2025-04-05-accounts

THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY CHARITY NO: 1006509

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TRUSTEES’ REPORT AND ACCOUNTS

as at 5% APRIL 2025

THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

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TRUSTEES’ REPORT

The Trustees present their Report, together with the Accounts, for the year ended 5 April 2025,

The Trustees confirm that the Accounts comply with current statutory requirements, and requirements of the Charity’s governing document.

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		Legal&Administrative Information
		Registered CharityNo:	1006509
		PrincipalOfficeAddress:	Nuffield Orthopaedic CentreAppeal,
			NuffieldOrthopaedic Centre,
			Headington,
			Oxford.
			OX3 THE
		Patron	HerMajestyQueenCamilla
		President	The late Rt.Hon, LordTebbitCH—(died07/07/2025)
		Trustees andPrincipal Officers:	C. Johnstone(Chairman)
			P, S, Candy (Deputy-Chairman)
			E. D. J. Thomas (resigned 10"October2025)
			Mrs. J. FranklinMBE
			R. N.Edwards (Hon. Treasurer)
			Prof.A. J. Carr(resigned8October 2024)
			Dr. R. J. Adsetts
			Prof. J, ReesEx-Officio—DirectoroftheBotnarResearch Centre
			Prof. R. G. G. Russell (resigned8"October2024)
			I.K. Treacy (resigned 8"October2024)
			Mts. S. Woollacott
			Prof.A.Price (appointed4"December2024) ProfessorMMcNally (appointed3"April2025)
		Banks:	NationalWestminsterBank plc., 121 High Street,
			Oxford.
			BarclaysBankplc.,
			Oxford City,
	,		P.O. Box333,
			Oxford
~		Accountants:	Wilkins&Co., Accountants,
			25AMarket Square,
			Bicester,
			Oxon.
			OX26 6AD
		Auditors:	EdwinSmith, Chartered Accountants,
			32 Queens Road,
			Reading,
			Berks.

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| The Trustee Members meet four times a year to administer the Charity, | The Board delegate the day to day running ofthe Charity to the Appeals Director who is assisted by part-time staff. The pay ofthe Appeals Director is set by the Trustees and reviewed annually. | The Board Members have overall responsibility for ensuring that the Charity has appropriate systems of control, financial and otherwise. These systems should provide reasonable assurance that:: - the charity is operating efficiently and effectively; 2 - 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.

| Related Parties The Centre is , Charity. : Risk Review

THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

TRUSTEES’ REPORT (Continued)

Statement of Trustees’ Responsibilities

Charity Law requires the Trustees to prepare financial statements for each financial year, in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial 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 these financial statements, the Trustees should follow best practice and:-

• a. Select suitable accounting policies and then apply them consistently.

• b. Observe the methods and principles in the Charities SORP.

• c. Make judgements 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 statements.

• e. 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 accounting records, which disclose, with reasonable accuracy, the financial position of the Charity, and to enable them to ensure that, where applicable, the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 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 fraud or other irregularities,

Governance & Management

The Charity an unincorporated association and is governed by its original constitution which was 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 restricted originally to the building of the Tebbit Centre.

The Committee shall consist of the Officers ofthe Charity, and not less than six or more than sixteen other persons. The Director of the Botnar Research Centre shall be an ex officio member of the Committee (Amended 12" June 2012).

All other Trustees have been appointed by Election.

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No person shall be a Member of the Committee who is not a Trustee ofthe Charity.

The appointment of new Trustees is subject to the approval of the Board of Trustees. Appointees are interviewed by the Chairman and one other Trustee, and are provided with full information about the Charity before being invited to join the Board. New Trustees are given an appropriate induction programme to the workings ofthe Charity, and receive training as necessary.

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss, they include,

• regular consideration by the Trustees of financial results, and - delegation of authority and segregation of duties as defined above.

The Charity has a close relationship with Nuffield Orthopaedics Ltd through which the building work on the Botnar Research Centre is carried out. Nuffield Orthopaedics Ltd is a company limited by guarantee and its five directors are also trustees of the Charity.

