THE LORD NUFFIELD ORTHOPAEDIC cEiYfRE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEX Ito4 Tntees, Report Independent Examin¢rfs Rq)ort Balance Sheet Statement of Financial Activities 8t09 Accounting Policies IOto16 Notes to the Accounts
THE LORD NUFFIELD ORTHOPAEDIC CENfRE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The registeredname of the charity is The Lord Nuffield Orthopaedic Centre Tt and the charlty registration number is 309704. The governing document of the charity is the Chlty Commission Scheme of 29 January 1980, which amalgamated three earlier charities governed by Trnst Deeds. Trustees. The following have acted &8 Tnte¢S during the year.. - a. c(ptatIve Trustees, who are appointed for a tenn of five years (renewable) by a resolution at a special meeting of the Trustees: . Mr. J.E.Church (appointed until June 2024- he will offer himself for re-appoinknent at the forthcoming AGM) Mr. A.P.Q. Michaelis (appointed until June 2026) Mr. ILC.R. Feilden (appotnted ulltil June 2026) Professor J. Rees (appointed until June 2025) Mr. L.C. Dickinson (appointed until June 2026) b. Ex-offieio Trustee. The Nuffield Professor of Orthopaedic Surgery in the University of Oxford, for Ihe time being. Professor A.J. CaTr. Nominative Trustee. Appointed for a temi of four years by the Consultant Stsff of the Nuffield Orthopaedic Centre. Mr. A Alvand (appointed until March 2027). The induction and training of new tsustees is to provide them with infomiation that is tailored depending on their experience and interests. A copy ofthe Tnt Deed is provided along with annual ac£ounts, risk assessments and investment reports. When onsidering new lThstees the existing t[LeeS look for specific areas of expertise to help meet the objectives of the TTUSt. 3. The address of the principal office of the Tnt is The Nuffield Orthopaedic Centre, Winthnill Roa¢ HeadIngtO Oxford OX3 7LD. The Secretary to the Trustees is Mr R.F.Minty of 24 Old London Ro4 Wheatley, Oxford.OX33 IYW. Bankers. Barclays Bank plc, 54 Cornmthet St., Oxftird OXI 3HS. Independent Examiner/Auditor. Jemima Kin& Richardson4 Chartered Accountants, 30 Upper High StreeL Thame. Oxon. OX 3EZ Investment Managers. Sardsin and Parthers LLP, Juxon House. 100 SL Paul's Churchyarf London EC4M 8BU. 4. Aims and Objec The primary aims and objects of the TrusL which wer¢ established by TTUSt Deeds between (a) Lord Nuffield and Ib) Miss K. Feilden and the then Tnlstees are: . . To promote the sludy and practice of orthopaedic surgery and the proper melhods of nursing and otherwise caring for orthopaedic patients. b. To encourage and support the co-ordination of the activities of the Nuffield Department of Orthopaedics, Rheumatology and Musculoskeletal Sciences (previously known as the Nuffield Department of Orthopaedic Surgery) and those of other deparknents of the Nuffield Orthopaedic Centre (the hospital), by facilitating and supplementing their work. The trustees confllrn that they haVerefeed to the guidance contained inthe Charity Commission's genernl guidance on public benefit when reviewing the Trust's aims and objectives and in planning fiJtur¢ activities and setting the grant making policy. 5. Policy. The Tnt capital derived initially from gifts made by IA)rd Nuffield and Miss Feilden to which have been added gifts and bequests from other persons and organisations thathave had the objects ofthe Tn in mind. It is tILe Trustees, policy to invest this capital in accordance with the Charities Act 2011 and other Charity Commission guidelines and to use the investtnent income to mainlain scholarships and prizes in orthopaedic surgery and orthopaedic nursing and aftercare and to provide financial support to the Nuffield Departsnent of Orthopaedics. Rheumatology and Musculoskeletal Sciences and other hospital staff. There have been no material changes to thÈs policy during the year.
