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 2024
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs K Carolan Mrscury Mr O Diamond Mr D Gibson Dr R Hogg Mrs G Keenan Mr P Magill Dr J Mccaffrey Mr E McGinley Mr D Molloy Mr R Napier Charity number NIC105791 Company number N1632465 Regist8red 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 auditor's report 9- 11 Statement of financial activities 12 Balance sheet 13-14 Notes to the financial statements 15-23
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the a¢¢ounting policies set out in note 1 to the financial statements and Comply with the charity's governing document, the Companies Act 2006 and "A¢¢ounting 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 IFRS 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 activity of the charity is to continually improve the provision of holistic care for all those with musculoskeletal injury or disease in Northern Ireland. b. Activities und8rtak8n to achieve objectives The trustees are pleased to report that the charity continues wilh their aims of providing holistic care for all those with musculoskeletal injury or disease in Northern Ireland, through their 3 strategic aims.. Research Education and Support. c. Maln actlvities 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 Charity Staff The charity has worked well with staff members. A full time Band 6 Office Fundraising ManagerlFundraising Co- ordinator and a part time Band 4 offi Administrator. This has allowed more time for the charity to focus on fundraising which includes., bespoke fundraising events and campaigns, application of project grants, working on brand development and growing the donor datsbase. The Charity also funds four Belfast Trust Research Staff (1 Research Manager, 1 Research Coordinator, 1 Data Analysis, 1 Clinical Research Nurse). Fundraising The last 12 months has been a huge improvement for TORC with the launch of new fundraising eventslcampaigns and a focus on raising brand awareness. The return ofthe annual walk on the 9th June 2023 was a big success and accounted for 570kn of the overall fundraising income. Using new digital platforms such as Eventbrite, Enthuse, Just Giving, Linkedln, Mail Chimp and Facebook Events has helped increase the charity's visibility and promotion of each event and this has also increased our followers to the charity's social media platforms. Also, working with corporate partnerships such as Sainffield United Football Club, Victoria Square, Oceanic Events and Kingsbridge has helped raise the charity's profile and for the first time TORC was chosen as the beneficiary charity for award ceremonies. The Europa Hotel Abseil and the Belfast Castle Abseil were two successful events for TORC which enabled staff and past patients to get involved and fundraise.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 1stApril 2023 to 1stApril 2024 Fundraising & Donation Figures (only) Fundraising Events TORC Walk 2023 (including Gift Aid) Community Fundraising Gift in Will General Donations Corporate Fundraising Total £41,775.00 £13,869.43 £10,000.00 £4,843.71 £2,527.82 £73.015.96 14% 7% 3% Patient Liaison Group The Patient Liaison Group had its first meeting since COVID on Monday 26th February in TORC'S Simulation Room. The group is aiming to meet quarterly and is actively looking for new members. The next PLG meeting is scheduled for May 2024. Research The following clinical trials have been on going: Name pi Sponsor SCIENCE - Surgery or Cast for Injuries of the Epicondyle in Children's Elbows Mr Richard Napier University of Oxford The Humeral Shaft fracture trial - HUSH Mr Owen Diamond University of Oxford Bracing Adolescent Idiopathic Scoliosis night-time vs full-time bracing adolescent idiopathic scoliosis {BASISI Mr Sam Sloan Sheffield Children's NHS Foundation Trust Study of retrieved orthopaedic implants, associated tissues & dats Mr Richard Napier University of Leeds
