Charity registration number NIC105791 Company registration number N1632465 (Northern Ireland) TRAUMA & ORTHOPAEDICS RESEARCH CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr S Curry Mr E McGinley Mr D Molloy Mr P Magill Dr R Hogg Mr R Napier Dr J Mccaffrey Mr O Diamond Mr D Gibson Charity number NIC105791 Company number N1632465 Registored office 6 Annadale Avenue Belfast BT7 3JH Auditor Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Bankers Danske Bank Donegall Square West Belfast BT1 6JS Solicitors Carson McDowell Murray House 4 Murray Street Belfast BT16DN
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY CONTENTS Page Trustees, report Independent auditorfs report Statement of financial activities 10 Balance sheet Notes to the financial statements 13-22
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 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 Republi¢ of Ireland {FRS 102)" (effective 1 January 2019). The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. Objectives and activities a. Policies and objectives The principle activily of the charity is to continually improve the provision of holistic care for all those with musGuloskeletsl injury or disease in Northem Ireland. b. Activities undertaken to achiev8 objectives The Trustees are pleased to report that the charity continues to improve the provision of holistic care for all those with musculoskeletal injury or disease in Northern Ireland. c. Main activities undertaken to further the company's purposes for the public benefit The charity has a number of different projects running, the results of the major ones are listed below in the Main achievements and Review of activities of the company. Achievements and performance Fundraising While we had hoped 2022 would see a return for our annual Walk in June, we were unable to get new staff in place in time to hold it. The following table and chart summarises fundraising. Fundraising & Donation Figures (only) Christmas Newsletter 2022 Balmoral Golf Event Food Nl Awards 2023 Tesco Bag Pack Wallace School Ringdufferin Nursing Home Bake Sale Gift In Will General Donations Totsl {£) 4,002.50 £5,555.30 £620.00 £704.50 £138.93 £270.00 £9,342.50 £20,633.73 19° 27/ 30/. 30 450
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 • ChriqMN1wIetter 1021 Fwxi NE Aw¥d5 2023 Rngduyttin NL#sre Hcme B Sae Gft In'Kill Ger*ai OcrnrJLYs 1% 3% Patient Liaison Group The Patient Liaison Group had its first meeting since COVID in 2022. Research The following clinical trials were taking place.. WAX- Weight-bearing in Ankle Fractures (University of Oxford). This finished in October. SCIENCE- Surgery or Cast for Injuries of the Epicondyle in Children's Elbows (University of Oxford) Study of Retrieved Orthopaedic Implants and Associated Tissues and Data (University of Leeds) BASIS - Bracing Adolescent Idiopathic Scoliosis (Sheffield Children's NHS Foundation Trust) The effect of strontium on mesenchymal stem cells from osteoporotic donors {Queen's University Belfast) HUSH - The Humeral Shaft fracture trial (University of Oxford) The safety of cementless total knee arthroplasty in osteoporotic bone (Belfast Trust) The following audits were completed.. 90 day complications in elective arthroplasty in Musgrave Park Hospital (ongoing sin¢e 2016) Outcomes after rib fixation for acute Ghe5t trauma Functional outcome and risk of non-union for 5th metatarsal base fractures Blood loss in fractured neck of femur patients Functional outcomes of patella fractures following operative intervention Operative Management of displaced 3 and 4-part fractures of the proximal humerus Factors influencing hip fracture mortality in a unit with high orthogeriatric input Survivorship of Corail and Exeter stems in total hip arthroplasty Survivorship of 500 Cementless total knee arthroplasties in patients under 55 Time for a new DVT assessment protocol following lower limb arthroplasty. Is morbid obesity associated with increased risk of venous thromboembolism following lower limb arthroplasty? 90 day complications of waiting list initiative primary joint patients in N.1. Waiting for hip and knee arthroplasty in N. l. - the painful truth.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 In addition, approval was being sought to start the following clinical trials.. Can the use of Virtual Reality Improve Outcomes Following Total Knee Arthroplasty with Spinal Anaesthesia (Belfast Trust) G-FORCE - Gait in Fixed Or Rotating Cementless Total Knee Arthroplasties (Belfast Trust) A Randomised Controlled Trial of Tourniquet Use in Ankle Fracture Surgery (Belfast trust) METEOR-2: The Meniscal Transplant surgery or Optimised Rehabilitation full randomised trial (University of Warwick) WHITE (LIT) World Hip Trauma Evaluation 10.. Lidocaine Intravenous Trial (University of Oxford) WHITE (DUALITY): World Hip Trauma Evaluation 12, Dual mobility versus standard articulation total hip replacement in the treatment of older adults with a hip fracture (University of Oxford) RAPSODI= Reverse or Anatomical replacement for Painful Shoulder Osteoarthritis, Differences beeen Interventions.. a multi-centre, pragmatic, parallel group, superiority randomised controlled trial (University of York) The research team were involved in the following publications: 1. Is Cementless Total Knee Arthroplasty Safe in Women Over 75 Y of Age? Gibbons JP, Cassidy RS, Bryce L, Napier RJ, Bloch BV, Beverland DE. J Arthroplasty. 