- Organisation. The Trustees nornially meet annually in June/July to deterniine the level of each of the standing scholarship& prizes and awards and to consider other requests for assistance and matters affecting the TTUSt. Issues arising beiween meetings that require the consideration of all Trustees are dealt with by email or Correspondence. b. The Trustees have promulgated regulations to govern Ihe selection of the recipients of the main scholarships and awards. b. Oversight of the Trust's investments is delegated to the Investment Committee (cuentlY Mr J Church, Professor A. J. Carr and Mr. A. P. Q. Michaelis) and they meet with the Investtnent Managers regularly to discuss policy and perforn]ance of the portfolio. The investment managers are Sarasin and Partners who in accordance with the policy of the trustees manage the investments on a fornial "Total Return" basis. Since l July 1998, capital of the General Fund and the EndowmentFunds has been pooled in a single invesknent portfolio. The assets of this'yrust Pool" are shared between the General Fund, Restricted Fund and Endowment Funds in proportion to their capital input. The Endowment Funds share is further subdivided between the various funds pro rata to their capital input. d. Authority has been delegated to the three medical Trustees (the Ex-officio Trustee, the Nominative Trustee and Professor J. Rees) jointly to consider applications for grants from orthopaedic staff at the hospilal seeking f]nancial assistance to meet course, conference and travel costs" within a limit of £1,000 for any individual grant within a total grant of £2500. The Secretary is responsible forthe c(Fordination of the administration of the Tn¢ ¢OTrespondence. payment of approved scholarships and other awards, monit1ng estimates of income and expenditure and cash flow and maintenance of the Trust's accounts including preparation for independent examinationlaudit of the end ofyear ftnancial statements. f. The Trustees maintain bank dep051t and current accounts with chequebook facilities for the cutrent account. All cheques must bear two authorised $iatUTeS i.e. any two of the Trustees or one Trustee and the Secretary and payments must be within budgets approved by the Trnstees. g. The Trust is not dependent upon the services of unpaid volunteery donations-in-kind or other intaugil)le income and does not actively fundraise.
- Activities and Achievements. During 2023124 the trustee5 made grants to The University of Oxford toward the cost of a Research Assistant at the Nuffield Department of Orthopaedics. Rheumatology and Musculoskeletal Sciences (£44,6901 awarded a Girdlestone Memorial scholarship in orthopaedic surgery (£23,068) and a grant for P05t Doctornl Research (£17,667) together with thrther grants which are listed below. Most of these holarshIpS and priz£s are named after the doTtor of fimds to the Trust. The TNstees believe that the level of each of these awards and the quality of the recipient fulfil the expectstions of the donor at the time of the gift. The trustees confjnn that they have referred to the guidance contained in the Charity Commission's general guidance on publi¢ benefit when reviewing the aims and objectives for the year in planning future activities. The tnteeS are expecting to continue providing further grants in future to fulfil the objects of the TrwsL UnfortunateIy. the trustees were unable to mak¢ a grant to fijnd the Lord Nu£field Scholarship in Orthopaedic surgery as The Oxford University were unable to identify suilable candidates. Keniwright prize £330 Lord Nuffield scholarship in aftercare £660 Feilden nursing scholarship £660 Elizabeth Handfiedld Jones travelling scholarship £660 Girdlestone Memorial nursing scholarship £660 Joseph Tn prized £1.600
- Financial Position. . The Trust's Total Return Policy is to draw down 34 /0 by way of income distribution and lor capital realisedlreinvested of the average of the previous 5 year end5, values of the investment portfolio. This means that the Trust is able to take a long
