Charity number: 1110248
THE ORTHOPAEDICS TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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 2025
| Trustees | G S Barham |
|---|---|
| R P Colman | |
| P Nicolai | |
| J K Tucker | |
| A N Wright | |
| S S Kang | |
| 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 2025
The Trustees present their annual report together with the financial statements of the charity for the 1 July 2024 to 30 June 2025. 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:
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1) Funding orthopaedic treatment
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2) Provision of additional medical or surgical appliances
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3) Funding orthopaedic research or
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4) Funding any other medical research that the trustees consider relevant to orthopaedics
Achievements and performance
The charity awarded grants of £58,748 (2024: £89,130) during the year and withdrew grants of £26,911 (2024: £Nil) as detailed in note 5 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 £1,339,255 at 30 June 2025.
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.
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THE ORTHOPAEDICS TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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: 04/12/2025
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THE ORTHOPAEDICS TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2025
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 2025.
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:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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: 10/12/2025
Giles Kerkham FCA DChA
Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich, NR3 1RB NR1 1RE
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THE ORTHOPAEDICS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025
| Note Income and endowments from: Donations and legacies 2 Investments 3 Total income and endowments Expenditure on: Charitable activities Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ - 40,159 40,159 33,941 33,941 6,218 (5,413) 805 59,400 805 60,205 |
Endowment funds 2025 £ - - - 897 897 (897) (52,915) (53,812) 1,332,862 (53,812) 1,279,050 |
Total funds 2025 £ - 40,159 40,159 34,838 34,838 5,321 (58,328) (53,007) 1,392,262 (53,007) 1,339,255 |
Total funds 2024 £ 14,001 39,031 53,032 92,047 92,047 (39,015) 81,867 42,852 1,349,410 42,852 1,392,262 |
|---|---|---|---|---|
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.
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THE ORTHOPAEDICS TRUST
BALANCE SHEET AS AT 30 JUNE 2025
| 2025 | 2025 | 2024 | 2024 | ||||
|---|---|---|---|---|---|---|---|
| Note | £ | £ | |||||
| Fixed assets | |||||||
| Investments | 9 | 1,418,612 | 1,469,209 | ||||
| 1,418,612 | 1,469,209 | ||||||
| Current assets | |||||||
| Debtors | 10 | 1,020 | 675 | ||||
| Cash at bank and in hand | 47,624 | 82,398 | |||||
| 48,644 | 83,073 | ||||||
| Current liabilities | |||||||
| Creditors: amounts falling due within one | |||||||
| year | 11 | (120,001) | (71,293) | ||||
| Net current liabilities / assets | (71,357) | 11,780 | |||||
| Total assets less current liabilities | 1,347,255 | 1,480,989 | |||||
| Creditors: amounts falling due after more | |||||||
| than one year | 12 | (8,000) | (88,727) | ||||
| Net assets excluding pension asset | 1,339,255 | 1,392,262 | |||||
| Total net assets | 1,339,255 | 1,392,262 | |||||
| Charity funds | |||||||
| Endowment funds | 13 | 1,279,050 | 1,332,862 | ||||
| Unrestricted funds | 13 | 60,205 | 59,400 | ||||
| Total funds | 1,339,255 | 1,392,262 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ J K Tucker (Trustee)
Date: 04/12/2025
The notes on pages 7 to 14 form part of these financial statements.
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THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.
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.
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THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. Accounting policies (continued)
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
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.
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THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
2. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Legacies | - | - | 14,001 |
3. Investment income
| Unrestricted funds 2025 £ Dividend income 33,485 Interest bearing securities 6,674 Total 2025 40,159 |
Total funds 2025 £ 33,485 6,674 40,159 |
Total funds 2024 £ 32,894 6,137 |
|---|---|---|
| 39,031 |
4. Analysis of charitable expenditure
| Charitable activities Charitable activities |
Grant funding of activities 2025 £ 31,837 Grant funding of activities 2024 £ 89,130 |
Support costs 2025 £ 3,001 Support costs 2024 £ 2,917 |
Total funds 2025 £ 34,838 |
|---|---|---|---|
| Total funds 2024 £ 92,047 |
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THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. Analysis of grants
| Femoroacetabular impingement and Hip Osteoarthritis, identifying new treatment targets Development of the Core-Kids set of outcome domains for studies of paediatric knee injuries Machine Learning to detect or predict the early failure of the NextGen total knee replacement Pilot evaluation of anterior cruciate ligament (ACL), biomechanical risk assessment screening test Using Machine Learning to detect and predict loosening of the femoral Modelling and AI using sensor data to personalise pre-habilitation prior to joint replacement Development and validation of the Cambridge Knee Injury Assessment Tool Implant factors and their effect on survivorship and complications (SW) Delineating the small RNA landscape in metastatic cells at single cell resolution (DG) Prizes for BOA AI 2025 (VA) BOA Conference Sponsor Manchester University - research into tissue retrieval and analysis tounderstand mechanisms of failure to cartilege repair surgeries (LB) Grants withdrawn |
2025 £ - - - - - - 2,000 10,000 4,000 10,350 32,398 (26,911) 31,837 |
2024 £ 17,400 3,730 24,000 25,000 14,000 5,000 - - - - - - |
|---|---|---|
| 89,130 |
6.
