Company registration number 03816219 Nuffield Orthopaedics Limited Trustees Report and Financial Statements 31 July 2025 A reg￿teredCharify wfth number 1079354 Nuffield Orthopaedics Llmlted Conlents Page Company information (this fomis part of the annual direclors. report) Trustees, annual report Ind￿lIng directors. report and strategic report Independent auditors, report Statement of financial activities Statement of financial position 10 Statement of cash flows Accounting policies and notes to the financial statements 12-16 Nuffield Orthopaedics Limited Company Infomiatlon Ithls fomis part of the annual trustees. report} TrusteeslDlrectovs E D J Thomas (Resigned 3 December 2025) profes￿ A J Carr (Re$￿ane￿ 18 October 2024) Mrs J Franklin C John5tone P S Candy K Sander (Appointed 1 May 2026> Secretary and Chl•f Executive Offlcer Mrs J Franklin Audltors Edwin Smith 32 Queens Road Reading Berkshire RG1 4AU Bankevs National Westrninster Bank pk 121 High Street Oxford OX140D Princlpal Nuffield Orthopaedic Cenlre Appeal Ofke Nuffield Olthopaed￿ Centre Headington Oxford OX3 7HE RegEstered office 25A Market Square Bicester Oxon Oxford OX26 6AD Company rrylstration number 03816219 Charity reglstratlon number 1079354 IEngland and Wales) Nuffield Orthopaedics Limited Company registration number. 03816219 Trustees. annual report including directors, report For the year ended 31 Juty 2025 Dlrectors, Report The di￿¢101$ present their ￿port and ffina￿￿1 Staterr￿nts for the year ended 31 July 202S. The directors are trustees forlhe purpose5 of the Charrties Acl 2011. The truslees are pleased to present their annual direct(Ks' report logether with the financial slatemenls of the charity for the year which are also prepared to meet the requirements for a directors. retrfxt accounts for Companies Act purwses. The fina￿181 statements COM￿ with the Charilies Act 2011, Companies Act 2006, the Memorandum and Articles of Associalk￿. and Accounting aThY Reportmig by Charities.. State￿￿nt of Recommended Practs'ce applKable to chanlies prepanng their accounts in accordance with the Financial Reporting Standard applKable in the UK and Republic of Ireland (FRS 102) {effethve 1 January 2015). Our purposes and actlvities Nuffield Orthopaedics Limited is a company knrted by gua￿tee. and a registered charity govemed by its Merrvjrandum arml Articles of Assoc4alM)n. The Objects forwhich the charity is established are as folky•ts'. To relieve sickness and phys￿4 disability and good health by suppcKting The Nuffield Orthopaed Centre and in particular bul withwt pr￿Ud￿ to the generah'ty of the foregoing by asststing in the raising and provision of fvnds for new buildings knlties and equiprrÈnL To advance research (and disseminat￿ of the Ltseful results thereon tead)ing and $DJdy of all aspects of muscular skeletal disorder for the publ￿ tonefiL Achievements and perforniance Wlhin the objects above the charty has buHI Ihe 8otnar Centre Researth Institule wthin the confines of land ased from the Oxlord Univerw Hospitals NHS Trusl and in tum leased the tr￿ik11ng5 to the Universlty of Oxford. The buildings form a centre of excellence for the wovision of research into diseases of the musculoskeletal system. The Botnar Research Centre is famous throughout the world solety dedicated to research into Musculoskeletal health. Since its opening the Centre had developed into a workl class research facility, ￿ls111ng with talent and generating VisK￿ary s￿e￿e ft)r the benefit of patients wortdwide. Financial review The results for the year are given in the Stalen*nt of Finan￿al Aclivities. ReseNes Policy The charity's financ￿ position is aws secure. as no ¢>)mnNtsnent is made for the erection of buildings without the funding being in place to complete the pyoject. Operatfftg costs are met from rentals recewed for Ihe building. The reserves held at the year end ar￿Unted lo a surrAus of £14.557,42212024.' surplus £14,962,767) and are used lo meet the charity's objectNes. Invèalmènt Policy No long-term investments are held olher than trE leasehobj buibjings. which have a sixty year lease with Oxford University. S￿4em) investments bw'w cash at bank are to cover nomtsl daY4￿daY transactions. Nuffield Orthopaadics Limited Company registration number. 