Company number 00522061 Registered Charlty number 209299 BRITISH EDITORIAL SOCIETY OF BONE & JOINTSURGERY (THE) (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 BRrrisH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) IA COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 DECEMBER 2025 Contents Pago Offic8rs and professional advisers Annual Rèport of the Council of Management Statement of the Counal of Managemgnl's rgsponsltilmles Auditors. report 9-11 statement of Financial Activities 12 BaL￿n￿ sheet 13 Statement of Cash flows 14 Notes to the finanaal statements 15-24 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY ITHE) ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Officers and professional advisers COUNCIL OF PMNAGEMENT Mr Fargal Monsell FRCS IChaim)an to 30 September 2025. President- British Orthopaedic Association. from 1 October 2025) Mr Dawd Limb FRCS ITreasur8r to 30 September 2025, Chaimian from 1 October 20251 Professor John Skinngr FRCS {TreasU￿r from 1 October 20251 Prolessor Gareth Scott FRCS Professor Duncan Tennenl (from 28 November 2025> Mr ma￿ Bowditch FRCS (President- British Orthopaedic Association. to 30 September 2025} Managlng Director Mr Richard Hollingsworlh Edltor. Th• Bone & JointJournal Profg$sor Fares Haddad FRCS CHARITY NUMBER 209299 COMPANY NUMBER 00522061 REGISTEREO OFFICE 22 Buckingham Street London WC2N 6ET BANKERS Coutt5 & Co 440 Strand London WC2R OQS SOLICITORS Wilsons solicito￿ LLP 4 Lincoln's Inn Fields London WC2A 3AA AUDITOR Crowe U.K LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 IAZ INVESTMENT ADVISORS 81ackRock Invgstmenl Managors IUKI Limiied 33 King William Str8et London EC4R 9AS Page 1 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 TRUSTEES, REPORT The Board of Trustees of The Brib'sh Edttor4al SocSety of Bone & Jolnt Surgeryllhe SocieWI present their Annual Report for the year ended 31 December 2025 under the Companies Act 2006 and the Charities Act 2011, logether with the audiied financial statements for that period. REFERENCE AND ADP•llNISTRATIVE OETAILS The British Editorial Soaèty of Bone & Joint Surgery is a registered charity (No. 2092991 and a company {No. 00522061) limited by membership guarantees. Its registered office is as shown on page 1. Th8 present Trustees, and any past Trustees wh) sewl during the period, are given page 1. The exlernal advisers of the Society are also sel out on pag& 1. STRUCTURE. GOVERNANCE AND MANAGEMENT The Members of the Soci&ty are everyon8 appointed to The 8on8 & Joint Joumal Edilorial 8oard. The Board crf Tru51ees, ltthe Courril of Managemenfl, is responsible for the overall wvemance of the Soclety. TnJstees are elected by. and ore members of, The Bone 8 JointJournal Editorial Board. The Artides of A$S￿la(10n were last an￿nded by spedal resolutlon dated 6 June 2025. The Arllcles wer8 updated to manage and remove potential conllicts of interest more effedively. Previous amendments were made lo the Artides of Assoaab'on by special resolution dated 9 June 2023. Changes were made to refflect the Charity Govemance Code and to set out the provisions ofthe A￿CleS in such a way that they are more accessible and easier to folk)w. All8rations were made in ￿SpeCt of the trusteeship provisions. The Counryl consists of al l&ast five trustees b8ing one ex-offi¢io trustee (Prèsident of the BOA), four elected trustees and four trustee5 appointed by resolution of the Council (referred to as c(￿0ptad trustees}. The number of co-opted trustees was In¢￿8$ed from two to four lo allow the Council lo address the need for the Counal to have a mix of skills and exparience on the Council. Co-opted twstees are not reqwred lo have served on The Bone & JointJoumal Editorial 8oard. Members of the Soriety elect the Council of Management at the AGM. The Chainnan of the Council of Management is also Chaim)an of the Society. Elected Members of Council may remain in office for three yèars. and may, be re-elected for up to two further Ihree-ye8r lemis. Council elects a Chairman and Treasurer from its elecied members. The person elected as Chairman serves in that offi¢e for three years. Each Member of Ctyjndl Is required to take responsibility for specific aspects of Ihe Society's work. Council n￿MallY meets ft>rmalty four times a year. New trustees reeeive a copy of the Articles. and as they have be&n a member of The &ne & thnt Joumal Editorial Board, they are already familiar wth th& major issues f￿Ing the StKiety- Trustee training is provided in specific areas such as inveslmanl, wh8n required. The c￿n¢11 delegates Ihe exerase of certain powers in ￿nnectIOn ￿th the management and administration of the Society as set oui below. This is controlled by requiring regular reporting back to the Council, so that all decisions made under delegated powers can be ratified by the full Council in due course. The Council seeks advice fre￿ experts in govemance. ffinan￿. marketing. digital publishing, and other areas as required. REMUNERATION COMMITfEE AND MANAGEMENT REMUNERATION The Remuneration Committee comprisès th8 Chairman, Treasurer and Managing Director. The Committee meets annually to rewew staff salaries and benefits, and the fees paid to ITrle￿ndenI nlroctors. The review lakes account