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2022-12-31-accounts

Charity number: 212575

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE VEAR ENDED 31 DECEMBER 2022

THE NUFFIELD OXFORD HOSPITALS FUND

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1 -2
Trustees' report 3 -10
Independent auditors' report on the financial statements 11 - 13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 -33

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report together with the audited financial statements of The Nuffield Oxford Hospitals Fund for the year ended 31 December 2022.

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 on completion of their projects a report to trustees, published on the website, on the benefits that have been achieved in supporting the training of doctors in their areas. In addition, trustee visits are sometimes arranged to meet with grant holders.

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 2

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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.

The Charity's investment manager is Sarasin. Funds with Sarasin are invested in units in a pooled managed fund, the Sarasin Endowments Fund.

In recent years, suitable grant applications to the Charity have been less than the charitable funds available, resulting in an accumulation of income reserves. The Trustees have for some time been considering how to resolve this either by attracting further grant applications or looking for larger, longer-term projects to fund from the accumulated income reserves. Following consultation with the Medical School on its funding needs, the Trustees have discussed how the Charity's future approach to grants might evolve to meet these needs and to ensure that the Charity's available funds are used to generate as much benefit as possible. Particular consideration is being given to:

Page 3

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THEVEAR ENDED31DECEMBER2022

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 income to fund the grants awarded each year. The Charity adopts a total return approach to the endowment invested in managed funds, resulting in income of £671,212 (2021: £509,867) being recognised in the year. There is also a small amount of investment income generated by the investment of income reserves in managed funds and cash.

During the year under review, the Charity committed to 8 grants totalling £261,566 (2021: 8 grants totalling £294,318). As explained above, the Trustees are actively considering ways in which accumulated income reserves might be used to provide larger grants in future years.

Part of the Charity's endowment is invested directly in land through a joint venture with Nuffield Dominions Trust (NOT) and Urban & Civic PLC (U&C). The Charity's share of the joint venture partnership is 15%. The joint venture partnership was granted planning permission for up to 2,800 homes on the Wintringham site at the end of 2018 and, in spite of the COVID pandemic, work has proceeded throughout 2020, 2021 and 2022. Construction commenced with two housebuilders, Cala and Morris Homes, and a number of other housebuilders started work or signed contracts in 2021 and 2022. Reports dated 13 March 2023 show completion on 198 units and exchange or reserve on a further 59 units.

In 2022, the Charity received Gift Aid income of £1,535,250 (2021: £339,000) from the joint venture partnership and recognised interest income of -£6,227 (2021: £248,657) on loans made to the partnership to fund WIP. U&C paid the final instalment of amounts owed for the purchase of the land and the partnership repaid £337,500 of the WIP loans made to it by the Charity in previous years. Cash flow forecasts for the partnership show that no further WIP loans from the Charity will be required.

Monitoring of the project continues to take place through the Wintringham Partners Board (comprising representatives from U&C and NOT) and 1 Wintringham LLP (where the Charity is represented by one Trustee).

Page 4

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance (continued)

b. Investment policy and performance

The investments held by the Charity comprise a portfolio of direct and pooled investments together with its 15% interest in the Wintringham development at St Neot's.

The performance and monitoring of the Wintringham investment is discussed above. This is a long-term investment and returns from it are expected to fluctuate over the next few years. Projections show that the development will generate significant returns for the Charity over the next ten to fifteen years.

The Charity's investment portfolio is managed by Sarasin and invested in one pooled fund, The Sarasin Endowments Investment Fund.

The investment policy in place during 2022 (last reviewed in October 2020) states that the primary financial objective is 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. It also sets a target drawdown rate of not less than 3.5% per annum.

The investment committee, which comprises three trustees, met with the Charity's new investment managers twice during the financial year to oversee the performance of the portfolio.

During the year ended 31 December 2022 the Sarasin Endowments Investment Fund generated investment returns of -9.7% compared to a benchmark return of -6.7%.

The outlook for investments is very uncertain given current geo-political events and higher inflation but the trustees believe that a diversified, actively managed multi asset fund remains the best approach to long term capital growth and a sustainable income stream.

