Charity Registration No. 1044906
Company Reglstratlon No. 02992437 (England and Wales)
ORTHOPAEDIC INSTITUTE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

ORTHOPAEDIC INSTITUTE LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trust8OS
Mr E R Evans, Chairman
Dr A Askari
Prof P Cool
Mrs V Edwards
Mr R Freeman
Prof W Masry
Mrs L Osselton
MrJSBratt
Prof S Roberts
DrGER Thomas
Charlty number
1044906
Company number
02992437
Reglstèred offlce
Arthrilis Research Cenlre
RJAH Hospital
Oswestry
Shropshife
SY10 7AG
Auditor
Wenn Townsend
30 St Giles
Oxford
OX1 3LE
Solicltors
Hatchers Solicitors LLP
Thornes Hall
Castle Street
Shrewsbury
Shropshire
SY1 1DA
Investment advisors
Barclays Wealth
Windsor Court
2nd Floor
1-3 Windsor Place
Cardiff
CF10 3BX

ORTHOPAEDIC INSTITUTE LTD
CONTENTS
Pagg
Trustees report
Statement of Trustees responsibilities
Independent auditor's report
Statement of financial activities
10-11
Balance sheet
Notes to the financial statements
13-30

ORTHOPAEDIC INSTITUTE LTD
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their report and the audited financial ststements of the charity for the year ended 31 March
2024. The truste8s have adopted Ihe provisions of the Stalement of Recommended Praclice {SORP)'Accounting
and Reporting by Charities. in preparing the annual report and financial statements of the charity.
Objectlves and actlvlties
The objects ofthe Charity are to promote by all available means the study ofdisease and particularly disorders
of the locomotor system and allied subjects, and generally to improve the standard of knowledge of the means
of prevention, diagnosis and methods of treatment and cure of such disorders, and to initiate, encourage,
support and carry out research and investigation into the causes of such disorders and Ihe possibilities of
prevention and alleviation or cure.
The Charity's main objectives for the year continue to be funding and facilitating medical research and
teaching at the RJAH Orthopaedic Hospital, Oswestry, Shropshire.
The strategles to achieve the objectives ofthe Charity are..
To encourage researchers to submit projects to the Institute forfunding, coupled with persuading smaller
research departments to be more forthcoming in this respect.
To continue the organisation and running of training courses, together with a variety of spècialised
leaching and training courses open lo doctors in general and medical staff throughout this country and
overseas.
To continue with our support for the very successful Research Days where patients, donors. schools and
members of the publi¢ are invited to come along to view the research work that is being carried out and
to ensure the ongoing trend of attracting high profile Professors, Consultants and Clinicians to attend this
annualevent. These two days enhan￿ the profile of the Hospital and improves its national and
international reputation.
To promote in the local press and on our updated website our achievements more comprehensively.
To endeavour to promote the Institute with the legal profession, to encourage future legacies and
donations.
Fundraislng standards Information
The Charity raises funds from Ihe public through events and marketing. The Charity employs a fundraiser who
manages the fundraising campaigns. Any significanl fundraising activities are approved by the Trustees and the
Trustees monitor the performance of events through attendance. To the date of this report, no complaints have
been received in connection with the Charily's fundraising activities. The Charity does not solicit or place undue
pressure on the general public for donations. Any marketing is via emails to a consented donor list, wilhin the
hospital staff network or through the website, social media and local press.
Publlc benefit statement
The Trustees have paid due regard to the Charily Commission guidance on public benefit and consider this
when deciding which activities the Charity should undertake. All of the Charity's activities focus on medical
research and teaching and are undertaken to further our charitable PLtrposes for the public benefit.

ORTHOPAEDIC INSTITUTE LTD
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance
Each yearthe Charity produces an exlensive annual report, which fully explains the projects receiving funding
and the progress in the year. Copies of this report are available from the registered office. Brief descriptions of
the major funds supporting these projects are recorded in the notes to the a￿ountS.
Circulating our Annual Report enables us lo keep in close contact with our funders. We seek medical research
funding for various innovative projects over a 213 year lime span to provide continuity to our research slaff.
The Trustees wish to thank all of its donors for the support over the last twelve months to enable the research
projects to continue and new projects to begin. During the year the Orthopaedic Instilute provided funding
for nine new research projects with over thirty projects ongoing at the year end.
Local profile also enables the fundraiser to liaise closely with local charitable organisations. This initiative
continues to bring in funds for the work of the Charity. Patients are very supportive of the Hospital and the
Institute.
During the year w8 were able to hold six courses, generats'ng income of £54,463 (2023 - £43,315). The
COLFrses held were the Basic Science course, Oswestry Gait course, Foot and Ankle course, Sports Knee
meetlng, GP Osteoporosis study day and the ST3 Interview course.
The fixed asset investments held by the Charity at the 31 March 2024 had a markel value of £1,583,877
{2023 - £1,485,579). The income stream from the investments for the year including l o a n n ote a n d
bank interest was £54,570 {2023- £49,489). TheTrustees are satisfied with the management ofthe investment
portfolio against the objectives detailed within the financial review.
Flnanclal revlew
The Charity has generated a net surplus this year of £98,049 (2023: deficit £256,325), which includes an
unrealised gain on the investment portfolio of £102.201 12023.. loss of £109,737). Further details of income
and fund balances are presented elsewhere within this report.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should
be maintained al a level equivalent to between three and Six month's expenditure. The Trustees consider that
reserves at this level wi15 ensure that. in the event of a significant drop in funding, they will be able to continue
the Charity's current activities while consideration is given to ways in which additional fund5 may be raised.
Given the long-lerm nature of the research projects undertaken by the Charily the Trustees designate
unreslricled funds to individual projects soon after they are received. This allows for long term planning and
security for the research staff. As a result of this policy significant balances are retained as designated for
particular research projects.
The Charity has the policy of relaining a low level of unrestricted undesignaled funds to meet administration
costs and provide a small reserve for starting new projects or appeals. The Trustees have the policy that this
balance should exceed £10,000 to cover approximately three months administration expenses. The
unrestricted general fund fluctuates throughout the year as unrestricted income is received and held as such
until it is allocated to specific projects. The Truslees policy is that the unrestricted general fund should not
exceed £80,000 and Ihis is monitored at the quarterly committee meetings.
At the year-end, unrestricted undesignated reserves excluding l os ses or gains on investments totalled £5, 54 8
12023 - £32,334}. The Charity's investmenl income covers the ongoing adminisliative costs. In addition the charity
holds unrestricted unallocated funds within the research fund to enable new projects to be initially supported when
approved by the research panel before addits'onal funding can be sought.

