Company registration nurnber N1632465 TRAUMA & ORTHOPAEDICS RESEARCH CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trustees 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 Molloy Mr R Napier Company number N1632465 Registered office 6 Annadale Avenue Belfast BT7 3JH Auditor Miscampbell & Co 6 AnnadaleAvenue Belfast BT7 3JH Bankers Danske Bank Donegall Square West Belfast BT16JS Solicitors Carson McDowell Murray House 4 Murray Street Belfast BT16DN
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY CONTENTS Page Trustees, report Independent auditor's report 9-11 ststement of financial activities 12 Balance sheet 13-14 Notes to the financial statements 15-24
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements for the year ended 31 March 2025. 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 ¢harity'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 Republic 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 activity of the charity is to Gontinually improve the provision of holistic care for all those with musculoskeletal injury or disease in Northern Ireland. b. Activities undertaken to achieve objectives The trustees are pleased to report that the charity continues to improve the provision of holistic care for all those with musculoskeletal injury of disease in Northern Ireland, through their 3 strategic aims.. Research Education and Support. 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 a¢hievements and review of activities of the company. Achievements and performance Charity Staff The charity continues to work well with staff members. This has helped the charity grow and focus on developing fundraising income streams to help fund charity projects. Future plans are in place to grow the team to help engage and obtain more charity partnerships. Fundraising The last 12 months has seen a decrease in fundraising and donations. This is something most charities are experiencing. Securing funding for the refurbishment of the new TORC Training & Education Hub was a priority at the start of the year meaning less time was available for fundraising. The TORC Walk on Sunday 9th June 2024 saw a decrease in donations which impacted the overall fundraising income for the financial year. Th is event still made up a large proportion of the overall fundraising income. We have seen some slight growth on oursocial media platforms which has helped raise awareness and helped the charity's visibility and promotion of our fundraising events and campaigns. The partnership with the Kingsbridge Private Hospital was successful with vartOUS fundraising activities and events and funding was secured from the Kingsbridge Foundation for the refurbishment of TORC Hub. The Belfast City Marathon 2024 had relay teams from the Trauma Ward at the Royal Victoria Hospital and our charity partner Saintfield United FC. TORC fundraisers also took part in the Crumlin Road Jail Abseil at Christmas time.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Research The following clinical trials have been on going.. Name pi Sponsor The Humeral Shaft fracture trial - HUSH Mr Owen Diamond University of Oxford Bracing Adolescent Idiopathic Scoliosis night-time vs full-time bracing in adolescent idiopathic scoliosis (BASIS) Mr Sam Sloan Sheffield Children's Foundation Trust NHS study of retrieved orthopaedic implants, asso¢iated issues & data Mr Richard Napier University of Leeds The Meniscal Transplant surgery or Optimised Rehabilitation full randomised trial (METEOR-2) Ms Clara stevenson University of Warwick World Hip Trauma Evaluation.. Lidocaine Intravenous Trial (WHITE LIT) Dr Clara O'Donnell University of Oxford World Hip Trauma Evaluation.. Dual mobility VS standard articulation THR in the treatment of 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-operalive biologic DMARD management.. stoppage or Continuation during orthopaedic operations (PERISCOPE) Mr Ravi Pagoti University of Leeds & Leeds Teaching Hospital NHS Trust
