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2024-12-31-accounts

Charity number: 212575

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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THE NUFFIELD OXFORD HOSPITALS FUND

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CONTENTS

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Page
Referenceand administrative detalls ofthecharity, itsTrusteesand advisers 1-2
Trustees’ report 3-10
Indapendent auditors’ reportonthefinancial statements 11-13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notestothefinancialstatements 17-33

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THE NUFFIELD OXFORD HOSPITALS FUND

———— REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

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Trustees

Ms S Barratt Professor A Carr, Chair Sir Andrew Dilnot Mr J Ford Mr J Ramsden Dr T Lancaster (resigned September 2024)

Charity registered number

212575

Principal office

c/o Botnar Institute, NDORMS, University of Oxford, Windmill Road, Oxford, OX3 7LD

Secretary

A Truesdale

Independent auditors

Crowe U.K. LLP, R+ Building, 2 Blagrave Street, Reading, RG1 1AZ

Bankers

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

Solicitors

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

Sarasin & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London, EC4M 8BU

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THE NUFFIELD OXFORD HOSPITALS FUND

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a TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 I The Trustees present their annual report together with the audited financial statements of The Nuffield Oxford Hospitals Fund for the year ended 31 December 2024.

Objectives and activities

a. Policies and objectives

The abject 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 af local hospitals, in order to assist the develagment and carrying on of the Oxford University Medical Schaal”, satisfies the public banefit 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 which, for example:

‘ Support teaching by providing diagnostic equipment to give students up to date training opporiunities ‘ Equipment also provided for medical student simulation training . Provide funding for the creation of training videos for use in teaching clinical communication . Imprave study facilities in the Cairns Library, John Radcliffe Haspital . Improve teaching facilities in lecture theatres and seminar rooms.

In addition, an annual budget has been provided to the Oxfordshire Health Services Research Committee, enabling doctors in training to have research experience. This is likely to cease from 2025 onwards as the Charity focusses its grants on other priorities.

The direct 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 genera! 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.

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THE NUFFIELD OXFORD HOSPITALS FUND

en TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 a 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 the Sarasin Endowments Fund. In most 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:

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

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FHE NUFFIELD OXFORD HOSPITALS FUND

al TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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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 £624,937 (2023: £589,658) 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 £290,937 (2023: 10 grants totalling £246,715). 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 (NDT) 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 tne end of 2018 and, in spite of the COVID pandemic, work has proceeded throughout the years fram 2020 onwards. Construction work continues with five principal house builders and despite downturns in the housing market overall development of the site and cash flow projections remain on plan. The Charity is considering the next stage of the project (Key Phase 2) and another possible venture nearby with U&C.

In 2024, the Charity received Gift Aid income of £887,700 (2023: £1,124,850) from the joint venture partnership and recognised interest income of £236,599 (2023: -£107,961) on loans made to the partnership to fund WIP. Cash flow forecasts for the partnership show that no further WIP loans from the Charity will be required but the accrual of unpaid interest and other funding means that the loan balances with Wintringham are increasing.

Monitoring of the project continues to take place through the Wintringham Partners Board (comprising representatives from U&C and NDT) and 1 Wintringham LLP (where the Charity is represented by one Trustee).

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THE NUFFIELD OXFORD HOSPITALS FUND

TN TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and activities (continued)

d. Grant-making policies

The Charity requires that grant applications, together with supporting information, are submitted online to the Medical Sciences Division, John Radcliffe Hospital by the end of January each year. The applications are first reviewed by the Director of Clinical Studies and then by the medical trustees of the Charity. The medical trustees 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 grant applications, together with the recommendations of the Charity’s medical trustees, are considered by the full Board of trustees at the Annual Meeting in May. Each application is reviewed to consider the benefit it can generate and to ensure that it clearly follows the objects of the Charity. The acceptable applications are then prioritised and awarded in priority order to match the funds available for distribution. 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.

Grants awarded by the Charity’s trustees require endorsement by the Nuffield Medical Trustees, appointed to have oversight of the Nuffield Benefaction.

The payment of approved grants is conditional upon the relevant authorised expenditure being incurred and relevant evidence provided. Grant holders are advised that, if relevant authorised expenditure is not incurred within 18 months of the letter of approval, then the grant can be withdrawn unless a reasonable explanation is provided.