ORTHOPAEDIC INSTITUTE LTD
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The main source of the Charity's income is generated from charities, grant making bodies, individual donors
and surpluses on courses. The reputation of the Hospital has enabled the Institute to forge long standing
personal connections with the decision makers and this has enabled personal contact when support is sought.
Funds are either received in response to applications made by the research teams for specific projects in
which case the income is used lo support those projects or for income received where no specific application
has been made the research teams apply for grants from these reserves.
The investmenl objectives are..
The creation of a sufficient financial relurn to enable the Charity to carry out its purposes effectively
andwithout interruption, and
The maintenance and, if possible, enhancement ofthe investment funds whilst they are invested.
To obtain a reasonable balance between capital growth and income so that the Charity can meet future
aswell as current needs.
To avoid investments that are unduly risky.
The Trustees, policy is to invest in an appropriate mix of real assets, i.e. equities, fixed interest and monetary
assets. Trustees recognise that the returns on equities. while expected to be greater over the longer-term than
those of fixed interest and monetary assets, are likely to be more volatile. Investment in a mix of asset classes
should nev8rthele5s provide the levels of relurn required and mitigate volatility for the Trust to achieve its
objectives.
The Trustees have delegated their investment powers lo an appointed investment manager. The investment
manager is responsible for carrying out all day-to-day investment decisions including acquisition and
realisalion of investments. The investment manager is required lo exercise the power to give effect to the
principles as contained in this statement and, in particular, must have regard lo the need for diversifiGation and
suilabilily of investments selecled. Due to changing investment practice, the investment manager is appointed
on a discretionary basis.
Whilst the Trustees are not involved in the day-lo-day operation of the investment portfolio and cannot directly
influence attainment of a performance target, they will assess performance on an annual basis. Measurable
targets have been developed for the investment manager consistent with the achievement of the objectives
set out above and an acceptable level of risk with no holding in a single equity or pooled vehicle having a
value that is more than 70h of the total equity portfolio. The Trustees do not wish to participate in any
underwriting arrangement or hold direcl investmenls quoted on AIM or OFEX markets.
The appointment of the investmenl manager will be reviewed from time lo time by the Trustees, based upon
the results of their monitoring of performance. investment process and the manager's compliance with the
requirements of the Trustee Act 2000 and guidance of the Charity Commissioners.
The investment manager will meet the Trustees lor a designated body of trustees) at least once a year to
review performance over the preceding period and to discuss and agree the strategy to be adopted.
Although generally the interests of atrust's beneficiaries are best served by seeking to oblain a sound financial
return from a suitably diverse portfolio of investments, the investment manager will have the regard tonol
investing in those assets which could be delrimental to the objectives and aims of the Trust. The Trust does
not have an ethical investment policy.
The investment powers of the Trustees have been formally vested in the Charity's independent stockbrokers,
Barclays Wealth.

ORTHOPAEDIC INSTITUTE LTD
TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees have conducted their own review of the major risks to which the Charity is exposed and systems
have been established to miligate those risks. External risks to funding have led lo the engagement of a
fundraiser to oversee appeals made by the Charity and report to the Trustees on fundraising progress each
quarter.
Internal risks are minimised by the implemenlation of procedures for authorisation of all transactions and
projects and to ensure consistent quality of delivery for all operational aspects of the charitable company.
These procedures are periodically reviewed to ensure that they still meet the needs ofthe Charily.
Long term alms and objoctlves
The Institute intends to continue to be supportive of the Trust 8oard at the Robert Jones and Agnes Hunt
orthopaedic Hospital and to work alongside the Hospilal lo assist with funding of medicalresearch projects.
We intend to GontinLte developing our fundraising base by approaching newly formed charities and seeking to
acqiiire new connections. We will encourage researchers lo submit projects for funding. Liaison with local
solicitors 15 Vltal to maintain Ihe receipt of legacies which assist considerably when funding research projects.
We will continue to support teaching and training and running of courses for the medical profession, Courses
are vital not only in attracting the delegales and generating income bul also to promote the Robert Jones and
Agnes Hunt Orthopaedic Hospital and retain our standard as a Centre of Excellence with national and
international reputation. We continue to look al how we can provide future training wth reduced delegate
numbers and also to online course provision where possible.
Our long term financial investments have been affected adversely by general economic factors affecting the
worldwide stock markets during the year. Our investments are held trtheir longer term value as well as
providing ongoing Income to support our charitable activities. We continue to monitor our investments
performance and risk profile with our financial advisors.
structure, governance and management
The Charity is a company limited by guarantee and therefore has no share capital. Each member is liable,
upon winding up, to an amount not exceeding £1. The Charity was incorporated on 21 sl November 1994 to
take over and continue the administration of the pre existing Charity The Institute of Orthopaedics. The
company was established under a Memorandum ofAssocialion, which established the objects and powers of
the charitable company and is governed under its Articles ofAssociation.
The Trustees, who are also the directors for the purpose of company law. and who served during the year ancl
up to the date of this report were:
Mr E R Evans Chairman
Dr B AAshton (resigned 11 September 2024)
Dr A Askari (appointed 12 June 2024}
Prof P Cool (appointed 15 November 2023)
Mrs V Edwards
Mr R Freeman
Prof W Masry
Mrs L Osselton
Mr R Lumby (resigned 17 January 2024)
Mr J S Bratt
Prof. S Roberts
Dr G E R Thomas
The Trustees retiring by rotalion are:
Mr J S Bratt, Prof S Roberts and Dr G E R Thomas

