Registered Number:05204718 Charity Numbei: 1106240 The Blond Mclndoe Research Foundation (A company limited by guarantee) Annual Report and Unaudited Financial Statements For the year ended 30 September 2025
THE BLOND MCINDOE RESEARCH FOUNDATION (A company limited by guarantee) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Gordort MontfDrt B¢bb KC. Chair Nicholas Mclndoe Walters Torquil Evelyn Montfort Bebb Professor Neil Mortens¢n Timothy Ethvard Ellith Goodacre Compa•y Reglgter4d nmb¢r 05204718 ChArity r¢glst¢red nur1 1116240 R¢gisttrtd office 8Dd Contsct address 3843 LincoJn'5 Inn Fi¢ld London WC2A 3PL A¢countants M&xwell Gumbldon & Co I W¢* Str¢et Lewes East Sus$ex BN7 2NZ Lloy Bak PIC 113 London Road East Grinstead West Sussex RH19 IAH
THE BLOND MCINDOE RESEARCH FOUNDATIO (A company limited by guarantee) CONTENTS PA8¢ Trustee5' report Ind¢p¢AdeDt tnmin¢r'$ report Statement of fin4tL¢i*I irtivities Balantt sbeet Notes to tht atcoullts 8-17
The Blond Mclndoo Rosear¢h Foundation (A company limlted by guarantee) Trustee$. report For the year ended 30 Septembor2025 The Trustees present their annual report together with the financial statements of the Blond Mclndoe Research Foundation foi the period 1 October 2024 to 30 September 2025. The Annual report serves the purposes of both a Trustees. report 8nd a directors, report undeT company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements. the requlrements ot the charitable company's governing document and the piovisions of the Stat8ment of Recommended Practice ISORPI applicable to chgrities preparing their accounts in a¢¢ordance with the Financi81 Reportlng St8nd8rd applicable in the UK and Repubtic of Ireland {FRS1021 (effective 1 January 20191. Since the Foundation qualifies as 8m811 under section 382 of the Companies Act 2006. the Strategic report requlred of mediuman(J large companies undertheCompaniesAct2006 IStrategi¢ Reportand Directors, Report) Règu18tlons 2013 is not required. Introductlon The Blond Mclndoe Research Foundation continues to SUPPOrt medical advancements of a similar nature to our previous reseaich through distribution of donations received. We ¢ontinLte to raise capital to fund research into projects identified as being in 8ccordance with our core objectives. The charity has a Board consisting of two Royal College of Surgeons of England IRCS England) ex-council Members (both eminent surgeons) and three membeis who are direct descèndants ofSirAr¢hibald Mclndoe. The Charity remains an indepèndent Charty unchanged as to its autonomy and its objects. Objectives and actlvltl88 a. Policies and obJectlve8 The principal object of the Foundation during the year was grant-m8king to protect and preseNe public health, in particular by the promotion and cairying out of research into tissue regeneration, replacement and reconstruction. wound healing. burns. skin cancer, plastic surgery and the disseminatlon of the useful results thereof, the advancement ofthe education of doctors and other health care professionals; and the 8dv8ncement of education of the general public. The5ewill remain unchanged. Statement ot Pubilc Bénefft In setting objectives and planning for activities. the Truslees have given due consideration to geneial guidance publlshed by the Charity Commission relating to publlc benefit, including the guidance'Public benefit: running 8 charlty IPB21'. The Truslees have pald due regard to the guidance on publi¢ benefit produced ty The Ch8rity Commlssion 8nd are confident that the work of the Foundation meets allthe criteria for public benefit. By publication of results of our research in peer reviewed journals and by presentation at national and international conferences. we ensure that ourfindings reach the widest possible audience for the benefit of patients internationally. b. Aetlvltles undertaken to achieve obje¢tiv¢s The Blond Mclnd06 Research Foundation Is a grant-making chartty that advances patient care through the supportof research into bums, wound heallng and softtissue reconstruction. Page 1
