Annual Report 2025/26 text.

The Royal National Orthopaedic Hospital Charity Annual Report and Financial Statements 2025|26 Charitable Incorporated Organisation | Charity Number: 1166129

Contents Page 3 Reference and administrative details Page 4 Welcome from the Chair and Chief Executive Page 7 Our partner Page 8 What we do Page 24 Future plans Page 26 Financial review Page 29 Governance Page 32 Statement of Trustees' responsibilities Page 33 Independent Auditor's report to the Board of Trustees Page 37 Statement of financial activities Page 38 Balance sheet Page 39 Cash flow statement Page 40 Notes to the financial statements PAGE 2

Reference and administrative details Registered address: Royal National Orthopaedic Hospital NHS Trust Brockley Hill Stanmore Middlesex HA7 4LP Tel: 020 8909 5362 Trustees: Advisors: Richard Jones, Chair Fund manager Cazenove Capital Sarah Bedingfield Shutt 1 London Wall Place London Leor Franks (from 11 February 2026) EC2Y 5AU Suzanne Romny Gray (from 26 November 2025) Bankers Barclays Bank PLC Kathryn Hardwidge 1 Churchill Place London Robert Hurd E14 5HP Anju Jaggi Independent auditor Moore Kingston Smith LLP Matthew Lee 9 Appold Street London Richard Linskell (to 30 September 2025) EC2A 2AP John Magnier (to 30 September 2025) Solicitor Withers LLP Professor John Skinner 20 Old Bailey London Hitesh Thakrar EC4M 7AN Key management personnel: Rosie Stolarski, Chief Executive Carol Corney-Brotherston, Head of Finance June Heath, Head of Marketing and Communications Alice Smith, Head of Fundraising PAGE 3

Welcome from the Chair and Chief Executive At RNOH Charity, we are dedicated to ensuring that the Royal National Orthopaedic Hospital continues to lead in orthopaedic and neuro-musculoskeletal health. By securing vital funds and fostering key collaborations, we empower the hospital to achieve exceptional Richard Jones results for patients, cultivate a better environment Chair for staff and advance groundbreaking research. The Charity’s support funds important initiatives that take our pioneering hospital beyond the constraints of standard NHS funding, transforming ambitious visions into real-world improvements and helping to ensure every patient receives outstanding care within an extraordinary setting. Rosie Stolarski Chief Executive Powering progress through innovation, partnership and community Over the past year, we have seen remarkable progress One of the defining milestones of the year was the across the hospital community. Through committed first anniversary of the revitalised Imaging Centre at partnership with the RNOH Trust and targeted Stanmore. Supported by generous donors and brought investment in diagnostic technology, rehabilitation, to life through Charity funding of more than £1 million, research and inspiring fundraising initiatives, RNOH the Centre has transformed diagnostic imaging at Charity has continued to help transform lives by RNOH. enhancing the hospital experience for everyone. The first year has seen remarkable results. The state- Our Charity works seamlessly with the Trust, of-the-art HiRise scanner, capable of taking detailed supporting both the Stanmore and Bolsover Street images in weight-bearing positions, is now expected to sites. This vital alliance ensures the hospital's world- benefit more than 6,000 patients each year. In addition, class clinicians and researchers have the necessary RNOH Charity provided the NHS’s first EOSedge resources to deliver exceptional patient care, from scanner at Stanmore, increasing capacity by more sophisticated rehabilitation methods to pioneering than 1,200% to reduce delays and ensure patients scientific study. RNOH's renown extends beyond its receive faster and more accurate diagnoses. The EOS is surgical and recovery achievements, establishing it as considered one of the best imaging devices for scoliosis PAGE a major hub for translational research, working with patients, who often require frequent monitoring. This respected partners from University College London cutting-edge machine delivers full-body, bilateral Hospital to the Royal Free Hospital. images in seconds, at vastly reduced radiation doses compared to traditional X-ray. 4

Welcome from the Chair and Chief Executive Alongside advances in diagnostics, RNOH Charity staff wellbeing and clinical innovation, and demonstrate has continued to invest in rehabilitation and recovery. the growing reach of the brand as we work to raise Improvements to the Spinal Cord Injury Centre have awareness of our cause. created more welcoming and functional spaces for patients and families, while innovative rehabilitation We are pleased to note a growing supporter base technologies are helping patients regain confidence among Trust employees. The year saw an increased and self-sufficiency. number of enquiries from staff, including three RNOH Consultant Surgeons who successfully trekked 100km This year also saw the launch of the new Davey Bus, over five days across the Sahara Desert in aid of our funded through the generosity of Charity Ambassador Charity. The challenge raised almost £13,000, as David Holmes MBE and supported by our wider well as amplifying awareness of our Trust’s work and community of donors. The accessible vehicle is our charitable mission. The event culminated in an providing free transport for spinal cord injury patients, invitation to the surgeons from Prime Minister Sir Keir helping individuals reconnect with life beyond the Starmer to a celebration of the NHS at 10 Downing hospital environment and supporting their return to Street in the summer of 2026. independence. Supporting the staff experience at RNOH remains Research remains central to the Charity’s mission. a core priority for the Charity. Throughout the year, Funding has continued to support pioneering projects we have continued to fund initiatives that celebrate focused on improving infection control in bone tumour and invest in the hospital’s exceptional teams, surgery, advancing personalised treatment approaches including professional development opportunities, and exploring innovative therapies for drug-resistant wellbeing initiatives, staff recognition events and travel infections. We have also invested in training scholarships that have enabled colleagues to expand opportunities that support orthopaedic specialists and their knowledge through inspiring visits to counterparts clinical researchers. across the UK and overseas. A particularly exciting area of research this year We were also proud to support the 2026 Staff has been the continued development of digital Achievement Awards, celebrating the dedication, histopathology and genomic studies in sarcoma care, expertise and compassion of RNOH staff. Hosted by helping clinicians deliver faster diagnoses and more television presenter and friend of RNOH Charity personalised treatment pathways. The Charity has also Gavin Inskip, the awards continue to recognise the continued to support studies exploring improvements individuals and teams who make such an extraordinary to life after surgery, recognising the importance of difference to patients every day. treating the whole person throughout recovery. The Volunteer Service continues to play a crucial role Fundraising activity across the year has demonstrated within the Trust and remains one of the Charity’s most the strength and generosity of the RNOH community. valued areas of support, with funding to date of From marathon runners, cyclists and school fundraising £1 million. Volunteers contributed thousands of hours initiatives to Sahara treks and community events, across wards, departments and events, providing supporters have continued to rally behind the hospital comfort, companionship and practical assistance to with enthusiasm. patients and staff. Their dedication strengthens the patient experience and demonstrates the remarkable We were delighted to see another successful spirit of the RNOH community. David Holmes Cricket Cup, which raised over £10,000 towards our Gardens and Green Spaces Fund, helping support plans to improve outdoor areas for patients, visitors and staff. The Charity was equally thrilled to take part in the PAGE Big Give Christmas Challenge, where supporters rallied together to raise an incredible £42,000 in one week of matched giving. These funds will contribute towards projects that directly improve patient care, 5

Welcome from the Chair and Chief Executive Art and heritage continue to enrich the hospital environment. The carefully curated artworks displayed throughout The Stanmore Building help create moments of calm and reflection for patients, staff and visitors. This year, we were also honoured to receive a collection of oil paintings created by pioneering orthopaedic surgeon Professor Sir Herbert Seddon. The collection was generously donated by Sir Herbert’s children, Mrs Sally Westmacott and the late Mr James Seddon, and now hangs within the Sir Herbert Seddon Teaching Centre at Stanmore. We remain immensely grateful for the ongoing support of our Royal Patron, HRH Princess Eugenie, whose advocacy continues to inspire awareness and support for the Charity’s work. Our sincere thanks are also extended to our Charity Ambassadors David Holmes MBE and Matt Forde, whose ongoing generosity, creativity and commitment raise both vital funds and the profile of RNOH Charity nationally. In 2026, David became a Member of the Order of the British Empire (MBE) for services to film and charity in the King's Birthday Honours List. We extend our warmest congratulations to him on this award, recognising his tireless and exemplary service to RNOH Charity in support of the hospital, for which we are very grateful. Most importantly, we wish to thank every Charity supporter, donor, volunteer, fundraiser, RNOH Charity Trustee and member of hospital staff whose dedication and generosity have contributed to another year of progress at RNOH. Looking forward, RNOH Charity remains ambitious in its commitment to supporting world-class patient care, research and rehabilitation. Together with our supporters and hospital partners, we will continue to invest in pioneering technology, innovative treatment and exceptional environments that improve lives today and for generations to come. Forging new partnerships We were delighted to welcome the DVS Foundation as a new partner to RNOH Charity this year. Their support has already funded a PAGE wonderful celebration lunch for some of RNOH’s longest-standing volunteers and we look forward to developing this important relationship in the years ahead. 6