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 Trust, and are satisfied that systems are in place to mitigate their exposure to the maier risks.

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THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

TRUSTEES’ REPORT (Continued)

• The Trustees are aware of the following: e That they accept the heavy reliance on Mrs. Franklin e That they rely mainly on one principal donor e The reputational risk to our fund raising if the hospital or the Botnar suffer significant reputational damage

The Trustees take legal and other professional advice wherever necessary, and will always continue to do so.

Objectives and Activities

The objects of the Charity are as follows:

• a. To relieve sickness and physical disability, and to promote good health by supporting the Nuffield Orthopaedic Centre and in particular, but without prejudice to the generality of the foregoing, by assisting in the raising and provision of funds for new buildings, facilities and equipment.

• b. To advance research (and the dissemination of the useful results thereof), teaching and study in all aspects of musculoskeletal disorder for the public benefit.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

The Trustees of the Nuffield Orthopaedic Centre Charity administer the Nuffield Orthopaedic Centre Appeal and the Nuffield Orthotics Appeal.

The Trustees under their former Chairman, Mr. E. D. J. Thomas and current Chairman, Mr. C. Johnstone, have continued to seek donations and raise monies for the Nuffield Orthopaedic Centre Appeal which inchides the Botnar Research Centre. The Nuffield Orthotics Appeal’s original purpose has been fulfilled, but the Trustees will continue to receive donations should they be specifically received for its amended purpose as detailed below.

No specific fund raising has taken place for the Nuffield Orthotics Appeal with all monies being raised for the Nuffield Orthopaedic Centre Appeal. Achievements and Performance The Nuffield Orthotics Appeal ; No income has been received by the Nuffield 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 Trustees of the Nuffield Orthotics Appeal may use any donated funds or legacies for:-

1. The relief of persons suffering from any form of musculoskeletal disorder.

2. To advance research and the dissemination of the useful results of such research in all aspects of musculoskeletal ’ disorder. :

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The Nuffield Orthopaedic Centre Appeal 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 wards, which were completed, as part of the overall PFI redevelopment in 2007, with the new buildings being officially opened by HRH The Duchess of Cornwall, (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 the children’s outpatients, the sports injury service, art projects and more, Funding for research projects is ongoing.

• The Botnar Research Centre — To date has been built in 3 Phases, with the construction of the 4" Phase nearing completion. e The 1" Phase ~ Botnar 1 is laboratory based and was opened in 2002. e The 2™ Phase —Botnar 1A, was built in 2010 and consists of meeting and seminar rooms. Botnar 1 and 1A provides accommodation for 120 scientists and doctors.

• e The 3 Phase — Botnar 2, houses 120 clinical researchers, epidemiologists and statisticians and was completed in 2012

• e The 4" Phase — Botnar 3, the construction of Botnar 3 started in 2020 and was officially opened in 2022. Once fully operational it will house 120 scientists and doctors who will be working on advanced clinical trials.

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THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

TRUSTEES’ REPORT (Continued)

The Botnar Research Centre continued

The Botnar Research Centre consists of over 6,000 square metres and cost over £17 million and is owned by the charitable company Nuffield Orthopaedics Ltd and leased to the University of Oxford until 2062. The charity raised all ofthe funds for the Centre which is now the largest in Europe.

The Trustees Intellectual Property Rights Policy is that the research is for the public benefit and no individual benefits from charitable funds. The University is an exempt charity and has an obligation to publish,

General The Nuffield Orthopaedic Centre was merged with the John Radcliffe and other Oxford hospitals to form the new Oxford University Hospitals NHS Trust on 1% November 2011. The Nuffield Orthopaedic Centre is a Division of the Oxford University Hospitals NHS Trust.

Financial Review

General

The Charity receives funding from individuals, patients, companies, charitable trusts, legacies and bank interest from deposits plus tax repayments via Gift Aid. As shown on page 8 the SOFA shows a better position this year, due to a larger accrued legacy.

These funds will be spent in grants to the hospital.

