AOUK&I FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Clwty r•3rntralk"ifi 119J55 FORTUS
AOUK&I INDEX PAGE TRUSTEES. ANNUAL REPORT INDEPENDEr AUDFTOR'S REPORT STATEMENf OF FINANCIAL ACTIvlEs BALANCE SHEFr aASH FLOW STATEMENT AND NOTESTO TrE Q4SH FLOW STATEMENT 10 NOTES TO ThE FINANCIAL STATEMENTS 11-19
AOUK&I TRUSTEES. ANNUAL REPORT The trt&tees presert rewt towhei wtth financ glwnents 0¢ tha for the year ended 31 The financ41 slate[rlS h8ve been preparvj in accordance wth the &country poHw out In tho noteB la the oc¢ounts and compty vAth the drity'S constituti'on. the Ctharibes 2011 and AcGDunling #nd Report"tng by Charities Stslernenl of R6C4xvyneTrJed Practic¢ to ¢harites prepan.ng theTi ¥Goun15 in awdance with Ihe Finala1 Reportsrg Stsnd8fEI apphcth In the UK and Repthic ol Ireland pubdshed n Odober 2019. QWECTIVES AND ACTIVITIES Thè d)aFty's prin¢ip81 obje¢tive5 •rE the further education and training ol ou th(6e engaged kn the manègernent of disord¢p% of the mu8ctslo.sk&Eet& System 2nd Io pft5molè ona CWrth"n•ie [Cat research In di¥ordeT5 d Iho mLixuIo-8keletal sy#ern and Ihair tr&atrn¢rt and to puiilish the rBstsRg of such research The researth lund provid08 grant supwt to Ihkd pwl¢% undgrtakkng researth ptolects thftt relate to the dbwrtvs cl4eciivès. Grnnts arv awarded 8t the d(scretpDn of the trA>ard of Ine¢s. AOUK & l rnnbnues to #uppprt 8 person4 (tevekipmerrt pri¥Jr8mmE akned at atkThing ttwe •nga3&# in Ihe ¢hetys obJe¢ts to 445 ¢entrey of exeelwKe fof further educ8lion•l pu05e9. The tru$lee8 a)nfim that have Compl wrth lh duty to Ive d( the gua1 or4 pub5¢ benefft publ$8hed by the Chorrty CrynmMsK>n In exwcismg theJ"r po4ers"and dlets. ACHIEVEMEprrs AND PERFOFIMANfE AOUK & I corrtinue5 to sppvrt the ctfs¢ progwnme admlnisÈetEd by the AO Founda14 wr,h COUfSè suppon 8nd mrbership servw AOUK & I"s edUCatk worf4 ck)SEty the AO Foundation to eD.8ure the contents ol the )urses adhere lo the current clinical requIrets of rJJr partryiaryts Addrtjonal fvnd9 are provKled to support couw$ 8$ re9uwed whefe it r& deen berLat lo Ihfr chafky In achtra ts otiKtNes. Support has been gN9n tOW8rds developing online btend•J ieaming courses Sb3nifi¢ant 9Tants h3ve been tyven to importart and rv8nt reseatch proJ&*. 11 is AOUK & int"0n to conlÉnue ty support and lech prowAmmes lor m•th¢al profess1thIS FINAN(aAL REVIEW . Reserv poliGy Al 31 O•cember 2cfJ, AOUK & I hed reseTre8 of £1.582:411 12022.. £1.523.42Dj ol whth a total d £30,858 12022.. E32.0941 was oesignate(I to the Research and Deveknprne Th'• leaves a bal8Trce of unFestnGtsd funds of È1.551.553 (2022 £1,491.3321 The ChaTItr¢8 tree TE8eFves are £1.549.72312021 £1,489,502) Tho trustegs rA)n5 Ifol Ihe pwenl Eevd ol Tlves is rulled be¢ayse * present IheAOIM & l is grant fvnded by a singl• dijnor Thkq cames an Inhereni rsk cl redUctn DI fiJTrSir>g. ReseNes are hdd to mriigaie th31 uncertalnty $0 thal IIE Ct4Tty tan continue to tYe6t ts tharrtab &g'ectw.
AOUK&I TRUSTEES. ANNUAL REPORT {Contlnued) Investrn•nt po15Gy The iftveslrnenl poky 15 m$eW anfKllY by the lrnst8e$ 8nd les c0rrt d recent demonds for furhtts #rKI The twalty of Ihe lundina applicatw. Thè trustees cNser Ihe inctsma requweTnents, Ihe risk profi and I ifiveslm•nl manager 8 of Ihe rnarket prospects In the meth.um tomi. This stralegy 15 sel an over811 pdiey WhTh states that funds are to be Inves1 In a C(MbJnaln of ca$h deposrts wlh Inslanl access and a share.based nd PLAN8 FOR FUTURE PERIODS Charrkb 8albit3 m e1 of heatlhcare wolesswats In Ihe man8gemènt ol di8ordw5 01 lh8 musculwkeletal $y8terTr WUI ¢OAlirwe We are e¥pknw r•thV fftrtoli¥es thYdrene5s of the èducatbgnal ¢¥PQrtuniti&s ava1kb. AOUK & l 11 atso ¢¢KrIUe to 8upwrt research in fhl orvj wdl make wail8fAo a substantial want to lupport lrfwng prDWCt If 4 surtable pr(pxd 5$ feceNeO. Twstees will always colder ways in Io Ihe chÈntth obJ'&#wes. STRUCTUR& GOVERNANCE AND MANAGEMENT Gov•rning do¢uffnt Th$ ChArrty is by ils consllubon d&ed 28 Ju¥ 2020. Appolftlmont of truatw• TheR shall be 81 IEas1 three Iruslees each arwint&l for B tem ol Iour yeais tyy a resolution ol the Iru51ees Where a Irusiee vaeancy artses. the remaming thjstees kyentrfy sUrtab cantHd81es io cover experience and expertise to assist In mtsting the objects of the charity Infoftnan Concernw Ihts charty ard the fok of Ihfr trusteas 15 gNgn lo new Iruslees on Iheir apwnlmerrt No may be 4wnted 8s a trustee the CIO If he or she 15 uthr thB age of 16 and at least one of the trustees of the CIO rTrJst bè 18 years of age orover. Structure and management ' The ?1 ol trustees aim to holy at knt onfnary meetsngs in ead) year Any ITUBlee may call a mbng of IruJlees Every matter striall be dotennir¢d by maj.arty vcts5 of the trustees PSent and ¥Trn9 on Ihe qLstA)n. The thaKpersgn ol tt medSn9 8ts# ts&ve ¢ain9 vole The lthstees have fonned a based Iknagem8nt Commtttee to advise arld support Ihem In Ihe work uf Ihe chorrty R16k managoment Tho Irv81095 xItl VIeW the m4.or risks the ¢hwrty Ix8s un a regul•r l)a5i3. The trustees have T)perional and bu6ts1ess rkS faced by the Charity •Thl ctsnfimi th91 ttw have g*tlish8d sys1W lo mttwe the gnrftcanl ii5kB
AOUK&I TRUSTEE8' ANNUAL REPORT (Continuedl CHARITY INFORMA TION Charity nam• AOUK&I Charity numb•r 119D596 Prlnctpal offic• MartOOTougTh House Yoth Busirss Park Nether PsydetcJ Yc4k Y026 6RW Trustees Fan Pallister l•n Sha lsin McF¥Jyen th)h4 auinlg Su88n Deakin paul>¢ Johnston Sorrel Lar,gy44abbs ADVISERS. AdItOrn Fortus Audit LLP Equinox Hou8¢ Clifton Park Shipt(%i Rc¢d York Y030 SPA Pfln¢lpl 8ankefS Lltyds Bank pt Pavernenl Y¢Jk Y019L8 Investmtnl fvlnryer4 W*ler Cr¢)s Group P Ok1 Change HoLtse 128 aLn VictorTa Hge EC4V 48J
AOUK&I TRUSTEES. ANNUAL AORT Icontinwd) Twstees, rnyponslbilities in relallJn to lh• finaftGial stat•ments The Iruees are responsible fof prnparing the Trustea8' Annual Rowrt and the fInatal sW.emenls in &cordance wrth applicabiE law and Unfted King&)m Ac£ounting Stsndards IUnit•a ngdOM GeTJeralty Accepted Accounllng Pr8clic£l The IPA BppIKablÈ to charitw in Englid & W81es requires the trustee5 lo prep8re fina181 ststanerrts lty finBnctal year which gtV6 a Iwè and far vithw of ihe 8late ol aftatrs d Ihe Chkn aThJ of Ihe lrtryning fesources and applatilln of restsJrce$ ol Ihe C.larty for lh pefk In prepaiing thw firbancial #alsyThents. the trusteas" lo.. 5u>labJ• aGcounl¥ig polries 3rKI Ihon aFS)ty Ihem crn. )bser Ihf mhots and prirops In the Ch8nks SORP 2019 IFRS 1021.. mako judgements and eslinwte5 are re•soFble pruknl." stste vthethEr applKable 8cecrtJr$ jrOr&S tAve been lobh>wed, suty'ect to any rrterl O¢partur•s iscked and explaingsin finarrial stslemnts. prepa¥e the financial Stemefrts Cffl the 99 bassunles5 N ffj In8PPTcwate lo pMe Ih8t the Charty will continue in operalK)n. The trugtees ale reSpor1bIe for keep¢n9 PfDper acccwnttr4 fecofds Ihat dsck)se wth reasonabl2 aEcur¥cy * any tirne the l1no..aI rtyJWtion ol Ihe Chwity. and enable khem lo ensure that the ftnancial slatements comply with Ihp Charil"es Act 2017, Ihe Charrt¢¥ (Accounts and Reponsi R6ouk8lKts 2008 3nd thè wovtsDns ol the Charity. aYJstrtuIn They a 81so respun5ible lor safeguard..ng the assets of the Charrty and here lor t8king re8son8b stÈps lor th¢ wevGnts"on ènd detecti of tsurj and other ryular[l$ The tr[teeS are re¥ppntkn tor the rnatntnCe and of Chardy and financial inftjmwton In¢ded on the Chaftys website. Legislo1i¢n in Ihe Unrted Ksngdcffi 9Dverning Ihe preparetr'on •nd deminI.n of finanu81 statements may tsiffer frcqn WlatIc in tr,tsr junsaKIn 018¢loTr of Information to tht iudito We. Ihe Iwstees CO the Charty ¥ho held office at ItÈ dale ol ap[al of these finandal slalements 05 sei oul above uch c4infimi. 90 far as we are aware. It1.. theTr Is no relevanl au0 mlomHton of wh¢h the ethary'$ ouators are tm8ware: 8nd we have taken all the steps thèl we OLgtrt lo taen as truees in othr lo makfr oursehes 8were of any relevani audit inlom1af& and to e*abltsI) that Ch8rty's wjthtors aTe awar8 91ttth infom)ation. Approved ty ihe Ine$ and sfjed Ihw'r behg11. lan Piallistgr Senior Trusige Date. 21 JLffte 2024
AOUK&I INDEPENDEpif AUDITOR'S REPORT TO THE TRUSTEES OF AOUK & I Opfnlon We have audled IhB fin¢18[ slements of AOUK & I Ill Cttarrtyl for Ihe year entted 31 Dttwnbgr 2023 whrh compnse the staleTn8nt cl finawal aUNSbes. balance sheet cash Ilw slatemeni and notes to th8 financial Statements. Includlng signrtuil accoLEnling po¥ The IKtancL41 ref#)rting Irsmeurk h35 been aprfied In their preParatn Is appbcable Bnd Un,.led KirYddDm Aonting SlaDdath. Micludlng FinancHI Reportfftg Stsndard 102 T1 FinancBI ReFoiting Siandaffl 10 Its UK and Republlc of Ilal (United Kingdom GeI8Y Accapt•d Amnliry Practrcej. In ouropiwn the firwncd slalement& grve a tiuB anu falr vvw ol Ihe Chanty s affars aB at 31 t)0 2023. artd of it8 in¢omiRg resoLITces and applcal#)n ol resource5, thc1t1ng its iroyne and exp8ndufe. lor the ytrar Ihen endetE. twè b¢en property Pfepared trb ac¢or(iance wrth Unrted KIngdn Gerwalty Accepted PraCte. KI have teen prep&Y m 8C()3anCe with Ihe requirwnenls c4 th6 2011. Basis tor opinlon We conductéd our aLEdit In a¢cordarte win Inlem#iion•l StsrKSaFds Audftlng (UK) IISAS IUK)) and appli¢8ble Faw. Our resppnsibilrtbas L2nder those sttsndants are further de5cnbÈd In the auditorfs resptxts&)IWies lor thè of the firElat stateménts tion of OLtr report. We pJe ndependenl of the Charty In aceor&ance wrth Ihe eihtC81 requirements that ftre relevarrt lo our au¢&1 ol the -than&AI statements in Ihe UK. Inelurfmg the FRS Elhiral Staal0 and priM54)ns aV•iBbte to sMalr el[les. m thB CwCumStar $ oul in nol8 17 to the financial 518lemenls. and we have lullllÉd our other elhical 5poi1S In 2c£ordance wth th requirems. We beIvE thal the audit ovpdance we tsvfr obta6nott is su1C apyopnate t? prov& 8 basts lor our opinlon Conclusions rn141ing to going conwn In 8u(libnu the fiMnc4al statements. have enrtclLuled that trustee•. of the eoncorn basis Ot .,8c¢ounfing in the prepaltin of the financial tstements apprcollate. Based on the work we have perfoTrl. we have wjentrfwj ary malenal uncertainlies 119 10 8venls or conrfitions Ih. IndiValty or ¢thlKtNeSy. may cast s¥Jnific8nl éoubl on Ihe Chaiity's abllty lo wntinue as a gDing CO81 lo," 8 perictsj of 81 ast twfve month¥ frrxn WI the stAtem8nts •rn airth¢K6ed ior issue. Our r65Fonsiblitles ana the Pu1b11rtS of InJBla8s wth raspect to 9owwJ coeM are ¢Jescfrt In Ihe relan1 seetions ol this repo Othef Infomty)n olher lonatIon Compris lh8 IF5¢ormhM fflcludea fft tho Twstees. AnnLwI Report, other than rhe financHÈ ststement$ and our audrtorfs report Iher20n. The trustees are ie5ponsible for the olhef infiJrm8tion contained wlthin the annual report. Our OPInn on thè fnCl 818tern1= floes eover the oth.er irrforynalttsn and. excety. lo the exto01 otherwse eXpkrt sted li our report. we do expfes$ 8ny Iwm of aS6twwe ¢onclusiOn therEOn. Our responsibffily is lo rea(1 the txher Irrfom)?.104 . (knng so. consoer whdher Ihc& hr infoTm8lk>n ts M¥terlY i?conssierrt wtth the fina1 I sta¢mTrt5. or ou¥ knowSed9e oblafftod In the ¢<T$6 OT Ihe audrt or Othe¢8¢ 3ppears to be teriAlty misstated. If we such rn8terial irtconsisien¢w• or apparent mateal mwalements. we we requ',red to dtnIne whetheT this g¢ves rige to a Tnalerial mi3518t¢menl in the finèn¢4? stalemenks Ihemse'.ves 11. on the w<xk we hav6 perforn. we conclLsde Ihal there 15 a material mi5slatemenl ol hr irrf¢YMatfi. we are required kn rEW ftsi laci Wp have fKJihirtg to in this rtgard