03816219 Trustees, annual report including directOTS' report For Ihe year ended 31 July 2025 Rlsk Statement The directors assess al various interva15 any risk lowhich the charity may be exposed. in Part￿Ular those related to Ihe operation of finances of the charity, and they are satisf*d that systems are continuing to be in place to reduce any wssible exposure lo major risks. on an ongoing basis. Plans for future periods The charity was established to develop and create research faciliti'es on land held ty the Oxford Untversty Hosprtals NHS Twsl, for use by the University. This obiecbve has ntyw been fuffilled, and no fvrther building devdopmenls are planned. Subsequent lo the year end, the Trustees undertook a strategic review of the charity's purpose and activities. As pwi of this review, the Trustees have considered whether the charity remains necessary as an intermediary in the existing leasiTr3 arrangements and whether an ordety wind-up of the tharity may be appropriate in due course. At the balancE sheet date, no decision lo )Mnd up the d￿rity had been made. The subsequent consideration of a potential dose does noi indicate that the charity was not a going concem at the year end. as the charity was able lo meet its obhgattons a5 they fell due and continue its actNrties in the nomial course of operations. The financial statements have therefore been prepared on a goiThJ ￿nCern basis. The Trustees will continue to review the FQSit*Jn. ￿K1￿JIng the potential future winding up of the charity, in line with their dutEs. Activities undertaken by the charity for the public benefit The directors consider that they have corylied wrth Section 17{5) of The Charities Act 2011 to have due regard to the public benefit guidance pUbl￿￿d by the Cha￿ty C(ynmtssion. The charity has facilitated the construction of the BOtr￿r Centre Research Insif(ute so that groundbreaking research can be undertaken into MLtscubskeletsl dis&qse. Structure, Governance and Management The compar)y Informati￿ given on page 1 fofft￿ part of this reN)rt and includes a fvll list of the direclofs, all of whom served Ihroughout the year. The day to day operation of the charty is ddegated to the Chief Execuiwe Officer {CEO). Operational decisions are then made by the CEO ex¢epl where expendilure relates to a ¢apilal natu￿. which wll require full Board approval. Appoinlmenl of new directors is subject lo Ihe approval of the Board. Appoinlees are interviewed by the Chairman plus one other director. and are provhJ8d with lull infOmwt￿ atrt)ut the chwty before being invited lo join the Board. The Board rr*ets at various inteNals to administer the charity. The Board members have overall reSp￿SIbl￿Y for ensuring that the charity ha5 appropriate systems of control, financial and othernvi8e. These systems should provide reasonable assuranrx thal.. - the charity is operating efficientty and effectivety: - its assets are safeguarded against unauthorised use or disposition; - proper records are maintained and financial infom)ation US￿ within the tharity, or for publication, is reliable., and - the charty ¢omplie$ relevant Ws and regulat1￿5. Nuffleld Orthopaedlcs Llmlled Company registration number: 03816219 Trustees, annual report 5ncluding dlrectors, report For the year ended 31 July 2025 The systems of intemal control are de¥ned to prov*Je reasonable. bth not absolLrte, assurance against material misstatement or k)ss They inckjde:. - regular consideration by the Board of finar￿la1 results. and - delegation of authority and segregat*)n of duiies Disclosure of infomiation to audilors Each person who vrns a director at the tsme this rerrfxt wa5 appn)ved confinns that.. so far as he is aware, there B no relevant awjit infornFt•)n of wh￿h the company's audiior is unaware., and he has taken all the steps that he ought to have taken as a dir￿lOr in order to make himself aware of any relevant audit informalicffl and to eslabh'sh that the conpanls auditor is aware ol that infornialion. This ￿pOrt was approved by the trf)ard on .... nd signed on its behalf. C Johnslone Director Nuffield Orthopaedics Limited Statement of Dlrectors. Responsibilities For the year ended 31 Juty 2025 The d1￿CtOrS a￿ responsible for prewing the report and financial statew*nls in acLordance with applicable law and regulations. Company law requires the directots to prepare financial slatements for each financial year. Under that law the directors have elected to prepare financial statements in ￿)rda1)ee with United KiThJdom Generally Accepted Accounting PractKe (Finawal Reporting Standard 102 and applicable law). Under company law the director5 musl nol approve the finar￿1?7 slalenEnts unles5 they are satisfied that they give a tnje and fair view of the slate of affairs of the company and of the profft or bss of the company for thal period. In preparing these financial stalemenls, the directors are requwed to.. • select suitable accounting poliaes ar￿ then appty them consisterbtty: • make judgements and ests'mates that are reasonable aThJ pwdenl; state whether applicable UK Aco)unting Standards have been follo￿d. subject to any material departures