Reserves Policy The Charity’s financial position has continued to be totally secure, in that at no time have commitments been made before monies have been raised. The Trustees intend that this policy will continue for all future new building work, for the protection of benefactors and Trustees. The Charity ensures that sufficient funds are in reserve for two years administration costs ofthe Charity amounting to £200,000, should there be times when income is lower than charitable expenditure, At 5“ April 2025 the reserve balance was £2,714,511.

Grant Making Policy

Various grants in respect of the hospital are always being considered, but are only given when funding is in place.

Investment Poli

The monies and property of the Charity not immediately required for the purpose of the Charity may be held or vested in such persons, whether Members ofthe Charity or not, as the Committee may from time to time determine as Holding Trustees.

Because the Charity’s policy is to only commit to expenditure once sufficient monies have been raised all funds are held on deposit or otherwise invested with banks. The Charity only places such monies with one or more of the major UK High Street Banks. No funds are invested in equities or other instruments which are subject to market risk. The Trustees have considered the most appropriate policy for the investment of funds, and have always been aware that funds must be protected from movements not always under their control. The policy is to have minimal risk, with maximising income as funds are needed for short-term expenditure, with protection given to benefactors.

Current Plans for the Future

The Charity seeks to raise funds to support the hospital for projects and equipment on the hospital site that cannot be : provided by the NHS. The Trustees have also been accumulating funds to construct an additional building for the Botnar Research Centre (Botnar 3) with building work having commenced in 2020.Although Botnar 3 was officially opened in January 2022, certain minor works to complete the building are still ongoing.

(On behalf of the Board of Trustees)

THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

Opinion

We have audited the financial statements of Nuffield Orthopaedic Centre Charity (the “Charity”) for the year ended 5 April 2025 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 statements:

• © give a true and fair view of the state of the Charity’s affairs as at $ April 2025 and of its income and expenditure for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• e have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted 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 ofthe financial statements section of our report. We are independent of the Charity in accordance with the ethical 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 obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

Yn auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation ofthe financial statements is appropriate.

Based on the work we have performed, we have not identified 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 ofthe trustees with respect to going concern are described in the relevant sections of this report.

Other information

‘The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information 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 form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard. 4

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THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY (Continued)

Matters on which we are required to 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 not identified material misstatements in the Trustees’ Annual! Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

• e the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or

• © sufficient accounting records have not been kept; or

• e the financial statements are not in agreement with the accounting records and returns; or

• © wehave not obtained all the information and explanations necessary for the purposes of our audit.

Respousibilities of the trustees

As explained more fully in the 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, | disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements | We have been appointed as auditor under section 144 ofthe Charities Act 2011 and report in accordance with regulations made under : - $154 ofthat Act. ) Our objectives objectives are to obtain reasonable assurance about whether the financial to obtain reasonable assurance about whether the financial obtain reasonable assurance about whether the financial reasonable assurance about whether the financial about whether the financial whether the financial the financial financial statements as a whole are free from material a whole are free from material whole are free from material are free from material free from material from material material

Our objectives objectives are to obtain reasonable assurance about whether the financial to obtain reasonable assurance about whether the financial obtain reasonable assurance about whether the financial reasonable assurance about whether the financial about whether the financial whether the financial the financial financial statements as a whole are free from material a whole are free from material whole are free from material are free from material free from material from material material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

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Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances ofnon-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.

The objectives of our audit in respect of fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

¢ We obtained an understanding of the legal and regulatory requirements applicable to the Charity and considered that the most significant are the Charities Act 2011, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.

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| Edwin Smith

THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY (Continued)

• We obtained an understanding ofhow the Charity complies with these requirements by making enquiries with management and those charged with governance. We corroborated our enquiries through our review of the Trustees’ meeting minutes.

• We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements and documenting the controls that the Charity has established to address risks identified, or that otherwise seek to prevent, deter or detect fraud. In our assessment we considered the risk of management override. Our audit procedures included testing manual journals, including segregation of duties.