Net incoming resources/ (resources expended)
Independent examiners remuneration
| 2025 | 2024 |
|---|---|
| £ | £ |
| 1,902 | 1,840 |
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THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. Support costs
| Unrestricted funds 2025 £ Barratt & Cooke Nominee Fees - Accountancy & Independent Exam fees 1,902 Miscellaneous expenses 200 Total 2025 2,102 Unrestricted funds 2024 £ Barratt & Cooke Nominee Fees - Accountancy & Independent Exam fees 1,840 Miscellaneous expenses 200 Total 2024 2,040 |
Endowment funds 2025 £ 897 - - 897 Endowment funds 2024 £ 877 - - 877 |
Total funds 2025 £ 897 1,902 200 |
|---|---|---|
| 2,999 | ||
| Total funds 2024 £ 877 1,840 200 |
||
| 2,917 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
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THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. Fixed asset investments
| Cost or valuation At 1 July 2024 Additions Disposals Revaluations At 30 June 2025 Net book value At 30 June 2025 At 30 June 2024 All the fixed asset investments are held in the UK. |
Listed securities £ 1,469,209 200,012 (192,281) (58,328) 1,418,612 |
|---|---|
| 1,418,612 1,469,209 |
|
10. Debtors
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Prepayments and accrued income | 1,020 | 675 |
11. Creditors: Amounts falling due within one year
| Grant creditors Accruals and deferred income |
2025 £ 118,089 1,912 120,001 |
2024 £ 69,453 1,840 71,293 |
|---|---|---|
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THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. Creditors: Amounts falling due after more than one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Grant creditors | 8,000 | 88,727 |
13. Statement of funds
Statement of funds - current year
| Balance at 1 July 2024 £ Unrestricted funds General Funds 59,400 Endowment funds Endowment Fund 1,332,862 Total of funds 1,392,262 Statement of funds - prior year Balance at 1 July 2023 £ Unrestricted funds General Funds 91,177 Endowment funds Endowment Fund 1,258,233 Total of funds 1,349,410 |
Income £ Expenditure £ 40,159 (33,941) - (897) 40,159 (34,838) Income £ Expenditure £ 53,032 (91,170) - (877) 53,032 (92,047) |
Gains/ (Losses) £ (5,413) (52,915) (58,328) Gains/ (Losses) £ 6,361 75,506 81,867 |
Balance at 30 June 2025 £ 60,205 |
|---|---|---|---|
| 1,279,050 | |||
| 1,339,255 | |||
| Balance at 30 June 2024 £ 59,400 |
|||
| Unrestricted funds General Funds Endowment funds Endowment Fund Total of funds |
|||
| 1,332,862 | |||
| 1,392,262 |
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THE ORTHOPAEDICS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Fixed asset investments 139,562 Current assets 48,644 Creditors due within one year (120,001) Creditors due in more than one year (8,000) Total 60,205 |
Endowment funds 2025 £ 1,279,050 - - - 1,279,050 |
Total funds 2025 £ 1,418,612 48,644 (120,001) (8,000) 1,339,255 |
|---|---|---|
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 2024 £ 136,347 83,073 (71,293) (88,727) 59,400 |
Endowment funds 2024 £ 1,332,862 - - - 1,332,862 |
Total funds 2024 £ 1,469,209 83,073 (71,293) (88,727) 1,392,262 |
|---|---|---|---|
15. Related party transactions
Other than the trustee payments disclosed in Note 8, 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 2025.
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