Charity number: 1110248
THE ORTHOPAEDICS TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
THE ORTHOPAEDICS TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
THE ORTHOPAEDICS TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2023
| Trustees | G S Barham |
|---|---|
| R P Colman | |
| P Nicolai | |
| A Sanghrajka (resigned 1 October 2023) | |
| J K Tucker | |
| A N Wright | |
| S S Kang (appointed 1 October 2023) | |
| Charity registeredThe Orthopaedics Charitable Trust Fund name Operating nameThe Orthopaedics Trust Charity registered number 1110248 Principal office 21 Branksome Road Norwich Norfolk NR4 6SW Accountants Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE Bankers Lloyds TSB Surrey Street Norwich NR1 3NF Stockbrokers Barratt & Cooke 5 Opie Street Norwich NR1 3DW |
Page 1
THE ORTHOPAEDICS TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023
The Trustees present their annual report together with the financial statements of the charity for the 1 July 2022 to 30 June 2023.The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The charity also operates under the name The Orthopaedics Trust.
Objectives and Activities for provision of Public Benefit
a. Policies and objectives
The objects of the charity are for the relief of the sick whether by:
-
1) Funding orthopaedic treatment
-
2) Provision of additional medical or surgical appliances
-
3) Funding orthopaedic research or
-
4) Funding any other medical research that the trustees consider relevant to orthopaedics
Achievements and performance
The charity awarded grants of £66,984 (2022: £11,674) during the year and withdrew grants of £47,478 (2022: £48,329) as detailed in note 4 to the accounts.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Reserves
The charity was established with an initial endowment from Miss Fish’s Will. The trustees have the power to expend both unrestricted and endowment funds. They also have the power, for 21 years after 2 January 2005, to accumulate all or part of the charity's income in any year. Thus the charity’s reserves free for application towards the objects at any time consist of its total funds, amounting to £1,349,410 at 30 June 2023.
The Trustees would be willing to consider supporting one or more substantial projects in the future. In the absence of any firm proposals for such development the Trustees will consider grant applications for research projects or other matters within their remit as and when they receive them.
Page 2
THE ORTHOPAEDICS TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Structure, governance and management
The charity is governed under the terms of the Will of Miss Ellen Gwendoline Fish (deceased 2 January 2005), which was proved at the District Probate Registry at Brighton on 8 March 2005.
Keith Tucker and Chris Starling were appointed as trustees under the terms of the Will which also provided that on the death or retirement of one of the Trustees the remaining Trustee would appoint a new Trustee and also expressed the wish that "when a new Trustee replaces Mr. Tucker the new Trustee be chosen from those practising in East Anglia in orthopaedics who carry on the traditions of Mr. Tucker". In the meantime the Trustees have exercised their powers under the Trustee Act 1925 as amended to appoint additional Trustees.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ J K Tucker (Trustee) Date:
Page 3
THE ORTHOPAEDICS TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2023
Independent examiner's report to the Trustees of The Orthopaedics Trust ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 June 2023.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 5/12/2023
Giles Kerkham FCA DChA
Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich, NR3 1RB NR1 1RE
Page 4
THE ORTHOPAEDICS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| Note Income and endowments from: Investments 2 Total income and endowments Expenditure on: Charitable activities Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 38,345 38,345 21,499 21,499 16,846 1,573 18,419 72,758 18,419 91,177 |
Endowment funds 2023 £ - - 576 576 (576) 29,861 29,285 1,228,948 29,285 1,258,233 |
Total funds 2023 £ 38,345 38,345 22,075 22,075 16,270 31,434 47,704 1,301,706 47,704 1,349,410 |
Total funds 2022 £ 42,564 42,564 (34,202) (34,202) 76,766 (38,291) 38,475 1,263,231 38,475 1,301,706 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 14 form part of these financial statements.
Page 5
THE ORTHOPAEDICS TRUST
BALANCE SHEET AS AT 30 JUNE 2023
| Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 11 Net assets excluding pension asset Total net assets Charity funds Endowment funds 12 Unrestricted funds 12 Total funds |
306 94,782 95,088 (40,261) |
2023 £ 1,364,224 1,364,224 54,827 1,419,051 (69,641) 1,349,410 1,349,410 1,258,233 91,177 1,349,410 |
- 119,413 119,413 (93,739) |
2022 £ 1,293,687 1,293,687 25,674 1,319,361 (17,655) 1,301,706 1,301,706 1,228,948 72,758 1,301,706 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ J K Tucker (Trustee)
Date:
The notes on pages 7 to 14 form part of these financial statements.
Page 6
THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Orthopaedics Trust meets the definition of a public benefit entity under FRS 102.
1.2 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional on further approval from the Charity, such grants being recognised as expenditure when the conditions attaching are fulfilled.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Page 7
THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1. Accounting policies (continued)
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
The Endowment fund is expendable endowment which represents the capital of the Charity. As described in the Trustees' report, the Trustees have the power both to expend capital and to accumulate income as capital.