• We inquired of management and those charged with governance as to any known instances of non compliance or suspected noncompliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Edwin Smith is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 ofthat Act. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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Chartered Accountants Statutory Auditor

32 Queens Road Reading RG1 4AU

29" January 2026 Dated 0.00.00.eeeeee eves ee neees

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THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5" APRIL 2025.

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|2025|2024| |Notes|Fund|Fund|Total|Total| |Income|from:| |Donations and Legacies|-|393,942|393,942|1,904,843| |Investments|5|$1,517|51,522|14,203| |Total|Income|5|445,459|445,464|1,919.046| |Expenditure|on:| |Raising Funds| |Costs|of Generating Voluntary|Income|3a|-|-|-|-| |Charitable|Activities|3b|-|184,706|184,706|115,897| |Other|3c|“|25,776|25,776|17,944| |Total|Expenditure|-|210,482|210,482|133,841| |Net Movement|in Funds|5|234,977|234,982|1,785,205| |Total funds brought forward|356|2,479,173|2,479,529|694,324| |Total funds carried forward|£|361|2,714,150|2,714,511|2,479,529|

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The Notes on Pages 11 to 15 form part of these Accounts.

THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

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BALANCE SHEET as at 5 APRIL 2025,

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|2025|2024| |Notes|Fund|Fund|Total|Total| |Fixed|Assets| |Tangible|Assets|2|-|26,922|26,922|26,081| |Current Assets| |Debtors|4|-|432,277|432,277|1,768,704| |Cash|at Bank|361|2,314,543|2,314,904|739,236| |Total|Current Assets|cen teeunnn mnt|tannnnmncauwnnnnnennamannann meta|wae|nmnnen| |361|2,746,820|2,747,181|2,507,940|—| |Liabilities| |Bank|Overdraft|-|(374)|(374)|-| |Creditors|falling due within one year|5|-|(59,218)|(59,218)|(54,492)| |Net Current Assets|361|2,687,228|2,687,589|2,453,448| |Total Net Assets|£|361|2,714,150|2,714,511|2,479,529| |Funds ofthe Charity|7|£|361|2,714,150|2,714,511|2,479,529|

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Approved by the Board of Trustees on 2 6:5 (2026

and signed on its behalf by:

The Notes on Pages 11 to 15 form part of these Accounts.

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THE NUFFIELD ORTHOPAEDIC CENTRE CHARITY

STATEMENT OF CASH FLOWS as at 5 April 2025

					2025		2024
					£		£
	Cashflows from operating activities:
	Netcashprovided byoperating activities		£	1,524,146		£	242,251
	Cashflows from investing activities: Interestfrom investments				$1,522		14,203
,	Netcashprovidedby investing activities		£		51,522	£	14,203
	Change in cashandcashequivalents intheyear Cashandequivalents atthebeginningoftheyear				1,575,668 739,236		256,454 482,782
			£	2,314,904		£	739,236
	Reconciliation ofnetincome/(expenditure) tocashflow	flowfromoperating activities
					2025		2024
	Netincome/expenditurefortheyear(page8) Adjustments for: OfficeEquipment Depreciation charges Interestfrom investments (Increase)/decrease indebtors Increase/(decrease) increditors				234,982 (2,038) - 4,197 (51,522) 1,336,427 5,100		1,785,205 - 857 (14,203) (1,531,762) 2,154
	Netcashprovidedfromoperating activities	‘	£	=	1,524,146	£	242,251
	Analysisofcashand equivalents
					2025		2024
					£		£
	Cash inhand				2,314,904		739,236
	Total		£		2,314,904	£	739,236

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THE NUFFIELD ORTHOPAEDIC CHARITY

NOTES TO THE ACCOUNTS for the year ended 5 APRIL 2025

1. Accounting Policies

• a. Basis of Preparation 1. These Accounts combine all accounts of all funds governed by the Constitution Deed dated 7" October 1991, using the principal name of the Charity, or the name Nuffield Orthotics Appeal. The Nuffield Orthopaedic Charity is a registered charity registered in England and Wales. The principal office address is Nuffield Orthopaedic Centre, Headington, Oxford, OX3 7HE

• The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) ~ (Charities SORP FRS102), and the Charities Act 2011 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 accounts.