“The Royal National Orthopaedic Hospital (RNOH) continues to be recognised as a leading centre for orthopaedic and neuro- musculoskeletal care, delivering highly specialised services to patients from across Our partner the UK and beyond. From complex spinal injury treatment and bone tumour surgery to RNOH strives to strengthen its status as advanced rehabilitation, pain management and paediatric orthopaedics, RNOH remains the UK’s leading specialist orthopaedic at the forefront of innovation, research and centre, enhancing its international profile of compassionate patient care. outstanding care, research and education. Central to this continued success is the close strategic partnership between the Trust and RNOH Charity is independent of RNOH. RNOH Charity. Working together with The Charity’s mission is to strengthen shared ambition and purpose, the Charity and support the people, research and and Trust can deliver improvements that enhance the experience of patients, families infrastructure that make RNOH one of the and staff, while helping to shape the future of world’s best orthopaedic hospitals. orthopaedic health. Through focused charitable investment, RNOH Charity enables projects and opportunities that go beyond the scope of NHS 14,936 funding. This support helps provide advanced inpatients clinical equipment, pioneering research programmes, rehabilitation services and welcoming hospital environments that directly improve outcomes and quality of care. 189,916 Over the past year, this partnership has outpatients continued to deliver transformational impact across the hospital. From expanding patient access to cutting-edge diagnostic technology, to enhancing rehabilitation facilities, funding 2025|26 attendance: pioneering research and investing in staff development, the Charity’s support is helping RNOH maintain its position as a world-class 151,255 centre of excellence. outpatient attendances at the Stanmore site We remain immensely grateful to everyone who supports RNOH Charity and contributes to this important partnership, which continues 32,332 to make a lasting difference to the lives of patients and the future of the hospital.” outpatient attendances at the Bolsover Street site Prof. Paul Fish 6,329 PAGE Chief Executive, RNOH NHS Trust outpatient attendances at other locations 7

What we do Strategic objectives RNOH Charity supports the RNOH NHS Trust by raising and awarding funds to RNOH. The Charity has set itself ambitious targets in order to fulfil its vision. They are as follows: Enhancing the patient experience Each patient deserves the best possible experience at RNOH and our aim is to ensure everyone receives outstanding care. We will work with the hospital to identify areas that would benefit from improvement, as well as undertake our own research to identify any gaps. We will endeavour to ensure that the patient journey is of the highest quality. Improving the staff experience An important part of our mission is to help RNOH in its endeavours to provide a working environment that raises staff morale, aids in staff retention and helps achieve patient satisfaction. We will work closely with the hospital to identify any root cause issues and develop a robust programme to create collaborative team working. Creating a world-class facility We aim to continue to be a key funder of equipment and hospital developments on-site to provide the best environment for patients and staff. Investing in medical research RNOH has always been a centre of excellence for orthopaedic research and education in the UK. It has a long tradition of translational research, implant PAGE development and teaching in collaboration with University College London and other partners. We aim to provide the best facilities for neuro-musculoskeletal specialists and researchers to help strengthen RNOH’s world-leading position. 8

What we do Total expenditure* 2025|26: A year in numbers £1,061,000 Income Expenditure Total grants awarded of £401,000 by objective: £456,000 Donations received (major donors, £198,000 Enhancing the patient experience general donations, collections, Gift Aid, gifts in kind, etc.) and creating a world-class facility £99,000 £24,000 Grants received Improving the staff experience £268,000 £179,000 Legacies received Investing in medical research £101,000 Income and grants over the past five years Income from fundraising activity over the last five years, Investment income recognising that both income and grant-giving fluctuate year by year, amounted to £4,564,000, whilst grants awarded over the same period totalled £4,271,000. 2021|22 £1,317,000 £1,576,000 2022|23 £742,000 £241,000 2023|24 £879,000 £1,254,000 2024|25 £803,000 £812,000 2025|26 £823,000 Total income*: £388,000 £924,000 Income from fundraising activity Grants awarded including writebacks in 2025|26, including *The figures above exclude the exceptional grant writeback fundraising and investment (recognised within expenditure) and the refund of grant PAGE income income from Trusts (recognised within income) in relation to the 3D-printed patient-specific implant project. This could not be completed due to staffing constraints within the Trust, and in agreement with the funders, £205,000 was returned. 9

What we do Grant-giving RNOH Charity continues to fund projects that transform patient care, support staff wellbeing, enhance the hospital environment and advance pioneering medical research. During 2025|26, the Charity awarded a total of 88 grants clinical research, rehabilitation services, patient wellbeing totalling more than £401,000. Grants undrawn and and improvements to hospital facilities that would not written back amounted to £13,000, giving a total grant otherwise be possible within the confines of the NHS programme of £388,000. budget. Grants were awarded across a wide range of initiatives Over the following pages, we highlight some of the designed to strengthen RNOH’s position as a global projects, partnerships and people whose work has been leader in orthopaedic and neuro-musculoskeletal care. made possible through the generosity of RNOH Charity Investments have supported cutting-edge technology, supporters. PAGE 10

What we do Enhancing the patient experience At the heart of RNOH Charity’s work is the belief that every patient should feel supported, respected and cared for throughout their treatment journey. This year, Charity funding has continued to improve both the hospital environment and the overall patient experience, helping patients and families feel more comfortable, reassured and connected during treatment and recovery. The Davey Bus launches Grant amount Date awarded £26,720 May 2025 Delivery of the Davey Bus at the Spinal Cord Injury Centre in Stanmore. This specially adapted vehicle provides accessible transport for patients wishing to travel beyond the hospital site during their stay to help reconnection with everyday life, supporting independence and emotional wellbeing. Alert badges Grant amount Date awarded £4,309 Jan 2026 Provision of alert badges for the parents and carers of adults with special educational needs. Families can now wait away from the theatres complex in the knowledge that they will be alerted as soon as their loved one is in recovery so they can be reunited as soon as possible. Spinal Cord Injury Centre improvements Grant amount Date awarded £4,160 Feb 2026 (£217,292 in total) (over two years) Building on the successful day-room redevelopment PAGE completed in 2024|25, further improvements in year have helped create a more welcoming, functional environment that supports recovery, social connection and emotional wellbeing for patients and families. 11

What we do Enhancing the patient experience Mural for children in Orthotics Grant amount Date awarded £3,600 Dec 2025 Commissioning of a new painted mural to brighten the children’s waiting area in Orthotics. Bone and Soft Tissue Tumours app Grant amount Date awarded £31,200 Aug 2025 Innovation within clinical practice has also been strengthened through support for the Bone and Soft Tissue Tumours (BoSTT) app, a mobile reference library designed to assist clinicians with diagnosis and treatment planning on the move. The resource helps improve access to specialist knowledge and supports faster, more informed clinical decision-making. Stanmore green spaces Recognising the important role that outdoor environments play in recovery and wellbeing, the Charity began funding improvements to an allotment space at Stanmore. The refreshed area will support rehabilitation, encourage engagement with nature and provide therapeutic benefits for all service users. PAGE 12

What we do Enhancing the patient experience The Volunteer Service zzzzz Grant amount Date awarded £42,000 Aug 2025 Overview Operational highlights The Volunteer Service remains one of the hospital’s Patient buggy service most valuable resources, with helpers contributing thousands of hours of support and practical assistance A crucial asset across the hilly terrain of the large across wards, clinics and events, while initiatives such Stanmore site, the patient buggy service is run as the patient buggy service and walking aid recycling exclusively by volunteers and has transported just scheme further improve the hospital experience. under 200,000 patients and visitors since its launch in 2016, with 23,894 people served in 2025 alone. RNOH Charity fully funded the service from its One dedicated volunteer driver even completed their inception in 2015 until January 2024. In 2025|26, a 100th shift in year, showing incredible continuous total of £42,000 was awarded to continue supporting commitment to the hospital. this vital contributor to hospital life. Pets as Therapy (PAT) Since it began, the Volunteer Service has evolved into the largest department within the Trust, embedded A current team of six therapy dogs averages 35 deeply into the hospital. With a dedicated team of patient interactions per visit, providing comfort and 200–250 volunteers through the year, the department emotional support. enriches the experiences of patients, staff and visitors all year round. Volunteer time contribution In 2025, RNOH volunteers contributed more than Strategic growth and governance 39,000 hours of service, supporting planned, project- based activity and emergency needs. The RNOH Volunteer Service has demonstrated structured growth, underpinned by quarterly reporting Walking aid recycling initiative and continuous engagement with RNOH Charity to track and assess impact. A professionalised and More than 2,400 mobility aids have been returned to data-informed approach has ensured alignment with the Trust, with 35% of those successfully reused at both Trust values and charitable objectives, while least once, significantly reducing landfill waste and all addressing the broader NHS vision for volunteering thanks to a Volunteer Service initiative that continues through collaboration with national bodies such to grow. A new charitable partner has also been as NHS England and Helpforce. Furthermore, the identified to collect and redistribute items overseas department is aligned with NHS-wide priorities when they cannot be reprocessed at RNOH. and contributes to the national conversation on volunteerism in healthcare. Involvement and co-production Volunteers have contributed to over 20 Trust projects, ensuring patient voice influences service development. PAGE Patient shopping trolley The trolley service enhances patient morale with daily, friendly interactions on regular ward rounds. 13

What we do Enhancing the patient experience The Volunteer Service Sustainability and funding considerations Impact areas Volunteering requires continued investment to maintain standards, deliver impactful services and operate 1. For the Trust under experienced leadership. RNOH Charity will aim to continue to fund the running of the service to help Volunteer Services delivers measurable value through: ensure these targets are met. • Pre-appointment calls made to patients to reduce the volume of non-attendance Looking ahead • Enhancing patient and visitor experiences Since inception, the RNOH Volunteer Service has become a cornerstone of the Trust's patient-centred • Supporting high-profile events, such as the Staff care model. RNOH Charity’s strategic support has Achievement Awards, International Nurses’ Day and enabled this transformation, and as the service looks the Safety Conference ahead to its second decade, it remains an exemplar of effective compassionate and professional volunteering • Deploying skilled individuals matched to within the NHS. RNOH Charity intends to promote departmental needs funding of the RNOH Volunteer Service as a priority through the coming financial year. 2. For the Charity • Volunteers actively promote RNOH Charity’s work, fostering goodwill and charitable support • Regular strategic meetings ensure ongoing alignment and innovation in fundraising collaboration 3. For Staff • Volunteers enhance staff wellbeing, supporting initiatives such as clothing swaps and this year assisted in signing up more than 10,000 patients and carers to the MyCare app during launch from November to January • Administrative and project-based support improves efficiency across various departments • Volunteers are integral to team morale and event delivery, such as the Christmas Carol Service 4. For Patients • Volunteers play a role at every stage of the patient “We could not function without volunteer journey: support. Always professional, friendly and willing to help patients and staff. They - Providing reassurance through pre-appointment calls and navigation assistance, including contribute to a huge number of roles across transportation with the patient buggy the Trust and make a significant difference to the patient journey.” - Supporting recovery on wards and offering companionship through chatting or therapy dog RNOH staff member PAGE visits - Championing the Patient Charter and reinforcing continuity of care 14

