Company regi$tralion number 03816219 Nuffield Orthopaedics Limit8d Trustees Report and Financial Statements 31 July 2023 A registergd cherity wilh number.. 1079354
Nuffigld Orthopaodics Limit Contonts Page Company information (this fomis part of the annual directors, report) Trustees, annual report induding direclors. report and strategic report Independent auditors, report 64 Stalemgnt of financial actlvilies Statement of financial position 10 St8tement of cash flows 11 Accounting policies and notes to th8 financi81 stalemenls 12-16 Detailed profil and10ss account 17
Nuffield Orthopaedics Limitod Company Intormation (this forni8 part of the annual trusttss. report) Trust•èslDira¢tors E D J Thomas Professor A J C&T C R Dick IResigned 3 October 20231 Mrs J Frankiin C Johnslone P S Candy Secretary ?nd Chlef Executlv• Offlc•r Mrs J Franklln Audltorn Edwin Smith 32 Queens Road Reading Berkshire RG1 4AU Banke¥s Nalional Westminster Bank plc 121 High Street Oxford OX140D Prln¢lpal Offlce Nuffidd Ort)p49diC Centr• ApFéal Office Nuffigld 0rlhopalC Centre Headington Oxford OX3 7HE Registored offi 25A Markel Square Bicesler Oxon Oxforij OX26 6AD Company r•glJtratlon numbor 03816219 Charlty reglslratlon numbgr 1079354 (Engugnd and Wal85)
Nuffleld Orthopaedics Llmlted Company r6gl8tratlon nUmr. 03816219 Trustees, annual report includlng dlrectors, report For the year onded 31 July 2023 Dlrectors, Roport The directors present their report and financial slatements for th¢ year ended 31 July 2023. The dire¢$ are truslfj8s for the purFK)ses of th? Charilies Act 2011. The trus1 e pleased lo presonl iheir annual directors. report logolher with the finanual statements of the charity for the year which are also prepared lo meet the requirements lor a direclofs. report and accounts for Cornpanies Ad purposes. The flnanrAal statemen15 coMY with the Chafilles Act 2011. the Companies 2006, the hAernorandum and Artides of Association, and Accounting and Reporting by Charitie5'. Slalemenl of Recommended Practice applicaNe to Charities preparing their a¢UnIS in accordance with thè Financial Reporting Standard applicaN$ in the UK and Reputs1 of IrelatKI IFRS 1021 {effeclive 1 JarJary 2015}. Our purposes and activities Nuffield Orthopaedics Llmited is a company limited by guarantee, and a regISted charity governed by its Memorandum and Artides of Assocralion. The Ot4'ecl% for which the charity 1$ established are as follows.. To relieve sickn8ss and Phys31 disability and promote good heèllh by supporting Tho Nuffield Orthopaedic Centre and in particul* but withtJJl prejudice lo thé generality of ihe foregoin9 by assi8ting in the raising and provision ol funds for now buildings facilities and equipment. To advance research land the dissèmination ol the useful resulls thereofj tea¢hin9 and stL¥Jy ol all a$peGis of muscular skeletal disorder lor the public benefit. Achlevements and pèrfomiance Wilhin the objects above the charily has built the Bolnar Contre Research Institute within the confines of land leased from the Oxford Unlversity Hospita18 NHS Trust, and in turn 18ased the buildings to the University of Oxford. The buildings form a Gentre ol excellencé for Ihe provisK)n of research Into diseases of the musculosk81elal system. Flnancial revlew The results IOT the year are given in the Slalernenl of Financsal Activities. R•#•twe8 Pollcy The ch3rrty'$ financial posilion is always secure. as no commitrnent is made for the erection of buildings without the funding being in place lo complete the pr(4acl. Operating costs are meifrom rentals recelved for the building. The reserves held al the year end amounted to a surplu3 of £15.361,405 (2022.. surplus £15,811.808) and are used to meet the ¢harily's obleclives. Inv••lm•nt Pollcy No long-lerm invesimtsnts are held other than the leasehold buildin9s, which have a sixly yew188s8 with Oxford University. Short-lem investment$ ng cash al bank are to Ver normal day-lo-day tranSlI0n5.