ORTHOPAEDIC INSTITUTE LTD
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
As set out in the Articles ofAssociation the members of the Orthopaedic Institute Ltd nominate the Chair of
the Trustees. Each year one third of the Trustees retire by rotation and may offer themselves for re- election,
Vvhen a vacancy exists the new Trustee will be of similar standing lo the retiring Trustee. All members are
circulated wilh invitations to nominate Trustees prior to the Annual General Meeting advising them of the
retiring Trustees and requesting nominations for the Annual General Meeting.
The paid administrators of the Charity have been delegated by the Trustees as being responsible for day to
day management.
The Charity collaborates very closely with the medical department at Keele University in carrying out many
research projects.
The Charity operates within the environs of the Robert Jones & Agnes Hunt Orthopaedic Hospital. The NHS
Trust engages the staff undertaking research projects. teaching and administration. The Robert Jones &
Agne5 Hunt Orthopaedic Hospital recharges their salary costs to the Charity_
Dlsclosuro of Informatlon to the auditors
In so faras the trustees are aware:
there is no relevant audit information ofwhich the charitable company's auditors are unaware., and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevanl
audit information and to establish Ihat the auditors are aware of that information.
This report has been prepared having taken advantage of the small companies exemption in the Companies Act
2006.
The Tr
ort was approved by the Board of Trustees.
Mr E R Evans
Chairman & Trustee
Oated..20 November 2024

ORTHOPAEDIC INSTITUTE LTD
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees (who are also the directors of Orthopaedic Institute Ltd for the purpose of company law), are
responsible for preparing theTrustees' Annual Report and the financial statements in accordance with applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true
and fair view of the stale of affairs of the Charity and of the incoming resources and application of resources,
including the income and expenditure, of the charitable company for that year.
In preparing these financial statements. the Twslees are required to:
select suitable accounting policies and then apply them consistently..
observe the methods and principles in the Charities SORP 2019 {FRS 102):
make judgement5 and estimates that are reasonable and prudent:
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any
material departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy
al any time the financial position of the Charity and enable them to ensure that the financial statements comply
with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ORTHOPAEDIC INSTITUTE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ORTHOPAEDIC
INSTITUTE LTD
FOR THE YEAR ENDED 31 MARCH 2024
Opinion
We have audited the financial statements of Orthopaedic Institute Ltd (the 'charitable company.) for Ihe year ended 31 st
March 2024 which comprise the Slalemenl of Financial Aclivilies. Ihe Balance Sheet, and notes lo the financial 5talements,
including a summary of significant accounting policies. The financial reporting framework Ihal has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Slandard 102 The
Financial Reporting Slandard appli¢8ble in Ihe UK and R8public of Ireland {United Kingdom Generally Accepted Accounting
Practice).
In our opinion Ihe financial slalemenls..
give a true and fair view of the stsle of the charitable company's affairs as at 31 sl March 2024, and of ils incoming
resources and application of resources. including ils income and expenditure. for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally A￿epted Accounling Practice.. and
have been prepared in accordance with the requiremenls of the Companies Acl 2006.
Basls for opinion
We conducted our audit in accordance with International Slandards on Audiling (UK) (ISAS (UK)) and applicable law. Our
responsibilities under those standards are further described in Ihe Audilorfs responsibilities for the audit of the financial
statements section of our report. We are independent of the charilable company in accordance with the ethical requiremenls
thal are relevant lo our audit of the financial slatemenls in the UK, including the FRC'S Ethical Standard. and we have
fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we
have obtained is sufficienl and appropriate to provide a basis for our opinion.
Concluslons relatlng to golng concern
Ir) auditing the financial slalements, we have concluded that the trustees, use of the going concem basis of accounting in
the preparation of the financial statements is appropriate.
Based on the work we have perfomied, we have not identified any material uncerlainlies relating to events or conditions
that, individually or collectively, may cast significant doubl on the charitable company's ability lo ¢onlinue as a going concern
for a period of al least twelve months from when Ihe financial slatements are authorised for issue.
Our responsibilities and the responsibilities of the Irustees with respecl to going concem are described in Ihe relevant
sections of this report.
Other Informatlon
The Iruslees are responsible for the other information. The other information comprises the information included in the
trustees, annual report, other than the financial slalemenls and our audilorfs report Ihereon. Our opinion on the finan¢ial
Stalemenls does not cover the olher information and. except lo the extenl otherwise explicitly slated in our report, we do
not express any form of assurance conclusion Ihereon.
In conne¢lion with our audit of the financial stalements. our responsibility is to read the other infomalion and, in doing so,
consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in
the audit or othe￿iSe appeals to be materially misslaled. If we identify such material inconsistencies or apparent material
mi551alemenls, we are required lo determine whether there is a material misslatement in Ihe financial stalemenl8 or a
material misstatement of the other information. If. based on the work we have performed. we conclude that Iheie is a material
misslalemenl of this other information, we are required to report th81 fact.
We have nothing to report in this regard.
Opinions on othor matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the trustees, report (incorporating the directors. report) forthe financial year forwhich the financial
statements are prepared is consistent wilh the financial statements.. and
thè directors, report has been prepared in accordance wilh applicable leg81 requirements.
Matters on which we are required to report by exception
In the lighl of our knowledge and understanding of the charitable company and ils environment obtained in the course of
the audil, we have not identified material misslatemenls in the direclors, report.