• The accounts are prepared in sterling which is the functional currency of the charity. Monetary amounts in these

, accounts are rounded to the nearest £.

4. The charity constitutes a public benefit entity as defined by FRS 102.

• 5, The charity has a reasonable expectation that there are adequate resources to continue in operational existence for the foresceable future. As there are no material uncertainties it has continued to adopt the going concern basis in preparing its financial statements.

• b. Fund Accounting The Charity’s general fund consists of funds, which the Charity may use for its purpose, at its discretion, under the terms of the objects clause ofthe Constitution.

The Charity’s restricted fund is for the Nuffield Orthopaedic Centre and the Botnar Research Centre, under the terms of the

objects clause of the Constitution.

• c. Income recognition All income is recognised when there is entitlement, sufficient certainty that receipt of income is probable and the amount of income receivable can be measured reliably.

Gifts, donations and legacies are taken on a cash received basis.

Bank interest is included upon notification of the interest paid or payable by the bank. Bank interest received after date, has been accrued for the amount earned by the Balance Sheet date.

• d. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing 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.

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THE NUFFIELD ORTHOPAEDIC CHARITY

NOTES TO THE ACCOUNTS for the year ended 5" APRIL 2025 (Continued)

1. Accounting Policies (Continued)

• e. Pension scheme The Charity participates 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 Generating Voluntary Income This comprises costs incurred in inducing people, or organisations to contribute financially to the Charity’s work.

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• h. Grants Payable Grants payable are accounted for when the Charity is committed to paying them, with further details given in notes 1(m), 3(b) and 6 to the Accounts.

• i. Realised and Unrealised Gains and Losses All realised gains and losses are recognised in the Accounts. Permanent diminution in the value of fixed assets is charged to the Statement of Financial Activities.

• j. Capitalisation & Depreciation Tangible Assets used by the Charity have been capitalised on the basis of their historical cost or, where received as a gift, their ascertained market value at that time. Depreciation is provided on Tangible Assets, where applicable. The depreciation rates currently in use for Tangible Assets held for use by the Charity are as follows: Garage - Land Not Depreciated ~- Garage 2% of cost per annum

• Office Equipment 20% reducing balance basis

• k. Debtors Debtors are recognised at the settlement amount.

• Cast at bank Cash at bank includes cash held at bank current accounts and short term highly liquid investments held on deposit accounts.

• m. CreditorsCreditors andand provisionsprovisions 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 obligation can be measured or estimated reliably. Creditors and provisions are stated at their settlement amount.

• n. Commitments Legally binding and non-legally binding commitments are shown in the notes to the Accounts after approval by the Trustees. Where financial support is promised but not contracted, the amount is shown in the Accounts when paid.

• o. Transfers of Funds Transfers of income between various funds is considered acceptable should circumstances allow.

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THE NUFFIELD ORTHOPAEDIC CHARITY

NOTES TO THE ACCOUNTS for the year ended 5" APRIL 2025 (Continued)

2.TangibleAssetsforusebytheCharity				Total	Freehold Office Garage Equipment
Gross Book Value At6"April,2024 Additions atCost				45,937 2,038	32,928 13,009 - 2,038
At5®April,2025			£	47,975	32,928 15,047
Depreciation At6°April,2024 Chargefortheyear				19,856 1,197	8,225 11,631 513 684
At5*April,2025			£	21,053	8,738 12,315
NetBookValues As at5™April,2025 As at5%April,2024			£ £	26,922 26,081	24,190 2,732 24,703 1,378
3. Expenditure		Unrestricted Funds		Restricted Funds	2025 Total	2024 Total
a) CostsofGeneratingVoluntary Income
-Promotions& Publicity		-		-	-	-
b) CharitableActivities GoodfellowKneeResearchFellowship SundryGrants		- -		80,000 6,375	80,000 6,375	- 6,226
Support Costs - StaffCosts		-		79,789	79,789	85,767
- Social Security Costs -Staffpension ~OfficeExpenses -Bank&CreditCardCharges ~Insurance		- - - - -		4,440 - 3,240 215 2,042	4,440 - 3,240 215 2,042	4,702 63 4,175 256 2,089
-Professional Fees		~		702	702	1,604
-Depreciation - Sundries		- -		1,197 706	1,197 706	857 3,408
-ArtManagement		-		6,000	6,000	6,750
	£	-		184,706	184,706	115,897
c) Other -Governance Costs -AuditFee		-		7,440	7,440	7,356
-Accountancy Services		-		18,336	18,336	10,588
	£	-		25,776	25,776	17,944

