THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025
- The registered name of the charity is The Lord Nuffield Orthopaedic Centre Trust and the charity registration number is 309704. The governing document of the charity is the Charity Commission Scheme of 29 January 1980, which amalgamated three earlier charities governed by Trust Deeds.
2. Trustees .
The following have acted as Trustees during the year: -
a. Co-optative Trustees , who are appointed for a term of five years (renewable) by a resolution at a special meeting of the Trustees: -
Mr. J.E.Church (appointed until June 2029)
Mr. A.P.Q. Michaelis (appointed until June 2026)
Mr. R.C.R. Feilden (appointed until June 2026)
Professor J. Rees (appointed until June 2025 – he will offer himself for re-appointment at the forthcoming AGM) Mr. L.C. Dickinson (appointed until June 2026)
b. Ex-officio Trustee . The Nuffield Professor of Orthopaedic Surgery in the University of Oxford, for the time being. Professor A.J. Carr.
c. Nominative Trustee . Appointed for a term of four years by the Consultant Staff of the Nuffield Orthopaedic Centre. Mr. A Alvand (appointed until March 2027).
The induction and training of new trustees is to provide them with information that is tailored depending on their experience and interests. A copy of the Trust Deed is provided along with annual accounts, risk assessments and investment reports. When considering new trustees the existing trustees look for specific areas of expertise to help meet the objectives of the Trust.
- The address of the principal office of the Trust is The Nuffield Orthopaedic Centre, Windmill Road, Headington, Oxford OX3 7LD. The Secretary to the Trustees is Mr R.F. Minty of 24 Old London Road, Wheatley, Oxford. OX33 1YW.
Bankers. Barclays Bank plc, 54 Cornmarket St., Oxford OX1 3HS.
Independent Examiner/Auditor. Jemima King, Richardsons, Chartered Accountants, 30 Upper High Street, Thame, Oxon. OX 3EZ
Investment Managers. Sarasin and Partners LLP, Juxon House, 100 St. Paul’s Churchyard, London EC4M 8BU.
4. Aims and Objects.
The primary aims and objects of the Trust, which were established by Trust Deeds between (a) Lord Nuffield and (b) Miss K. Feilden and the then Trustees are: -
a. To promote the study and practice of orthopaedic surgery and the proper methods 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 departments of the Nuffield Orthopaedic Centre (the hospital), by facilitating and supplementing their work.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy.
5. Policy.
The Trust capital derived initially from gifts made by Lord Nuffield and Miss Feilden to which have been added gifts and bequests from other persons and organisations that have had the objects of the Trust in mind. It is the Trustees' policy to invest this capital in accordance with the Charities Act 2011 and other Charity Commission guidelines and to use the investment income to maintain scholarships and prizes in orthopaedic surgery and orthopaedic nursing and aftercare and to provide financial support to the Nuffield Department of Orthopaedics, Rheumatology and Musculoskeletal Sciences and other hospital staff. There have been no material changes to this policy during the year.
1
The Lord Nuffield Orthopaedic Centre Trust is a registered charity under Registered Charity No. 309704
6. Organisation.
a. The Trustees normally meet annually in June/July to determine the level of each of the standing scholarships, prizes and awards and to consider other requests for assistance and matters affecting the Trust. Issues arising between meetings that require the consideration of all Trustees are dealt with by email or correspondence.
-
b. The Trustees have promulgated regulations to govern the selection of the recipients of the main scholarships and awards.
-
b. Oversight of the Trust’s investments is delegated to the Investment Committee (currently Mr J Church, Professor A. J. Carr and Mr. A. P. Q. Michaelis) and they meet with the Investment Managers regularly to discuss policy and performance of the portfolio. The investment managers are Sarasin and Partners who in accordance with the policy of the trustees manage the investments on a formal “Total Return” basis.
Since 1 July 1998, capital of the General Fund and the Endowment Funds has been pooled in a single investment portfolio. The assets of this “Trust 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 hospital seeking financial assistance to meet course, conference and travel costs; within a limit of £1,000 for any individual grant within a total grant of £2500.
e. The Secretary is responsible for the co-ordination of the administration of the Trust, correspondence, payment of approved scholarships and other awards, monitoring estimates of income and expenditure and cash flow and maintenance of the Trust’s accounts including preparation for independent examination/audit of the end of year financial statements.
f. The Trustees maintain bank deposit and current accounts with chequebook facilities for the current account. All cheques must bear two authorised signatures i.e. any two of the Trustees or one Trustee and the Secretary and payments must be within budgets approved by the Trustees.