ORTHOPAEDIC INSTITUTE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OR THOPAEDIC
INSTITUTE L TD (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
We have nothing lo report in respect of the following rnatters in relation to which the Companies Act 2006 and the Charilies
Act 2011 requires us to report to you if, in our opinion=
adequate accounting records have nol been kepl. or retums adequate for our audil have not been received from
branches not visited by us.. or
the financial statemenls are not in agreement with the accounting records and returns-, or
certain disclosures of directors. remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audil., or
the trustees were not enlilled to prepare the financial siatemenls in accordance with Ihe small companies, regime and
lake advantage of the small companies, exemptions in p￿parIng the directors, report and from the requirement to
prepare a strategic report.
Responsibilities of trusteès
As explained more fully in the Iruslees, responsibilities stalemenl set out on page 6, the trustees (who are also the directors
of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements
and for being satisfied that Ihey give a true and fair view. and for such internal control as the trustees determine is
necessary to enable Ihe p¥eparalion of financial statements Ihal are free from material misslatemenl, whether due to fraud
or error.
In preparlng the financial slalements. the trustees are responsible for assessing the charitable companWs abilily to continue
as a going concern, disclosing, as applicable, mallers related to going concern and using (he going concern basis of
accounting unless the Irustees either intend to liquidate the charitable company or to cease operations, or have no realistic
alternative but to do so.
Audltor'5 responsibilities for the audlt of the financial statements
Our objectives are lo obtain reasonable assurance aboutwhelhei the financial stalemenls as a whole a￿ free from material
misslalemenl, whether due lo fraud or error. and to issue an auditor's report Ihal includes our opinion. Reasonable
assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will
always detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered
maleTial if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of us8rs
taken on the basis of these financial slatements.
A further description of our responsibilities for the audil of the financial ststemenls is located on the Financial Reporting
Council's websile at.. www.fr¢.org.uklaudilorsresponsibilities. This descriplion fomis part of our auditor's report.
Irregularilies, including fraud. are instances of non-compliance with laws and regulalions. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The
specific procedures for this engagement and Ihe extent lo which these are capable of delecting irregularities, including
fraud is detailed below..
Enquiry of management and those ¢harged with governan￿ around aclual and potential liligalion and claims.,
Enquiry of enlily staff in lax and compliance funclions to identify any instances of non-compliance with laws and
regulations.,
Reviewing minutes of m881ings of those charged with governance.,
Reviewing financial slalemenl disclosures and testing to supporting (k)cumentation to assess compliance with
applicable laws and regulations.,
Performing audit work over the risk of management override of controls. including testing of journal entries and other
adjuslmenls for appropriateness. evaluating the business rationale of significant Iransaclions outside the normal course
of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, Ihere is a risk Ihal we will not detect all irregularities, including those leading
to a material misstatement in the financial statements or non-compliance wilh regulalion. This risk increases the more that
compliance with a law or regulation is removed from the evenls and transactions reflected in Ihe financial slalements, as
we will be less likely to become aware of instances of non-complian￿. The risk is also grealer regarding irregltlarities
occurring due lo fraud Tather than error. as fraud involves intentional concealment, lorgery, collusion, omission or
misrepresenlalion.

ORTHOPAEDIC INSTITUTE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ORTHOPAEDIC
INSTITUTE L TD (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Use of our report
This report is made solely lo the charitable company s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so Ihat we might state lo the charitable company's members
Ihose matlers we are required lo slate lo them in an auditoi's report and for no other purpose. To the fullest extent permilled
by law. we do not accept or assurne responsibility to anyone other than the charitable company and the charilable
company's members as a body. for our audit work, for this report. or for the opinions we have formed.
Benjamin Hayes Bsc FCA Isenlor Statutory Auditor)
For and on behalf of Wenn Townsend
Chartered Accountants and Statutory Auditor
30 St Glles
Oxford
OX1 3LE
20 November 2024
Wenn Townsond is ell￿ble to 8Ct as an 8uth.lor In lerms 01sedic￿ 1212 of the Companies Act 2006

ORTHOPAEDIC INSTITUTE LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted Designated
funds
funds
Restricted
funds
Total
2024
2024
2024
2024
Notes
Donations, legacies and grants
Charitable activities
Investments
53,514
114.170
54,570
74,727
128,241
114,170
54,570
Total Income
222,254
74,727
296,981
Raising funds
Charitable activities
77,038
157,784
77,038
224,712
66,928
Total resources expenses
234,822
66,928
301,750
Nel gain on investments
11
102,818
102,818
Net in¢oming resourcgs before transfers
90.250
7,799
98,049
(117,036)
129,646
{12,6101
Gross transfers between funds
Net {expendlture) I Income for the year:
Net movement In funds
(26,786)
129.646
(4.811)
98,049
Fund balances at 1 April 2023
32,334
2,100,884
1.202.953
3,336,171
Fund balancgs at 31 March 2024
5.548
2,230,530
1,198,142
3,434,220
The statement offinancial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement offinancial activities also complies with the requirements for an income and expenditure aGcount
under the Companies Act 2006.
10-

ORTHOPAEDIC INSTITUTE LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Comparative statement of financial activities for the year ended 31 March 2023=
Unrestrlcted Designated
funds
funds
Restricted
funds
Total
2023
2023
2023
2023
Note5
Donations, legacies and grants
Charitable activities
Investments
14,270
96,714
49,489
108,063
122,333
96,714
49,489
Total Income
160,473
108,063
268,536
Raising funds
Charitable activities
87,042
270,640
87,042
328,668
58,028
Total resources expenses
357,682
58,028
415,710
Net loss on investments
11
(109,151)
(109,151)
Not (outgolng) l incomlng resources
before transfers
(306,360)
50,035
(256,325)
Gross transfers between funds
Net lexpendlturel I Income for the year:
Net movement in funds
271,242
(35.118)
(271,242)
(271,242)
50,035
{256,325)
Fund balances at 1 April 2022
67,452
2,372,126
1,152,918
3,592.498
Fund balancos at 31 March 2023
32,334
2,100.884
1,202,953
3,336,171