Page 14

THE NUFFIELD ORTHOPAEDIC CHARITY

NOTES TO THE ACCOUNTS for the year ended 5 APRIL 2025 (Continued)

4,	Debtors			2025		2024
	GiftAidRecoveries		£	-		-
	AccruedBankInterest		£	787	£	517
	OtherDebtors Legacies/DonationsReceivable		£ £	10,740 420,750	£ £	3,187 1,765,000
			£	432,277	£	1,768,704
				2025		2024
5.	Creditors; Amounts Falling Duewithin oneyear Social Security& OtherTaxes Accruals OtherCreditors Grants			3,537 29,811 25 25,845		1,948 26,828 16 25,700
		£		59,218	£	54,492

6. Accrued Grant/Gift Commitments

In accordance with policy note 1(h) and 1 (n), contracted grants/gifts are accounted for at the inception of the grant. Known gifts, not committed, to be paid in the future, are shown in the Accounts as and when paid.

	In accordanceaccordance with policy notenote 1(h) andand 1 (n), contracted grants/gifts are accounted for at the inception ofaccounted for at the inception offor at the inception ofat the inception ofthe inception ofinception ofofthe grant.grant. not committed,committed, to be paid in the future,be paid in the future,paid in the future,in the future,the future,future, are shownshown in the Accountsthe AccountsAccounts as and whenand whenwhen paid.	In accordanceaccordance with policy notenote 1(h) andand 1 (n), contracted grants/gifts are accounted for at the inception ofaccounted for at the inception offor at the inception ofat the inception ofthe inception ofinception ofofthe grant.grant. not committed,committed, to be paid in the future,be paid in the future,paid in the future,in the future,the future,future, are shownshown in the Accountsthe AccountsAccounts as and whenand whenwhen paid.	In accordanceaccordance with policy notenote 1(h) andand 1 (n), contracted grants/gifts are accounted for at the inception ofaccounted for at the inception offor at the inception ofat the inception ofthe inception ofinception ofofthe grant.grant. not committed,committed, to be paid in the future,be paid in the future,paid in the future,in the future,the future,future, are shownshown in the Accountsthe AccountsAccounts as and whenand whenwhen paid.	In accordanceaccordance with policy notenote 1(h) andand 1 (n), contracted grants/gifts are accounted for at the inception ofaccounted for at the inception offor at the inception ofat the inception ofthe inception ofinception ofofthe grant.grant. not committed,committed, to be paid in the future,be paid in the future,paid in the future,in the future,the future,future, are shownshown in the Accountsthe AccountsAccounts as and whenand whenwhen paid.	In accordanceaccordance with policy notenote 1(h) andand 1 (n), contracted grants/gifts are accounted for at the inception ofaccounted for at the inception offor at the inception ofat the inception ofthe inception ofinception ofofthe grant.grant. not committed,committed, to be paid in the future,be paid in the future,paid in the future,in the future,the future,future, are shownshown in the Accountsthe AccountsAccounts as and whenand whenwhen paid.	In accordanceaccordance with policy notenote 1(h) andand 1 (n), contracted grants/gifts are accounted for at the inception ofaccounted for at the inception offor at the inception ofat the inception ofthe inception ofinception ofofthe grant.grant. not committed,committed, to be paid in the future,be paid in the future,paid in the future,in the future,the future,future, are shownshown in the Accountsthe AccountsAccounts as and whenand whenwhen paid.	In accordanceaccordance with policy notenote 1(h) andand 1 (n), contracted grants/gifts are accounted for at the inception ofaccounted for at the inception offor at the inception ofat the inception ofthe inception ofinception ofofthe grant.grant. not committed,committed, to be paid in the future,be paid in the future,paid in the future,in the future,the future,future, are shownshown in the Accountsthe AccountsAccounts as and whenand whenwhen paid.	In accordanceaccordance with policy notenote 1(h) andand 1 (n), contracted grants/gifts are accounted for at the inception ofaccounted for at the inception offor at the inception ofat the inception ofthe inception ofinception ofofthe grant.grant. not committed,committed, to be paid in the future,be paid in the future,paid in the future,in the future,the future,future, are shownshown in the Accountsthe AccountsAccounts as and whenand whenwhen paid.	the grant.grant. Known gifts,
	There arecommitmentsmadeby theTrustees toprovidethefollowinggrants inthe future: Commitments Paid at05/04/24 Provided intheyear								Carried Forward
	Othervarious smaller grants—allduewithinoneyear £			25,700 £		10,214	£	10,069	£ 25,845
7.	Analysis ofNetAssetsbetweenFunds
					Net Current
		Tangible Assets	Investments		Assets/ (Liabilities)			2025 Total	2024 Total
	Restricted Fund UnrestrictedFunds	26,922 -	- -		2,647,228 361			2,674,150 361	2,479,173 356
	£	26,922	-		2,647,589			2,674,511 £2,479,529	£2,479,529
	FundMovements—Restricted Fund						Net
			FundBalances		Incoming	Outgoing		FundBalances
			Broughtforward		Resources	Resources		Carried	Forward
	Nuffield Orthopaedic Centre Appeal GeneralFund		2,399,173		93,883		130,482	2,362,574
	GoodfellowKnee ResearchFellowship		80,000		-		80,000	-
	Osteoporosis andother osteoporosis conditions				351,576			351,576
		£	2,479,173		445,459		210,482	2,714,150
	Fund Movements—Unrestricted Funds
	-BankInterest	£	356		5		-	361