Nuffield Orthopagdlcs Limitod Company registraOn nvmbor: 03816219 Tru8taes' annual report includlng dlre¢tors' report For th yoar onded 31 July 2023 Rlsk Stat•m¢nt The dwectofs assess at viovs int¢Nals any ri$k lo which the charily may be exposed. in particular those felaled lo Ihe operallon of finances of the chwily. and they are satisf19d that systems arfj continuing lo be lft place lo reduce any possible exposure lo major risks, on an ongoing basis. Plans for future perlods The charfty has faclliiated the Construct of the firsl two phasos of the Botnar Centre Research Inslilule. Work started on phase 3 in June 2020 and despile problems for the contractors with Covid sickness, Ihe building wr)rk conlinued as planned. 11 was due to be completed by June 2021 but was delayed lo Decernber 2021. The Directors and the Universily are pleased wilh the high standafd of works. Phase 3 is expecled lo cost no more than £gM with 10% of funding Teservgd for Ihe rg18nlion sum du6 lo bo paid al It end of 12 month5. The fundin9 for Botnar 3 will come from The Nuffié5d Orthopaèdic Centre Charity in due course as per the firsi Nvo phases. The charity will continue lo hold the leases fof the buildirYJs. Activlll•s undertaken by the Gharlty for the publlc bonofit The d8ctors conslder Ihal they have complied wrth Section 17{S1 of The Charities Acl 201110 have due regard lo the publi¢ benèfit guldance published by th6 Charity Commu. The chaTlty has facililaled the construction of the Bolnar Centre Research Instilule so Ihal groundbreaking research can be undertaken into Musculoskeletsl disease. Structurg, Govemance and Management The company inform81ion given ot) page 1 form5 part of Ihks repDrt and includes a full list of the directors, all of whom served throu9k¥Jul the year. The day lo day operation of the Charity 15 ¢Jelegaled lo Ihe Chief Exeeulive offr {CEOI. Operalional decisions are then made by the CEO except where expandilure relates to a ¢apilal naturo, which will requir8 full Board approval. Apintmen1 of new directors is subjocl lo the approval of the Board. Appoinlo¢s aro interviewed by the Chairman plus oth$r diraclor, and afe prov"Kled with fijll information about the charily before being invfÉed to loin the Board. The 8oafd mggts al various in18rvals lo adminSster the charity. The Board mambers have overall responsibility for ensuring that the charity ha5 appropri8t8 systems of ¢onlrol. linaneial and olhenvise. Thèse systems should wovid¢ reasonable aswraftce Ihal.. - Ihg charity is 0ratIng effict8ntly and effeclNety', ils assets are safeguarded against unauthorised use or disposllion.. proper recofds are mainlained and financial information use(1 within th6 charity, or for publication, is rd¢able', and Iho charity complles wtth Televanl laws and regulation5. The system5 of knternal control are designed lo prov*Je reasonable. bul not absolute. assurarKe against material missl8lement or loss They indude:_ regular consideiaiion by Ihe Board of finan¢ial results. delegation of authority and segregalion of dulles.