The Blond Mclndoe Research Foundatlon IA company Ilmlied by guarantee) Trustees. report (continued) For the year ended 30 Septomber 2025 Oblectives and activities (¢ontlnued) Working in partnership with the Roy81 College of Surgeons of England, the Foundation supports research and clinical innovation through Pump Priming Grants and Research Fellowships. These funding programmes assist clinicians and researchers undertaking projects aligned wSth the Foundation's charitable objectives, particularly in the areas of tissu8 repair, regeneration 8nd the reduction of debiliiating scarring. Research projects are identifi8d and reviewed in conjunction with the Research and Scientific A(fvisory Committee at the Royal College of Surgeons of Engtsnd to help ensure funding is directed towards areas of greatest potential impact and relev8nce to the Foundation's objectives. Achlevements and pertormance a. Ravlew ot activiti0$ The majority of income generated was securecj from chgritablè trusts and foundations resulting from applic8tions or dir8Ct approach. Other Indlvidual donations also constitute a considerabl8 PlOPOrtion of monies received. Grants are funded by cash reserves and invested funds The Charitywill contlnue to make such applications and direct approach. Flnan¢lal revlew . Golng concern Aft8r making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further detsils regarding the adoption of the going concern basis can be found in the accounting policie8. b. Roserves policy The Foundation's reserves policy is to maintain general unrestricted reserves which are neither allowed to become excessive as a result otthe unjustifiable accumulation of income nor so low as to be inadequate to meet the grant making objectives. In the opinion of the Trust88S. the current level of reseryes is considered well balanced to achieve the Foundation's objectives. c. Principalrlsks and uncertainties Each yearthe Foundation needs to raise unrèstricted funding. The Charity has minimal overheads and money required for the day to day running of the Foundation is modest. d. Flnanclal risk management objectlves and poli¢les The control of cash f lowand the management of workingcapital remains a high priority. enabling the Foundation to be flexible in how future research is funded. e. Flnanclal Revlew Thg Foundation's work depencss on the ongoing receipt of donation 8nd legacy income. In November 2020. we invested £350.000 with Quilter Cheviot Ltd in their Global Income and Growth Fund for Charities. We received donations and 18gacies totalling £27,659 for the 2024-25 financial year. which has enabled the Foundation to keep an encouraging bank b81ance closing the year at £56.712. Page 2
The Blond Mclndoe Rosearch Foundation (A company limited by guarantO8) Trustses, report (continued) Forthe year endod 30 September 2025 Structure. govornance and management a. Constitution The Blond Mcln(Joe Research Foundation is registered as a charitsble company limited by guarantee and is constituted under a Memorandum of Assocletion dated 12 August 2004. The Foundation's registered charity number is 1106240 Ifrom 11 October 20041. b. Methods of appolntment or eiectlon of Trustses The management ofthe Foundation isthe responsibilityoftheTrusteeswhoareelected and co-opted underthe terms ofthe Memorandum ofAssociation. Candidates for trustee v8c8ncies are identified through personal recommendation. advertising and direct approaches by interested parties. The candidates are interviewed by the existing Board of Trustee Directors. Organisational structure and decision-maklng pollcles The Board of Trustees is responsible for overall control of the operations of the Blond Mclndoe Research Foundation and will meet at least biannually to review progress. identify medical research worth supporting. and approvefundingand budgets. d. Financlal r18k management The Trustees have assessed the tnajor risks to which the Foundation Is exposed, in particular those related to the Dperations and finances of the Foundation. and are sgtisfied that systems and procedures are in place to mitig8t8 8xposure to the major risk5. Mombers. Ilabiiity The Members ot the Foundation guarantee to contribute an amount not exceeding £1 to the assets of the Foundation in the event of winding up Page 3