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The following clinical trials have started in the last 12 months.. Name pi Sponsor he Meniscal Transplant surgery or Optimised Rehabilitation full randomised trial (METEOR-2) Ms Clara Stevenson University of Warwick World Hip Trauma Evaluation.. Lidocaine Intravenous Trial IWHITE LIT) Dr Clara O'Donnell University of Oxford World Hip Trauma Evaluation.. Dual mobility vs standard articulation THR in the treatment o older adults with hip fracture (WHITE DUALITY) Mr Owen Diamond University of Oxford Reverse or Anatomical replacement for Painful Shoulder Osteoarthritis, Differences between Interventions {RAPSODI) Mr Brendan Gallagher University of York PERI-operative biologic DMARD management.. stoppage or Continuation during orthoPaEdic operations (PERISCOPE) Mr Ravi Pagoti University of Leeds & Leeds Teaching Hospital NHS Trust Deprivation levels of patients waiting for TH and TKA in Nl Prof David Beverland Belfast Trust The research team where involved in Ihe following publications.. 1. Early surgery improves survival after femoral fractures in the elderly.. A retrospective review of 502 fragility fractures. Catherine Gilmore Alistair Mayne, Christopher Goodland, Roslyn Cassidy, Lisa MacDonnell Paul Mogey , Lynn Murphy , Owen Diamond. Injury. 2024 Feb",55{2).'111275. 2. Reoperation risk of periprostheti¢ fracture after primary total hip arthroplasty using a collared cementless or taper-slip cemented stem. Matthew Lynch Wong, Mark Robinson, Leeann Bryce, Roslyn Cassidy. Jonathan N. Lamb, Owen Diamond, David Beverland. 2024 February 1. Bone Joint J 2024;10&B(21.'144- 150. 3. Technical note-the use of an inclinometer to accurately guide intra-operative femoral de-rotational osteotomies. Alistair IW Mayne, Owen J Diamond. 2023 July 31. J Hip Pres Surg, 2023 Jul 31,-10 (3-4)=253-255. 4. The painful truth of waiting for hip and knee arthroplasty in Northern Ireland. Karayiannis PN. Warno¢k M, Cassidy R, Jones K, Scott CEH, Beverland D. Bone Joint J. 2023 Jul 1-105-B{7)-783-794. 5. Are Patients With Morbid Obesity at Increased Risk of Pulmonary Embolism or Proximal Deep Vein Thrombosis After Lower Limb Arthroplasty? A Large-database Study. Thompson R, Cassidy R, Hill J, Bryce L, Napier R, Beverland D. 2023 July 20 -482(1)-115-24. 6. 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. 2023 May;38(5)'.820-823. 7. Is Cementless Totsl Knee Arthroplasty Safe in Women Over 75 Y of Age? Gibbons JP, Cassidy RS, Bryce L, Napier RJ, BloGh BV, Beverland DE. J Arthroplasty. 2023 Apr',38(4):691-699.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Education Staff, orthopaedic trainees and students have attended the following conferences to present both oral and poster presentations of TORC resear¢h'. Northem Ireland Brltish Geriatric Society April Meeting 20th April, Antrim Audit of Delirium Screening and Documentation in Older Patients on Trauma Wards. C Sheridan, L Sherry, R Cassidy, O Diamond, E Cunningham, J Lynch. POSTER Irish Orthopaedic Association Annual Meetingi 16th- 17th June Limerick Long term follow up of Ceramic on Metal Total Hip Arthroplasty. D Milligan, G Baker, J Hill, F O'Neill, N Gallagher, J MGChesney, M Stevenson, D Beverland. PODIUM Alzheimer's Association International Conference July, 16th- 20th July, Amsterdam Delirium following elective arthroplasty predicts mild cognitive impairment {MCI) and dementia eight years later however this is not independent of pre-operalive neurodegenerative biomarkers and cognition. A Sweeney, AP Passmore, D Beverland, B McGuinness, DF McAuley, S O'Brien, A Heslegrave, JM Schott. H Zetterberg. E Veleva. R Laban. EL Cunningham. POSTER Eight Year Follow-up of an Observational Cohort of Postoperative Delirium in An Older Elective Arthroplasty Population. Aoife Sweeney. PODIUM Presentation at Perioperative Cognition and Delirium Professional Interest Area Preconference Session European Federation of National Associations of Orthopaedics and Traumatology (EFORT) Annual Congress, 24th - 26th Mayp Vienna Early Surgical Intervention Leads To A Reduction In Mortality For Patients With Fragility Femoral Shaft Fractures. C Gilmore, A Mayne, C Goodland, R Cassidy, P Mogey. L McDonnell, L Murphy, O Diamond. PODIUM Instability And Periprosthetic Fracture Rates In A Continuous Series Of 11,683 Exeter And Corail Stems Carried Out In Musgrave Park Hospital Over A 10 Year Period. M Robinson, M Lynch-wong, J Lamb, L Bryce R Cassidy, J Hill, D Beverland. PODIUM Belfast Trust Trauma & Orthopaedics physiotherapy Conference 20th September, Lisburn Surgical Update on Soft Tissue Reconstruction of the Knee. R Napier PODIUM Surgical management of hip dysplasia and hip impingement, O Diamond PODIUM European Delirium Association (EDA) Annual Meeting, 6th - 8th September Birmingham Clinical Postoperative Delirium Resilience- Associations and Subsequent Eight Year Cognitive Outcomes in An Observational Cohort Study. Aoife Sweeney. PODIUM. British Orthopaedic Association (BOAI Annual Congress, 19th- 22rd S8Ptember, Liverpool Chamley Lecture.. Failure is a Gift. D Beverland International Society for Tochnology in Arthroplasty. 