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 n*mb¢r
05204718
ChArity r¢glst¢red nur*1
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￿ Ba￿k 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 FOundat￿n 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.
Appr￿ed by order olthe members of the board of Trusteés and si8ned on their behalf by:
Gordon Montk*rt 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
Staiern*nl offln•n¢balactMtles 1lncorporat1ngincomeandexpendltuieac￿￿n1>
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
Ex￿nd11￿19 on:
Raising Funds
Charitable act￿￿leS
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
T￿aLl￿ndsCar1l6dfOMdrd
619.043
12.162
631.205
634,200
TheS1*eme￿ of financlalacilvltles includès allgaln5 and105ses recognlseé ifi theyear.
The note5 on pages 9and 181orm part oftheselinancialstatements.
Page 6

TTreBloml*lndo•R•s•a¥cfv Foundatlo
IAcomporyIlmi¢edby￿￿r￿￿t11Tr
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￿. aTnount3l*Urfduèwlthln
onojwr
I1.8[￿)
18.280
54.912
631.205
634,200
N*curMn¢4ss•ts
Charltyftjnds
Restrkied *Jnd5
unresriciedlunds
12.162
619,043
631,205
12,162
622.038
634.200
ToiAllund5
TheFoundatk)nwas entM8Oto eXempttonfroma￿Irt undersection477 oltheCon¥J8niesAll2O06
Themembwsrthenot reoui¥edthe¢ompanyto¢)btain8TravdilfoYthe￿lTrQUÉ91lon1naccvTd3llCewitkn
sectlon476o1compa￿esACt2
TheTrv5tees ac*novrtedgethètriesponslblliilesforcomptyingwlEhthereoulremerts ￿theA¢tYthh respettto
accoundngrncordsond preparthn offjnanclaistatrmenls
Thefinan¢ial state￿nts have been preparedinaccordance%Yitnthe pro¥lsiOnsapptTub￿IoemfIrles$u￿￿rf[0
thesmal1c(ffipan*s￿$kne.
Thelthanclals
Mn￿￿Te3pprol￿d andauthorfsedtOT bytheTnJsteesand $Ènedfmthelrbehall by.
GordonMontsortBebbKC
IIG(26.
The rnte50n pages9to 181orm partolthose*"naneiaistatements.
Page7

Th• Blond M¢lndoe Research Found*lon
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 regi￿ra110￿ 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 Found*ion 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 be￿een 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 Fou1￿10n
(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
F￿ndS
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 Se￿iCe$
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$tatsmen¥s
As•i&)September2025
Statemetholl￿oS
st8iei1woffund•.¢umt￿
B818nce at I
Ottobei
2024
B8tsnceai 3
September
>125
Galnsl
IL0s58sI
Incom£
Expemfture
Unr8slrfcTOOfuiios
GereialFundS-alllun¢s
622.038
43.788
171,4371
24654
819.D43
Re8trl¢t•dlunds
Eiyipmenifwn
3.887
3.887
Sundryfv￿S
8,2
162
12,162
Totslollwi
171.4371
631,205
sthmem￿t￿ds.pT10r￿
BaLqncew i
October
8alance*30
Sept￿)er
2024
G31nsi
ILos5851
2023
Income
Eynoitiwe
Unregtrlctedlunds
Ge￿[OlFU￿d$- 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 actI￿t￿eS. 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 cO￿pIete 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
Analy*olnetassets belweenfund$. curmtperlod
Unrestrlcied
lund5
2025
Resirlcre
funds
2025
Total
funds
2025
Fixed asset Inve*ments
CurreMas52ts
Credtiorsdue within onèyèar
576,293
44,550
11,8001
576,293
56,712
11,8001
12.162
619,043
12.162
631,205
Analysls of netassetsb¢tweenfumd$-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. resP￿tively. of
the Royal College of Surgeonsof England.
Page 17