OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

Charity number: 212575

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 11
Independent auditors' report on the financial statements 12 - 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 44

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

Ms S Barratt Professor A Carr, Chair from 17 May 2021 (appointed 22 September 2020) Ms A Cowell Sir Andrew Dilnot Mr J Ford Dr A Grocock, Chair (retired 17 May 2021) Mr J Ramsden Dr A Thomson (retired 17 May 2021) Dr T Lancaster (appointed 1 March 2020) Mr J Burchfield (appointed 18 May 2020)

Page 1

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Charity registered number

212575

Principal office

c/o 16 Orchard Close, Eynsham, Witney, Oxford, Oxfordshire, OX29 4EZ

Secretary

Mr R Sonley

Independent auditors

Wellers, Kineton House, 31 Horse Fair, Banbury, OX16 0AE

Bankers

Barclays Bank Plc, 54 Cornmarket Street, Oxford, OX1 3HS

Solicitors

Foot Anstey LLP, 100 Victoria Street, Bristol, BS1 6HZ

Stone King LLP, 12 Queen Square, Bath, BA1 2HJ

Solicitors for Wintringham Estate

Macfarlanes LLP, 20 Cursitor Street, London, EC4A 1LT

Master Developer/Joint Venture Partner

Urban & Civic PLC, 50 New Bond Street, London, W1S 1BJ

Property Consultants

Glanville Consultants Ltd, 3 Grovelands Business Centre, Boundary Way, Hemel Hempstead, HP2 7TE

Investment Managers

Brewin Dolphin Ltd, 12 Smithfield Street, London, EC1A 9BD

Sarasin & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London, EC4M 8BU (from 1 April 2021)

Page 2

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the audited financial statements of the The Nuffield Oxford Hospitals Fund for the year 1 January 2020 to 31 December 2020.

Objectives and activities

a. Policies and objectives

The object of the Charity, which is laid down in the Trust Deed, is to raise the standard of service of local hospitals, in order to assist the development and carrying on of the Oxford University Medical School.

The trustees believe that the purpose of the Charity, which is “to raise the standard of service of local hospitals, in order to assist the development and carrying on of the Oxford University Medical School”, satisfies the public benefit requirements.

The direct benefit which flows from this purpose is supporting the Oxford University Medical School in the training of doctors in Oxfordshire, by providing grants enabling the provision of, for example:

In addition, an annual budget is provided to the Oxfordshire Health Services Research Committee (enabling doctors in training to have research experience).

These benefits are evidenced through the requirement of all grant holders to provide a written report to trustees on completion of their projects on the benefits that have been achieved in supporting the training of doctors in their areas. In addition, trustee visits are usually arranged to meet with grant holders, although none were possible in 2020 due to COVID restrictions.

It should also be noted that The Nuffield Oxford Hospitals Fund (NOHF) monies provide added value and benefits over and above any NHS or University funding.

The beneficiaries are ultimately the patients receiving treatment from the trained medical doctors, principally within the National Health Service.

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the charity commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. and have complied with section 4 of the Charities Act 2011.

Page 3

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Objectives and activities (continued)

b. Strategies for achieving objectives

The strategy of the Charity is to continue to ensure that the Charity’s investments provide an increasing and sustainable distributable income over the long term to support the objects of the Charity. That income is distributed in grants, which are selected based on medical priorities and maximisation of the benefit to the standard of service in line with the Charity’s objectives.

During the year Trustees have been reviewing the Charity strategy in two main areas:

Due to the COVID pandemic it was not considered appropriate during 2020 to pursue further ongoing discussions with the Director of Clinical Studies on the longer-term support to medical students.

Page 4

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

The activities of the Charity over the year comprise both investment activities and the grant making activities set out in the next section of this report.

The Charity’s investment activities have the objective of continuing to ensure that the investments provide an increasing and sustainable distributable income over the long term to support the objects of the Charity. The current investment portfolio, overseen by the investment committee, provides the funds for the grants awarded each year.

During the year under review, the Charity incurred direct charitable expenditure in relation to grants paid, totalling £350,559 (2019: £361,458). At their meeting on 18 May 2020, the Trustees awarded 14 grants totalling £418,853 (2019: fourteen grants totalling £395,750).

The part of the portfolio which had been invested directly in land has, since 2017, provided an opportunity for a further increase in capital in due course. As reported previously in April 2017 the Charity (NOHF) entered into a joint venture with Nuffield Dominions Trust (NDT) and Urban & Civic PLC (U&C), whereby the latter purchased a one third interest of the combined Charity's holdings. NOHF also sold part of its interest to NDT. This has resulted in the Charity’s share of the overall joint venture partnership being reduced to 15%. The final payment from Urban & Civic for their share of the land purchased in 2017 was received in April 2021.

Planning permission for a revised plan of up to 2,800 homes on the Wintringham site had been granted at the end of 2018 and in spite of the COVID pandemic work proceeded throughout 2020. Construction commenced with two housebuilders, Cala and Morris Homes, and at the end of the 20/21 financial year the forecast number of houses completed was 60 with some already occupied. In addition, a number were reserved or exchanged. Discussions continued with two further housebuilders who are anticipated to start work on site in the summer of 2021. Parcel 5 is at an early stage of discussion with another company and Parcel 6 is out for further bids. The primary school opened in November 2020.

