## **AOUK & I** 

**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

Charity registration number 1190596 




**AOUK & I** 

|**I N D E X**|**P A G E**|
|---|---|
|**________________________________________________________________________________________**||
|TRUSTEES’ ANNUAL REPORT|1 - 4|
|INDEPENDENT AUDITOR’S REPORT|5 - 7|
|STATEMENT OF FINANCIAL ACTIVITIES|8|
|BALANCE SHEET|9|
|CASH FLOW STATEMENT AND NOTES TO THE CASH FLOW STATEMENT|10|
|NOTES TO THE FINANCIAL STATEMENTS|11 - 19|





- 1 - 

## **AOUK & I** 

## **TRUSTEES’ ANNUAL REPORT** 

The trustees present their report together with the financial statements of the charity for the year ended 31 December 2024. 

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s constitution, the Charities Act 2011 and 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 published in October 2019. 

## **OBJECTIVES AND ACTIVITIES** 

The charity’s principal objectives are the further education and training of all those engaged in the management of disorders of the musculo-skeletal system and to promote and co-ordinate clinical research in disorders of the musculo-skeletal system and their treatment and to publish the results of such research. 

The research fund provides grant support to third parties undertaking research projects that relate to the charity’s objectives. Grants are awarded at the discretion of the board of trustees. 

AOUK & I continues to support a personal development programme aimed at allowing those engaged in the charity’s objects to visit centres of excellence for further educational purposes. 

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. 

## **ACHIEVEMENTS AND PERFORMANCE** 

AOUK & I continues to support the course programme administered by the AO Foundation with course support and membership services. AOUK & I’s education work closely with the AO Foundation to ensure the contents of the courses adhere to the current clinical requirements of our participants.  Additional funds are provided to support courses as required where it is deemed beneficial to the charity in achieving its objectives. Support has been given towards developing online blended learning courses. 

Significant grants have been given to important and relevant research projects. 

It is AOUK & I’s intention to continue to support vital learning and research programmes for medical professionals. 

## **FINANCIAL REVIEW** 

## **Reserves policy** 

At 31 December 2024, AOUK & I had total reserves of £1,703,923 (2023: £1,582,411) of which a total of £51,142 (2023: £30,858) was designated to the Research and Development fund. This leaves a balance of unrestricted funds of £1,652,781 (2023: £1,551,553). 

The Charity’s free reserves are £1,651,083 (2023: £1,549,723). 

The trustees consider that the present level of reserves is required because at present the AOUK & I is grant funded by a single donor. This carries an inherent risk of reduction or cessation of funding. 

Reserves are held to mitigate that uncertainty so that the Charity can continue to meet its charitable objectives. 



- 2 - 

## **AOUK & I** 

## **TRUSTEES’ ANNUAL REPORT (Continued)** 

## **Investment policy** 

The investment policy is reviewed annually by the trustees and takes account of recent demands for funds and the quality of the funding applications. The trustees consider the income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. This strategy is set within an overall policy which states that funds are to be invested in a combination of cash deposits with instant access and a share-based fund. 

## **PLANS FOR FUTURE PERIODS** 

Charitable activities in education of healthcare professionals involved in the management of disorders of the musculo-skeletal system will continue. We are exploring new initiatives in raising awareness of the educational opportunities available. 

AOUK & I will also continue to support research in this field. 

Trustees will always consider new ways in which to meet the charitable objectives. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The Charity is governed by its constitution dated 28 July 2020. 

## **Appointment of trustees** 

There shall be at least three trustees each appointed for a term of four years by a resolution of the trustees. Where a trustee vacancy arises, the remaining trustees identify suitable candidates to cover experience and expertise to assist in meeting the objects of the charity. Information concerning the charity and the role of the trustees is given to new trustees on their appointment. No individual may be appointed as a trustee of the CIO if he or she is under the age of 16 and at least one of the trustees of the CIO must be 18 years of age or over. 

## **Structure and management** 

The board of trustees aim to hold at least two ordinary meetings in each year. Any trustee may call a meeting of trustees. Every matter shall be determined by majority of votes of the trustees present and voting on the question. The chairperson of the meeting shall have the casting vote. 

The trustees have formed a broadly based Management Committee to advise and support them in the work of the charity. 

## **Risk management** 

The trustees actively review the major risks which the charity faces on a regular basis. The trustees have examined operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks. 



