Company registration number 03816219 Nuffield Orthopaedics Limited Trustees Report and Financial Statements 31 July 2024 A registered chan.ty wilh number.. 1079354 Nuffleld Orthopaedi¢3 Limited Contents Page Company info(malion (this forms part of the annual direclofs, report) Trustees, annual report including directors. report and str*egic report IndeperKlent audilors, report &8 Slatement of financial activilies statement of financial position 10 Statement of cash flows Accounting policies and notes to the financial stalements 12-16 Nuffi•ld Orthopaedlcs Limited Company Inforn)ation (this forms part of the annual trustees. report} Tru8te¢slDlre¢tors E D J Thomas Professor A J Carr (Resigned 18 October 2024) C R DKk (Resigned 3 October 2023) Mrs J Franklin C Johnslone P S Candy secretary and Chlef ExecutSv• Officer Mrs J Franklin Audltors Edwin Smilh 32 Queens Road Reading Berkshire RG14AU 8ankers National Westminster Bank plc 121 High Streel Oxford OX14DD Prlnclpal Offlce Nuffield Orthop*dic Cenlre Appeal OffKe Nufffeld Orthopaedic Centre Headington Oxford OX3 7HE Registered office 25A Market Square Bicester Oxon Oxford OX26 6AD Company regigtratlon number 03816219 Charlty reglstratlon numbef 1079354 (England and Wales) Nuffleld Orthopaedics Limited Company rogistration number: 03816219 Trustees, annual report Includlng directors, report For the year ended 31 Juty 2024 Directors, Report The direclors present their repwt and finarKial statements for the year ended 31 July 2024. The directors are trustees for the purposes of the Charities Act 2011. The trustees are pleased to present Ihey annual direGtor5' report logether with the financial statemenls of the charity for the year which are also prepared to meet the requirements for a directors. report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, tle Companies Acl 2006. the Memorandurn and Articles of Association. and Accwnting and Reporting by Charities: Statement of RecommerNJed Practice applicable lo chanties prèparing their accounls in accordance wilh the Financial Reporting Standard applicable in the UK arKI Republic of Ireland (FRS 1021 (effecttve 1 January 2015). Our purposes and activities Nuffield Orthopaedics Limile(l is a company limited by guarantee. and a registered charity governed by Its Memorandum and Artides of Assttiation. The Objects for which the ch￿lty is established are as follows: To relieve sickness and phys￿1 disability and promote health by supporling The Nuffield Orthopaedic Centre and in particular but wrthoul prejudice to the generaltly of the foregoiro by assi51ing in the raising and provision of funds for new buddings facilities and equipment. To advance research {and the disseminalion of the useful results thweof) teaching and study of all aspects of muscular skeletal disorder for the public benefit. Achievements and perforniance Within the obje¢ls above the charty has built the Botnar Centre Research Inslilute within the confines of land leased from the Oxford Universily Hospitals NHS Trust. and in lurn leased Ihe building5 to the University of Oxford. The buildings form a centre of excellence for the provision of research into diseases of the musculoskeletal systern. The Boinar Research Centre is fam¢)US tlYoughiJJt the World solely dedicaled to research into Musculoskeletal health. Since its opening the Centre had developed into a world class research facility. bristling wilh talent and generating visionary sCie￿e the benefit of patients worldwide. Financial revlew The results for the year given in the Statement of Financial Aciivit*s. Reserves Pollcy The charity's financial position is always secure, as no commiimenl is rnade for the erection of buildings without th8 funding being in place lo complete the project. Operaling costs are mel from rentals received for Ihe building. The ieserves held at the year end amounted lo a surplus of £14,962.767 (2023.. surplus £15.361,405) and are US8d to meel the charity's oty'ectives. Inv•stment Policy No long-term inveslmenls are held other Ihan the leasehold buildings, which have a sixty year lease with Oxford University. Short-lefm investments being cash at bank are to cover normal day-t¢xlay transactions. Nuffield Orthopaedics Llmited Company reglstration nurn￿r: 03816219 Trustees, annual report Including directors, report For the year onded 31 July 2024 Risk Statem•nt The directors assess al various inlervals any risk lo which the charity may be exposed. in particular tIK)se related to the operation of finances of the chanty, and are satisfied that