Monitoring of the project continues to take place through the Wintringham Partners Board (comprising representatives from Urban & Civic and NDT) and 1 Wintringham LLP (comprising 2 director/trustees from each of NDT and NOHF).

Page 5

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Objectives and activities (continued)

d. Grant-making policies

The Grant applications, together with all the necessary relevant information, are required to be submitted to the Secretary to the Charity by the end of January each year. They are first reviewed by the Secretary (who seeks further information as necessary) and then by the medical trustees of the Charity. They take into consideration the advice on priorities provided by the Medical Sciences Board (the Board of the University’s Medical Sciences Division which is responsible for organisation, development and delivery of the Medical Sciences curricula). The trustees will, if appropriate, make further enquiries themselves and prepare their own recommendations.

All the applications are considered by the trustees at their Annual Meeting in May. Each application is reviewed to ensure that it clearly follows the objects of the Charity. The acceptable applications are then prioritised and, following endorsement by the Nuffield Medical Trustees, appointed to have oversight of the Nuffield Benefaction, grants are awarded in priority order to match the funds available for distribution.

The payment of the approved grant is conditional upon the relevant authorised expenditure being incurred and an invoice being received by the Charity. Grant holders are advised that if no invoice is received within 18 months of the letter of approval then the grant can be withdrawn unless a reasonable explanation is provided.

The grant holders are required to submit a 250 word report on completion of the project so that trustees are able to appreciate the benefits gained from the funding.

If the grant applications approved at the Annual Meeting are significantly less than the funds available, a second tranche of grants may be considered later in the year.

e. Main activities undertaken to further the charity's purposes for the public benefit

The main activity in 2020 has been to provide a total of £418,853 of support to the Oxford Medical School through 14 individual grant holders in 10 different clinical and academic departments, ranging from Graduate Entry Medicine to Psychiatry and Emergency Medicine. In 2020 there were over 900 registered medical students in the Oxford Medical School.

Achievements and performance

a. Main achievements of the charity

The main achievements have been to fund a wide range of training and educational activities and equipment. Important areas supported by grants were:

Page 6

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance (continued)

b. Investment policy and performance

The main investments held by the Charity during 2020 were quoted investments, both direct listed and pooled investment funds, held on the Stock Exchange and managed under a discretionary arrangement by Brewin Dolphin Ltd together with a 15% interest in the parcel of land known as Wintringham Park at St Neot’s. The investment policy in place during 2020 (set in 2016 and reviewed in February 2020 and October 2020) stated that the primary financial objective was to ensure that the Charity is invested to provide an increasing and sustainable distributable income to support the objectives of the Charity, while maintaining the real value of the fund over the longer term. In February 2020, the Investment Committee revisited the investment policy and it did so again in October 2020 before commencing a tender process for Investment Managers. The main objective remains unchanged but some of the detail has been updated.

The investment committee, which comprises three trustees (four served during the year) met with the investment managers three times during the financial year to oversee the performance of the portfolio against specified return targets. The committee also met on two other occasions to discuss the investment manager tender process and to evaluate submissions.

The committee agreed with the investment managers a suitable asset allocation strategy and the appropriate asset classes deemed suitable for the fund. At the end of 2020 the asset classes for the General Fund were Bonds (11.2%), UK Equities (27.3%), Overseas Equities (41.3%), Property (6.2%), Alternatives (10.8%) and Cash (3.0%).

The General Fund portfolio return in 2020 was 5.0% (compared with the WM Charity Universe total return category 6 figure of 3.8%) compared with 16.4% in 2019 (compared with the WM Charity Universe total return category 6 figure of 16.1%).

Trustees were satisfied with the service provided by the investment managers, Brewin Dolphin. However, in line with good governance practice, a review and competitive tender for investment management services was commenced in the Autumn resulting in a decision in February 2021 to change investment manager to Sarasin and to invest in The Sarasin Endowments Fund, rather than continue with a discretionary investment portfolio. The transfer of investments to Sarasin has commenced and is expected to be complete by Summer 2021.

It should be noted that in managing the portfolio, the Restricted Endowment Fund and the Pre 63 Accumulated income fund are managed as one fund, known as the General Fund. That arrangement will continue under Sarasin.

Financial review

a. Going concern

The trustees have considered the impact of Brexit and COVID 19 on the Charity's ability to continue to fund grants. While the continuing impact of both on financial markets and property remain uncertain, the trustees have a reasonable expectation that the Charity has adequate resources to continue to support existing grants and commitments and to continue in operational existence for the foreseeable future. If funds decline, the Charity can adjust future grants to cope with this and, for this reason, the trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Page 7

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

b. Reserves policy

It is the policy of the trustees to maintain sufficient reserves in the Charity's Post 1963 Accumulated Income Fund, to provide for a minimum of one year’s charitable expenditure, towards the Charity's object. The capital of the General Fund Capital Account cannot be realised for use as income. However, if required, the Pre 1963 Accumulated Income Fund should enable the trustees to continue appropriate levels of expenditure in the coming years, even if there are decreases in the Charity's investment income.

