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2025-12-31-accounts

Charity number: 212575

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

THE NUFFIELD OXFORD HOSPITALS FUND

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 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 - 32

THE NUFFIELD OXFORD HOSPITALS FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025

Trustees

Ms S Barratt Professor A Carr, Chair Sir Andrew Dilnot Mr J Ford Professor C Pugh (appointed 28 May 2025) Mr J Ramsden Dr A Walsh (appointed 28 May 2025)

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 Plc, 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

Page 1

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their annual report together with the audited financial statements of The Nuffield Oxford Hospitals Fund for the year ended 31 December 2025.

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 which, for example:

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 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 2025

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 fund, the Sarasin Endowments Fund and also in a Liquidity 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:

Page 3

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 £680,725 (2024: £624,937) 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 5 grants totalling £181,321 (2024: 8 grants totalling £290,937). 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). Following the contribution of additional land by another partner during the year, the Charity’s share of the joint venture partnership is now 11.36% (2014: 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 the years from 2020 onwards. Construction work continues with up to eight principal house builders and despite volatility in the housing market overall development of the site and cash flow projections remain on plan. Key Phase 2 is moving ahead and the charity recently agreed terms to develop an adjacent site at Loves Farm again in partnership with NDT and U&C.

In 2025, the Charity received Gift Aid income of £1,023,566 (2024: £887,700) from the joint venture partnership and recognised interest income of £322,732 (2024: £236,599) on loans made to Wintringham entities. An additional loan investment of £371,250 was made in the year to equalise partner loans following the introduction of additional land by another partner. 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 NDT) and 1 Wintringham LLP (where the Charity is represented by three Trustees).

Page 4

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025 has been to award a total of £181,321 of grant support to the Oxford Medical School through 5 individual grant holders in a variety of clinical and academic departments. In 2026 there were over 4,000 registered medical students in the Oxford Medical School : 2,687 graduate students and 1,863 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. Grant funds provided during the year under awards made in 2025 and previous years have:

Page 5

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 11.6% 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 2025 (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 2025 the Sarasin Endowments Investment Fund generated investment returns 5.6% compared to a benchmark return of 12.4%.

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 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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025 shows that the Charity’s net assets total £35,889,219, an increase of £2,271,817 on to the net assets at 31 December 2024. There was a surplus for the year before net investment gains of £1,662,184 (2024: £1,480,085). The net gain on disposal and revaluation of assets in the Investment Portfolio of the Charity during the year was £609,633 (2024: £1,572,007).

i. Endowment Fund

At 31 December 2025, the balance of the Endowment Funds amounted to £27,056,821, an increase of £336,348 during the year. This increase arose from net gains on the valuation of investments offset by expenditure and an excess of total return over investment income received.

ii. Accumulated Income Fund Post 1963

The Statement of Financial Activities for this fund shows a net increase of £1,935,469 for the year.

Incoming resources amounted to £2,120,294 (2024: £1,856,566), including receipt of gift aid of £1,023,566 (2024: £887,700) and interest income of £322,732 (2024: £236,599) from the charity’s Wintringham investment.

Resources expended amounted to £277,677 (2024: £336,090). Expenditure included costs of £32,625 (2024: £11,250) relating to contractual obligations and other costs arising on the Wintringham development.

There were gains on the fund assets of £92,852. The balance on the Accumulated Income Fund Post 1963 at 31 December 2025 was £8,832,398 compared to £6,896,929 at 31 December 2024.

Structure, governance and management

a. Constitution

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

Page 7

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management (continued)

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 objectives of the Charity.

c. Policies adopted for the induction and training of Trustees

The induction and training of new trustees and the information with which they are provided are tailored depending on the Trustees’ background, 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 policies

Under the terms of a Special Resolution passed on 15 July 2020, the maximum number of trustees is ten. A total of seven 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. Meetings are held twice a year and information is shared with other trustees as appropriate. The Charity has no membership of Wintringham Partners Board, but the Chair has been an observer at most of the board meetings.