Grant holders are required to submit a 250 word report on completion of the project so that trustees understand the benefits gained from the funding and receive assurance that the funds have been spent in line with the application approved. Further details are available at: https://www.medsci.ox.ac.uk/for-staff/resources/school-ofmedicine-and-biomedical-sciences/medicine/resources/nuffield-oxford-hospitals-fund.

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

The main public benefit activity in 2024 has been to award a total of £290,937 of grant support to the Oxford Medical School through8 individual grant holders in a variety of clinical and academic departments. In 2024 there were over 4,000 registered medical students in the Oxford Medical School: 2,525 graduate students and 1,805 undergraduate students.

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 grant funds provided during the year under awards made in 2024 and previous years were:

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THE NUFFIELD OXFORD HOSPITALS FUND

ae TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 a

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 2024 (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 investrnent 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 2024 the Sarasin Endowments Investment Fund generated investment returns 12.1% compared to a benchmark return of 14.3%.

The outlook for investments remains uncertain given current geo-political events. The trustees continue to believe that a diversified, actively-managed multi-asset fund remains the best approach to long term capital growth anda 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. Gaing concern

The trustees have considered the impact of continuing uncertainty in financial and property markets on the Charity's ability te 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 ta continue te 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 ta adapt 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.

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CD TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 could be used to enable the trustees to continue appropriate levels of expenditure in the coming years, even if there were to be 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 at 31 December 2024 shows that the Charity’s net assets total £33,617,402, an increase of £3,052,092 on to the net assets at 31 December 2023. There was a surplus for the year before net investment gains of £1,480,085 (2023: £1,546,019). The net gain on disposal and revaluation of assets in the Investment Portfolio of the Charity during the year was £1,572,007 (2023: £977,971).

i. Endowment Fund

At 31 December 2024, the balance of the Endowment Funds amounted to £26,720,043, an increase of £1,499,890 during the year. This increase arose mainly from net gains on the valuation of investments.

The Statement of Financial Activities for this fund shows a net increase of £1,552,202 for the year.

Incoming resources amounted to £1,856,566 (2023: £1,879,200), including receipt of gift aid of £887,700 (2023: £1,124,850) and interest income of £236,599 (2023: £107,961) from the charity’s Wintringham investment.

Resources expended amounted to £336,090 (2023: £289,906). Expenditure included costs of £11,250 (2023: £nil) relating to contractual obligations and other costs arising on the Wintringham development.

There were gains on the fund assets of £31,726. The balance on the Accumulated Income Fund Post 1963 at 31 December 2024 was £6,896,929 compared to £5,344,727 at 31 December 2023.

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.

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THE NUFFIELD OXFORD HOSPITALS FUND

LL TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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Structure, governance and management (centinued}

b. Methods of appointment or election of Trustees

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 existing trustees carry out an appropriate selection process and conduct 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 abjectives of the Charity.

c. Policies adopted for the inductian and training of Trustees

The induction and training of new trustees and the information with which they are provided are tailored depending onthe Trustees’ background. interests and roles. A copy of the Trust Deed is provided along with annual accounts, risk assessments, investment reports and contact details of fellow trustees. Additional information is provided to any medical trustees who will be involved in assessing grants applications and making recommendations for awards. All trustees receive regular updates on Charity Commission publications and attend appropriate charity seminars where relevant.

d. Organisational structure and decision making pollcles

Under the terms of a Special Resolution passed on 15 July 2020, the maximum number of trustees is ten. A total of six trustees served during the year.

Three trustees served on the Investment Committee which met twice 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 two directors representing the Charity and two representing NDT. Meatings are held iwice 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 Chair and other trustees as required.

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. 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.

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THE NUFFIELD OXFORD HOSPITALS FUND

SS TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 are aware of the need to make full use of available income and, as considered under strategies for achieving objectives, are looking at ways of enhancing and extending the types of grants offered. The development of the Wintringham land is expected to provide significant additional funds to enhance future grant giving, although cash inflows from the development are unlikely in the short term.

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 one-off project such as the enhancement of facilities for the Medical School throughout the Oxford Hospitals.

Statement of Trustees’ responsibilities

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

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

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

Disclosure of information to auditors

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

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al TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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

Professor A Carr (Chair of Trustees) Date: 19 May 2025

Ms S Barratt

Date: 19 May 2025

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THE NUFFIELD OXFORD HOSPITALS FUND

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

Opinion

We have audited the financial statements of Nuffield Oxford Hospitals Fund (‘the charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the cash flow statement and the related notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and 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.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. 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 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.