syslems are conlinuing io be in place to reduce any possible eX￿sU￿ to maior risks, on an ongoing basis. Plans for future perlods The charity has facdilated the construction ol Ihe first two phases of the Botnar Centre Research Instilute. Work started on phase 3 in June 2020 arrtl despite problems for the contractors with Covid sickness, the building work continued as planned. It was due to be completed by June 2021 but was completed by December 2021. Our Palron The Queen came and officialty Opened Botnar 3 in 2022. The Directors and the University are pleased wilh the high standard of W￿k. The Botnar Research Centre is administered by the University of Oxford and the NOC Charity will not have any further involvement with the building or its upkeep. Phase 3 cost no more than £9M with the retention sum due to be paKI posl year end. The funding for Botnar 3 came from The Nuffield Orthopaedic Centre Charity. There is no intention at all that Ihe NOC Charity will be involved with any future for (urKJ raising for building works. The charity WFII continue to hold the leases for the buildings. Already over 400 scientists and doGt(Ys are working and teaching wilh medical students coming from all over Ihe World. It is an enormous success. Research acltvilies continue into disease prevenlion, diagnosis. treatments and education in the field of Musculoskeletal health. Activities undertaken by the charlty for the public benefit The directors consider that they have complied with seci￿n 17(5) of The Charittes Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The charity has facllitated the construclM)n of the Botnar Centre Research Inslitute so that groundbreaking research can be undertaken into Musculoskeletal disease. Structure, Governance and Management The company informalion given on page 1 forms part of this r8PQrt and includes a full list of the directors. all of whom served throughout the year. The day to day operation of the ¢hartly is delegated to the Chief Executive Officer {CEO). Operational decisions are then made by the CEO except where expetKlilure relates lo a capital nalur8, which will require full Board approval. Appointment of new directors is subject to Ihe approval of the Board. Appointees are interviewed by the Chairman plus one other director. and ale provided with full information about the charity before being invited to join Ihe Board. The Board meets at various intervals lo adminLsler charily. The Board members have ove￿1 responsibility for ensuring (hal the charity has appropriate systems of control, financial and otherwise. These systems should provide reasonable assuran￿ that.. - the charity is operating efficiently and effectively.. - its assels are 58feguarded against unauthorised use or (JFspositK)n: Nuffield Orthopaedics Limltod Company registratlon numlmr: 03816219 Trustees. annual report including directors, report For tho y•ar ended 31 July 2024 proper records are maintained and financial information used within the charity. or for publication. is reliable., and the charity complies with relevant laws and regulalK)ns. The systems of intemal contrd are des￿￿ed lo provide reasonable. but rK)t absolute. assurance against material misstatement or loss They include... - regular consideration by th8 Board of financial results, and delegallon of aulhority and segregation of duties Disclosure of inforniation to audltors Each person who was a director at the lime this report was approved confirms that: so far as he is aware. there is rK) relevant audit irrformation of which the companvs auditor is unaware., and he has taken all the steps that he oughl to have tak￿ as a director in order io rnake himself aware of any relevant audit inlormatton and lo estsblish Ihat Ihe cornpany's auditor is aware of that infortnalion. This report was approved by Ihe board on 20th June 2025 and signed on its behalf. C Johnstone Director Nuffield Orthopaedics Limited Statement of Directors. Responsibilities For tho year ended 31 July 2024 The directors we responsible for Fyeparing Ihe report arKI financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under Ihal law the direclors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the difeclors must not approve the financial ststemenls unless they are satisfied that they 9ive a true and fair view of the state of affairs of the company and of the profit or loss of the company for that P8riod. In preparing these financial statements, the directors are required to.. selecl suitable aceounling policies and t￿n apply them consistently: make judgements and estimates that are reasonable and pwdent", • slate whether applicable UK Accounting Standards have been followed. subject to any malerial departures disclosed and eX￿ained in Ihe financial slatements; prepare the financial stalernents on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficlent to show and explain the ¢ompany's trans¥lions and disc105e with reasonable accuracy al any time the financial position of the company and enaLle them lo ensure that the fI￿ar￿la1 statements comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the company and he￿ for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Nuffield Orthopaedics Llmlted Indepondent auditors. report to Ihe members of Nuffleld Orthopaedlcs Llmit•d Opinion We have audited financial statements of Nuffield Orthopaedics Limiled for th8 year ended 31 July 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the relaled notes, including a summary of signfficant accounting policies. The financial reporting framework that has been applied in their preparation is ap￿ICable law and Untted Kin9Jom Accounting Standards, including FRS 102 The Financial ReportirYJ Standard applicable in the UK and Republic of Ireland" {United Kingdom Generally Accepted Accounting Practice). In our opinion the accounts.. give a true and fair view of the slate of Ihe cx)mpany's affairs as at 31 July 2024 and of its net income for the year Ihen ended.. have been properly yepared in accordance with United Kin9dom Generally Accepted Accounting Practice; and have been prepared in accordance with the requiremenls of the Compan*s Act 2006. Basls of oplnion We conducled our audit in acc￿dartt wtth International Standards on Auditing (UK) (ISAS (UK)) and applicablo law. Our responsibilities under those standards we further desrAibed in the Audilor's responsibilities for Ihe audlt of the financial slalemenls secllon of ow report. We are independent of the company in accordance with Ihe ethical requirements thal are relevant to wr audit of the financial staternents in the UK. including the FRC'S Ethical Slandard. and we have fulfilled our other ethical responsibilities in accordance ￿1th these requirernents. We believe that the audit evidence we have OlAa￿ed is sufficient artd appropriate lo provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial stalernenls. we have co￿lUded that the trustees. use of the wng concern basis of accounting in the preparation of Ihe financial statemenls is appropriale. Based on the vrfork we have performed, we have nol identtfied any maleTial uncertainties relating lo events or conditions that, individually or collectively. may cast Slgnificant doubl on the Charity's ability to continue as a going Concern for a period of at least 12 monlhs from when Ihe financia statements are avthorised for issue. Our respI￿sibilItieS and the responsibilities of the trustees with respecl lo going concern are described in the relevant sections of this report. Other infomiatlon The other inforrnalion comprises the information iThYuded in the report and financial staternents. including ihe trus18es' re￿, other than the financial statements and auditor's report thereon. The trustees are responsible for the other informalion contained within the anrwal report. Chjr opinion on the financial statemenls does not cover the other informalion and, except to the exlenl otherwise explicitly stated in our report, we do not express any form of assurance condusion thereon. Our responsibility is lo read the olher information and, in doing 50, consider whether Ihe other information is materially inconsistent wilh the financBI statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslated. If we identify such malerial inconsistencies or apparent malerial misslalements, we are required to determine whelher this gives rise to a material misslaternenl in Ihe flnancial statements themselves. If, based on the work we have performed, we conclude that there is a material misslatemènt of this other information. we are required to report that facl. We have r￿thing lo 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 truslees. report, which i nclv des the directors. report and the strategic report prepared for the purposes of company law. fw the financid year for which the financial slalements are prepared is consistent with the financial sLgtements", and Nuffield Orthopaedlcs Llmited Independent aud¢tors' report to the members of Nuffleld Orthopaedlcs Limitèd Ihe directors, report and the strategic report included within the trustees, report