The day-to-day administration of the Charity is undertaken by the Charity Secretary, in consultation with the 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.

Page 8

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 cashflows from the development are likely to be limited in the short term.

As set out in strategies for achieving objectives, detailed discussions have continued to use the funds that the Charity expects to receive arising from Wintringham for a more significant one-off project. The Charity is currently negotiating terms for a grant of £11,627,790 to enhance the facilities for the Medical School throughout the Oxford Hospitals by creating a Medical Education Training Centre.

Statement of Trustees' responsibilities

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

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

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

Disclosure of information to auditors

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

Page 9

THE NUFFIELD OXFORD HOSPITALS FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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

Professor A Carr (Chair of Trustees) Date: 13 May 2026

Mr J Ford

Date: 13 May 2026

Page 10

THE NUFFIELD OXFORD HOSPITALS FUND

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

Opinion

We have audited the financial statements of Nuffield Oxford Hospitals Fund for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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.

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

Other information

The 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 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.

Page 11

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 require 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 9, 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 noncompliance with laws and regulations are set out below.

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.

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, including financial reporting legislation and the Charities SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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)

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 necessary to the charity’s ability to operate or to avoid a material penalty. 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 also considered the opportunities and incentives that may exist within the charity for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within 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.

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.

Crowe U.K. LLP

Statutory Auditor

Reading

Date

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 2025

Notes
Income and endowments
from:
Donations and legacies
Investments
2
Allocation of Total Return
11
Total income
Expenditure on:
Raising funds
3
Charitable activities
4
Total expenditure
Net gains/(losses) on
investments
10
Net movement in funds
Total funds brought
forward
Total funds
carried forward		 Endowment
Funds
2025
£
587,579
(680,725)
(93,146)
87,287
-
87,287
516,781
336,348
26,720,473
27,056,821		 Accumulated
Income Fund
Post 1963
2025
£
1,439,569
680,725
2,120,294
5,444
272,233
277,677
92,852
1,935,469
6,896,929
8,832,398		 2025
Total
£
2,027,148
-
2,027,148
92,731
272,233
364,964
609,633
2,271,817
33,617,402
35,889,219		 2024
Total
£
1,900,517
-
1,900,517
86,079
334,353
420,432
1,572,007
3,052,092
30,565,310
33,617,402

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

The notes on pages 17 to 32 form part of these financial statements.

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THE NUFFIELD OXFORD HOSPITALS FUND

BALANCE SHEET AS AT 31 DECEMBER 2025

Notes
Fixed assets
Investments
10
Current assets
Short-term Investments
Debtors
12
Cash at bank and in hand
19
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment Funds
Restricted endowment funds
15
Accumulated income fund pre 1963
15
General Funds
Accumulated income fund post 1963
15		 -
4,424,230
978,288
5,402,518
(363,774)		 2025
£
30,850,475
30,850,475
2,900,000
3,505,483
1,641,399
8,046,882
(279,118)
5,038,744
35,889,219
35,889,219
25,257,533
1,799,288
27,056,821
8,832,398
35,889,219		 2024
£
25,849,638
25,849,638
7,767,764
33,617,402
33,617,402
24,951,490
1,768,983
26,720,473
6,896,929
33,617,402

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

................................................ ................................................ Professor A Carr Mr J Ford (Chair of Trustees) Date

Professor A Carr (Chair of Trustees) Date:

The notes on pages 17 to 32 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 2025

Notes
Cash flows from operating activities
Net cash used in operating activities
18
Cash flows from investing activities
Dividends, interests and rents from investments
2
Proceeds from sale of investments
10
(Increase)/decrease in debtors in relation to investing activities
Purchase of investments
10
Cash held as investment
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.		 2025
£
(1,175,851)
2,027,148
22,574
(23,204)
(4,442,356)
28,578
2,900,000
512,740
-
-
(663,111)
1,641,399
978,288		 2024
£
(1,409,852)

1,900,517
-
(238,728)
(26,390)
(28,594)
100,000
1,706,805
-
-
296,953
1,344,446
1,641,399

Page 16

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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.