ternl view, partiCullY in times of economic uncertainty. with the aim of preserving the value of its investment portfolio in real temis, and th¢ level of grants distributed are managed within those parameters. b. The Trust's investment portfolio is investsd in the Sarnsin Endowments A Inc Fund. The Fund seeks to provide growth (through increases in inveslment value and growth) of 40/0 per year more than the Consumer Price IndeK over a rolling 5 year period. It is a global multi-asset portfolio with an intewated socially responsible investment policy. ¢. The balance theet shows thaL at 31 March 2024. Ihe Trusthad total net &ssets of£5,574,912 (2023 - £5.115.108) an increase of £459,804 during the year. Of the assets, £5,438,804 (2023 - £4.924,437) are held in the Trust's investment portfolio. The historical cost of these investments was £5,341,166. The sUlUS on revaluation of the investtnents as at 31 March 2024 was £414,367 (2023 deficit of £298,665). d. Income from investment and interest totalled £148.852 (2023 - £141.463). Net Movement in Unrestricted Funds for the year was a sLpIUs of £439,317 (2023 a loss of £202,998), a surplus of 6,660 (2023 a loss of £3,153) on Restiicted Funds and a surplus of £13.827 (2023 a loss £5,400) on Endowment Funds. Unrestricted Fund Grants and Awards. The following scholarships and grnnts from general fimds, totalling £89,995 (2023 - £42,660) were awarded during the year: . Girdlestone Memorial Scholarship. £23.068 Award towards the cost of a Research Assistant at the Nuffield Departsnent of Orthopaedic sllery. £44,690 Post Doctoral Research grant. £17,667 Kenwright prize. £330 Lord Nuffield Scholarship in Afterc. £660 Feilden Nursing Scholarship. £660 Eli7abeth Handfield Jones Trdvelling Scholarship. £660 Girdlestone Mcmorial Nursing Scholarship. £660 Joseph Trueta prize. £1,600 9. Special Fund The following special fimds esfablishedby donations for specific purpose4 withinthe overdll objectsofTiiisL are administered by the trustees: _ James Turner Pri7£. A pernjanent endowment fuud. An annual prize funded by the income from a donation by Mr. James Turner, a grate1 patienL awarded to orthopaedic surgeons specialising in joint reconslruction surgery. Nornially in alternate years the prize is awarded to a surgeon from the hospital to travel overse&s and then to a Surgeon from overseas to visit the Nuffield Orthopaedic Centre. John Goodfelloiv Travelling Prize. An expendable endowment fund created from a donation by Mr. J.W. Goodfellow, FRCS, of royalties received from artificial knee prosthesis. The Èncome is used to fund a prize awarded by the senior medical staff of the hospital to amemberof the junior medtcal staffto attend a conference or congress or to study any aspect of surgery, in Europe. David John Fuller Memori31 Lteture Fund. An expendabl¢ endomrynent nd created from donations in memory of Mr. D.J. Fuller, FRCS who died in 1983. The income is used to fimd lectures at the hospital given by visiting Professors of Orthopaedic Surgery. At the discretion of the trustees. surplus income may be used to purchase medical textbooks. ILB. Duthie Fund. An expelldable endowment fund created from donations by overseas members of the Girdlestone Orthopaedic Society to sponsor orthopaedic surgeons from'tthe third world" to attend the Society's meetings. Theatres Fund. A restricted tncome fund. Income is from periodic donations from Biomet Limited. No grants were made from the Fund during the year. John Spivcy Prize. A restricted Fund set up to fimd an award of £l.000 per annum to a visiting fellow or researcher in reconstruction atld orthopaedic oncology attached to the NufField Orthopaedic Centre Sarcoma Unit. 10. Future Plans. The Trust will continue to provide support to the Nuffield Departsnent of Ortbopaedics. Rheumatology alld Musculoskeletsl Sciences by maintaining scholarships and prizes in orthopaedic surgery and orthopaedic nursing and aftercare but within the limits of its yed Total Return draw down policy. That return will be dependent on the conditions of the inveslment markets,