27th - 30th September, New York Statistical Shape Model Enabled Pre-operative Templating Can Improve Femoral Offset and Neck Shaft Angle Measurement from Standard Radiographs. O Denton, N Dunne, J Hill, D Beverland, A Lennon. PODIUM Impact of Radiographic Projection on Assessment of Internal Femoral Geometry. O Denton, N Dunne, J Hill, D Beverland. A Lennon. PODIUM
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 British Hip Society Annual Scientific Meeting 2024 at the ICC Belfast, 28th February- 1st Pjlarch 2024 Does an intraoperative femoral fracture impact one year PROMS when using a cementless Corail stem? M Robinson, M Lynch Wong, R Cassidy, L Bryce. J Lamb, O Diamond, D Beverland. PODIUM Six should be the new four. D Beverland. PODIUM The painful truth of waiting for hip arthroplasty in Northem Ireland- A cohort study of the worst NHS waiting lists for elective hip arthroplasty. POSTER. Reducing Variability in Apparent Operative Inclination (AOI) during Total Hip Arthroplasty: Comparing the Ball in Cage Reality Based Navigation Instrumentation to a Digital Inclinometer. C Goodland, M Robinson, R. Cassidy, D Beverland. POSTER Mortality after femoral fractures in the elderly, a retrospective review of 502 fragility fractures. C Gilmore, A Mayne, C Goodland, R Cassidy, L Murphy, O Diamond. POSTER TORC continues to provide patient booklets to major trauma patients. Support The following projects have been supported by TORC in the last 12 months: Branded Ortholove leg elevators for patient use, these arrived at the end of January 2024 and have been delivered to 5 hospitals across the province. These branded leg elevators are used by patients recovering from lower limb fractures. The Royal Victoria Hospital, Craigavon Area Hospital, Altnagelvin Hospital, Ulster Hospital and Musgrave Park Hospital all received these. Funders for this project also included.. Danske Bank Employees Charity Group, Enkalon Foundation and W.G Edwards Charitable Foundation. Patient and stsff feedback on these has been very positive. Funding to create a realistic model of a paediatric elbow for training purposes to teach registrars. Organisation and funding of the Major Trauma Centre Conference at Belfast City Hospital Postgraduate Centre. Future Plans In the next 12 months, the research team will be continuing wilh the on-going research studies and aiming to get approval for planned research. Clinical Trials Starting 2024.. G-FORCE.. Gait in Fixed Or Rotating Cementless Total Knee Arthroplasties (G-For¢e TKA) IMPACTS= Acceptability and Feasibility ofAcceptance and Commitment Therapy in Total Knee Arthroplasty Patients Can the use of Virtual Reality Improve Outcomes Following Total Knee Arthroplasty with Spinal Anaesthesia?_A Pilot study SarcoSIGHT: A Randomised-control Trial of Fluorescence Guided Sarcoma Surgery Versus the Standard of Care (multicentre NIHR study) Education and Support.. The refurbishment of the BART Room in Musgrave Park Hospital into the TORC Training and Education Hub will be completed. This will be a multifunctioning room to facilitate meelings, training, seminars and teaching courses, in addition it will provide a focal point in the hospital to meet, in particular to grow TORC'S research capacity. Part funding for a Sarcoma clinical nurse specialist in Musgrave Park Hospital (Sophie's Nurse). Working alongside BOOM Foundation & Mathewson Family to support this. Yearly maintenances costs of the Resuscitstive Thoracotomy Manikin for Major Trauma Team in Royal ViGtoria Hospital. Design of patient education videos for patients waiting for hip and knee surgery.