The Blond Mclndoe Research Foundation (A company iimfted by guaranteol Tru8tees' Teport l¢ontlnuod) Fortheye8r 8ndad 30 September 2025 The Tiustees (who are atso the dlrectors of the Foundation forthe purposes of ¢ornpary lawl are responslble for preparing the Tru8tees' rèport and the flnan¢i81 statements in accordance with applicable law and Unlted KingdomAccounting standards (United Ktngdom GenerallyAc¢epted Accountlng Pr8¢ti¢e}. Company law requirestheTiusteestopreparefinBncieistatementsforoachtinanc(aL. undercompanyi8w.the Trustees must not approve the fin8nclal statements unless they are $8tisfigd that they give a true an(i tslr view of the state of £ffalrs of the Foundation and of its incomlng resources and application of resourc8s, includlng its income and expenditure, forthat period. In preparingthese flnanciai 8tatemgnt8. the Trustees are requlred to: select suitable accounting policlès and then applythem consl8tently observe the methods and principles of th8 Chartties SORP (FRS 1021; make judgments 8nd accounting estlmates that are reasonable and prudent; ststewhether 8pplicabl8 UKAccountingStandards IFRS 102) have been followed. subjectto any material departures disclosed and explained in the financlal statements; prepare the financial statements on th8 goin8 Coricefn b8918 unless il is Inappropriats to presume tttat the FOundatn will continue in business. Th8 Trustees ar6 responsible for keepln8 adequate accounting records that ale SLrfficienl to show and explaln the Foundation's transactions and disclose with r8880nable accutscy at airy time the financial positlon of the Foundation and enab thom to ansurethatthefinancial ststements complywith the Companies Act2006. They are also responsible for safeguardingthe assets of the Foundation an(S hence fortaking reasonable stspsforthè prevention and detertion of fr8ud and other irr8gularitles. Appred by order olthe members of the board of Trusteés and si8ned on their behalf by: Gordon Montkrt Bebb KC Date: 31b(% Page 4
Tho Blond Mclndoe Research Foundation {A company Ilmlted by guaranto8) Independent •xamlner's report For the year endod 30 September 2025 Independent examlner's report to the Trustee8 Ot The Blond Mclndoe Res¢arch Foundation ('th• Foundation? I report to the charity Trustees on my examlnatlon of the accounts of the Foundation for the year ended 30 September2025. R88ponsibilities and bas18 of report As the Trustees of the Foundation land its directors forthe purposes of company18wI you are responsible for the preparation of the accounts in 8ccordance with the requirements of the Companies Act 20061.the 2006 Act'l. Having satisfied myself that the accounts of the Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible Yor independent examination, I report in respect of my exarnination of the Foundation's accounts carried out under section 145 of the Charities Act 2011 {'the 2011 Act'}. In carrying out my examination I have followed the Directions gtven tythe Charity Commission under sectSon 14515llbl of the 2011 Act. Indapèndent examlnerS Statemont I hgve complete(J my ex8min8tion. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect ofthe Foundatlon as required by section 386 of the 2006 Act" or 2. the accounts do notaccord with those records.. or the accountsdonotcomplywith theaccounting requirements ofsection 396ofth8 2006Actotherthan any requirement that the gccounts give a 'true and fair, view which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting 8n(J reporting by charities [8pplicable to charities preparing their accounts in accordance with the Financial Reportlng Stsnd8rd applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in orderto enable 8 proper understanding of the accounts to be reached. This report is made solely to the Foundation's Trustees, as a body, in accoidance with Part 4 of the Charities IAccountS and Reports) Regulation$2008. Myworkhasbeen undertakensothat I mightstatetotheFoundation's Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent ed by law, I do not accept or assume responsibility to anyone otherthan the Fo undation's Trustees as a bo(ly, for my work orfor this report. SFC eUG on behalf of.. eton &Co Ch8rtered Accountants 1 Wesi Sireet Lewes East Sussex BN7 2NZ Dated:........... Page S