Page 17

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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 institution with whom the funds are deposited.

Page 18

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. 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 have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

The critical areas of judgement relate to the valuation of Wintringham related investments and the recoverability of Wintringham loans.

Page 19

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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 Accumulated Income 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

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

2. Investment income

Income from quoted investments
Income from investments in Wintringham
Interest on Wintringham loans
Bank interest		 Total Funds
2025
£
601,771
1,023,566
322,732
79,079
2,027,148		 Total funds
2024
£
682,666
887,700
236,599
93,552
1,900,517

3. Investment management costs

Investment management fees Total Funds
2025
£
92,731		 Total funds
2024
£
86,079

4. Analysis of expenditure on charitable activities

Summary of fund type
Award of Grants (note 6)
Grants written off
Development of Wintringham (note 5)
Support costs (note 5)		 Total Funds
2025
£
181,321
(5,480)
32,625
63,767
272,233		 Total funds
2024
£
290,937
(7,821)
11,250
39,987
334,353

All expenditure relates to the Accumulated Income Post 1963 Fund.

Page 21

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

5. Support Costs

Staff costs
Insurance
Trustee meeting expenses
Bank charges
Sundry expenses
Legal and professional costs
Governance costs		 Total Funds
2025
£
12,975
286
-
372
33,148
23,331
26,280
96,392		 Total funds
2024
£
12,528
1,435
184
231
11,569
-
25,290
51,237

Development of Wintringham costs are included in Sundry Expenses. During the year they amounted to £32,625 (2024: £11,250)

6. Grants

Institutions

Institutions
Annual budget for research – Oxfordshire Health Services Research
Committee (grant 24-OUH-1)
Handheld ultrasound probes for undergraduate teaching. Samuel
Snowdon, & others (grant 24-UO-1)
Educational videos series: Conversations in Clinical Communication :
racism in health care settings. Dr Ruth Wilson. (grant 24-UO-2)
Medical Student Textbooks. Owen Coxall (grant 24-UO-3)
AV upgrades in the JR lecture theatres and the Clinical Skills Lab.
Damion Young. (grant 24-UO-4)
Converting Classrooms into flexible, modern teaching space & for
medical students on OUH site. Damion Young. (grant 24-UO-5)
Owen Coxall. Improving Study Facilities at the Cairns Library, John
Radcliffe Hospital (grant 24-UO-6)
Equipment for medical student simulation training in Women’s and
Reproductive Health. John Heathcote (grant 24 UO-7)
David Grant. Portable ultrasound machines for Point of Care
UltraSound (POCUS) training (grant 25-UO-1)
Owen Coxall. Bodleian Health Care Libraries: Medical Student
Textbooks (grant 25-UO-2)
Owen Coxall. Improving Study Environments, Wellbeing Spaces and
Facilities at the Health Care Libraries (grant 25-UO-3)
James Thomas. Delivering effective and sustainable training in
paediatrics using high-fidelity simulation (grant 25-UO-4)
Damion Young. Upgrading iPads for OSCEs (grant 25-UO-5)
¤
Total		 2025
£
-
-
-
-
-
-
-
-
8,300
21,603
62,337
65,509
23,572
181,321		 2024
£
80,000
54,000
6,600
25,023
15,555
58,084
45,055
6,620
-
-
-
-
-
290,937

Page 22

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

7. Auditors’ remuneration

Fees payable to the charity’s auditor for the audit of the charity’s annual
accounts excluding VAT
Fees payable to the charity’s auditor excluding VAT in respect of:
Preparation of annual accounts		 2025
2024
£
£
18,375
17,500
3,405
3,245

8. Staff costs

Wages and Salaries
Employer NIC		 2025
£
12,975
-
12,975		 2024
£
12,528
-
12,528

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

Secretary 2025
£
1		 2024
£
1

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 £12,975 (2024: £12,528).