ORTHOPAEDIC INSTITUTE LTD
BALANCE SHEET
AS A T 31 MARCH 2024
2024
2023
Note
Flxed assets
Tangible assets
Inveslments
12
13
1.171.793
1,583,877
1,209,593
1,515,644
2,755,670
2,725,237
Current assets
Debtors
Cash at bank and in hand
16
10,944
741,179
3,112
708.720
752.123
711,832
Credltors: amounts falllng due
withln one year
17
(73,573)
(100.898)
Net current assets
678.550
610,934
Total assets less current Ilabllities
3,434,220
3.336,171
Net assets
3,434,220
3,336,171
Income funds
Restricted funds
Unrestricted funds..
Designated funds
Unrestricted funds
20
1,1g8,142
1,202,953
2.230,530
5.548
2,100.884
32,334
Total unrestricted funds
2,236,078
2,133,218
3.434,220
3,336,171
The financial statements were approved by the Trustees on2oNovember 2024.
Mr E R Evans
Chalrman and Trustee
Company Registratlon No. 02992437
The notes on pages 13 to 30 form part of these flnancial statements
12-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting polS¢les
Charlty informatlon
orthopaedic Institute Ltd is a private charitable company limited by guarantee incorporated in England
and Wales. The registered office is Arthritis Research Centre, RJAH Hospital, Oswestry, Shropshire, SY10
7AG. The registered number is 02992437. In the event ofthe charity being wound up. the liability in respect
of the guarantee is limited to £1 per member.
1.1 Accounting Convention
The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the
United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011, the Companies Act 2006 and UK
Generally Accepted Accounting Practice.
The financlal statements are prepared in sterting, which is the functional currency ofth8 Charity. Monetary
amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation
of certain financial instruments at fairvalue. The principal accounting policies adopted are set out below.
1.2 Golng concern
At the time of approving the financial statements. the Trustees have a reasonable expectation that the
Charity has adequate resources to continue in operational existence for the foreseeable futur8. Thus the
Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
The charity continues to adapt to meet the n8eds of its members, course attendees, and requirements of
the NHS Trust. Steps have been taken to ensure there are appropriate business and strategic plans in
place to manage the ongoing changes. The position is under constant review.
1.3 Charitable fund5
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable
objectives.
Designated funds Comprise unrestricted funds that have been set aside by the trustees for particular purposes.
The aim and use of each designated fund is Sel out in the notes to Ihe financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes
and uses ofthe restricted funds are set out in the notes to the financial statements.
1.4 Income recognlllon
All incoming resources are included in the Statement of Financial Activities {SoFA) when the charity is legally
entilled to the income after any perfoTmance conditions have been met, the amount can be measured reliably
and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement dale in
writing. If there are conditions attached to the donation and this requires a level of performance before
enlillement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those
conditions is within the conlrol of the charity and it is probable that they will be fulfilled.
13-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accountlng policles Icontinued)
Income recognltion (Gontinued)
No amount is included in the financial statements for volunteer time in line with the SORP. Further detail is given
in the Trustees, Annual Report.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy
being received. Al this point income is recognised. On occasion legacies will be notified to the charity however
it 15 not possible lo measure the amount expected to be distributed. On these occasions, the legacy is treated
as a contingent asset and disclosed.
Income from services provided includes income earned from fundraising events and related charitable activities
to raise funds for the charity. Income is received in exchange for supplying goods and services in order lo raise
fun(Js and is recognised when entitlement has occurred.
Inve5tmenl income is earned through holding assets for investment purposes such as shares. It includes
dividends and inleresl. Investment income is included when the amount can be measured reliably. Interest
Income is recognised using the effective interest method and dividend income 15 recognised as the charlty's
right to receive paymenl is established.
1.6 Expenditure r8cognltlon
All expendilure is accounted for on an accruals basis and has been classified under headings that aggregate
all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to
make payments to third parties. it is probable that Ihe seltlement will be required and the amount of the obligation
can be measLÈred r81iably. It is categorised under the following headings:
Costs of raising funds includes of costs of fundraising and events, costs of runnlng courses and educational
events and investment management fees;
Expenditure on charitable activities includes research salaries and related expendilure, costs of promoting
further education and training and depreciation of the leasehold premises., and
Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the acts'vity for which expendilure arose.
Research proposals are appraised by the Research Panel and presented to the members for support. On
approval, funds are allocated lo individual research projects and costs are spent as they arise over the course
of the project. On completion any surplus is reallocated lo the relevant fund from which il was originally
allocated,. any cost overrun musl return to the Research Panel for appraisal before approval by the members.
Grants payable lo third parties are within the charitable objectives. Where unconditional grants are offered, this
is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the
recipienl will receive the grants. Where grants are conditional relating to performance then the grant is only
accrued when any unfulfilled conditions are outside of the control of the charity.
1.6 Support Gosts allocation
Support costs are those Ihat assist the work of the charity but do not directly represent charitable activities and
include office costs, governance costs. administralive payroll costs. They are incurred directly in support of
expenditure on the objects ofthe charity. Vvhere support costs cannot be directly attributed to particular headings
they have been allocated to cost of raising funds and expenditure on charitable activities on 8 basis consistent
with use of the resources.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of
disseminating information in support of the charitable activities.
The analysis of these costs is included in note 8.
14-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (continued)
1.7 Tanglble fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost orvalualion, 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
Overthe period ofthe lease
With the exception ofthe long leasehold property the Charity operates a policy of charging all expenditure
on capital items to the Statement of Financial Activities in the year in which it 15 occurred.
1.8 Flxed asset Investments
Listed investments are included in the Balance Sheet at market value. Unlisted investments are included al
cost as an approxlmation of market value unless there is specific evidence to the contrary.
1.9 Impalrment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assels to determine
whether there is any indicalion that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount oflhe asset is estimated in order to detefmine the extent of the impairment
loss (if any),
1.10 stocks
The Charity holds stock of specialist publications for use on courses held for external sales. At the year
end it was not possible to measure the net realisable value of this stock with Certainty to permit its inclusion
in the financial statements. This is largely due to the high volume of stock held which has an indeterminate
useful life.
1.11 Cash and cash aqulvalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid
investments with original maturities of three monlhs or less, and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilities.
1,12 Financlal instruments
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'other Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheetwhen the Charity becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial slaternents, when
there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle Ihe liability simultaneously.
Baslc flnancial 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 carri8d at amortised cost
using the effective interest method unless the arrangement constitutes a financing transaction, where the
transaGtion is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
15-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (contlnuedl
Flnanclal instruments (continued)
Basic flnan¢lal liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price
unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the
present value of the future payments discounted at a market rate of interest. Financial liabilities classified
as payable within one year are not amortised.
Debt instruments are subsequently carried at amorlised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services thal have been acquired in the ordinary course
of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially
al transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognltlon of financlal liabllltles
Financial liabilities are derecognised when the Charity's contraclual obligations expire or are discharged or
cancelled.
1.13 Employee beneflts
The c05t of any unused holiday entitlement is recognised in the period in which the employee's services
are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably
commilled to terminate the employment of an employee or to provide termination benefits.
1.14 Retlrement beneflts
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15 Taxatlon
The Charity is exempt from corporation tax on its charitable actsvities.
1.16 Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the
amount prepaid.
1.17 Crodltors
Creditors 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
obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their
settlement amount.
16_