In the opinion of the trustees, the Charity's assets are adequate to meet its obligations.

c. Surplus in the year

The Balance Sheet as at 31 December 2020 shows that the net assets of the three funds total £27,025,831 an increase of £696,909 during the year. There was a surplus for the year before net investment gains of £437,892 (2019: £47,549). The net gain on disposal and revaluation of assets in the Investment Portfolio of the Charity during the year was £259,017 (2018: £1,591,820).

i. Restricted Endowment Fund

At 31 December 2020, the balance of the Restricted Endowment Fund amounted to £23,598,183, an increase of £232,572 during the year. This increase arose from net gains on the valuation of investments.

ii. Accumulated Income Fund Pre 1963

During the year, the assets of this fund increased by £28,539 to £1,639,346. This increase arose from net gains on the valuation of investments.

iii. Accumulated Income Fund Post 1963

The Statement of Financial Activities for this fund shows a net increase of £435,798 for the year. Incoming resources amounted to £884,644 (2019: £492,617), including receipt of gift aid of £451,199 from the charity’s Wintringham investment. Resources expended amounted to £446,752 (2019: £445,068) and the fund assets decreased by £2,094. The balance on the Accumulated Income Fund Post 1963 at 31 December 2019 was £1,788,302 compared with £1,352,504 at 31 December 2019.

Structure, governance and management

a. Constitution

The governing document is a Trust Deed, dated 4 December 1937, as amended by schemes of 1 July 1952, 22 December 1953, 19 May 1976 and 6 March 1998.

Page 8

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

A new, more formal procedure for the selection and appointment of trustees was adopted in 2020.

New trustees are appointed by the existing trustees and serve for five years. They may then put themselves forward for re appointment which is considered at the Annual General Meeting.

The trustees carry out background checks before offering posts to new trustees. When considering new trustees, the existing trustees look for specific areas of expertise to help meet the objectives of the Charity.

Trustees are appointed because of their expertise and new trustees have the opportunity to discuss with fellow medical trustees the system for evaluating grant applications.

c. Policies adopted for the induction and training of Trustees

The induction and training of new trustees and the information with which they are provided are tailored depending on the Trustees’ background and interests. A copy of the Trust Deed is provided along with annual accounts, risk assessments, investment reports and contact details of fellow trustees.

All trustees receive regular updates on Charity Commission publications and attend appropriate charity seminars where relevant.

d. Organisational structure and decision making policies

A total of ten trustees served during the year. Four trustees served on the Investment Committee which met a total of five times during the year.

Following the creation of the joint venture with Urban & Civic, matters relating to Wintringham are dealt with by 1 Wintringham LLP, which has 2 directors representing The Charity and 2 representing NDT. Meetings are held twice a year and information is shared with other trustees as appropriate. The Charity has no membership of Wintringham Partners Board, but the Chair has been an observer at most of the board meetings.

The day to day administration of the Charity is undertaken by the Charity Secretary, in consultation with the Chairman and other trustees as required.

In March 2020 Dr Tim Lancaster was appointed as a Trustee. Provision was made in February to increase the number of trustees by one to allow the appointment of a qualified charity lawyer and Mr J Burchfield was appointed on 18 May 2020. On 15 July 2020, the Trustees passed a special resolution increasing the maximum number of Trustees to 10. Professor A Carr was appointed on 22 September 2020 as the Chair designate and took over that role following the resignation of Dr A, Grocock on 17 May 2021.

e. Financial risk management

The trustees have assessed the major risks to which the charity is exposed, in particular, those related to the operations and finances of the charity, including the continuing impact of Brexit and Covid19. The trustees also continue to monitor closely the risks associated with the development of the Wintringham land. The trustees are satisfied that systems and procedures are in place to mitigate the exposure to the major risks.

Page 9

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Plans for future periods

The trustees are expecting to continue to provide further grants in the future to meet the Charity’s object. The trustees wish to continue to provide grants at previous levels but are aware of the need to maintain and enhance the value of the funds for the future.

The trustees believe that the development of the Wintringham land will provide significant additional capital to enhance future grant giving, although they are also aware that in the short term there may be some limited constraints on funds available.

Details of the material transactions that have occurred between the year end and the date of authorising these financial statements can be found in note 22.

As set out in strategies for achieving objectives, detailed discussions will continue to consider whether the funds that the Charity may receive arising from Wintringham could be used for a more significant enhancement of facilities for the Medical School throughout the Oxford Hospitals.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Page 10

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Approved by order of the members of the board of Trustees and signed on their behalf by:

_____ _______ Professor A Carr Ms S Barratt (Chair of Trustees) 09-06-21 Date: 09-06-21

Page 11

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE NUFFIELD OXFORD HOSPITALS FUND

Opinion

We have audited the financial statements of The Nuffield Oxford Hospitals Fund (the 'charity') for the year ended 31 December 2020 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of 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:

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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, 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.