although the averaging effect of the Total Retum policy will smooth such effects and allow the Trnst to plan abead. No major changes in the Trust's investment strdtegy are anticipated in the 2024r25 year. 11. ststement of trustees, responsibiliti. Charity law requires the trustee5 to prepare financiaI statements for each fmancial year which show ate and fair view ofthe state of affairs of the charity and its financial activitie5 for that period. tn preparing the fmancial statements, the trustees are Select suitable accounting policies and then to apply them consistentty Make judgements and estimatrs that are reasonable and prndent State whether applicable accounting standards and statements of recomn]ended pwtice have been followed, subject to any departures disclosed and explained in the fmancial statements Prepare the fmancial statements on the going concern basis wiless it is inappropriate to presume that the charity will ontinue in operational existence. The ttustees are responsible for keeping proper a¢¢ounting records whicb disclose with sonable accurdcy at any time the fmancial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011.They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and olher irregularities. 12. Risk Asse&sment. The major risks, to which the Trust is exposed. as identified by the trustees, have been reviewed and systems have been established to mitigate those risks. Approved by the Trnstees on 2 July 2024 and signed on their behalf by: .. J. E. Church (Chainnan)
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST INDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES OF THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST J report to the trnstees on my cxamination of the financial statements of The Lord Nuffield Orthopaedic Centre Trust (the clwity) for the year ended 31 March 2024. Responsibilities basis of report As the trustees of the charity (and also its directors for the PUTPQS¢S of company law) you are responsible for th¢ preparation of the fjnancial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statctnents carricd out undcr scction 145 of the 2011 ACL In carrying out my examination I have followed all the applicable Directions given by the Charity Commission ullder sectioll 145(5)(b) of the 2011 Act. Ind¢pendent examiner's ststement Your attention is drawn to the fath that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Jreland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommcnded Practice issued on l April 2005 which is referred to in the extant regulations but has now been wkthdrawn. l understand that this has been done in order for finallcial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. I have completed my examination. I confim that no rnatters have com¢ to my attentioo in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the chaTity as Tequired by section 386 of the 2006 Act. or the financial statements do not accord with those records. or the flluncial ststements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a trC and fair view which is Dot a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to ellable a proper understanding of the finattcial staten]ents to be reached.. Jeminm King RiclLardsons 30 Upper High Street Thame OxfordshiTe OX9 3EZ Dated: Z 2029
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST BALANCE SHEET AS AT 31 MARCH 2024 Note 2024 2023 Fixed Assets: Inveslments General Fund Endowment Funds- E4Yndabk Endowmcnt fid8- Pcrnianent Restricted Funds 5252,222 84,233 47.814 54.535 4,755,134 76.650 43,753 48.900 5,438.804 4.924,437 Current Assets: Cash at bank: Currcnt account Dew)sffit accounts 96,448 99.883 196,331 135,462 98,893 234.355 Current Liabilities Amounts falling due within one year 60.223 43.684 Net Current Assets 136.108 190.671 Net knets 5 574.912 5,115 108 Fund5: Uttrestrictcd Funds Restricted Funds Endowment Funds- Expcndable En(k)wment Funds- Pemianent 5.338,570 78.780 103.114 54,448 4,899,253 72.120 93.807 49,928 5.374.912 5,115,108 Approv on 2 Juty 2024 and signed on their behalf by: . Mr. J E Church (Chatrnwl) .. Mr. A P Q Michaelis (Trustee)