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The following clinical trials have started in the last 12 months.. Name pi Sponsor Imaging in Paediatric Osteomyelitis (the PIC Bone study}- a multi-centre Cohort study to understand the role of MRI and Ultrasound in the diagnosis of acute haematogenous osteomyelitis in children. My Paul Karayiannis University of Oxford My Knee Plan.. A project to develop a care plan with a named Healthcare Professional Mr Richard Napier North Bristol NHS Trust Can the use of Virtual Reality Improve Outcomes Following Total Knee Arthroplasty with Spinal naesthesia?_A Pilot Study Dr David Johnston Belfast Health and Social Care Trust The research team were involved in the following publications: 1. Novel radiographic stem version predictor from anterior-posterior radiographs. Denton O, Madden-MGKee C, Dunne N, O'connor J, Hill J, Beverland D, Lennon A. 2. Clin Biomech (Bristol). 2025 Mar-123.'106465. 3. The third gap The forgotten space in total knee arthroplasty. Brown W, Gallagher N, Roberts D, Napier R, Barrett D, Beverland D. Knee. 2025 Jan., 52'.164-170. 4. Long-term follow-up of ceramic-on-metal total hip arthroplasty. Baker G, Hill J, O'Neill F, Mcchesney J, Stevenson M. Beverland D. Bone Jt Open. 2024 Nov 5,'5(11)'.971-976. 5. Long term follow up of 257 consecutive cementless Oxford medial compartment knee arthroplasties at a non- designer ¢entre. Karayiannis P, Cassidy R, Dobie I, Beverland D. Knee. 2024 Aug,. 49'.201-209. 6. Socioeconomic deprivation is associated with worse health-related quality of life and greater opioid analgesia Use while waiting for hip and knee arthroplasty. Gallagher N, Cassidy R, Karayiannis P, Scott CEH, Beverland D. Bone JI Open. 2024 May 24'.5{5):444-451. 7. Early versus delayed weight-bearing following operatively treated ankle fracture (WAX).. a non-inferiority, multicentre, randomised controlled trial. Bretherton CP, Achten J, Jogarah V. Petrou S, Peckham N, Achana F. Appelbe D, Kearney R, Claireux H, Bell P, Griffin XL; WAX Investigators. Lancet. 2024 Jun 29.403 (10446).'2787-2797. 8. Return to work and activity after rib-fixation for acute chest trauma- first application of a validated patient- reported outcomes assessment tool. Blythe A, Cassidy R, Diamond O, Mcmanus K. Eur J Cardiothoracic Surg. 2024 Jun 3,'65{6)-ezae192.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Education Staff, orthopaedic trainees and students have attended the following conferences to present both oral and poster presentations of TORC research: Northern Ireland Biomedical Engineering Society, 23rd May 2024, Belfast Annual Meeting of the Irish Orthopaedic Association. 21st & 22nd June 2024, Kilkenny British Orthopaedic Research Society Meeting, 9-10th September 2025, Sheffield British OrthopaedicAssociation Meeting 17th - 20th September 2024 Association for Simulated Practice in Healthcare, 3-51h November 2024, Edinburgh The Great Debate, 5th & 6th February 2025, London British Hip Society Annual Meeting, 5th - 7th March 2025. Harrogate American Academy of Orthopaedic Surgery, 10th- 14th March, San Diego The following initiatives have also been supported.. STRIDE Program has been developed and had its first trial with East Belfast GAA. Plans to go ahead and launch to sports clubs will continue with further bookings from Hillsborough Juniors FC, Saintfield Utd. FC, Kil¢lief GAA in Strangford. Development of pre-op education videos for hip and knee replacement patients. Videos covered preparation for surgery, what to expect. complications and exercises. Facilitated IOFAS pre-conference meeting in Musgrave Park Hospital on the 27th September. The TORC Research Seminar was held on the 4th of October in Belfast with invited speakers.. Prof Matt Costa, Mr Faichra Rowan, Prof Dan Perry. Prof John Wong and Mr Gerry Sheridan. It was attended by healthcare staff and students and was very well re¢eived.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support The following projecls have been supported by TORC in the last 12 months.. Training equipment for the Children's Fracture Clinic.. a life size skeleton and a knee model. The servicing of the Resuscitative Thora¢otomy Manikin for the Major Trauma Team, RVH. The manikin was used for trauma team training. 