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 0rlhopa￿lC 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 nUm￿r. 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 coM￿Y 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
Jar*Jary 2015}.
Our purposes and activities
Nuffield Orthopaedics Llmited is a company limited by guarantee, and a regISte￿d 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 Phys￿31 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 tranS￿lI0n5.

Nuffield Orthopagdlcs Limitod
Company registra￿On nvmbor: 03816219
Tru8taes' annual report includlng dlre¢tors' report
For th* yoar onded 31 July 2023
Rlsk Stat•m¢nt
The dwectofs assess at v*iovs int¢Nals any ri$k lo which the charily may be exposed. in particular those felaled
lo Ihe operallon of finances of the chwily. and they are satisf19d that systems arfj continuing lo be lft place lo
reduce any possible exposure lo major risks, on an ongoing basis.
Plans for future perlods
The charfty has faclliiated the Construct￿ of the firsl two phasos of the Botnar Centre Research Inslilule. Work
started on phase 3 in June 2020 and despile problems for the contractors with Covid sickness, Ihe building
wr)rk conlinued as planned. 11 was due to be completed by June 2021 but was delayed lo Decernber 2021. The
Directors and the Universily are pleased wilh the high standafd of works.
Phase 3 is expecled lo cost no more than £gM with 10% of funding Teservgd for Ihe rg18nlion sum du6 lo bo
paid al It* end of 12 month5. The fundin9 for Botnar 3 will come from The Nuffié5d Orthopaèdic Centre Charity
in due course as per the firsi Nvo phases.
The charity will continue lo hold the leases fof the buildirYJs.
Activlll•s undertaken by the Gharlty for the publlc bonofit
The d*8ctors conslder Ihal they have complied wrth Section 17{S1 of The Charities Acl 201110 have due regard
lo the publi¢ benèfit guldance published by th6 Charity Commu￿￿￿￿.
The chaTlty has facililaled the construction of the Bolnar Centre Research Instilule so Ihal groundbreaking
research can be undertaken into Musculoskeletsl disease.
Structurg, Govemance and Management
The company inform81ion given ot) page 1 form5 part of Ihks repDrt and includes a full list of the
directors, all of whom served throu9k¥Jul the year.
The day lo day operation of the Charity 15 ¢Jelegaled lo Ihe Chief Exeeulive off￿r {CEOI. Operalional decisions
are then made by the CEO except where expandilure relates to a ¢apilal naturo, which will requir8 full Board
approval.
Ap￿intmen1 of new directors is subjocl lo the approval of the Board. Appoinlo¢s aro interviewed by the
Chairman plus oth$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 0￿ratIng 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 c￿npanY'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 lnf0rrw￿tI0n.
ZT>L
This
was approved by the t)oard on30.S*l4Mlw.....and s￿ned on its behaff.
C John
Director

Nuffleld Orthopaedlcs Llmited
Statement of DirectOTS' R•sponsibllitieg
For y•ar ondod 31 July 2023
The d￿eCtOrS 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 Pract￿8 (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 Sulfic￿nI 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 fina￿la1 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 fina￿la1 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
ra￿vant 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 O￿Tr￿n 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 feSptsnslb￿1IY 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$' report and the strategic Teport included within the Iruslee8' re￿rt has been prepared in
accordance wth applicable legal requirements.
M#tt•ts on whlch wg ar• requlred to r•port by ex¢eptlon
In the I￿ht of Ihe knts￿edge and UAderstondbng of thè compaty and ils environment obtained In the course of
Ihe audit, wehave not ￿entified matèrial misslatemenls in the directors, report or strategic ieport included within
the Iwstees report.
We have nothing lo report in respect of the following matters in relation lo whtch Iho Companw Act 2006
requires vs Iorepofl lo you rf, in our opinion..
adequate and prO￿r a¢counling T¢cuds have not teen kepl: or
Ihe financial slalemenls are not in agreement with rhe accounting rècords and returns., or
certain disdosures of Ifuslees. remuneralion specif￿￿ by law are not ￿ade., QT
we have not received all the information and explanalions we requi￿ for our audit.
R￿ponSIbIl￿10$ of tN8teos
As explained more fully in the directors, responsibilities staten￿nI 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 p￿paration 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 COM￿ny,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 8tat*m•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$lat*menls Can 8riso from fraud or error and are considered materlal il. indNidually or in the aggregate, Ihey
¢OLAd reasonably be expected lo influeTKe the economic decisions of users taken on Ihe basis of these financial
statements.
Irregularitie5. including fraud, are inslances of non-complianowith laws and regulations. We desiw¢ procedures
in line with our respon$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 COM￿leS ￿ryth thes8 requirements by mak¢ng
enqUir￿S 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 mater￿1 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 ldenlrf￿d, 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.uk1a￿dIlolsrespOnSibL1itles.
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 ch￿liab
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

Nuff￿ld 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 Ir￿￿￿0
315.417
150.773
Expendlture:
Expenditure on charflabie activllles
Governance costs
Total ex￿ndItUre
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
c￿lIorS. 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
ReStr￿tell Income Funds
10
15,361.405
15,611,608
Totsl charlty funds
15,361.405
15,611,608
The financial stal￿DentS 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 nUM￿r. 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
C￿h generated byllused In> operatlng actlvltlos
254.346
{223,3681
Investlng a¢tlvttlg8
Payments lo acquire tan￿ble 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 $lgnlficaDt ac¢ounllng pollcl
Basls of proparatloTh
The financkql statements have bean prepared in accordance with Accounting and ReportÉng by Charities..
statement ol Recomrnende(J Practice applicable lo charities preparing their accounts in accordanc8 with the
Financral Reporling Standard applicable in the UK and Republ￿ of Irèland IFRS 1021 leffective 7 January
20151- ICh8rities SORP (FRS 10211, the Financial RetK)rting Standard applicable in the UK and Republic of
Ireland IFRS 1021 and the Companies Acl 2006.
Golng Con￿rn
The ¢harity has cash resources and has no requiremenl lor exlefnal hjnding lo fvnd nDmial opeialN)g
activities. The direclofs hav8 a feasonab18 expeclalion that the charity has ad8quale resOur￿S to continue in
operational exislenc8 lor th? fore5eeaWe future. They continue lo believe the 90iThJ ¢oncern basis of
aGcounling appropriale in preparuig the annual finanGi* slalemwts.
Inwno
Income is recogrmsed when the cht*ity has entitlement lo the funds, any performance condiiK)ns
allached to th$ Ileml$l of in¢ome have been mel, il 15 probable that the income will be received and
the amount b& measured reli8bly.
Inleresl on fund5 hèld on deposrt is included when r￿1valle and the amount can be measured
reliably by the charity.. this is nomially upon notsficalion of the Inleresl p8kl or payable ty Ihe Bank.
Fund accounting
Unrestricted income ￿ndS are available to spend on activities that furthfjf any ol the purposes of
arity.
Designated funds are unreslcicled furKSs of the charily whKh Ihe direclrys have docided at Iheir
dis¢relKJn lo sel aslde lo use for a spe¢ilic purpose.
Restricted income funds *e dorkilions which Ihe donor h8s specified are to be soldy used forspe(>fic
projecls.
Operatlng leases
The Charity classifies the12a$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& proviS￿n 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{Jdit￿s Temuneralion
Solicitors f8es
Other legal and prolessional
2,920
7.980
2.496
4,530
10,900
7.026
565.620
471,794