- 3 - 

## **AOUK & I** 

## **TRUSTEES’ ANNUAL REPORT (Continued)** 

|**CHARITY INFORMATION**||
|---|---|
|**Charity name**|AOUK & I|
|**Charity number**|1190596|
|**Principal office**|Marlborough House|
||York Business Park|
||Nether Poppleton|
||York|
||YO26 6RW|
|**Trustees**|Ian Pallister  (resigned 7 April 2025)|
||Ian Sharp|
||Iain McFadyen|
||John Quinlan|
||Susan Deakin|
||Pauline Johnston|
||Sorrel Langley-Hobbs|
|**ADVISERS**||
|**Auditors**|Fortus Audit LLP|
||Equinox House|
||Clifton Park|
||Shipton Road|
||York|
||YO30 5PA|
|**Principal Bankers**|Lloyds Bank plc|
||Pavement|
||York|
||YO1 9LB|
|**Investment Managers**|Walker Crips Group Plc|
||Old Change House|
||128 Queen Victoria House|
||London|
||EC4V 4BJ|





- 4 - 

## **AOUK & I** 

## **TRUSTEES’ ANNUAL REPORT (Continued)** 

## **Trustees’ responsibilities in relation to the financial statements** 

The trustees are responsible for preparing the Trustees’ Annual 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 year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity 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 in the Charities SORP 2019 (FRS 102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards 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 operation. 

The trustees are responsible for keeping proper accounting records that 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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity’s constitution. 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. 

The trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## **Disclosure of information to the auditors** 

We, the trustees of the Charity who held office at the date of approval of these financial statements as set out above each confirm, so far as we are aware, that: 

- there is no relevant audit information of which the Charity’s auditors are unaware; and 

- we have taken all the steps that we ought to have taken as trustees in order to make ourselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information. 

Approved by the trustees and signed on their behalf. 


…………………………………………………… John Quinlan Senior Trustee Date: 7 April 2025 



- 5 - 

## **AOUK & I** 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF AOUK & I** 

## **Opinion** 

We have audited the financial statements of AOUK & I (the Charity) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the Charity’s affairs as at 31 December 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and provisions available to smaller entities, in the circumstances set out in note 17 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 



- 6 - 

## **AOUK & I** 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF AOUK & I (Continued)** 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the report to the trustees; or 

- the Charity has not kept adequate accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Charities Act 2011) and the relevant tax compliance regulations in the UK. 

We understood how the charity is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. 



- 7 - 

## **AOUK & I** 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF AOUK & I (Continued)** 

We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the charity has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. 

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. 

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Independent Auditors. 

## **Use of our report** 

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. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Fortus Audit LLP Statutory Auditor Equinox House Clifton Park Shipton Road York YO30 5PA 

Date: 15 April 2025 

Fortus Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 



- 8 - 

## **AOUK & I** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** 

|||Unrestricted|Designated|Total|Total|
|---|---|---|---|---|---|
||**Note**|Funds|Funds|2024|2023|
|||£|£|£|£|
|**INCOME**||||||
|Charitable activities:||||||
|Grants receivable||220,826|42,870|263,696|276,955|
|Investments|**2**|47,368|-|47,368|49,493|
|Other||190|-|190|551|
|Interest||1,069|-|1,069|2,024|
|||_______|______|_______|_______|
|**Total income**||269,453|42,870|312,323|329,023|
|||_______|______|_______|_______|
|**EXPENDITURE**||||||
|Cost of raising funds:||||||
|Investment management fees||15,645|-|15,645|12,868|
|Charitable activities|**3**|234,404|26,153|260,557|301,832|
|||_______|_______|_______|_______|
|**Total expenditure**||250,049|26,153|276,202|314,700|
|||_______|_______|_______|_______|
|Net income / (expenditure) before gains or losses||19,404|16,717|36,121|14,323|
|Net gains / (losses) on investments|**8**|85,391|-|85,391|44,662|
|||_______|_______|_______|_______|
|**Net income / (expenditure)**||104,795|16,717|121,512|58,985|
|**Gross transfers between funds**||**(**3,567)|3,567|-|-|
|||_______|_______|_______|_______|
|**Net movement in funds**||101,228|20,284|121,512|58,985|
|Fund balances at 1 January 2024||1,551,553|30,858|1,582,411|1,523,426|
|||________|_______|________|________|
|**Fund balances at 31 December 2024**||1,652,781|51,142|1,703,923|1,582,411|



All income and expenditure derive from continuing activities. 

