Charity Registratlon No. 1044906 Company Registration No. 02992437 (England and Wales) ORTHOPAEDIC INSTITUTE LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ORTHOPAEDIC INSTITUTE LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustoes Mr E R Evans. Chairman Dr A Askari Mr J S Bratt Mr D Bryson Prof P Cool Mrs V Edwards Mr R Freeman Prof W Masry Mrs L Osselton Prof S Roberts Prof R Singh Dr G E R Thomas Charlty number 1044906 Company number 02992437 Registered offl¢e Arthritis Research Centre RJAH Hospital Oswestry Shropshire SY10 7AG Audltor Wenn Townsend 30 St Giles Oxford OX13LE Sollcltors Hatchers Solicitors LLP Thornes Hall Castle Street Shrewsbury Shropshire SY1 1DA Invèstment advisors Barclays Wealth Wndsor Court 2nd Floor 1-3 Windsor Place Cardiff CF10 3BX
ORTHOPAEDIC INSTITUTE LTD CONTENTS Page Trustees report Statement of Trustees SF)0nsib1I1ties Independent auditorfs report statement of financial activities 10-11 Balance sheet 12 Notes to the financial statements 13-30
ORTHOPAEDIC INSTITUTE LTD TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and the audiled financial statements of the charity for the year ended 31 March 2025. The trustees have adopled Ihe provisions oflhe Statement of Recommended Practice (SORP)"Accounling and Reporting by Charities" in preparing the annual report and financial statements of the Ghaiity. Objectlves and activities The objects ofthe Charity are to promote by all available means the study of disease 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 the 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 strategies to achieve the objeclives ofthe Charity are: To encourage researchers to submit projects to the Institute for funding. coupled with persuading smaller research departmenls to be more forthcoming in this respect. To continue the organisation and running of training courses, together with a variety of specialised leaching and training courses open to doctors in general and medica5 staff throughout this country and overseas. To Continue with our support for the very successful Research Day5 where patients, donors, schools and members of the public 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 CliniciarÈs to attend this annual event. These two days enhance the profile of the Hospital and improves its national and internationa5 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. Fundralslng standards informatlon The Charity raises funds from the public through events and marketing. The Charity employs a fundraiser who manages the fundraising campaigns. Any significant fundraising activities are approved by the Trustees and the Trustees monitor the performance of events through attendance. To the date of this report, no complaint5 have been received in connection with the Charity's fundraising aclivities. The Charity does not solicit or place undue pressure on the general public for donations. Any markets'ng is via emails to a consented donor list, wlhin the hospital staff network or through the website, social media and local press. Publlc beneflt statement The Trustees have paid due regard to the Charity Commission guidance on public benefit and consider this when deciding which activities the Charity should undertake. All of Ihe Charity's activities focus on medical research and teaching and are undertaken to further our charitable purposes for the public benefit.
ORTHOPAEDIC INSTITUTE LTD TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance Each year the Charity produces an extensive 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 accounls. Circulating our Annual Report enables us to keep in close contact with our funders. We seek medical research funding for various innovative projects over a 213 year time span to provide continuity to our research staff. The Trustees wish to thank all of its donors forthe support over the last twelve months to enable the researGh projects to conlinue and new projects to begin. Patients conlinue to be very supportive of the Flospital and the Institute. During the year the Orlhopaedic Institute provided funding for five new research projects with over thirty seven projects ongoing at the year end. The Trustees also wish to thank our fundraiser for her hard work for the Charity over the last X years. Her enthusiasm and commitment lo the Charity has brought a wide variety of successful events to continue to raise the local profile, to generate donations and grants and lo work closely with other local charitable organisations. This initiative continues to bring in funds for the work of the Charity. During the year we were able to hold twelve courses and hosted the Spirit Medical Conference, generating income of £109,147 (2024 - £54,463). The courses held were the Basic Science course, Oswestry Gait course, Foot and Ankle course, Regional Anesthesia course, GP Osteoporosis study day, GPIAHP Joint Injection Study day and the ST3 Interview course. The fixed asset investments held by the Charity at the 31 March 2025 had a market value of £1,580,130 (2024 £1,583,877). The income stream from the investments for the year including bank interest was £59,292 (2024 - £54,570>. The Trustees are satisfied with the management of the investment portfolio against the objectives detailed within the financial review. Financlal review The Charily has generated a nel deficit this year of £93,085 (2024.. surplus £98,049), which includes an unrealised gain on Ihe investment portfolio of £283 {2024'. gain of £102,201). Further details of income and fund balances are presented elsewhere within this report. It is the policy of the Charity thal 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 will 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 funds may be raised. Given the long-term nature of the research projects undertaken by the Charity the Trustee5 designate unrestricted 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 Ihis policy significant balances are retained as designated for particular research projects. The Charily has the policy of retaining a low level of unrestricted undesignated 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 Trustees policy is that the unrestricted general fund should not exceed £80,000 and this is monitored at the quarterly committee meetings. At the year-end. unrestricted undesignaled reserves including losses or gains on investments totalled £5,904 (2024 - £5,548). The Charity's investment income covers the ongoing administrative costs. In addition the charity holds unrestricted unallocaled funds wilhin the research fund to enable new projects to be initially supported when approved by the research panel before additional funding can be sought.