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TORC'S Fundraising Strategy will primarily focus on.. Developing into new areas of business.. legacies, donation in lieu of flowers, and grow gift in will donations Competition fundraising l incentives Recruit new charity ambassadors who will activity promote and empower our work Develop and add to products and Campaigns with new ideas Grow income streams with donor development segmentation Continue to recruit for new corporate partners Invest in a CRM system and Sum-up card reader machine Financial review After reviewing the charity's forecasts and projections, the trustees are confident that the charity has adequate financial resources to continue in operational existence for the foreseeable future. The ¢harity therefore continues to adopt the growing Concerns basis in preparing its financial statements. Staff salary costs continue to rise and are approximately £250k per year. The TORC Training and Education Hub project is another high cost that the ¢harity will have to absorb. The project has been discussed several times by the trustees at TORC'S interim meetings and AGMS and was given approval at the November 2023 AGM. The quotation from the Belfast Trust's Estates Department was £150,160.53. TORC have secured a total of £30,000 from funders and requested a further £80,000 from other funding bodies. The charity plans to add any shortfall from their financial reserves to ¢over the remainder of the costs. This has been discussed with the trustees and it was felt that the benefits of the new Hub would OUe1gh the risks of using our reserves. The Hub will bring in more funding, and enable research and training to take place so it's considered to be essential for the future of the charity. The trustees will receive regular updates on the progress of the Hub including the budget. The Net Current Assets at 31st March 2024 were £802,268 {2023 - £829,014) with restricted funds at £180,146 (2023 - £113,486), designated funds amounting to £338,379 (2023 - £338,379) refle¢ting an underlying unrestricted funds reseNe of £283,743 {2023 £377,149). The designated funds are expected to be utilised over the next 12 to 24 months. Structure, governance and management 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 ofthe Trustees who are elected and co-opted under the terms of the Trust Deed. c. Organisational structure and decislon making policies The board is responsible for setting the mission, vision, values and strategic objective of the charity and for overseeing the implementation of those objectives. David Beverland has been delegated day to day management. d. Pay pollcy for key management personnel Trustees are not remunerated and are appointed based on merit against objectives criteria. Although trustee appointments are not public appointments, the charity aim to comply with the principles of Commissioners for Public Appointments in Northern Ireland {merit, diversity, equality, openness, transparency, independen, integrity, proportionality and respect)
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 e. Financial Risk management The trustees has assessed the major risks to which the company is exposed, in particular those rek2ted 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 financial statements were: Mrs K Carolan Mr S Curry Mr O Diamond Mr D Gibson Dr R Hogg Mrs G Keenan Mr P Magill Dr J Mccaffrey Mr E McGinley Mr D Mo51oy Mr R Napier None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Statement of Trustees, responsibilities The Trustees, who are also the directors of Trauma & Orthopaedics Research Charity for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting PraGtice). Company Law requires the Trustees to prepare financial statements for each finan¢ial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalements.. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will Continue in operation. The Trustees are responsible for keeping adequate accounting record5 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statemen ts comply with the Companies Act 2006. 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. Auditor In accordance with the company's articles, a resolution proposing that Miscampbell & Co be reappointed as auditor of the company will be put at a General Meeting.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, report was approved by the Board ofTrustees. Napier Trustee Date..