What we do Improving the staff experience RNOH Charity helps ensure the hospital remains a place where talented staff feel recognised, supported and inspired to grow through targeted investment in training and wellbeing. By funding initiatives that promote strong welfare, celebrate achievement and encourage professional development, the Charity contributes to a positive workplace culture that benefits staff and patients. Throughout 2025|26, RNOH Charity continued to RNOH Charity was also proud to support celebrations invest in opportunities that support and celebrate recognising the extraordinary dedication of hospital the exceptional people working across the hospital. staff and their achievements throughout the year, Funding has helped provide professional development including International Nurses’ Day, Healthcare Support opportunities both in the UK and internationally Workers’ Day and the first anniversary of the revitalised through travel scholarships, attendance at specialist Imaging Centre to support our £1m+ investment in the conferences, subsidised gym membership and staff patient and staff experience. These occasions provide wellbeing initiatives. an important opportunity to acknowledge the skill, compassion and commitment shown by teams across Travel scholarships have continued to enable staff to the hospital. share knowledge and learn from healthcare colleagues around the world. This year, Charity grants allowed In addition, the Charity is delighted to be supporting colleagues to exchange expertise, observe different the 2026 RNOH Staff Achievement Awards, an approaches to care and bring valuable learning back evening dedicated to recognising excellence across to RNOH. Their experiences have already influenced the Trust and celebrating the individuals and teams service improvements and clinical practice within who make such a difference to patient care. Hosted by the hospital. One member of the Foot & Ankle team television presenter and friend of RNOH Charity Gavin was able to attend a shared learning event with a Inskip, the event will highlight the professionalism, hospital in Wales to improve the patient discharge innovation and kindness that define the RNOH process and foster working relationships to continue community. We extend our sincere thanks to RNOH this initiative into the future. Members of staff also Charity Ambassador Matt Forde for his help in the travelled to the US and Scotland to attend symposia creation of our 2026 film showcasing our work at the and scientific meetings. hospital, which will be launched at the event. By supporting staff wellbeing, development and recognition, RNOH Charity continues to help create an environment where people feel valued, motivated and empowered to deliver world-class care. PAGE 15

What we do World-class facility Providing state-of-the-art equipment and enhancing the hospital’s physical environment is one of RNOH Charity’s fundamental goals. By supporting major developments, innovative technologies and specialist clinical resources, the Charity helps ensure patients receive care in facilities that reflect the highest standards of orthopaedic treatment and rehabilitation. Throughout 2025|26, RNOH Charity continued to invest in projects designed to improve diagnosis, treatment, accessibility and recovery for patients across the Trust, while also supporting staff with modern, efficient and welcoming working environments. Supporting our commitment to world-class facilities at scanner, the Centre continues to revolutionise imaging RNOH, the Charity funded a feasibility study in year, for patients with complex musculoskeletal conditions. exploring the potential for a comprehensive Armed The cutting-edge technology enables patients to be Forces' Healthcare Service at RNOH. This reflects the seen more quickly, with faster and more detailed scans hospital’s dedication to meeting the needs of veterans supporting diagnosis, treatment planning and research requiring its highly specialist orthopaedic and neuro- while significantly reducing radiation exposure. musculoskeletal care. Should this project go ahead, RNOH Charity would be helping to further cement the RNOH continues to benefit from grants awarded to RNOH Trust’s position as a world-class NHS facility. expand the Centenary Theatres complex, providing an additional four operating theatres that are clearing This year marked the first anniversary of the revitalised the patient backlog, and new machinery to support Imaging Centre at Stanmore, a transformative anaesthesia. The funding allowed the team to go development made possible through the generosity further, with state-of-the-art green initiatives such as of RNOH Charity’s key major donors. Equipped with modern water treatment processing, and improved staff the advanced HiRise and the NHS’s first EOSedge rest areas. PAGE 16

What we do Investing in medical research Funding progress in scientific discovery remains a core part of RNOH Charity’s mission. Through the generosity of donors, trusts and foundations, the Charity continues to fund pioneering research projects that improve understanding, diagnosis, treatment and rehabilitation for complex musculoskeletal conditions. Pioneering diagnostics and infection control Grant amount Date awarded £70,000 Jan 2026 RNOH Charity has continued to support research into digital histopathology and genomics for sarcoma patients. Funding in year has enabled the creation of an image database and storage hub known as a Clinical Diagnostic Support System for Musculoskeletal Pathology. Linking genomic information with digital pathology imaging will enable clinicians to deliver faster diagnoses and more personalised treatment plans, while strengthening collaboration with international colleagues. Phage therapy research Grant amount Date awarded £98,000 Mar 2026 Funding to establish a National Registry and Multidisciplinary Team Hub for personalised phage therapy to curb bone surgery infection rates and reduce the need for amputation. PAGE 17

What we do The healing journey with art Art continues to play an important role at RNOH, helping to create moments of calm and comfort for patients, visitors and staff. Throughout The Stanmore Building, carefully curated artwork contributes to a welcoming and uplifting atmosphere that complements the hospital’s clinical excellence, while newly commissioned murals and corridor decoration funded by the Charity ease anxiety in treatment areas. Additionally, RNOH Charity was honoured to receive Alongside these historic additions, RNOH Charity a collection of oil paintings this year by pioneering continues to work with artists and partners to ensure orthopaedic surgeon Professor Sir Herbert Seddon, artwork across the hospital reflects creativity while an early and profoundly influential member of the also encouraging consideration and healing. hospital team. After eight years of generous loan from London gallery Generously donated by his daughter and son, Mrs Hauser & Wirth, curated by our Patron, HRH Princess Sally Westmacott and the late Mr James Seddon, the Eugenie, a proportion of the artwork throughout the paintings are now displayed within the Sir Herbert seating areas of the inpatient wards will be refreshed Seddon Teaching Centre in Stanmore. The collection in the coming year. celebrates both the hospital’s remarkable heritage and Sir Herbert’s extraordinary contribution to orthopaedic medicine and patient care. PAGE 18

What we do Our RNOH Charity Ambassadors RNOH Charity is proud to continue working alongside Ambassadors David Holmes MBE and Matt Forde, whose support and advocacy raise awareness and vital funds for the hospital. David Holmes MBE David Holmes has once again demonstrated extraordinary commitment to RNOH Charity through fundraising events and awareness campaigns. This year’s David Holmes Cricket Cup, an annual event hosted by David and his family and friends, raised more than £10,000 towards the Gardens and Green Spaces Fund, helping support plans to improve outdoor environments for patients, staff and visitors. The event also featured a hugely successful raffle supported by many of David’s co-stars from the film and entertainment industry, generating excitement and support from the wider community. David’s generosity also enabled the delivery of the Davey Bus this year, helping spinal cord injury patients regain confidence and independence during rehabilitation. Matt Forde Matt Forde has continued to champion RNOH Charity through live performances, media appearances and public advocacy. By integrating charitable fundraising into his professional work and continuing to raise awareness through television, radio and live events, Matt has helped introduce the Charity’s mission to entirely new audiences. His support continues to play a significant role in helping RNOH Charity strengthen its profile and expand its community of supporters. Together, David and Matt continue to embody the values of compassion, creativity and collaboration that sit at the heart of RNOH Charity. PAGE 19

What we do Fundraising We are deeply grateful for the support of our Charity Ambassadors, donors, fundraisers, volunteers and other valued contributors. Their continued generosity means we are able to have such a meaningful impact on the staff and patients at RNOH. In the 2025|26 financial year, the Charity’s total voluntary income was £823,822. Key sources of income during 2025|26 include major gifts, grant-making trusts, community fundraising and general donations. £9,000 £19,000 ● General donations In 2025|26, our dedicated fundraisers helped raise nearly £133,000 through community fundraising. Supporters went the extra mile, taking on a wide range of events including runs, hikes and obstacle £150,000 £99,000 courses, a head shave, an Everest trek, and birthday fundraisers. In March, three RNOH consultants trekked the Sahara Desert, raising almost £13,000 for the hospital. Our flagship event, Move in March, returned for its third £268,000 year and raised more than £15,000, with participants £278,000 across the country taking on the challenge of moving 100 miles during the month. RNOH Charity Ambassador David Holmes MBE hosted his 16th Annual Cricket Cup in August 2025, raising £10,200. The funds have been allocated to projects aimed at enhancing gardens and green spaces across the hospital for the benefit of staff and patients. ● Donated services The Summer Appeal, led by renowned surgeon Professor John Skinner, raised £10,000 from grateful Donated services comprise a celebratory lunch for patients, their friends and family. Meanwhile, our long‑serving volunteers, kindly funded by the DVS Christmas Appeal and participation in the Big Give Foundation. RNOH Charity has also benefited from Christmas Challenge saw a 35% increase in income essential staff training provided at no cost. In addition, compared to the previous year, raising an outstanding RNOH provides functional support in the form of IT £52,000. services and office accommodation. This success was driven by the generosity of our amazing supporters, whose donations enabled us not only to reach but exceed our fundraising target. Matched contributions from loyal supporters, alongside support from the Big Give’s Charity Champion, the Reed Foundation, played a vital role in this achievement. PAGE These highlights are just a small selection of the fundraising that contributed to £277,624 raised from individual donations this year. 20

