2023-03-31-accounts

Trustees		Mr E R Evans, Chairman	Mr E R Evans, Chairman
		Dr BAAshton
		Mrs V Edwards
		Mr R Freeman
		Prof W Masry
		Mrs L Osselton
		Mr R Lumby
		Mr J S Bratt
		Prof. SRoberts
		Dr G E RThomas
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
		Shrews bury
		Shropshire
		SY1 IDA
Investment	advisors	Barclays Wealth
		Windsor Court
		2nd Floor
		1-3Nrindsor Place
		Cardiff
		CF103BX

		Page
Trustees report		1-5
Statement ofTrustees	responsibilities
Independent auditor's	report	7-9
Statement offinancial	activities	10-11
Balance sheet		12
Notes to the financial	statements	13-30

				Unrestricted	Designated	Restricted	Total
				funds	funds	funds
				2023	2023	2023	2023
			Notes		E		f
JnuamChmn;
Donations, legacies and	grants			14,270		108,063	122,333
Charitable activities				96,714			96,714
Investments				49,489			49,489
Total income				160,473		108,063	268,536
Raising funds				87,042			87,042
Charitable activities				270,640		58,028	328,668
Total resources expenses				357,682		58,028	415,710
Net loss on investments				(109,151)			(109,151)
Net (outgoing) I incoming		resources		(306,360)		50,035	(256,325)
before transfers
Gross transfers between	funds			271,242	(271,242)
Net (expenditure) Iincome		for the year:		(35,118)	(271,242)	50,035	(256,325)
Net movement in funds
Fund balances at 1 April	2022			67,452	2,372,126	1,152,918	3,592,496
Fund balances at 31March		2023		32,334	2,100,884	1,202,953	3,336,171

			Unrestricted	Designated	Restricted	Total
			funds	funds	funds
			2022	2022	2022	2022
		Notes		E	E	E
lrmuu~fuua;
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 incomingl(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 at31March 2022			67,452	2,372,126	1,152,918	3,592,496

							2023			2022
					Note
Fixed assets
Tangible assets					12			1,209,593			1,247,393
Investments					13			1,515,644			1,682,227
								2,725,237			2,929,620
Current assets
Debtors						3,112			3,193
Cash at bank and		in hand				708,720			738,487
						711,832			741,680
Creditors: amounts			falling	due
within one year					17	(100,898)			(78,804)
Net current assets								610,934			662,876
Total assets less		current		liabilities				3,336,171			3,592,496
Net assets								3,336,171			3,592,496
Income funds
Restricted funds					20			1,202,953			1,152,918
Unrestricted funds:
Designated	funds							2,100,884			2,372,126
Unrestricted	funds							32,334			67,452
Total unrestricted		funds						2,165,904			2,439,578
								3,336,171			3,592,496

	Accounting policies (continued)
1.7	Tangible fixed assets
	Tangible fixed assets are initially measured at cost and subsequently measured	atcost orvaluation,		net of
	depreciation and any impairment losses.
	Depreciation is provided at the following annual rates in order to write off each asset over its estimated
	useful life:-
	Long leasehold Over the period ofthe lease
	Niith the exception ofthe iong leasehold property the Charity operates a policy	ofcharging atl expenditure
	on capital items to the Statement of Financial Activities in the year in which it is occurred.
1.8	Fixed asset investments
	Listed investments are included in the Balance Sheet at market value. Unlisted	investments are included at
	cost as an approximation of market value unless there is specific evidence to the contrary.
	Impairment offixed assets
	At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine
	whether there is any indication that those assets have suffered an impairment	loss. Ifany such indication
	exists, the recoverable amount ofthe asset is estimated in order to determine the extent of the		impairment
	loss (ifany).
1.10	Stocks
	The Charity holds stock of specialist publications for use on courses held for	external sales.	At the	year
	end itwas not possible to measure the net reaiisable value ofthis stock with certainty to permit		its inclusion
	in the financial statements. This is largely due to the high volume ofstock held which has an indeterminate
	useful life,
	Cash and cash equivalents
	Cash and cash equivalents include cash in hand, deposits held at calf with banks, other short-term			liquid
	investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts			are
	shown within borrowings in current liabilities.
1.12	Financial instruments
	The Charity has elected to apply the provisions ofSection 11 'Basic Financial Instruments' and		Section 12
	'Other Financial Instruments Issues' ofFRS 102to all of its financial instruments.
	Financial instruments are recognised in the Charity's balance sheet when the Charity becomes		party tothe
	contractual provisions ofthe instrument.
	Financial assets and liabilities are offset, with the net amounts presented in the	financial statements,		when
	there is a legally enforceable right toset offthe recognised amounts and there	is an intention to settle		on a
	net basis or to realise the asset and settle the liability simultaneously.
	Basicfinancial assets
	Basic financial assets, which include debtors, loan notes and cash and bank balances,		are initially
	measured at transaction price including transaction costs and are subsequently	carried at amortised		cost
	using the effective interest method unless the arrangement constitutes a financing transaction,		where the
	transaction is measured at the present value of the future receipts discounted	at a market rate	ofinterest.
	Financial assets classified as receivable within one year are not amoriised,