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 '¢harity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance 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 Iland (United Kingdom Generally A¢¢epted A¢¢ounting 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 2024 and of its incoming reSoUrS and application of resources, for the year then ended- have been properly prepared 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 Auditorfs responsibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling to events or Conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going con¢em 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 auditor's 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 information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 15 a material misstatement of this other infomiation, we are required to report Ihat fact. We have nothing to report in this regard. Matters on which we are reqUId 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 lair 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 aG¢ounting 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 the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 respect 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-compliance with such laws and regulations. We assessed the susceptibility of the company's financial statements to material misstatement, induding obtaining an understsnding of how fraud might occur, by., Identification of related parties., Making enquiries of management regarding where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., Considering the internal controls in place within the company to mitigate the risk of fraud and non- compliance with laws and regulations. To address the risk of fraud. override of controls and non-compliance with laws and regulations, we performed analytical procedures to identify any unusual or unexpected related party relationships, tested joumal entries to identity unusual transactions, investigated any significant or unusual transactions and assessed whether judgements and assumptions made in determining the accounting estimates were suggestive of potential bias. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 10-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TRAUMA & ORTHOPAEDICS RESEARCH CHARITY Use of our report This report is made 501ely to the company's members, as a body, in accordance with the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the company's member5 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 a¢¢ept 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. Jonathan R Bethel (Senior Statutory Auditor) for and on behalf of Miscampbell & Co 24 July 2024 Chartered Accountants Statutory Auditor 6 Annadale Avenue Belfast BT7 3JH 11
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestri¢ted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Other trading activities Investments 7.235 69,826 390 347,788 355,023 69,826 390 11,507 8,321 566 243,873 255,380 8,321 566 Total incomo 77,451 347,788 425,239 20,394 243,873 264,267 Expenditure on: Charitable activities Other expenditure 158,111 65,410 286,948 445,059 65,410 69,775 196,370 266,145 11 Total expenditure 223,521 286,948 510,469 69,775 196,370 266,145 Net gainsl(losses) on investments 12 58.484 58,484 {23,562) (23,562) Net in¢omel{expenditure) (87,586) 60,840 (26,746) {72,943) 47,503 (25,440) Transfers between funds (5,820) 5,820 Net movement in funds (93,406) 66,660 (26,746) (72,943) 47,503 (25,440) Reconciliation of funds: Fund balances at 1 April 2023 715,528 113,486 829,014 788,471 65,983 854,454 Fund balances at 31 March 2024 622,122 180,146 802,268 715,528 113,486 829,014 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 12-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Nots$ Fixed assets Tangible assets Investments 14 15 8,954 648,120 12,143 589,636 657,074 601,779 Current assets Debtors Cash at bank and in hand 16 882 150,527 65,749 190,548 151,409 256,297 Creditors: amounts falling due within one year 17 (6,215) (29,062) Net current assets 145,194 227,235 Total assets less current liabilities 802,268 829,014 Income funds Restricted funds nrestricted fund Designated funds General unrestricted funds 18 180,146 113,486 19 338,379 283,743 338,379 377,149 622,122 715,528 802,268 829,014 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 2024, although an audit has been carried out under Charities Act (Northern Ireland) 2008. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 13-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The financial statemen15 were approved by the Trustees on 14171 LL+v MrD Trustse loy Napier Trustse Company registration number N1632465 14-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Trauma & Orthopaedi¢s Research Charity is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 6 Annadale Avenue, Belfast, BT7 3JH. 1.1 Accounting convention The financial statements have been prepared in accordanGe 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 ¢harities preparing their accounts in a¢cordance 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 Statement 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 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. Restricted funds are subject to specific conditions by donors or grantors 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. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met. the amount5 can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless performance Gonditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount 15 known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 15-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 that 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 dIt 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 activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allo¢ated 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 cost or valuation of assets less their residual values over their useful lives on the following bases= Fixtures and fittings Qffi¢e equipment 25QA straight line 15QA straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction 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 equivalents 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 charity 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. 