- g. The Trust is not dependent upon the services of unpaid volunteers, donations-in-kind or other intangible income and does not actively fundraise.
7. Activities and Achievements .
During 2024/25 the trustees made grants to The University of Oxford toward the cost of a Research Assistant at the Nuffield Department of Orthopaedics, Rheumatology and Musculoskeletal Sciences (£46,480), awarded a Girdlestone Memorial scholarship in orthopaedic surgery (£46,136), awarded a Lord Nuffield scholarship in orthopaedic surgery (£23,068), a grant for Post Doctoral Research (£26,500) and an award for an Orthopaedic Ageing scholarship (£16,650) together with further grants which are listed below. Most of these scholarships and prizes are named after the donor of funds to the Trust. The Trustees believe that the level of each of these awards and the quality of the recipient fulfil the expectations of the donor at the time of the gift. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives for the year in planning future activities. The trustees are expecting to continue providing further grants in future to fulfil the objects of the Trust.
Kenwright prize £600 Lord Nuffield scholarship in aftercare £625 Feilden nursing scholarship £625 Elizabeth Handfield Jones travelling scholarship £625 Girdlestone Memorial nursing scholarship £625
8. Financial Position.
a . The Trust’s Total Return Policy is to draw down 3-4% by way of income distribution and /or capital realised/reinvested of the average of the previous 5 year ends’ values of the investment portfolio. This means that the Trust is able to take a long term view, particularly in times of economic uncertainty, with the aim of preserving the value of its investment portfolio in real terms, and the level of grants distributed are managed within those parameters.
b . The Trust’s investment portfolio is invested in the Sarasin Endowments A Inc Fund. The Fund seeks to provide growth (through increases in investment value and growth) of 4% per year more than the Consumer Price Index, over a rolling 5 year
2
The Lord Nuffield Orthopaedic Centre Trust is a registered charity under Registered Charity No. 309704
period. It is a global multi-asset portfolio with an integrated socially responsible investment policy.
c. The balance sheet shows that, at 31 March 2025, the Trust had total net assets of £5,627,343 (2024 - ₤5,574,912) an increase of £52,411 during the year. Of the assets, ₤5,512,397 (2024 - £5,438,804) are held in the Trust's investment portfolio. The historical cost of these investments was ₤5,359,381. The surplus on revaluation of the investments as at 31 March 2025 was £73,593 (2024 £414,367).
d. Income from investment and interest totalled ₤151,233 (2024 - £148,852). Net Movement in Unrestricted Funds for the year was a surplus of £42,970 (2024 £439,317), a surplus of £3,079 (2024 £6,600) on Restricted Funds and a surplus of £6,362 (2024 £13,827) on Endowment Funds.
- c. Unrestricted Fund Grants and Awards. The following scholarships and grants from general funds, totalling £161,934 (2024 - £89,995) were awarded during the year: -
Girdlestone Memorial Scholarship. £46,136 Lord Nuffield scholarship in orthopaedic surgery £23,068
Award towards the cost of a Research Assistant at the Nuffield Department of Orthopaedic Surgery. £46,480 Post doctoral research grant £26,500 Orthopaedic Ageing scholarship £16,650 Kenwright prize. £600 Lord Nuffield Scholarship in Aftercare. £625 Feilden Nursing Scholarship. £625 Elizabeth Handfield Jones Travelling Scholarship. £625 Girdlestone Memorial Nursing Scholarship. £625
9. Special Funds.
The following special funds established by donations for specific purposes, within the overall objects of Trust, are administered by the trustees: -
James Turner Prize . A permanent endowment fund. An annual prize funded by the income from a donation by Mr. James Turner, a grateful patient, awarded to orthopaedic surgeons specialising in joint reconstruction surgery. Normally in alternate years the prize is awarded to a surgeon from the hospital to travel overseas and then to a surgeon from overseas to visit the Nuffield Orthopaedic Centre.
John Goodfellow Travelling Prize . An expendable endowment fund created from a donation by Mr. J.W. Goodfellow, FRCS, of royalties received from artificial knee prosthesis. The income is used to fund a prize awarded by the senior medical staff of the hospital to a member of the junior medical staff to attend a conference or congress or to study any aspect of surgery, in Europe.
David John Fuller Memorial Lecture Fund . An expendable endowment fund created from donations in memory of Mr. D.J. Fuller, FRCS who died in 1983. The income is used to fund 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.
R.B. Duthie Fund . An expendable endowment fund created from donations by overseas members of the Girdlestone Orthopaedic Society to sponsor orthopaedic surgeons from “the third world” to attend the Society’s meetings.