What we do Fundraising ● Grant-making trusts and foundations ● Corporate donations RNOH Charity received a total of £99,087 from grant- We are indebted to Capsticks Claims and Locate making trusts, including £20,500 from The Frances Bio for choosing us as their charity partners this and Augustus Newman Foundation to support the year. Staff from both organisations took part in purchase of the next-generation surgical arm, the a range of events, raising funds for the charity Mako 4.0. throughout the year. Their support, alongside contributions from other corporate donors, helped We are most grateful to The Syncona Foundation for raise almost £9,000. their support with a £25,000 donation. We are very grateful for the continued and Grants of £7,000 from The Hospital Saturday Fund, growing support of our donors and fundraisers. £3,000 from The Tula Trust, and an additional Their commitment provides a vital foundation private grant of £5,000 enabled us to complete our that ensures our work can continue. Major gifts fundraising appeal for a Paediatric Halo Traction support the delivery of transformative projects, Wheelchair, improving treatment for young patients while grant-making trusts enable RNOH to pursue living with conditions such as scoliosis. new opportunities and innovation. This incredible support strengthens our mission and helps us create tangible and lasting impact. ● Major gifts £150,000 was generously contributed by a long- standing major donor towards the purchase of the Mako 4.0 Surgical Arm. A further £10,000 was donated to our matched giving pot as part of the Big Give Christmas Challenge, helping to maximise donations and support the success of the campaign (see general donations). We are deeply grateful for the continued generosity and support of these donors. ● Legacies The Charity continues to promote legacy giving, which underpins our grant-making and day-to-day operations. This year, we received £267,944 in legacies from former patients and their families in recognition of the care provided by RNOH. PAGE 21

What we do Our amazing fundraisers RNOH Charity’s outstanding fundraisers have once again come together to support us in so many ways. From patients and families to staff and volunteers, here are a few of the many highlights from another amazing year. We are indebted to them all. Surgeons trek the Sahara Friends united RNOH consultant surgeons Mr Hanny Anwar, 18-year-old Mason Day underwent spinal Mr Roozbeh Shafafy, Mr John Afolayan and surgery at RNOH for scoliosis and kyphosis. Mr Anwar’s son, Farouk, trekked 100km across There, he met Molly Wegenek and the two the Sahara Desert in March 2026, achieving discovered they had not only undergone the sponsorship of almost £13,000. Their challenge same surgery just a day apart, but also came raised not only vital funds but also critical from the same town. They became good friends awareness of the work of RNOH and the charity and took on a walking half marathon together, that supports it. honouring the care and support they received and raising over £3,000. Royal Parks 2025 Becky’s quadruple challenge Nine runners raised over £6,000 in the Royal Becky Farrell was diagnosed with a rare bone Parks Half for RNOH Charity, including staff and cancer in her shin yet took on the Bath Two volunteers from across the hospital, with many Tunnels Half Marathon for us in 2023. After sharing that teams see first-hand how charity more treatment, this year Becky set herself support enhances patient care and they wanted four fundraising challenges, including climbing to contribute. Mount Kilimanjaro. Despite major surgery and PAGE a long recovery, she completed every one and raised more than £6,000 to thank the teams who supported her. 22

What we do Our amazing fundraisers Runaway successes 100km in 24 hours Mollie Nicholls’ family raised over £5,000 in The Big Half half-marathon after Mollie overcame a Lana Walters walked an astonishing 100km in rare spinal tumour. Following months of treatment 24 hours, raising £2,700 for patient-centred and a 12-hour operation, against all the odds, bedside furniture in the Spinal Cord Injury Centre Mollie walked again, danced at her sister’s wedding after her mother-in-law Dianne was treated for and now works as Assistant Principal at a dance a severe spinal stroke in 2021. Initially paralysed academy, a personal goal she initially thought was and unable to speak, thanks to the care she out of reach. received, Dianne returned home and is regaining speech and mobility through RNOH rehabilitation Peter Bowles ran the Great North Run after his and her own determination. daughter Ruby underwent surgery for scoliosis and kyphosis at RNOH. Grateful for her care, Peter secured a charity place and with five other runners, raised over £6,000 for future patients and families, saying he felt one of the tangible ways he could show his thanks was by helping others. Corporate support RNOH Charity is immensely grateful for vital Marathon achievement corporate support received over the past year. We were delighted to welcome a year-long partnership Three runners took part in the London Marathon with Capsticks Claims, which raised £3,000 through for us in 2025, including Georgia Winyard for a diverse programme of staff initiatives, including her mother, Jeanette, who received a prosthetic corporate bake sales and distance challenges. In leg in 2024. Showing her support, Jeanette tandem, Locate Bio generated almost £1,500 over even challenged herself to complete 10% of the the course of the year, driven by staff engagement distance with her new leg, a remarkable test that events such as a football shirt day and Finance she completed to round off the fundraiser. Director Colin Thomson’s Peak District Ultra PAGE On the same day, two more supporters ran Challenge (pictured). the Manchester Marathon. Together, they raised over £6,500. 23

Future plans RNOH Charity’s strategic priorities for 2026|27 build upon another year of progress, innovation and partnership. As we look ahead, we remain focused on delivering impact for patients, staff and the wider hospital community through sustainable growth and targeted investment. ● Continuing to develop a robust fundraising strategy ● Delivering grant-giving commitments, including to grow key income streams, with an ongoing research projects, the Mako 4.0 robot- focus on building sustainable unrestricted income assisted surgery device and the Stanmore lake alongside restricted income development, while recognising that other larger strategic projects will be confirmed as ● Strengthening operational and digital infrastructure the Trust finalises its most pressing needs to ensure the Charity is equipped to scale and deliver efficiently as demand for services and ● Raising the Charity’s profile through compelling fundraising ambition increase storytelling and evidence of impact ● Expanding fundraising and marketing channels that ● Upholding strong governance to ensure high align with priority audiences, including corporate standards, accountability, transparency and partners, ensuring systematic engagement of existing effective oversight of all our activities supporters, staff, grateful patients and their families ● Supporting organisational growth with a continued commitment to identifying cost-efficiencies where possible All are enablers to the delivery of our key strategic objectives: Transforming the Creating a Providing Funding patient experience world-class facility state-of-the-art groundbreaking and improving staff equipment medical research wellbeing PAGE 24

Future plans We look forward to working in partnership with RNOH to provide the best treatment, care and facilities in the coming year. Current projects in the pipeline include the following: ● Mako 4.0 robot-assisted surgery device ● Environmental enhancements through art and wellbeing initiatives ● Supporting the Volunteer Service, including the patient buggy transportation ● Research and innovation ● The Stanmore lake and green spaces projects ● Veterans and Armed Forces project development Each of these plans will enhance the services and experience of everyone at RNOH, supporting the Charity’s commitment to funding initiatives that improve care, recovery, wellbeing and long-term outcomes. PAGE 25

Financial review Overview Expenditure During the financial year, the Charity continued to Total expenditure in 2025|26 was £1.1m, a decrease strengthen its infrastructure through investment in of £391k from the previous year (2024|25: £1.5m), systems and improved utilisation of its staff, which primarily driven by a reduction in the annual grant contributed to an increase in unrestricted income. programme. Grants and direct expenditure to wards However, the generation of restricted income proved and departments amounted to £401k (2024|25: more challenging, with a decline in income from grant- £884k), reflecting the variability of funding in line with making trusts. RNOH Trust priorities. This excludes a £205k grant writeback relating to the aforementioned project, It was another year of impactful charitable activity, which would otherwise distort the year-on-year with over £401k awarded through our grant comparison. programme, including development of digital histopathology and genomic studies in sarcoma care The Charity’s operating costs were slightly higher and exploration into the future potential of a dedicated than the previous year, with cost control measures Armed Forces' Healthcare Service at RNOH. Although mitigating increased staffing investment to support lower than in the prior year, the grant programme has fundraising growth. averaged over £850k per annum over the last five years, demonstrating its continued impact. Fundraising expenditure totalled £398k (2024|25: £378k), reflecting a full year of staffing. As of 31 March 2026, the Charity’s net assets were stable at £2.9m (2024|25: £2.8m), supported by investment gains of £183k (2024|25: net loss of £3k). Income Total income for 2025|26 was £924k (2024|25: £934k), comprising fundraising income and investment dividends. This excludes a £205k refund of grant funding relating to a research project that could not be completed due to staffing constraints within the Trust, which would otherwise distort the year-on-year comparison. Fundraising income remained stable at £823k (2024|25: £803k), with growth in unrestricted income offsetting a reduction in restricted income. Legacy income increased by almost £200k; however, this was offset by a decline in grant income of just over £200k, reflecting an increasingly competitive funding environment. The Charity continues to prioritise the growth of sustainable unrestricted income, alongside targeted fundraising for key projects and equipment. Investment income of £101k decreased from the prior year (2024|25: £131k), primarily due to redemptions made to meet existing grant commitments and to ensure sufficient liquidity to fund future operating costs. PAGE 26