2. Investment income
| Unrestricted funds 2023 £ Dividend income 29,632 Bank income 3 Interest bearing securities 8,710 Total 2023 38,345 |
Total funds 2023 £ 29,632 3 8,710 38,345 |
|---|---|
Page 8
THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
2. Investment income (continued)
| Dividend income Bank income Interest bearing securities |
Unrestricted funds 2022 £ 35,525 1 7,038 42,564 |
Total funds 2022 £ 35,525 1 7,038 42,564 |
|---|---|---|
3. Analysis of charitable expenditure
| Charitable activities Charitable activities |
Grant funding of activities 2023 £ 19,506 Grant funding of activities 2022 £ (36,655) |
Support costs 2023 £ 2,569 Support costs 2022 £ 2,453 |
Total funds 2023 £ 22,075 |
|---|---|---|---|
| Total funds 2022 £ (34,202) |
Page 9
THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
4. Analysis of grants
| Enhanced Post Market surveillance of Additive Manufactured Orthopaedic Implants (HH) Using Machine Learning to detect and predict loosening of the femoral component of an uncemented total hip replacement (VP) Reduction in chronic post operative pain following total knee replacement (CM) UEA - molecular research in bone cancer progression (BCR) Grants withdrawn 5. Net incoming resources/ (resources expended) Independent examiners remuneration |
2023 £ - 36,984 15,000 15,000 (47,478) 19,506 2023 £ 1,770 |
2022 £ 7,365 4,309 - - (48,329) (36,655) |
|---|---|---|
| 2022 £ 1,560 |
6. Support costs
| Unrestricted funds 2023 £ Barratt & Cooke Nominee Fees - Accountancy & Independent Exam fees 1,770 Miscellaneous expenses 223 Total 2023 1,993 |
Endowment funds 2023 £ 576 - - 576 |
Total funds 2023 £ 576 1,770 223 2,569 |
|---|---|---|
Page 10
THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
| Barratt & Cooke Nominee Fees Accountancy & Independent Exam fees Miscellaneous expenses Total 2022 |
Unrestricted funds 2022 £ - 1,560 329 1,889 |
Endowment funds 2022 £ 564 - - 564 |
Total funds 2022 £ 564 1,560 329 2,453 |
|---|---|---|---|
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
Retirement gifts totalling £228 were purchased for O Frankl during the prior year to 30 June 2022.
During the year ended 30 June 2023, stationery costs (PY: mileage expenses) totalling £ 200 were reimbursed or paid directly to 1 Trustee (2022 - £71).
8. Fixed asset investments
| Cost or valuation At 1 July 2022 Additions Disposals Revaluations At 30 June 2023 Net book value At 30 June 2023 At 30 June 2022 All the fixed asset investments are held in the UK. |
Listed securities £ 1,293,687 260,630 (221,527) 31,434 1,364,224 |
|---|---|
| 1,364,224 1,293,687 |
|
Page 11
THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
9. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Prepayments and accrued income | 306 | - |
10. Creditors: Amounts falling due within one year
| Grant creditors Accruals and deferred income |
2023 £ 38,491 1,770 40,261 |
2022 £ 92,179 1,560 |
|---|---|---|
| 93,739 |
11. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Grant creditors | 69,641 | 17,655 |
Page 12
THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
12. Statement of funds
Statement of funds - current year
| Balance at | ||||||
|---|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 30 June | ||||
| July 2022 | Income | Expenditure | (Losses) | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| General Funds | 72,758 | 38,345 | (21,499) | 1,573 | 91,177 | |
| Endowment funds | ||||||
| Endowment Fund | 1,228,948 | - | (576) | 29,861 | 1,258,233 | |
| Total of funds | 1,301,706 | 38,345 | (22,075) | 31,434 | 1,349,410 | |
| Statement of funds - prior year | ||||||
| Balance at | ||||||
| Balance at | Gains/ | 30 June | ||||
| 1 July 2021 | Income | Expenditure | (Losses) | 2022 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| General Funds | - | 42,564 | 34,766 | (4,572) | 72,758 | |
| Endowment funds | ||||||
| Endowment Fund | 1,263,231 | - | (564) | (33,719) | 1,228,948 | |
| Total of funds | 1,263,231 | 42,564 | 34,202 | (38,291) | 1,301,706 | |
Page 13
THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Fixed asset investments 105,991 Current assets 95,088 Creditors due within one year (40,261) Creditors due in more than one year (69,641) Total 91,177 |
Endowment funds 2023 £ 1,258,233 - - - 1,258,233 |
Total funds 2023 £ 1,364,224 95,088 (40,261) (69,641) 1,349,410 |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2022 £ 64,739 119,413 (93,739) (17,655) 72,758 |
Endowment funds 2022 £ 1,228,948 - - - 1,228,948 |
Total funds 2022 £ 1,293,687 119,413 (93,739) (17,655) 1,301,706 |
|---|---|---|---|
14. Related party transactions
Other than the trustee payments disclosed in Note 7, the charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 30 June 2023.
Page 14