Theatres Fund . A restricted income fund. Income is from periodic donations from Biomet Limited. No grants were made from the Fund during the year.
John Spivey Prize . A restricted Fund set up to fund an award of £1,000 per annum to a visiting fellow or researcher in reconstruction and orthopaedic oncology attached to the Nuffield Orthopaedic Centre Sarcoma Unit.
10. Future Plans.
The Trust will continue to provide support to the Nuffield Department of Orthopaedics, Rheumatology and Musculoskeletal Sciences by maintaining scholarships and prizes in orthopaedic surgery and orthopaedic nursing and aftercare but within the limits of its agreed Total Return draw down policy. That return will be dependent on the conditions of the investment markets, although the averaging effect of the Total Return policy will smooth such effects and allow the Trust to plan ahead. No major changes in the Trust’s investment strategy are anticipated in the 2025/26 year.
3
The Lord Nuffield Orthopaedic Centre Trust is a registered charity under Registered Charity No. 309704
11. Statement of trustees’ responsibilities .
Charity law requires the trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing the financial statements, the trustees are required to;
Select suitable accounting policies and then to apply them consistently
Make judgements and estimates that are reasonable and prudent
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
12 . Risk Assessment .
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 Trustees on 1[st] July 2025 and signed on their behalf by:
…………………………………….……. J. E. Church (Chairman)
4
The Lord Nuffield Orthopaedic Centre Trust is a registered charity under Registered Charity No. 309704
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
INDEX
Page:
1to4 Trustees' Report
5 Independent Examiner's Report
6 Balance Sheet 7 Statement of Financial Activities
8 to9 Accounting Policies
10 to 16 Notes to the Accounts
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025
- The registered name ofthe charity is The Lord Nuffield Orthopaedic Centre Trust and the charity registration number is 309704. The governing document of the charity is the Charity Commission Scheme of 29 January 1980, which amalgamated three earlier charities governed by Trust Deeds.
2. Trustees.
The following have acted as Trustees during the year: -
a. Co-optative Trustees, who are appointed for a term of five years (renewable) by a resolution at a special meeting of the Trustees: -
Mr. J.E.Church (appointed until June 2029)
Mr. A.P.Q. Michaelis (appointed until June 2026)
Mr. R.C.R. Feilden (appointed until June 2026)
Professor J. Rees (appointed until June 2025 — he will offer himself for re-appointment at the forthcoming AGM) Mr. L.C. Dickinson (appointed until June 2026)
b. Ex-officio Trustee. The Nuffield Professor of Orthopaedic Surgery in the University of Oxford, for the time being. Professor A.J. Carr.
c. Nominative Trustee. Appointed for a term of four years by the Consultant Staff of the Nuffield Orthopaedic Centre. Mr. A Alvand (appointed until March 2027).
The induction and training of new trustees is to provide them with information that is tailored depending on their experience and interests. A copy ofthe Trust Deed is provided along with annual accounts, risk assessments and investment reports. When considering new trustees the existing trustees look for specific areas of expertise to help meet the objectives of the Trust.
- The address of the principal office of the Trust is The Nuffield Orthopaedic Centre, Windmill Road, Headington, Oxford OX3 7LD. The Secretary to the Trustees is Mr R.F. Minty of 24 Old London Road, Wheatley, Oxford. OX33 1YW.
Bankers. Barclays Bank plc, 54 Cornmarket St., Oxford OX1 3HS.
Independent Examiner/Auditor. Jemima King, Richardsons, Chartered Accountants, 30 Upper High Street, Thame, Oxon. OX 3EZ
Investment Managers. Sarasin and Partners LLP, Juxon House, 100 St. Paul’s Churchyard, London EC4M 8BU.
- Aims and Objects.
The primary aims and objects of the Trust, which were established by Trust Deeds between (a) Lord Nuffield and (b) Miss K. Feilden and the then Trustees are: -
a. To promote the study and practice of orthopaedic surgery and the proper methods 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 departments of the Nuffield Orthopaedic Centre (the hospital), by facilitating and supplementing their work.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy.
5. Policy.
The Trust capital derived initially from gifts made by Lord Nuffield and Miss Feilden to which have been added gifts and bequests from other persons and organisations that have had the objects of the Trust in mind. It is the Trustees’ policy to invest this capital in accordance with the Charities Act 2011 and other Charity Commission guidelines and to use the investment income to maintain scholarships and prizes in orthopaedic surgery and orthopaedic nursing and aftercare and to provide financial support to the Nuffield Department of Orthopaedics, Rheumatology and Musculoskeletal Sciences and other hospital staff. There have been no material changes to this policy during the year.