The Blond Mclndoe Research Foundatlon IAcompanylirnit8d byguarantetl Staiernnl offln•n¢balactMtles 1lncorporat1ngincomeandexpendltuieacn1> Fortheyearended 30 Stptember 2025 Unrestrlrted Funds 2025 Re5tilctsd Fund$ 202$ Totsl Total funif5 2024 Note Incometrom: Donations and legaclÈs In¥esThents 27,659 16,129 27,659 16,129 95,021 12.740 Totsl In¢omÉ 43,788 43,788 107,761 Exnd1119 on: Raising Funds Charitable actleS 620 70.817 620 70.817 36 9,063 Total¢xpendbturt 71.437 71.437 9.099 Nei Incoffle l>efor¢ netgaknson investmerf$ Netgains on investments 127.6491 24654 127.6491 24,654 98.662 47.146 Net movem•nt In funds 12.9951 12,9951 145.808 Recon¢lUatlon of funds: Totsllunds brought foNar Net tnovemeTht In funds 622.038 12.9951 12.162 634.200 12.9951 488.392 145.808 TaLlndsCar1l6dfOMdrd 619.043 12.162 631.205 634,200 TheS1eme of financlalacilvltles includès allgaln5 and105ses recognlseé ifi theyear. The note5 on pages 9and 181orm part oftheselinancialstatements. Page 6
TTreBlomllndo•R•s•a¥cfv Foundatlo IAcomporyIlmi¢edbyrt11Tr ance5heot AS•t30Septarnb•r2026 fmd•ss¢ts io 576.293 576.293 435.510 Currentau•ts DebtNs CashatbanKanLI In hand 50 206,920 206,970 712 56.712 Cre4110. aTnount3lUrfduèwlthln onojwr I1.8[) 18.280 54.912 631.205 634,200 NcurMn¢4ss•ts Charltyftjnds Restrkied Jnd5 unresriciedlunds 12.162 619,043 631,205 12,162 622.038 634.200 ToiAllund5 TheFoundatk)nwas entM8Oto eXempttonfromaIrt undersection477 oltheCon¥J8niesAll2O06 Themembwsrthenot reoui¥edthe¢ompanyto¢)btain8TravdilfoYthelTrQUÉ91lon1naccvTd3llCewitkn sectlon476o1compaesACt2 TheTrv5tees acnovrtedgethètriesponslblliilesforcomptyingwlEhthereoulremerts theA¢tYthh respettto accoundngrncordsond preparthn offjnanclaistatrmenls Thefinan¢ial statents have been preparedinaccordance%Yitnthe pro¥lsiOnsapptTubIoemfIrles$urf[0 thesmal1c(ffipans$kne. Thelthanclals MnTe3pprold andauthorfsedtOT bytheTnJsteesand $Ènedfmthelrbehall by. GordonMontsortBebbKC IIG(26. The rnte50n pages9to 181orm partolthose*"naneiaistatements. Page7
Th• Blond M¢lndoe Research Foundlon IA company limited by guarnntee} Notes tothe flnanclal 5tstements For the yèar onded 30 September 2025 General inlormatlon The Foundatlon is a privatè company limtted by guarantee. reoslered in England with th8 regira110 number 05204718. The oddress of the registered office18 38-43 Lincoln's Inn Fields, London. WC2A 3PE. Thè members of the company are theTrustees, who are named on page 1. In the eventofthe Foundation boingwound up. the liobility in iespect of the gu8rantee is limited to £10 per member of the Foundation. The financial statements are presented in pound ellIng and roun(Je(J to ihe nearo$i £1. 2. Accountlnq pollc188 2.1 B881s of preparatlon of flnanclal stotemants The flnancSal statements h8ve been prepared to give a 'true and fair, view and have departed from the Charilies (Aecounts and Reports) Regul81ions 2008 onlyto the extent required to provide a'true and fair. view. ThSs departure has involv8U folLowing the Charlties SORP {FRS 1021 issued in October 2019 rather th8n the Accounting and Reporting by Charilies.. Statement of Recommended Practlcg effective from 1 April 2005which has since been wlthdrgwn. The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Ch8rities.' Statement of Recommended Pr8Ctice applicable lo charilies preparing their accounts in accordance wtth the Flnancial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (issued in October 20191, the Financial Reporting Stsnd8rd applicable in Ihe UK and Rgpublic of Ireland IFRS 1021 and the Companies Act 2006. The Bloné Mclndoe Research Foundalion meets tho delinition of a public beneflt entity under FFIS 102. Asset8 an¢Y liabilities are initially recognised at historical cost or transaction v81ue unless otherwise siaied irb the relevant accounling poliey. 