ORTHOPAEDIC INSTITUTE LTD TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 lo applications made by the research teams for specific projects in which case the income is used to support those projects or for income received where no specific application has been made the research teams apply for grants from these reserves. The investment objectives are-. The creation of a sufficient financial return to enable the Charity to carry out its purposes effectively and without interruption, and The maintenance and, ifpossible, 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. equitie5, 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 n8vertheless provide the levels of return required and mitigate volatility ft)r the Trust lo achieve its objectives. The Trustees have delegated their investment powers to an appointed investment manager. The investment manager is responsible for carrying out all day-to-day investment decisions including acquisition and realisation of investments. The investment manager is required to exercise the power to give effect to the principles as contained in this statement and, in particular, must have regard to the need for diversification and suitability of investments selected. Due to changing investment practice, the investment manager is appointed on a discretionary basis. Whilst the Trustees are not involved in the day-to-day operation ofthe investment portfolio and cannot direclly 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 70kn of the total equity portfolio. The Trustees do not wish to participate in any underwriting arrangement or hold direct investments quoted on AIM or OFEX markets. The appointment of the inveslmenl manager will be reviewed from time to 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 Acl 2000 and guidance of the Charity Commissioners. The investment manager will meet the Trustees (or a designated body of truslees) 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 a trust's beneficiaries are best served by seeking to obtain a sound financial return from a suitably diverse portfolio of investments, the investment manager will have the regard tonot investing in those assets which could be detrimental 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 2025 The Trustees have conducted their own review ofthe major risks to which the Charity is exposed and systems have been established to mitigate those risks. External risks to funding have led to 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 implementation 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 of the Charity. Long term aims and obJe¢tlvès The Iristitute intends to continue to be supportive of the Trust Board at the Robert Jones and Agnes Hunt Orthopaedic Hospital and to work alongside the Hospital to assist with funding of medicalresearch projects. We intend to continue developing ourfundraising base by approaching newly formed charities and seeking to acquire new connections. We will encourage researchers to submit projects for funding. Liaison with local solicitors is vital to maintain the receipt of legacies which assist considerably when funding research projecls. We will continue to support leaching and training and running of courses for the medical profession. Courses are vital not only in attracting the delegates and generating income but 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 at how we Gan provide future training with 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 wortdwide stock markets during the year. Our investments are held trtheir longer term value as well as providing ongoing income to support our charitable activilies. We continue to monitor our investments performance snd risk profile with our financial advisors. Stru¢ture• governance and management The Charity is a company limited by guarantee and Iherefore has no share capital. Each member is liable, upon winding up, to an amount not exceeding £1. The Charity was incorporated on 21 st 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 ofAssociation. which established the objects and powers of the charitable company and is governed under itsArticles ofAssociation. The Trustees, who are also the directors for the pU0$e of company law, and who served during the year and up to the date of this report were.. Mr E R Evans Chairman Dr A Askari Mr J S Bratt Prof. P Cool Mrs V Edwards Mr R Freeman Prof. W Masry Mrs L Osselton Prof. S Roberts Dr G E R Thomas Mr D Bryson (appointed ) Prof. R Singh (appointed ) The Trustees retiring by rotation are.. Mr E R Evans, Dr A Askari, Prof W Masry and Mrs L Osselton
ORTHOPAEDIC INSTITUTE LTD TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 As set out in the Articles of Association 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. When a vacancy exists the new Trustee will be of similar standing to the retiring Trustee. All members are circulated with 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 administrator of the Charity has 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 & Agnes Hunt orthopaedic Hospital recharges their salary costs to the Charity. Disclosure of informatlon to the auditors In so far as the trustees are aware.. there is no relevant audit information of which 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 relevant audit information and lo establish that 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 Trustees report was approved by the Board of Trustees. Mr E R Evans Trustee Dated.. 16 December 2025