1 The Lord Nuffield Orthopaedic Centre Trust is a registered charity under Registered Charity No. 309704
- Organisation.
a. The Trustees normally meet annually in June/July to determine the level of each of the standing scholarships, prizes and awards and to consider other requests for assistance and matters affecting the Trust. Issues arising between meetings that require the consideration of all Trustees are dealt with by email or correspondence.
-
b. The Trustees have promulgated regulations to govern the selection of the recipients ofthe main scholarships and awards.
-
b. Oversight of the Trust’s investments is delegated to the Investment Committee (currently Mr J Church, Professor A. J. Carr and Mr. A. P. Q. Michaelis) and they meet with the Investment Managers regularly to discuss policy and performance of the portfolio. The investment managers are Sarasin and Partners who in accordance with the policy of the trustees manage the investments on a formal “Total Return” basis.
Since | July 1998, capital ofthe General Fund and the Endowment Funds has been pooled in a single investment portfolio. The assets of this “Trust 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 hospital seeking financial assistance to meet course, conference and travel costs; within a limit of £1,000 for any individual grant within a total grant of £2500.
e. The Secretary is responsible for the co-ordination ofthe administration ofthe Trust, correspondence, payment of approved scholarships and other awards, monitoring estimates of income and expenditure and cash flow and maintenance of the Trust’s accounts including preparation for independent examination/audit of the end ofyear financial statements.
f. The Trustees maintain bank deposit and current accounts with chequebook facilities for the current account. All cheques must bear two authorised signatures i.e. any two ofthe Trustees or one Trustee and the Secretary and payments must be within budgets approved by the Trustees.
- g. The Trust is not dependent upon the services of unpaid volunteers, donations-in-kind or other intangible income and does not actively fundraise.
7. Activities and Achievements.
During 2024/25 the trustees made grants to The University of Oxford toward the cost of a Research Assistant at the Nuffield Department of Orthopaedics, Rheumatology and Musculoskeletal Sciences (£46,480), awarded a Girdlestone Memorial scholarship in orthopaedic surgery (£46,136), awarded a Lord Nuffield scholarship in orthopaedic surgery (£23,068), a grant for Post Doctoral Research (£26,500) and an award for an Orthopaedic Ageing scholarship (£16,650) together with further grants which are listed below. Most of these scholarships and prizes are named after the donor of funds to the Trust. The Trustees believe that the level of each of these awards and the quality of the recipient fulfil the expectations of the donor at the time of the gift. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives for the year in planning future activities. The trustees are expecting to continue providing further grants in future to fulfil the objects of the Trust.
Kenwright prize £600 Lord Nuffield scholarship in aftercare £625 Feilden nursing scholarship £625 Elizabeth Handfield Jones travelling scholarship £625 Girdlestone Memorial nursing scholarship £625
8. Financial Position.
a. The Trust’s Total Return Policy is to draw down 3-4% by way of income distribution and /or capital realised/reinvested of the average of the previous 5 year ends’ values of the investment portfolio. This means that the Trust is able to take a long term view, particularly in times of economic uncertainty, with the aim of preserving the value of its investment portfolio in real terms, and the level of grants distributed are managed within those parameters.
b. The Trust’s investment portfolio is invested in the Sarasin Endowments A Inc Fund. The Fund seeks to provide growth (through increases in investment value and growth) of4% per year more than the Consumer Price Index, overa rolling 5 year
The Lord Nuffield Orthopaedic Centre Trust is a registered charity under Registered Charity No. 309704
period. It is a global multi-asset portfolio with an integrated socially responsible investment policy.
c. The balance sheet shows that, at 31 March 2025, the Trust had total net assets of £5,627,343 (2024 - £5,574,912) an increase of £52,411 during the year. Of the assets, £5,512,397 (2024 - £5,438,804) are held in the Trust's investment portfolio. The historical cost of these investments was £5,359,381. The surplus on revaluation of the investments as at 31 March 2025 was £73,593 (2024 £414,367).