Donations, legacies and grants
	Unrestricted	Restricted	Total	Total
	funds	funds
	2023	2023	2023	2022
	f.	E	f.	F
Donations and gifts	14,226	38,063	52,289	33,?82
Legacies	44		44	87,500
Grants		70,000	70,000
	14,270	108,063	122,333	121,282
Forthe year ended 31 March 2022	104,729	16,553		121,282

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					Unrestricted	Unrestricted
					Funds	funds
					2023	2022
					f.
income from		listed	investments		45,157	40,313
Loan note	interest		receivable		3,458	13,880
Bank interest		receivable			874	61
					49,489	54,254
Raising funds
					2023	2022
					F
Fundraisin		and	ublici
Staging fundraising			events and related costs		3,494	2,156
Staff costs					27,706	26,502
Fundraising	and publicity				31,200	28,658
Courses and		educational		events
Course expenses					25,995	5,876
Staff costs					25,438	25,006
Course costs					51,433	30,882
Investment	mana		ement		4,409	4,826
					87,042	64,366

								2023	2022
	Depreciation and	impairment						37,800	37,800
	Research and laboratory			equipment				96,296	98,582
	Education, training		and	prizes				13,861	936
	Research salaries,		fees	and expenses				162,734	136,111
								310,691	273,429
	Share ofgovernance		costs (see note 8)					17,9?7	18,698
								328,668	292,127
8	Supportcosts
						Support	Governance	2023	2022
						costs	costs
							F
						f
	Sub-contractor costs						6,420	6,420	6,310
	Printing, stationery	and miscellaneous					5,604	5,604	7,288
	Auditors' remuneration						5,700	5,700	5,340
	Auditors' remuneration		—prior year under		/		253	253	(240)
	(over) provision
							17,977	17,977	18,698
	Analysed between
	Charitable activities						17,977	17,977	18,698

Employees
			2023	2022
The average monthly	number ofemployees	during the year was:
Employment costs			2023	2022
Wages and salaries			52,125	49,950
Social security costs				452
Other pension costs			1,019	1,106
			53,144	51,508

		Unrestricted	Unrestricted
		funds	funds
		2023	2022
Realised	gains	586	919
Unrealised	(losses) /gains	(109,737)	88,384
Net (losses) / gains on investments		109,151	89,303

			Long leasehold
Cost
At 1 April 2022			1,979,993
At 31 March	2023		1,979,993
Depreciation	and impairment
At 1 April 2022			732,600
Depreciation	charged	in the year	37,800
At 31 March	2023		770,400
Carrying amount
At 31 March	2023		1,209,593
At 31 March	2022		1,247,393