Financial review Investment policy and performance Investments – Environmental, Social and Governance (ESG) The Charity holds investments of £3.1m, which are available for investment over the long term. Most The Cazenove Charity Sustainable Multi-Asset Fund of these assets are invested to generate returns to is designed for charities who want to align their supplement external sources of funding such as investments with their charitable mission and to invest donations, grants and funds from other charitable for a better future. The fund is intended to have a activities. Additionally, returns from the investment positive impact on people and planet by avoiding harm portfolio provide a buffer against adverse future through ESG integration and exclusions, benefiting experience and additional funding for future stakeholders through responsible business activities charitable projects. and contributing to solutions through influence and investing for impact. The Charity’s investments are split into a smaller short- term component and a larger long-term investment: Cazenove Capital publishes an annual impact report for the fund, which summarises the estimated impact The short-term investment is available to provide the investments have achieved for people and the suitable liquidity and capital protection to meet planet. Highlights from the 2025 report include; anticipated grant drawdowns over a one-year 36% of the portfolio is contributing to solutions by time horizon. supporting the United Nations (UN) Sustainable Development Goals (SDGs), 182,511 tonnes of During 2025|26, the RNOH Charity investment CO2e avoided through the provision of clean portfolio (excluding cash) returned +9.7%, with a energy and water treatment, and 81% lower carbon year-end value of £2,279,209. This compares to the footprint than global equities based on scope 1 and 2 CPI+4.0% long-term target of +7.0% and ARC Steady reported emissions. Growth Charity peer group of +8.7%. Investment performance across global equities and bonds was positive in a year characterised by market volatility, changes in trade conditions, central bank rate cuts, strong corporate earnings, stock market highs, rising commodity prices and expectations of higher inflation linked to geopolitical tensions. Since inception (1 January 2022) to 31 March 2026, the RNOH Charity investment portfolio has returned +3.4% p.a. net of fees. Over the same period, CPI+4.0% has been +9.3% p.a., the comparative performance including a period of very high inflation and negative asset class returns in 2022. The ARC Steady Growth Charity peer group returned +2.9% p.a. PAGE 27

Financial review Reserves As part of effective financial management, we hold for, in relation to a specific appeal, event, etc. As at 31 reserves to ensure we can manage: March 2026, restricted funds amounted to £2.3m and consisted of 73 funds. Financial impact of risk. There are a range of risks we face, including the risk of an unforeseen drop in income, Unrestricted funds are expendable at the discretion of as well as a reduction in the value of our investments. the Trustees for general charitable purpose and include the following as at 31 March 2026: Working capital. A significant proportion of our reserves is represented by investments and therefore • General funds total £491k, exceeding the we need to ensure we retain sufficient working capital parameters set out in the reserves policy. Where to be able to meet approved grants given to RNOH, as these funds are not expected to be utilised in the well as guarantee that operations can continue over the short term, they will be considered for ad hoc grant short term and commitments can be met. funding to supplement the limited NHS budget The Trustee Board believes it is prudent to hold a • Designated funds of £138k, being funds held where level of free reserves to enable the Charity to take the donor has expressed a preference as to how advantage of opportunities as they present themselves they are to be spent but has allowed the Trustees and to have sufficient working capital to maintain the discretion to use for general purposes fundraising, support and governance operations of the Charity. This will allow the Charity to respond in a considered way to an adverse change in circumstances, Going concern giving sufficient time to enable emerging circumstances to be assessed and appropriate plans developed and The Trustees have reviewed the financial position implemented, without requiring a crisis response. of the Charity, including its forecast cash flows, liquidity position and existing and potential funding Having carefully considered the best interests of the commitments for the forthcoming year. Budget and Charity and its beneficiaries, in light of the uncertainty forecast projections are considered on a fund-by- in financial markets and the cost of living crisis, the fund basis to ensure that adequate unrestricted funds Trustee Board believes that it is appropriate to aim to remain. The Charity will only commit to charitable hold the equivalent of approximately nine months of activities and any other major projects as long as it is unrestricted operating costs as general reserves, which confident that it is able to meet its obligations. The at present is circa £350k. Trustees believe that there are adequate resources to continue in operation for the foreseeable future, Any free reserves held by the Charity over and above for a period of at least 12 months from the approval this amount, which are not expected to be used in the of the financial statements, and that it is appropriate short term, may be made available by the Trustee Board to continue to adopt the going concern basis of for grants to benefit RNOH patients. If free reserves accounting when preparing its annual report and fall below this level, the Trustee Board will consider financial statements. whether this is due to short-term circumstances or a longer-term reason, and will review its expenditure and fundraising plans accordingly. The Board formally reviews the reserves policy annually and the reserve level quarterly to ensure that the arrangements continue to be appropriate. The Charity holds both restricted and unrestricted PAGE reserves totalling £2.9m. Restricted funds consist of unexpended income where the donor has defined what the funds should be used 28

Governance Constitution Equality, diversity and inclusion The Trustees derive their authority, powers and scope RNOH Charity wholeheartedly supports the principles from the Constitution duly created when the Charity of equality, diversity and inclusion in employment. became a Charitable Incorporated Organisation (CIO) We aim to create, value and encourage diversity and that is fully independent of NHS legislation (registered we recognise that talent and potential are distributed charity number 1166129). The objects of the CIO are across the population. Not only are there moral and for the public benefit to advance any charitable purpose social reasons for promoting equality of opportunity, or purposes relating to: the general or specific purposes it is in the best interest of this Charity to recruit and of the Royal National Orthopaedic Hospital NHS Trust develop the best people for our jobs from as wide and or its successor from time to time; or any other part of diverse a pool of talent as possible. the National Health Service associated with RNOH. A comprehensive policy is in place demonstrating our The Trustees commitment to challenge and eliminate discrimination and to promote equality and diversity amongst our The Charity currently has 10 Trustees to oversee workforce and Trustees. The policy was updated the governance arrangements. The Board normally in year to reflect new government guidance on meets quarterly, with two additional away days per protection from sexual harassment in the workplace year for strategy and planning. There is a Finance and under the Equality Act 2010. Audit Committee and a Grants Committee, which normally meet quarterly. The Charity is managed on a Pay policy day-to-day basis by the Chief Executive. To facilitate operations, the Trustees have delegated day-to-day Having a consistent and robust method for assessing activities for operational matters including fundraising, and comparing the value of different jobs is vital to finance and operations to the Chief Executive and the achieving equal pay. Our remuneration policy aims senior management team. to provide a fair basis for the Charity to operate its grading and pay structure. Appointment, induction and training of Trustees The Finance and Audit Committee annually reviews the remuneration policy, the remuneration ratio and Trustees are engaged via an external recruitment agency. provides scrutiny to remuneration decisions. Salaries New Trustees undergo a period of induction organised are benchmarked prior to appointment against by the Charity, which includes training on charity finances relevant sectors or the wider not-for-profit sector and and grant-giving. As well as the induction, Trustees are then every three years thereafter. briefed on their duties and legal obligation under charity law, the Charity’s governing document, any related The Charity also reviews salaries on an annual basis, in Charity Commission guidance, the Charity’s latest activity, light of relevant market indices, to establish whether future plans and recent financial performance. New an annual incremental increase is appropriate. Trustees will also meet key employees, RNOH Executive Directors and key clinicians. Environmental, Social and Governance Related parties and co-operation with The Charity is based on the RNOH Trust site and as other organisations such, endeavours to operate with due consideration of the RNOH Sustainability Policy. None of the Charity Trustees received remuneration or other benefit from their work with the Charity. Any The Charity’s operations are largely paperless and the related party transactions are disclosed on an annual purchase of single-use plastic is actively discouraged, basis, as well as any conflicts of interest. both internally and wherever possible through the grant programme. PAGE Further details of related party transactions are detailed in note 14.1 of the financial statements. Carbon emissions are minimised through hybrid working and reduced travel. 29

Governance Risk management The risk register is designed to identify key risks and The Trustees have given consideration to the major existing controls. A current score is allocated based risks to which the Charity is exposed and are satisfied on the impact and likelihood of each risk causing a that the systems and procedures to manage them are loss to the Charity. in place. The major risks identified are summarised in the table below: Risk Summary Mitigation • Loss of key income source • Identify major dependencies and consider Fundraising • Dependency on income source diversification plans income • Competition for funds • Establish pipelines for key income streams volatility • Economic downturn leads to • Recruit specialist staff/interim consultants reduction in income • Implement key performance indicator reporting • Inability to raise unrestricted funds at a sufficient level to ensure • Development of infrastructure and planned reserves policy met fundraising activities to appropriately support • Difficulty meeting the operational fundraising ambitions Financial and costs of the Charity • Regular review and monitoring of reserves liquidity risk • Inability to develop and commit to policy and reserves level longer-term funding aspirations • Scrutiny of cash flow and fund projections • Reputational risk of any of • Implement additional reporting as necessary the above • Unforeseen severe adverse investment conditions • Regular performance monitoring reports • Financial loss through lack of and meetings investment advice • Specialist investment expertise provided by Investment risk • Cash flow difficulties arising from the Charity's investment fund managers lack of liquidity • Detailed cash flow projections allowing for • Being a forced seller of investment considered redemptions assets in times of volatility • Wider changes within the NHS • Continue to liaise closely with the Trust to and uncertainties for the Trust Board ensure Charity is well informed on Trust’s negatively impact fundraising future strategy • Lack of agreed funding priorities • Continue to maintain close working Strategic risk impacting fundraising activities relationships with RNOH executive team, • Project delays and impact clinicians and grantees on budgets • Grant funding applications appropriately • Inability to maximise strategic endorsed prior to submission to relevant impact Committee/Board • A pause in operational activity as a PAGE IT risks, result of an IT issue or cyber incident • Regular security discussions with RNOH Trust IT including • Financial loss and/or reputational • IT security awareness and training cyber-security damage as a result of a cyber • Cyber incident response plan incident/data breach 30