d. Income from investment and interest totalled £151,233 (2024 - £148,852). Net Movement in Unrestricted Funds for the year was a surplus of£42,970 (2024 £439,317), a surplus of£3,079 (2024 £6,600) on Restricted Funds and a surplus of £6,362 (2024 £13,827) on Endowment Funds
- ce. Unrestricted Fund Grants and Awards. The following scholarships and grants from general funds, totalling £161,934 (2024 - £89,995) were awarded during the year: -
Girdlestone Memorial Scholarship. £46,136 Lord Nuffield scholarship in orthopaedic surgery £23,068 Award towards the cost of a Research Assistant at the Nuffield Department of Orthopaedic Surgery. £46,480 Post doctoral research grant £26,500 Orthopaedic Ageing scholarship £16,650 Kenwright prize. £600 Lord Nuffield Scholarship in Aftercare. £625 Feilden Nursing Scholarship. £625 Elizabeth Handfield Jones Travelling Scholarship. £625 Girdlestone Memorial Nursing Scholarship. £625
9. Special Funds.
The following special funds established by donations for specific purposes, within the overall objects ofTrust, are administered by the trustees: -
James Turner Prize. A permanent endowment fund. An annual prize funded by the income from a donation by Mr. James Turner, a grateful patient, awarded to orthopaedic surgeons specialising injoint reconstruction surgery. Normally in alternate years the prize is awarded to a surgeon from the hospital to travel overseas and then to a surgeon from overseas to visit the Nuffield Orthopaedic Centre.
John Goodfellow Travelling Prize. An expendable endowment fund created from a donation by Mr. J.W. Goodfellow, FRCS, of royalties received from artificial knee prosthesis. The income is used to fund a prize awarded by the senior medical staff ofthe hospital to a member of the junior medical staffto attend a conference or congress or to study any aspect of surgery, in Europe.
David John Fuller Memorial Lecture Fund. An expendable endowment fund created from donations in memory of Mr. D.J. Fuller, FRCS who died in 1983. The income is used to fund 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.
R.B. Duthie Fund. An expendable endowment fund created from donations by overseas members of the Girdlestone Orthopaedic Society to sponsor orthopaedic surgeons from “the third world” to attend the Society’s meetings.
Theatres Fund. A restricted income fund. Income is from periodic donations from Biomet Limited. No grants were made from the Fund during the year.
John Spivey Prize. A restricted Fund set up to fund an award of £1,000 per annum to a visiting fellow or researcher in reconstruction and orthopaedic oncology attached to the Nuffield Orthopaedic Centre Sarcoma Unit.
10. Future Plans.
The Trust will continue to provide support to the Nuffield Department of Orthopaedics, Rheumatology and Musculoskeletal Sciences by maintaining scholarships and prizes in orthopaedic surgery and orthopaedic nursing and aftercare but within the limits of its agreed Total Return draw down policy. That return will be dependent on the conditions of the investment markets, although the averaging effect of the Total Return policy will smooth such effects and allow the Trust to plan ahead. No major changes in the Trust’s investment strategy are anticipated in the 2025/26 year.
3 The Lord Nuffield Orthopaedic Centre Trust is a registered charity under Registered Charity No. 309704
11. Statement of trustees’ responsibilities.
Charity law requires the trustees to prepare financial statements for each financial year which showa true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing the financial statements, the trustees are required to;
Select suitable accounting policies and then to apply them consistently
Make judgements and estimates that are reasonable and prudent
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
12. Risk Assessment.
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 Trustees on 1 July 2025 and signed on their behalf by:
on fee omnes E. Church (Chairman)
4 The Lord Nuffield Orthopaedic Centre Trust is a registered charity under Registered Charity No. 309704
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