ORTHOPAEDIC INSTITUTE LTD STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also the directors of Orthopaedic Institute Ltd for the purpose of company law), are responsible for preparing the Trustees'Annua] Report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state 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 Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 {FRS 102)., makejudgemenls and estimates that are reasonable and prudent., stale 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 slatements on the going concern 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 wilh reasonable accuracy at 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 REPOR T TO THE MEMBERS OF THE ORTHOPAEDIC INSTITUTE LTD FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the financial slalements of Orthopaedic Institute Ltd {the 'charitable company,) for the year ended 31 $1 March 2025 which comprise the Stalemenl of Financial Aclivilies, the Balance Sheet, and notes lo the financial statements. including a Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Repoitiiig Slandard applicable in Ihe UK and R8pubJic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalements: givg a true and fair view of the stale of the ch8ritable company's affaiis as al 31 st March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been propeily prepared in accordanTr with Uniled Kingdom Generally Accepted Accounling Practice., and have been prepared in accordance with the requiremenls of Ihe Companies Acl 2006. Basis for opinion We conducted our audit in accordance with Inlemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our respon5ibililies under those standards are furlher described in the Auditofs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance wilh the ethical requiiemenls that are relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordaiice with these requirements. We believe that the audll evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements. we have concluded that the Irustees. use of Ihe going ¢oncern basis of accounting in the preparation of lh8 financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or condilions that, individually or collectively, rnay ¢asl significant doubt on the charitable company's abilily lo continue as a going concern for a p8riod of al least e1ve months from when the finan¢ial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concem are described In the relevant sections of this report. Other Information The Iruslees are responsible for the other information. The other information comprises the informalion included in the trustees, annual report, other than the financial slalements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other infomialion and, except to the extent othernise expli¢itly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection wilh our audit of the financial slatements. our responsibility is to read the other information and, in doing so, consider whether Ihe other information is materially inconsislent with Ihe financial statements or our knowledge obtained in the audit or othetwise appears lo be materially misslaled. If we identity such material inconsistencies or apparent malerial misstatements, we are required to determine whether Ihere is a material misslalement in the financial statements or a malerial misstalemenl of the other information. If. based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit= the information given in the Iruslees, report (incorwraling the directors, report) for the financial yearfor which the financial statements are prepared is consistent with the financial statements- and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by ex¢eption In Ihe light of our knowledge and understanding of Ihe charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors. 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 2025 We have nothing lo report in respect of Ihe following matters in relalion lo which the Companies Act 2006 and the Charities Acl 2011 requifes us to report to you if, in our opinion= adequate accounting records have not been kept. or relums adequale for our audit have not been received from branches not V15iled by us- or the financial statements are not in agreement with the accounting records and relurns: or certain disclosures of directors, remuneration specified by law are nol made., or we have nol received 311 the information 2nd explanations we require for our audit., or the Iruslees were not enlilled lo prepare the financial slalements in accordance with Ihe small companies, regime and lake advanlage of the small companies, exemptions in prepaTing Ihe directors. report and from the requlrement to prepare a strategic report. Responsibilities of trustees As explained more fully in Ihe Irustees. responsibilities slalefflent set oul 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 they give a true and fair view, and for such intern81 conlrol as the trustees determine is necessary to enable the preparalion of financial slalemenls Ihal are free from malerial misstatement, whelher due lo ffaud or error. In preparing the financial stalemenls, Ihe