Page 12

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE NUFFIELD OXFORD HOSPITALS FUND (CONTINUED)

Other information

The other information comprises the information included in the 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.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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.

Page 13

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE NUFFIELD OXFORD HOSPITALS FUND (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an Auditors' report 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:

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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/auditorsresponsibilities. This description forms part of our Auditors' report.

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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Page 14

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE NUFFIELD OXFORD HOSPITALS FUND (CONTINUED)

Wellers

Accountants Statutory Auditors Kineton House 31 Horse Fair Banbury OX16 0AE

Date: 09-06-21

Wellers are eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 15

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income and
endowments from:
Donations and legacies
2
Investments
3
Total income and
endowments
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net gains/(losses) on
investments
8
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Restricted
endowment
fund
2020
£
-
-
-
-
-
-
232,572
232,572
23,365,611
232,572
23,598,183		 Accumulated
income fund
pre 1963
2020
£
-
-
-
-
-
-
28,539
28,539
1,610,807
28,539
1,639,346		 Accumulated
income fund
post 1963
2020
£
-
884,644
884,644
48,401
398,351
446,752
(2,094)
435,798
1,352,504
435,798
1,788,302		 Total
funds
2020
£
-
884,644
884,644
48,401
398,351
446,752
259,017
696,909
26,328,922
696,909
27,025,831		 Total
funds
2019
£
50
492,567
492,617
59,302
385,766
445,068
1,591,820
1,639,369
24,689,553
1,639,369
26,328,922

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 19 to 44 form part of these financial statements.

Page 16

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
23
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted endowment funds
17
Accumulated income fund pre 1963
17
Accumulated income fund post 1963
17
Total funds		 2,319,570
-
2,702,272
5,021,842
(47,358)		 2020
£
-
22,051,347
22,051,347
4,974,484
27,025,831
27,025,831
23,598,183
1,639,346
1,788,302
27,025,831		 3,672,518
500,000
1,070,979
5,243,497
(26,117)		 2019
£
-
21,111,542
21,111,542
5,217,380
26,328,922
26,328,922
23,365,611
1,610,807
1,352,504
26,328,922

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................
Professor A Carr Ms S Barratt
(Chair of Trustees)
Date:
09-06-21		 09-06-21

The notes on pages 19 to 44 form part of these financial statements.

Page 17

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Treasury deposit
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2020
£
927,437
884,644
1,808,576
(2,489,364)
500,000
703,856
-
1,631,293
1,070,979
2,702,272		 2019
£
1,265,038
492,567
2,037,443
(3,477,246)
(100,000)
(1,047,236)
-
217,802
853,177
1,070,979

Note numbers 22 to 24 form part of the statement of cash flows.

Page 18

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

1.1 Basis of preparation of financial statements

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) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

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 ‘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) (Second Edition)’ rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Nuffield Oxford Hospitals Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 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. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.3 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Page 19

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.4 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investment in subsidiary undertakings is valued at historic cost less provision for impairment.

Investments in joint ventures are stated at the amount of the charity's share of net assets. The Statement of financial activities includes the charity's share of the joint ventures' net income or expenditure using the equity accounting basis. The investment forms part of the charity's restricted endowment funds.

Listed investments held as fixed assets are shown at market value.

1.5 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.6 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.7 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The incoming resources represent all the income received from quoted investments, bank deposits and income from properties. All incoming resources are taken to the Post 1963 Accumulated Income Fund.

Page 20

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.8 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made and when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

1.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 21

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.13 Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

The critical areas of judgement relate to the point when grants made are recognised in the financial statements.

1.14 Realised and Unrealised Gains & Losses on Investments

Realised and unrealised gains and losses on quoted investments held in the General Fund of the Capital Account and on the Pre 1963 Accumulated Fund are treated as capital and added to the relevant fund.

Realised and unrealised gains and losses on quoted investments held in the Post 1963 Accumulated Income Fund are added to this fund.

Page 22

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Income from donations and legacies

Accumulate
d income
fund post
1963
2020
£
Donations
-
Accumulated
income fund
post 1963
2019
£
Donations
50		 Total
funds
2020
£
-
Total
funds
2019
£
50

Page 23

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Investment income

Income from quoted investments
Income from investments in Wintringham
Bank interest

Income from quoted investments
Bank interest		 Accumulate
d income
fund post
1963
2020
£
426,143
451,199
7,302
884,644
Accumulated
income fund
post 1963
2019
£
481,014
11,553
492,567		 Total
funds
2020
£
426,143
451,199
7,302
884,644
Total
funds
2019
£
481,014
11,553
492,567

Page 24

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. Investment management costs

Accumulate
d income
fund post
1963
2020
£
Investment management fees
48,401
Accumulated
income fund
post 1963
2019
£
Investment management fees
59,302		 Total
funds
2020
£
48,401
Total
funds
2019
£
59,302

Page 25

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Analysis of expenditure on charitable activities Summary by fund type

Award of Grants

Award of Grants
Development of Wintringham		 Accumulate
d income
fund post
1963
2020
£
398,351
Accumulated
income fund
post 1963
2019
£
386,913
(1,147)
385,766		 Total
funds
2020
£
398,351
Total
funds
2019
£
386,913
(1,147)
385,766