Fixed ass	et investments
		Listed	5% Loan	Total
		investments	stock
Cost or valuation
At 1 April	2022	1,598,614	83,613	1,682,227
Disposals		(3,884)		(3,884)
Loan note	repayments		(53,548)	(53,548)
Valuation	changes	(109,151)		(109,151)
At 31 March 2023		1,485,579	30,065	1,515,644
Carrying	amount
At 31 March 2023		1,485,579	30,065	1,515,644
At 31 March 2022		1,598,614	83,613	1,682,227

	in full. N	o provision has bee	o provision has bee	n made against the value ofthe loan	stock.
14	Financial	instruments			2023	2022
						E
	Carrying	amount	offinancial assets
	Debt instruments		measured	at amortised cost	741,897	825,293
	Equity instruments		measured	at cost less impairment	1,300,188	1,303,486
	Carrying	amount	offinancial liabilities
	Measured	at amortised cost			30,164	64,216

15	Debtors
				2023	2022
	Amounts	falling due within one year:		f	E
	Trade debtors			3,112	1,739
	Prepayments				150
	Other debtors				1,304
				3,112	3,193
16	Analysis	ofinvestments	at market value
				2023	2022
				F	E
	UK Equities			1,485,579	1,598,614
	Unlisted	Loan Stock		30,065	83,613
				1,515,644	1,682,227

Creditors: amounts falling due within one year
	2023	2022
Other taxation and social security	673	851
Trade creditors	22,246	31,719
Other creditors	84	184
Deferred income	37,291	13,553
Accruals	40,604	32,497
	100,898	78,804

		2023	2022
			E
Deferred	income as 1 April	13,553	16,751
Amounts	released in the year	(195)	(3,393)
Additions	during the year	23,933	195
Deferred	income at 31 March	37,291	13,553
B/fwd deferred income remaining		13,358	13,358

2023		Balance at 1	Incoming	Resources	Transfers	Gains and	Balance at 31
		April 2022	resources	expended		(losses}	March 2023
		E	E	E		E	E
Unrestricted	funds
Unrestricted		67,452	160,473	(357,682)	271,242	(109,151)	32,334
Designated		2,372,126			(271,242)		2,100,884
		2,439,578	160,473	(35?,682)		(109,151)	2,133,218
Restricted		1,152,918	108,063	(58,028)			1,202,953
		3,592,496	268,536	(415,710)		(109,151)	3,336,171

2022		Balance at 1	incoming	Resources	Transfers	Gains and	Balance at 31
		April 2021	resources	expended		(losses}	March 2022
		E		E		E	E
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	(59,85?)	(79,366)		1,152,918
		3,544,469	315,217	(356,493)		89,303	3,592,496

Analysis	of	net assets between funds
			Unrestricted	Designated	Restricted	Total
			funds	funds	funds
			2023	2023	2023	2023
			F		F
Fund balances at 31 March 2023are
represented		by:
Tangible	assets			445,945	763,648	1,209,593
Investments				1,515,644		1,515,644
Current	assets/(liabilities)		32,334	139,2S5	43S,305	610,934
			32,334	2,100,884	1,202,953	3,336,171
			Unrestricted	Designated	Restricted	Total
			funds	funds	funds
			2022	2022	2022	2022
			f	K	f.	E
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

