## ## |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| ||||g||CV||T
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Q|| ## ## ## ||||||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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ##