AOUK&I
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
Clwty r•3rntralk"ifi 119J55
FORTUS

AOUK&I
INDEX
PAGE
TRUSTEES. ANNUAL REPORT
INDEPENDE￿r AUDFTOR'S REPORT
STATEMENf OF FINANCIAL ACTIv￿lEs
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￿ gl*wnents 0¢ tha for the year ended 31
The financ41 slate[r￿lS h8ve been preparvj in accordance wth the &country poHw out In tho noteB la the
oc¢ounts and compty vAth the d￿rity'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 Fina￿la1 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 CW*rth"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 In￿e¢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 pu￿05e9.
The tru$lee8 a)nfim that have Compl￿ wrth lh￿ duty to I￿ve d(￿ the gua1￿￿ or4 pub5¢ benefft
publ$8hed by the Chorrty CrynmMsK>n In exwcismg theJ"r po4*ers"and d￿lets.
ACHIEVEMEprrs AND PERFOFIMANfE
AOUK & I corrtinue5 to s￿ppvrt the c￿tfs¢ progwnme admlnisÈetEd by the AO Founda1￿4 wr,h COUfSè suppon 8nd
m*rbership servw AOUK & I"s edUCatk￿ worf4 ck)SEty the AO Foundation to eD.8ure the contents ol the
)urses adhere lo the current clinical requIre￿ts of rJJr partryiaryts Addrtjonal fvnd9 are provKled to support
couw$ 8$ re9uwed whefe it r& deen￿ ber￿Lat lo Ihfr chafky In acht￿r￿a ts otiKtNes. Support has been gN9n
tOW8rds developing online btend•J ieaming courses
Sb3nifi¢ant 9Tants h3ve been tyven to importart and r*v8nt reseatch proJ&*.
11 is AOUK & int￿"0n to conlÉnue ty support and le￿￿ch prowAmmes lor m•th¢al profess1th￿IS
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 T￿lves is r￿ulled be¢ayse * present IheAOIM & l is grant fvnded
by a singl• dijnor Thkq cames an Inhereni rsk cl redUct￿n 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$eW￿ anfK￿llY by the lrnst8e$ 8nd l*es ￿c0￿rrt d recent demonds for furhtts #rKI The
twalty of Ihe lundina applicatw. Thè trustees cN*s￿er 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
Wh￿Th states that funds are to be Inves1￿* In a C(MbJnal￿n of ca$h deposrts wlh Inslanl access and a share.based
nd
PLAN8 FOR FUTURE PERIODS
Charrkb* 8albit￿3 m e￿￿*1￿￿ of heatlhcare wolesswats In Ihe man8gemènt ol di8ordw5 01 lh8
musculwkeletal $y8terTr WUI ¢OAlirwe We are e¥pknw r•thV fftrtoli¥es thYdrene5s of the èducatbgnal
¢¥PQrtuniti&s ava1kb￿.
AOUK & l ￿11 atso ¢¢K￿rIUe to 8upwrt research in f*hl orvj wdl make wail8fAo a substantial want to lupport
lrfwng prDWCt If 4 surtable pr(pxd 5$ feceNeO.
Twstees will always co￿lder ways in Io Ihe chÈntth obJ'&#wes.
STRUCTUR& GOVERNANCE AND MANAGEMENT
Gov•rning do¢uff*nt
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 Infoftna￿n Concernw￿ Ihts charty ar*d 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 m*bng of
IruJlees Every matter striall be dotennir¢d by maj.arty ￿ vcts5 of the trustees P￿Sent and ¥￿Trn9 on Ihe qL￿stA)n.
The thaKpersgn ol tt* medSn9 8ts# ts&ve ¢a*in9 vole
The lthstees have fonned a based Iknagem8nt Commtttee to advise arld support Ihem In Ihe work uf Ihe
chorrty
R16k managoment
Tho Irv81095 xIt￿l￿ ￿VIeW the m4.or risks the ¢hwrty Ix8s un a regul•r l)a5i3. The trustees have
T)per*ional and bu6ts1ess r￿kS 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 Busir*ss Park
Nether Psydetc*J
Yc4k
Y026 6RW
Trustees
Fan Pallister
l•n Sha
lsin McF¥Jyen
th)h4 auinlg
Su88n Deakin
paul￿>¢ Johnston
Sorrel Lar,g￿y44abbs
ADVISERS.
A￿dItOrn
Fortus Audit LLP
Equinox Hou8¢
Clifton Park
Shipt(%i Rc¢d
York
Y030 SPA
Pfln¢lp*l 8ankefS
Lltyds Bank pt
Pavernenl
Y¢Jk
Y019L8
Investmtnl fvl*nryer4
W*ler Cr¢)s Group P
Ok1 Change HoLtse
128 aL￿n VictorTa H￿ge
EC4V 48J

AOUK&I
TRUSTEES. ANNUAL A￿￿ORT Icontinwd)
Twstees, rnyponslbilities in relall*Jn to lh• finaftGial stat•ments
The Iru*ees are responsible fof prnparing the Trustea8' Annual Rowrt and the fIna￿tal 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 Engl*id & W81es requires the trustee5 lo prep8re fina￿181 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
appl￿atilln 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 cr￿n￿.
*)bser￿ Ihf m*hots and prirop*s In the Ch8nks SORP 2019 IFRS 1021..
mako judgements and eslinwte5 are re•soF*ble pruknl."
stste vthethEr applKable 8cecrtJ￿r$ j￿r￿Or&S tAve been lobh>wed, suty'ect to any rr*ter*l O¢partur•s
isck*ed and explaingsin finarrial stslemnts.
prepa¥e the financial St￿emefrts Cffl the 9￿9 bassunles5 N ffj In8PPTcwate lo p￿￿Me Ih8t the
Charty will continue in operalK)n.
The trugtees ale reSpor￿1bIe 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 R6ouk8lK*ts 2008 3nd thè wovtsDns ol the Charity.
aYJstrtuI￿n They a￿ 81so respun5ible lor safeguard..ng the assets of the Charrty and her￿e lor t8king re8son8b
stÈps lor th¢ wevGnts"on ènd detecti￿ of tsurj and other ryular[l￿$
The tr[￿teeS are re¥ppntkn* tor the rnatnt￿nCe and of Chardy and financial inftjmwton In¢￿ded on
the Chaftys website. Legislo1i¢n in Ihe Unrted Ksngdcffi 9Dverning Ihe preparetr'on •nd d￿￿eminI￿.￿n of finanu81
statements may tsiffer frcqn WlatIc￿ in tr,tsr junsaKI￿n
018¢lo￿Tr 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. It￿1..
theTr Is no relevanl au0* mlomHton of wh¢h the ethar*y'$ ouators are tm8ware: 8nd
we have taken all the steps thèl we OLgtrt lo taen as tru*ees 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 In￿￿e$ and s￿fjed ￿ 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[ sl*ements 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 Irsme￿urk h35 been aprfied In their
preParat￿n Is appbcable Bnd Un,.led KirYddDm A￿o￿nting SlaDdath. Micludlng FinancHI Reportfftg Stsndard
102 T1￿ FinancBI ReFoiting Siandaffl ￿￿￿￿10 ￿ Its UK and Republlc of I￿la￿l (United Kingdom Ge￿I8￿Y
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, thc1t￿1ng its iroyne and exp8nd*ufe. lor the ytrar Ihen endetE.
twè b¢en property Pfepared trb ac¢or(iance wrth Unrted KIngd￿n Gerwalty Accepted PraCt￿e. *KI
have teen prep*&Y m 8C()3￿anCe 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 fir￿￿Elat 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 FR￿S Elhiral
Sta￿al0 and priM54)ns aV•iBbte to sMal￿r e￿l[les. m thB CwCumStar￿ $* oul in nol8 17 to the financial
518lemenls. and we have lullllÉd our other elhical ￿5p￿￿oi1￿*S In 2c£ordance wth th￿ requirem**s. We
beI￿vE thal the audit ovpdance we tsvfr obta6nott is su￿1C￿￿ apyopnate t? prov& 8 basts lor our opinlon
Conclusions rn141ing to going conwn
In 8u(libnu the fiMnc4al statements. have enrtclLuled that trustee•. of the eoncorn basis Ot
.,8c¢ounfing in the prepa￿ltin of the financial tstements ￿ apprcollate.
Based on the work we have perfoTrl￿. we have wjentrfwj ary malenal uncertainlies ￿￿11￿9 10 8venls or
conrfitions Ih*. IndiV￿￿alty or ¢thlKtNeSy. may cast s¥Jnific8nl éoubl on Ihe Chaiity's abllty lo wntinue as a gDing
CO￿81￿ lo," 8 perictsj of 81 *ast tw*fve month¥ frrxn WI￿ the stAtem8nts •rn airth¢K6ed ior issue.
Our r65Fonsiblitles ana the ￿Pu￿￿1b11rt*S of InJBla8s wth raspect to 9owwJ co￿eM are ¢Jescfrt￿ In Ihe
rel￿an1 seetions ol this repo
Othef Infom*ty)n
olher ￿lo￿natIon Compris￿ lh8 IF5¢orm*hM fflcludea fft tho Twstees. AnnLwI Report, other than rhe financHÈ
ststement$ and our audrtorfs report Iher20n. The trustees are ie5ponsible for the olhef infiJrm8tion contained wlthin
the annual report. Our OPIn￿n on thè f￿￿nC￿l 818tern￿1= floes eover the oth.er irrforynalttsn and. excety. lo the
exto01 otherwse eXpkrt￿ st*ed li our report. we do expfes$ 8ny Iwm of aS6tww￿e ¢onclusiOn therEOn.
Our responsibffily is lo rea(1 the txher Irrfom)?.104 ￿. (knng so. consoer whdher Ihc& ￿h￿r infoTm8lk>n ts
M¥ter￿lY i?cons*sierrt wtth the fina￿￿1 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 mate￿al
mwalements. we we requ',red to d￿t￿nIne 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 ￿h￿r irrf¢YMat￿fi. 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 l01b￿￿￿9 mjttern n rebl•Jn lo which th¢ Charitles IAc¢*)unto and
Report5) Regul*ions 21K18 requir8 US to repJrt Io you If, M our OPillif)n"
Ihe ir*lorrnth grnn v) ￿ finaroal slat5￿3 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 ￿0￿13 and retUm5. or
we have nol itteived all the Inf￿rnatiOn ano eywlanatths require for CKff a£kl
Rwon#ibililiw of tru8tg•S
AJ explaffled more fulty In IhÈ tNstees' re6wbibliknes statement $ei out iffl page 4. the Inmtees are resp￿R)le lor
the preparath'on cr rnanc431 slafarnents and f*y 58158W lh* tlw give a true and flir vw. and for such
Intemal control as the trustees detominÈ is neCess￿Y to erbable It* prEPaMtM)n of fin8t￿81 stslemenl8 ttst free
lft)m rn8terid miSStaI￿nenl, wh8ther due lo loud or ¢ffQr.
In pwanng the finar*al STatwwts, IhetnJ*ees are resptr*#￿1e for a¥sessinu the Char￿1•.s abfty to eonllnue as
goiw concem di5ck)s ng. a6 app,'ubte. matterg rel*ed 19 90]nu CDncem Bnd using th2 going ¢ontyn b8s13 of
acroun¢ing unle88 the truste¢s th1h￿ inteno ￿ Ipwthle the Charty or to ceas9 Operati￿5, or hav• no wlts1¢
Ilemèb've but to do so.
Audltofs r￿p￿sibIlI￿ for th• *lt of the fin￿rIal stateffl￿ts
We have been apFdn*ed as wFJtor under sectim 145 of the Ch&rt￿8 A¢1 2011 and repcn Fn 8cc.ord8nc* ¥%iih
eguklwis mado urTder secliun 154 of Ihal A
Oui OLY.￿1•ve8 afe to ob*#? Tettsèrth assuran￿ ab￿rt thhtsther the fln•)cial St￿￿18 Bs 8 whth are free from
matgnal mts¥taten*r,i. ¥vh4her due to fraud or error. al￿ Io sssue a Report ol Ihè Independent A￿d￿Or$ that
in¢Judes our opinion. Reasonablp 2s5uiaryce Is a f*vJh of 8ssur*rKe, but 15 nol a guaranl¢e iha: an audrt
condueioa in accordance wrth ISAS IUKI wjll ahlays d9tecl a material mtsswemenl when Il e￿5t$. ML4813ternenls
can ar*se Irom fraud or error and are con$ideTpd m*ergl rf. ¢TrJivpJLtaHy or In ihe 8ggregale. Ihoy eoukl reosonab
b8 expected 10 Inf￿en¢t the economic deaS￿nS DI Lsets laen on the basis ol ihese fmgncial Biatamgnts.
IrreguL4flies. indudlng fr8Ltd. aFE Instar*ce5 of non-c￿￿ph*TrCe with 1&9s and wJl8t￿I5 We design proceduTe8 In
line wlh our respo11s￿l1rt* ou1&r￿d abovè. to deiKt m*erral M￿stateMen1$ In rtspecl of iryegulartiie5, In(￿dIng
fiauo. The exleni ￿ whth Our pl￿edUr¥ ao tapable ¢y deiethw kr￿ul8rft1ets. gKIL&Ying Itaud is deta￿&d betoH.'
We obtatned an ￿nderStandIng ol the legal and ityulat(xy franEWOrt8 It￿ ar8 &p￿￿ts* to the ¢1• and
¢k¢rmin*Y th8t the most 8ignrf￿nl 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 ￿mpl￿nCe regu￿n$ in the UK.
We understo￿. nDW th.e charity is cemptyirMJ wih IhDs8 frarnwworts ty wAklng erWiF￿s 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 ffftanc￿I 5taternents 10 maerfiai m￿aleM￿l. Inclu(ting how IraLtd
muht occur. by discussion with managen*ni 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¢cr￿1 by nmnagsnenl, also any enharKwJ risk
fac￿ such as perfcm8nce'argets.
Based OTr our understanding, deslgn•2 IMK auart procedure5 to idemrfy any non<AJmplianc* with Iw and
I￿￿18th￿S identif*d kn the par3gr•phs at￿ve
We also Fkned audrt woth over the risk of managwy￿rt ownde ol conlr¢& Mcl￿1￿g t¢sting of loumal entries
and othér adiuslmenlts for apprCprraleV￿. evaluatirya ttte b￿lnesS 1&6on¥le of syjnfficanl tsan5a¢tion$ ¢ydlsbY¢ the
n￿m41 Thjrse of business and revwftg aecounthna e*mates ft>r bias.
A knrttw dosciiption of Dur fespon8ibilitles fc* Ihe audii of the fnanci?I statemrt ￿ I￿Ted on the Financ181
Reporting Council's website at Mthv.frc.OTg.uklguthtQTt rtSPOn5tsdrti2s Thi* descr¥?t*)n IoTTns part of Rer*)n of
th6 Indewr￿eIrt Audrtors
Use of our rvport
Tnis reEtyM 18 made gokly lo the ChoritY$ Iru8teès. as a botty. In 8eeLYdanGe valh Part 4 of the Charfties (Athiunls
8nd Repgrtsl Regulat￿5 2Q08, OUT auart wo.,k h88 been und8rtak¢n $0 that we rnvJhl state lo Ihg Charity'$ trustees
those matters WÈ afe ioqulred lo ¥tale 10 them in an audttor's repon and lor no other kwose. To the lullesl exlenl
pemitted by tav. we do nDI accept or gSSL'me respong0iity to anyorse other Ihan the Charty and the Gharrty.
Irystees as a t(¥ly. Ouf audft Wofk, lor report. ￿ lor Ihe opinrons we have fonned
<,41-u- L.o,i LUP.
Audit LLP
', Sfaiulory Audrtor
Equiriox House
crifton P3rk
. Shipton Road
York
YOJO SOA
08Èe 21 June 2024
Foflus Audit LLP ty è14ib]g 10 * as on •J(ttrrln terrns ol S•dion 1212 ot tPi8 C<Thpanies Act 2IX$6.

AOUK&I
STATEMEKf OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 DECEMBER 2023
Unfe*ricted 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 r*ing 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 {exOerthu￿I 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 be￿een 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.$21428
1 827.230
Fund bal*DcM at 31 Deeemb•r 2023
7.551.553
30,858 1.581411
1.523,428
All Inctyne and expendlLtTè d¢five from ec¥rtN7uJng 8CtMIw.
Tha statwnenl Ollina￿laractWtt￿ include• •4 9ains or recognknj m the yeor.
Analysw ol the prevw ye¥r by surrvTrw￿a nrts 15 of thti finafiei•l #taler￿nt$.

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
1*3,426
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
Pu￿a58 of InvestMIs
{351.26n
1184,575}
Nel cash prDvxSed by l <wd in) inv05bng athlt
16.708
111,4291
Cl￿ge tn c85h and cash equNal&nl& In th• year
21,147
1138,6511
Cash anLI cash equlvalert¥ at 1 J&nuary 2023
104.317
243.011
Cash aryl cash equivalents 3131 Decembw 2Q23
125.464
104.317
NOTES TO THE CASH FLOW STATEMENT
RECONCIUATION OF NET INCOMEI(EXPEtIDtniREI TO NEf CASH FLOW FROM OPERATING.
ACTIVITIES
2023
2022
N•t income l (•xpendltur•) for the y•ar
Adjustrnenl$ lar.
58,985
1303.WJ4)
Nei105ses Ilgainsl on invaslments
D￿h1&no5 and inlefftsl frorr inve5trrIenl$
{Inwreasel I dt¢rea5e ￿ debÉDts
Incfease l (dEcFea5el rf* ￿￿tIorS
144,662)
149.4931
65.8S7
120.952>
222,257
(47,0451
(73.4211
51,5
Net cash piovthj by l (usèd Hi) aperatsng
9.745
1150.417)
ANALYSIS OF CASH AND CASH EQVIVALEKrs
2023
Ca8h at bsnk
125,464
104,317

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 Incorpor*ed OrganB*KJn (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 defY*d by FRS 1
The ffnanck?I $￿te￿nIS tthe been prep￿￿ In aczsthnce wrth Accountiro and Rewxing by Charrti*"
Stslernerrt ol RKcfflmEnded PrnCt￿e 8pp&abl8 lo charl￿ Preparino tsii ¥C￿ntS in 2cctydarbce wrth IhE
Financtal Re￿1rtir¥j Standard applicabl_ts m Ltye UK Repubhc cl Ireènd (FRS 1021. i55u>J In OGtober
2015. the Financkil Repcwtiro Sland*o atgkcaoie In the Lln*ed 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
char￿e8 (Lrcounts And RepDn%l Rewlatknns 2￿8 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 P￿Par￿￿ iheir ￿C￿￿rts ￿ •zOrda￿ with Ihe Financial
ReportTrng Stanthrd oppltable In Ihe UK aThJ Republt of I￿lar￿j IFRS 1Q21 %sued in Oaober 2019 ratbef
than Ihe Accounliro and Reporting by Ch8ntse5 Sta￿_nI of R￿rnAded pra￿￿e rfectNe from 1 Apnl
2005 wtr¥ch Swi￿ be4n WI￿r￿Nn.
The fina￿1￿ slalerrienls are prep*ed under the h￿ICI￿al cLxl convenlion m>Jrf*d lo IrKhJts cert&'n fterr
rhewfaÉrv8VJé. The finaKo1 Statun￿ts prep¥ed a gow c¢ncern bass
The fnarwl *aemenis •f• preF4red ir, sterhg whrh s tllo fv4r%tiJnal currency ol the Charfy.
The s￿n￿rant po￿￿ epp1￿0 in the prep￿￿￿ork of theso fir¥r.cO statements aresel OLd bèbw.
These have been conssterfty ¥pl￿10 all ¥e3E preseNth unlè85 Swed
G(XNG CONCERN
The fpnancFal $:aternen16 nave been ptep*ed on a concem tra8is 35 the IN8tees tse1￿ that r
ma:erial uncertainlies Tts tnJstees have c&vadeFed Ihe kvel ol fund< held 8nth Ihe fxpecl& Jevtl of
inccffle and expenaituio lor 12 monihs from athhytsmg Ihe5e fmancial Stai￿￿￿5.
JUDGEMEKfs AND ESTINi4TE3
The PTeparatDn of the fina￿traI Sta￿ne￿9 tequlfe m*e iudgemerts. esllrroles and
TPtvJns Ihal afied Ine *nourtS fwed Ttrese esbmalès are corrtinua.'ty rew8a aThl a￿ bwd on
e¥w￿rIce and clher lactcrfs. ex￿814>￿5 d future events that are Lwoved lo be reasonable
nder ￿ c+icurrtsrus
FUND ACCOUNTING
The Chanty J de%gnated lund wPii¢h is to be Ifséd br ieseaTch aTrJ dwetopm¢nl PUfPs)W.
Unrestncted funds are lunds wht¢h Can be used In 8c¢oidance wilh the ch*rt*sSe obJ"e¢ts al the discrelK5n
f the iru$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 cha￿Tr.able actNiltas artt those cost$ incuffed dI￿tst
lo meel tho ot¥ect.s ol tho Chatty. SLfppoY c￿6 are aiA)cated to the Va￿￿S activrties on a pérc￿lage
ba5ES based on t￿,9 th3rit8ble expendrture incurred by each aclNhy Govemanc& cc6ts are ttt.Dse In
oMnecthM wislttuth7tW and 51*utory
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 rtc*p.t 15 notffi•d, as thts
gives p.se lo 8 reasonaL4è expecla*iDn th8t Ibe rec￿nI will recoNe the 9ranl.
Wnen gra￿ts 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 Currenc￿5 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 *, V￿￿e A99￿93t? real*ed and unrgalisby g•n8 and k)tsSe8 aFE shown
Eep3ral&ly in the SOFA as net gain$ I Ibssesl (Jn ￿¥t￿M￿*S.
DEBTORS ANQ CREDITORS
DeblcY8 afx* uedilors are rewrtted whm reCew4b￿ or payable.
FINANCIAL IN5TRUMEKrs
The Chafrty only has Iinanckl assets and financial Ih**litw ol ? kind Ihal qual.fy ag b8sK fKranciat
Inglruments Bas￿ fin3nci31 in#run*m¥ *v rewJn&sed • tran5athn value 8ubEe4EEenlty
measured at thelr 18tt*wit vakje.

13-
AOUK&I
NOTES TO THE FINANCIAL STATEMEpifs FOR TrIE YEAR ENOED 31 DECEMBER 2023
INVESTMEHf INCOME
iJnre$trr￿ Dw,*ed Unr•stri(%od DES￿nated
Furtt
FJJnds
2023
Funds
FL¥nds
Tolal
2022
25.095
14.398
Irrte￿. s￿rIt*S
35.095
14.398
33.845
132ty)
33.&45
13,200
49.493
49,493
A7,045
47.045
CHARITABLE ACTIVITIES
Nol• Ur￿?￿￿￿3 t*ggn*ed
Fun(ts
Tot* un￿1￿1>Y
2023
Fun(Is
Toial
Fur*YB
161ffj22
Fellowsfi¥>
Gwi ts payatrle
Ann￿ ￿￿tI￿j
Govpfftajva cfjsts
16?.622
1￿.554
156,554
64.719
64.719
48.432
23,
147.086
48.432
23.339
147.086
55.363
22.416
55.363
22,416
237.113
64.719
I1,&￿ 7J4,3&1
147,086
381,419
Granis payatse.8re f.or reS?￿h proiKts that ￿late to the Chanry's owlives ajllf are analy5ea as 101h￿..
2023
Grants io insttlutions..
University ol Si Andr¥•¥S
Naoonal Ortnopaedic Hosw Cappagh
South Tees
C￿b{[￿je Univer5Ety Ho¥
HaN8rtt Univeryty
UnfjVe￿ty ol OKlord
Imreri& Cc41eG
Quoen Mary Univefsty
Uruv8f¢ily ol Exw,er
BriD5h OflT,opae(lic Toktees Ass¢Kiatiw12072 u￿81￿
2022 GranL810 InthTraTrS (IS to￿)
4,WO
5.000
s.c￿0
4.fKJO
5.000
20.000
5,IK)O
144,623
Grant5 re*un(l¢a by iTTslItUbOnB'.
UNv13ry1y of NoYThJham
Unl¥ersity of Edinbursh
61.YJO
144.623
11.363)
13.1071
60,137
141,516
Grants lo Inth%4thal$
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
O￿Te￿ cost &pport
ol actNft(es
costs
To1￿ Dlf&l c¢)st
2023 of
SupFort
Total
2022
EdL￿￿10nal ￿{VitIeS
Fello￿tt
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 Design*d
FUJ*
Fu￿ts
Total Unrestr￿ed Dostr3nated
Fu
FU￿lS
Tolat
2022
AmotJnls pa￿ to auditor
In rey_¢t ol:
. A￿t 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 cann￿1￿1 wrth ltrwn. receNed remuneratign Hi IhÈ current CK prev￿l0 per￿,
Five Iwglee812022.' thr￿) reLwed (t￿bU[GeM￿ tormeetinos expeTrse5 totalllNg 0294 (2021 £661)
NET INCOME I IEXPENDrruREI
Net iftccmfr l (expefyliture) ts st*ed 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 sa￿S
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 per￿ntser 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 Whh￿l*l¥￿ff￿fiI portf￿
18.229
1,476.962
1.394.209
2023
2022
Hi¢ipricd cost ￿ I￿e0 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
PrepayrT￿5
A¢¢rued I￿l￿rna
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 5nst1ut￿S urdertokir4 reltsvant r8search and devebpment p.'q'ects. The
loatw Io p3y a grant does not aTFSe until the relevéni pro￿1 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 08vekyn￿l 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
De￿0pmen1 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 Dagpn*ed 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￿ a￿1Yrt￿..
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 JalL￿ry 2023
1,701.840
125.390
1.827,230
Fund bal¥nc•s ￿ 31 Decfjm￿r 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.