Page 26

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Analysis of expenditure by activities

Award of Grants
Award of Grants
Development of Wintringham		 Grant
funding of
activities
2020
£
350,559
Grant
funding of
activities
2019
£
361,458
-
361,458		 Support
costs
2020
£
47,792
Support
costs
2019
£
25,455
(1,147)
24,308		 Total
funds
2020
£
398,351
Total
funds
2019
£
386,913
(1,147)
385,766

Page 27

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Insurance
Trustee meeting expenses
Bank charges
Sundry expenses
Legal and professional costs
Governance costs
Staff costs
Insurance
Trustee meeting expenses
Bank charges
Sundry expenses
Legal and professional costs
Governance costs		 Award of
Grants
2020
Developme
nt of
Wintringha
m
2020
£
£
10,500
-
820
-
190
-
82
-
500
-
23,144
-
12,556
-
47,792
-
Award of
Grants
2019
Development
of
Wintringham
2019
£
£
10,913
-
778
-
796
-
44
-
94
-
-
(1,147)
12,830
-
25,455
(1,147)		 Total
funds
2020
£
10,500
820
190
82
500
23,144
12,556
47,792
Total
funds
2019
£
10,913
778
796
44
94
(1,147)
12,830
24,308

Page 28

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Analysis of grants

Award of Grants
Award of Grants		 Grants to
Individuals
2020
£
350,559
Grants to
Individuals
2019
£
361,458		 Total
funds
2020
£
350,559
Total
funds
2019
£
361,458

Page 29

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Analysis of grants paid during the year

Annual budget for research - Oxfordshire Health Services Research Committee
Refurbishment of Oxford Clinical School Museum - Dr Jennifer Brown. Nuffield
Department of Clinical Laboratory Sciences (grant no. 91009)
Skull surgery simulator - Sanjeeva Jayaretna. Medical sciences office (grant no. 92011)
Refurb clinical social pathology museum - Dr Jennifer Brown (grant no. 92009)
HoloLens virtual anatomy lab - Dr Tom Cosker (grant no. 93004)
Expert patient tutors Dr Gina Hadley. Nuff. Dept. Clin. Neuroscience (grant no. 92003)
Development of digital education - Prof Carl Heneghan. Nuffield primary care health
sciences. (grant no. 93005)
Partnership working in medical education - Dr Helen Salisbury. Dept of Psychiatry (grant
no. 93006)
Psychiatry simulation suite. Neuro simulator - Dr Kate Saunders (grant no. 93007)
Improving Cairns library and knowledge centre - Dr Donald Mackay. Bodleian Health Care
Libraries (grant no. 93012)
Upgrading IT and study facilities NOC library - Dr Donald Mackay. Bodleian Health Care
Libraries (grant no. 93011)
Medical student textbooks - Dr Donald Mackay. Bodleian Health Care Libraries (grant no.
93013)
Art based curriculum/ Ashmolean comms skills Dr Gina Hadley/ Dr Jim Harris/ Dr Gabriele
de Luca. Dept. Clin. Neurosciences (grant no. 93002)
Anatomical models u/grad teaching Dr Tom Cosker. Physiology, anatomy & genetics
(grant no. 93003)
Nuerosciences simulator - Dr Kate Saunders. Dept of Psychiatry (grant no. 93015)
Modernising student feedback and assessment GP teaching Dr Rachel Allen. Nuffield
Primary Health Care Sciences (grant no. 93010)
Workshops in trauma, airways and sick children Dr Neil Dawson. Emergency medicine
(grant no. 93014)
Medical student textbooks - Dr Donald Mackay. Bodleian Health Care Libraries (grant no.
94002)
Chairs needed to support medical student education - Dr Mary Miller. Palliative Care,
Sobell House (grant no. 94003)
To develop a simulated ward environment with higher fidelity mankins to motivate students
and enhance skill acquisition - Catriona Fleming. Resuscitation Department (grant no.
94005)
Ultrasound training simulator - Dr Ed Sellon and Dr Helen Higham. Clinical Radiology
(grant no. 94011)
Portable ultrasound equipment - Dr Ed Sellon and Dr Suzie Anthony. Clinical Radiology
(grant no. 94012)
Total		 2020
£
80,000
1,092
11,226
4,432
20,000
635
30,430
27,126
13,340
7,142
6,824
27,447
355
21,400
4,618
11,797
15
7,269
11,532
10,489
43,300
10,090
350,559

Page 30

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Net gains on investments

Restricted
endowment
fund
2020
Accumulated
income fund
pre 1963
2020

£
£
Realised gain / (loss) on Investments
130,329
15,993
Unrealised gain / (loss) on investments
102,243
12,546
232,572
28,539
Restricted
endowment
fund
2019
Accumulated
income fund
pre 1963
2019
£
£
Realised gain / (loss) on Investments
102,673
12,599
Unrealised gain / (loss) on investments
1,295,303
158,950
1,397,976
171,549
Auditors' remuneration
Fees payable to the charity's auditor for the audit of the charity's annual
accounts
Fees payable to the charity's auditor in respect of:
Preparation of annual accounts
Payroll processing		 Accumulated
income fund
post 1963
2020
£
998
(3,092)
(2,094)
Accumulated
income fund
post 1963
2019
£
5,662
16,633
22,295
2020
£
7,800
4,072
684		 Total
funds
2020
£
147,320
111,697
259,017
Total
funds
2019
£
120,934
1,470,886
1,591,820
2019
£
8,100
4,082
648