disclosed and explained in the ffinancial Stat￿nts.. prepare the financial statements on the gc4ng concern basis unless it ts inapproprrate lo p￿sUMe Ihal Ihe company will ￿ntinue in bu51ness. The directors are responsible for keeping adequate accounting recoTds that are suffKient to show and explain the company's transactions and disclose wrth reasonable a¢curw at any time the financial position of the company and enable them to ensure that the f¥￿ncIal statements compty with the Companies Act 2006. They a￿ also ￿sponsible for safeguardirwJ the assets of the company and hence for taking reasonable steps for the prevents.on and detection of fraud and other irreg￿arlIie$. Nuffield Orthopaedlcs Llmlted Independent audltors. r&port to the members of Nuffield Orthopaedlcs Llm5ted Opinlon We have audited the financial statements of Nuffield Ortlwedics Limited for the year ended 31 July 2025 which comprise the St*ement of Financial A¢tivitt5, the state￿Ent of FinancNg1 Position, the Statement of Cash Flows and the relaled notes, inclLpJing a summary of signrf¢canl accounting policies. The financial reporting frarr*work that has been applied in their preparalhjn is applKable I￿ and United ￿'ngdorn Accounting Standards, including FRS 102 "The Financial Reporting Standard appkable in the UK and Republ￿ of Irelan￿ (United Kingdom Generalty Accepted Accounting Practu). In our opinion the accounts- gwe a true and fair viw of the state of the companws affairs as at 31 Juty 2025 and of its net Ir￿Me for the year Ihen ended.. have been properly prepared in accordance with United KIr￿d0M Generaly Accepted ACC¢￿nting Practice; have been prepared in accordance with the reqU￿r￿lts of ttle Companies Act 2006. Basls of opinlon We conducted our audit in &cordarKe wth Intemal*)nal Stsndards on Auditing (UK) IISAS (UK}l and applicable law. Our resp)nsibiliiies underthose stsndards are fvrther descrTbed in the Auditorfs reskY)nsibilities for the aL￿1t of the financial statements section of our reF#xL We are independent of the company in accordance wlh the ethical requirements that are retevant lo cyjr audit of the financial statements ￿ the UK, including the FRC'S Elhical Standard, and we have lulfilled our other elhKal responsibiliti.es in accordance with these requirements. We believe that the audit evkjence we have obtai1￿1 is Suff￿lent and appropriate lo provide a basis for our opinion. Concluslons relating to golng concem In auditing Ihe financial statements, we have C￿ncluded that the trustees. use of the going concern basis of acccrfjnting in the preparation of the financial ststements is appropriate. Based on the woth we have performed. we have not identified any material uncertantbes relating to events or conditions that, indNidualty or ￿lectivelY, ffoy Casl significant doubl on the Charity's ability to continue as going concem for a period of at least 12 months from when the financial statements are aLrthortsed for issue. Our responsibilities and the responsibi￿leS of the trustees with respect to going concem are described in the relevant Sections of this reporL We draw attention lo the disclosures in note 17 conceming post year*nd discussM)ns regarding the posstble fviure eb)sure of tr￿ d￿rIty. Our conclus#)n is not n*Jdthed in respect of this matter. Other Inlonnatlon The other infornialion comprises the infomption in the ￿port and financial statements, including the tnjstees, report, other than the financial statements and our a￿jito￿S re[￿ thereon. The Iruslees are responsible for the other information contsined within the annual reporL Our opinion on the financial stslements does not cover the other infomialion and, eX￿pt to the exlenl otherwise eXp1￿1t1Y stated in our report, we do not express any form of assurance condusion thereon. Our responsibility is to read the other informatiorb and, in doing so. consider whether the other information is materialty inconsistent wth the financial statements or our knowledge obtained in the course of the audiL or otherwise appears lo be materially misstsled. If we rdentify such material inconsistencies or apparenl material misstatements, we are required to determine whether this grwes rise to a material misststement in the finanoal statements themselves. If. based on the we have performed, we conclude that there is a material misslatemenl of this other information. we a￿ required to repcrft that fact We have nothiThJ lo re[￿ in this regard. Nuff￿ld Orthopaedics Limited Independent audltorn. report to the members of Nuffield Ortlwedks Llmltsd Oplnlons on other matters pre5crfbed by the Companles Act 2(106 In our opinion, based on the work undertaken in the course of Ihe audrt.. the information gwen