The statement of financial activities includes all gains or losses recognised in the year. 

Analysis of the previous year by fund is summarised on note 15 of the financial statements. 



- 9 - 

## **AOUK & I** 

||**BALANCE SHEET AS**|**AT 31 DECEMBER 2024**|**AT 31 DECEMBER 2024**|||
|---|---|---|---|---|---|
||**Note**||2024||2024|
|||£|£|£|£|
|**FIXED ASSETS**||||||
|Investments|**8**||1,596,933||1,476,962|
|**CURRENT ASSETS**||||||
|Debtors|**9**|32,992||23,649||
|Cash at bank and in hand||100,079||125,464||
|||_______||_______||
|||133,071||149,113||
|**CREDITORS:**amounts falling||||||
|due within one year|**10**|(26,081)||(43,664)||
|||_______||_______||
|**NET CURRENT ASSETS**|||106,990||105,449|
||||________||________|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**|||1,703,923||1,582,411|
|||||||
||||________||________|
|**THE FUNDS OF THE CHARITY:**||||||
|Unrestricted funds|**11**||1,703,923||1,582,411|
||||________||________|
||||1,703,923||1,582,411|
||||________||________|



The notes at pages 11 to 19 form part of these financial statements. 

The accounts were approved by the trustees on 7 April 2025 and signed on their behalf by: 


…………….…………………………………… John Quinlan 


…………….…………………………………… Susan Deakin 



- 10 - 

## **AOUK & I** 

||**CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024**|**CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024**|**CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024**|**CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024**|
|---|---|---|---|---|
|||**Note**|2024|2023|
||||£|£|
|**Cash flows from operating activities:**|||||
|Net cash provided by / (used in) operating activities||**1**|(38,173)|9,745|
|**Cash flows from investing activities**|||||
|Dividends and interest from investments|||47,368|49,493|
|Proceeds from sale of investments|||204,421|296,468|
|Purchase of investments|||(237,054)|(351,267)|
|Movement in cash provided by / (used in) investing activities|||(1,947)|16,708|
||||_______|_______|
|Net cash flows from investing activities|||12,788|11,402|
||||_______|_______|
|Change in cash and cash equivalents in the year|||(25,385)|21,147|
|Cash and cash equivalents at 1 January 2024|||125,464|104,317|
||||_______|_______|
|Cash and cash equivalents at 31 December 2024||**2**|100,079<br>|125,464|
||**NOTES TO THE**|**CASH FLOW STATEMENT**|||
|**1.**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING**||||
||**ACTIVITIES**||||
||||2024|2023|
||||£|£|
||**Net income / (expenditure) for the year**||121,512|58,985|
||Adjustments for:||||
||Net losses / (gains) on investments||(85,391)|(44,662)|
||Dividends and interest from investments||(47,368)|(49,493)|
||(Increase) / decrease in debtors||(9,343)|65,867|
||Increase / (decrease) in creditors||(17,583)|(20,952)|
||||_______|_______|
||Net cash provided by / (used in) operating activities||(38,173)<br>|9,745|
|**2.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**||||
||||2024|2023|
||||£|£|
||Cash at bank||100,079<br>|125,464|





- 11 - 

## **AOUK & I** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **1. ACCOUNTING POLICIES** 

## **GENERAL INFORMATION AND BASIS OF ACCOUNTING** 

The Charity is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission in England and Wales. The address of the registered office is given in the charity information on page 3 of these financial statements. 

The Charity constitutes a public benefit entity as defined by FRS 102. 

The financial statements have been prepared in accordance with 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), issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice. 

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The financial statements are prepared under the historical cost convention modified to include certain items at their fair value. The financial statements are prepared on a going concern basis. 

The financial statements are prepared in sterling which is the functional currency of the Charity. 

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

## **GOING CONCERN** 

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. 

## **JUDGEMENTS AND ESTIMATES** 

The preparation of the financial statements require management to make judgements, estimates and assumptions that affect the amounts reported. These estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## **FUND ACCOUNTING** 

The Charity maintains a designated fund which is to be used for research and development purposes. 

Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. 

Designated funds are funds which have been set aside out of unrestricted funds by the trustees for specific purposes. 