AOUK&I INDEPENDENT AUDrroR% REPORT TO THE TRUSTEES OF AOUK & l (Contlnued) Maiierg on vthich w• are requir•d ts) rnport by ox¢eptson We have TrDthing lo rEPOrt in ieswGt of l01b9 mjttern n rebl•Jn lo which th¢ Charitles IAc¢)unto and Report5) Regulions 21K18 requir8 US to repJrt Io you If, M our OPillif)n" Ihe irlorrnth grnn v) finaroal slat53 is irtonsislenl bll maiéfd resp8d wlh ihe report lo Iho 1rust-. or the C[ty has iol kept adequate aecourfing rÈwds. Lw the finan-1 5Ealernents art nol in aareemenl wrth 013 and retUm5. or we have nol itteived all the InfrnatiOn ano eywlanatths require for CKff a£kl Rwon#ibililiw of tru8tg•S AJ explaffled more fulty In IhÈ tNstees' re6wbibliknes statement $ei out iffl page 4. the Inmtees are respR)le lor the preparath'on cr rnanc431 slafarnents and fy 58158W lh tlw give a true and flir vw. and for such Intemal control as the trustees detominÈ is neCessY to erbable It prEPaMtM)n of fin8t81 stslemenl8 ttst free lft)m rn8terid miSStaInenl, wh8ther due lo loud or ¢ffQr. In pwanng the finaral STatwwts, IhetnJees are resptr#1e for a¥sessinu the Char1•.s abfty to eonllnue as goiw concem di5ck)s ng. a6 app,'ubte. matterg reled 19 90]nu CDncem Bnd using th2 going ¢ontyn b8s13 of acroun¢ing unle88 the truste¢s th1h inteno Ipwthle the Charty or to ceas9 Operati5, or hav• no wlts1¢ Ilemèb've but to do so. Audltofs rpsibIlI for th• lt of the finrIal statefflts We have been apFdned as wFJtor under sectim 145 of the Ch&rt8 A¢1 2011 and repcn Fn 8cc.ord8nc ¥%iih eguklwis mado urTder secliun 154 of Ihal A Oui OLY.1•ve8 afe to ob#? Tettsèrth assuran abrt thhtsther the fln•)cial St18 Bs 8 whth are free from matgnal mts¥tatenr,i. ¥vh4her due to fraud or error. al Io sssue a Report ol Ihè Independent AdOr$ that in¢Judes our opinion. Reasonablp 2s5uiaryce Is a fvJh of 8ssurrKe, but 15 nol a guaranl¢e iha: an audrt condueioa in accordance wrth ISAS IUKI wjll ahlays d9tecl a material mtsswemenl when Il e5t$. ML4813ternenls can arse Irom fraud or error and are con$ideTpd mergl rf. ¢TrJivpJLtaHy or In ihe 8ggregale. Ihoy eoukl reosonab b8 expected 10 Infen¢t the economic deaSnS DI Lsets laen on the basis ol ihese fmgncial Biatamgnts. IrreguL4flies. indudlng fr8Ltd. aFE Instarce5 of non-cphTrCe with 1&9s and wJl8tI5 We design proceduTe8 In line wlh our respo11sl1rt ou1&rd abovè. to deiKt merral MstateMen1$ In rtspecl of iryegulartiie5, In(dIng fiauo. The exleni whth Our pledUr¥ ao tapable ¢y deiethw krul8rft1ets. gKIL&Ying Itaud is deta&d betoH.' We obtatned an nderStandIng ol the legal and ityulat(xy franEWOrt8 It ar8 &pts to the ¢1• and ¢k¢rminY th8t the most 8ignrfnl IfameKitks which are re]e¥anl 10 5pe¢rf•c asserttrs sn the finèncjal statements are those thal retele to the TeporT"Ing framewt)rk (UK GAAP 8rK the ChaTr.ies Aa 201118nd th8 rale¥3rit fax mplnCe regun$ in the UK. We understo. nDW th.e charity is cemptyirMJ wih IhDs8 frarnwworts ty wAklng erWiFs ol manryement Ind those f¢SP07l5iD40 lor lryal and crxnplwJ¢e procedures We COT¢knrated our eryuirw through rthiiffiv of boaro mthutes. and aiScu5$1 Wlth Ihose Charg wrth governance
AOUK&I
INDEPENDENT AUDITOR'S REPORT TO ThE TRUSTEES OF AOUK & I IContlnu•d)
We assesw the 8uscetrtbilty c¢ Ihe thanty'5 ffftancI 5taternents 10 maerfiai maleMl. Inclu(ting how IraLtd
muht occur. by discussion with managenni friyn variou5 Farts of ihe l)usiness lo und8r5tand where they
ctsnsiltered thef8 w a Susceptibihty io frauts. We consrdweo IhÈ piocedufes and controls that Ihe eharty has
lablished lo prewenr and det. fraud. and Ihese are mon1¢cr1 by nmnagsnenl, also any enharKwJ risk
fac such as perfcm8nce'argets.