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eeEE, INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE NUFFIELD OXFORD HOSPITALS FUND (CONTINUED)

Matters on which we are required to repart 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 appficable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or ta 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 noncompliance 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.

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ee ————————————————————————————————————————————————————————————————————————————————————————————— 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.org.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.

C sous e Wh. xe P

Crowe U.K. LLP

Statutory Auditor

Reading Date [> M Ou Ds RP 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.

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THE NUFFIELD OXFORD HOSPITALS FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Endowment Accumulated 2024 2023
Funds Income Fund Total Total
2024 Post 1963
2024
Notes £ E E £
Income and endowments
from:
Donations and legacies - - 1,000
Investments 2 668,888 1,231,629 1,900,517 1,913,827
Allocation of Tatal Return 11 (824,937) 624,937 - -
Total Income 43.951 1,856,566 1,900,517 1,914,827
Expenditure on:
Raising funds
Charitable activities		 3
4		 84,342
-		 1,737
334,353		 86,079
334,353		 80,528
288,280
Total expenditure 84.342 336,090 420,432 368,808
Net gains/{losses) on
investments 10 1,540,281 31,726 1,572,007 977,971
Net movement in funds 1,499,890 1,552,202 3,052,092 2,523,990
Total funds brought
forward		 25,220,583 5,344,727 30,565,310 28.0414,320
Total funds
carriedforward 26,720,473 6,896,929 33,617,402 30,566,310

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

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

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THE NUFFIELD OXFORD HOSPITALS FUND

BALANCE SHEET AS AT 31 DECEMBER 2024

2024 2023
Notes £ £
Fixed assets
Investments 10 25,849,638 __
24,509,588
25,849,638 24,509,588
Current assets
Short-term Investments 2,900,000 3,000,000
Debtors
Cash atbank and in hand		 12
19		 3,505,483
__1,641,399		 2,089,692
__
1,344,446
8,046,882 6,434,138
Creditors: amounts falling due within
one year		 13 279,118 378,416
Net currentassets __7,767,764 ___
6,055,722
Total assets less current liabilities __33,617,402 _30,565,310
Total netassets —33,617,402 30,565,310
Charityfunds
Endowment Funds
Restricted endowment funds 15 24,951,490 23,586,740
Accumulated income fund pre 1963 15 __1,768,983 __
1,633,843
26,720,473 25,220,583
General Funds
Accumulated incomefund post 1963 15 __5,896,929 __
5,344,727
—33,617,402 —30,565.310

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

, Professor A Carr | / Ms S Barratt (Chair: of Trustees) D Date:2 ate (9 ay los_ 19 Ma lors 1

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

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THE NUFFIELD OXFORD HOSPITALS FUND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |Notes|£|£| |Cash|flows|from|operating|activities| |Net cash|used|in|operating|activities|18|1,409.852|22,924| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|2|4,900,517|1,913,827| |Proceeds|from|sale|of|investments|10|-|-| |(Increase)/decrease|in|debtors|in|relation|to|investing|activities|(238,728)|(75,|728}| |Purchase|of|investments|10|(26,390)|(50,447)| |Cash|held|as|investment|(28,594)|-| |Treasury|deposit|—100,000|(3.000,000)| |Net cash|provided|by/(used|in)|investing|activities|1,706,805|1.271,|747,| |Cash|flows|from|financing|activities|—___|et| |Net|cash|pravided|by|financing|activities|-|-| |Change|in|cash|and|cash|equivalents|in|the|year|296,953|1,788,823| |Cash|and|cash|equivalents|at the|beginning|of the year|1,344,446|—|[2,533,269]| |Cash and|cash|equivalents|at the end|af the year|—1,6451,399|1,344,446| |Note|numbers|18|to|20|form|part|of the|statement|of cash|flows.|

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a

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

  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 2019.

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. Short-term investments are represented by cash held on deposit with a maturity of less then one year but greater than 3 months.

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rrr NOTES TO THE FINANCIAL SFATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 attheir settlement value with the exception of bank loans which are subsequently measured at amortised cost using tne effective interest method.

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 te 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.

Ail 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 incame from properties. All incoming resources are taken to the Post 1983 Accumulated Income Fund.

1.7 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit {o 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 upan notification of the interest paid or payable by the institution with whom the funds are deposited.

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—————————————————————

a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

a

———

t Accounting policies (continued)

1.9 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.

1.10 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.

1.11 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.

1.12 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 havea 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 valuation of Wintringham related investments and the recoverability of Wintringham loans.