16-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continuedl Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially 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 transa¢tion 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 credilors and bank loans are initially re¢ognised at transaction pri 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 liabililies. Trade creditors are recognised initially at transaction pri¢e and subsequently measured at amortised cost using the effective interest method. Derecognition of flnancial liabilities Financial liabilities are derecognised 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 only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 17-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Grants 7,235 30,198 317,590 37,433 317,590 11,507 101,185 142,688 112,692 142,688 7,235 347,788 355,023 11,507 243,873 255,380 Income from other trading activities Unrestricted Unrestricted funds funds 2024 2023 Fundraising 69,826 8,321 Incom8 from investments Unrestricted Unrestricted funds funds 2024 2023 Investment income 390 566 18-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Total 2024 Total 2023 Direct costs Depreciation and impairment 3,189 3,227 Share of support and governance costs (see note 7) Support Governance 437,970 3,900 258,066 4,852 445,059 266,145 Analysis by fund Unrestricted funds Restricted funds 158,111 286,948 69,775 196,370 445,059 266,145 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Repairs Legal and professional Postage and stationary General Telephone Subscriptions Bank fees Advertising costs Contract work Research and development Insurance Conference Costs Fundraising costs Training Audit fees 520 1,284 2,243 217 494 2,036 246 2,223 370,435 520 1,284 2.243 217 494 2.036 246 2,223 370,435 (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 42,700 855 9,592 4,855 270 42,700 855 9,592 4.855 270 3,900 24,250 637 28,918 584 24,250 637 28.918 584 3,900 4,852 4,852 437,970 3,900 441,870 258,066 4,852 262,918 Analysed beeen Charitable activities 437,970 3,900 441,870 258,066 4,852 262,918 19-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement in funds 2024 2023 The net movement in funds is stated after charging1(Cditing}. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 3,900 3,189 4,852 3,227 Trustees None of the Trustees {or any persons connected with them) received any remuneration or benefits from the charity during the year. 10 Employees The average monthly number of employees during the year was= 2024 Number 2023 Number Including Trustees 13 There were no employees whose annual remuneration was more than £60,000. 11 Other expenditur8 Unrestricted Unrestricted funds funds 2024 2023 other expenditure 65.410 12 Gains and losses on investments Unrestricted Unrestricted funds funds 2024 2023 Gainsl(losses) arising on.. Revaluation of investments 58,484 (23,562) 13 Taxation The Gharity is exempt from taxation on its activities because all its income is applied for charitable purposes. -20-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tangible fixed assets Fixtures and fÉttings Office equlpment Total Cost At 1 April 2023 6,428 21,516 27,944 At 31 March 2024 6,428 21,516 27,944 Depreciation and impairment At 1 April 2023 Depreciation charged in the year 6,428 9,373 3,189 15,801 3,189 At 31 March 2024 6,428 12,562 18,990 Carrying amount At 31 March 2024 8,954 8,954 At 31 March 2023 12,143 12,143 15 Fixed asset investments Listed investments Cost or valuation At 1 April 2023 Valuation Changes 589,636 58,484 At 31 March 2024 648,120 Carrying amount At 31 March 2024 648,120 At 31 March 2023 589,636 16 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 65,410 339 882 882 65,749 21
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 6,215 29,062 18 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 PEI DB consultancy Depuy Bone foam pillow project MITRE Trust 63,834 49,652 148,056 30,198 63,834 5,700 100,000 (79,298) (68,130) (28,000) (11,520) {100,000} 132,592 11,720 35,834 5,820 113,486 347,788 (286,948) 5,820 180,146 Previous year: At 1 Aprll 2022 Incoming resources Resources expended Transfers At 31 March 2023 PEI DB consultancy Depuy 16,331 49,652 78,854 101,185 63,834 (31.351) (101,185) {63,834} 63,834 49,652 65.983 243.873 (196,370) 113,486 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subje¢t to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes such as 2 years running costs to cover staff salaries. At 1 April 2023 Incoming resources Resources expended Transfers Gains and At 31 MarGh losses 2024 Designated funds General funds 338,379 377,149 338.379 283,743 77,451 {223.521) (5,820) 58,484 715,528 77,451 {223,521) {5,820} 58,484 622,122 -22-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unrestricted funds (Continued) Previous year: At 1 April 2022 Incoming resources Resources expended Transfers Gains and At 31 March losses 2023 Designated funds General funds 115,220 673,251 223,159 (223,159) 338,379 377,149 20,394 {69,775) (23,562) 788,471 20,394 (69,775) (23,562) 715,528 20 Analysis of net assets between funds Unr8stricted funds 2024 RestriGted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investments Current assetsl{liabilities) 4,887 648,120 (30,885} 4,067 8.954 648,120 145,194 176,079 622.122 180,146 802,268 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Investments Current assetsl(liabilities) 6,551 589,636 119,341 5,592 12,143 589,636 227,235 107.894 715,528 113,486 829,014 21 Related party transactions There were no disclosable related party transactions during the year (2023 - none). -23-