTofsrespoiisibilitiei. This description tornlg Part of our auditor 5 report. Ldi¥iwi Sniith is elig?ible for Jppoiiiinient as auditor of ihe ¢haritif bs virtue of lis eli8ibiliTh for appointment as auditor of a company uiidcr %L¢iion l ? I:. of Ili¢ C"oinpanie> :'Ict ?006 l..se of i)ur rvport Thi% report 15 madL solel J. 10 LhL L"haritN's Irusices. a bod). in accordance ¥th scction 144 of the Charities Aet •0 I l and the re¥Fulation% rnadL iindcr $L10n 154 Ol-that .4ct. Our audit ..ork has been undenaken so thai we mi¥hi state to thL Lhariiv's truste&s those maiiefs we are r¢quired to state io dièrn in an auditor's report and for no ather purposL.. To ihc fullest exienl perniitted b). law, we do not acLepi or assume r¢sponsibiliTh io ani.'one other Ihan the c.harity s trusi¢ as a bod%.. for our aiidit w'ork. for ihis report, or for th¢ opinions w'e hae formed. £J.-r_ Edwitt Smith Clianered AcLountanL4 Siaiutory ..luditor 72 Que¢ns Road Readin RCII 4.4L: Dat¢d
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the ear ended 5th APRIL 2024. Unrestricted Fund Restricted Fund 2024 Total 2023 Total Notes Income from.. Donation5 and Legacies Inveslments 1,904,843 14,199 1.904.843 14,203 622,956 2,441 Total Income .919,042 1,919,046 625.397 enditure on.. Raising Funds Costs of Generating Voluntary Incom¢ 3a Charitable Acttvities 3b Oiher 115,897 17,944 115.897 17.944 253.079 17,398 Total Expenditure 133.841 133,841 270.477 Net Movement in Funds 1.785.201 1,785,205 354.920 Total funds brou ht forward 352 693.972 694.324 339,404 Total funds Carried forward 356 2,479.173 2.479.529 694,324 The Notes on Pages I I to 15 fom) part of these Accounts.
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY BALANCE SHEET as at 5 APRIL 2024. Unrestricied Fund Restricted Fund 2024 Total 2023 Total Notes Fixed Assets Tangible Assets 26.081 26,081 26,938 Current Assets Debtors c.ash ai Bank Total Current Asset5 1,768.704 738.880 1.768.704 739.236 236,942 482,782 356 356 2.507.584 2,507.940 719,724 Liabilities Creditors falling due within one year 5 (54,492) (54,492) (52,338) Net Current Assets 356 2.453,092 2.453,448 667.386 Total Net Assets 356 2.479,173 2.479,529 694,324 Funds of the Chari 356 2.479.173 2.479,529 694,324 Approved by the Board of Truste on and signed on its behalf by: . MR. C. JOHNSTONE- TRUSTEE The Notes on Pages I I to 15 forn) part of these Accounts.