Based OTr our understanding, deslgn•2 IMK auart procedure5 to idemrfy any non
AOUK&I STATEMEKf OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 DECEMBER 2023 Unfericted Dew'gnated FurK15 Not¢ 2023 2022 INCOME Chaiit3E& 4dNrties: Grants recdv8b 217,039 59.918 276,955 265.308 Inveslrnenfs 49.493 49.493 47,fA5 her $51 loo Inleresl 2.024 2,024 Totsl In¢ome 269.107 59.916 329,tr23 312.453 EXPENDITURE Cost of ring funts: Inve8trrnnl nwnawnenl lé 12.868 12.868 12,581 237, 113 64.719 301.832 381,419 Totsi gxpendrtu 249.981 64.719 314.700 Inco£ l {exOerthuI belpr.e gasn8 or Icwes 19,126 f4,803) 14,323 (B1.5471 Net a8in6 1 (10sse81 crfi ivestments {2222571 Net In¢omo l18xpendltur¢l 63.788 14.8031 1303.8041 Gross beeen lunds 13.5671 3.567 N•t movement In funds 60,221 11.2361 58.985 1303.804) Fund baknces at 1 January 2023 1.491,332 32,094 1.$21428 1 827.230 Fund balDcM at 31 Deeemb•r 2023 7.551.553 30,858 1.581411 1.523,428 All Inctyne and expendlLtTè d¢five from ec¥rtN7uJng 8CtMIw. Tha statwnenl OllinalaractWtt include• •4 9ains or recognknj m the yeor. Analysw ol the prevw ye¥r by surrvTrwa nrts 15 of thti finafiei•l #talernt$.
AOUK&I BALANCE SHEET AS AT 31 DECEMBER 2023 Nots 2023 2(Y22 FIXED ASSEf8 Inve8knenl¥ 1.478.962 1.394,209 CURRENT ASSETS Deblofts 23,649 89.518 Cas17 Ot ftk and in ttand 125.464 1Q4.317 149. 113 193.833 CREDITORS.. amounts fanfft9 due ¥Wth one year io (43.Wl 184.6161 NET CURREpif ASSErs 105,449 129,217 TOTAL ASSEfs LESS CURRENT UABILITIES 1.582,411 1,523.426 THE FUNDS OF THE CHARITY: Unrnstricled luThd$ 11 1.582.411 13,426 1.582.411 1,523.428 The noies at pages 1110 19 fom part d Ihese fmart¢¢al ststsynwts. The sceounts we" apw¢Jved by Ihe truslaes on 21 2024 and sijned on Ih64'1 behaN by". Ian Palli*•r Stj aksn
10.
