THE LORD NUFFIELD ORTHOPAEDIC cEiYfRE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
INDEX
Ito4
Tn￿tees, 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 T￿￿t and the charlty registration number
is 309704. The governing document of the charity is the Ch￿lty Commission Scheme of 29 January 1980, which
amalgamated three earlier charities governed by Trnst Deeds.
Trustees.
The following have acted &8 Tn￿te¢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 Tn￿t Deed is provided along with annual ac£ounts, risk assessments and investment reports. When
onsidering new lThstees the existing t[L￿eeS look for specific areas of expertise to help meet the objectives of the TTUSt.
3. The address of the principal office of the Tn￿t 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 haVerefe￿ed 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 Tn￿t 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.

6. 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 (cu￿entlY 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, monit￿1ng 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 $i￿atUTeS 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.
7. 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 tn￿teeS 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
8. 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, partiCul￿lY 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 sU￿lUS 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 sL￿pIUs 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 sll￿ery. £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 grate￿1 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 at￿e 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 tr￿C 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 fi￿d8- 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￿(rO5￿5) 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%qo￿s
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
Ch￿Itte5.. 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 1ThC￿ded 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 In￿Me is rccordcd when r￿e1Ve

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
Tn￿t 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 puT￿SeS.
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
Gain11￿55) on revaluatio
loo.000
loo.000
397.088
5,635
7,583
4.061
414,367
(298,665)
Market V*lue 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 as*ts
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
RevaI￿atIOn 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
In￿me
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 ex￿nd￿bk ¢ndowment fund crcatcd from a donation by Mr. J.W. Goodfellow, FRCS, of royaltiC5 reccived from an
artificial kncc prosthesi& In¢ome is u*d 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 ¢K￿1dabk ¢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. Du*hie Fund
An eX￿idable endowincnt fi￿d crcatcd from donations from OVe￿e&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 rec0nstn￿t10n 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 R￿trIcted
FJxpwdgble
FuDd8
Penttallent
Totsl
Tothl
F￿ndS
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