in the trustees, repjrt, whth inthdes the directors, rewrt and the strategic report prepared for the purposes of company law, for the financial year for which the financial ststements are prepared is consistent wth the fina￿al slateffents" and the directors, ￿port and the Strateg￿ report included within the trustees, report has been prepared in accordance with applicable legal requrements. latters on whlch we are requlred to report by exceptbon the light of the knowledge and understanding of the cornpany and its environment obtained in the course of the audit. wehave not kIentif￿d material misststements in the direthrs, report or Strateg￿ ￿port irKluded within the trustees report. We have nothing to report wi respect of the folkn￿.n9 matlets in ￿￿tIOn to which the Companies Act 2006 requires us toreport to you if. in our opinion". adequate and proper accounting records have not teen kept", or the financial statements are not in agreement with the accountsng Tecords and retums.. or certain discbsures of trustees. remuneralion specified by law are ￿t made., or we have not received al the inforMa￿n and explanations * requi￿ for our aud Retsponslbllltles of trustOOS As explained Th)re fully in the dire¢tors' responsibilities slatement set oul on page 5, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they gNe a true and fair view. and for such inlemal control as the trustees detemiine is necessary lo enable Ihe preparaiKffi of financial statements Ihal are free from material misstatemenL whether due to fraud or e￿Or. In preparing the financial statements, the injstees are responsible for assessing the company's ability to continue as agoing ￿n￿n, dtsdosng. as applicable. matters related to going ¢oncem and using the going concern basis of accounting unless the directors either witend to INuidale the company or to cease operations, or have no realist￿ alternative but to (hj 50. Audhoffs responslb115tles for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slatements as a whole are f￿e from material misstatement, whether due to fraud or error. arKI to issue an auditorfs report that includes our opinion. Reasonable assurance is a high ￿Ve1 of assurance. but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will aws detect a mateTial misstatement vthen it exisls. Mi5Statements can arise trom fraud or error and are considered material if. indiv￿UaIty or in the aggregate, they could reasonably be expected to influence the econom￿ dec￿lOnS of users taken on the basi5 of these financial statements. Irregularities. indudirrfJ fraud. are instances of non￿mp￿anCe laws regulat￿$. We design prc¢edures in line wlh our responsibilrties, OLrtlined above. to detect material misstatements in respect of irregularities. including fraud. The extent lo whth our procedures are capable of detecting irregularities, induding fraud is detailed beh)w'. Nuffield Orthopaadics Llmlted Independent audltors. report to tho members of Nuffwld Orthopaedics Llmlted Explanatlon as to what exlgnl the audit was consld•red Capable of detectlng Irregularrties, In¢ludlng fraud. The objective5 of our audrt in respect of fraud. are to thntify and assess the risks of material misslatemenl of the financial slalements due to fraud", to obtain sufficaent appropriate audit eviderKe regarding the assessed risks of material misstalement due to fraud, through designing and irnFlementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or susp*ted fraud identified during the audiL However. the primary responsibility for the preventv)n and dekction of fraud rests with both management and those charged wth govemance of the company. Our approach was as lollows: We obtained an understanding ofthe legal and regulatory requirerrEnts appl￿ble to the charitsble company and considered that the most 5h3nifKant are the Companies Act 2006, Charities Act 2011. UK financial reporting slandards as issued by the Financial Reporting Council arKI UK taxation legislation. We obtained an understanding of how the chanlable company corwlies with these reqUIre￿nIS by making enquiries with management and those chwged with govemance. We corrc+)orated our enquiries through our review of the Trustees. meets'ng minutes. We assessed the susceptibility of the financial slatements to material misststement, including how fraud might occur by considering the key risks inpacting Ihe financial staten￿nIS and do¢un*nting the controls that the charitable company has established to address risks identffied, or that otheNse seek lo prevent, deter or detect fraud. In our a$sessmenl we conS￿ered the risk of management override. Our audit prccedures included lesling manual joumals. i￿luding segregation of duties. We