AOUK&I
CASH FLOW STATEMEpif FOR THE YEAR ENDED 31 DECEMBER 2023
2022
C3$h Ilovm feorn opernting actlvltt•&:
Nat ush provvjed by I lused inl cFetatsry aGtN*ies
9,745
<ISO.4171
Cash Ilows from In¥o8llng actlvilies
DNh4eDd$ 8nd inler&t fr4yn invastrnerrts
47.045
Protsod¥ fr(¥n sale ol thlV¢Strnefiis
296.468
160.682
Pua58 of InvestMIs
{351.26n
1184,575}
Nel cash prDvxSed by l
AOUK&I NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCIES GENERAL INFORMATION AND BASIS OF ACCOUNTING The Cherrty S H Charitable Incorpored OrganBKJn (CIO) Tewlered wrth tho Chanty Ctynm8sion ift England and W&'es The addross of the registefftd offtt.ls gN•n the chanty Informalion on pa9e 3 uf these finan¢i81 statements. The Chwty Constiut a benefi a5 defYd by FRS 1 The ffnanck?I $tenIS tthe been prep In aczsthnce wrth Accountiro and Rewxing by Charrti" Stslernerrt ol RKcfflmEnded PrnCte 8pp&abl8 lo charl Preparino tsii ¥CntS in 2cctydarbce wrth IhE Financtal Re1rtir¥j Standard applicabl_ts m Ltye UK Repubhc cl Ireènd (FRS 1021. i55u>J In OGtober 2015. the Financkil Repcwtiro Slando atgkcaoie In the Llned Kuigaun at)d Reput4K d IrelaTht IFRS 1021, Ihe CWi65 ALt2011. and UK Genwaty Ac£pted Pr8etice. The flnancial statemeFtts have beM Frfepared to 9ve 4 Irue f, vlew and have deptrted frum the chare8 (Lrcounts And RepDn%l Rewlatknns 28 onty to thB Èxtenl requked lo provide a 'tru? arKI Pd View. Th i)epartu has nvlived folb)vnng the Acu)urtir¥J and Reportb-,g by CharkEaS Statement of RecLYnmendud appl 10 chaflies PPar iheir Crts •zOrda with Ihe Financial ReportTrng Stanthrd oppltable In Ihe UK aThJ Republt of Ilarj IFRS 1Q21 %sued in Oaober 2019 ratbef than Ihe Accounliro and Reporting by Ch8ntse5 Sta_nI of RrnAded prae rfectNe from 1 Apnl 2005 wtr¥ch Swi be4n WIrNn. The fina1 slalerrienls are preped under the hICIal cLxl convenlion m>Jrfd lo IrKhJts cert&'n fterr rhewfaÉrv8VJé. The finaKo1 Statunts prep¥ed a gow c¢ncern bass The fnarwl aemenis •f• preF4red ir, sterhg whrh s tllo fv4r%tiJnal currency ol the Charfy. The snrant po epp10 in the prepork of theso fir¥r.cO statements aresel OLd bèbw. These have been conssterfty ¥pl10 all ¥e3E preseNth unlè85 Swed G(XNG CONCERN The fpnancFal $:aternen16 nave been pteped on a concem tra8is 35 the IN8tees tse1 that r ma:erial uncertainlies Tts tnJstees have c&vadeFed Ihe kvel ol fund< held 8nth Ihe fxpecl& Jevtl of inccffle and expenaituio lor 12 monihs from athhytsmg Ihe5e fmancial Stai5. JUDGEMEKfs AND ESTINi4TE3 The PTeparatDn of the finatraI Stane9 tequlfe me iudgemerts. esllrroles and TPtvJns Ihal afied Ine nourtS fwed Ttrese esbmalès are corrtinua.'ty rew8a aThl a bwd on e¥wrIce and clher lactcrfs. ex814>5 d future events that are Lwoved lo be reasonable nder c+icurrtsrus FUND ACCOUNTING The Chanty J de%gnated lund wPii¢h is to be Ifséd br ieseaTch aTrJ dwetopm¢nl PUfPs)W. Unrestncted funds are lunds wht¢h Can be used In 8c¢oidance wilh the chrtsSe obJ"e¢ts al the discrelK5n f the iru$iee5.. tl8sign8t& fvnds are funds wFsrh L*en set asble of ur5restrirt8d Iwds by Ihe tntslees for. 6pecifK PUrF(e5.
-12- AOUK&I NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 OECEMBER 2023 ACCOUNTING POUCIES ICofttinued} INCOME All ncom8 * recc4ni8&1 Or Ihe Chwity I$ entrtT8ment to the inc¢Yne, rt ts probable Inai the time 14 be feGeNed. the amount Lrf ltr tan be Me8su relabty Investrnenl KKome is rec(yJnis¢d as Ihe ¢harlty's fitht lo re¢eivepayrnl 15 est8lthhed. EXPENDITURE All pxpendlltso IS &coJnted for (Jn an acuLMb bxis arKI has under headings that 399regate 811 ¢osts related 10 the category Costs ol chaTr.able actNiltas artt those cost$ incuffed dItst lo meel tho ot¥ect.s ol tho Chatty. SLfppoY c6 are aiA)cated to the VaS activrties on a pérclage ba5ES based on t,9 th3rit8ble expendrture incurred by each aclNhy Govemanc& cc6ts are ttt.Dse In oMnecthM wislttuth7tW and 51utory GRANTS PAYA8LE Gorrts payab to third wfthn the chardale oty'ectNw. In lrn with 8e¢tw 7 01 Ihe Chariles SORP. w¢ uncarvJiti?ftal grants are bwarded, Ihese are accruea 8$ 8con as ttte rtcp.t 15 notffi•d, as thts gives p.se lo 8 reasonaL4è expeclaiDn th8t Ibe recnI will recoNe the 9ranl. Wnen grats are condition31 relating lo perfomiance. then the grant is only XCTUOd when any unful11 contjiiuns are ol &trrd Ihe Charty. FOREIGN CURRENCY Tfan8actions in forejgn Currenc5 are If8n51algd irto sterliry and ac¢¢F4ets * Ihe rale of exchange rul'ng •1 the dale ol i¥¢eipt or paymeF)i OPERATING LEASES Renta& payabkn under 0,j le88es a ¢h¥gBd SOFAx& inctllRd ov•r Il temi ol the12ase INVESTMENTS Investments ar& staled , Ve A9993t? realed and unrgalisby g•n8 and k)tsSe8 aFE shown Eep3ral&ly in the SOFA as net gain$ I Ibssesl (Jn ¥tMS. DEBTORS ANQ CREDITORS DeblcY8 afx uedilors are rewrtted whm reCew4b or payable. FINANCIAL IN5TRUMEKrs The Chafrty only has Iinanckl assets and financial Ihlitw ol ? kind Ihal qual.fy ag b8sK fKranciat Inglruments Bas fin3nci31 in#runm¥ v rewJn&sed • tran5athn value 8ubEe4EEenlty measured at thelr 18ttwit vakje.