2.2 Golng concern The financial st8temgnts have been prepared on a going concem basls as the Foundatlon has adequa18 fun¢$ going forwarcl to fund itsfLrture plans 08 a grant-maklngcharity. 2.3 Income All income is recognlsed onGe Ihe Foundion has 8ntiilement to the income, it is probable that the Income will bg r8C8ived and the Bmount of income receivable c8n be meg$ured rellably. Thg recognition of income from 18gacies is dependent on establlshing entillemerbt. the probability of receipt and the ability to estimate with SLrfficieni accuracy Ihe amount receivable. Evidence of entitl8ment to 8 legacy exists when the Foundaiion has sufficient evldenoe thai 8 gift has been left 10 them Ithrough knowledgg of the existence of a valid wi and the daath ol the benefactor) and the executor is satlsfied that the property In question will not be requirad to S8tisty claims in the estate. Receiptol a legacy must be recognised when it is proL78bLe thot itwill be received and the fairvalue of the amouni r8ceivable, which will generally be the expecled cash amount to be distributed to the Foundation. can be reliably measured. Donated services orf8cilitles8re recognised when thg Foundation has controloverthe item. 8nyconditions associated with ihe donated item have been Tnet, the receipt of economic ben8flt from the use of the Foundation of the Stem is probable and Ihat economic benefit can be measured reLiably. In accordance with the Charities SORP IFRS 1021. the general time of the volunteers is not recognised and refer to the Trustees. report for more information about their contribution Page 8
Thg Blond Mclndoa Research Foundatlon IA company Ilmlted by guarantee) Not•$ to the flnancial ¥tstements Fortheyeor ended 30 Saptombor2025 Accountlng pollcle8 Icontlnu8d) 2A Expenditure Expenditure is reco8nised once there is 0 legal or constructive obligatlon to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will b8 required In settlement and the amount of the obligalion can be measured reliably. Expenditure is classlfied by activity. The costs of each aclivity are made up of the iotal of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs allribuiable to a single activityare allocated directlytothat activity. Shared costs which conlribute to moro than one actwityand support costs which are notattrlbthable to a single activityare apportioned beeen those activities on a basis consistent wlth the use of resources. Cgntral stafl costs ar8 allocated on ihe bosis of time Spent, Bnd dgpreciatlon chorges allocatsd on the portion ofthe asset's use. Support eOSlS 8re those costs incurred directly in support of expenditure on Ihe objects of the Foundation and include project management carried out at Headquarters. Thesg Costs are 811ocated to charitable 8Ctivities, fundralsing and governance costs on the basis of the proportlon of staff cosis relating io each function. Governance costs are those incurred ¢onnectSon wlih adminisiration of thg Foundation and compliance with constitutbonal and statutory r8quiremenls. Expenditure on raising funds includes all expendiwre incurred by Ihe Foundation to ialse funds for its charitable purpgses 8nd Includes cost$ of all fundraising activltles events and non-charitable trading. Expendtlure on charitable 8Clivltles Is in¢urr8d on Oirectly undertaking the activities whlch further the Foundation's objective8, as well as any associaied support costs. Giants payable are charged in the year when the offer is made except in those cases wheie the offer Is condllion81. such gr8nts being recognised as expenditure when ihe conditions 8tt8chlng are fulflued. Grants offered subject to conditions which have not been m81 atthe year end are noied as a commitment, but not accrued as expenditure. 2.5 Inve3tment$ Fixed asset investments are a form of linancial instrument and are initlally recognised at their transaction cosl and subsequently measured 8t fair value at the Bal8nce sheet dale. unless the value cannot be measured reliably Sn which Case it is measured at costless impairment. Investmentgains and losses. whetherT8ali$ed or unrealised, are combined and presented 88'Galn8llLos8esl on Investment8. in the Statement of financial actniities. 2.6 Debtor3 Trade and other debtors are recognised at the settlement amount after any t18de discount offered. Prepayments are valued at the amount prepaid net of any irade discounts due. 2.7 C•$h8t bankand Inhond Cash at bank and in hand Includ95 ¢ash and short-term highly liquid investments with a short maturlty ofthree months or18ss from the date of 8CqUlSltion or opening of the deposit or simi18r account. Page 9