9. Trustees’ remuneration and expenses

During the year no Trustees received any remuneration or other benefits (2024 - £Nil).

During the year ended 31 December 2025, no expenses were reimbursed or paid directly to any Trustee (2024 - £25) . The expenses reimbursed are in relation to the travel expenses for Trustees to attend Trustee meetings.

Page 23

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

10. Fixed asset investments

Cost or valuation
At 1 January 2025
Less: cash held by Investment Manager
Additions
Disposals proceeds
Transfer to debtors
Unrealised gains/(losses) on investments
Cash held by Investment Managers
At 31 December 2025		 Post 1963
income
Fund
£
400,613
(577)
3,999,652
(456)
-
92,853
16
4,492,101		 Pre 1963
income fund
£
1,752,355
(2,524)
6,438
(2,417)
-
46,986
-
1,800,838		 Restricted
endowment
fund
£
17,696,647
(25,493)
65,016
(19,701)
-
469,794
-
18,186,263		 Investment in 1
Wintringham
LLP
£
23
-
-
-
-
-
-
23		 Wintringham
Partners LLP
loan
investment
£
6,000,000
-
371,250
-
-
-
-
6,371,250		 Total
funds
2025
£
25,849,638
(28,594)
4,442,356
(22,574)
-
609,633
16
30,850,475

Page 24

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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 of £6 million due from Wintringham Partners LLP arising from the transfer of the Charity’s land in 2017 along with an additional investment of £371,250 made in the year to equalise partner loans on the introduction of additional land by another partner. 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 any later additional loans less repayments.

Investment type

An analysis of the investments has been done as at 31 December 2025 to distinguish between Direct Investments, Pooled Investments and Subsidiary Investments. The split is as indicated below:

Post 1963 Income Fund
Cash
Direct Investments
Pooled Investments
Restricted Endowment Fund & Pre 1963 Income Fund
Cash
Direct Investments
Pooled Investments
Loan to Wintringham Partners LLP
Subsidiary Investment
Investment in 1 Wintringham Partners LLP
Investment in joint venture
Total		 2025
£
16
-
4,492,085
-
19,987,101
6,371,250
23
30,850,475		 2024
£
577
-
400,036
28,017
-
19,420,985
6,000,000
23
25,849,638

Page 25

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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% (2024: 3.5%) of the endowment funds held as managed investments and capital accounts held by the Investment Managers at 1 January 2025.

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

At 1 January 2025
Gift Component
Unapplied Total Return
Total Endowments
Movement in the year
Investment Return
Dividends and Interest
Gains and Losses
Less Investment Managers Fees
Total
Unapplied total return allocated to
income in the reporting period
Net movements in the reporting period
At 31 December 2025
Gift Component
Unapplied Total Return
Total		 Trust for Investment
Restricted
endowment
fund
Accumulated
income fund
pre 1963
£
£
16,059,992
1,254,436
16,059,992
1,254,436
-
-
-
-
-
-
-
-
-
-
-
-
16,059,992
1,254,436
-
-
16,059,992
1,254,436		 Unapplied
Total Return
£
-
9,406,045
9,406,045
587,579
516,781
(87,287)
1,017,073
(680,725)
336,348
-
9,742,393
9,742,393		 Total
2025
£
17,314,428
9,406,045
26,720,473
587,579
516,781
(87,287)
1,017,073
(680,725)
336,348
17,314,428
9,742,393
27,056,821

