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 pU￿0$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¥np8n￿8 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 be￿een
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.