Page 19

a

THE NUFFIELD OXFORD HOSPITALS FUND

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

  1. Accounting policies (cantinued)

1.13 Gains & Losses on Investments

Gains and lasses 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 lasses an quoted investments held in the Post 1963 Accumulatedincome 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 clase 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.

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THE NUFFIELD OXFORD HOSPITALS FUND

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

2: Investment income

Total Funds Total funds
2024 2023
£ £
Income from quoted investments 682,666 638,165
Income from investments in Wintringham 887,700 1,124,850
Interest on Wintringham loans 236,599 107,961
Bank interest 93,552 42.851
—1,900,517 _1,913,827

<5 Investment management costs

Total Funds Total funds
2024 2023
£ £
Investment management fees __86,079 ___80,528

4. Analysis of expenditure on charitable activities

Summary offund type Total Funds Total funds
2024 2023
£ £
Award of Grants (note 6) 290,937 246,715
Grants written off (7,821) (4,681)
Development ofWintringham (note 5) 11,250 -
Supportcosts(note5) 39,987 46,246

All expenditure relates to the Accumulated Income Post 1963 Fund.

Page 21

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THE NUFFIELD OXFORD HOSPITALS FUND

rr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
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a

5. Support Costs
Total Funds Total funds
2024 2023
£ £
Staff costs 12,528 17,818
Insurance 1,435 7,302
Trustee meeting expenses
Bankcharges		 184
231		 23
318
Sundry expenses
Legal and professional costs
Governance costs		 11,569
-
25.290		 334
14,802
17,652
——51,237 _46,246
Development ofWintringham costs are included in Sundry Expenses. During the yearthey
amounted ta £11,250 (2023? £nil}
6. Grants
Institutions 2024 2023
£ £
Annual budget for research—Oxfordshire Health Services Research
Committee (grant24-OUH-1)		 80,000 80,000
Handheld ultrasound probes for undergraduate teaching. Samuel
Snawdon, & others (grant24-U0-1) 54,000
Educational videos series: Conversations in Clinical Communication :
racism in health care settings. Dr Ruth Wilson. (grant 24-UOQ-2) 6,600
Medical Student Textbooks. Owen Coxall (grant 24-U0-3) 25,029
AV upgrades in theJR lecluretheatres and the Clinical Skills Lab.
Damion Young. (grant 24-U0-4) 15,555
Converting Classrooms into flexible,modern teaching space& for
medical students onQUH site. Damion Young. (grant 24-U0-5} 58,084
Owen Coxail. Impraving Study Facilities at the Cairns Library, John
Radcliffe Hospital (grant 24-U0-6) 45,055
EquipmentformedicalstudentsimulationtraininginWomen'sand
Reproductive Health. John Heathcote (grant24UO-7} 6,620 -
Supporting teaching by replacing old projectors with TV screens.
Mary Miller (grant 23-QUH-2)}		 8,307
Increasing advanced manikins for final year medica! students
training. Catriona Fleming (grant23-QUH-3)		 21,834
Improving wellbeing spaces at Bodleian HealthCare Libraries. Owen
Coxall (grant 23-OUH-4)
Medical Student reading list titles		 13,897
23,458
Upgrade of Rob Smith Centre, Churchill Hospital, far Undergraduale
Medical Students. MoniqueAndersson {grant23-QUH-5)
Clinicalteaching AV upgrades. Damion Young {grant23-OU-1)		 7,210
27,087
Creation of educational films: Communication skills conversations.
Ruth Wilson (grant 23-OU-2} 4,400
The development of clinical consultation: virtual training and
feedback for medical students. Rachei Allan (grant 23-QU-3)		 10,688
Creation ofNDORMS High Spec Teaching Room Hub. Osman
Aslam (Grant 23-OU-4)		 49,840
a
Total		 —_290,937 __246,715

Development of Wintringham costs are included in Sundry Expenses. During the year they amounted ta £11,250 (2023? £nil} 6. Grants

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THE NUFFIELD OXFORD HOSPITALS FUND

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

t Auditors’ remuneration

2024 2023
£ £
Fees payable to the charity’s auditor forthe audit of the charity’s annual
accounts excluding VAT 17,500 11,160
Fees payable to the charity's auditor excluding VAT in respect of:
Preparationofannualaccounts 3,245 2.950

8. Staff costs

----- Start of picture text -----
2024 2023
£ £
Wages and Salaries 12,528 171,835
Employer NIC - (17)
—— 12,528 _ [11,818]
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The negative charge for employers’ NIC relates to employer's allowance not fully accounted for in prior years.