Iruslees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate th8 charitable company or to cease operations, or have no realistic alternative bul lo do so. AudStor's responslbllities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whelher Ihe financial statements as a whole are free from materi81 misslalement, whether due to fraud or error. and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will always delect a mateiial misslatement when it exists. Misstatemenls Gan arise from fraud or error and are consider8d material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of Ihese financial stalements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibililies. This description forms part of our auditorfs report, Irregularltles, Including fraud, are instances of noTrcompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities. including fraud. The specific procedures for this engagemenl and the exlent to which these are capable of delecling irregularities, including fraud is delailed below.. Enquiry of management and those charged with governance around actual and potential litigalion and daims., Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulalions., Reviewing minutes of meetings of those charged wilh governance- Reviewing financial stalement disclosures and testing lo supporting documentation lo assess compliance with applicable laws and regulations., Performing audit work ovor Ihe risk of management override of controls. including tesling of journal entries and olher adjustmenls for appropriatenes5, evalualing Ihe business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk Ihat we will not delecl all irregularities, including those leading lo a material misslatemenl in the financial statements or non-compliance wilh regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud father than error, as fraud involves intentKJnal concealmenl, forgery, collusion, omission 01 misrepresentation,
ORTHOPAEDIC INSTITUTE LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OR THOPAEDIC INSTITUTE L TD (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Use of our report This report is made solely to the charitable companrfs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihal we might stale lo the charitable company's members those maller5 we are required to slate lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and Ihe charitable company's members as a body. for our audit work, for this report. or for Ihe opinions we have formed. Benjamln Hayes Bsc FCA {Senior Statutory Auditor> For and on behalf ofwenn Townsend Chartèred Accountant5 and Statutory Auditor 30 St Giles Oxford OXI 3LE 16 December 2025 Wenn Townsend Is eligible to acl a$ an audilorin terms of s8Otion 1212 01 the CL¥np8n8 Act 2006
ORTHOPAEDIC INSTITUTE LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Deslgnated funds funds Restricted funds Total 2025 2025 2025 2025 Notes Donations, legacies and grants Charitable activilies Investments 78,351 142.855 59.292 38,417 116,768 142,855 59,292 Total Incomè 280.498 38,417 318,915 Raising funds Charitable activities 97,285 213,035 97,285 315,973 102.938 Total resources exp8nse8 310,320 102,938 413,258 Net gain on investments 1,258 1,258 Net incoming resources before transfers (28,6641 {64,5211 (93,0861 Gross transfers between funds 28,920 (31,9701 3,050 Net lexpendlture) I Income forthe year: Net movement In funds 356 (31,970) (61,471) 193,085) Fund balances al 1 April 2024 5,548 2,230.530 1,198,142 3,434,220 Fund balances at 31 March 2025 5,904 2.198.560 1,136,671 3,341,135 The statement offinancial activities indudes 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 account under the Companies Acl 2006. 10-
ORTHOPAEDIC INSTITUTE LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Comparalive statement of financial activities for the year ended 31 March 2024.. Unrestrlcted Designatad funds funds Restricted funds Total 2024 2024 2024 2024 Notes Donations, legacies and grants ChaTltable 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 resourc8s expenses 234,822 68,928 301,750 Net loss on Investments 11 102,818 102,818 Net Incomlng resources before transfor8 90,250 7.799 98,049 (117,036) 129.646 (12,610) Gross Iransfers between funds Ngt (expendlture} l 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 balances at 31 March 2024 5,548 2,230,530 1.198,142 3,434,220 11
ORTHOPAEDIC INSTITUTE LTD BALANCE SHEET AS A T31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Investments 12 13 1,133.993 1,580,130 1.171,793 1,583,877 2,714.123 2,755,670 Current assets Debtors Cash at bank and in hand 16 9.563 730,096 10.944 741.179 739,659 752,123 Credltors: amounts falllng due wSthln one year 17 (112,647) (73,573) Nel current assets 627,012 678,550 Total assets less Current liabllltles 3,341,135 3,434,220 Net assets 3,341,135 3.434,220 Income funds Restricted funds Unrestricted funds: Designated funds Unrestricted funds 20 1,136,671 1,198,142 2,198,560 5,904 2,230,530 5.548 Total unrestricted funds 2,204,464 2,236,078 3.341,135 3,434,220 The financial statements were approved by the Twstees on December 2025. Mr E R Evans Trustee Company Reglstratlon No. 02992437 The notes on pages 13 to 30 form part of these financlal ststements 12-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Charity 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 of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member. 