9. Auditors' remuneration

Page 31

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Staff costs

Secretary's honorarium 2020
£
10,500
10,500		 2019
£
10,913
10,913

The average number of persons employed by the charity during the year was as follows:

2020 2019
No. No.
Secretary 1 1

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the Charity include all Trustees along with the secretary, R Sonley. The total remuneration paid to the key management personnel amounted to £10,500 (2019 - £10,913).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year ended 31 December 2020, expenses totalling £ 90 were reimbursed or paid directly to 3 Trustees (2019 - £126 to 3 Trustees) . The expenses reimbursed are in relation to the travel expenses for Trustees to attend Trustee meetings.

Page 32

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Tangible fixed assets

Cost or valuation
At 1 January 2020
At 31 December 2020
Depreciation
At 1 January 2020
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Computer
equipment
£
660
660
660
660
-
-

Page 33

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Fixed asset investments

Cost or valuation
At 1 January 2020
Additions
Disposals proceeds
Unrealised gains/(losses) on investments
Realised gains/(losses) on investments
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Post 1963
Income
Fund
£
368,772
77,391
(96,350)
(3,092)
998
347,719
347,719
368,772		 Pre 1963
Income
Fund (1,093
units)
£
1,545,754
145,585
(187,146)
12,546
15,993
1,532,732
1,532,732
1,545,754		 Restricted
Endowment
Fund (8,907
units)
Investment
in 1
Wintringham
LLP
Wintringham
Partners
LLP Loan
Investment
£
£
£
12,597,306
23
6,599,687
1,186,388
-
1,080,000
(1,525,080)
-
-
102,243
-
-
130,329
-
-
12,491,186
23
7,679,687
12,491,186
23
7,679,687
12,597,306
23
6,599,687		 Total
£
21,111,542
2,489,364
(1,808,576)
111,697
147,320
22,051,347
22,051,347
21,111,542

Page 34

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Fixed asset investments (continued)

Historical Cost

With effect from 1 July 1997, the Stocks and Shares held in the Restricted Endowment Fund and Pre 1963 Accumulated Income Fund were pooled. The total Trust Pool assets are regarded as being equivalent to 10,000 units which have been allocated between the Restricted Endowment Fund and the Pre 1963 Accumulated Income Fund pro rata in relation to their input to the pool. The Restricted Endowment Fund has an allocation of 8,907 units and the Pre 1963 Accumulated Income Fund 1,093 units.

Loan Investment

The charity through its membership of 1 Wintringham LLP has a commitment to issue partner loans to Wintringham Partners LLP as required to fund its share of development costs. The loan investment comprises an amount due from Wintringham Partners LLP arising from the transfer of the Charity’s land in 2017 along with an additional loan to fund working capital. Loans totalling £1,080,000 were made during in the year (2019: £599,687). The carrying value of the investment continues to be its cost which is equal to the fair value of the land at the date of its transfer to Wintringham Partners LLP.

Investment type

An analysis of the investments has been done as at 31 December 2020 to distinguish between Direct Investments, Pooled Investments and Subsidiary Investments. The split is as indicated below:

Post 1963 Income Fund
Direct Investments
Pooled Investments
Restricted Endowment Fund & Pre 1963 Income Fund
Direct Investments
Pooled Investments
Loan to Wintringham Partners LLP
Subsidiary Investment
Investment in 1 Wintringham LLP
Investment in joint ventures
Total		 2020
£
17,316
330,404
3,428,726
10,595,191
7,679,687
23
22,051,347		 2019
£
19,928
348,845
3,756,859
10,386,200
6,599,687
23
21,111,542

Page 35

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Debtors

Due within one year
Amounts owed by undertakings in which the charity has a participating
interests
Other debtors
Prepayments and accrued income		 2020
£
2,304,448
15,122
-
2,319,570		 2019
£
3,638,999
27,275
6,244
3,672,518

Amounts owed by undertakings in which the charity has a participating interest comprise:

The other debtors include an amount of £14,539 (2019: £25,098) relating to money that is being held by Oxford Hospitals Charity for invoices due for payment.