2022 Oct 19.'S0883-5403122)00958-5. Online ahead of print. 2. Survivorship of 500 Cementless Total Knee Arthroplasties in Patients under 55 Years of Age. Sheridan GA, Cassidy RS, McKee C, Hughes I, Hill JC, Beverland DE. J Arthroplasty. 2022 Oct 26.'S0883-5403(22)00972-X. Online ahead of print. 3. The Influence of Orthopedic Surgery on Circulating Metabolite Levels, and their Associations with the Incidence of Postoperative Delirium. Jung M, Pan X, Cunningham EL, Passmore AP, McGuinness B, McAuley DF, Beverland D, O'Brien S, Mawhinney T, Schott JM, Zetterberg H, Green BD. Metabolites. 2022 Jul 1',12(7)'.616. 4. Using tranexamic acid for an additional 24 hours postoperatively in hip and knee arthroplasty saves money.. a cost analysis from the TRAC-24 randomized control trial. Karayiannis PN, Agus A, Bryce L, Hill JC, Beverland D. Bone Jt Open. 2022 Jul,'3(7).'536-542. 5. Factors influencing resilience to postoperative delirium in adults undergoing elective orthopaedic surgery. Bowman EML, Cardwell C, McAuley DF, M¢Guinness B, Passmore AP. Beverland D, Zetterberg H, Schott JM, Cunningham EL. Br J Surg. 2022 Sep 9',109{10).'908-911. 6. Cup placement in primary total hip arthroplasty= how to get it right without navigation or robotics. Meermans G, Grammatopoulos G. Innmann M, Beverland D. EFORT Open Rev. 2022 May 31;7(6)'.365-374. 7. Mid-term results of the treatment of complex aGetabular fracture5 Wlth Combined acute fixation and total hip replacement in the older patient. Bassett JW, Diamond OJ, Spence DJ. Ward AJ, Acharya MR, Chesser TJS. Hip Int. 2022 Dec 21'.11207000221145437. Online ahead of print. Education TORC has contributed to the following.. Leeann Bryce, research nurse, graduated in her nursing degree at Queen's University Belfast in July 2022. Roslyn Cassidy. TORC data analyst, completed her course on Statistical Methods in Epidemiology remotely with the University of London, finishing in June 2022. TORC hosted a Trauma Simulation Training for T&0 trainees in December. The training took place at the Intersim Centre in Queen's University Belfast. The production and funding of new patient education booklets for major trauma patients in the Belfast Trust called 'Steps to Recovery Following Traumatic Injury.,
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Attendance for staff and orthopaedic trainees to attend and present both oral and poster presentalons of TORC research at the following conferences.. 1. Irish Orthopaedi¢ Fool and Ankle Society (IOFA) Scientific Meeting 2. European Federation of National Associations of Orthopaedics and Traumatology (EFORT) Annual Congress 3. British Association for Surgery of the Knee (BASK) Conference 4. European Society for Thoracic Surgeons (ESTS) Annual Conference 5. National Institute for Health Research {NIHR) Trauma Trials Annual Meeting 6. Orthopaedic Trauma Society (OTS) Annual Conference 7. Society for Cardiothoracic Surgery in Great Britain and Ireland Annual Meeting 8. British Orthopaedic Association (BOA) Annual Congress 9. European Delirium Association (EDA) Annual Meeting 10. British Hip Society (BHS) annual meeting Support The Multidisciplinary Orthopaedic Training and Simulation room opened in January in Musgrave Park Hospital. The simulator has been well used to date with 21 registered users (16 Trainees & 5 Consultants). 632 Training modules have been completed by all current registered users. This had led to a safer learning environment wrth trainees completing procedures on the simulator before moving to learning these in theatre meaning it is safer for patients. Consultants have used it to refresh skills and update on new techniques. TORC also co-ordinated a project with local non-profit organisation, Heartship who provide lifesaving medical supplies to countries in war and famine. They required volunteers with experience of surgical instru ments to sort £2.5M worth of historical surgical supplies. TORC volunteers helped to categorise these over 6 weeks and it has now been sent to countries like Ukraine that are able to make use of it. Futuro Plans In the next 12 months, the research team will be continuing with the on-going research studies and aiming to get approval for the planned research listed above. With new staff in post, TORC will be focusing on fundraising through.. Improving Digttal marketing tools.. Facebook, Instagram, twitter and Linkedln plus fundraising platfomis.. Just Giving and Enthuse. We will also look into using Mail Chimp for contacting donors, and Eventbrite for events plus update the website with new fundraising information. Participation in several fundraising events such as an abseil challenge, running events like the Belfast Marathon and TORC run events like the Musgrave Mile and the TORC Walk. New literature about the charity will be designed and printed. Available to download or hand out at health fairs and Seminars. TORC is also planning a refurbishment of the existing BART Room to create a training and education hub for staff. It will also have space for training and have video conferencing facilities for meetings plus work stations to allow trainees to complete research.