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 ru￿ent ststutory requiremen￿ and requirements of the Charity's governing
document.
al & Administrative Infonnation
Registered Charity No..
1006509
Principal Office Address..
Nuffield Orthopaedic Centr¢ Appeal.
N￿￿le]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$s￿lation 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 restric￿d 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. Nu￿le1d 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 refe￿ed 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 BO￿ar 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 Pro￿r[). 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,0￿elnber ?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 al*a!'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 In￿ested 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 benetac￿rs.
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 ethi￿1 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 e￿Or, 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 Co￿ObOrdted our enquirie5 Ihrough our re¥'iei% ot ihe Truste¢s" meeiing minutes.
e dsS¢Ss￿ lh¥ SUSCI'plibilil)' of ihc finan¥ial 5￿teMents to ma(¢rial missiatement. includingy ho￿. fraud might occur by ¢onsid¢ring
lh¢ key risks iinpactinij the tinancial siatenienis and d￿uMentIng 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 gO￿ernanCe &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
corr0burati￿e th'idence as rcquired
..1 furthLr descriptioii of our r¢%pK)nsibilitics for the audit of the financial s￿leme17ts 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 $L￿10n 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 ha*e 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
a￿1vIlies..
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
O￿lCe 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 grant￿gIftS 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
ca￿led 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 Ca￿1¢$ 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 sta￿rnent 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
earend￿l 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