15. Current asset investments

2020 2019
£ £
Treasury deposit - 500,000

16. Creditors: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 2020
£
350
-
47,008
47,358		 2019
£
-
1,614
24,503
26,117

Page 36

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Statement of funds

Statement of funds - current year

Balance at 1
January
2020
£
Accumulated Income Fund
Post 1963
Accumulated
Income
Fund
Post 1963
1,352,504
Restricted endowment fund
Restricted endowment fund
23,365,611
Accumulated Income Fund
Pre 1963
Accumulated Income Fund Pre
1963
1,610,807
Total of funds
26,328,922		 Income
£
Expenditure
£
884,644
(446,752)
-
-
-
-
884,644
(446,752)		 Gains/
(Losses)
£
(2,094)
232,572
28,539
259,017		 Balance at
31
December
2020
£
1,788,302
23,598,183
1,639,346
27,025,831

Page 37

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Statement of funds (continued)

Statement of funds - prior year

Accumulated Income Fund
Post 1963
Accumulated Income Fund
Post 1963
Restricted endowment fund
Restricted endowment fund
Accumulated Income Fund
Pre 1963
Accumulated Income Fund Pre
1963
Total of funds		 Balance at
1 January
2019
£
1,282,660
21,967,635
1,439,258
24,689,553		 Income
£
492,617
-
-
492,617		 Expenditure
£
(445,068)
-
-
(445,068)		 Gains/
(Losses)
£
22,295
1,397,976
171,549
1,591,820		 Balance at
31
December
2019
£
1,352,504
23,365,611
1,610,807
26,328,922

Page 38

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
endowment
fund
2020
£
20,170,896
3,427,287
-
23,598,183		 Accumulate
d income
fund pre
1963
2020
£
1,532,732
106,614
-
1,639,346		 Accumulate
d income
fund post
1963
2020
£
347,719
1,487,941
(47,358)
1,788,302		 Total
funds
2020
£
22,051,347
5,021,842
(47,358)
27,025,831

Analysis of net assets between funds - prior period

Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
endowment
fund
2019

£
18,366,439
4,999,172
-
23,365,611		 Accumulated
income fund
pre 1963
2019

£
1,379,992
230,815
-
1,610,807		 Accumulated
income fund
post 1963
2019
£
1,365,111
13,510
(26,117)
1,352,504		 Total
funds
2019
£
21,111,542
5,243,497
(26,117)
26,328,922

Page 39

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. Funds

RESTRICTED FUND

Restricted Endowment Fund

The capital of this fund has been built up by the investment and re-investment of the donation. Income from this fund is used to further the object of the Charity, but the capital cannot be realised for use as income.

UNRESTRICTED FUNDS

Pre 1963 Accumulated Income Fund

Income accumulated prior to the donor, Lord Nuffield's death in 1963 was capitalised and income from the investments is used to further the object of the Charity. Counsel's opinion obtained after the donor's death confirmed that Trustees may treat income accumulated prior to Lord Nuffield's death as if it were permanent capital of the fund. If considered essential by the Trustees, to the furtherance of that object, some or all of this capital could be realised to supplement income.

Post 1963 Accumulated Income Fund

This is income accumulated after the donor, Lord Nuffield's death in 1963. The counsel's opinion obtained, confirmed that Trustees may accumulate this income but there must be an intent to use this fund to the furtherance of the Charity's object.

Total Return

From 1 January 2021, the Trustees have decided to adopt total return accounting for the restricted endowment fund and the Accumulated Income Fund pre 1963, both of which are treated as permanent capital of the Charity. The Trustees recognise the importance of maintaining the real value of the capital funds provided but also want greater predictability of income and the flexibility to make investments which may be expected to make capital returns rather than income, without jeopardising the income available for grant-making.

Total Return accounting requires the Charity’s endowment funds to be split into a Fund for Investment and Unapplied Total Return. The Fund for Investment at 1 January 2021 has been calculated by taking the permanent capital of the Charity at 31 December 2010 and calculating its real value at 31 December 2020, using CPI. The resulting balances at 1 January 2021 are:

£ Fund for investment 17,314,428 Unapplied total return 7,923,101 Total 25,237,529

The income allocation from the Total Return earned will be reviewed each year but the Trustees have agreed that the initial allocation for 2021 should be calculated as 3% of the endowment funds held as cash or managed investments at 1 January 2021.

Page 40

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

20. Related Parties

Wintringham Partners LLP was incorporated on 5 April 2017 and acquired the land at Wintringham Park, St. Neots, Cambridgeshire. This partnership is owned by Wintringham Newco 1 Limited (66.67%) and Urban&Civic St Neots Limited (33.33%).

Nuffield Oxford Hospitals Fund (NOHF) owns a 22.5% share of 1 Wintringham LLP who have 100% ownership of Wintringham Newco 1 Limited and Wintringham Newco 2 Limited. This results in NOHF having an effective 15% ownership of Wintringham Partners LLP.

Loans totalling £9,984,135 (2019: £10,238,686) were held by NOHF to 1 Wintringham LLP £7,679,687 (2019: £6,599,687), Wintringham NewCo 2 Ltd £1,823,999 (2019: £3,638,999), Wintringham Newco 1 Ltd £30,449 (2019: £0) and Wintringham Partners LLP £450,000 (2019: £0).

Page 41

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. Grants approved but not paid

The Trustees awarded grants at their meeting on 18 May 2020 totalling £418,853 (2019: £395,750) and as at 31 December 2020 the below grants approved by the Trustees had not been paid.