Nuffleld Orthopaedlcs Limited Company regislratlon number: 03816219 Tnbstoes, annual pOrt In¢ludlng directors. report For Ihe year ended 31 July 2023 Disclosure of information to auditors Each pers who was a direcl at the lime Ihis report wa5 approved confirms that.. so lar as he is awar&, there is no relevant audit ifilomiat#)n ol wht¢h Ihe cnpanY'S auditor Ls unaware, he has takan all the steps thal he otsght to have taken as a d%rector in order to m8ke himself aw¥re ol any relevant aydit information and lo estsbli$h Ihat the company'$ audrt(y is aware ol Ihal lnf0rrwtI0n. ZT>L This was approved by the t)oard on30.S*l4Mlw.....and sned on its behaff. C John Director
Nuffleld Orthopaedlcs Llmited Statement of DirectOTS' R•sponsibllitieg For y•ar ondod 31 July 2023 The deCtOrS are rèsponsible for preparing the report and financial slat¢merts In accordan(% wilh applicable law and regulalions. Company law feouires the directo to prepare flnanThal stalemen15 for each flnancial year. Under Ihal law the directors have elected lo prepare the financial slatemenls in accordance wilh United Kingdom Gen8rally Acceplad AGcounling Pract8 (Financial Reporting Standard 102 and applicable law). Under company law the diTeclors musl nol 3pprov8 th8 financial slalemenls unloss they are satisfied that they gsve a Iwe and lair view of Ihe slate of affaiTS of the company arld of the wofit or108s of the company for Ihal pgriod. In preparing these financial Sialefflents. the dtie¢tors are required lo.. sele¢l suitable accounting policies and then apply them con$islenUy'. make judgements and eslimalos Ihal are reasonable and prud8nl,' slate whether applicable UK Accoijnling Standards have en followed, subject lo any material departures disdosed and explained in the financial statements.. prepare the financlal statements on the going concern basls unless it Is inapwopriale lo presume that the cornpany will conlinue in Lmjsiness. The dKectors are fesponsibl6 for keeping adequate accounting records ihat are SulficnI to show and explain the comparry s transactions and disdose with Feasonablg accuracy al any limè the financial posilior4 01 the company and enable them to ensufe that the finaneia statements comply with the Companies Act 2006. They are also responsible for safeguarding the asse15 01 the Company and hen¢e for taking reasonatle sieps for th8 prevention and detection of fraud and olher irregularilies.
Nuffiold Orthopagdics Llmit•d Independont audllors. r•port to the mombofs of Nuffi•ld Orthopaedlcs Llmited Opinion We have audited Ihefinancial statements of Nuffield Orthopaedic5 Limited fry the year ended 31 July 2023which cornpri5e the Slalemenl of Financial Aclivilies. the Siatemenl of Financial Position, the Statement ol Cash Flows and Ihe related notes. including a Summary of signrficant accounting policies. The financial reportin9 framework Ihal has been applied In their preparation is apF4icable18w and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland" IUnite(l Kingdom Generally Accepted Accounllng PractKèl. In our opinion Ihe acccunts-. "ve a true ar faiT view of the 81ale of th8 company's affairs as at 31 July 2023 and of 11$ net income for the year then endod.. have been properly wepared In accordance with Unlted Kingdom Generally Accopled Awounling Practice., and have been prepared in xcordance with the requirements of tho Companies Act 2006. Basis of opinlon We conducted our audit in accordance with International Stsndards on Auditing (UK) IISA$ IUK}l and appllcable law. Our responsibli ities under those standards are further desuibed in the Auditor's rgsponsibilllles for the audlt ol the finala1 statements section of our report. We are ind8pBndent of the Company in aceordance with Ihe ethical Tequirements that are relevant lo our audit ol th8 finala1 stalemenls in the UK. including the FRC, Ethical Standard. and we havo fuSfAled our olh&r ethical responsibilities in accordance wlth these requirements. We believe ihal the audlt evldence we have obtained Is suffKienl an(i appropriale lo provide a basis for our opinton. Concluslons f•latlng to going eon¢•m In auditing Ihe financAal slalem8nts. we have CO[lUded thal the Irusloes. use of the goiry concern ba$is of accounting in the preparation of the firiancial Statements is appropriate. Based on the work wg havè p•rformed, we hav9 not idenl¢fied any materlal Uncertainl relaling to events or conditions Ihal, Indivldually or colleclively. may ca81 slgnif*canl doubt