2022-03-31-accounts

Trustees		Mr E R Evans, Chairman	Mr E R Evans, Chairman
		Dr 8AAshton
		Mrs V Edwards
		Mr R Freeman
		Prof W Masry
		Mrs L Osselton
		Mr R Lumby
		MrJS Bratt
		Prof. S Roberts
		Dr G E R Thomas
Charity number		1044906
Company	number	02992437
Registered	office	Arthritis Research	Centre
		RJAH Hospital
		Oswestry
		Shropshire
		SY107AG
Auditor		Wenn Townsend
		30St Giles
		Oxford
		OX1 3LE
Solicitors		Hatchers Solicitors	LLP
		Thornes Hall
		Castle Street
		Shrewsbury
		Shropshire
		SY1 1DA
investment	advisors	Barclays Wealth
		Windsor Court
		2nd Floor
		1-3VAndsor Place
		Cardiff
		CF103BX

		Page
Trustees report
Statement ofTrustees	responsibilities
Independent auditor's	report	7-9
Statement offinancial	activities	10-11
Balance sheet
Notes tothe financial	statements	13-30

			Unrestricted	Designated	Restricted	Total
			funds	funds	funds
			2022	2022	2022	2022
		Notes	E		f	F.
InumuUrgm;
Donations and legacies			104,729		16,553	121,282
Charitable activities			64,681		75,000	139,681
Investments			54,254			54,254
Total income			223,664		91,553	315,217
Raising funds			64,366			64,366
Charitable activities			232,270		59,857	292,127
Total resources expenses			296,636		59,857	356,493
Net gain on investments			89,303			89,303
Net Incoming/(outgoing)	resources		16,331		31,696	48,027
before transfers
Gross transfers between	funds		(28,879)	108,245	(79,366)
Net income/{expenditure)	for the year:		(12,548)	108,245	(47,670)	48,027
Net movement in funds
Fund balances at 1 April	2021		80,000	2,263,881	1,200,588	3,544,469
Fund balances at 31March 2022			67,452	2,372,126	1,152,918	3,592,496

			Unrestricted	Designated	Restricted	Total
			funds	funds	funds
			2021	2021	2021	2021
		Notes		E	E
lrmum~
Donations and legacies			222,428		42,289	264,717
Charitable activities			32,670			32,670
Investments			41,103			41,103
Total income			296,201		42,289	338,490
Raising funds			59,707			59,707
Charitable activities			202,679		46,686	249,365
Total resources expenses			262,386		46,686	309,072
Net gain on investments			275,709			275,709
Net incoming/(outgoing)	resources		309,524		(4,397)	305,127
before transfers
Gross transfers between	funds		(303,691)	305,825	(2,134)
Net income/(expenditure)	for the year.
Net movement in funds			5,833	305,825	(6,531)	305,127
Fund balances at 1 April	2020		74,167	1,958,056	1,207,119	3,239,342
Fund balances at 31March 2021			80,000	2,263,881	1,200,588	3,544,469

AS AT31M	A	RC	H 2022
						2022			2021
				Note
Fixed assets
Tangible assets				12			1,247,393			1,285,193
investments				13			1,682,227			1,607,141
							2,929,620			2,892,334
Current assets
Debtors				15	3,193			6,756
Cash at bank and		in hand			738,487			691,017
					741,680			697,773
Creditors: amounts			falling due
within one year				17	(78,804)			(45,638)
Net current assets							662,8?6			652,135
Total assets less		current liabilities					3,592,496			3,544,469
Net assets							3,592,496			3,544,469
Income funds
Restricted funds				20			1,152,918			1,200,588
Unrestricted funds'.
Designated	funds						2,372,126			2,263,88'I
Unrestricted	funds						67,452			80,000
Total unrestricted		funds					2,439,578			2,343,881
							3,592,496			3,544,469

Donations and legacies
	Unrestricted	Restricted	Total	Total
	funds	funds
	2022f	2022 f	2022	2021f
Donations and gifts	17,229	16,553	33,782	54,148
Legacies	87,500		87,500	210,569
	104,729	16,553	121,282	264,717
Forthe year ended 31 March 2021	222,428	42,289		264,717