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

----- Start of picture text -----
Secretary
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2024 2023
£ £
dD 1
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No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the Charity include all Trustees supported by the Secretary, A Truesdale.

The total remuneration paid to the key management personnel amounted to £12,528 (2023: £11,835).

9. Trustees’ remuneration and expenses

During the year no Trustees received any remuneration or other benefits (2023 - £Nil).

During the year ended 31 December 2024, expenses totalling £25 were reimbursed or paid directly to one Trustee (2023 - £23). The expenses reimbursed are in relation to the travel expenses for Trustees to attend Trustee meetings.

Page 23

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THE NUFFIELD OXFORD HOSPITALS FUND

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

10. Fixed asset investments (continued)

Historical Cost

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 £nil were made during in the year (2023: Enil). A repayment of £nil (2023: £nil) was received in the year. 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 together with later additional loans less repayments.

Investment type

An analysis of the investments has been done as at 31 December 2024 to distinguisn between Direct Investments, Pooled Investments and Subsidiary Investments. The split is as indicated below:

2024 2023
£ £
Post 1963 Income Fund
Cash 577 -
Direct Investments - -
Pooled Investments 400,036 367,777
Restricted Endowment Fund & Pre 1963 Income Fund
Cash 28,017 -
Direct Investments - -
Pooled Investments 19,420,985 17,854,847
Loan to Wintringham Partners LLP
Subsidiary Investment 6,000,000 6,286,941
Investment in 1 Wintringham Partners LLP
Investment in joint venture 23 23
Total -25,849,638 _24,509,588

Page 25

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THE NUFFIELD OXFORD HOSPITALS FUND

2

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 aT——-— ——m—

11. Statement of Investment 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 Fund for Investment at 1 January 2021 was 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 investment return to be applied as income is calculated initially as 3.5% (2023: 3.5%} of the endowment funds held as managed investments and capital accounts held by the Investment Managers at 1 January 2024.

The income allocation from the Total Return earned will be reviewed each year.

Trust for Investment
Restricted Accumulated Unapplied
endowment incomefund Total Return Total
fund pre 1963 2024
£ £ £ £
At 1 January 2024
GiftComponent
Unapplied Total Return		 16,059,992
-		 1,254,436
-		 -
7,906,155		 17,314,428
7,906,155
Total Endowments 16,059,992 1,254,436 7,906,155 25,220,583
Movement in the year
Investment Return
Dividends and Interest - - 668,838 668,883
Gainsand Losses - - 1,540,281 1,540,281
Lass Investment Managers Fees : : (84,342) (84,342)
Total - - 2,124,827 2,124,827
Unapplied total return allocated to
income inthe reparting period		 : - (624,937) (624,937)
Net movements inthe reporting period - - 1,499,890 1,499,890
At 31 December 2024
Gift Component
Unapplied Total Return		 16,059,992
-		 1,254,436
-		 -
9,406,045		 17,314,428
9,406,045
Total 16,059,992 __1,254,436 _9,406,045 _26,720,473

a Page 26

;

THE NUFFIELD OXFORD HOSPITALS FUND

eee

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

2023comparative comparative TrustforInvestment
Restricted
endowment		 Investment
Accumulated
Unapplied
income fund _ TotalReturn		 Investment
Accumulated
Unapplied
income fund _ TotalReturn		 Total
fund pre 1963 2023
£ £ £ £
At 1 January2023
GiftComponent 16,059,992 1,254,436 - 17,314,428
Unapplied Total Return : : 6,991,197 6,991,197
Total Endowments 16,059,992 1,254,436 6,991,197 24,305,625
Movement in theyear
Investment Return
Dividends and Interest - - 625,285 625,285
Gains andLosses - - 958,233 958,233
Less InvestmentManagers Fees : : (78,902) (78.902)
Total - - 1,504,616 1,504,616
Unapplied total return allocated to
income in the reportingperiod (589,658) (589,658)
Netmovements in the reportingperiod - - 914,958 914,958
At 31 December 2023
GiftComponent 16,059,992 1,254,436 - 17,314,428
Unapplied TotalReturn - - 7,906,155 7,906,155
Total 16,059,992 _1,254,436 _7.906.155 __25,220,583