- 12 - 

## **AOUK & I** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **1. ACCOUNTING POLICIES (Continued)** 

## **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 the income can be measured reliably. 

## Investment income is recognised as the Charity’s right to receive payment is established. 

## **EXPENDITURE** 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of charitable activities are those costs incurred directly to meet the objects of the Charity. Support costs are allocated to the various activities on a percentage basis based on the direct charitable expenditure incurred by each activity. Governance costs are those in connection with constitutional and statutory requirements. 

## **GRANTS PAYABLE** 

Grants payable to third parties are within the charitable objectives.  In line with section 7 of the Charites SORP; 

- When unconditional grants are awarded, these are accrued as soon as the recipient is notified, as this gives rise to a reasonable expectation that the recipient will receive the grant. 

- When grants are conditional relating to performance, then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity. 

## **FOREIGN CURRENCY** 

Transactions in foreign currencies are translated into sterling and accepted at the rate of exchange ruling at the date of receipt or payment. 

## **OPERATING LEASES** 

Rentals payable under operating leases are charged to the SOFA as incurred over the term of the lease. 

## **INVESTMENTS** 

Investments are stated at fair value. Aggregate realised and unrealised gains and losses are shown separately in the SOFA as net gains / (losses) on investments. 

## **DEBTORS AND CREDITORS** 

Debtors and creditors are recorded when receivable or payable. 

## **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. 



- 13 - 

## **AOUK & I** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **2. INVESTMENT INCOME** 

|||||Unrestricted|Unrestricted|Designated|Designated|Total|<br>Unrestricted|Designated|Designated|<br>Total|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds||2024|<br>Funds|Funds||2023|
||||||£|£||£|<br>£|£||£|
||Dividends - equities||||31,383||-|31,383|<br>35,095||-|35,095|
||Interest - securities||||15,985||-|15,985|<br>14,398||-|14,398|
||||||______|______||______|<br>______|______||______|
||||||47,368||-|47,368|<br>49,493<br>||-<br>|49,493<br>|
|**3.**|**CHARITABLE ACTIVITIES**||||||||||||
||||**Note**|Unrestricted||Designated||Total|<br>Unrestricted|Designated||<br>Total|
||||||Funds|Funds||2024|<br>Funds|Funds||2023|
||||||£|£||£|<br>£|£||£|
||Educational activities|||168,765|||-|168,765|<br>161,622||-|161,622|
||Fellowship||||3,900||-|3,900|<br>3,720||-|3,720|
||Grants payable||||-|26,153||26,153|<br>-|64,719||64,719|
||Annual|meeting|||42,461||-|42,461|<br>48,432||-|48,432|
||Governance costs||**5**||19,278<br>||-|19,278|<br>23,339||-|23,339|
|||||_______||______||_______|<br>_______|_______||_______|
|||||234,404||26,153<br>||260,557<br>|<br>237,113<br>|64,719<br>||301,832<br>|
||Grants|payable are for research projects that relate to the Charity’s objectives and are||||||||analysed as||follows:|
||||||||||2024|||2023|
||||||||||£|||£|
||Grants to institutions:||||||||||||
||-|Nottingham University (3||grants)|||||24,870|||-|
||-|Queen Mary Hospital|||||||2,740|||-|
||-|University of Oxford (2023 unclaimed)|||||||(5,000)|||-|
||-|2023 Grants to institutions (9|||total)||||-|||61,500|
||||||||||______|||______|
||||||||||22,610|||61,500|
||Grants refunded by institutions:||||||||||||
||-|Harvard University|||||||(24)|||-|
||-|University of Nottingham|||||||-|||(1,363)|
||||||||||______|||______|
||||||||||22,586|||60,137|
||Grants to individuals||||||||-|||1,000|
||Support costs||||||||3,567|||3,567|
||Bank|fees|||||||-|||15|
|||||||||_______||||_______|
||||||||||26,153<br>|||64,719<br>|





- 14 - 

## **AOUK & I** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **4. SUPPORT COSTS** 

|**SUPPORT COSTS**|||
|---|---|---|
||Total|Total|
||2024|2023|
||£|£|
|Administration management|24,971|24,971|
|Web and computer costs|7,390|7,200|
|General administration|22,529|15,013|
||______|______|
||54,890|47,184|