				CI	0		CI
		I		ID	CD		«D
		CI 0«		CV	CO		CV
				CO «D	CO CD	O O O	CO «D	0 «D	I	0 «D
0		C« 0I		CB			0) Y	«9		CV «9
						I
	010			CO	0& CO			CO «A
	«l«g p 0 '0 C CI		CI« CI«I«g C«	CO	CO
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CI e&&g V~ CI 'I Ill «/j )0a 0«0			«II	IA I «0 CQ «A	«D	0 OO IA	«A T	0 «0 lA CO 0	I	0 CO lA CO 00
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&0Eg~ 0 0 C fJ										T

					Unrestricted	Unrestricted
					Funds	funds
					2022	2021
						F
Income from		listed	investments		40,313	40,173
Loan note	interest		receivable		13,880
Bank interest		receivable			61	930
					54,254	41,103
Raising funds
					2022	2021
						F
F dr isin	and		ublici
Staging fundraising			events and related costs		2,156	2,705
Staff costs					26,502	26,600
Fundraising	and publicity				28,658	29,305
Courses	d	educational		events
Course expenses					5,876	504
Staff costs					25,006	25,543
Course costs					30,882	26,047
vestment		ana	me		4,826	4,355
					64,366	59,70?

										2022	2021
											F
	Depreciation and			impairment						37,800	37,800
	Research and laboratory						equipment			98,582	95,225
	Education, training				and		prizes			936	368
	Research salaries,				fees		and expenses			136,111	92,833
										273,429	226,226
	Share	of governance				costs (see note 8)				18,698	23,139
										292,127	249,365
8	Support		costs
								Support	Governance	2022	2021
								costs	costs
									8
								E
	Sub-contractor costs								6,310	6,310	6,194
	Printing,	stationery		and		miscellaneous			7,288	7,288	11,845
	Auditors'		remuneration						5,100	5,100	5,100
									18,698	18,698	23,139
	Analysed		between
	Charitable		activities						18,698	18,698	23,139

Employees
			2022	2021
The average monthly	number ofemployees	during the year was:
Employment costs			2022	2021
Wages and salaries			49,950	50,688
Social security costs			452	469
Other pension costs			1,106	986
			51,508	52,143

		Unrestricted	Unrestricted
		funds	funds
		2022 F	2021f
Realised gain		919	240
Unrealised	gain	88,384	275,469
Net gain on	investments	89,303	275,709

12	Tangible fixed assets	Tangible fixed assets
				Short leasehold
				E
	Cost
	At 1 April 2021			1,979,993
	At 31 March	2022		1,979,993
	Depreciation	and impairment
	At 1 April 2021			694,800
	Depreciation	charged	m the year	37,800
	At 31 March	2022		732,600
	Carrying amount
	At 31 March	2022		1,247,393
	At 31 March	2021		1,285,'i 93

Fixed ass	et investments
		Listed	5%Loan	Total
		investments	stockf
Cost or valuation
At 1 April	2021	1,514,605	92,536	1,607,141
Disposals		(4,375)		(4,375)
Loan note	repayments		(8,923)	(8,923)
Valuation	changes	88,384		88,384
At 31 March 2022		1,598,614	83,613	1,682,227
Carrying	amount
At 31 March 2022		1,598,614	83,613	1,682,227
At 31 March 2021		1,514,605	92,536	1,607,141

Financia	I instruments	I instruments				2022	2021
						E
Carrying	amount	offinancial		assets
Debt instruments		measured	at amortised		cost	825,293	790,309
Equity instruments		measured		at cost less	impairment	1,303,486	1,307,861
Carrying	amount	offinancial		liabilities
Measured	at amortised cost					64,216	27,536

15	Debtors
				2022	2021
	Amounts	falling due within one year:
	Trade debtors			1,739	6,096
	Pre payments			150
	Other debtors			1,304	660
				3,193	6,756
16	Analysis	ofinvestments	at market value
				2022f	2021f
	UK Equities			1,598,614	1,514,605
	Unlisted	Loan Stock		83,613	92,536
				1,682,227	1,607,141