inquired of management and those charged gwwerna￿e as lo any known instances of noncompliance or suspecled I￿n<0Mpliance with ta•￿ and regulath)ns. Based on this understanding. we designed Specif￿ appropriate audit procedures lo identify instance5 of non {13,8441 1205.89Jl Cash and tssh equivalents at l August Cash and cash equivalents at 31 Ju 263.911 58.021 277,755 263,911 Cash and cash equivalents ￿m￿lse. Cash at bank 58.021 263,911 58,021 263.911 11 Nuffield Orthopaedics Limited Notes to the Accounts for the year ended 31 July 2025 1 Summary of slgn511cant accounting poliGi•s Bas15 of preparati¢Jn The financial stslements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recomn*nded Practice applicable lo charitie5 prepariThJ their accounts in accordance with the Financial ReportiTrJ Slandard applicable in the UK and Republic of Ireland {FRS 102) leffective 1 January 2015}- (Chariltes SORP IFRS 102)), the Financial Reporting Stsndard applicable ￿ the UK and Republic of Ireland (FRS 102} and the Corwni&s Acl 2C#J6. Golng concern The charity has cash ￿$0￿r￿S and has ￿ requirement for exlemal funding to fund r)omBI operating aCt￿￿e$. The directors have a reasonable expectation that the charity has adequate re50urce5 lo continue in operational existence for Ihe foreseeable future. They continue to believe the going con¢em basis of accounting appropriate in preparrng Ihe annual financial slatements. The directors COn￿der that there are ￿ material uncertainlies about the charitable company's ability to continue as a going concern. Subsequent to the year end, the trustees entered into discussions regarding the possible future closure of the charty and cessation of &tivities. As these dis¢u$sK)ns c0Mrr*n￿d after the reportirNJ date and do not relate lo condrtions existing at the balance sheet date. the trustees do not consider that this impacts the appropnateness of the going concem basis adopled in the preparation of these financial statements. Income Income is recc¥Jnised when the charity has enb"tlement to the funds. any performatKe condit￿)n$ attached to the itemls) of income have been met, it 15 wobable that the income will be received and the amount can be measured ￿1￿. Interest on funds held on deF(SSrt ￿ I￿juded Wh￿ reC￿ab￿ and the amount can be measured reliabty by the charity., this is nonrbalty upon notiftation of the inte￿1 Pa￿ or payable by the Bank. Fund accountlng Unrestricled income lunds are available to spend on actvlities that further any of the purpjses of harty. Designated funds are unrestricted funds of tharity the directors have decided al their discretion to sel aside to use for a sp￿ifiC purFX>Se. Restricted income funds are donath)ns which the dO￿r has speafied are to be sdety used forspecrfic project& Operatlng leases The charity classffies the lease of land from the Oxford University Hospitals MHS Trust as an operating lease as the b'tle to the land remains the lessor. Rent Payab￿ is charged on a straight line basis over the term ol the lease. Expendlture Expenditure is recognised once there is a legal or ConStn￿live obligalion to make a payment to a third paty, it 1$ probable thal setttement will be required and the amount of the obl￿allOn can be measured reliabty. Expenditure is classified under the followng *Nity he•Jings within the statement of financial activities.. Expenditure on chariLible actNities- The core aCtIv￿.e9 of the charity. Governar￿ costs- Costs are identified relating to the governa￿ of the Charity being the costs aSs￿lated with consts"tulM)nal statutory requirements and costs associated with the strategic management of the Charity's acts"viti"es. 12 Nuffield Orthopaedics Limited Notes to th8 Accounts for the year ended 31 July 2025 Tanglble flxed assets Tangible r￿ed assets are measured al cost ￿s$ awmulatNe depwiation and any ￿uMUlative impamienl sses. Depreciation is provided on all langibk fixed assels, other than freehold land.at rates calculated to write off the cost. less estimated resKlual value, of each asset eventy over itsexpecled useful life. as follows.. Long Leasehold- Botnar Phase 1 over60 years LoTrJ Leasehold- Botnar Phase la over 53 years LorrfJ Leasehold- Botnar Phase 2 over 50 years Long Leasehold- 8otnar Phase 3 over40 years Debtors Trade and other debtors are recognised at the settlement amount due after any trade discountoffered. Prepayments are valued at the amount prepa￿ net ol any trade discounls due. Cash at bank and In hand Cash at bank and cash in harKI includes cash and short term highty Ib4uid investments wilh a shortmaturity of three months or less from the date of acquisitK>n or openirrtJ of the deposit or similar account. Credltorn Creditors are recognised where the charity has a present Obl￿atiOn ￿$￿I￿ng from a past event tha￿111 probabty result in the transfer of funds to a third paty and the amount due lo settle the obligalion can be measured or estimated reliably. Creditors are normalty rec(KJnised at their settlement amount after allowng for any trade discounts due. 2 Income Income from charitable activities." 