Page 15

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THE NUFFIELD ORTHOPAEDIC CHARITY

NOTES TO THE ACCOUNTS for the year ended 5° APRIL 2025 (Continued)

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||||| |---|---|---|---| |8.|Employees|2025|2024| |Average number of|employees:| |Clerical — Full|Time|1|1| |Part Time|1|1|

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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 2025. No other Trustee received remuneration or benefits, or was reimbursed expenses during the year to 5" April 2025.

The salary arrangement has been approved by the Charity Commissioners.

9. Related Parties

The Charity has a close relationship with Nuffield Orthopaedics Ltd which carries out the building ofthe Botnar Research Centre buildings.

The five directors ofNuffield Orthopaedics Ltd who are also trustees of the Charity are as follows:-

C. Johnstone (Chairman)

E. D. J. Thomas (resigned 10" October 2025) Mrs. J. Franklin MBE Professor A.J. Carr (resigned 18" October 2024)

P. S, Candy (Deputy-Chairman)

The Charity made a grant to Nuffield Orthopaedics Ltd during the year of £Nil for the Botnar Research Centre buildings (2024

Mrs. J. Franklin remains the Chairman of the Marcella Trust, who in turn have made significant donations towards the cost of construction of the Botnar research building.

Professor A. J. Carr, a Trustee until 8" October 2024, is also a Trustee ofThe Norman Collisson Foundation who have made a significant donation towards the cost of construction of the Botnar research building.

During the year an overpayment of wages was made to a trustee, resulting in a related party debtor balance of£8,554 included within other debtors of£10,740 at the year end. The balance was repaid in full after the year end, with repayments made on 25 April 2025 and 11 December 2025.

1. The Trustees consider the Charity will be a going concern for the next twelve months.

11. Contingent Asset

NOCC has been notified ofa legacy for which it is entitled to benefit from. The amount and timing of the receipt is uncertain and therefore has not been recognised in the statement of Financial Activities. No reliable estimate of the amount received can be made.