1.1 Accounting conventlon The charity conslilutes 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 Acl 2011. the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared in sterling, which is Ihe functional currency of the Charity. Monetary amounts in these financial statements are rounded lo the nearest £. The accounts have been prepared underthe historical cost convention, modified to include the revaluation ofcertain financial instruments at fairvalue. The Principal accounting policies adopted ar8 sel out below. 1.2 Golng concern Al the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operath'onal existence for the foreseeable future. Thus the Trustees conlinue to adopt the going concern basis ofaccounting in preparing the financial statements. The charity continues to adapt to meet the needs 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 lo manage the ongoing changes. The position is under constant review. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of thelr 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 the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income recognltlon All incoming resources are included in the Slatement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that Ihe income will be received. For donations lo be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donalion and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of Ihose conditions is wthin the Conlrol of the charlty 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 2025 Accounting policles {continuod) Income recognltlon (continued) No amount is included in the financial statements for volunteer lime in line with the SORP. Further detail is given in the Trustees, Annual Report. For legacies, enlillement is the earlier of the charity being notified of an impending distribulion or the legacy being received, At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is trealed 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 supplyillg goods and services in order to raise funds and is recognised when entitlement has occurred. Investment income is earned through holding assets for investment purposes such as shares. 11 includes dividends and interest. Investment income is included when the amount can be measured reliably. Interest income is recognised using the effeclive interest method and dividend income is recognised as the charity's right to receive payment is established. 1.5 Expenditure recognltlon All expenditure 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 settlement wll be required and the amount of the obligation can be measured reliably. It is categorised under Ihe following headings.. Costs of raising funds includes of costs of fundraising and events, costs of running courses and educatlonal events and investment management fees. Expenditure on charitable activities includes research salaries and related expenditur8, 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 activity for which expenditure arose. Research proposals are appraised by the Research Panel and presented to the members for support. On approval, funds are allocated to individual research projects and costs are spent as they arise over the course of the project. On completion any surplus is reallocated to the relevant fund from which it was originally allocated,. any cost overrun must retum to the Research Panel for appraisal before approval by the members. Grants payable to Ihird 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 expeGtatian that the recipient will receive the grants. ere grants are conditional relaling lo performance then the grant is only accrued when any unfulfilled Conditions are outside of the control of Ihe charÉty. 1.6 Support costs allocatlon Support C051s are those that assist the work of the charity but do not directly represent charilable aclivities and include office cosls, govemance costs. administralive payroll cosls. They are incurred directly in support of expenditure on the objects ofthe charity. Where support costs cannot be directly atlributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basts consistent with use of the resources. Fund-raising costs are those inGurred in seeking voluntary contributions and do not include the costs of disseminaling 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 2025 Accounting policles (continued) 1.7 Tangible fixed assets Tangible fixed assels are initially measured at cost and subsequently measured at cost 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 Overthe period of the lease With the exception of the long leasehold property the Charity operates a policy of charging all expenditure on capital item5 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 al market value. Unlisted investments are included at cost as an approximation of market value unless Ihere is specific evidence to the contrary. 