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: - Online medical student resources - Equipment for improved training facilities, including training simulators and manikins - Seminar and other teaching room upgrades and equipment - Additional resources and upgrades for the Bodleian Health Care and other libraries. 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: - Exploration of a move to a total return investment strategy, allowing greater flexibility in investment and a more predictable level of “income” to be allocated as grants. The Trustees formally approved adoption of a Total Return approach at a meeting on 25 January 2021. - A review of investment managers commenced during 2020 and was concluded in February 2021. Sarasin were appointed as the Charity’s investment manager and the transfer of investments in specie and the proceeds from other investments commenced on 1 April 2021. Funds with Sarasin will be invested in units in a managed fund, the Sarasin Endowments Fund, rather than being invested directly in individual shares, bonds and a variety of funds, as was the case with Brewin Dolphin. 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: - Further expansion and improvements for student spaces and facilities, including medical texts, in the Bodleian Healthcare Library. - Online enhancements and resources for student learning and wellbeing. - Training resources including for consultation companions - High fidelity manikins (simulated ward environment) - Ultrasound training simulator and related teaching equipment. - Continuing upgrade of electronic teaching resources and seminar room - Virtual anatomy laboratory equipment. - Enhancements to student experience through blended learning 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) 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 business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Disclosure of information to auditors** Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: - so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and - that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. 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: - give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources 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 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: - the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; 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, 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: - Through consultation with Trustees we obtained an understanding of the laws and regulations that could reasonably be expected to have a material effect on the financial statements. - The outcome of these enquiries and the relevant laws and regulations were communicated throughout our team as well as consideration during team briefing on how fraud may occur in the charity. - We identified the laws and regulations to have a direct effect on the financial statements as being the UK financial reporting standards, Charities Act, and trust law. There were no additional fundamental laws and regulations identified related to the operating aspects of the business that may have a material effect on the financial statements. - Audit procedures undertaken in response to the potential risks relating to irregularities comprised of: inquiries with management as to whether the charity complies with such laws and regulations, a review of board minutes and a review of the grant application and approval process. 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: - Computer equipment 25% Straight Line 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: - an outstanding balance due from Wintringham Newco 2 Ltd, which arose on the transfer of the Charity’s land in 2017 amounting to £1,823,999 (2019: £3,638,999). Cash of £1,815,000 was received in April 2020 in part settlement of this balance. While the whole loan is technically repayable within one year, no further repayment is anticipated until April 2021. - a corporate loan issued to Wintringham Partners LLP of £450,000. - a corporate loan issued to Wintringham Newco 1 Ltd of £30,449. 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