I report to the trustees on my examination of the financial statements of The Lord Nuffield Orthopaedic Centre Trust (the charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial 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 statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1 _ accounting records were not kept in respect of the charity as required by section 130 of the Charities Act; or 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 true and fair view which is not 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 enable a proper understanding of the financial statements to be reached. Ohmi AS Jemima King Richardsons
30 Upper High Street Thame
Oxfordshire OX9 3EZ
Dated: 7 dy ZeoZ5
5
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
BALANCE SHEET AS AT 31 MARCH 2025
| Note | 2025 | 2024 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed Assets: | |||||
| Investments | 2 | ||||
| Unrestrictedfunds | 5,322,724 | 5,252,222 | |||
| Endowmentfunds—Expendable | 85,595 | 84,233 | |||
| Endowment funds -Permanent | 48,535 | 47,814 | |||
| Restricted funds | 55,543 | 54,535 | |||
| 5,512,397 | 5,438,804 | ||||
| Current Assets: | |||||
| Cash atbank: | |||||
| Current account | 114,728 | 96,448 | |||
| Deposit accounts | 101,094 | 99,883 | |||
| 215,822 | 196,331 | ||||
| Current Liabilities | |||||
| Amounts falling due withinone year | 3 | 100,876 | 60,223 | ||
| NetCurrent Assets | 114,946 | 136,108 | |||
| NetAssets | 5,627,343 | 5,574,912 | |||
| Funds: | |||||
| UnrestrictedFunds | 4 | 5,381,560 | 5,338,570 | ||
| RestrictedFunds | 5 | 81,859 | 78,780 | ||
| EndowmentFunds -Expendable | 6 | 107,273 | 103,114 | ||
| EndowmentFunds -Permanent | 7 | 56,651 | 54,448 | ||
| 5,627,343 | 5,574,912 |
Approvedsby the trustees on 1 July 2025 and signed on their behalf by: ween seussntnane Wr rcnctstscussss Mr, A P Q Michaelis (Trustee)
6
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Endowment | Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Expendable | Permanent | ||||
| Funds | Funds | Funds | Funds | 2025 | 2024 | ||
| £ | £ | £ | £ | £ | £ | ||
| Income and Endowments from | |||||||
| Stocksandshares | 143,722 | 2,055 | 2,775 | 1,470 | 150,022 | 147,862 | |
| Deposit interest | 1,161 | 16 | 22 | 12 | 1,211 | 990 | |
| 144,883 | 2,071 | 2,797 | 1,482 | 151,233 | 148,852 | ||
| Expenditure on | |||||||
| Charitable activities | (Note 10) | (172,395) | - | - | - | (172,395) | (103,415) |
| Generating funds | |||||||
| Investmentmanagementcharges | charges | - | - | - | - | - | - |
| Netgains/(losses)on investments | 70,502 | 1,008 | 1,362 | 721 | 73,593 | 414,367 | |
| NetIncome/(expenditure) | 42,990 | 3,079 | 4,159 | 2,203 | 52,431 | 459,804 | |
| Other gains/losses | - | - | - | - | - | - | |
| NetMovementinFunds | 42,990 | 3,079 | 4,159 | 2,203 | 52,431 | 459,804 | |
| Fund balances broughtforward | 5,338,570 | 78,780 | 103,114 | 54,448 | 5,574,912 | 5,115,108 | |
| Fundbalancescarriedforward | 5,381,560 | 81,859 | 107,273 | 56,651 | 5,627,343 | 5,574,912 |
The notes on pages 8 to 16 form part of these accounts
7
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
1.Accounting Policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. Expendable endowment funds allow for the capital to be spent at the trustees’ discretion.
1.4 Quoted Investments
Quoted investments are included in Fixed Assets at market value. Realised and unrealised gains and losses on quoted investments held in the General Fund Capital Account and in the Restricted and Endowment Funds are reflected in the relevant fund.
1.5 Income and Endowments
Income and Endowments represent all of the income received from quoted investments and bank deposits.
Investment income is recorded when received.
8
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
1.6 Expenditure
Grants are recorded once the Trustees have made an unconditional commitment to pay the grant.
Costs of managing the investments are now accounted for within the portfolio and not charged directly to the Trust as previously.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
9
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
2. Fixed Assets - Investments
The Trust holds 4,300,356.00 Sarsin Endowments Fund Class A Income units,
The investments of the Unrestricted, Endowment and Restricted Funds are pooled for investment purposes. The total investments of this "Trust Pool" are regarded as being equivalent to 10,000 units. Based on input into the Trust pool, the General Fund is allocated 9,580units, the Endowment Funds 283 and the John Spivey Prize allocated 137 units.