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST STATEMENT OF FINANCIAL ACTivrrIES FOR THE YEAR ENDED 31 MARCH 2024 Endoimetst Tgtsl Total Unrestritttd Restrietsd Expelldable Perm#ueDt Fullds Ends Funds 21124 2023 Income EndoMTheTrts frt¥m Stocks and shat¢s 141.696 948 2,011 14 2,706 18 1.449 io 147,862 990 141.304 159 tkw)sit interest Other Income 200 142.644 2.025 2.724 1,459 148.852 141,663 Expenditure o Charitable activities INot¢ 10) (100.415) {i.O(K)) (1.000) (1,000) (103.415) (54.549} G¢n¢rating thnds Net gain(rO55) on iTrvesttneDts 397.088 5.635 7583 4,061 4l4.367 (298,665) P4et Ineomel(txpendlthre) 439.3 17 6.660 9.307 4,520 459,804 (353.214) Other gain%qos Net Movement in Funds 439.317 6,660 9J07 4.520 459,804 (211,5511 Fund balances brought fomrd 4.899.253 T2,120 93.807 49.928 5,11$.108 $.326,659 Fund balances carried fonvard 5.338.570 78,780 103.114 54,448 5.574.912 5,115.108 The notes on pages 8 to 16 forni part of thcsc accounts
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 l.Accounling Policies 1.1 Aecounttng coDventioD Thc financial statements have been prcparcd in accordance with the CharÉties Act 2011 and"Accounting and Reporting by ChItte5.. Statement of Recommendcd Practice applicable lo charitics prcparing their ac¢ounts in accordance with ihe Financial RcportiTkg Standard applicabk in thc UK and Republic of Ireland (FRS 102)" {&s amended for accounting periods ¢ommcncing from l January 2016). The charity is a Public Benefit Entity as defjncd by FRS 102. The charity has taken advantage of the provisions in thc SORP for charittes applying FRS 102 Bullctin I not to prepare a Statement of Cash Flow Th¢ fmancial statcmcnts have departed from the Charities (Accounts and Rcports) Regulations 2008 only to the extent requircd to provide a truc and fair view. This dewure Ilas involved following the Sthtcmcnt of Recommended Practice for charities apptying FRS 102 rathcr than thc version of the Statemcnt of Recommended Practicc which is referred to in the Regulation.8 bul which has since Lxen withdrawn. The fjnancial statemcnts are prepared in sterling. which is the functtonal currency of thc charity. Monetary amounts in these fjnancial slalements are rounded to the nearesl £. The r]nanCi statements have E*cn prepared under the historical cost convention. modificd to include the revaluation of investtncnts. The principal accounting tx)]icies adopted are sct out bclow. 1.2 Going concern At the time olapproving the financial statement& thc trustees have a asOnable cxrKctstion that the charity adequate resources to continuc in opcrational existrnce for thc forc5eeable fukn]re. 'I'hus thc trustces continue 10 a(lopt the going concern b&sis of a£¢ounting in preparing the fmancia] staterncnts. IJ Charitsble funds Unrcstrictcd funds are available for use at thc discretion of the trustces in fi]rtherance oftheir charitable objectives unless th¢ funds havc bccn designated for other purposes. Restri¢ted funds are subicct to specific condtiions by donors as to how they may bc used. The purwscs and uses of the StriCted funds are set out in thc notcs to the fman¢ial statcmcnts. Endowment funds. arc subject to Specif conditions by donors ihat the capital must maintained by thc charity. Expendable endowment funds altow for the capitat to be spent at the tru.st¢es' dis¢reiion. 1.4 Quoted Investments Quoted investmcnts ate 1ThCded in Fixed Asscts at market value. Realiscd and unrealised gain5 and losses on quoted invcstments held in the General Fund Capital Account and in the Restricted and Enthwmcnt Funds atr retkctcd itk the relevant fim¢l 1.5 Income and Endowments Incotne dEndoWMents rcprcscnt all of the income rcccived from quoted investmcnts and bank derx)sits. Investment InMe is rccordcd when re1Ve
THE LORD NUFFIELD ORTHOPAEDIC CEiYfRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1.6 Expenditure Grants are recorded On the Trustees have madc an uncondltt0t commitment to pay the grdnL Costs of managing the investtnents now accounted for within the rtfoliO and not chargcd dircctty to the Tnt as prcviousty. 1.7 Financial instruments The ¢harity has ekcted to appty thc provisKJns of SectK)n I I 'Basic Financial Instruments, and Scction 12 '0ther Financi Insttlllnents Issues. of FRS 102 to all of its fjnancial instrwn¢nÉs. F*nancia] insttvments are cOgnIS¢a in the charitys balance sheet when the charity bccomcs party to th¢ contsactuaj provisions of the instrumenl.