Governance Fundraising governance The charitable sector is always under scrutiny over c. Fundraising conforming to recognised standards: its approach to raising funds and communicating The Charity is a member of the Chartered with potential supporters. We are aware of the need Institute of Fundraising, and adheres to the Code to protect vulnerable persons in any fundraising we of Fundraising Practice. It is also a paid member undertake and are continually taking steps to ensure of the Fundraising Regulator. The Charity team our fundraising approach takes this into account. We stays up-to-date with any changes in standards continually review our methods of fundraising and as set for the sector by the Chartered Institute of communications to ensure that our approaches are Fundraising and other guidance bodies, such as appropriate, that we provide our supporters with the ACEVO, ICO and the Charity Commission. very best donor care, and that we are compliant with both best practice and legislation. d. Monitoring of fundraising carried out on its behalf: The Charity reports on fundraising performance Public benefit every quarter to the Board of Trustees, working to an agreed and transparent return on The Charity confirms that the Trustees have complied investment. The Charity works to an agreed with their duty to have due regard to the guidance fundraising budget with clear objectives to on public benefit requirement published by the raise unrestricted and restricted income. All Charity Commission under the Charities Act 2011 in donors' wishes are adhered to and the Charity exercising its powers or duties. operates with complete transparency for beneficiaries and our donors. The fundraising work of the Charity builds upon the grant-giving, providing RNOH NHS Trust with e. Fundraising complaints: additional resources and support, and enabling a None received. higher standard of patient care to members of the public attending the hospital. f. Protection of the public, including vulnerable people, from unreasonably intrusive or Fundraising disclosure persistent fundraising approaches, and undue pressure to donate: The following fundraising disclosure covers the period The Charity treats its donors and beneficiaries for the year ended 31 March 2026. with great respect. The Charity is fully GDPR- compliant, and its website has the appropriate 1. Fundraising methods and processes privacy notices as required by law. Each time supporters are contacted by email, post or a. Approach to fundraising: telephone, the Charity offers unsubscribe options The Charity seeks support from individuals, or the opportunity to opt out of specific types of charitable trusts and corporate organisations. communication with the Charity. The Charity’s objectives and targets are clear and set out the urgent and compelling causes against g. Position on unsolicited fundraising contact: which to fundraise to support the Royal National RNOH Charity’s policy is not to engage in any Orthopaedic Hospital. door-to-door or face-to-face street fundraising to acquire new regular donors. There are no b. Work with, and oversight of, any commercial plans to initiate this type of fundraising approach participators/professional fundraisers: in the future and any change to this would The Charity only fundraises with paid members require Board approval. of staff. The Charity does not pay anyone else outside its own team and payroll to fundraise. 2. Use of third-party fundraisers RNOH Charity does not use third-party fundraisers. PAGE 31

Statement of Trustees' responsibilities The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under charity law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the excess of expenditure over income for that year. In preparing these financial statements, the Trustees are required to: • select suitable accounting policies and then apply them consistently; • 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 statements; and, • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its activities. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are satisfied that the content of the annual review in pages 3 to 31 of this document meets the requirements of the Trustees’ Annual Report under charity law. They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. Each of the persons who is a Trustee at the date of approval of this report confirms that: • so far as the Trustee is aware, there is no relevant audit information of which the Charity’s auditors are unaware; and, • the Trustee has taken all the steps he/she ought to have taken as a Trustee to make himself/herself aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information. This report was approved and authorised for issue by the Board of Trustees on 8 July 2026 and signed on its behalf by: Richard Jones Chair Date: 8 July 2026 PAGE 32

Independent Auditor's report to the Trustees of the Royal National Orthopaedic Hospital Charity Opinion We have audited the financial statements of the Royal National Orthopaedic Hospital Charity for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: • give a true and fair view of the state of the Charity’s affairs as at 31 March 2026, 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 Charities Act 2011. 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 Auditor’s Responsibilities for the audit of 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 concern 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 12 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, except to the extent otherwise explicitly stated in our report, 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 there is a material misstatement in the financial statements PAGE 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. 33

Independent Auditor's report to the Trustees of the Royal National Orthopaedic Hospital Charity Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: • the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or • the Charity has not kept adequate accounting records; or • the financial statements are not in agreement with the accounting records and returns; or • we have not received all the information and explanations we required for our audit. Responsibilities of the Trustees As explained more fully in the Trustees’ responsibilities statement set out on page 32, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity 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 regulations made under section 154 of that Act. 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Charity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates PAGE and related disclosures made by the Trustees. 34

Independent Auditor's report to the Trustees of the Royal National Orthopaedic Hospital Charity • Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Charity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Charity. Our approach was as follows: • We obtained an understanding of the legal and regulatory requirements applicable to the Charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. • We obtained an understanding of how the Charity complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of PAGE non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 35

Independent Auditor's report to the Trustees of the Royal National Orthopaedic Hospital Charity There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the Charity's Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the Charity and Charity's Trustees as a body, for our audit work, for this report, or for the opinion we have formed. Luke Holt (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP, Statutory auditor Date: 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. PAGE 36

Statement of financial activities for the year ended 31 March 2026 Unrestricted Restricted 2026 Unrestricted Restricted 2025 funds funds Total funds funds Total Notes £’000 £’000 £’000 £’000 £’000 £’000 Income Voluntary income 2.1 375 448 823 266 537 803 Investment income 3.1 18 83 101 22 109 131 Total income ordinary 393 531 924 288 646 934 Grant income returned 2.1 - (205) (205) - - - Total income 393 326 719 288 646 934 Expenditure Cost of raising funds: Voluntary fundraising costs 296 102 398 285 93 378 Investment management costs 16 31 47 13 31 44 Total cost of raising funds 4.1 312 133 445 298 124 422 Expenditure on charitable activities 5.1 109 507 616 25 1,005 1,030 Grant written back in full 5.1 - (205) (205) - - - Total expenditure 421 435 856 323 1,129 1,452 Net gains/(losses) on investments 8.2 31 152 183 (3) - (3) Net income/(expenditure) 3 43 46 (38) (483) (521) Transfer between funds 11.1 - - - 1 (1) - Net movement in funds 3 43 46 (37) (484) (521) Reconciliation of Funds Funds brought forward at 1 April 626 2,224 2,850 663 2,708 3,371 Funds carried forward at 31 March 629 2,267 2,896 626 2,224 2,850 During the year, no operations have been either discontinued or acquired by RNOH Charity. The notes on pages 40 to 55 form part of these accounts. PAGE 37

Balance sheet as at 31 March 2026 Unrestricted Restricted 2026 2025 funds funds Total Total Notes £’000 £’000 £’000 £’000 Fixed assets Intangible assets 8.1 2 - 2 9 Tangible assets 8.1 12 2 14 13 Investments 8.2 570 2,525 3,095 3,051 Debtors - non-current 9.1 - 5 5 5 Total fixed assets 584 2,532 3,116 3,078 Current assets Debtors - current 9.1 91 268 359 268 Cash at bank and in hand 36 - 36 77 Total current assets 127 268 395 345 Creditors: amounts falling due within one year 10.1 (80) (473) (553) (463) Net current assets/(liabilities) 47 (205) (158) (118) Total assets less current liabilities 631 2,327 2,958 2,960 Creditors: amounts falling due after more than one year 10.2 (2) (60) (62) (110) Net assets 629 2,267 2,896 2,850 Reserves General funds 491 - 491 450 Designated funds 138 - 138 176 Unrestricted funds 11.1 629 - 629 626 Restricted funds 11.1 - 2,267 2,267 2,224 Total funds 629 2,267 2,896 2,850 The notes on pages 40 to 55 form part of these accounts. Approved and authorised by the Trustees and signed on their behalf by: PAGE Richard Jones Matthew Lee Chair Trustee Date: 8 July 2026 Date: 8 July 2026 38

Cash flow statement for the year ended 31 March 2026 2026 2025 Total Total £’000 £’000 Cash flows from operating activities: Net cash used in operating activities (280) (1,557) Cash flows from investing activities: Income from investments 105 146 Payments to acquire tangible and intangible fixed assets (5) (18) Receipts from sale of investment assets 687 3,291 Payments to acquire investment assets (548) (1,850) Net cash provided by investing activities 239 1,569 Change in cash and cash equivalents in the reporting year (41) 12 Cash and cash equivalents at the beginning of the reporting year 77 65 Cash and cash equivalents at the end of the reporting year 36 77 Reconciliation of net cash used in operating activities Net income/(expenditure) for the period 46 (521) Adjustments for: Losses/(gain) on revaluation of investment assets (183) 3 Depreciation and amortisation 11 10 Investment income (101) (131) Increase in debtors (95) (152) Increase/(decrease) in creditors 42 (766) Cash outflow from operating activities (280) (1,557) Analysis of cash, cash equivalents and net debts Cash at bank and in hand Opening balance 77 65 Cash flows (41) 12 Closing balance 36 77 PAGE 39

Notes to the financial statements Accounting policies 1.1 Basis of preparation These financial statements have been prepared under the historic cost convention, with the exception of investments, which are included at market value. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purpose of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP) and the Charities Act 2011. 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 one thousand. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 1.2 Going concern basis The Trustees have considered the Charity’s forecasts and projections and have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operation for the foreseeable future. Whilst the Charity’s investment portfolio is susceptible to movements in investment values, it still has sufficient liquidity through existing cash facilities to meet its grant commitment obligations. The Charity therefore continues to adopt the going concern basis in preparing the financial statements. The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. 1.3 Income a) Recognition All income is included in full in the statement of financial activities as soon as the following three factors can be met: i) Entitlement – arises when a particular resource is receivable or control over the right to economic benefit has passed to the Charity. ii) Probable – it is more likely than not that the economic benefits associated with the transaction PAGE will flow to the Charity. iii) Measurement – when the monetary value of the incoming resources can be measured with sufficient reliability. 40