Page 26

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

.
2024 comparative
At 1 January 2024
Gift Component
Unapplied Total Return
Total Endowments
Movement in the year
Investment Return
Dividends and Interest
Gains and Losses
Less Investment Managers Fees
Total
Unapplied total return allocated to
income in the reporting period
Net movements in the reporting period
At 31 December 2024
Gift Component
Unapplied Total Return
Total		 Trust for Investment
Restricted
endowment
fund
Accumulated
income fund
pre 1963
£
£
16,059,992
1,254,436
-
-
16,059,992
1,254,436
-
-
-
-
-
-
-
-
-
-
-
-
16,059,992
1,254,436
-
-
16,059,992
1,254,436		 Unapplied
Total Return
£
-
7,906,155
7,906,155
668,888
1,540,281
(84,342)
2,124,827
(624,937)
1,499,890
-
9,406,045
9,406,045		 Total
2024
£
17,314,428
7,906,155
25,220,583
668,888
1,540,281
(84,342)
2,124,827
(624,937)
1,499,890
17,314,428
9,406,045
26,720,473

Page 27

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

12. Debtors

Due within one year
Amounts owed by undertakings in which the charity has a participating
interest
Other debtors
Prepayments and accrued income		 2025
£
4,423,428
316
486
4,424,230		 2024
£
3,448,380
15,645
41,458
3,505,483

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

13. Creditors: Amounts falling due within one year

Other taxation and social security
Grants payable
Other creditors
Accruals and deferred income
Grants payable
Grants payable 1 January 2025
New Grants Awarded
Old grants written off
Grants paid
Grants payable 31 December 2025		 2025
£
659
312,093
-
51,022
363,774
2025
£
253,590
181,321
(5,480)
(117,338)
312,093		 2024
£
634
253,590
-
24,894
279,118
2024
£
360,499
290,937
(7,821)
(390,025)
253,590

Page 28

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

14. Comparative Statement of Financial Activities

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		 Endowment
Funds
2024
£
-
668,888
(624,937)
43,951
84,342
-
84,342
1,540,281
1,499,890
25,220,583
26,720,473		 Accumulated
Income Fund
Post 1963
2024
£
-
1,231,629
624,937
1,856,566
1,737
334,353
336,090
31,726
1,552,202
5,344,727
6,896,929		 2024
Total
£
1,900,517
-
1,900,517
86,079
334,353
420,432
1,572,007
3,052,092
30,565,310
33,617,402

Page 29

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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
2025
£
24,557,536
699,997
-
25,257,533		 Accumulated
income fund
pre 1963
2025
£
1,800,838
(1,550)
-
1,799,288		 Accumulated
income fund
post 1963
2025
£
4,492,101
4,704,071
(363,774)
8,832,398		 Total
funds
2025
£
30,850,475
5,402,518
(363,774)
35,889,219

Analysis of net assets between funds - prior period

Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
endowment
fund
2024
£
23,696,670
1,254,820
-
24,951,490		 Accumulated
income fund
pre 1963
2024
£
1,752,355
16,628
-
1,768,983		 Accumulated
income fund
post 1963
2024
£
400,613
6,775,434
(279,118)
6,896,929		 Total
funds
2024
£
25,849,638
8,046,882
(279,118)
33,617,402

Page 30

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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. 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 Newco 2 Limited. Following the contribution of additional land by another partner during the year, this results in NOHF having an effective 11.36% ownership in Wintringham Partners LLP.

Loans totalling £10,794,678 (2024: £9,448,380) were held by NOHF. To 1 Wintringham LLP £6,800,630 (2024: £6,381,670) , and Wintringham Partners LLP £3,994,048 (2024: £3,066,710) .

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.

Page 31

THE NUFFIELD OXFORD HOSPITALS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Losses/(gains) on investments
Dividends, interests and rents from investments
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash provided by operating activities
nalysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2025
£
2,271,817
(609,633)
(2,027,148)
(895,543)
84,656
(1,175,851)
2025
£
978,288
978,288		 2024
£
3,052,092
(1,572,007)
(1,900,517)
(890,122)
(99,298)
(1,409,852)
2024
£
1,641,399
-
1,641,399

19. Analysis of cash and cash equivalents

20. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2025
£
1,641,399
1,641,399		 Cashflows
£
(663,111)
(663,111)		 At 31
December
2025
£
978,288
978,288

Page 32