22 Analysis offund	s
					Total fund				Total fund
					balance to				balance to
					01/04/22	Costs	Income	Transfers	31/03/23
General purposes					67,452	(86,968)	46,341	5,509	32,334
General purposes —designated
Course (Exp/Inc/Tfr)						(26,164)	44,069	(17,905)
Population Orthopaedics	fund				67,863			5,535	73,398
Regenerative Orthopaedics		fund			67,863				67,863
Anatomy fund (incorporating		Henry		Freede Fund)	46,499	(21,384)	14,?00	4,246	44,061
Arthroplasty fund					240,272	(1,800)	8,893		247,365
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	('l89)			13,610
CIND fund					21,178	(74)	43,663		64,767
CIND fund —restricted					4,126				4,126
ENT course fund					14,885				14,885
ENT course fund —restricted					4,441				4,441
Foot &Ankle research fund					86,721	(1,532)		2,486	87,675
Hand surgery res & trg fund					11,466	(2,267)	2,108		11,307
Hip unit
Histopathology research	fund				254				254
Upper Limb (Hand &Wrist} fund					6,010	(189)			5,821
Limb reconstruction fund					37,813	(272)	402		37,943
Fund Generation fund (previously			London Marathon)		3,650		4,189		7,839
Fund Generation fund (previously			London Marathon)
- restricted					3,426				3,426
Medical photography					7,608				7,608
Micro surgery fund					5,160	(173}			4,987
Muscular dystrophy fund					1,082			5,001	6,083
OSCAR fund					3,594	(40)			3,554
Oncology fund					62,207	(22,750)	989		40,446
Oncology fund —restricted
Orthotic research fund					7,841		100		7,941
Oscell fund					7,827				7,827
Paediatrics fund					3,383	(217)		128	3,294
Paediatrics fund —restricted					3,772				3,772
Club Foot fund (replaces	Paediatric			Neurology)	696				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					50,665		112		50,777
Radiology fund					88,137				88,137
Radiography fund					943				943
Registrars day fund					11,155	(3,324)	2,380	14,742	24,953
Registrars day fund —restdcted						(1,535)		1,535
Research fund (Arthritis & Rheumatology)					4,285		200		4,485
Research fund (General)					488,070	(188,017)	13,633	3,773	317,459
Research fund (General)	—restricted				261,648	(8,178}	84,663		338,133
Research fund (SWhite)
Research fund (SWhite)	—restricted
Charles Salt research fund					34,911				34,911
Radiology Research fund					131				131
Radiology Research fund	—restricted				110				110
Spinal injuries fund					94,875			(13,774)	81,101
Spinal injuries fund —restricted					3,608				3,608
Spinal injuries staff fund					4,664	(381)			4,283
c/f					1,889,924	(365,454)	266,442	10,518	1,801,430

			Total fund				Totai fund
			balance to				balance to
			01/04/22	Costs	income	Transfers	31/03/23
b/f			1,889,924	(365,454)	266,442	10,518	1,801,430
Spinal studies centre			47,130				47,130
Spinal studies centre —restricted			11,041				11,041
Spinal studies research projects			8,561	(786)			7,775
Spinal studies research projects —restricted			7,725				7,725
Sports injury research fund			37,132	(3,723)			33,409
Teaching fund			6,308		500	(6,808)
Teaching fund —restricted			1,535			(1,535)
Lloyd Griffiths prize			1,395	(421)		(974)
Lloyd Griffiths prize —restricted			418	(418)
WG Davies prize			2,588				2,588
WG Davies prize —restricted			3,645				3,645
Division ofnursing studies			4,030				4,030
Division of nursing studies	—restricted-
J Rowland Hughes price			388	(292)			96
J Rowland Hughes price —restricted			153	(153)
Dr W M Park memorial fund			2,393				2,393
Dr W M Park memorial fund		—restricted	209				209
Friday PM fund			1,201			(1,201)
Anesthetist's fund			5,543	(161)	250		5,632
Rheumatology Educational		fund	10,230	(2,961)			7,269
Rheumatology Educational		fund —restricted	3,264				3,264
GP Study Day fund			18,757	(2,968)			15,789
Veterans Centre fund			12,243		1,344		13,587
Veterans Centre fund —restricted			1,813				1,813
Dr BTins fund			4,'i59	13			4,172
Dr BTins fund —restricted			11,589				11,589
SAS Doctors Conference	fund		3,540				3,540
Bioinformatics			3,190				3,190
Sub-total			2,100,104	(377,324)	268,536		1,991,316
LMA Research centre			459,882	(13,937)			445,945
I MA Research centre —restricted			787,511	(23,863)			763,648
Unrealised gains			244,999	(109,737)			135,262
Total			3,592,496	(524,861)	268,536		3,336,171
Summary
Restricted funds			1,152,918	(58,028)	108,063		1,202,953
Designated funds			2,372,126			(271,242)	2,100,884
Unrestricted funds			67,452	(466,833)	160,473	271,242	32,334
Total			3,592,496	(524,861)	268,536		3,336,171