has been prepared in accordance with applicable legal requirements. Mattèrs on which we are requlred to report by exception In the light of the knowledge understanding of the company and its envsronment obtained in the course of the audit. wehave not identifiad material misstatements in the directors, report or strategic report induded within the trustees report. We have nolhing to report in respecl of the following matters in relation to which the Companies Act 2006 requires us toreport to you rf, in our op￿lon. adequate and proper accounting Tecords have not been kept,. or the financial stalemenls are nol in agreement with the acc(xJnting records and relums,. or • certain disdosures of truslee5' remuneration srecified by law we not made; or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fulty in the directors, responsibllilies slalemenl set oul on page 5. the trustees (who are also the directors of the charilable company for Ihe purposes of company law) are responsible for the preparalion of the financial statements and for being Satisfied that they give a twe and fair view, and for such internal control as the Irustees determine is necessary to enable the preparation of financial statemenls that are free from material misstatement. whether due to fraud or error. In preparing th8 financial sialemenls. the Irustees are responsible f￿ assessing the company's ability to continue as agoing concern, disdosing, as applicable. matters related lo going C￿cern and using the going concern basis of accounting unless the direclors eilher intend to Iiquidale the company or to cease operations, or have no realistic alternalive but to do so. Audltor's responsibilitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's repori that includes our opinion. Reasonable assurance is a level of assurance. bul is nol a guarantee that an audit conducl8d in accordance wilh ISAS (UK) will always detect a Material mtsstalement when it exists. Misstaternenls can arise from fraud or error and are considered material tf. individually or in the aggregate, they could reasonably be expecle(I to influence the economic decisions of users laken on the basi5 of Ihese financial slatements. Irre9ularilies, including fraud, are instances of nonthcompliance wilh laws and regulations. We design procedures in line Wlth our responsibilities, outlined above. to detect rnaterial misstalemenls in respect of irregularities. including fraud. The exlent to which our procedures are capable of detecttng Frregularities, including fraud 15 detailed below.. Explanation a5 to what extent the audlt was considered capable of detecting irregularities, Includlng fraud. The objectives of our audit in respecl of fraud. are to identfy and &%sw3S the risks of Material missl8temenl of the financial statements due lo fraud- to obtain sufficient appropriate audit evidence regarding Ihe assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses lo those assessed ri5k5- and to respond approprialeiy to instances of fraud or suspected fraud identrfied during the audil. However, the primary responsibility for the prevention and deteclion of fraud rests with both management and those charged with governance of the company. Our approach was as follows: We obtained an understanding of the legal and regulalory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006. Charilies Act 2011, UK financial reporting standards as issued by the Finanaal Reporting Council and UK taxation legislation. Nuffleld Orthopaedics Llmited Independent auditors, report to the mernbers of Nuffield Orthopaedl¢s Llmtted We obtained an understanding of how the charitable company complies with these requirements by making enquiries with management and those charged with governance. We wroborated our enquiries through our review of Trustees. meeting minutes. We assessed the suscepiibility of Ihe financial statements lo material misstatemenl. including how fraud might occur by considering the key risks impacting ihe financial statements and documenting the conlrols that Ihe charitable company ha5 established to address risks identified. or Ihat othÈrwÈse seek to prevent. deler or detect fraud. In our assessment we considered the risk of managernent override. Our audit procedures induded tesling manual journals, including segregalion of duties. We inquired of Management and those charged with governance as to any known instances of noncompliance or suspected r￿n-cOMplian¢e with laws and regulations. Based on this underslanding, we designed speryf￿ appropriate audit wocedures to idenlify instances of non-compliance wilh laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corioborativé evidence as required. A further description of our responsibilities for the audit of the financial stslements is localed on Ihe Financial Reporting Council's v￿bsIte at WbYbV.frc.