| Quoted Investments | TrustPool | TrustPool | Trust | Trust | |||
|---|---|---|---|---|---|---|---|
| ApportionedBetween | Pool | Pool | |||||
| Endowment | Total | Total | |||||
| Unrestricted | Restricted | Expendable | Permanent | ||||
| Funds | Funds | Funds | Funds | 2025 | 2024 | ||
| £ | £ | £ | £ | £ | £ | ||
| MarketValueat31 March 2024 | 5,252,222 | 54,535 | 84,233 | 47,814 | 5,438,804 | 4,924,437 | |
| Add: Additions atcost | - | - | - | - | - | 100,000 | |
| Less: Disposals | - | - | - | - | - | - | |
| Gain/(Loss) on revaluation | 70,502 | 1,008 | 1,362 | 721 | 73,593 | 414,367 | |
| MarketValue at31 March 2025 | 5,322,724 | 55,543 | 85,595 | 48.535 | 5,512,397 | 5,438,804 | |
| The Sarasin Endowments Fund ClassAIncome | unitswere investedasfollows. | ||||||
| Equities | 3,777,710 | 3,980,856 | |||||
| Fixedincome | 537,112 | 673,201 | |||||
| Property | 208,281 | 193,560 | |||||
| Alternative investments | 544,116 | 373,013 | |||||
| Liquid assets | 445,178 | 218,174 | |||||
| 5,512,397 | 5,438,804 | ||||||
| HistoricCostat31March2025 | 5,359,381 | 5,341,166 |
10
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| 3. Current Liabilities | ||||||
| Grants andawards | 99,276 | 58,663 | ||||
| Professional fees | 1,600 | 1,560 | ||||
| 100,876 | 60,223 | |||||
| 4. Unrestricted Funds | ||||||
| Balance at 1 April 2024 | 5,338,570 | 4,899,253 | ||||
| Net surplus forthe year | 42,990 | 439,317 | ||||
| Balance at31 March 2025 | 5,381,560 | 5.338.570 | ||||
| 5. Restricted Funds | ||||||
| Balance | Surplus on | Balance | ||||
| 1 April2024 | 2024 | Income | Revaluation | Expenditure | 31 Mar2025 | |
| £ | £ | £ | £ | £ | ||
| Theatres (Biomet)Fund | 2,353 | - | - | - | 2,353 | |
| John SpiveyPrize | 76,427 | 2,071 | 1,008 | - | 79,506 | |
| 78,780 | 2,071 | 1,008 | - | 81.859 | ||
| 6. ExpendableEndowmentFunds | ||||||
| Balance | Surplson | Expenditure | Balance | |||
| FUND | 1 April2024 | 2024 | Income | Revaluation | 31Mar2025 | |
| £ | £ | £ | £ | £ | ||
| John Goodfellow Prize | 38,198 | 1,055 | 508 | - | 39,761 | |
| DavidFullerMemorial | 17,236 | 459 | 228 | - | 17,923 | |
| Girdlestone Society-RB DuthieFund | 47,680 | 1,283 | 626 | - | 49.589 | |
| 103,114 | 2,797 | 1,362 | - | 107,273 |
11
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
==> picture [461 x 276] intentionally omitted <==
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|7.|Permanent Endowment Funds|
|Capital|Balance|Surpluson|—_—Expenditure|Balance|
|1|April 2024|Revaluation|31|Mar 2025|
|£|£|£|£|
|James|Turner Prize|43,012|721|-|43,733|
|43,012|721|-|43,733|
|Income|
|Balance|Income|Expenditure|Balance|
|1|April 2024|31|Mar 2025|
|£|£|£|£|
|James|Turner Prize|11,436|1,482|-|12,918|
|11,436|1,482|-|12,918|
|2024|2023|
|£|£|
|Total of Permanent Endowment Funds|at 31 March|2025|56,651|54,448|
----- End of picture text -----
12
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
8. Endowment Funds
Invested Capital
On 1 July 1998, the endowment and restricted funds investments were pooled with the unrestricted fund investments. The assets and income ofthis "Trust Pool" are shared between the unrestricted fund and the other funds in proportion to their capital input - see note 2.
James Turner Prize
A permanent fund providing an annual prize funded by the income from a donation by Mr. James Turner, a grateful patient, supplemented by an award from general funds at the discretion of the trustees. Awarded to orthopaedic surgeons specialising in joint reconstruction surgery.
John Goodfellow Travelling Prize
An expendable endowment fund created from a donation by Mr. J.W. Goodfellow, FRCS, of royalties received from an artificial knee prosthesis. Income is used to fund a prize awarded by the senior medical staff of the hospital to a member of the junior medical staff to attend a conference or congress or to study any aspect of surgery, in Europe.
David John Fuller Memorial Lecture Fund
An expendable endowment fund created from donations in memory of Mr. D.J. Fuller, FRCS, who died in 1983. Income is used to fund 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 text books.
R.B. Duthie Fund
An expendable endowment fund created from donations from overseas members of the Girdlestone Orthopaedic Society to sponsor orthopaedic surgeons from the "third world" to attend the Society's meetings.
Restricted Funds
Theatres (Biomet) Fund
A restricted fund to help meet course and conference fees or fund relevant literature for theatre staff.
John Spivey Prize
A restricted fund created to fund an award of £1,000 per annum to a visiting fellow or researcher in reconstruction oncology attached to the Nuffield Orthopaedic Centre Sarcoma Unit.