13- AOUK&I NOTES TO THE FINANCIAL STATEMEpifs FOR TrIE YEAR ENOED 31 DECEMBER 2023 INVESTMEHf INCOME iJnre$trr Dw,ed Unr•stri(%od DESnated Furtt FJJnds 2023 Funds FL¥nds Tolal 2022 25.095 14.398 Irrte. srItS 35.095 14.398 33.845 132ty) 33.&45 13,200 49.493 49,493 A7,045 47.045 CHARITABLE ACTIVITIES Nol• Ur?3 tggned Fun(ts Tot un11>Y 2023 Fun(Is Toial FurYB 161ffj22 Fellowsfi¥> Gwi ts payatrle Ann tIj Govpfftajva cfjsts 16?.622 1.554 156,554 64.719 64.719 48.432 23, 147.086 48.432 23.339 147.086 55.363 22.416 55.363 22,416 237.113 64.719 I1,& 7J4,3&1 147,086 381,419 Granis payatse.8re f.or reS?h proiKts that late to the Chanry's owlives ajllf are analy5ea as 101h.. 2023 Grants io insttlutions.. University ol Si Andr¥•¥S Naoonal Ortnopaedic Hosw Cappagh South Tees Cb{[je Univer5Ety Ho¥ HaN8rtt Univeryty UnfjVety ol OKlord Imreri& Cc41eG Quoen Mary Univefsty Uruv8f¢ily ol Exw,er BriD5h OflT,opae(lic Toktees Ass¢Kiatiw12072 u81 2022 GranL810 InthTraTrS (IS to) 4,WO 5.000 s.c0 4.fKJO 5.000 20.000 5,IK)O 144,623 Grant5 re*un(l¢a by iTTslItUbOnB'. UNv13ry1y of NoYThJham Unl¥ersity of Edinbursh 61.YJO 144.623 11.363) 13.1071 60,137 141,516 Grants lo Inth%4thal$ Suppon costs Bani lees 3,570 15 64.719,
14- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 suppowr COSTS Total 2022 2023 Adrnini¢lraiton managemeix Web and computer cos Generd adm5nislralion 24,977 7,200 15,073 24.971 7.2UO 15.631 .47,184 47.802 ALLOCATION OF suppoffr COSTS OTe cost &pport ol actNft(es costs To1 Dlf&l c¢)st 2023 of SupFort Total 2022 EdL10nal {VitIeS Fellott Grants payab Annual m8eling 122,(k)S 3,720 61.152 44.432 39,617 161.622 3.720 64,719 48.432 116.322 403J2 156.5S1 3.567 143.$16 51.363 147,086 55,363 4,¢X>LI 231.3 47.184 278.493 311.201 47,802 359,003 GOVERNANCE COSTS Unre£ted Designd FUJ Futs Total Unrestred Dostr3nated Fu FUlS Tolat 2022 AmotJnls pa to auditor In rey_¢t ol: . At tees mg ar olher seN 4.620 1.332 ri.387 2.400 2,400 17,676 Tru*ees 1.332 17,387 2.400 17,616 23.339 23.339 22,416 22.416
15- AOUK&I NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 310ECEMBER 2023 STAFF C¢isTS AND TRUSTEES EXPENSES Th¢f• wete employee&durirKJ ihe cuwenl or previous p•mJ. No twstee. or any wson cann11 wrth ltrwn. receNed remuneratign Hi IhÈ current CK prevl0 per, Five Iwglee812022.' thr) reLwed (tbU[GeM tormeetinos expeTrse5 totalllNg 0294 (2021 £661) NET INCOME I IEXPENDrruREI Net iftccmfr l (expefyliture) ts sted after ch4rw9. 2023 2022 098rattng lease rent815 6,792 6,792 FIXED ASSET INVEmiEKf8 2023 2022 Fair at 1 January 2023 Addrtion8 Proce%s IrDm saS net gains I Ifosseg) Unred¢S6¢ gaifts l {losses) Movthnenl in acoxfftt 1,394.209 351.267 1296.4681 11958 32.664 116.708) 1.581 144 184.57S .1180.6821 13,9581 (218.2991 11.429 Fair value at 31 perntser 2023 1,476. 1.394.209 InvEstmenls at la¥ value eompn'8e'. 2023 2022 Listed Inveslm¢nt8 Equitos 1.129 8$5 1.057,786 301.485 Cash Whhll¥fffiI portf 18.229 1,476.962 1.394.209 2023 2022 Hi¢ipricd cost Ie0 inve5tmerrt8 at 31 Dfjwnber 2023 1,491.114 1,405, 194