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 2. Fixed Assets- Investments The Trust holds 4,300.317.01 Sarsin Tr.ndowments Fund Cl&ss A Ino)me unRts. The investments of the Unr¢8tricte¢ EndowmeTht and Restricted Funds are PN)led for investment puTSeS. The lolal investments of this"Trnst Pool" ar¢ regarded as bcing equivatent to 10,000 untts. Bascd on input into the Tru51 EXM)L the Gencral Fund ts allocatcd 9.583units. tbc Endowment I,unds 281and thc John Spivcy Prize allocated 136 uni Quoted Investments Trust Pool Apportioned Between Endowment Expendable Permanenl Funds Funds Trust Pool Trust Pool Total Totsl Unrestrirted Restrirted Funds Funds 2024 2023 Market Value at 31 M4reb 2023 4,755,134 48,900 76,650 43.753 4,924,437 5.223,102 Add: Addhions at cost 1£ss: DiskX)sa]s Gain1155) on revaluatio loo.000 loo.000 397.088 5,635 7,583 4.061 414,367 (298,665) Market Vlue at 31 March 2024 5,252,222 54,535 84,233 47,814 5,438,804 4,924,437 The Sarasin Endowments Fund Class A Income units were invested as follow& Equities FiKed income Pn)pcrty Alternativc investments Liquid asts 3,980.856 673,201 193,560 373.013 218.174 3,258,299 731,706 218,061 609,465 106.906 5,438.804 4,924,437 Historic Cost at 31 MA Yeb 2024 5,341,166 5,241.l66 io
THE LORD NUFFIELD ORTHOPAEDIC CENfRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 3. Current Liabilities Grants and awards Professional fees 58.663 1,560 42.160 1,524 60,223 43,684 4. Unrestricted Funds Balanee at l April 2023 Net surplus forthe year Balante at31 March 2024 4,899,253 439,317 5,338,570 5.102.251 {202,998) 4,899,253 5. Restricted Funds Bal¢¢ l Apri] 2011 Income RevaIatIOn E4beDrtRknre 31 MAT 2024 Thcatres (Biomct) Fund John Spivcy Prize 2.353 69,767 2.353 76.427 2.025 5.635 (1.000) 72,120 2,025 5,635 1,000 6. Expendable Endowment Funds Balwnc Suryil 0 Rev8lu*tio pendith BalAllte FUND l April 2023 Jncome 31 Mar 2024 John Goodfellow Prize David Fuller Memorial Girdlestone Society-R B Duthie Fund 35,312 15,546 42.949 1,027 447 1,250 2,859 1,243 3.481 (1.000) 38,198 17.236 47.680 93,807 2.724 7.5143 (1.000) 103.114 li
THE LORD NUFFIELD ORTHOPAEDIC CENfRE TRUST NOTES TO THE ACCOUNfs FOR THE YEAR ENDED 31 MARCH 2024 7. Permanent Endowment Funds Capital Surplus on RevaluatiOD ExpeDditui l April 2023 31 Mar 2024 James Turner Prize 38.951 4,061 43.012 43,012 Income Balan¢e Inme ExpendituTt Bthn l April 2023 JJ Mar211Z4 James Turner Prize 10,977 1.459 {I,000) 11.436 10.977 1,459 1,000 11,436 21124 2023 Totsl of Pernianent Endowment Funds at 31 March 2024 54,448 49,928 12
THE LORD NUFFIELD ORTHOPAEDIC CEiYfRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 8. EDdowmeDt Funds Invested Cgpitsl On l July 1998, the endowmenl and restricttd fiinds investments were kd with the unrestricted fund investments. The Iqsets and income ofthis 'TnJst Pool" are shared between the unrestricted fund and the other fimds in proportion to their capital input- see note 2. James Turner Pri A pern)ent fund provtding an annual prizc fimded by the income from a (bnation by Mr. James Turner, a grateful paticnl supplefflcntcd by an award from general funds at the discretM)n of the trnstee& Awarded to orthopaedic surgeons 4Kcialising in joint reconstruction surgery. John Goodfellow Travelling Pri An exndbk ¢ndowment fund crcatcd from a donation by Mr. J.W. Goodfellow, FRCS, of royaltiC5 reccived from an artificial kncc prosthesi& In¢ome is ud to nd a prize awarded by the medical staff of the hospital to a member of the junior medical staff to attetLd a conference or congress or to th]dy any &g)ect of surgery. in Europe. David John Fuller Memorial Lecture Fund An ¢K1dabk ¢ndowment fund created from donatiOTts in