## **ALLOCATION OF SUPPORT COSTS** 

|<br>Direct cost<br>Support<br>of activities<br>costs<br>£<br>£<br>Educational activities<br>121,445<br>47,323<br>Fellowship<br>3,900<br>-<br>Grants payable<br>22,585<br>3,567<br>Annual meeting<br>38,461<br>4,000<br>_______<br>______<br>186,391<br>54,890<br> <br> <br>**GOVERNANCE COSTS**<br> <br>Unrestricted  Designated<br>Funds<br>Funds<br>£<br>£<br>Amounts paid to auditor in<br>In respect of:<br>- Audit fees<br>5,635<br>-<br>- Accounting and other services<br>1,470<br>-<br>Trustees’ meetings<br>12,173                 -<br>_______<br>______<br>19,278<br>-|Total<br>Direct cost<br>Support<br>2024     of activities<br>costs<br>£<br>£<br>£<br>168,768<br>122,005<br>39,617<br>3,900<br>3,720<br>-<br>26,152<br>61,152<br>3,567<br>42,461<br>44,432<br>4,000<br>______<br>_______<br>_______<br>241,281<br>231,309<br>47,184<br> <br> <br> <br>Total  Unrestricted Designated<br>2024<br>Funds<br>Funds<br>£<br>£<br>£<br>5,635<br>4,620<br>-<br>1,470<br>1,332<br>-<br>12,173<br>17,387<br>-<br>______<br>_______<br>_______<br>19,278<br>23,339<br>-|Total<br>2023<br>£<br>161,622<br>3,720<br>64,719<br>48,432<br>_______<br>278,493<br> <br>Total<br>2023<br>£<br>4,620<br>1,332<br>17,387<br>_______<br>23,339|
|---|---|---|



## **5. GOVERNANCE COSTS** 



- 15 - 

## **AOUK & I** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **6. STAFF COSTS AND TRUSTEES EXPENSES** 

There were no employees during the current or previous period. 

No trustee, or any person connected with them, received remuneration in the current or previous period. 

Four trustees (2023: five) received reimbursement for meetings expenses totalling £1,381 (2023: £2,294). 

## **7. NET INCOME / (EXPENDITURE)** 

Net income / (expenditure) is stated after charging: 

## **8.** 

|Operating lease rentals<br>**FIXED ASSET INVESTMENTS**<br> <br>Fair value at 1 January 2024<br>Additions<br>Proceeds from sales<br>Realised net gains / (losses)<br>Unrealised gains / (losses)<br>Movement in cash account<br>Fair value at 31 December 2024<br>Investments at fair value comprise:<br> <br>Listed investments<br>- Equities<br>- Securities<br>Cash within investment portfolio<br> <br>Historical cost of listed investments at 31 December 2024|2024<br>£<br>6,792<br> <br>2024<br>£<br>1,476,962<br>237,054<br>(204,421)<br>6,912<br>78,479<br>1,947<br>________<br>1,596,933<br> <br>2024<br>£<br>1,135,894<br>440,862<br>20,177<br>________<br>1,596,933<br> <br>2024<br>£<br>1,538,496<br>|2023<br>£<br>6,792<br>2023<br>£<br>1,394,209<br>351,267<br>(296,468)<br>11,998<br>32,664<br>(16,708)<br>________<br>1,476,962<br> <br>2023<br>£<br>1,129,895<br>328,838<br>18,229<br>________<br>1,476,962<br> <br>2023<br>£<br>1,491,114<br>|
|---|---|---|





- 16 - 

## **AOUK & I** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**9.**<br>**DEBTORS**<br>Other debtors<br>Prepayments<br>Accrued income<br>**10.**<br>**CREDITORS**<br>Trade creditors<br>Accruals<br>Grants payable<br>**11.**<br>**UNRESTRICTED FUNDS**<br>**General fund**<br>**Designated fund:**<br>Research and<br>Development fund|Fund at<br>01.01.2024<br>£<br>1,551,553<br>30,858<br>________<br>1,582,411<br>|2024<br>£<br>-<br>2,870<br>30,122<br>______<br>32,992<br> <br>2024<br>£<br>2,954<br>10,387<br>12,740<br>______<br>26,081<br> <br>Net gains /<br>(losses) on<br>Income<br>Expenditure  investments<br>£<br>£<br>£<br>269,453<br>(250,049)<br>85,391<br>42,870<br>(26,153)<br>-<br>_______<br>_______<br>_______<br>312,323<br>(276,202)<br>85,391<br> <br> <br> <br>|Transfer<br>£<br>(3,567)<br>3,567<br>______<br>-<br>|2023<br>£<br>-<br>3,054<br>20,595<br>______<br>23,649<br>2023<br>£<br>2,400<br>8,264<br>33,000<br>______<br>43,664<br>  <br>Fund at<br>31.12.2024<br>£<br>1,652,781<br>51,142<br>________<br>1,703,923<br>|
|---|---|---|---|---|



The Research and Development fund was set up to support research activities and personal development. Grants are made from this fund to institutions undertaking relevant research and development projects. The obligation to pay a grant does not arise until the relevant project commences at which point the grant can be claimed by the beneficiary. 