16- AOUK&I NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 DECEMBER 2023 OEBTORS '. 2023 2022 Other debto PrepayrT5 A¢¢rued Ilrna 3.054 20.$95 3.716 77.227 21649 89,516 io. CREDITORS 2023 2022 Trade credlors AccruatS GrÈnts payable 2.400 8.264 6.723 7.492 50.401 64.616 11, UNRESTRICTED FUNDS Nel gains I Fwd at Ilosgesl on Fund 01012023 IhKoi)e Ewdrture WTvestmenls TwGfer 31 12.tr23 Gen•r•l lund 1,491,332 269.107 1249.981) 44.662 13.5671 1,551.653 DesEgnated fund: Research Deveiopmeni fund 32.094 59.916 164 7191 3,567 30,858 1.523,428 329.024 (314,7CK)) 44.&32 1,582.411 rhe Researcn and Devekpnxnt luThl was set vp to 8UPPOrt reseafch 8aivi14es and peisonal devebprnenl. GTaTrl¥ ère made from thi8 lund to 5nst1utS urdertokir4 reltsvant r8search and devebpment p.'q'ects. The loatw Io p3y a grant does not aTFSe until the relevéni pro1 e0rrrnenC 01 pv.:nl the grènl can b claiFied by benefjciary Transfwsbthv¢6n funds are in rnSF*Ct of 8UPPOf. costs to the Research and 08vekynl fun
17- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 UNRESTRICTED FUNDS- Prlor Y FutKt * Net gain5 1 11055esl on Fur.d at 0101.2022 Inclyno Expenorturn investments Trartsfef 3112.2022 Gèneral fund De$5gnated lund: Reèearch arvj De0pmen1 fLV 1.701.840 261233 1246.5141 12U25n 13.5701 1,491,332 125.39) 50,220 1147.Q861 3.570 ,094 1.827,230 312.453 (394,OW> 1222.2 1,523,426 12. ANALYSIS OF NET ASSEfs BETWEEN FUNDS Uniestrh Deswaed Ttm Untestn¢ted Dagpned Tttal Fv 2023 FurwJ5 2022 Fixed assots Cash Other cuNerrt Lsetwllabiltw) 8.S65 1.476,%2 1.476.952 59,858 125.464 129.OC(I) {20,015) 1.394.2L19 31.297 73.020 65.826 {40.926) 1.394,209 104.317 24.900 1.551.553 30.858 I.,417 1,4G1,332 32.094 1.523.428 t3. COMMITMENTS UNDER OPERATING LEASES Al 31 t*ember 2023. Ihe char¢ty had oulslwioing comm"rtnRnts lor mrimum lease pay7nents 2023 2022 Wrthin 1 year 1,830 1.830
18- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023. 16. COMPARATfvE 8TATEPAENTS OF FINANCIAL ACTIVITIES Nolé Unrestri¢t6d Dey"9D3bJ Funds Funds Total 202Z INCOidE charrIab a1Yrt.. 215.088 265,308 Invesknèws 47.045 47,045 1C 100 Totsl Income 262.233 220 312.453 EXPENDtfuRE Cosl of rdising lunds." 12.581 11581 Ch8Titabk aclivili85 234.333 147.086 381,419 Total •xpendltur• 246.914 147,D86 Net I laxpenthltsrel before gans or rosses 15.319 196.8e6) 181,S471 Net gasn5 1 (ltsssesl on hwe5trnerfs 1222.2571 (222.2571 Net Income I lexp•ndtturnl Gr tr8r*ler$ between 1206.938 198.866) 1303.804) I8.0) 3.570 Net movwnenl funds (210.18> 19i,296) 1303.8041 Recondllation of funds Fund tsthces al l JalLry 2023 1,701.840 125.390 1.827,230 Fund bal¥nc•s 31 Decfjmr 2022 1.491,332 32.094 1.523.426
19- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. RELATED PARTY TRANSACTIONS "Tr8n50Ctions Iruslees are dd81ed fft nptB &" 17. NONAUDFT SERVICES PROVIDED BY THE AUtXTOR In crynmon wrth mdny chartbes of our srLe and nalure. we use audrtus io 8ssisI th the preparatM Ihe financid staterrenis.