3D printed models to practice fixing broken elbow bones in children. A simulation training event was held for trainees using these. The Refurbishment of the existing x-ray storage space {BART Room) in Musgrave Park Hospital into the TORC Training & Education Hub. Altnagelvin Area Hospital analysis of their 90 day arthroplasty outcomes on an on-going basis. Patient Liaison Group The Patient Liaison Group has had two meeting this year in the new TORC Training & Education Hub. The group have recruited three new members. Several patient related topics were discussed on current projects, for example, the new patient information videos, opinions on using technology for patient information and a review of patient information for future research studies. The next PLG meeting is scheduled for later in the year. Future Plans In the next 12 months, the research team will be continuing with the on-going research studies and aiming to get approval for planned research. The team will be working on Hip Fra¢ture Patient Booklet for Craigavon Area Hospital TORC will part fund along with the BOOM Foundation a B7 Sarcoma clinical nurse specialist in MPH. linic l Trials Startin in 2025126.. G-FORCE: Gait in Fixed Or Rotsting Cementless Total Knee Arthroplasties (G-Force TKA) IMPACTS= Acceptability and Feasibility of Acceptance and Commitment Therapy in Total Knee Arthroplasty Patients SarcoSIGHT: A Randomised-control Trial of Fluorescence Guided Sarcoma Surgery Versus the Standard of Care (multicentre NIHR study) POLYFIX-DCM.. Posterior Laminectomy and Fixation for Degenerative Cervical Myelopathy FORENSIC.. The ¢lini¢al and cost-effectiveness of lumbar fusion surgery for patients with persistent, severe low back pain WHITE.. FRUITI.. World Hip Trauma Evaluation: Fix or Repla undisplaced Intracapsular fractures Trial of Interventions ODDSOCKS= Outcomes of Displaced Distal tibial fra¢tures - Surgery Or Casts in Kids DARFI- Database ofAtypical and Rare Fractures and Injuries PATH= Incidence of and Risk Factors Associated with Groin Pain Following Total Hip Arthroplasty FANTA.. Fracture Ankle Tourniquet Assessment study.. a randomised controlled trial PORTRAIT- Post-operative radiotherapy in surgically treated bone metastases
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 TORC'S Fundraisi ril focus on-. Focus on in¢reasing patient awareness about the charity Developing into new areas of business= legacies, donation in lieu of flowers, gift in will Recruit new charity ambassadors who will actively promote our work Grow income streams with donor development segmentation Continue to re¢ruit for new corporate partners Invest in a CRM system Education and Su Delivery of STRIDE program to grassroots clubs in Nl 90 day arthroplasty outcomes analysis for Craigavon Area Hospital on an on-going basis Bone foam for RBHSC More patient videos e.g. Ilizarov frames for children Continue to support requests for statistical analysis and research support Financial review The charity continues to adopt the going concern basis in preparing its financial statements. Staff salary costs continue to rise= Charity Staff Salaries - £60,000 Research Staff Salaries - £187,000 The TORC Training and Education Hub project cost double the initially quoted value. Funding was provided for half the costs meaning TORC had to pay the remaining balance of £75,000. The Net Current Assets at 31st March 2025 were £505,866 {2024 - £802,268) with restricted fvnds at £286,149 (2024 - £180,146), designated funds amounting to £118.379 {2024- £338,379), reflecting an underlying unrestricted funds reserve of £101,338, (2024 - £283,743). The designated funds are expected to be utilised over the next 12 to 24 months.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure> governance 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 Trustees who are elected and co-opted under the terms of the Trust Deed. c. Organisational structure and decision 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 policy 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, Iransparency, independence, integrily, proportionality and respect). e. Financial Risk management The trustees has 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 plane 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 Molloy 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.