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Critical accountlng estimates and judgements
In the application of the Charity's accounting policies, the Trustees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and
other factors that are considered to be relevant Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are reGognised in the period in which thè estimate is revised where the revision affects only that
period. or in the period of the revision and future periods where the revision affects both current and future
periods.
Donatlons, legacles and grants
Unrestrlcted Restricted
funds
funds
Total
Total
2024
2024
2024
2023
Donations and gifts
Legacies
50.742
2,772
74,727
125,469
2,772
52,289
44
Grants
70,000
53.514
74,727
128,241 122,333
For the year ended 31 March 2023
14,270
108,063
122,333
17-

c c Q)

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Investments
Unrestricted
Funds
2024
Unrestricted
funds
2023
Income from listed investments
Loan note interest receivable
Bank interest receivable
46,407
375
7,788
45,157
3,458
874
54,570
49,489
Ralsing funds
2024
2023
Fundraisin
and ublicit
Staging fundraising events and related costs
staff costs
4,118
29,401
3,494
27,706
Fundralslng and publicity
33,519
31,200
Courses and educational events
Course expenses
Staff costs
12,199
26,801
25,995
25,438
Course costs
39,000
51,433
Inveslm
nt mana
ement
4,519
4,409
77,038
87,042
19-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Charltable activltles
2024
2023
Depreciation and impairment
Research and laboratory equipment
Education, training and prizes
Research salaries, fees and expenses
Bad debt provision
37,800
50,149
4,977
112,876
1,849
37,800
96,296
13,861
162,734
207,651
310,691
Share of governance costs (see note 8)
17,061
17,977
224,712
328,668
Support costs
Support
costs
Governance
costs
2024
2023
Sub-contractor costs
Printing, 51ationery and miscellaneous
Auditors, remun&ration
6,205
4,988
5,868
6,205
4,988
5,868
6,420
5,604
5,700
Auditors, remuneration - prior year under
provision
253
17,061
17,061
17,977
Analysed between
Charitable activities
17,061
17,061
17.977
Governance costs includes payments to the auditors of £5,868 (2023- £5.700) for audit fees.
-20-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
Employees
2024
2023
The average monthly number of employees during the year was:
Employment costs
2024
2023
Wages and salaries
Social security costs
Other pension casts
54,920
68
1,213
52,125
1,019
56,201
53,144
other employment services required by the Charity were supplied by employees of RJAH Orthopaedic
Hospltal in respect of research, education and administration duties and invoiced to The I nstitute by the
Hospital.
A part-time book-keeper and part-time administrator are engaged by The Institute and are both self-
employed.
There were no employees whose annual remuneration was £60,000 or more.
10 Tru5tee8
None of the Trustees (or any persons connected with them) received any remuneration, benefits or
expenses from the Charity during the year.
11 Net galns l (losses) on Investments
Unrpstrlcted
funds
2024
Unrestricted
funds
2023
Realised gains
617
586
Unrealised gains l Uosses)
102,201
(109,7371
Net gains l {losses) on investments
102,818
1109,151
21-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12 Tanglble fixed assets
Long leasehold
Cost
At 1 April 2023
1,979,993
At 31 March 2024
1,979,993
Depreclation and Impalrment
At 1 April 2023
Deprecialion charged in the year
770,400
37,800
At 31 March 2024
808,200
Carrylng amount
At 31 March 2024
1.171,793
At 31 March 2023
1,209,593
The leasehold property is the Leopold Muller Arthritis Research Cenlre. This building was constructed on
land held on a 60 year lease that started on 28th March 1995. No depreciation was charged during the first
8 years of the lease. The leasehold interest which now covers both Ihe land and the building is now being
amortised so as to write off the cost of construction ofthe building over the remaining period of the lease.
The RJAH Orthopaedic Hospital have undertaken to provide cover on the building equivalent to that
normally provided by a comprehensive insurance policy.
13
Flxed asset Investments
Listed
Investments
511/0 Loan
stock
Total
Cost or valuatlon
At 1 April 2023
Disposals
Loan note repayments
Valuation changes
1,485.579
(4,520)
30.065
1,515,644
14,520)
(30,065)
102,818
(30,065)
102,818
At 31 March 2024
1,583,877
1,583,877
Carrying amount
At 31 March 2024
1.583,877
1,583.877
At 31 Mafch 2023
1,485,579
30,065
1,515,644
-22-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13 Fixed assot investments (Continu9d)
Flxed asset investments revalued
Costs of listed investments held at 31 March 2024 £1,296,285 (2023- £1,300,188).
50/0 loan stock relates to loan notes to Ashfield 2018 Limited received on the sale of its shares in Arklow
Engineering Limited. The loan stock has been fully repaid in the year ended 31 March 2024.
14 Analysis of Investments at market value
2024
2023
UK Equilies
Unlisted Loan Stock
1,583,877
1,485,579
30,065
1,583,877
1,515,644
16 Flnancial Instruments
2024
2023
Carrylng amount of flnanclal assets
Debt instruments measured at amortised cost
Equity Instruments measured al cost less impairment
752,123
1,296,285
741,897
1,300,188
Carrying amount of flnanclal Ilablllties
Measured at amortised cosl
40,912
62,850
Financial assets measured at amortised cost consists of trade debtors, other debtors, loan stock and cash
at bank and in hand.
Flnancial liabililies measured at amortised cost consists of trade creditors and accruals.
In relation to Ihe equity instruments measured at fair value, income of £46,407 {2023 - £45,157) has been
recognised in the year. The fair value adjustment for the year was a gain of £102,818 (2023 - a loss of
£109,151).
16 Debtors
2024
2023
ATnounts falling due withln one year:
Trade debtors
10,944
3,112
10,944
3,112
-23-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17 Credltors: amounts falling due wlthin ono yoar
2024
2023
Other taxalion and social security
Trade creditors
Other creditors
Deferred income
Accruals
762
7.905
227
31,672
33,007
673
22,246
84
37,291
40,604
73,573
100,898
18 Deferred Income
Deferred income represents course fees paid during the year which relate to courses held in the following
year. The amount deferred al the year-end will be released in the year ended 31 March 2025 as relevant
courses are provided to the delegates and the fundraising events take place.
2024
2023
Deferred Income as 1 April
37,291
13,553
Amounts released in the year
Additions during the year
{23,933)
18,314
(195)
23,933
Deferred income at 31 March
31,672
37,291
Bl￿d deferred income remaining
13,358
13,358
19 Retlrement benefit schemes
Defined contribution schemes
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets ofthe
scheme are held separately from those of the Charity in an independently administered fund.
The charge to profit or loss in respect ofdefined contribution schemes was £1.213 {2023- £1,019).
24-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20 Movamont In funds
The income funds ofthe charily include restricted funds comprising the following unexpended balances of
donations and grants held on trust for specific purposes..