on the Charivs ability to cOntir a$ going concern lor a period ol ai least 12 monlhs from when Ihe financial slalements are aLblhori8ed for iSSLSe. Our responsibilities and the responsibililie$ of the trustees with respect to going concern are described in the ravant sections of Ihis reporl. Othor Inforn)atlon Th¢ oiher informatson comprises the inlormalion irKlud8d in the report and financial sialemenls. induding Ihe ifuslees, ieport, olher than the financial slatgmenls and our audilorfs ferxlrt Ihereon. The Iruslees are responsible for the other information contained wilhin the annual report. Our OTrn on the flnancial slalements does not covér the oiher informatton and, excepl to the extent olherwi5e explicitly 51aled In our report, we do not express any form of assurance conduwn Ihereon. Our feSptsnslb1IY is lo rèad the other information and, in doing 50. consider whether Ihe other information is malerially inconsislenl wilh Ihe financial 51alemenls OT our knowledge obtained in tha Coufse of the audit, or olherwise appears to be materially mi5Stated. If wo Identify such malerial inconsistencies or apparent malerial mi5slalemenls. we are required lo determine whelher Ihi8 gives ri8e lo a material missialemenl in the financial 5tstements themselves. If, based on the work we have performed, we concludè that Ihgre 15 a malerial misslatemer)l of this other informalhjn, we are requirad lo report that fact. We hav8 nothing lo Teport in Ihi5 regwd. Opinion$ on other rnattèrs pm$¢ribed by thè Companifjs Act 2006 In wr opirnion, based on the work undertèk8n in Ihe course of the audit.. the information given In the tnjstees, rèport. wh ic h i n cl ud es the directors. report and thè strateg report prepared for the purposes of company law. for the financial year for which th8 financial $lalemenls are prepargd is consislenl wilh the financial slalem&nls.' and
Nuffleld Orthopa•di¢$ Limit•d Indepènd•nt auditors, r•port to th• members of Nuffield Orthopa•dks Llmlted the direct¢y$' report and the strategic Teport included within the Iruslee8' rert has been prepared in accordance wth applicable legal requirements. M#tt•ts on whlch wg ar• requlred to r•port by ex¢eptlon In the Iht of Ihe kntsedge and UAderstondbng of thè compaty and ils environment obtained In the course of Ihe audit, wehave not entified matèrial misslatemenls in the directors, report or strategic ieport included within the Iwstees report. We have nothing lo report in respect of the following matters in relation lo whtch Iho Companw Act 2006 requires vs Iorepofl lo you rf, in our opinion.. adequate and prOr a¢counling T¢cuds have not teen kepl: or Ihe financial slalemenls are not in agreement with rhe accounting rècords and returns., or certain disdosures of Ifuslees. remuneralion specif by law are not ade., QT we have not received all the information and explanalions we requi for our audit. RponSIbIl10$ of tN8teos As explained more fully in the directors, responsibilities statennI set out on page S, the Iru8tees Iwho are also the diroct¢)rs of the chartlable company for the purposes of company law} are iesponsible lor the preparalKJn of the finanual statements and for being satisfied that Ihey givfr a true and fair view. and for such internal control as the Iruslee5 determine is necessary lo enable the pparation ol finan¢ial slaiements that ar6 Iree from malerbBI misstalemènl, whether due lo fraud OT error. In pr8pariNJ the linancial slalemenls, the trusle8s 8r8 r8sp)rL8ible for assessing the COMny,8 ability lo onlinue as agoing concern. disdosin9, as applicable, mallers related lo goin9 concern 8nd using the going concem basis of accounting unloss the directors eilher inlond lo liquidatè the company oi to cease oper8tions, or have realistic altemalive but lo do so. Audito¢$ respon$lbilitie$ for the audlt of tho Ilnan¢lal 8tatm•nl8 Our obiectives are to obtain rea8onable assuiance about whethe¥ the financial 6tatemenls as a whole are freè from material msssialoment, whelh¢r due lo fraud or error, and to issue an auditor's report that indud8s our oynion. Reasonableasstjrance is a high level of assurance, bul is not a guarantee that an audit ¢onducled in accordance wrth ISAS (UK) will always delect a material misslalemenl when il txists. Mis$latmenls Can 8riso from fraud or error and are considered materlal il. indNidually or in the aggregate, Ihey ¢OLAd reasonably be expected lo influeTKe the economic decisions of users taken on Ihe basis of these financial