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustses. responsibilities The trustees who are also the directors of Trauma and Orthopaedic Research Charity for the purpose of the company law, are responsible for preparing the trustees report and financial statements in accordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practise). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applications 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 then consistently observe the methods and principles 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 harity will 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 financial statements 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. The Trustees, report was approved by the Board of Trustees. Mr R Napier Trustee 29 August 2025
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TRAUMA & ORTHOPAEDICS RESEARCH CHARITY Opinlon We have audited the financial statements of Trauma & Orthopaedics Research Charity (the 'charity'l for the year ended 31 March 2025 which comprise Ihe 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 Ireland (United Kingdom Generally Accepted Accounting Practi¢e). 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 2025 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., 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 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 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 statements 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 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 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 whlch we are required to report by 8xception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires 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 infomiation 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 ststements 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 realisti¢ 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 lo fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level ol 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 Ihe 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 noTrcompliance with such laws and regulations. We assessed the susceptibility of the company's financial statemenls to material misstatement, induding obtaining an understanding of how fraud might occur, by., Identification of related parties., Making enquiries of management regarding where they Considered there was sus¢eptibility to fraud, their knowledge of aGtual, suspecled 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 law5 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 detemiining 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 solely to the company's members, as a body, in a¢cordan¢e with the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent permitted by Iw, 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, tor this report, or for the opinions we have formed. Jonathan R Bethel (Senior Statutory Auditor) for and on behalf of Miscampbell & Co 29 August 2025 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 2025 Unrestricted Restricted funds funds 2025 2025 Total unstrICted Restricted funds funds 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies Other trading activities Investments 1,685 45,320 357 170,174 171,859 45,320 357 7,235 69,826 390 347,788 355,023 69,826 390 Totsl Income 47,362 170,174 217,536 77,451 347,788 425,239 Expenditure on: Charitable activities Other expenditure 256,017 284,171 540,188 158,111 65,410 286,948 445,059 65,410 11 Total expenditure 256,017 284,171 540,188 223,521 286.948 510,469 Net gainsl(losses) on investments 12 26,250 26,250 58,484 58,484 Net expenditure {182,405) (113,997) (296,402) {87,586) 60,840 (26,746) Transfers beeen funds (220,000) 220,000 (5,820) 5,820 Net movement in funds (402,405) 106.003 (296,402) (93,406) 66.660 (26,746) Reconciliation of funds: Fund balances at 1 April 2024 622.122 180,146 802,268 715,528 113,486 829,014 Fund balancos at 31 March 2025 219.717 286,149 505,866 622,122 180,146 802,268 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 2025 2025 2024 Notes Fixed assets Tangible assets Investments 14 15 10,473 454,370 8,954 648,120 464,843 657,074 Current assets Debtors Cash at bank and in hand 16 539 46,438 882 150,527 46,977 151,409 Creditors: amounts falling due within one year 17 (5,954) (6,215) Net current assets 41,023 145,194 Total assets less current liabilities 505,866 802,268 Income funds Restricted funds ricted f Designated funds General unrestricted funds 18 286,149 180,146 nre 19 118,379 101.338 338,379 283,743 219,717 622,122 505,866 802,268 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 2025, 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 2025 The financial statements were approved by the Trustees on 29 August 2025 Mr D Molloy Trustee Mr R Napier Trustee Company registration number N1632465 14-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charlty information Trauma & Orthopaedics 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 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 Pradice 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 Statwnent of Cash Flows. The financial statements are prepared in sterling, which is the lunctional 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 TrLtstees continue to adopt the going concem basis of accounting in preparing the finanGial 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 chartty. 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 received. 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 Gift Aid or deeds of covenant 15 re¢ognised al the time of the donation. Legacies are recognised on receipt 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. 