1.9 Impairmont of flxed 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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent ofthe 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 il was not possible to measure the net realisable value of this stock with certainly 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 equivalonts Cash and cash equivalents include cash in hand, deposits held at call wilh 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 Flnancial instruments The Charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 lo all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when 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 statements, when there is a legally enforceable right to set off Ihe recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets, which include deblors, 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 Ihe present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amorti5ed. 15-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢counting pollcles Icontinued) Flnancial instruments (continued) aslc flnancial liabilltles 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 at the present value of the future payments discounted at a market rate of interest. Financial liabilities Glassifi'ed as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is dlte within one year or le55. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled, 1.13 Employee beneflts The cost of any unused holiday entillement 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 committed to terminate the employment of an employee or to provide termination benefits. 1.14 Retirement benefSts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.16 Taxatlon The Charity is exempt from corporation tax on its charitable activities. 1.16 Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued st the amount prepaid. 1.17 Creditors 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 provision5 are normally recognised at their settlement amount. 16_
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Crltical accountlng estimate5 and Judgements In Ihe application of the Charity's accounting policies, the Trustees are required lo make judgemenls, 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 lo 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 recognised in the period in which the 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. Donations, lega¢les and grants Unrestrlctgd Restrlcted funds funds Total Total 2025 2025 2025 2024 Donations and gifts Legacies 63,174 15,177 25,417 88,591 125,469 15.177 2,772 Grants 13,000 13,000 78,351 38,417 116,768 128,241 For the year gnded 31 March 2024 53.514 74,727 128,241 17-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investments Unrestricted Funds 2025 Unrestricted funds 2024 Income from listed investment5 Loan note interest receivable Bank interest receivable 48,505 46,407 375 7,788 10,787 59,292 54,570 Ralslng funds 2025 2024 Fundraisin and ublicit Staging fundraising events and relaled costs staff costs 3,156 28,008 4,118 29,401 Fundraising and publicity 31,164 33,519 Courses and educational events Course expenses Staff costs 30,276 31.045 12,199 26,801 Course costs 61,321 39,000 Investment mana ement 4,800 4,519 97,285 77,038 19-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltable activities Unrestricted funds Restricted funds 2025 2024 Depreciation and impairment Research and laboratory equipment Education, training and prizes 13,937 62.161 8.256 23.863 42,946 37,800 105,107 8.256 37,800 50,149 4,977 Research salaries, fees and expenses 108,199 36,129 144.328 112,876 Bad debt provision (120) (120) 1,849 192,433 102,938 295,371 207,651 Share of support costs (see note 8) 20,602 20,602 17,061 213,035 102,938 315,973 224,712 Support costs Support costs Governance costs 2025 2024 Sub-contractor costs Printing, stationery and misceSlaneous Audilors, remuneration 7,134 6.IK18 6,296 7,134 6,008 6,296 6,205 4,988 5,868 Recruitment fees 1,164 1,164 20,602 20.602 17,061 Analysed beeen Charitable activities 20,602 20,602 17,061 Governance costs includes payments to the auditors of £6,296 (2024 - £5,868) for audit fees. -20_
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Employees 2025 2024 The average monthly number of employees during the yearwas.. Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 57,216 497 1,340 54,920 68 1,213 59.053 56,201 Other employment services required by the Charity were supplied by employees of RJAH Orthopaedic Hospital in respect of research, education and administration duties and invoiced to The Institute by the Hospital. A part-time book-keeper and part-time administrator are engaged by The Inslitute and are both self- employed. There were no employees whose annual remuneration was £60.000 or more. 10 Trustoos 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 on Investmonts Unrestrlcted funds 2025 Unrestricted funds 2024 Realised gains 975 617 Unrealised gains 283 102,201 Net gains on investments 1,258 102,818 21-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Tanglble fixed assets Long leasehold Cost At 1 April 2024 1,979,993 At 31 March 2025 1,979,993 Depreciatlon and impalrment At 1 April 2024 Depreciation Charged in the year 808,200 37,800 At 31 MarGh 2025 846,000 Carrylng amount Al 31 March 2025 1,133,993 At 31 March 2024 1,171,793 The leasehold property is the Leopold Muller Arthritis Research Centre. 