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.

Financial review

a. Going concern

The trustees have considered the impact of continuing uncertainty in financial and property markets on the Charity's ability to continue to fund grants. Taking into account the Charity's cash resources and the liquidity of its investment portfolio, 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 the expected return to be generated by funds were to decline, the Charity has the ability to adjust future grants accordingly. For these reasons, 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 6

THE NUFFIELD OXFORD HOSPITALS FUND

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

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 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 auditor's 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non­ compliance with laws and regulations are set out below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.

Page 12

THE NUFFIELD OXFORD HOSPITALS FUND

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

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context were General Data Protection Regulation and taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of specific income streams, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing income transactions close to the end of the period and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.orq.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Go"""'ct.. Uk Lu'

Crowe U.K. LLP

Statutory Auditor

Reading

Date I fo M � 1 2c, i.-'1 .

Crowe U.K LLP 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 13

THE NUFFIELD OXFORD HOSPITALS FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Income and endowments
from:
Donations and legacies
Investments
Allocation of Total Return
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net gains/(losses) on
investments
Net movement in funds
Total funds brought
forward
Total funds
carried forward
Notes
2
11
3
4
10		 Endowment
Accumulated
Funds
Income Fund
2022
Post1963
2022
£
£
625,287
1,542,391
(671,212)
671.212
(45,925)
2,213.603
80,007
1,648
296.739
80,007
298.387
(2,383.302)
(49,087)
(2,509,234)
1,866,129
26,814.859
1,869.566
24,305,625
3,735,695		 2022
Total
£
2,167,678
2,167.678
81,655
296,739
378.394
(2,32.389)
(643,105)
28,684,25
28.041.320		 2021
Total
£
1,121,064
1,121,064
63,785
649,519
713,304
1,645,88
2,053,248
26,631,177
_28.6.2 _

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

The notes on pages 19 to 35 form part of these financial statements.

Page 14

THE NUFFIELD OXFORD HOSPITALS FUND

BALANCE SHEET AS AT 31 DECEMBER 2022

Fixed assets
Investments
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within
one year
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment Funds
Restricted endowment funds
Accumulated income fund pre 1963
General Funds
Accumulated income fund post 1963
Notes
10
12
19
13
15
15
15		 2,616,645
2,533,269
5,149,914
(589,764)		 2022
23,81.170
23,481,170
4,560,150
28,041,320
28,041,320
22,754,220
1,551,05
24,305,625
3,735.695
~~28,041,320~~
1,131,382
2.100.627
3,232,009
(744,542)		 2021
£
26.196,958
26,196,958
2,87,67
28,684,25
~~2.684,425~~
25,037,371
1. 7,88
26,814,859
1,869,566
~~2,684.425~~

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

Professor A Carr (Chair of Trustees) Date:

Ms S Barratt Date I Ct, J,1/l .,._ -z.c;; Z-s ...J

The notes on pages 19 to 35 form part of these financial statements.

Page 15

THE NUFFIELD OXFORD HOSPITALS FUND

STATEMENT OF CASH FLOWS FOR THE VEAR ENDED 31 DECEMBER 2022

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
Note numbers 18 to 20 form part of the statement of cash flows.
Notes
18
2
10
10		 2022
£
(2.018,35)
2,167,678
337,500
(75,963)
2,429,215
410,780
2,122,89
2,533,269
2021
£
798,088
1,121,064
16,601,274
(19,079,535)
(,357, 197)
(559,109)
2,681,598
2,122.89

Page 16

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31DECEMBER2022

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 in respect of the Charity's ability to meet its obligations as they fall due in the foreseeable future. In reaching this conclusion, the trustees have considered the level of funds held, the liquidity of those funds and the expected levels of income and expenditure for 12 months from the date on which these financial statements were signed.

1.3 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 are included 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 the joint venture represents the charity's interest in the development of the Wintringham Estate. The investment is carried at cost which is equal to the fair value of the land at the date of its transfer to Wintringham Partners LLP together with later additional loans less repayments. The investment forms part of the charity's restricted endowment funds.