2025 2024 Rentsl Income 161,976 161,976 162,729 162,729 Income from Investments.. 2025 2024 Interest received 1,522 1.522 3,985 3.985 13 Nuff￿ld Orthopaedics Limlted Notes to the Accounts for the year ended 31 July 2025 3 Exponditurg Charitable activities.. 2025 2024 Lease payments Sundry Bank charges Courier Insurance Dep￿claI10n 155,486 376 48 154,752 95 102 1,245 398.970 555,164 678 398,970 555.558 Governance costs.. Auditofs remunerath)n 7,275 6,010 7,230 2.958 Accountancy fees Other legal and professional 13.285 10.188 4 Trustee remuneratlon No director5, including the CEO receThied remuwation or other benefits dunng the year. There was £102 of accrued trustee expenses in the year that are yet to be ￿mburSe(l that were incurred by one trustee12024". £1021. 5 Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeatde Gains Act 1992 to the extent that these are applied to its charitable objects. 6 Related parties The chanty has a close relalionship *Atylh the Nuffie%J Orthopaedic Centre Charity (NOCC) (charty number 1006509). NOCC provKle the fvnding to enable the charity to carry out its charilable objectives through Charitable Grant Agreenwt. In the year under revbew the charity not receive any grants from NOCC 12024.. £nil). All four directors of Ihe company are Trustees of Nuffiekl OrthDpaed￿ Centre Charity. There We￿ no disdosable ￿lated paty transaCt￿rIS during the year. 7 Operaling leases Le￿¢e At the reports'ng end date the chanty had outstsndirvJ commitments for future minimum lease payments under non-cancellable operating leases of £309.505 {2024". £309.505). These expire in more Ihan ffive years. Lessor At the reportiryJ date the charity had contr￿ed with tenants for future minimum lease payments of £488,192 (2024: £488.192). These expire in wK)re than fve years. 14 Nuffield Orthopaedics Limited Notes to the Accounts for the year ended 31 Juty 2025 Tanglble flX￿ assets Land Jnd Bulldlngs- leasehold Al cosl Total Cost or valuation At 1 Augusl 2024 Additions Transfer At 31 July 2025 18.347.810 18,347.810 18,347,810 18.347,810 Depreciation At 1 August 2024 Charge for the year At 31 July 2025 3.396.619 3.396,619 398.970 3,795,589 398.970 3,795.589 Carrylng amount At 31 July 2025 At 31 July 2024 14,552,221 14,951,191 14.552.221 14.9S1.191 Debtors 2025 2024 Other debtors 675 33.405 10 Credliors: amounts falling due wlthin one year 2025 2024 Trade creditors 3.768 173,018 Accruals and defer￿￿ income 49.727 53,495 112.722 285.740 11 Deferred Income Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the year end 22,948 22,948 26.975 26,975 22,948 22,948 The deferred income relates to rental for August and September 2025. 15 Nuffield Orthopaedlcs Limited Notes to the Accounts for the year ended 31 July 202S 2025 2024 12 Restrkted Income fund5 At 1 August Net incotTe (expenditure) for the year At 31 Juty 14,962,767 1405.345 14.557,422 15.361.405 398,638 14,*2,767 The restitled income funds are to be used for the proVis￿n of the Botnar Centre Research Institute. 13 Presentallon ¢urren¢y The financial statements are presented in Slwling. Mcrfktsry a￿rt￿nts in these financial statements are rounded lo the nearest £. 14 Legal fomi ol enllty and county of Incoryxbration Nuffiekl Orthopaedics knmited is a private (x)mpany limited by guarantee, inctyporated in England as a company, and registered as a charity- 15 Commitinonts On 4 June 2020 the company entered into a conlract with Bamwoc*J ConstnKtion Limited for the construction of Phase 3 of the Botnar Research Centre. The initial contract value was £7,389,635. Contract variations of £465,035 have subsequentty been agreed. Al 31 July 2025. cosls incurred and included in the accounts were £7,854,670. The retentwjn has now been paid. The balance falls due as folows.. 2025 2024 Due within one year 15,OiN) 16 Prlnclpal placo of Im￿lneSS The address of the company's principal pL3ce of business is as folky￿". Nuffield Orthopaedic Centre Appeal Olfice Nuffield ortho￿￿￿ Centre Headinglon Oxford OX3 7HE 17 Post balance sheet events Following the year end, the trustees Com￿￿nCed d1srJJssh￿S regarding the possible future ck)sure of the charity and an orderfy wind4own of actTriities. As the discussw)ns do not relate to condibons e￿Sling at the TewTbng date, this has been treated as a non- adjustiThJ post bakance Sheet event. 16