2024
Balance at 1
Aprll 2023
Incomlng
resources
Resources
expended
Transfers
Gains and Balanco al 31
Ilossesl
March 2024
Unrestricted funds
Unrestricted
Designated
32,334
2.100.884
222.254
(234,822)
(117,036)
129,646
102,818
5,548
2,230,530
2,133,218
222,254
(234,822)
12.610
102.818
2,236,078
Restricted
1,202.953
74,727
(66,928) {12,610)
1,198,142
3,336,171
296,981
(301,750)
102.818
3,434,220
A detailed analysis of the movement in funds is given in note 22.
2023
Balance at 1
Aprll 2022
Incomlng
rosourGe$
Resources
èxpended
Transfers
Galns and Balance at 31
Ilossesl
March 2023
Unrestrlcted funds
Unrestricted
Designated
67,452
2,372,126
160,473
(357,682)
271,242 {109.151)
{271,242)
32,334
2,100,884
2,439,578
160,473
(357,682)
(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
-25-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21 Analysis of nat assets between funds
Unrestricted Dgsignated
funds
funds
2024
2024
Restrlcted
funds
2024
Total
2024
Fund balances at 31 March 2024 are
represented by..
Tangible assets
Investments
Current asselsl(liabilities)
432,008
1,583,877
214,645
739,785
1,171,793
1,583.877
678,550
5,548
458,357
5.548
2,230,530
1,198,142
3,434,220
Unrestricted Deslgnated Rostrlcted
funds
funds
fund5
2023
2023
2023
Total
2023
Fund balances at 31 March 2023 are
represented by..
Tangible assets
Investments
Current assetsl(liabilities)
445,945
1,515,644
139,295
763,648
1,209,593
1,515,644
610,934
32,334
439,305
32,334 2,100,884
1,202,953
3,336,171
-26-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22 Analysis of funds
Total fund
balance to
01104123
32,334
Total fund
balance to
31103124
5,548
Costs
{80.871)
{12.199)
Income
Transfers
(18.327)
{42,264)
(17,JOO)
(62,330)
{30Q)
(33,000)
General purposes
Course {Expllnc￿fr)
Population Orthopaedics fund
Regenerative Orthopaedic5 fund
Anatomy fund (Incorporating Henry Freede fund)
Arthroplasly fund
Arthroplasly fund - restricted
Research fund (fony Smith)
Research fund ff ony Smith) - reslricled
RJP Upper Limb fund
CIND fund
CIND fund - reslricled
ENT Course fund
ENT Course fund - restficled
Foot & Ankle research fund
Hand surgery res & Irg fund
Hislopalhology research fund
Upper Limb (Hand & Wrist) fund
Limb reconslruclion fund
Fund Generation fund (previously London Marathon)
Fund Generation fund - restricted
Medical photography
Micro surgery fund
Muscular dystrophy fund
OSCAR fund
Oncology fund
Ortholic research fund
Oscell fund
Paedialrics fund
Paedialrics fund - reslricled
Club Foot fund
Club Fool fund - restricted
Pharmacy fund
Publishing fund
Radiology fund
Radiography fund
Regislrar5 day fund
Research fund {Arthrilis & Rheumatology)
Research fund (Generall
Research fund (General} - restricted
Charle5 Sall research fund
Radiology Research fund
Radiology Research fund - reslricled
Spinal injuries (und
Spinal injuries fund - reslricled
Spinal injuries staff fund
72,412
54,463
73.398
67,863
44,061
247,365
41.108
2,310
147
13.610
64,767
4,126
14.885
4.441
87,675
11,307
254
5,821
37.943
7,839
3,426
7.608
4,987
6,083
3.554
40.446
7,941
7,827
3.294
3.772
696
1.148
363
$0,777
88,137
943
24,953
4.485
317,459
338,133
34,911
131
110
81,101
3,608
4,283
56,398
10,062
46,234
213,970
41,108
2,310
147
13,610
52,677
4,126
14.885
4,441
81,753
11,307
254
5,821
38,123
8,761
3,426
7.608
4,987
5,495
3,554
24,190
13,322
7,827
3,294
3,772
696
1,148
363
50,023
79,837
943
22,288
200
512.813
357,185
15,359
131
110
71.271
3,608
3,693
4,529
2,473
(2,960)
2,565
{416)
48,059
(59,733)
(5.922)
180
1,372
(450)
(588)
(17,718)
462
1,000
5,381
31,096
(31,096)
(3,042)
831
1,457
(8,300)
(5.465)
2,800
200
8,243
74.727
14,750
{4,4851
251,028
(12,610)
(34.302)
(63,917)
(43,065)
(9.830)
(590)
clf
1.801,430
(259,904)
285,593
{18.441} 1,808,678
-27-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22 Analysis of funds {continued)
Total fund
balance to
01104123
Total fund
balance to
31103124
Costs
Income
Transfers
blf
1,801,430
(259,904)
285.593
118.441)
1,808,678
Spinal studies cenlre
Spinal studies centre - restricted
Spinal studies research projects
Spinal studies research projects - reslricled
Sports injuiy research fund
WG Davies prize
WG Davies prize - restricted
Division of nursing studies
J Rowland Hughes prize
Dr W M Path memorial fund
Dr W M Park memorial fund- reslricled
Anesthelisl's fund
Rheumatology Educational fund
Rheumatology Educational fund - reslricled
GP Study Day fund
Veterans Centre fund
Veterans Centre fund - restricted
Dr B Tins Fund
Dr B Tins Fund - restricted
SAS Doctors Conference fund
Bioinformglics lund
THREAD fund
47.130
11,041
7,775
7.725
33.409
2,588
3.645
4,030
96
2,393
209
5.632
7,269
3.264
15.789
13,587
1,813
4.172
11,589
3,540
3,190
500
13,251
60,881
11,041
7,775
7,725
35,700
2.588
3,645
4,030
96
2,393
209
5,632
10,028
3,264
15,789
19,827
1,813
4,172
11,589
3,540
3,190
1,359
(1.540)
3,831
(2.506)
5.265
6,240
1,359
Sub-total
1,991,316
(263,950)
297,598
2,024,964
LMA Research centre
LMA Research cenlre - restricted
Unrealised gains
445,945
763,648
135,262
(13,937)
(23.863)
432,008
739,785
237,463
102,201
Total
3,336.171
(301,750)
399,799
3,434,220
Summa
Restricted
Designated
Unrestricted
1.202,953
2.100,884
32.334
(66.928)
74,727
(12,610) 1,198,142
129.646
2,230,530
(117,036>
5,548
1234.822)
325,072
Total
3,336.171
(301,750)
399.799
3,434,220
-28-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22 Analysis of funds (Contlnued)
or funds wlth balances
reaterthan £25 000
Anatomy Fund Incorporatlng the Henry Freede Anatomy Fund
Finances teaching and research work under the discretion of Dr D.C.Jaffray.
Arthroplasty Fund
For research and training by Arthroplasty Unit.
Charles Salt Research Fund
Used for various projects including 'Osteoporosis in Men, research.
Centre for Inherlted Neuromuscular Disease (CIND) Fund
Fund is for finding new trealmenls for inherited neuromuscular disease.
Foot & Ankle Research Fund
This funds research and training activities into feet and ankles.
Llmb Reconstructlon Fund
Used for research by Mr A Bing into limb reconstruction.
L.M.A.R.C
This fund represents the monies given lo build the Leopold Muller Arthritis Research Cenlre which houses the work
of the charity. The rnain source of funds was a bequest of £1.25 million from the Leopold Muller Foundation. The
orthopaedic Institute Ltd holds this building on a 60 year lease that commenced on 28th March 1995.
Oncology Fund
This funds research Into cancers.
PopulatSon Orthopaedlcs Fund
The Population Orthopaedics Fund will support the new Professor.
Regenerative Orthopaedlcs Fund
This fund is for the charity's academic professorial successor to seek fund selected research projectsbefore external
funding is sought.
Publlshing Fund
This fund is for the publishing of books for courses under the jurisdiction of Dr V Pullicino.
Radlology Fund
This fund is used for Radiologists, education. Iraining and research.
Research Fund (General)
Funds various research projects approved by the Institute's Research Panel.
Spinal Injurles Fund
Funds research into management of spinal injuries.
Splnal Studles Centre
Funds held for use in the Spinal Injuries Cenlre.
Sport Injurles Rosearch
Funds raised for the support of research into Sports Injuries.
-29-