Creditors: amounts falling due within one year
	2022	2021
		E
Other taxation and social security	851	1,273
Trade creditors	31,719	6,399
Other creditors	184	78
Deferred income	13,553	16,751
Accruals	32,497	2'l,137
	78,804	45,638

			2022	2021
			E
Deferred	income as 1 April		16,751	29,826
Amounts	released	in the year	(3,393)	(13,093)
BIfwd deferred income remaining			13,358	16,733
Deferred	income	at 31 March	13,553	16,751

2022		Eialance at 1	Incoming	Resources	Transfers	Gains and	Balance at 31
		April 2021	resources	expended		losses	March 2022
			f.	f			f
Unrestricted	funds
Unrestricted		80,000	223,664	(296,636)	(28,879)	89,303	67,452
Designated		2,263,881			108,245		2,372,126
		2,343,881	223,664	(296,636)	79,366	89,303	2,439,578
Restricted		1,200,588	91,553	(59,857)	(?9,366)		1,152,918
		3,544,469	315,217	(356,493)		89,303	3,592,496

2021		Balance at 1	Incoming	Resources	Transfers	Gains and	Balance at 31
		April 2020	resources	expended		losses	March 2021
						p
Unrestricted	funds
Unrestricted		74,167	296,201	(262,386)	(303,691)	275,709	80,000
Designated		1,958,056			305,825		2,263,881
		2,032,223	296,201	(262,386)	2,134	275,709	2,343,&81
Restricted		1,207,119	42,289	(46,686)	(2,134)	-	1,200,588
		3,239,342	338,490	(309,072)		275,709	3,544,469

			Unrestricted	Designated	Restricted	Total
			funds	funds	funds
			2022	2022	2022	2022
					F
Fund balances at 31 March 2022 are
represented		by:
Tangible	assets			459,882	787,511	1,247,393
Investments				1,682,227		1,682,227
Current	assets/(liabilities)		67,452	230,017	365,407	662,876
			67,452	2,372,126	1,152,918	3,592,496
			Unrestricted	Designated	Restricted	Total
			funds	funds	funds
			2021	2021 Z	2021	2021f
Fund balances at 31 March 2021 are
represented		by:
Tangible	assets			473,819	811,374	1,285,193
Investments				1,607,141		1,607,141
Current	assets/(liabilities)		80,000	182,921	389,214	652,135
			80,000	2,263,881	l,200,588	3,544,469

22 Analysis offunds	22 Analysis offunds
						Total fund				Total fund
						balance to				balance to
						01/04/21	Costs	Income	Transfers	31/03/22
Generat purposes						80,000	(62,924)	65,979	(15,603)	67,452
General purposes —designated						51,509			(51,509)
Course (Exp/Inc/Tfr)							(4,805)	17,677	(12,872)
Population Orthopaedics	fund					70,338			(2,475)	67,863
Regenerative Orthopaedlcs		fund				63,343			4,520	67,863
Anatomy fund (incorporating		Henry		Freede Fund)		66,346	(49,036)	28,400	789	46,499
Arthroplasty fund						223,064	(1,098)	44,757	(26,451)	240,272
Arthroplasty fund —restricted						41,108				41,108
Research fund (Tony Smith)						2,310				2,310
Research fund (Tony Smith)		—restricted				147				147
RJP Upper Limb fund						13,799				13,799
CIND fund						28,436	(75)	35,317	(42,500)	21,178
CIND fund —restricted						4,126				4,126
ENT course fund						1'l,285		3,600		14,885
ENT course fund —restricted						4,441				4,441
Foot 8 Ankle research fund		(NM)				84,616	(771)		2,876	86,72'I
Hand surgery res & trg fund						12,185	(969)	250		11,466
Hip unit (formerly JRR &	D)					2,046			(2,046)
Histopathology research	fund					254				254
Upper Limb (Hand 8 Wrist) fund						6,010				6,0'I0
Limb reconstruction fund	(AB)					36,534	(414)	1,693		37,813
Fund Generation fund (previously			London		Marathon)	2,189	(289)	1,750		3,650
Fund Generation fund (previously			London		Marathon)
- restricted						3,426				3,426
Medical photography						7,608				7,608
Micro surgery fund						5,160				5,160
Muscular dystrophy fund						1,082				1,082
OSCAR fund						3,634	(40)			3,594
Oncology fund						59,534	(9)	1,146	1,536	62,207
Oncology fund —restricted						780	(780)
Orthotlc research fund						7,841				7,841
Oscell fund						7,827				7,827
Paediatrics fund						3,383				3,383
Paediatrics fund —restricted						3,772				3,772
Club Foot fund (replaces	Paediatric			Neurology)		88			608	696
Club Foot fund (replaces	Paediatric			Neurology)
- restricted						1,148				1,148
Pharmacy fund (replaces	Pathology			Museum)		363				363
Postgraduate fund						758				758
Publishing fund (JBR + VCP)						49,169	(40)	465	1,071	50,665
Radiology fund						87,362			775	88,137
Radiography fund						943				943
Registrars day fund (S-J)						12,332	(1,177)			11,155
Research fund (Arthritis & Rheumatology)						2,103		2,182		4,285
Research fund (General)						403,315	(157,210)	14,497	227,468	488,070
Research fund (General)	—restricted					283,891	(34,590)	91,553	(79,206)	261,648
Research fund (SWhite)						5,094			(5,094)
Research fund (SWhite)	—restricted					16O			(160)
Charles Salt research fund						34,911				34,911
Radiology Research fund						131				131
Radiology Research fund	—restricted					'I10				110
Spinal injuries fund						94,725		150		94,875
Spinal injuries fund —restricted						3,608				3,608
Spinal injuries staff fund						4,80O	(136)			4,664
						1,893,144	(314,363)	304,416	1,727	1,889,924