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY e 10 STATEMENT OF CASH FLOWS as ai 5. A ril 2024 2024 2023 Cash flows from o eratin a1vIlies.. Net cash provided by operating activilies 242.251 111.062 Cash flows from investin Interest from investments activities: 14,203 2.441 Net cash rovided b investin activities 14.203 2.441 Change in cash and cash equivalents in the year Cash and equivalents at the beginning of the year 256.454 482,782 113.503 369,279 739,236 482.782 Reconciliation of net incomel ex endilure to cash flow from o ratin activities 2024 2023 Net incomelex enditure for the Adjustments for: D¢pre¢iation charges Interest from investments (Increase)Ide¢rease in debtors Increase/(de¢rease) in Creditors ear .785,205 354,920 857 {14.203) (1.531.762) 2,154 (i.ioi) (2.441) {234,957) (5.359) Nel cash rovided from o eratin activities 242.251 111.062 Anal sis of cash and uivalents 2024 2023 Cash in hand 739.236 482,782 Total 739.236 482,782
THE NUFFIELD ORTHOPAEDIC CHARITY NOTES TO THE ACCOUNTS for the ear ended 5 APRIL 2024 l. A¢¢ountin Policies Basi5 of Pre aration These Accounts combine all accounts of all funds governed by the Constitution Deed dated ty October 1991. using the principal name of the Charity. or the name Nulfield Orthotics Appeal. The Nuffield Orthopaedic Charity 15 a registered charity regisiered in England and Wales. The principal olrice address is Nuffield Orthopaedic Centre. Headington, Oxford. OX3 7HE 2. The financial ststemenls have been prepared in accordance with Accounting and Reporting by Charities.. Staiement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP FRS102), and the Charities Act 201 l and applicable regulations. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless Otherwise stated in the relevant notes to these ae¢ounts. The accounts are prepared in sterling which is the functional currency of the charity. Monelary amounts in these accounts ar¢ rounded to the nearest £. The charily constitutes a public benefit entity as defined by FRS 102. The charity has a reasonable expectation thal there are adequate resources to conlinue in operational existence for the foreseeable future. As there are no Tnaterial uncertainties it has continued to adopt the going concern basis in preparing its financial statements. Fund Accountin The Charity's general fund consists of funds, which the Charity may use for its purpose. at its discrelion, under the temis of the objects clause of the Constitution. The C.harity's restricted fund is for the Nuffield Orthopaedic Cenire and the Botnar Research Centre. under the tenns of the objects clause of the Constitution. Income reco ition All income is recogni5ed when there is enliilemen( sufficient certainty that receipt of income is probable and the arnount of income receivable can be measured reliably. Gifts, donations and legacies are taken on a cash received basis. Bank interesl is included upon notification ot-the interest paid or payable by the bank. Bank interest received after date. has been accrued for the amouni earned by the Balance Sheet date. d. Ex enditure reco nition Liabilities are recognised as expenditure as soon as ihere is a legal or constructive obligation commitling the charity to that expenditure. it is 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.
THE NUFFIELD ORTHOPAEDIC CHARITY e12 NOTES TO THE ACCOUNTS for the ear ended 5th APRIL 2024 Continued l. Accounting Policies (Continued) Pension scheme The Charity participales in a defined contribution plan for its employees. f. Governance Costs This Comprises all costs incurred in running the Charity, which cannot be directly allocated to the Charity's projects, or to fund raising. Costs are not apportioned between activities but expended generally. In addition See note 3 (c). g. Costs of Generatin Volunt Income This comprises costs incurred in inducing people. or organisations to contribute financially to the Charity's work. h. Grants Pa able Grants payable are accounted for when th¢ Charity is committed to paying them. with further details given in notes l (m), 3(b) and 6 to the Accounts. Realised and Unrealised Gains and Losses All realised gains and losses are recognised in the A¢¢ounts. Pennanent diminution in the value of fixed assets is charged to Ihe Siatement of Financial Activities. italisation & De reciation Tangible Assc15 used by the Charity have been capitalised on the basis of their historical cost or, wh¢r¢ received as a gill their ascertained market value at that time. Deprecialion is provided on Tangible Assets, Whe applicable. The depreciation rates currently in use for Tangible Assels held for use by the Charity are as follows: Garage - Land - Garage Not Depreciated 20/0 of cost per annum 20 % reducing balance basis Office Equipment Debtors Debtors are recognised at the settlement amount. Cast ai bank Cash at bank includes cash held at bank currenl accounts and short lerni highly liquid inv¢5tments held on deposit accounts. Creditors and rovisions Crediiors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligatlon can be measured or estimated reliably. Creditors and provisions are staled at their settlement amounl. Commitments Legally binding and non-legally binding commitments ar¢ shown in the notes to the Accounls after approval by the Trustees. Where financial support is promised but noi contracted. the amount is shown in the Accounts when paid. Transfers of Funds Transfers of income between vartous funds is considered acceptable should circumstances allow.