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

Page 17

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE VEAR ENDED 31 DECEMBER 2022

1. Accounting policies (continued)

1.4 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.

1.5 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.

1.6 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.

1.7 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 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 included where the grant has been agreed during the year and there are no conditions to be met relating to the grant which remain in the control of the charity.

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

1.8 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 institutionwith whom the funds are deposited.

Page 18

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE VEAR ENDED 31 DECEMBER 2022

1. Accounting policies (continued)

1.13 Gains & Losses on Investments

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.

Gains and losses on quoted investments held in the Post 1963 Accumulatedlncome Fund are added to this fund.

1.14 Total Return Investment Accounting

The charity has adopted a 'Total Return' basis for the investment of its endowment. The carrying value of the preserved permanent capital, the trust for investment, and the amount of any unapplied total return available for expenditure were taken as the fair value of these funds as at 31 December 2010, as adjusted for inflation, as being after the financial crash and before a period of growth. In choosing this date, the Trustees also considered the change of investment managers close to that date and the start of a new investment regime.

The charity invests these funds without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can be either retained for investment or released to income at the discretion of the Trustees.

Page 20

nvestment income
Total Funds Total funds
2022 2021
£ £
Income from quoted investments 638,655 533, 182
Income from investments in Wintringham 1,535,250 339,000
Interest on Wintringham loans (6,227) 248,657
Bank interest 225
2,167,678 1121064

Total Funds Total funds
2022 2021
£ £
Investment management fees 81,655 63,785

Analysis of expenditure on charitable activities
Summary of fund type Total Funds Total funds
2022 2021
£ £
Award of Grants (note 6) 261,566 294,318
Grants written off (17,225) -
Development of Wintringham (note 5) 15,750 326,667
Support costs (note 5) 36,648 28,534
296,739 6495j,9

THE NU FFIEL D OXFORD H OSPI TALS FUND

NO TES T O THE FINANC IAL STA TEMENTS FOR THEYEARENDE D 31DE CEMBER 2�2

5. Support Costs

Award
Development
of
of
Grants
Wntrngham
2022
2022
£
£
Staff costs
15,324
Insurance
1,089
Trustee meeting expenses
156
Bank charges
175
Sundry expenses
321
15,750
Legaland professional costs
2,748
Governance costs
16.835
36.648
15,750
Award
Development
of
of
Grants
Wintringham
2021
2021
£
£
Staff costs
11,300
Insurance
725
Trustee meeting expenses
1,496
Bank charges
493
Sundry expenses
326,667
Legal and professional costs
Goverance costs
14,520
28,534
326,667		 Total
funds
2022
£
15,324
1,089
156
175
16,071
2,748
16,835
52,398
Ttal
funds
2021
£
11,300
75
1,496
493
326,667
14,520
355,201

Page 22

6. Grants
Institutions 2022 2021
£ £
Annual budget for research
—Oxfordshire Health Services Research
Committee 50,000 100,000
Damion Young Pop-up Assessment Space System (grant 22-UO-1) 13,687 -
Owen Coxall BHCL Hybrid meeting and teaching space (grant 22-
UO-2) 12,586 -
BHCL Improving IT 11,263 -
Ashok Handa Patient-centric hybrid education in Oxford (grant 22-
UO-3) 49,875 -
Dominic Furniss 12-month pilot of Proximie to enhance surgical
teaching (grant 22-UO-4) 72,408 -
Ku Shah Simulation training programme for Geriatric Medicine
Education (grant 22-OUH-2) 45,536
Mary Miller Enhancing Online Seminars (grant 22-OUH-3) 6,211
Improving Fidelity and realism of resuscitation education for medical
students while maintaining student safety. Catriona Fleming (grant
95000) - 10,900
Creation of educational films to develop online clinical teaching.
Nuffield Dept of Primary Care Health Sciences. Dr Alison Convey
(grant 95001) - 7,650
BHCL IT Bid. Donald M Mackay (grant 95002) - 15,219
Hybrid teaching (combined remote and in-person) AV kit. Medical
Sciences Division Learning Technologies team. Damion Young
(grant 95003) - 54,688
Audio Visual Teaching Equipment. NDORMS. Matt Brock (grant
95004) - 55,718
Webinar Equipment. Oxford University Global Surgery Group,
Nuffield Department of Surgical Science. Dr Sarah Davidson (grant
95005) - 3,700
Oxford Brain Visualisation Suite (OBVioS). Nuffield Department of
Clinical Neurosciences. Olaf Ansorge & SanjeevaJeyaretna Grant
95006) 46,443
Total 261.566 294.318