memory of Mr. D.J. Fuller, FRCS, who died in 1983. Income is used to fund Icctures at the hosptt81 given by visiting Professors of Orthopacdic Surgcry. At the dis¢tIOn of the trustee& surplus income may used to purch mcdid text Ix)oks. R.B. Duhie Fund An eXidable endowincnt fid crcatcd from donations from OVee&s members of the Girdkstone Orthopaedic Society to 4xbnsor orthopaedic surgeons from the "third world" to attcnd thc Societ)Ps meelings. Restricted Funds Theatres (Biomet) Fund A restricted fund to help meet course and conferellcc fees or thnd levant lit¢rature for theatre staff. John Spivey Pri A restricted fwid created to fund an award of £1,000 per annum to a visiting fellow or research¢r in rec0nstnt10n oncology attached to the NutTieid Orthopaedic Centre Sarcoma Unit. 13
THE LORD NUFFIELD ORTHOPAEDIC CEiYfRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 9. Anatysi$ of Charitsble Expenditure 2024 2023 Grants and awards (note 10) Other charitable expendithre (not¢ I l) 89.995 10,420 42.660 9,889 100.415 52,549 10. Grants and Awards 2n24 2023 Lord Nuffield Scholarship in orthopaedic surgcry Girdlcstone Memorial scholarship in orthopaedic surgery 23.068 Total orthopaedÈc scholarships Kenwright Prize Lord Nufficld SCI[arS111p in aftercate Feilden nursing scholarship Elizabeth Handfield Jones travel]ing scholarship Girdlcstonc MetrLorial nursing scholarship Coll¢, wnference and travel grants Nuffield Dcpt. of Orthopaedic Surgery research assistant Post Doctor Resear¢h grdnt Grant foriournajs and profrssional publications Joseph Truets prize 23,068 330 500 660 660 660 660 44,690 17,667 42.160 1,600 Grants and Awards from Unrestrirted Funds 119,995 42,660 Total Grants and Awards for the year Unr¢8tricte(t fund Endowtnent fuThds- Expendable Pernianent Note 9 100.415 1,000 1.000 1.000 52.549 1.000 1.000 RestrÉcted funds 103.415 54.549 14
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST LYOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 11. Other ChAritable expenditure 2024 2023 Truslees meetings Salary of secretary Auditllndependent examination fr¢ Office expetJs¢s 8.530 1.560 330 8,050 1,551 288 10,420 9,889 11. RelAted PArty TrAnsxction8 An objective of the Tn i8 to provide f]naThcial SUPFOrt to The Nuffield Departsnent of Orthopaedic Surgery at The University of Oxford. Two of the ttustee& Proftssor AJ Catr and Professor J Rees are employees of Th¢ University of OxfoTd. 13. Staff Costs 2024 2023 Salories National insurance costs 8.530 8,050 8,530 8,050 The Trust has otke part-time employee. None of the t received any remuncration or ext£nses during the year (2023 none). 14. An8lysis ofAssets and LiabÉlities Unrfstlirtd RtrIcted FJxpwdgble FuDd8 Penttallent Totsl Tothl FndS 2023 Investmcnts 5,252222 146.571 (60,223) 54,535 24.245 84.233 18,881 47,814 5.438.804 6.634 196.331 (60,223) 4.924,437 234,355 (43,684) CwTent ass¢ts Curtcnt liabilitics 5 338 570 78,780 103.114 54.448 5 574,912 5,115,108 15
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 16. Ststement of Financial Activities- Angtysis of 2023 Comparaaives Unrestricted Funds Restricted Funds Endowment Funds Expendable Permanent Totsl 2023 Income and Endowments from Stocks and shares DeEK>Sit interest Other income 135410 1,936 2.572 1.386 141,304 159 20n 152 200 Totsl Income and Endowments 135,762 1,938 2.575 1,388 141.663 Eypenditure on Charitsibk activities Gcncrdttng funds Investment management {52.549) (1,000) (1.000) (54.549) Net gainslOosse5) on investsnenls (286,211) (4,091) (5,436) {2,927) (298,665) Net Ineomel(expeTrditure) (202,998) (3.153) (2,861) {2.539) (211,551) Other gainsJk)sses Net Movcment in Funds 202.998 3.153 2,861 2,539 211.551 16