Th• Blond M¢lndoo R•search Foundatlon IA company Ilmlted byguarantee) Notes to thefinanci81 #tst•ments Forthe yearended 30Sopt8mb•r2025 2. Aeeountlng pollclo8 {contlnuodl 2.8 Liabilities and provl¥lon$ Liabillties are recognised when there Is an obligation 81 ihe Bal8nc6 sheei d81e as a result of a pa818vent, it is probable that a transler of economic benefit will be required in settlement, and Ihe amount of the settlement can be estimated reliably. Llabilities are recognlsed at the amount that the Foundation anticlpates it will pay to settle the debt or the amount It has received as advanced poymentsfor the goods or services it must provide. Promsions are measured atthe best estlmate of Ihe amounts required to settle the obllgation. Where the gffèct of the time value of money is material, the provision is based on th8 present value of those amounts, di8¢0unted at the pre- tax discount rat@ that reflects the risks specific to the Ilability. The unwindlng of th& discount is recognised in the Statement ol financial activities as a finance cost. 2.9 Flnonclal Instrument8 Th8 Foundation onty has YinanciBI assets and financial liabiiiile8 of a kind that qualify as b&si¢ financial Instrum8nt& Basicfinancial instruments are initially rgcognised attr8ns8Ction value 8nd subsequently measured attheir settlement value wlth the exception ot bank loans which are subsequenily measured at amortised Cost usingthe effective interest method. 2.10 Fund a¢countlng General lunds are unrestricted lunds whlch are 8vailabl8for u88 8t th& discrelion of the Trustees in furiherancè of the general objectives of the Foundation and which have not been d8signated for other purposes. Restricted funds are funds whlch 8re to be used in accordance with specific restrictions imposed by donor5 orwhich have been raised by the Foundation for p8rticular purposes. The costs of raising and adminlstering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the fSnanci81 statements. Investment income, gains and losses are alloeaied 10 the appropriate fund. P8g8 10
The Blond Mclndoe Reseawch Fou110n (Acompanyilmbted byguaraffleel NotestothÈllnanclalstatem¢nts As at30September2025 3. Incornetrom donatlons and legxles UnFestrftt•d Funds 2025 Total Funds 2025 Totat DonaiioDs Legacles 22.159 5.500 27.659 22,159 5,5tKI 27.659 20.465 74,556 95,021 T0ts12024 95,021 95,023 4. In¥4sknentlncome Unrestrltted Funds 2025 Total Fund8 2025 Total Funds Invesrment dmuends Investment Interesi 15.71S 414 16.129 15.715 414 16,129 12.711 29 12,740 Tota12024 12.740 12,740 S. Exptnlttureon ralslngfvnd$ Fundr•lslngexpense$ UnreJtrletad Funds 2025 Total Funds 2025 Fund5 Fundralsln8 expendf(ure 620 620 PaÉe li
The Blond Mclndoe Research Foundatlon IA company limited bygyaranteel Notestothe flnanclalslatements As at30 September2025 6. Analysls oigrants GrantstD In5tltutlons 2025 Grants to Inslitutions 2024 Grants, Grant making activltles 55,000 The Foundatlon has male thefollowlng matedalgrants to institutions duringthe year: 2025 2024 Royal College of Surgeons 55,000 7.Analysis ol •xpendlture on Charttable acllvllles Summary byfund type Unrestricted Funds 2025 Total FndS 2025 Tot81 Fund5 2024 Grant makingaciwiiles 70,817 70,817 9,063 Toial 2024 9.C63 9,063 8.Analyslsof expendlture byactivities Actlvltles undertaken dlrectly 2025 Grant fundlTrgol a¢tfvltlo$ 2025 Support costs 2025 Total Funds 2025 Total Funds 2024 Grant making adlvkties 55,000 15,817 70.817 9,063 Tota12024 386 8.677 9,063 Page 12