Total funds 2022 £ 26,196,958 (21,862) 75,963 (337,500) (2,432,389) 23.481.170 23.481.170 Page 25
Wintringham
Parners LLP		 loan investment £ 6,624,441 - - (337,500) - 6 286,941
Investment in 1 Wintringham LLP £ 23 - - - - 23
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Restricted Post 1963
Pre 1963
endowment		 income
income fund
fund		 Fund £
£
£		 395,017
1,727,890
17,449,587		 (500)
(1,924)
(19,438)		 1,591
6,701
67,671		 -
-
-		 (49,087)
(214,736)
(2, 168,566)		 347.021
1.517,931
15,329,254
10.
Fixed asset investments		 Cost or valuation At 1 January 2022 Less cash held by Investment Managers Additions Disposals proceeds Unrealised gains/(losses) on investments Cash held by Investment Managers At 31 December 2022

2022 2021
£ £
Post 1963 Income Fund
Cash - 500
Direct Investments -
Pooled Investments 347,021 394,517
Restricted Endowment Fund & Pre 1963 Income Fund
Cash - 21,362
Direct Investments -
Pooled Investments 16,847,185 19,156,115
Loan to Wintringham Partners LLP
Subsidiary Investment 6,286,941 6,624,441
Investment in 1 Wintringham Partners LLP
Investment in joint venture 23 23
Total 23.481.170 26,196,958

The income allocation from the Total Ret urn earned will be reviewed each year.
Trust for Investment
Restricted Accumulated Unapplied
endowment income fund Total Return Total
fund pre 1963 2022
£ £ £ £
At 1 January 2022
Gift Component 16,059,992 1,254,436 - 17,314,428
Unapplied Total Return 9,500,431 9,500,431
Total Endowments 16,059,992 1,254,436 9,500,431 26,814,859
Movement in the year
Investment Return
Dividends and Interest - - 625,287 625,287
Gains and Losses - - (2,383,302) (2,383,302)
Less Investment Managers Fees (80,007) (80,007)
Total - - (1,838,022) (1,838,022)
Unapplied total return allocated to
income in the reporting period (671,212) (671,212)
Net movements in the reporting period - - (2,509,234) (2,509,234)
At 31 December 2022
Gift Component 16,059,992 1,254,436 - 17,314,428
Unapplied Total Return - - 6,991,197 6,991,197
Total 16,059,992 1.254,436 6.991,197 24,305,625

2021 comparative Trust for Investment
Restricted Accumulated Unapplied
endowment income fund Total Return Total
fund pie 1963 2021
£ £ £ £
At 1 January2021
Gift Component 16,059,992 1,254,436 - 17,314,428
Unapplied Total Return 7,923,101 7,923.101
Total Endowments 16,059,992 1,254436 7923, 101 25,237,529
Movement in the year
Investment Return
Dividends and Interest - 521,393 521,393
Gains andLosses - 1,628,156 1,628,156
Less Investment Managers Fees (62,352) (62,352)
Total - - 2,087,197 2.087,197
Unapplied totalreturn allocated to
income in the reportingperiod (509,867) (509,867)
Net movements in the reportingperiod - - 1,577,330 1,577,330
At31 December2021
Gift Component 16,059,992 1,254,436 - 17,314,428
Unapplied Total Return - - 9,500,431 9,500,431
Total 16,059.992 1,254.436 9,500.431 26.814.859