THE NUFFIELD ORTHOPAEDIC CHARITY e13 NOTES TO THE ACCOUNTS for the ear ended 5° APRIL 2024 Continued 2. Tan.'ble Assets for use b the Chari Freehold Garage Office Equipment Total Gross Book Value At 6" April. 2023 Additions at Cost 45,937 32.928 13.009 At 5 April, 2024 45.937 32,928 13,009 reciation At 6 April. 2023 Charge for the year 18,999 857 7.712 513 11.287 344 At 5" April, 2024 19.856 8,225 11.631 Net Book Values As at 5, April, ?024 As at 5, April, 2023 26.081 26.938 24,703 25,216 1,378 ,722 3. Ex endilure Unrestricted Funds Restricted Funds 2024 Total 2023 Total a) Costs of Generatin Volunta Income Promotions & Publicity b) Charitable Activities The Nuffield Orthopaedic and Botnar Research C.entres Sundry Grants rt Costs - Staff Costs Social Security Costs Sthff pension Golf OlCe Expenses Bank & Credit Card Charges Insurance Professional Fees Depreciation Sundries - Art Management 150,000 3.500 6.226 6,226 85.767 4.702 63 85.767 4,702 63 80,951 4,956 179 4,175 256 2,089 1,604 857 3,408 6,750 4.175 256 2.089 1.604 857 3.408 6.750 2.764 347 2,147 9,336 (1,101) 115,897 15.897 253.079 c) Other - Governance Costs Audit Fee Accountancy Services 7.356 10.588 7.356 10.558 6,714 10.684 17.944 17.944 17.398
THE NUFFIELD ORTHOPAEDIC CHARITY e14 NOTES TO THE ACCOLfNTS for the ear ended 5 APRIL 2024 Continued 4. Debtors Gift Aid Recoveries Accrued Bank Interest Other Debtors Legacies Receivable 2024 2023 517 3.187 £ 1,765,000 81 1.441 £ 253,420 £ 1,768,704 £ 236,942 2024 2023 5. Creditors.. Amounts Fallin Due within one ear Social Security & Other Taxes Accruals Oiher Creditors Grants 1,948 26,828 16 25,700 1,827 21,114 13 29.384 £ 54,492 £ 52,338 6. Accrued GrdnUGift Commitments In accordance with policy note l{h) and l (n), contracted grantgIftS are accounted for at the inception of the grdnt. Known gifts, not committed. to be paid in the future. are shown in ihe Accounts as and when paid. There are commitments made by ihe Truslees to provide the following grants in the future.. Commitments at 05104123 Paid in the year Carried Fonvard Provid (hher various smaller grants- all due within one year 29,384 £ 20,475 £ (24,159) 25.700 7. Anal sis of Net Assets beiween Funds Net Current Assel (Liabilities) Tangible Assets Investments 2024 Total 2023 Total Restricted Fund Unrestricted Funds 26,081 2.453.092 356 2.479,173 356 693.972 352 26,081 2.453.448 2.479,529 £ 694.324 Fund Movements- Restricted Fund Net Out80ing Resources Fund Balances Incoming Brought forward Resources Fund Balances caled Forward Nuffield Orthopaedic Centre Appeal (ieneral Pund Goodfellow Knee Research Fellowship 613.972 80,0(KI .919,042 133,841 2,399.173 80,000 693.972 1.919.042 133.841 2,479.173 Fund Movemenls- Unrestricted Funds Bank Interest 352 356
THE NUFFIELD ORTHOPAEDIC CHARITY Pa e 15 NOTES TO THE ACCOUNTS for the var ¢nded 5th APRIL 2024 Continued 8. Em ees 2024 2023 Average number of employees: Clerical - Full Time Part Time One employee's earnings were above £60.000 per annum as shown below. Mrs. J. Franklin, a Trustee. is also an employee of the Charity as the Appeals Director. Her gross salary cost paid under a contract of employment. was £77,500, and expenses of £0 were owing to her at 5, April 2024. No other Trustee received remuneration or benefits. or was reimbursed expenses during the year to 5 April 2024. Th¢ salary arrangement has been appro*ed by the Charity Commissioners. Related Parties The Charity