statements. Irregularitie5. including fraud, are inslances of non-complianowith laws and regulations. We desiw¢ procedures in line with our respon$ibililies. outlined above, lo delocl material misslalem8nls in res[1 ol Irrogulari11os, Includlng fraud. The exlenl lo which our prowlures are capable of delecling irregularilies. induding fraud is detailed below.. Explanatlon ag to what extthit th• audit was ¢onsld¢rgd capablo of d•t•cting Irregularltle$. Includlng fraud. The obieclives of our audil in respect of fraud, are lo idenlify and assess the risks ol materi81 mi8slalement of the financial statements due lofraud.. lo oblain sufficienl appropriate audil evidence regarding the 8ssessed risks of malerial misslalement (iue to fraud, Ihrough designing and implemenling appropriale responses lo those assessed rtsks,. and to iespond 8ppiopriatdy to instances of fraud suspected fraud identrfieé during the audit. H¢)wever, Ihe primary responsibility for Ihe Prevent) and deleclion of fraud ie51s with bolh rnanagemenl and those charged with governanc8 of Ihe company. Our approach was os lollows.. We obtained an understanding of the legal and regulalory r8ouir8rnenls applicable lo Ihe ¢harit8bie company and considered that Ihe rnosl signrficant are the Companies Acl 2006, Charilie5 A¢t 2011, UK rinancial reporting standards as issued by the Financsal Reports'ng Council and UK taxation legislation.
Nuffleld Orthopaedics Llmited Indepgndent auditors, report to th• mombers of Nufflold Orthopa•dl¢s Llml¢ed We obtained an underslarKling of how the ch8ritaNe compatw COMleS ryth thes8 requirements by mak¢ng enqUirS with management and IlY)se charged vAth govemance. We corrob)rated our enqu¥les tfvough our review of the Trustees. meeting minutes. Vve assessed the susceptibility of the financial stalemenls lo mater1 misstalemenl. including how fraud might occur by considering Ihe key risks impacting the financial slalemenls and documenting the controls that the charitable cornpany ha5 established lo address risks ldenlrfd, or that olhewse seek lo prevent. de18r or delecl fraud. In ow as5essmenl wg Gonstdere(I the risk of managemenl override. Our audit procedures included testing manua journals, including segregation of dutfjes. We inquired of manaJemenl and those charged with governance as to any known instances of ncomplian¢8 or suspgcted non-compliance wilh laws and regulations. Based on thi5 ufKlerslanding, we designed specific appropriate audrt prwedures to tdentfy instances of non-compliance with laws and regulations. This incluO8d making enquiries of managemenl and those charged with governanca and obtaining additional corroborative evidence as required. A further description of our respons+111ts8s for the audit of the fm8ncial statements i8 located on th• Financial Rgporting Council's website al .frC.oTg.uk1adIlolsrespOnSibL1itles. This de5cripl*)n forms part of ow auditor's pOrt. U¥0 of our r•port Thss report ss solèly lo the charilablè comp8ny's mombèrs. 8$ a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our autjil work has b8en undertaken so thal we might 51ale lo the chliab company's members those mallers wè are required lo slate lo them in an auditors. report and for no oth purpose. To Ihe fullest extent permilled by law, we do not accept or assume responsibiSily to anyone other Ihan the charitable company arKd the charilable company's members as a body, lor our audit work, for this ryrt, OT for Ihe opinions we have formed. Philip Nbxon FCA ISeni(Y Slalulory Audilorl for and on behalf of Edwln Smlth Accountants and Statutory Audltor8 ..30th Sapiembgr 2024.... 32 Queens Road Readin9 Berkshlrè RG14AU
Nuffld Orthopaedi¢s Limitod Statwnent of Flnanclal Actlvltlu {Incom• and Expondlture ac¢ountl for th• year ended 31 July 2023 Restri¢l In¢om• Fund Tot81 fvnds 2Q22 Not•6 2023 Income: Income from thnalions- grant from NOCC Incorne from chafitable actlvilie5- renis 1Vable Income from Investmenl- bank interest receivable 150.000 163.417 2.000 150.702 71 Total Ir0 315.417 150.773 Expendlture: Expenditure on charflabie activllles Governance costs Total exndItUre 554.720 10,900 565,620 4fj4,768 7,026 471.794 Nel In¢ome lexyndllurn) {250.2031 (321.0211 Reconciliation of funds: Tolai ftjnds brought ftywwd 15,611.608 1 S,932,629 TO funds Carried forward 15,361,405 15,fj11,608 The slatement of financial 8clivilies includes all gains and losses recognised in Ihe yeaf.AJl income and expenditure derive fr¢)m continuing activities.