Debtors
2022 2021
£ £
Due within one year
Amounts owed by undertakings in which the charity has a participating
interest 2,603,879 1083,106
Other debtors 12,766 48,276
Prepayments and accrued income - -
2,616,645 1.131.382

Creditors: Amounts falling due within one year
2022 2021
£ £
Other taxation and social security 52 1,272
Grants payable 408,240 507, 192
Other creditors 164,967 222, 134
Accruals and deferred income 16,505 13,944
589,764 744,542
Grants payable 2022 2021
£ £
Grants payable 1 January 2022 507,192 394,654
New Grants Awarded 261,566 294,318
Old grants written off (17,225) 294,318
Grants paid (343,293) (181,780)
Grants payable 31 December 2022 408,240 507, 192

Endowment Accumulated 2021
Funds Income Fund Total
2021 Post 1963
2021
£ £ £
Income and endowments from:
Donations and legacies - - -
Investments 521,393 599,671 1,121,064
Allocation of Total Return (509,867) 509,867 -
Totalincome 11,526 1,109,538 1,121,064
Expenditure on:
Raising funds 62,352 1,433 63,785
Charitable activities - 649,519 649,519
Totalexpenditure 62,352 650,952 713,304
Netgains/(losses) on investments 1,628,156 17,332 1,645,488
Net movement/n funds 1,577,330 475,918 2,053,248
Total funds brought forward 25,237,529 1,393,648 26.631,177
Totalfunds carried forward 26,814,859 1,869,566 28,684.425

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15. 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
2022
£
21,616,218
1,138,002
22,154,220
Accumulated
income fund
pre 1963
2022
£
1,517,931
33,474
1,551,405
Accumulated
income fund
post 1963
2022
£
347,021
3,978,438
(589,764)
3,135,695		 Total
funds
2022
£
23,481,170
5,149,914
(589,764)
28,041,320

Analysis of net assets between funds - prior period

Fed asset investments
Current assets
Creditors due within one year
Ttal		 Restricted
endowment
fund
2021
£
24,074,051
963,320
25 Q3,371_		 Accumulated
income fund
pre 1963
2021
£
1,727,890
49,598
1,777488
Accumulated
income fund
post1963
2021
£
395,017
2,219,091
(744,542)
1, 869, 566		 Total
funds
2021
£
26,196,958
3,232,009
(744,542)
28,684,425

Total

Page 31

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE VEAR ENDED 31 DECEMBER 2022

16. Funds

ENDOWED FUNDS

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.

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.

UNRESTRICTED FUNDS

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.

17. 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 £8,798,013 (2021: £7,707,547) were held by NOHF. To 1 Wintringham LLP £6,286,941 (2021: £6,624,441), 1 Wintringham LLP £nil (2021: £9,000), Wintringham Newco 1 Ltd, £nil (2021: £99,034) and Wintringham Partners LLP £2,511,072 (2021: £975,072).

1 Wintringham LLP and Wintringham NewCo 1 has two directors in common with the trustees of this charity; Sir Andrew Dilnot and Professor Andrew Carr.

Page 32

2022 2021
£ £
Net (expenditure)/income for the period (as per Statement of Financial
Activities)		 (643,105) 2,053,248
Adjustments for:
(Losses)/gains on investments
Dividends, interests and rents from investments
(Increase)/decrease in debtors
(Decrease)/increase in creditors		 2,432,389
(2,167,678)
(1,485,263)
(154,778)		 (1,645,488)
(1,121,064)
1208,862
302,530
Net cash provided by operating activities (2,018,435) 798,088

2022 2021
£ £
Cash
Cash		 in hand
with Investment managers		 2,533,269 2, 100,627
21,862
Total cash and cash equivalents 2,533,269 2, 122,489

Atl At31
January December
2022 Cashflows 2022
£ £ £
Cash
Liquid		 at bank and
investments		 in hand
—cash held by Investment managers		 2. 100,627
21,862		 432,642
(21,862)		 2,533,269
-
410,780 2,533,269