ORTHOPAEDIC INSTITUTE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Analysls of funds (Continuèd)
Materlal Transfers
The reasons for material transfers between different classes of funds are set out below.
General fund - allocation of interest and dividends across funds and transfer to general designated
fund following designation to research and training.
Course fund - allocation of course profits to funds.
Research fund (general) - funds allocated for specific research projects.
Arthroplasty fund I ChaTles Salt research fund I CIND fund l Oscell fund - transfers allocated to support
specific research projects.
Unrestrlcted Funds
Included in unreslricted funds are designated funds, durin9 the year transfers are made between these
designated funds at Ihe Trustees, discretion.
23 Flnancial commltments, guarantees and contingent Ilabilities
The Trustees have approved on-going research commilmenls over the next two years totalling £641,362
{2023- £478,591). This represents the allocation of funds to research projects to be spent by the Charity
as costs arise over the course of the research.
24 Related party transactlons
Remuneratlon of key management personnel
Key management personnel are the Trustees. No remuneration is paid to key management personnel.
Donations received from the Trustees during the year totalled £4,529.
Transactlons wlth related partles
During the year the Charity entered into the following transactions with related partie5'.
The Char11y operates within the environs of the RJAH Orthopaedic Hospital. Dueto this a significant number
of transactions are undertaken between the two entities, the transactions are within the normal activities of
the Charity and are conducted on an arm's length basis.
The staff undertaking research projects, teaching and administration are engaged by the NHS Trust. Their
salary costs are recharged by the RJAH Orthopaedic Hospital to the Charity on a monthly basis.
During the yearthe Charity made purchases of £50,107 (2023.. £145,898) from RJAH Orthopaedic Hospital
for goods and services and contribution to shared project costs.
At the year end £177 (2023.. £3,038) was owed to the RJAH Orthopaedic Hospital for goods and services.
During the year the Charity made recharges of expenditure of £4.662 (2023.. £4,045) to RJAH Orthopaedic
Hospital.
No guarantees have been given or received.
-30-