Nuffleld Orthopaedics Limitod ststèment of Financial Positlon as al 31 Juty 2023 Notes 2023 2022 Flxed assets Tangible 8ssels 15,315.322 15,595.820 Current asséts DebloTS cash al bank and in hand 18.795 277.755 296,550 27,437 140,965 168.402 Llabilltle5 clIorS. 8mounls falli¢¥J due wilhin one year 1250,4671 1152,6141 Net current assots 46,083 15,788 Net assets 15,361,405 15.611,608 Th• funds of the charity ReStrtell Income Funds 10 15,361.405 15,611,608 Totsl charlty funds 15,361.405 15,611,608 The financial stalDentS wwe approved by the Board and authorised for issue on 30..101 I.IV24 and were 5wJned on its behall by C. JDhn$lone Direclor Company regsstralion nUMr. 03816219 10
Nuffield Orthopaodlcs Limitod Stat•m•nt of Ca$h Flows for thg year ended 31 July 2023 2023 2022 Opwating activltles Net inrA)me lexpendilurel for the yoar (250,2031 {321.0211 Adiuslments foT-. 398,054 300.985 Deproeiabon Ilncreasal I decrease in debloT5 Inc*ease l (decreasg) in creditors 8,642 97,853 141,890 1345,222) (223,3681 Ch generated byllused In> operatlng actlvltlos 254.346 {223,3681 Investlng a¢tlvttlg8 Payments lo acquire tanble fixed assets Cash us•d in invésting a¢tl¥ltl¢s (117,5561 1276.0781 (117,556) (276,0781 Nat cash used Cash generaled byllused in) operating activities Cash used in investing actsvrties N•t cash used 254.346 (117,5561 138,790 1223.3681 {276.0781 1499,4461 640,411 140.965 Cash and cash equsvalènt5 at 1 August Cash and cash equi¥ents al 31 July 140.965 277.755 Cash and cash equivalents comprise.. 277.755 140,965 Cash at bank 277,755 140.985
Nuffield Orthopaedics Llmited Notes to the Accounts for the year ended 31 July 2023 1 Summary of $lgnlficaDt ac¢ounllng pollcl Basls of proparatloTh The financkql statements have bean prepared in accordance with Accounting and ReportÉng by Charities.. statement ol Recomrnende(J Practice applicable lo charities preparing their accounts in accordanc8 with the Financral Reporling Standard applicable in the UK and Republ of Irèland IFRS 1021 leffective 7 January 20151- ICh8rities SORP (FRS 10211, the Financial RetK)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Acl 2006. Golng Conrn The ¢harity has cash resources and has no requiremenl lor exlefnal hjnding lo fvnd nDmial opeialN)g activities. The direclofs hav8 a feasonab18 expeclalion that the charity has ad8quale resOurS to continue in operational exislenc8 lor th? fore5eeaWe future. They continue lo believe the 90iThJ ¢oncern basis of aGcounling appropriale in preparuig the annual finanGi slalemwts. Inwno Income is recogrmsed when the chtity has entitlement lo the funds, any performance condiiK)ns allached to th$ Ileml$l of in¢ome have been mel, il 15 probable that the income will be received and the amount b& measured reli8bly. Inleresl on fund5 hèld on deposrt is included when r1valle and the amount can be measured reliably by the charity.. this is nomially upon notsficalion of the Inleresl p8kl or payable ty Ihe Bank. Fund accounting Unrestricted income ndS are available to spend on activities that furthfjf any ol the purposes of arity. Designated funds are unreslcicled furKSs of the charily whKh Ihe direclrys have docided at Iheir dis¢relKJn lo sel aslde lo