The payment of the grant is conditional upon the relevant authorised expenditure being incurred and an invoice being received by the Charity. It is not unusual for there to be a period of 6 months or more between authorisation of the grant and receipt of the invoice. However, grant holders are advised that if no invoice is received within 18 months of the letter of approval then the grant can be withdrawn unless a reasonable explanation is provided.

As the date and final amount of grant paid is uncertain and approval may be withdrawn these grants are recognised when the payment has been made and no provision is made within these accounts prior to payment. The list of approved grants not yet paid at 31 December 2020 is as follows:

payment. The list of approved grants not yet paid at 31 December 2020 is as follows:
2020
£
Annual budget for research - Oxfordshire Health Services Research Committee 40,000
Expert patient tutors Dr Gina Hadley. Nuff. Dept. Clin. Neuroscience (grant no. 92003) 4,053
Educational facilities Donald Mackay (grant no. 92007) 2,847
Refurb clinical social pathology museum Dr Jennifer Brown (grant no. 92009) 508
Skull surgery simulator Sanjeeva Jayaretna. Neurosurgery(grant no. 92011) 226
Art based curriculum/ Ashmolean comms skills Dr Gina Hadley/ Dr Jim Harris/ Dr Gabriele
de Luca.Dept. Clin. Neurosciences (grant no. 93002) 7,565
Anatomical models u/grad teaching Dr Tom Cosker. Physiology, anatomy & genetics
(grant no. 93003) 15,600
Development of digital education Prof Carl Heneghan. Nuffield primary care health
sciences (grant no. 93005) 28,594
Partnership working in medical education Dr Helen Salisbury. Nuffield primary care health
sciences (grant no. 93006) 3,956
Upgrade surgical sciences teaching room Jon Austyn. Nuffield Surgical Sciences (grant
no. 93008) 29,635
Modernising student feedback and assessment GP teaching Dr Rachel Allen. Nuffield
Primary Health Care Sciences (grant no. 93010) 5,338
Upgrading IT and study facilities NOC library Dr Donald Mackay. Bodleian Health Care
Libraries (grant no. 93011) 49
Improving Cairns library and knowledge centre Dr Donald Mackay. Bodleian Health Care
Libraries (grant no. 93012) 40
Medical student textbooks Dr Donald Mackay. Bodleian Health Care Libraries (grant no.
93013) 1,283
Neuroscience simulator Dr Kate Saunders. Dept of Psychiatry (grant no. 93015) 4,570
Workshops in trauma, airways and sick children - Dr Nell Dawson. Emergency medicine
(grant no. 93014) 15
Expansion of Student Facilities - Dr Donald Mackay. Bodleian Health Care Libraries (grant
no. 94000) 11,457
Improving Training Facilities - Dr Donald Mackay. Bodleian Health Care Libraries (grant
no. 94001) 14,867
Medical student tesxtbooks - Dr Donald Mackay. Bodleian Health Care Libraries (grant no.
94002) 18,620

Page 42

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Chairs needed to support medical student education - Dr Mary Miller. Palliative Care,
Sobell House (grant no. 94003)
A project to improve onlince video creation to enhance student experience through
blended learning - Dr Jack Amiry. Medical School: Graduate Entry Medicine (grant no.
94004)
To develop a simulated ward environment with higher fidelity mankins to motivate student
and enhance skill acquisition - Catriona Fleming. Resuscitation Department (grant no.
94007)
Consultation Companions - Dr Gina Hadley and others. Department of Clinical
Neurosciences (grant no. 94006)
To provide an online medical student wellbeing resource - Dr Joseph Butler, Dr Kate
Saunders, Dr Lois Brand. Psychiatry and Emergency Medicine (grant no. 94007)
To purchase a 3D monitor for ENT theatres West Wing - Mr Sam MacKeith (grant no.
94008)
The next generation Harvey - Cardiorespiratory Patient Simulator - Dr Catherine Swales.
Medical School (grant no. 94009)
Custom 3D printed design and 3D printing of anatomical models to augment
undergraduate medical student teaching of the lumbosacral plexus, mediastinum and root
of neck - Mr Thomas Cosker. Human Anatomy, DPAG (grant no. 94010)
Ultrasound training simulator - Dr Ed Sellon and Dr Helen Higham. Clinical Radiology
(grant no. 94012)
Total		 396
23,275
381
20,934
16,800
55,740
61,778
30,000
1,925
400,452

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Gains on investments
Dividends, interests and rents from investments
Decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 2020
£
696,909
(259,017)
(884,644)
1,352,948
21,241
927,437		 2019
£
1,639,369
(1,591,820)
(492,567)
1,827,596
(117,540)
1,265,038

Page 43

DocuSign Envelope ID: 634B1D82-E057-48A2-B985-FCF667DADFE7

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

23. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2020
£
2,702,272
2,702,272		 2019
£
1,070,979
1,070,979

24. Analysis of changes in net debt

Cash at bank and in hand
Liquid investments		 At 1
January
2020
£
1,070,979
500,000
1,570,979		 Cash flows
£
1,631,293
(500,000)
1,131,293		 At 31
December
2020
£
2,702,272
-
2,702,272

Page 44