Page 27

THE NUFFIELD OXFORD HOSPITALS FUND

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

12. Debtors

Debtors
2024 2023
£ £
Bue within one year
Amounts owed by undertakings in which the charity has a participating
interest
Other debtors		 3,448,380
15,645		 2,036,840
13,623
Prepayments and accrued income 41,458 33.329
3,505,483 _2,089,692

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

13. Creditors: Amounts falling due within one year

Creditors: Amounts falling due withinwithin one year
2024 2023
£ £
Other taxation and social security 634 -
Grants payable 253,590 360,499
Other creditors : 805
Accruals and deferred income 24,894 17,442
279,118 =__378.416
Grants payable 2024 2023
£ £
Grants payable 1 January2024 360,499 408,240
New Grants Awarded 290,937 246,715
Old grants written off (7,821) (4.687}
Grants paid (390,025) (289,775)
Grantspayable31December2024 —_253,590 _360,499

Page 28

THE NUFFIELD OXFORD HOSPITALS FUND

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

14. Comparative Statement of Financial Activities

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Endowment|Accumulated|2023| |Funds|Income|Fund|Total| |2023|Post|1963| |2023| |£|£|£| |Income|and|endowments|from:| |Donations|and legacies|-|1,000|1,000| |Investments|625,285|1,288,542|1,913,827| |Allocation|of|Total|Return|(589,658)|589,658|-| |Total income|35,627|1.879.200|1,914,827| |Expenditure|on:| |Raising|funds|78,902|1,626|80,528| |Charitable|activities|:|288,280|288,280| |Total|expenditure|78,902|289,905|368.808| |Net gains/(losses)|on|investments|958,233|19,738|977,971| |Net movement|in|funds|914,958|1,609,032|2,523,990| |Total|funds|brought forward|24,305,625|3,735,695|28,041,320| |Total|funds|carried forward|25,220,583|5,344,727|30,565,310|

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a

TE

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

ee

  1. Analysis of net assets between funds

Analysis of net assets between funds - current period

Restricted Accumulated Accumulated
endowment incomefund income fund Total
fund pre1963 past 1963 funds
2024 2024 2024 2024
£ £ £ £
Fixed asset investments 23,696,670 1,752,355 400,613 25,849,638
Current assets 1,254,820 16,628 6,775,434 8,046,882
Creditorsdue withinoneyear Le 279.118 279,118
Total —24,951,490 _1,768,983 _6,896,929 _33,617,402

Analysis of net assets between funds - prior perlod

Restricted
endowment
fund		 Accumulated
income fund
pre 1963		 Accumulated
— incame fund
post 7963		 Total
funds
2023 2023 2023 2023
gE £ £ £
Fixedasset investments 22,533,089 1,608,722 367,777 24,509,588
Currentasseis 1,053,651 25,121 5,355,366 6,434,138
Creditorsdue withinoneyear — 378.416, 378,416
Total 23,986,740 _1,633,843 _5.344.727 _30,585,310

a

Page 30

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eS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ee

  1. 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. 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. 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 Newco2 Limited. This results in NOHF having an effective 15% ownership of Wintringham Partners LLP.

Loans totalling £9,448,380 (2023: £8,323,781) were held by NOHF. To 1 Wintringham LLP £6,381,670 (2023: £6,415,546), and Wintringham Partners LLP £3,066,710 (2023: £1,908,235).

Three trustees of the charity are also directors of Wintringham Newco 1 Ltd and Members of 1 Wintringham LLP. Sir Andrew Dilnot and Professor Andrew Carr held those roles throughout the financial year. John Ford was appointed to both roles with effect from 15 December 2023. Sir Andrew Dilnot is also on the board of Wintringham Partners LLP.

iet

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THE NUFFIELD OXFORD HOSPITALS FUND

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

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

2024 2023
£ £
Net (expenditure)/income for the period (as per Statement of Financial 3,052,092 2,523,990
Activities)
Adjustments for:
Losses/{gains) on investments (1,572,007} (977,971)
Dividends, interests and rents from investments (7,900,517) {1,913,827}
(Increase)/decrease in debtars (890,122) 602,080
(Decrease)/increase in creditors (99,.298} (217,348)
Netcash provided by operating activities (1,409,852) 22,924
19. Analysis of cash and cash equivalents
2024 2023
£ £
Cash in hand 1,641,399 1,344,446
Total cashand cash equivalents 1,641,999 _1.344.446
20. Analysis afchanges in net debt
Att At 31
January December
2024 Cashflows 2024
£ £ £
Cash at bankand in hand 1,344,448 296,953 1,641,399
—L944,446 _296,953 _1,641,399

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