Notes to the financial statements b) Donated services and facilities The Charity receives IT support and the use of office facilities from RNOH free of charge. The amount at which gifts in kind are recognised is a reasonable estimate of their market value and the amount which the Charity would be prepared to pay for the service. During the year, this totalled £16k (2024|25: £15k). Other ad hoc services are also received free of charge and recognised on the same basis, totalling £3k this year (2024|25: £4k). 1.4 Expenditure All expenditure is accounted for on an accruals basis. All expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. Where possible, all costs are directly attributed to an expenditure category. a) Cost of raising funds The costs of raising funds are the costs associated with generating income for RNOH Charity. b) Expenditure on charitable activities This includes grants payable and other directly associated support costs. Grants payable are primarily payments to RNOH, in furtherance of the Charity’s objectives. Grants are accounted for on an accruals basis where the conditions for their payment have been met or where a third party has a reasonable expectation that they will receive the grant and where the liability can be reasonably quantified. Where grants do not have substantive review conditions, the total amount is included within expenditure in the period committed. c) Support costs Support costs, which include governance costs, that relate to more than one expenditure category are apportioned based on estimates of staff time spent on each area. d) Irrecoverable VAT Irrecoverable VAT is charged against the expenditure category for which it was incurred. 1.5 Fund structure Restricted funds are those for which a legal restriction exists over its use and related income is restricted to the purpose of the fund. Unrestricted funds are those funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. They comprise general funds, where there are no constraints on use, and designated funds which have been set aside by the Trustees, to ensure due regard to donors' wishes. PAGE The major funds held within these categories are disclosed in note 11.1. 41

Notes to the financial statements 1.6 Pension contributions The cost of employer contributions to the NHS Pension Scheme and the Defined Contribution Scheme is charged to the Statement of Financial Activities. Certain past and present employees are covered by the provisions of the NHS Pensions Scheme. Details of benefits payable under these provisions can be found on the NHS Pensions website (www.nhsbsa.nhs.uk/nhs-pensions). The Scheme is an unfunded, defined benefit scheme, preparing its own statements, that covers NHS employers, general practices and other bodies allowed under the direction of the Secretary of State, in England and Wales. The Scheme is not designed to be run in a way that would enable NHS bodies to identify their share of the underlying Scheme assets and liabilities. Therefore, the Scheme is accounted for as if it were a defined contributions scheme: the cost to an NHS body of participating in the Scheme is taken as equal to the contributions payable to the Scheme. Applicable rates for employee contributions for the NHS Pension Scheme ranged from 6.5% to 12.5% for 2024|25 and 2025|26. Employer contributions were 14.38% for both 2025|26 and 2024|25. Employees employed after 2018 can choose to belong to a Defined Contribution Work Place Pension Scheme. Applicable rates were 4% and 5% respectively for employee and employer contributions for both 2024|25 and 2025|26. 1.7 Investments Investments are stated at market value at the balance sheet date and asset purchases and sales are recognised at the date of trade. Unrealised and realised gains and losses on investment assets are recorded in the Statement of Financial Activities as they arise. 1.8 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.9 Cash and cash equivalents Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Taxation As a registered charity, income and gains are exempt from Corporation Tax to the extent that they are PAGE applied to the charitable objects of the Charity. 42

Notes to the financial statements 1.11 Critical accounting estimates and areas of judgement In preparing financial statements, it is necessary to make certain judgements and assumptions that affect the amount recognised in the financial statements. Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key judgements and estimates are: a) Allocation of income, expense and gain/loss to unrestricted and restricted funds In preparing the financial statements, judgements and estimates have been made in relation to the extent of allocation to the funds. b) Grant creditors settled over multi-year time period Some grant commitments will be settled over multiple financial years and so the short-term and long-term grant creditor balances represent the best estimate of the expected cash outflows at the balance sheet date. c) Donated services and facilities Judgements and estimates have been made in relation to the market value of donated services and facilities. 1.12 Fixed assets Tangible assets are included in the balance sheet at cost less accumulated depreciation. Depreciation is charged on a straight-line basis to support costs over the estimated useful life of three years for IT and five years for fixtures, fittings and equipment. Intangible assets are included in the balance sheet at cost less accumulated amortisation. Amortisation is charged on a straight-line basis to support costs over the estimated useful life of three years. The capitalisation threshold for all fixed assets is £1k. PAGE 43

Notes to the financial statements 2.1 Voluntary income Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds funds funds 2026 funds funds 2025 £’000 £’000 £’000 £’000 £’000 £’000 Donations 252 185 437 173 232 405 Grants 37 62 99 3 305 308 Legacies 68 200 268 71 - 71 Gifts in kind 18 1 19 19 - 19 Voluntary income 375 448 823 266 537 803 Grant income returned - (205) (205) - - - 375 243 618 266 537 803 Voluntary income post refund Grant income returned relates to funding of £26k received in year and £179k in prior years. The project could not be completed due to staffing constraints within the Trust. In agreement with the funders, the amount was returned in quarter one 2026|27, with the view of a project being considered in the future by two of the funders. This is shown separately on the Statement of Financial Activities to ensure real results are not distorted. 3.1 Investment income Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds funds funds 2026 funds funds 2025 £’000 £’000 £’000 £’000 £’000 £’000 Interest income - 1 1 - 2 2 Dividend income 18 82 100 22 107 129 18 83 101 22 109 131 PAGE 44

Notes to the financial statements 4.1 Cost of raising funds Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds funds funds 2026 funds funds 2025 £’000 £’000 £’000 £’000 £’000 £’000 Voluntary fundraising costs Fundraising staff costs 115 33 148 92 37 129 Apportionment of staff costs 71 37 108 72 28 100 Other direct costs 86 11 97 98 9 107 Apportionment of overheads 24 21 45 23 19 42 Total cost of voluntary fundraising 296 102 398 285 93 378 Investment management costs Apportionment of staff costs 8 21 29 6 20 26 Other direct costs 1 5 6 1 6 7 Apportionment of overheads 7 5 12 6 5 11 Total investment management costs 16 31 47 13 31 44 Total cost of raising funds 312 133 445 298 124 422 5.1 Expenditure on charitable activities Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds funds funds 2026 funds funds 2025 £’000 £’000 £’000 £’000 £’000 £’000 Grant funded activity 66 322 388 6 866 872 Activities undertaken directly - 13 13 4 8 12 Total grant programme 66 335 401 10 874 884 Grants undrawn, written back or returned (2) (11) (13) (30) (42) (72) Total grant programme 64 324 388 (20) 832 812 after reversal of prior years' grants Apportionment of staff costs 10 151 161 10 144 154 Apportionment of overheads 35 32 67 35 29 64 Net expenditure on charitable activities 109 507 616 25 1,005 1,030 Grant written back in full - (205) (205) - - - Expenditure on charitable activities 109 302 411 25 1,005 1,030 Activities undertaken directly are funds spent directly by wards and departments. Grants undrawn, written back or returned reflect an underspend across various projects. Although RNOH PAGE Charity maintains regular contact with grantholders, there are occasions where planned expenditure is not achievable and the related grant commitment is reversed. As previously stated, £205k relates to the incomplete project (refer to note 2.1) and has been shown separately on the Statement of Financial Activities to ensure real results are not distorted. 45

Notes to the financial statements 5.2 Total grant programme summary Unrestricted Restricted Total Funds funds funds 2026 £’000 £’000 £’000 Enhancing the patient experience Armed Forces' Unit Feasibility Study 50 - 50 The Volunteer Service - 42 42 Bone and Soft Tissue Tumours app - 31 31 Patient vehicle for the London Spinal Cord Injury Centre 3 24 27 Other grants 3 41 44 Activities undertaken directly - 4 4 Total 56 142 198 Improving the staff experience Staff Achievement Awards 3 7 10 Other grants 2 4 6 Activities undertaken directly - 8 8 Total 5 19 24 Investing in medical research Establishing a National Registry and MDT Hub for Personalised Phage Therapy 2 96 98 Clinical Diagnostic Support System for Musculoskeletal Pathology - 70 70 Other grants 3 7 10 Activities undertaken directly - 1 1 Total 5 174 179 Total grant programme 66 335 401 Grants undrawn, written back or returned (2) (11) (13) Total grant programme after reversal of prior years' grants 64 324 388 6.1 Cost allocation Where possible, costs have been directly allocated to one of the above categories. The remainder, relating to general office costs and governance costs, have been apportioned based on estimates of time spent on activity in each area. Apportioned overheads include governance costs of £38.1k (2024|25: £34.3k), which includes external audit fees of £18.9k (2024|25: £18.3k). PAGE 46

Notes to the financial statements 7.1 Analysis of staff costs 2026 2025 Total Total £’000 £’000 Salaries and wages 379 350 Social security costs 40 33 Pension costs 27 26 Total 446 409 Average number of full-time equivalents 7 7 Average head count 9 8 7.2 Pension contributions for higher paid employees Pension contributions of £15k were made for one employee earning over £60,000 per annum. (2024|2025: £14k for one employee). 7.3 Higher paid employees The following number of employees received emoluments falling within the ranges indicated: 2026 2025 £90,000 - £99,999 - 1 £100,000 - £109,999 1 - Key management personnel, the senior management team of four, received aggregate employee benefits of £303k (2024|25: £289k). PAGE 47

Notes to the financial statements 8.1 Intangible and tangible fixed assets Intangible Assets Software Total £'000 £'000 Cost: Balance at 31 March 2025 26 26 Additions - - Balance at 31 March 2026 26 26 Accumulated amortisation: Balance at 31 March 2025 17 17 Charge for the year 7 7 Balance at 31 March 2026 24 24 Net book value at: 31 March 2026 2 2 31 March 2025 9 9 Tangible Assets IT Fixtures, fittings and equipment equipment Total £'000 £'000 £'000 Cost: Balance at 31 March 2025 6 10 16 Additions - 5 5 Balance at 31 March 2026 6 15 21 Accumulated depreciation: Balance at 31 March 2025 2 1 3 Charge for the year 2 2 4 Balance at 31 March 2026 4 3 7 Net book value at: 31 March 2026 2 12 14 31 March 2025 4 9 13 PAGE 48