The Blond Mclndoe Research Foundatlon IA Company Umlted byguaranieel Note5 tothe Ilnanclal ststements As at 30 Sept8mber2025 8.Analysls of expendlture by a¢dvltleslconlinuedl Analysts of supportcosts Grant maklng acii¥ftles 2025 Total Funds 2025 Totsl Funds 2024 Premlses costs and insurance CoMputerco$ Profes5ionalfees Adminlstrator SeiCe$ Offlce and other costs Governance costs 987 2,938 327 8,970 795 2,938 327 8.970 795 1.800 70 5,130 1.800 15.817 15,817 8.667 Toia12024 8.667 8.667 9. Independ8nt •xarnlne¢s remuneratlon The Independerrt examlnerfs remuneraiton amoumsioan Independent examinerlee of £1,200 12024-£3.4201. and preparatlon olthe financial staternerbt5 01 £60012024- 28001. 10. Flxed a5Setlnvestmgnts Usted InvestrnentS Cost orvaluation At l October2024 Addirlons Revaluations 435,510 116,129 24,654 At30September2025 576,293 Netbook value At30Sepiember2025 576.293 At30 September 2024 435,510 Page 13
The Blond Mclndoe Research Foundallon IA company Ilrnlted by guarantee) Notes to the flnanclal stslements As ai 30 September 2025 11. Debtors 2025 2024 Due wlthln one year Prepayments and accrued income 50 12. Credltors". Amounls falllngdue wlthln one year 2025 2024 Accruals and delerred income 1,800 8,280 Page 14
T lionthMclThdoeResearcb Ftyulldation IAGompanyumKedby8uawameel NOtestotheltnanclal$tatsmen¥s As•i&)September2025 StatemetholloS st8iei1woffund•.¢umt B818nce at I Ottobei 2024 B8tsnceai 3 September
125 Galnsl IL0s58sI Incom£ Expemfture Unr8slrfcTOOfuiios GereialFundS-alllun¢s 622.038 43.788 171,4371 24654 819.D43 Re8trl¢t•dlunds Eiyipmenifwn 3.887 3.887 SundryfvS 8,2 162 12,162 Totslollwi 171.4371 631,205 sthmemtds.pT10r BaLqncew i October 8alance*30 Sept)er 2024 G31nsi ILos5851 2023 Income Eynoitiwe Unregtrlctedlunds Ge[OlFUd$- allfunds 476.230 107,761 19.0991 47,146 621038 Restrf¢tedfvnds Equlpmenirund 18B7 &887 ndryluNIs 8275 12,182 12.162 Totaloffund5 488,W2 107.761 19,0991 47.146 5342 Page 15
TheBlond MclrKloeResearch Foundatlon (Acompanyllmiied tyquarant¢el NotestotheflnanclalststemeThts Asat30 5eptembei2025 . siaiem¢ntrffMrfslconiinuedl PurpDses of resirictedfunds.. The Chaiityhas restrlcledfuNls In relatlon to Its older rèsearch and eduEatlDn actIteS. Thefunrf5 are made up as follows= Equlpment Fund- £3,88712023= £3.8871 The Charityhas previously received donaJonslrryn indNidualdonorsand organisaiionswith the specific Inwructionthatthemoney Is robe u5edto bwequlpmemft)r ie503rch.Thls may be for an individual item orfor a cOpIete laboialory. The money is notfora speciflc project. but because it musl be used forthe purchase ol equipment, and notBeneralrunningcostsltrnust be held Sn restrictedfunds. The figure shown isihe amount unspentto date. SundryFunds-£8.27512023.. £8,275) The FundraisingAesearch and Education funds have bpen retainEd byBlond Mclndoe Research Foundaiionfollowingits change Sn actfvitie5 toru5e underthe new oppratingmodel a5 a grant-rnaking charity- 14AnaiyJ150f not 0$$otsbeNeen lund5 Analyolnetassets belweenfund$. curmtperlod Unrestrlcied lund5 2025 Resirlcre funds 2025 Total funds 2025 Fixed asset Invements CurreMas52ts Credtiorsdue within onèyèar 576,293 44,550 11,8001 576,293 56,712 11,8001 12.162 619,043 12.162 631,205 Analysls of netassetsb¢tweenfumd$-pilorpgilod Unrestricte funds 2024 Restricted lunds 2024 Total funds 2024 FiKedasset investments CurreTht 35sets Credit¢rsdue whhin oneyear 43S,S10 194,808 18.2801 435.510 206.970 1&2801 12.162 Total 622,038 12,162 634,200 Page 16
The Blond Mclndo¥ R¢$earch Found•tlan IA company Llmlted byguaranteel Notesto the flnanclal statements As at30 Sememtyer 2025 IS. Related partytran$actlons No remuneratlon wa5 paK1 toTnJstees in the period12024- ÈNill and no expense$we daimed bythe Trustees in the pewlod12024-£NIII. Duringtheyear, the Foundation pald W40 grant totalllng£55.00012024- Nlll tolhe Royalcoliegeof Surgeons ol England Isee Note 61 in support of individuals, research applications. Neil Mortensen and TirnothyGooda¢re, bothtiusteesolthe Foundatlon, are the ex-president an¢ ex-vlce president. resPtively. of the Royal College of Surgeonsof England. Page 17