use for a spe¢ilic purpose. Restricted income funds e dorkilions which Ihe donor h8s specified are to be soldy used forspe(>fic projecls. Operatlng leases The Charity classifies the12a$e of the land Irom ihe Oxford University Hospiial8 NHS Trust as an operaling 18a$8 as Ihe title lo tho13nd remains wilh the lessor. Renl payable is charged on a slraighl line basis over Ihe temi ol the lea88. Exp8ndlture Expenditure is iecognised onc¢ thère is a legal Of nstrUCtive obligation to make a paymgnl to a third party, it 1$ probable that soluemenl will be requirod and the amount of the obligab'on Can bo measured relrably. Tanglbl flxed assets TangitrAe fixed assets are measured al cost less accumulative dewecialion and any accumulative impaimient losses. Depreciation is providfjd on all tangible fixed assets, other than freehold land,at rates calculated lo wrrte off the cost, less e51imaled residual value, of each asset evenly over its¢xpected useful lrfe, as follows.. Long Leasehold- Bolnar Phase 1 over 60 ygars Lon9 Leasehold - Botnar Phase la over 53 years Long Leasehold- Bolnar Phase 2 Over 50 years Long Leasehold - Bolnar Phase 3 over 40 yeats 12
Nuffi•ld Qrthopaedi¢$ Limltod Notes to the Account$ for the year end•d 31 July 2023 Dobtors Trade and other deblors are rècognis8d al the selllemenl amount due after any trade dlscwntoff¢red. Prepayrnenls are Yalued al Ihe amounl prepaid net of any trade dis¢ounls due. Cash at bank and In hand Cash al bank and c05h in hand includes cash and short term highly liquid investments wilh a shortmaiurty of three months or10$$ from the date of acquisition or openiTrJ of the deposit or similar account. Credltors Creditors are recognised where the charity has a present obligalion resulting from a past event thatwlll probably result in the transfer of funds lo a th*d party and the amount due lo sellle the obligation can be measured or estsrnaled reliably. Creditors are normally recognised al their settlement amount aflgr allowin9 for any trade dlscounts (Jue. 2 Incom• Income from Donations and gifts: 2023 2022 Grant from NOCA ISO,000 150.000 Inc4)me from charitabl• aclivilies-. 2023 2022 Rental Income 163417 163.417 150702 150,702 Income from Inveslmenls.. 2023 2022 Interest received 2,000 2.000 71 71 3 Expgnditur• Charitable activlties: 2023 2022 Lease paymenis Bolnar 3 opening & portrait donatlon Bank charges Insuranre Depredation 154,753 144,632 18,019 1,853 398,054 5S4.720 1.052 300.985 464,768 13
Nuffiold Orthopaedlcs Llmlted Notes to tho Accounts for the year ended 31 July 2023 Expwditur• Icontlnuod) Govwnancè costs". Audiloi's rem*Jnwalion AccoLFnlancy fees Other legal and professional 4,530 2,496 2.920 10,900 7,028 4 Trustse rnmunoratlon No directors. including the CEO rwAived remuwalion or other bengfils Of were reimbursed expenses during the year. (2022: £nill 5 T•xatlon Th8 charity is exempt from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Acl 1992 lo the exlenl that these are applied lo 115 charitable objects. 