Transfers between funds are in respect of support costs relating to the Research and Development fund. 



- 17 - 

## **AOUK & I** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **UNRESTRICTED FUNDS – Prior Year** 

||||||Net gains /|||
|---|---|---|---|---|---|---|---|
||Fund at||||(losses) on||Fund at|
||01.01.2023|Income|Expenditure||investments|Transfer|31.12.2023|
||£|£||£|£|£|£|
|**General fund**|1,491,332|269,107||(249,981)|44,662|(3,567)|1,551,553|
|**Designated fund:**||||||||
|Research and||||||||
|Development fund|32,094|59,916||(64,719)|-|3,567|30,858|
||________|_______||_______|_______|______|________|
||1,523,426<br>|329,023<br>||(314,700)<br>|44,662<br>|-<br>|1,582,411<br>|
|**ANALYSIS OF NET**|**ASSETS BETWEEN**|**FUNDS**||||||
||Unrestricted|Designated||<br>Total|Unrestricted|Designated<br>Total||
||Funds|Funds||2024|Funds|Funds|2023|
||£|£||£|£|£|£|
|Fixed assets|1,596,933|-|1,596,933||1,476,962|-|1,476,962|
|Cash|53,933|46,146||100,079|65,606|59,858|125,464|
|Other current assets/(liabilities)<br>1,915||4,996||6,911|8,985|(29,000)|(20,015)|
||________|______|________||_______|______|________|
||1,652,781|51,142|1,703,923||1,551,553|30,858|1,582,411|



## **12. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

## **13. COMMITMENTS UNDER OPERATING LEASES** 

At 31 December 2024, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: 

|Within 1 year|2024<br>£<br>1,698<br>|2023<br>£<br>1,830|
|---|---|---|





- 18 - 

## **AOUK & I** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **15. COMPARATIVE STATEMENTS OF FINANCIAL ACTIVITIES** 

|**Note**<br>**INCOME**<br>Charitable activities:<br>Grants receivable<br> <br>Investments<br>**2**<br>Other<br>Interest<br>**Total income**<br>**EXPENDITURE**<br>Cost of raising funds:<br>Investment management fees<br>Charitable activities<br>**3**<br>**Total expenditure**<br>Net income / (expenditure) before gains or losses<br>Net gains / (losses) on investments<br>**8**<br>**Net income / (expenditure)**<br>Gross transfers between funds<br>Net movement in funds<br>**Reconciliation of funds**<br>Fund balances at 1 January 2023<br>**Fund balances at 31 December 2023**|Unrestricted<br>Funds<br>£<br>217,039<br>49,493<br>551<br>2,024<br>________<br>269,107<br>________<br>12,868<br>237,113<br>________<br>249,981<br>________<br>19,126<br>44,662<br>________<br>63,788<br>(3,567)<br>________<br>60,221<br>1,491,332<br>________<br>1,551,553<br>|Designated<br>Funds<br>£<br>59,916<br>-<br>-<br>-<br>________<br>59,916<br>________<br>-<br>64,719<br>________<br>64,719<br>________<br>(4,803)<br>-<br>________<br>(4,803)<br>3,567<br>________<br>(1,236)<br>32,094<br>________<br>30,858<br>|Total<br>2023<br>£<br>276,955<br>49,493<br>551<br>2,024<br>________<br>329,023<br>________<br>12,868<br>301,832<br>________<br>314,700<br>________<br>14,323<br>44,662<br>________<br>58,985<br>-<br>________<br>58,985<br>1,523,426<br>________<br>1,582,411<br>|
|---|---|---|---|





- 19 - 

## **AOUK & I** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **16. RELATED PARTY TRANSACTIONS** 

Transactions with trustees are detailed in note 6. 

## **17. NON-AUDIT SERVICES PROVIDED BY THE AUDITOR** 

In common with many charities of our size and nature, we use our auditors to assist with the preparation of the financial statements.