has a Close relationship with Nuffield Orthopaedics Ltd which Ca1¢$ oul the building of the Botnar Research Centre buildings. The Six dire¢lor5 of Nuffield Orthopaedics Ltd who are also trusiees of the Charity are as follows:. C. Johnstone (Chairnian) E. D. J. Thomas Mrs. J. Franklin Professor A.J. Carr (resigned 18 Ociober 2024) C.R. Dick P. S. Candy The Charity made a grant to Nuffield Orthopaedics Ltd during the year of £Nil for the Botnar Research Centre buildings (2023 £150,000). Mrs. J. Franklin remains the Chaimian of the Marcella TrusL who in turn have made significani donations towards the cost of construction of the Botnar research building. Professor A. J. Ca, a Trustee until 8 October 2024, is also a Trustee of The Noman Collisson Foundation who have made a significant donation towards the cost of constrnction of the Botnar research building. l O. The Trustees consider the Charity will be a going concern for the nexl twelve months. I l. Contin ent Asset NOCC. has been notified of a legacy for which it is entitled to benefit from. The amount and timing of the receipt is uncertain and Iherefore has not been recognised in the starnent of Financial Activities. No reliable estimate of the amount received can be made.
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY e16 NOTES TO THE ACCOUNTS for the ear ended 5 APRIL 2024 Continued 12. Detailed Income and Ex enditure Account for the grended 5 A ril 2024. Unr¢stri¢ted Fund - investment income A - Nuffield Orthotics Association Income Bank Interest 2024 2023 nditure Sur lus Incomel Deficit for the ear Restricted Funds- investment income includes the following= B - Research Institute Fund Transfer from Gen. Account Bank Interest 148 48 lus Incomel Deficit for the ear 148 48 C-oxs Transfer from Gen. Account Bank Interest 102 33 lus Income/ Deficit for the ear 102 33 Transfer from G¢n. Account Donations Bank Interest 276 90 lus Income/ Deficit for the ear 276 90 THIS PAGE t)OES NOT FORM PART OF THE STATUTORY ACCOUNTS
THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY ¢17 NOTES TO THE ACCOUNTS for the ear ended 5 APRIL 2024 Continued 12. Detailed Income and Ex enditure Account for the earendl 5 A ril 2024 Continued 2024 2023 E- Nuffield Ortho aedic Centre A eal Income Grants & Donalions Legacies & Bequests Bank Interest- Receiv¢d Garage Renl 16,308 .887,815 14.203 720 161.816 460,420 2.441 720 1.919,046 625.397 enditure Grants Salary costs Office Expenses Insurance Bank & Credit Card Charges Accountancy Services Audit Fee Professional Fees Depreciation Sundries Art Management 6,226 90,532 4,175 2.089 256 10.588 7,356 1,604 857 3,408 6,750 153,500 86,086 2,764 2,147 347 10,684 6,714 9,336 (1,101) 133.841 270.477 lus Incomel Deficit for the ear £ 1.785,205 354.920 F - Other Desi nated Reslrithed Grdnts (paid in year) Research Centre - Phase 4 League of Friends- t)onation to IT Equipmenl 150,000 3.500 153.5(K) THIS PAGE DOES NOT FORM PART OF THE STATUTORY ACCOUNTS
THE NUFFIELD ORTHOPAEDIC CENTRE CHARtTY Pa e 18 NOTES TO THE ACCOLfNTS for the ear ended 5 APRIL 2024 Continued G-Desi nated Unrestricted Grants (not yet paid) 2024 2023 Limb Reconstruction Ilnit Sports Injury Servi¢¢ Research Institute Oxsar Oxparc Children's Ward (Rehab) 12.012 5,0(M) 3.462 12,012 5,000 3,462 3.744 1,680 1,050 1,091 1,000 345 1.68U 860 .091 Bone Infection Unil Foot & Ankle Fund 595 25.7(K) 29,384 THIS PAGE DOES NOT FORM PART OF THE STATUTORY ACCOUNJS