15-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 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 dIrl 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 beeen 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 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 cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixlures and fittings Office equipment 25 /0 Straight line 15 /0 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 Flxed 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 indation 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-term 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 re¢ognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are oftset, with the net amount5 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 reali5e the asset and settle the liability simultaneously. 16-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction pri¢e including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement ¢onstitutes 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 Basic financial liabilities, including creditors and bank loan5 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 lo 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 reGognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial 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 estimatss 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 2025 Income from donations and legacies Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Donations and gifts Grants 1,685 3.111 167,063 4,796 167,063 7,235 30,198 317,590 37,433 317,590 1,685 170,174 171,859 7,235 347,788 355,023 Income from other trading activities Unrestricted Unrestricted funds funds 2025 2024 Fundraising events 45,320 69,826 Incom8 from investments Unrestricted Unrestricted funds funds 2025 2024 Other income 357 390 18-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable a¢tivities Total 2025 Total 2024 Direct costs Depreciation and impairment 4,141 3,189 Share of support and governance costs (see not8 7 Support Governance 531,672 4,375 437,970 3,900 540,188 445.059 Analysis by fund Unrestricted funds Restricted funds 256,017 284,171 158,111 286.948 540.188 445,059 Support costs Support Governance costs Costs 2025 Support Governance costs Gosts 2024 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 75,181 1.425 1.093 1,241 515 2,582 219 3,472 393,754 75,181 1,425 1.093 1,241 515 2,582 219 3,472 393,754 520 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 41,711 1,055 990 2,208 6,226 41,711 1,055 990 2,208 6,226 4,375 42,700 855 9,592 4,855 270 42,700 855 9,592 4,855 4,375 3,900 3,900 531,672 4,375 536,047 437,970 3,900 441,600 Analysed beeen Charitable activities 531.672 4.375 536,047 437,970 3,900 441,870 19-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Net movement in funds 2025 2024 The net movement in funds is stated after chargingl(crediting)'. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 4,375 4,141 3,900 3,189 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.. 2025 Number 2024 Number Including Trustees 13 There were no employees whose annual remuneration was more than £60,000. 11 Other expenditure Unrestricted Unrestricted funds funds 2025 2024 Other Expenditure 65,410 12 Gains and losses on Investments Unrestricted Unrestricted funds funds 2025 2024 Gainsl(losses) arising on.. Revaluation of investments 26,250 58,484 13 Taxation The charity 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 2025 14 Tangible fixed assets Flxture$ and rittings Office equiprnent Total Cost At 1 April 2024 Additions 6,428 3,600 21,516 2,060 27,944 5,660 At 31 March 2025 10,028 23,576 33,604 Depreciation and impairment At 1 April 2024 Depreciation Charged in the year 6,428 720 12,562 3,421 18,990 4,141 At 31 March 2025 7,148 15,983 23,131 Carrying amount At 31 March 2025 2,880 7,593 10,473 At 31 March 2024 8,954 8,954 15 Fixed asset investments Listed Investments Cost or valuation At 1 April 2024 Additions Withdrawals 648,120 26,250 {220,000) At 31 March 2025 454,370 Carrying amount At 31 March 2025 454,370 At 31 March 2024 648,120 16 Debtors 2025 2024 Amounts falling due within one year: Prepayments and a¢¢rued income 539 882 21
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Creditors: amounts falling due within one year 2025 2024 Accruals and deferred income 5,954 6,215 18 Rastrlcted 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 2024 Incoming resources Resources expended Transfers At 31 March 2025 PEI DB ¢onsultancy Dontation to TORC Fund Depuy TORC Room Refurbishment & Staff Salaries Ulster Garden villages Kingsbridge Foundation 132,592 11,720 85,146 3,111 10,000 31,917 {139.404} (1,203) <10,000) 78,334 13,628 35,834 67,751 (93,564) (20,000) (20,000) 220,000 126,436 20.000 20.000 180,146 170,174 (284,171) 220,000 286,149 Previous year: 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 5,700 100,000 179,298> {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 -22-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject 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 2024 Incoming resources Resources expended Transfers Gains and At 31 March losses 2025 Designated funds General funds 338,379 283,743 (220,000) 118,379 101,338 47,362 (256,017) 26,250 622,122 47,362 {256,017) (220,000) 26,250 219,717 Previous year: At 1 April 2023 Incoming sources Resources expended Transfers Gains and At 31 March 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 20 Analysis of net assets betwèen funds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 31 March 2025: Tangible assets Investments Current assetsl{liabilities) 7,931 454.370 (242,584) 2,542 10,473 454,370 41,023 283,607 219,717 286,149 505,866 Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investments Current assetsl(liabilities) 4.887 648,120 (30,8851 4,067 8,954 648,120 145,194 176,079 622,122 180,146 802,268 -23-
TRAUMA & ORTHOPAEDICS RESEARCH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Related party transactions There were no disclosable related party transactions during the year {2024- none). -24-