13
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
| 9.Analysis ofCharitable Expenditure | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Grantsandawards (note 10) | 161,934 | 89,995 |
| Othercharitable expenditure (note 11) | 10,461 | 10,420 |
| 172,395 | 100,415 |
10. Grants and Awards
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| LordNuffield Scholarship in orthopaedic surgery | 23,068 | - | |
| GirdlestoneMemorial scholarship in orthopaedic | surgery | 46,136 | 23,068 |
| Post doctoralresearch grant | 26,500 | 17,667 | |
| Orthopaedic Ageing Scholarship | 16,650 | - | |
| Totalorthopaedic scholarships | 112,354 | 40,735 | |
| KenwrightPrize | 600 | 330 | |
| LordNuffield scholarship in aftercare | 625 | 660 | |
| Feildennursing scholarship | 625 | 660 | |
| ElizabethHandfieldJonestravelling scholarship | 625 | 660 | |
| Girdlestone Memorial nursing scholarship | 625 | 660 | |
| Course, conference and travelgrants | - | - | |
| Nuffield Dept. ofOrthopaedic Surgeryresearch assistant | 46,480 | 44,690 | |
| Grantforjournalsandprofessionalpublications | - | - | |
| Joseph Truetaprize | - | 1,600 | |
| GrantsandAwardsfrom Unrestricted Funds | 161,934 | 89,995 | |
| TotalGrants and Awards fortheyear | |||
| Unrestricted fund | Note 9 | 172,395 | 100,415 |
| Endowment funds - Expendable | - | - | |
| Permanent | - | 1,000 | |
| Restrictedfunds | - | 1,000 | |
| 172,395 | 102,415 |
14
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
11. Other Charitable expenditure
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Trustees meetings | - | - |
| Salaryofsecretary | 8,530 | 8,530 |
| Audit/Independentexamination fee | 1,600 | 1,560 |
| Office expenses | 331 | 330 |
| 10,461 | 10,420 |
12. Related Party Transactions
An objective of the Trust is to provide financial support to The Nuffield Department of Orthopaedic Surgery at The University of Oxford. Two of the trustees, Professor AJ Carr and Professor J Rees are employees of The University of Oxford.
- Staff Costs
| 13. Staff CostsCosts | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Salaries | 8,530 | 8,530 | |||||
| National insurance costs | - | - | |||||
| 8,530 | 8,530 | ||||||
| The Trusthasone part-time employee. | |||||||
| None ofthetrusteesreceivedanyremunerationorexpenses duringtheyear | year(2024 | none). | |||||
| 14. AnalysisofAssetsand Liabilities | |||||||
| Endowment | |||||||
| Unrestricted | Restricted | Expendable | Permanent | Total | Total | ||
| Funds | Funds | Funds | Funds | 2025 | 2024 | ||
| £ | £ | £ | £ | £ | £ | ||
| Investments | 5,322,724 | 55,543 | 85,595 | 48,535 | 5,512,397 | 5,438,804 | |
| Current assets | 159,727 | 26,301 | 21,678 | 8,116 | 215,822 | 196,331 | |
| Current liabilities | (100,876) | - | - | - | (100,876) | (60,223) | |
| 5,381,575 | 81,844 | 107,273 | 56,651_5,627,343 | 5,574,912 |
15
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
16. Statement of Financial Activities - Analysis of 2024 Comparatives
==> picture [461 x 276] intentionally omitted <==
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment Funds|Total|
|Funds|Funds|Expendable|Permanent|2024|
|£|£|£|£|£|
|Income|and|Endowments|from|
|Stocks and|shares|141,696|2,011|2,706|1,449|147,862|
|Deposit|interest|948|14|18|10|990|
|Other|income|-|-|-|-|-|
|Total Income and|Endowments|142,644|2,025|2,724|1,459|148,852|
|Expenditure|on|
|Charitable|activities|(100,415)|(1,000)|-|1,000.00|(1,000)|(103,415)|
|Generating|funds|
|Investment management|-|
|Net|gains/(losses)|on|investments|397,088|5,635|7,583|4,061|414,367|
|Net Income/(expenditure)|439,317|6,660|9,307|4,520|459,804|
|Other|gains/losses|-|-|-|-|-|
|Net Movement|in Funds|439,317|6,660|9,307|4,520|459.804|
----- End of picture text -----
16
THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE LORD NUFFIELD ORTHOPAEDIC CENTRE TRUST
I report to the trustees on my examination of the financial statements of The Lord Nuffield Orthopaedic Centre Trust (the charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
1 report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I] have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act; or 2 the financial statements do not accord with those records; or
-
3 the financial statements 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 true and fair view which is not 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 enable a proper understanding of the financial statements to be reached.
Jemima King Richardsons
30 Upper High Street Thame Oxfordshire OX9 3EZ
Dated: 7 Jiky 2025