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 the land and the building is now being amortised so as to write off the cost of construction of the building overthe remaining period ofthe 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 Llsled Investments Total Cost or valuation At 1 April 2024 Disposals Valuation changes 1,583,877 (5,005) 1,258 1,583,877 (5,0051 1,258 At 31 March 2025 1,580,130 1,580,130 Carrying amount At 31 March 2025 1,580,130 1,580,130 At 31 March 2024 1,583.877 1,583,877 Fixed asset investments revalued Costs of listed investments held at 31 March 2025 £1.292.255 {2024- £1,296,285). -22-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Analysls of Investments at market value 2025 2024 UK Equities 1,580,130 1,583,877 15 Financial Instruments 2025 2024 Carrying amount of flnanclal assets Debt instruments measured at amortised cost Equity instruments measured al cost less impairment 739,659 1,292.255 752,123 1,296.285 Carrying amount of flnanclal Ilabllltles Measured at amortised cost 88,429 40,912 Financial assets measured at amortised cost consisls of trade debtors, other debtors, loan stock and cash at bank and in hand. Financial liabilities measured at amortised cost consists of trade creditors and accruals. In relation to the equity instruments measured at fair value, income of £48,505 (2024 - £46,407> has been recognised in the year. The fair value adjustment for the year was a gain of £1,258 (2024 a galn of £102,818). 16 Debtor8 2025 2024 Amounts falling duo wlthln one year: Trade debtors 9,563 10,944 9,563 10,944 -23-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Credltors: amounts falllng due withln one year 2025 2024 othertaxation and social security Trade creditors Other creditors Deferred income Accruals 810 49,605 410 22,998 38,824 762 7,905 227 31,672 33,007 112,647 73,573 18 Deferrod Income Deferred income represents course fees paid during the year which relate to courses held in the following year. The amounl deferred at the year-end will be released in the year ended 31 March 2026 as relevant courses are provided lo the delegates and the fundraising events take place. 2025 2024 Deferred income as 1 April 31,672 37,291 Amounts released in the year Additions during the year (27,974) 19,300 (23,933) 18,314 Deferred income at 31 March 22,998 31,672 Blfwd deferred income remaining 3,698 13,358 19 Retirement benefit schomes Defined contrlbution schemes The Charily 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 orloss in respect of defined contribution schemes was £1.340 (2024- £1,213). -24-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Movement In funds The income funds ofthe charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specAfic purposes-. 2026 Balance ai 1 April 2024 Incoming resourcès Resources expended Transf8rs Gains and Balance at 31 Iloss8s} March 2028 Unrestricted funds Unrestricted Designated 5,548 2,230,530 280,498 (310,320) 28,920 (31,970) 1,258 5,904 2.198,560 2,236,078 280,498 (310,320) (102.938} (3.050) 1,258 2,204,464 Restricted 1,198.142 38,417 3.050 1,136,671 3,434,220 318.915 {413.258) 1,258 3,341,135 A detailed analysis of the movement in funds is given in note 22. 2024 Balanc¢ at 1 Apdl 2023 Incoming resource8 Resources expendad Transfers Galns and Balance at 31 11088951 March 2024 Unrestrlcted funds Unrestricted Designated 32,334 2,100,884 222,254 {234,822) (117.036) 129,846 102.818 5,548 2,230,530 2,133,218 222,254 (234,822) (66,928) 12,610 102,818 2,236,078 Restricted 1,202.953 74.727 (12,610) 1,198,142 3,336,171 296,981 (301,750) 102,818 3,434,220 -25-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Analysis of net assets between funds Unrestricted Designatod funds funds 2025 2025 Restrlctod funds 2025 Total 2025 Fund balances at 31 March 2025 are represented by.. Tangible assets Investments Current asselsl (liabilities) 418.071 1.580,130 200,359 715,922 1,133,993 1,580,130 627,012 5.904 420,749 5,904 2.198,560 1,136,671 3,341,135 Unrestricted Designated 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 -26_
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysis of funds Total fund balance to 01104124 Total fund balance to 31103125 Costs Income Transfeis Gèneral purposes 5,548 (84.599) 92.461 (7,506) 5,904 Desi nated funds Courses Population Orthopaedics fund Regenerative Orthopaedics fund Anatomy fund (Incorporating Herbry Freede fund) Arthroplasty fund Reseafch fund ffony Smith) RJP Upper Limb fund CIND fL¢nd ENT Course fund Fool & Ankle research fund Hand surgery res & Irg fund Histopathology research fund Upper Limb (Hand & Wrist) fund Limb reconstruction fund Fund Generalion fund (previously London Marathon) Medical photography Micro surgery fund Muscular dystrophy fund OSCAR fund Oncology fund Ortholic researth fund Oscell fund Paediatrics fund Club Foot fund Pharmacy fund Publishing fund Radiology fund Radiography fund Registrars day fund Research fund (Arthritis & Rheumatology) Research fund (General) Physio fund Charles Sall research fund Radiology Research fund Spinal injuries fund BASES fund Spinal injuries staff fund Spinal studies centre Spinal studies research projects Sports injury research fund WG Davies prize Division of nursing studies J Rowland Hughes prize Dr W M Park memorial fund Aneslhelist's fund Rheumatology Educational fund GP Study Day fund Veterans Centre fund Dr B Tins Fund (27.365) 113,814 5.688 {86,449) (3,198) 56,398 10.062 46.234 213,970 2,310 13.610 52.677 14,885 81.753 11.307 254 5.821 38.123 8.761 7,608 4,987 5.495 3,554 24,1) 13.322 7.827 3,294 696 363 50.023 