6 R•laled parti9$ The oharity has a close relationship wth the Nuffield Orthopaedic Centre Charily {NOCC) Ich8rlly number 10065091. NOCC provide the fundin9 to enable the charity to carry out its chariiable objeciives through Charitable Grant Agreement. In the year under review the charity received grants of £150.000 from NOCC 12022.. £nil}. All six directors of the company are Twslees crf Nuffléld Orthopaedi¢ Centre Chaiity. 7 Op•rating lèases At tho reporting er dale the charity had oulslanding commilments for fuluTe minimum lease payments under non-cancellable operaling le85e$ of £309,50512022.. £309,505). These expire in more Ihan fiv& years. Los$or Al the reporting end date the charity had conlracied with tenants for fuwre min¥num lease payments of £488,19212022 £488,192). Thes0 expirn in more than five years. 14
Nuff*ld Orthopaedics Limlted Note5 to the Accounts for the year ended 31 July 2023 Tanglble ffix•d assets Land and buildings Al cost Total Go8t oi valuatlon AI I Auw512022 Addilions Transfer Al 31 July 2023 18.195.415 117,556 18,195.415 117,556 18.312.971 18.312.971 Dopreclatlon Al 1 August 2022 2.599,595 2,599,595 Charge lof tho year Al 31 July 2023 398,054 2.997,649 398,054 2.997,649 Carrylng amount Al 31 July 2023 At 31 July 2022 15.315,322 15.595,820 15,315,322 15,YJS.820 Debtors 2023 2022 Other debtDfS 18.795 27,437 10 Cr•dltors- amount$ fallln9 duo wlthln one ar 2023 2022 Trèdè crediioTS Accruals and fJeferi¢d income 121.741 128.726 250,467 116,686 35.928 152.614 15
Nuffield Qrthopaodics Llmit Notes to the Accounts for the year endod 31 Juty 2023 2023 2022 11 Restrlcted Incomè lund$ Al 1 August Nel income lexpendiivfel lor the year Al 31 Juty 15,611,608 250.203 15,361,405 15.932,629 1321.0211 15,611,608 The re5tricled irthme fvnds are b b8 Usod f th& proviSn of th8 8olnar Centre Rasearch Inslilule. 12 Pre8•ntation Currency The financial stalemenls are presented in Sterllng. 13 L•gal lorm of •ntlty and country of Incorporatlon Nuffield Orthopaedics Limited is a private company limlled by guarantee, Inwporaled in England as a company. and registered as a chariiy. 14 Commltfflenl8 On 4 Junè 2020 the company entered inlo a eonlracl with Barnwood Ccnslruction Llmited for the construction of Phase 3 01 the Bolnar Research Cenlre. The initial coniract value was £7,389.035. Conlra¢l variations of £437.857 have subsequently bgen agreed. Al 31 July 2023 cos1$ incuNgd and irKluded in Ihe accounts was £7,827,292. The balance falls due as follows.. 2023 2Q22 Due within one year Due within 2 and 5 years 36,064 15 Prlnclpal plac• of business The ajdress of the company's principal place of business is as follows.. Nuffield Orthopaedic Centre Appeal Ofli Nuffield Orthopaedic Centre Heading Oxford OX3 7HE 18
Nuffield Orthopaedics Limited Detailed profit and loss account for the year ended 31 July 2023 2023 2022 Income Grants Irom NOCC Renis receivablè Interest receivable 150,000 163,417 2,000 31S.417 150,702 71 150,773 Exp•ndlturo Charitablo actlvltle• Premises cosls.. Rent Opening Donation 1 $4.753 144,632 1,669 16.350 1 $4.7S3 162,851 General adminislralive expenses.. Bank char9es Insuiance Depreciation 1,8S3 398,054 399.967 554,720 1.052 300,985 302,117 464,768 Total Govgrnance ¢ost$ Legal and professional eosls.. A¢counlancy fees A{Jdits Temuneralion Solicitors f8es Other legal and prolessional 2,920 7.980 2.496 4,530 10,900 7.026 565.620 471,794