22 Analysis offunds		(continued)
			Total fund				Total fund
			balance to				balance to
			01/04/21	Costs	Income	Transfers	31/03/22
b/f			1,893,144	(314,363)	309,416	1,727	1,889,924
Spinal studies centre			48,201			(1,071)	47,130
Spinal studies centre —restricted			11,041				11,041
Spinal studies research projects (BC)			7,311		1,250		8,561
Spinal studies research projects (BC) —restricted			7,725				7,725
Sports injury research fund			37,132				37,132
Teaching fund (R Banerjee)			6,258		50		6,308
Teaching fund {RBanerjee)		—restricted	1,535				1,535
Lloyd Griffiths prize			1,410	(15)			1,395
Lloyd Griffiths prize —restricted			418				418
WG Davies prize			2,588				2,588
WG Davies prize —restricted			3,645				3,645
Division of nursing studies			4,441	(1,894)	1,483		4,030
Division of nursing studies J Rowland Hughes price	—restricted		1,106 388	(1,106)			388
J Rowtand Hughes price —restrtcted			153				153
Dr W M Park memorial fund			2,393				2,393
Dr W M Park memorial fund		—restricted	209				209
Friday PM fund			1,234	(33)			1,201
Anesthetist's fund			5,543				5,543
Rheumatoiogy Educational		fund (Dr A Askari)	8,786		1,444		10,230
Rheumatology Educational		fund —restricted	3,264				3,264
GP Study Day fund			18,381		200	176	18,757
Veterans Centre fund			10,357	(407)	2,293		12,243
Veterans Centre fund —restricted			1,813				1,813
Dr BTins fund			5,866	(875)		(832)	4,159
Dr BTins fund —restricted			11,589				11,589
SAS Doctors Conference	fund		3,540				3,540
Bioinformatics			3,190				3,190
Sub-total			2,102,661	(318,693)	316,136		2,100,104
LMA Research centre			473,819	(13,937)			459,882
LMA Research centre —restricted			811,374	(23,863)			787,511
Unrealised gains			156,615		88,384		244,999
Total			3,544,469	(356,493)	404,520		3,592,496
Summary
Restricted funds			1,200,588	(59,857)	91,553	(79,366)	1,152,918
Designated funds			2,263,881			108,245	2,372,126
Unrestricted funds			80,000	(296,636)	312,967	(28,879)	67,452
Total			3,544,469	(356,493)	404,520		3,592,496