Notes to the financial statements 8.2 Investments Market Market value at Net gain/ value at 1 April Additions Proceeds (loss) on 31 March 2025 at cost of disposal revaluation 2026 £’000 £’000 £’000 £’000 £'000 Cazenove Charity Sustainable Multi-Asset Fund 2,531 - (407) 155 2,279 JP Morgan Liquidity Fund 466 595 (280) 28 809 2,997 595 (687) 183 3,088 Cash held for investment 7 3,095 Year ended 31 March 2025 4,486 1,805 (3,291) (3) 2,997 Cash held for investment 54 3,051 The historical cost of the investment as at 31 March 2026 was £3.108m (2025: £3.175m). The net gain on revaluation comprised: unrealised gain of £158k and realised gain of £25k (2025: unrealised loss of £0.5k and realised losses of £3k). 9.1 Debtors 2026 2025 £’000 £’000 Total Total Non-current Other debtors 5 5 Current Other debtors 10 15 Prepayments 37 33 Accrued income 312 220 359 268 Accrued income includes legacy gifts, which are higher than the prior year due to an increase in the number and value of gifts which meet recognition criteria at the year end. Refer to note 15.1 Contingent Assets for detail of legacies in the pipeline which did not meet the recognition criteria. PAGE 49

Notes to the financial statements 10.1 Creditors: amounts falling due within one year 2026 2025 £’000 £’000 Total Total General creditors 6 6 Accruals 35 28 Other taxation and social security 11 10 Grant commitments (see note 10.3) 296 406 Deferred income - 13 Grant income repayable 205 - 553 463 Grant income repayable is in respect of funding where one project is unable to complete due to staffing constraints within the Trust and the amount was returned to funders in quarter one 2026|27 (refer to note 2.1). 10.2 Creditors: amounts falling due after more than one year 2026 2025 £’000 £’000 Total Total Grant commitments (see note 10.3) 62 110 10.3 Grant commitments 2026 2025 £’000 £’000 Total Total Grant commitments as at 1 April 516 1,288 Commitments awarded in year 388 872 Commitments expended in year (328) (1,572) Grants undrawn, written back or returned (218) (72) Grant commitments as at 31 March 358 516 Grant commitments consist of several grant awards to RNOH, where the Trustees have approved funding and the associated costs are anticipated to be incurred in future years. PAGE 50

Notes to the financial statements 11.1 Analysis of funds 1 April Gains/ 31 March 2025 Income Expenditure (losses) Transfers 2026 £’000 £’000 £’000 £’000 £’000 £’000 Restricted funds The London Irish Ward Fund 307 12 (46) 21 - 294 Hardship Fund 217 8 (32) 15 - 208 Improved patient experience for those with physical and learning difficulties - 200 - - - 200 Skeletal Cancer Trust Fund 303 11 (140) 21 - 195 Mako 4.0 Robotic Surgical System - 171 - - - 171 Independent Living Unit Fund 174 7 (26) 12 - 167 Foot & Ankle Research & Education Fund 140 5 (26) 9 - 128 Spinal Surgery – Education & Research Fund 116 5 (17) 7 - 111 Funds £50k - £100k - Wards/departments (3) 319 21 (110) 23 - 253 - Research (1) 59 2 (15) 4 - 50 - Fundraising (1) 57 2 (8) 4 - 55 Others, up to £50k - Fundraising (19) 211 38 (109) 10 27 177 - Research (12) 178 7 (64) 14 (31) 104 - Wards/departments (29) 169 16 (47) 12 4 154 - Patient-Specific Implant Research Fund (26) (179) 205 - - - Total restricted funds 2,224 326 (435) 152 - 2,267 Unrestricted funds General funds 450 381 (371) 31 - 491 Designated funds - Hospital Redevelopment Fund 173 - (50) - - 123 - Bone Cancer Fund - 10 - - - 10 - Sarcoma Fund 3 - - - - 3 - High Dependency Unit Fund - 2 - - - 2 Total designated funds 176 12 (50) - - 138 Total unrestricted funds 626 393 (421) 31 - 629 Total funds 2,850 719 (856) 183 - 2,896 Transfers between funds represent income which has been reclassified to ensure donations are used in accordance with donors' wishes or where funds have been repurposed in consultation with the donor. The Patient-Specific Implant Research project could not be completed due to staffing constraints within the Trust. In agreement with the funders, the amount was returned in quarter one of 2026|27, with the view of the project being considered in the future by two of the funders. PAGE There is one restricted fund in deficit of £7k, which is included in fundraising funds up to £50k. This has arisen as a grant has been awarded in advance of receipt of confirmed funding. As a result of fund changes in the year, the funds included in each of the value ranges above are not consistent with the prior year. 51

Notes to the financial statements 11.2 Details of significant funds Restricted funds Name of fund Nature and purpose of fund The London Irish Ward Fund For the London Irish Ward (from the London Irish Ward Appeal). Hardship Fund To assist RNOH staff who are experiencing financial difficulty. Improved patient experience for those with To provide a dedicated space for those with physical and learning difficulties physical and learning difficulties. Skeletal Cancer Trust Fund For the benefit of RNOH patients diagnosed with bone and soft tissue tumours. Mako 4.0 Robotic Surgical System For the Mako 4.0 Robotic Surgical System. Independent Living Unit Fund Funding for the new Independent Living Unit. Foot & Ankle Research & Education Fund To improve the service of the Foot and Ankle Unit. Spinal Surgery - Education & Research Fund For the furtherance of spinal surgery education and research at RNOH. Patient-Specific Implant Research Fund For patient-specific implant research projects. Designated funds The designated funds relate to legacies received in 2021|22, 2023|24 and 2025|26 respectively. The funds will be utilised in accordance with the legators' wishes, at an appropriate time for the most suitable project. PAGE 52

Notes to the financial statements 11.3 2024|25 comparatives 1 April Gains/ 31 March 2024 Income Expenditure (losses) Transfers 2025 £’000 £’000 £’000 £’000 £’000 £’000 Restricted funds The London Irish Ward Fund 342 - (35) - - 307 Skeletal Cancer Trust Fund 363 16 (75) (1) - 303 Hardship Fund 237 11 (30) (1) - 217 Independent Living Unit Fund 191 9 (25) (1) - 174 Pharmacy Department Fund 171 10 (24) (1) - 156 Foot & Ankle Research & Education Fund 162 8 (30) - - 140 Spinal Surgery – Education & Research Fund 127 6 (17) - - 116 Funds £50k - £100k - Wards/departments (2) 175 14 (27) (1) - 161 - Research (1) 67 3 (10) - (1) 59 - Fundraising (1) 63 3 (9) - - 57 Others, up to £50k - Fundraising (20) 440 436 (666) 3 (1) 212 - Research (15) 218 10 (50) - - 178 - Wards/departments (28) 280 18 (131) 2 1 170 - Patient-Specific Implant Research Fund (128) 102 - - - (26) Total restricted funds 2,708 646 (1,129) - (1) 2,224 Unrestricted funds General funds 432 288 (323) (3) 56 450 Designated funds - Hospital Redevelopment Fund 228 - - - (55) 173 - Sarcoma Fund 3 - - - - 3 Total designated funds 231 - - - (55) 176 Total unrestricted funds 663 288 (323) (3) 1 626 Total funds 3,371 934 (1,452) (3) - 2,850 PAGE 53

Notes to the financial statements 12.1 Analysis of net assets between funds – 2026 2026 Unrestricted Restricted Total funds funds Funds £’000 £’000 £’000 Total fixed assets 584 2,532 3,116 Current assets 127 268 395 Current liabilities (80) (473) (553) Creditors: amounts falling due after more than one year (2) (60) (62) 629 2,267 2,896 12.2 Analysis of net assets between funds – 2025 2025 Unrestricted Restricted Total funds funds Funds £’000 £’000 £’000 Total fixed assets 520 2,558 3,078 Current assets 128 217 345 Current liabilities (22) (441) (463) Creditors: amounts falling due after more than one year - (110) (110) 626 2,224 2,850 PAGE 54

Notes to the financial statements 13.1 Trustee remuneration None of the Trustees received remuneration for their services to the Charity (2024|25: £nil). One Trustee was reimbursed for expenses of £369 incurred during 2025|26 (2024|25: £nil). There were no conference attendance costs for Trustees in 2025|26 (2024|25: three Trustees of £1,027). Indemnity cover is provided for Trustees by the Charity. 14.1 Related party transactions The total amount of related party donations made without conditions during the year was £244 (2024|25: £747). No RNOH-employed Trustees were awarded grants during 2025|2026 (2024|25: one Trustee grant award of £2,628, of which there was a £684 underspend). RNOH Charity reimbursed hospitality costs incurred by one Trustee in connection with a staff wellbeing event of £881 (2024|25: nil). Standard procedure was followed and the Trustee was not involved in the approval process. During the year, the total grant programme in support of RNOH was £401k (2024|25: £884k). The Charity benefits from the use of an office and IT services at no charge. These have been accounted for as gifts in kind (see note 2.1). There are no other related party transactions which require disclosure in the year (2024|25: £nil). 15.1 Contingent assets The Charity has been notified of potential legacy income estimated at approximately £350k; however, due to uncertainty over timing and amount, this has not been recognised as an asset in the financial statements (2024|25: £nil). 16.1 Events after the balance sheet date In May 2026, the Charity Commission granted consent under section 280A(8)(a) of the Charities Act 2011 (as amended) to widen the purposes of two restricted funds. The funds remain restricted in nature. As at 31 March 2026, the combined value of these funds was £242k. PAGE 55

Annual Report and Financial Statements 2025|26 Charitable Incorporated Organisation Charity Number: 1166129