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Flnancial review After reviewing the Charity's forecasts and projections, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. With salary costs now approximately £230k per year and the furbI$hrnent of the BART Room going to cost approximately £100K. This is a Challenging time for the charity and while it is expected that fundraising and donations will increase with the addition of new members of staff, it will take time for this to grow, however it is reassuring that the MITRE had agreed in 2019 to an annual sum of £100,000 for 5 years. The trustees will consider on an ongoing basis the level of reserves that is prudent for the charity to have in line with known future developments, liabilities and uncertainties. The Net Current Assets at 31st March 2023 were £829,014 (2022 £854,454} with restricted funds at £113,486 (2022 - £65,983), designated funds amounting to £338.379 {2022 £115,220) reflecting an underlying unrestricted funds reserve of £377,149 (2022 - £673,251). The designated funds are expected to be utilised over the next 12 to 24 months. Structure, governanc8 and management a. Constitution Trauma & Orthopaedics Research Charity is registered as a charitable Company limited by guarantee and was set up by a Trust deed. b. Methods of appointment or election of Trustees The management of the company is the responsibility of the Tnjstees who are elected and co-opted under the terms of the Trust deed. Organisational structure and de¢ision-making policies The board is responsible for setting the mission, vision, values and strategic objectives of the charity and for overseeing the implementstion of those objectives. David Beverland has been delegated day to day management. d. Pay policy for key management personnel Trustees are not remunerated and are appointed based on merit and against objective Criteria. Although trustee appointments are not publi¢ appointments, the ¢harity aims to Comply with the principles of the Commissioner for Public Appointments in Northern Ireland (merit, diversity, equality. openness, transparency, independence. integrity, proportionality and respect). Financial risk management The Trustees have assessed the major risks to which the company is exposed. in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the finanGial statements were.. Mr S Curry Mr E McGinley Mr D Molloy Mr P Magill Dr R Hogg Mr R Napier Dr J Mccaffrey Mr O Diamond Mr D Gibson
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 None of the Trustees has any beneficial interest in the company. All of the Trustees are mernbers of the company and guarantee to contribute £1 in the event of a winding up. AppoTntment of new staff The year started with no direct charity staff. Beverley Leckey left the charity on 31st December 2021 and replacing her proved dlfficult through the Belfast Tru51 so it was agreed new staff would be employed directly through the charlty. It wa5 decided to recruit for a full lime Band 6 office managerlfundraising co-ordlnator and a part time Band admlnlstrator. Thls would allow more tirne for fundraising which will be needed when Professor Beverland's contributions to the charity stop. Amanda Walson (Band 6) started on the 14th November 2022 and Sandra Wragg (Band 4) on 9th January 2023. Statement of Trustees. responsibilities The Trustees, who are a150 the directors of Trauma & Otlhopaedics Research Charity for the purpose of company law, are responsible for preparing the Trustees, Report and the financlal statements in accordance wth applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees lo prepare financial statements for each financial year which gnie a true and fair view of Ihe state of affairs of the charity and of the incoming resources and applicatlon of resources, Including the income and expenditure, of the Gharilable company for thal year. In preparlng these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., ob5eNe the methods and princlples in the Charities SORP; make judgements and estimates that are reasonable and prudent- and prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charity wlll continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statemen Is comply with the Companies Act 2006. They are also responsible for safeguardin9 the assels of the charity and hence for taking reasonable 5tep5 for the prevention and detection of fraud and other irregularities. Audltor In accordance with the company's articles, a resolution proposing that Miscampbell & Co be reappolnled as auditor of the company will be put at a General Meetiny. The Trustees, re rt was approved by the Board of Trustees. Mr R Napi Trustae 22 June 2023