(Kg.ukJauditorsresponsibilities. This description forn￿ part of our aLtditorfs report. Usa of our report This report is made soldy to the charitable company's members. as a body. in accordance wilh ChapieT 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might slate to the charilabl8 ¢ompanrfs members those matters we are required to slate lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do rM)t accept or assume ￿SPOnSIbl11￿ to anyone olher than the charilable Company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. J NJii< i Philip Nixon FCA (Senior Statutory Auditor) for and on behalf of Edwin Smlth Accountants and SLitutory Audltors 2P June 2025 32 aueens Road Reading 8erkshire RG1 4AU Nuffield Orthopaedics Limited Statement of Flnanclal Actlvltles (Income and Ex￿ndIture a￿Ount} for the year ended 31 July 2024 Restrfcted Income Fund Total fund5 2023 Notes 2024 Income: Income from donalions - grant from NOCC Income from charitable activities - rents receivable Income from Investment - bank interest receivable 150,000 163,417 2,000 162.729 3.985 Total in¢om• 166.714 315.417 Expendlture: Expendilvie on charilable actiVrt￿S Governance costs Total expendlture 555.164 10 188 565.352 554.720 10900 565.620 Net Sncome lexpenditure) (398.638) (250.203) Roconclllatlon of funds: Total funds brought forward 15,361.405 15,611,608 Total funds carrl•d forward 14.962,767 15.361.405 The statement of financial actniities indudes all gains and losses recognised in the yew. All income and expendiluie derFve from continuing aclivities. Nuffield Orthopaedics Limited Statement of Financial Posltlon as at 31 Juty 2024 Notes 2024 2023 Flxed assets Tangible assets 14.951.191 15.315,322 Current assels Debtors Cash al bank and in hand 33.405 263.911 297.316 18.795 277,755 296.550 Llabilltles Credilors.- amounts falling due within one year (285,740) (250,467) Net current assets 11,576 46,083 N8t assets 14,962.767 15,361,405 The funds of the charity Restricted Inc(4ne Funds 10 14,962,767 15.361.405 Total charity funds 14.962.767 15,361.405 The financial statements were approved by the Board and aulhorised for issue on 201h June 2025 a￿1 were signed on its behaif by.. C. Johngtone Directcr Company regislration number.. 03816219 10 Nuffield Orthopaedlcs Llmited Slatement of Cash Flows for th• year end•d 31 July 2024 2024 2023 Operating acllvities Net income (expenditure) for the year (398,638) {250.203) Adjustmenls for: Depreciation 398.970 398.054 (Increase) I decrease in debtors 8.642 Increase l (decrease) in creditors {14.610) 35.273 20.995 97.853 254.348 Cash genèrated byl(uud In) operatlng actlvitlès 20,995 254,346 Investing actlvltles Payment5 to acquire tangible fixed assets Cash used in Investing activities (34,839) (117,556) (34.8391 (117.556) Net cash used Cash generated byl(used in) Operatir￿ activities Cash used in invesling aclivilies Nol cash used 254.346 (117.5561 136,790 (34.839) (13,844) Cash and cash equivalenls at 1 August Cash and cash equivalenls al 31 Jlrty 277.755 263,911 140.965 277.755 Cash and cash equivalents comwise: Cash at bank 263.911 277.755 263.911 277,755 Nuffleld Orthopaedlcs Llrnlted Note5 to the Accounts for the year ended 31 July 2024 1 Summary of Signlflcant accountin9 policles Basis of preparation The financial statements have been wepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charilies preparing thew accounls in accordance with the Financial Reporting Standard appliCa￿e in Ihe UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charilies SORP {FRS 102)), Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Acl 2008. Golng concem The charity has cash fesources and has no requirement for external funding to fund nomal operating activities. The directors have a reasonable exp￿tatIOn that the charity has adequate resources to conts'nue in operationai existence for Ihe foreseeable future. They continue to believe the going con￿rn basis of accounting appropriate in preparing the amual fina￿la1 statements. The directors consider that thwe are no material vncertainlies about the charitable company's ability to continue as a going concern. Income Income is recognised when the charity has entiuement to the funds. any performance condrtions altached to the item{s) of •n(x)me have been mel it is probable that the income WAI be received and the amount can be measured reliably. Inlerest on funds held on deposit is included when receivable and the amount can be measured reliabty by Ihe charity,- this is normally upon notrfutK)n of the interest paid or payable by the Bank. Fund accounting Unrestricted income funds are available to sperKI on activities that further any of the purposes of charily. Designated funds are unrestricted funds of the charty which the dir￿torS have decided at their discretion lo sel aside lo use for a specific purpose. Restricled income funds are donations which Ihe donor has specified are to be solety used forspecific projects. Operatlng leases The charity dassifies the lease of the land from the Oxford University Hospitals NHS Trust as an operating lease as Ihe tille to the land remains wth the lessor. Rent payable is charged on a slraight line basis over the term of the lease. Expenditure Expenditure is recognised once there is a legal or construdive obligation to make a payment to a third party, it is probable thal settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings within the slatem8nl of financial activities: Expenditure on charitatAe activities- The core activilies of the charity. Governance costs - Costs are identified relating to the governance of the Charity being the costs associated with constitutional statutory requirements and costs associated with the strategic managemenl of the Charty's activities. 12 Nuffleld Orthopaedlcs Llmited Notes to the Accounts for the year ended 31 July 2024 Tanglble fixed assets Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairmenl losses. Depreciation is provmled on all ta￿lble fixed assets. other than freehold land.al rates calculated to write off the cost, less estimated residual value, of each asset evenly over itsexpected useful lrfe. as follows= Long Leasehold - Botnar Phase 1 over 60 yews Long Leasehold - Botnar Phase la Long Leasehold - Botnar Phase 2 over 53 years over 50 years Long Leasehold - Botnar Phase 3 over 40 years Debtors Trade and other debtors are rwnised at the settlement amount due after any trade discountoffered. Prepayments are valued at amount prepaid net of any trade discounls due. Cash at bank and in hand Cash at bank and cash in harKI includes cash and short lerm higNy liquid investments with a shortmaturity of Ihree months or less from the dale of acquisition or opening of the dewsil or similar account. Creditors Creditors are re¢>)gniseO Whe￿ Ihe chariiy has a wesent obligation resultirvJ from a past 8vent thalwill probably result in the transfer of funds to a third party arKJ the amount due to settle the obligation can be measured or estimated r81iably. Creditors are r￿nalty recognised at their settlemenl amounl after allowing for any Irade discounts due. 2 Income Income from Donations and grfts: 2024 2023 Grant from NOCA 150,000 150.000 Incomts from Gharilable activitie5.' 2024 2023 Rental Income 162.729 162.729 163417 163.417 IncoFne frorn Inveslments.. 2024 2023 Interest received 3,985 3,985 2,000 2,000 13 Nuffield Orthopaedics Llmitod Notès to the Accounts for the year ended 31 July 2024 3 Expenditure Charitable a¢tivilies: 2024 2023 Lease payments Bolnar 3 opening & portrait donation Bank charges Courier Insurance Depreciation 154.752 154,753 102 1,245 398,970 555,164 1,853 398,054 SS4,720 Govemance costs, Aurjitor's remuneration 7,230 2,958 Accountancy fees Other legal and professional 7,980 2,920 10,188 10,900 4 Trustee remuneralion No directors, including the CEO rece¢ved remuneratM)n or other benefits during the year. There was £102 of accrued trustee expenses in the year that are yet to be reimbursed that were incurred by one trustee (2023: £nil)- 5 Taxatlon The charity is exempt from lax on income and gains falling within section of Ihe Taxes Act 1988 or section 252 of Taxation of Chargeable Gains Act 1992 to the extent that Ihese are applied to its charitable objects. 6 Related partlos The charity has a close feIatK￿hIp with the Nuffield Orlhopaedic Centre Charity (NOCC) (charity number 1006509). NOCC provide the funding lo enable the charity lo ¢ary out ils ¢haritable objectives through a Charitable Grant Agreement. In Ihe year under review the charity did r￿1 receive any gant5 from NOCC (2023: £150.000}. All five directors of Ihe company are Trustees of Nuffteld Orthopaedic Centre Charity. 7 Operating leases Lessee Al Ihe reporting end date the charity had oulstanding commitments for future minimum lease payments under non