79,837 943 22.288 200 512,813 58.888 8,081 45.956 151,455 2,310 13,126 66,730 14,579 90,404 9,619 254 5,804 36,223 7,659 7,608 3.920 5,495 3,514 10,989 15,588 7.827 3,294 696 363 48,354 79,837 943 23,372 200 539,440 1,264 8.668 131 56,448 842 1,575 81,037 7,775 32,833 2.588 2,972 96 2,393 8,516 11,939 16,725 20.147 9,686 (1,981) (3,034) (7,395) 2,756 1,415 (56,535) (1.084) {988) (306) (1,202) {1,6881 600 15,041 9,853 (17} (2,240) (667) 340 3,225 (3,660) (1,067) (40) (13,271) (910) 70 3,176 (5.352) 743 2,940 (2,916) 4,000 (115,649> (46) (6,6911 29.111 1.310 113,165 15,359 131 71,271 {861 (458) (2.118) (3,000) {14.737) 1,300 3,693 60,881 7.775 35,700 2,588 4,030 96 2.393 5,632 10,028 15,789 19.827 4.172 23.156 {2.867) {1.058) (1.306) (3,049) (2,408) 4,190 4,960 30 320 5,589 3,314 {75) clf 1.552.970 (210.334) 189,012 (3,485) 1,528,163 -27-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysls of funds (continued Total fund balance to 01104124 Total fund balance to 31103125 Costs Income Transfers Designated funds blf 1.552.970 (210,334) 189,012 (3,485} 1,528,163 SAS Doctors Conference fund Bioinfofmalics fund THREAD fund LMA Research centre Unre21ised gains 3.540 3,190 1,359 432.008 237.463 3,540 3,190 7,850 418,071 237,746 {1,450) (13,937) 7.941 283 Designaled funds sub-total 2,230,530 (225,721) 189.295 4,456 2.198,560 Restricted funds Arthroplasty fund restricted Research fund (Tony Smith) - restricted RJP Upper Limb fund CINI) fund - restricted ENT Course fund - restricted Fund Generation fund - restricted Paedialrics fund - reslricled Club Fool fund - restricted Research fund (G8neral) - restricted Charles Salt research fund Radiology Research fund - restricted Spinal injuries fund - reslricled Spinal studies centre - restricted Spinal studies research projects - restricted WG Davies prize - restricted Dr W M Park memorial fund- restricted Rheumatology Educational lund - restricted Veterans Centre fund - reslricled Di B Tins Fund - restricted LMA Research centre - restricted 41.108 147 41,108 147 5,000 4,126 4,441 3.426 3,772 1,148 311,577 3,000 110 3,608 11,041 7,725 3,645 209 3.264 1,813 11,589 715,922 5,000 4,126 4.441 3,426 3,772 1.148 357,185 (79,075) 30,417 3.000 3,050 110 3.608 11,041 7.725 3.645 209 3,264 1,813 11.589 739.785 (23,863) Reslricted funds sub-total 1.198.142 (102,938) 38,417 3,050 1.136.671 Tolal 3.434,220 (413,258) 320,173 3.341,135 -28-
ORTHOPAEDIC INSTITUTE LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysis of funds (Continued) Ma orfunds wlth balances reaterthan £25 000 Anatomy Fund Incorporatlng the Henry Freede Anatomy Fund Finances teaching and research work under the discrelion 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 Dlsease (CINDY Fund Fund is for finding new treatments 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 Centre which houses the work of the charity. The main 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. Populatlon Orthopaedics Fund The Population Orthopaedics Fund will support the new Professor. Regenerative Orthopaedlcs Fund This fund is for the charity's a¢ademiG 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 Pulliuno. Radlology Fund This fund is used for Radiologists. education. training and research. Registrars, Day Fund This fund is used for Registrars, education, training and research. Rosearch Fund {Gon8ral) Funds various research projects approved by the Inslitute's Research Panel. Splnal Injuries Fund Funds research into management of spinal injuries. Spinal Studies Centro Funds held for use in the Spinal Injuries Centre. Sport Injurles Research 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 2025 22 Analysls of funds (Contlnued) Material Transfers The reasons for material transfers between different classes of funds are set out below. Course fund - allocation of course profits to funds. Research fund (generall - funds allocated for specific research projects. Arthroplasty fund l Oscell fund I Spinal Injuiries funds - transfers allocated to support specific research projects. Unrestrlcted Funds Included in unrestricted funds are designated funds, during the year transfers are made between these designated funds at the Trustees, discretion. 23 Flnancial commltments, guarantees and contingent Ilabllltles The Trustees have approved on-going research commitments over the next two years totalling £694,109 (2024.. £641,362). 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 transactions 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 £6,188 (2024: £4,529). Transactlons wlth related partles During the year the Charity entered into the following transactions with related parties.. The Charity operates within the environs ofthe RJAH Orthopaedic Hospital. Due to this a significant number of transactions are undertaken belween the two enlities, the transactions are within the normal activilies 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 year the Charity made purchases of £75,051 {2024.' £50.107) from RJAH Orthopaedic Hospital for goods and services and contribution to shared project costs. Atthe year end £20,242 (2024: £177) was owed to the RJAH Orthopaedic Hospital for goods and services. During the year the Charity made recharges of expenditure of£4.940 (2024: £4,662) to RJAH Orthopaedic Hospital. No guarantees have been given or received.