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TRAUMA & ORTHOPAEDICS RESEARCH CHARITY Opinion We have audited the financial statements of Trauma & Orthopaedics Research Charity (the 'charity') for the year ended 31 March 2023 which Comprise the statement of financial activities, the balan¢e sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended., have been properly ppared in accordance with United Kingdom Generally Accepted Accounting PraCtI- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibililies for the audit ol the linancial statements se¢tion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditols report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infonnation and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TRAUMA & ORTHOPAEDICS RESEARCH CHARITY Responsibilities of Trustees As explained more fully in the statement of Trustees. responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going Concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for th8 audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are Considered material if. individually or in the aggregate. they Could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respe¢t of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulation in the United Kingdom; understood how the Company is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures in these areas- assessed the vulnerability of the Company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override and by assuming revenue recognition to be a fraud risk,. and based on this understanding our audit procedures were designed to identify non-¢omplian¢e with such laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https:11 w.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the company's members, as a body, in accordance with the Companies Act 2006. Our audit work has been undertaken so that we might state to the ¢ompany'5 members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body. for our audit work. for this report. or for the opinions we have formed.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TRAUMA & ORTHOPAEDICS RESEARCH CHARITY Jonathan R Bethel {Senior Statutory Auditor) for and on behalf of Miscampbell & Co 22 June 2023 Chartered Accountants Statutory Auditor 6 Annadale Avenue Belfast BT7 3JH
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestri¢ted Restricted funds funds 2022 2022 Total 2023 2022 Notes Income from: Donations and legacies Other trading activities Investments 11,507 243,873 255,380 112.538 175,273 287,811 8,321 566 8,321 566 55,200 670 55,200 670 Total income 20,394 243,873 264,267 168,408 175,273 343,681 Charitable activities 69,775 196,370 266,145 276,035 151,933 427,968 Net gainsl(losses) on investments 10 (23,562) (23,562) 29,092 29,092 Gross transfers beeen funds Net movement in funds (25,000) (103,535) 25,000 48,340 (72,943) 47,503 (25,440) (55,195) Fund balances at 1 April 2022 788,471 65,983 854,454 892,006 17,643 909,649 Fund balances at 31 March 2023 715,528 113,486 829,014 788,471 65,983 854,454 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The ststement of financial activities also Complies with the requirements for an income and expenditure account under the Companies Act 2006. 10-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notes Fixed assets Tangible assets Investments 12 13 12,143 589,636 14,290 613,198 601,779 627,488 Current assets Debtors Cash at bank and in hand 14 65,749 190,548 65,718 270,713 256,297 336,431 Creditors: amounts falling due within one year 15 (29,062) (109,465} Net current assets 227,235 226,966 Total ass8ts less current liabilities 829,014 854,454 Income funds Restricted funds restricted funds Designated funds General unrestricted funds 16 113,486 65,983 17 338,379 377,149 115,220 673,251 715,528 788,471 829,014 854,454 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit has been Garried out under section 144 of the Charities Act2011. 11
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023 The dlrectors acknowledge their responsibilities for complying with the requirements of the Companie5 Act 2006 wlth respect to accounting records and the preparation of financial statements. The members have not requlred the company lo obtain an audit of its financial statements under the requirement5 of the Companles Act 2006, for the year in question in acGordanc& wlth section 476. These financlal statements have been prepared in accordance th the provisions applicable to companies sublecl lo the small companies regime. The finanGlal statements were approved by the Trustees on 22 June 2023 Mr D Molloy Trustee Mr R Napier Trustee Company reglstratlon number N1632465 12-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Charity information Trauma & Orthopaedics Research Charity is a private company limited by guarantee incorporated in Northem Ireland. The registered office is 6 Annadale Avenue, Belfast. BT7 3JH. 1.1 Accounting convention The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. ("FRS 102"} and the Charities SORP "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)" (effective 1 January 2019). 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 not to prepare a Statenent of Cash Flows. 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. 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 a¢¢ounting 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. 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 ¢apital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably, and it is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of Covenant is recognised at the time ofthe donation. Legacies are recognised on CeIpt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 13-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable Ihat a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dIrt costs and shared Costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single a¢tivity are apportioned beeen those activities on a basis consistent with the use of resour¢es. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. All expenditure is inclusive of irrecoverable VAT. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cosl or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and fittings Office equipment 250A straight line 150/0 Straight line The gain or loss arising on the disposal of an asset is determined as the differen¢e between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investsnents Fixed asset investments are initially measured at transaction price excluding transa¢tion costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have Suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Cash and cash equival8nts Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 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 ¢harity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 14-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinued) Basic linancial assets Basic financial assets, which include debtors and cash and bank balances, are inilially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets Classified as receivable within one year are not amortised. Basic financial liabilities Basi¢ financial liabilities, including Creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are dere¢ognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects ¢)nly that period, or in the period of the revision and future periods where the revision affects both current and future periods. 15-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donations and legacies Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2023 2023 2023 2022 2022 2022 Donations and gifts Legacies receivable Grants Donation - MITRE Trust 11,507 101,185 112,692 8,836 3,702 84,990 93,826 3,702 90,283 142,688 142,688 90,283 100,000 100,000 11,507 243,873 255,380 112,538 175,273 287,811 other trading activities Unrestricted Unrestricted funds funds 2023 2022 Fundraising 8,321 55,200 Investments Unrestricted Unrestricted funds funds 2023 2022 Investment income 566 670 16-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable activities Charitabl8 Charitable Expenditure Expenditure 2023 2022 Depreciation and impairment 3,227 4,350 Share of support costs (see note 7) Share of govemance costs (see note 7) 258,066 4,852 419,698 3,920 266,145 427,968 Analysis by fund Unrestricted funds Restricted funds 69,775 196,370 276,035 151,933 266,145 427.968 Support costs Support Governance costs costs 2023 Support Governance costs costs 2022 Repairs Legal and professional Postage and stationary General Telephone Subscriptions Bank fees Advertising costs Contract work Research and development Insurance Conference costs Fundraising costs (5) 5.103 7,184 115 508 1,051 127 4,802 184.792 (5) 5,103 7,184 115 508 1,051 127 4,802 184.792 148 3,780 3,089 1,262 524 3,349 374 7,890 263,165 148 3,780 3,089 1,262 524 3,349 374 7,890 263,165 24,250 637 28,918 584 24,250 637 28,918 584 130,662 578 500 4,377 130,662 578 500 4,377 Audit fees 4,852 4,852 3.920 3,920 258,066 4.852 262,918 419,698 3,920 423.618 Analysed between Charitable activities 258,066 4,852 262,918 419,698 3,920 423,618 17-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Trustees None of the Trustees {or any persons connected with them) received any remuneration or benefits from the charity during the year. Employees The average monthly number of employees during the year was: 2023 Number 2022 Number Including Trustees There were no employees whose annual remuneration was more than £60,000. 10 Net gainsl(losses) on investments Unrestricted unstrICted funds funds 2023 2022 Revaluation of investments {23,562) 29,092 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of Ihe Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 18-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Tangible fixed assets Flxtures and flttlngs Office equipment Total Cost At 1 April 2022 Additions 6,428 20,436 1,080 26.864 1.080 At 31 March 2023 6,428 21,516 27,944 Depreciatlon and impalrment At 1 April 2022 Depreciation Charged in the year 6,428 6,146 3,227 12,574 3,227 At 31 March 2023 6,428 9,373 15,801 Carrying amount At 31 March 2023 12,143 12,143 At 31 March 2022 14,290 14,290 13 Fixed asset investments Llsted investments Cost or valuation At 1 April 2022 Valuation changes 613,198 (23,562) At 31 March 2023 589,636 Carrying amount At 31 March 2023 589,636 At 31 March 2022 613,198 14 Debtors 2023 2022 Amounts falling due within one year: other debtors Prepayments and accrued income 65.410 339 65,410 308 65,749 65,718 19-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 29,062 109,465 -20-
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TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes- Movement in funds Incoming resources Balance at 1 April 2021 Balance at 1 April 2022 Transfers Balance at 31 March 2023 Designated funds 115,220 115,220 223,159 338,379 115,220 115,220 223,159 338,379 18 Analysis of net assets between funds Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restrictsd funds funds 2022 2022 Total 2023 2022 Fund balances at 31 March 2023 are represented by.. Tangible assets Investments Current assetsl(liabilities) 6,551 589,636 119,341 5,592 12,143 589,636 227,235 7,173 613,198 168,100 7,117 14,290 613,198 226,966 107,894 58,866 715,528 113,486 829,014 788,471 65,983 854,454 19 Related party transactions There were no disclosable related party transactions during the year (2022 - none).