of performance, prevailing market rates, and any changes in the job role. Page 2 BRrrisH EDrroRIAL SOCIETY OF BONE & JOINT SURGERY ITHE) ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 MANAGING DIRECTOR AND EDITOR The Managing Director is rèsponsible for the day-to-day management of the Society for irnplementing policies agreed by the Council of Management. The Managing Director is assisled by group of senvjr managers. including the Director of Publishing & Innovation and the H&ad of Markeling & Sales. The Editor is responsible for directing the editorial policy of Th6 Bong & Joint Joumal. He is aided by a team of Associate Editors, an(J by th8 Editorial Board. On editorial matters the Editor is accountable to the Editorial Board, and on publishing business matters lo the Managing Director. The Manas•ng Direclor reports lo Council through the person ol the Chairman. Th8 Soci8ty publish8S three other joumals, each their own Editors and Editorial Boards, and all Ihe Societls journals, whilsl editorially independent, come under the overall govemarKe of the Cwncil of ManwJ8m8nl. STATEMENT OF THE COUNCIL OF MANAGEMENT'S RESPONS181LITIES The Council of Management is responsible for preparing the Annual Rekx)rtand tho financial statements in accordance with applicable law and United Kingdom Generally ACC￿pt8d Accounting PraC￿ce (Uni18d Kingdom A¢￿Unting Stsndardsl. The law apF4icable lo charities in England and Wales requires the Council of Management to prepare financial statements for each financial year which give a true and fair vlew of the stsle of affairs of the Society and of the incoming resources and application of resources of the Society for that period. In preparing these financial slatemenls, the Council of Management is required lo= selecl suitable accounting policies and then apply them consistently.. observe the methods and prinryples in the Charities SORP., make judgements and estimates that a￿ reasonable and prudent., slate whether applicable accounting standards have be8n folb)w8d. subject to any matsrial departures disdosed and explained in the accoLJnts'. and prepare the financial statements on the going C(￿cern basis unless it Is Inapproprfale lo presume that the Society wll continue in business. The Council of Management is r8sponsible for keeping proper accounting records which disclose wlh reasonable accuracy at any time the financial position of the Society and lo ènable them to ensure that the finanaal statements comply with the Companies Act 2006. Thèy are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention arKI deleclitM of fraud and other irregularities. The Council of Management is responsible for the mainlenanGe and inlegrty of the wrtorate and financial infc*mation included in the Society's website. So far as each member of the Counal of Manag8ment is aware, there is no relevant audit information of which the Society's auditors are unaware. Each mernber ofthe Council of M8nagem8nl has taken all the steps that they ought to have tsken in order to make themselves aware of any relèvant audit infomiation and to establish that Ihe Sociells auditors are awarè of that information. RISK MANAGEMENT Risks are ￿vieWed as a part of tha regular Council meetings. A risk register is maintained and formally eoproved by Countal on a quarterty basis. Key risks reviewed include strategic and operational areas linked to Subscription and adverb'sing revenues, changing business models in the publishing sector, cybersecurity, the Impact Factors of our joumals, and a potentl81 decline in the SoL?etls investment Income. Membership deals wlh orthopaedic associations in the UK and overseas form an important proportion of individual subsLYiPtlons. and they are kept under dose raview. Page 3 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 CONFLICT OF INTEREST Ciyjncil has adopted a poli¢y for Gonflicts of Interest. Ati the INStees arxj senKJr managers have made declaration of potential conflicts end signed the policy. The dedaralions have been reviewed, and no seri)us conflicts have arisen. OBJECTS AND PRINCIPAL ACTIVITIES OF THE CHARITY The objects of Society for the public benefft are defined 8$: 'The advan￿ment of e(lucalion in, and the improvement in the practice of, orthopaedics and allied branches of surgery togelher Wbth the diffusion of such knth￿edge throughout the world.. Our princApal activf(y in fijrtherance of these objects is the publication of The Bone & Joint Joumal and ielated Journals under the Society's Bone & Joint imprint. other activities include.. providiro orthopaedic informats)n via our websites on(J disseminating Tlje Eone & Joint Journal and our other joumals a5 widely as possible. The objectives of those activities. ond the Society's achievements against them. are discussed under the heading Achievements and Performance, below. When pl8nning our aclivtties, the Council of Management have considered the Charity Commission'$ published guidance on the Public Benefit requirement under the Chartties Act 2011. The Stxiety provides public benefit by helping to increase the knowledge and Skills of practising orthopaedic surgeons and researchers. Artid8 titles and abstracts are fully Searchab￿ and freely available online for all content in Th8 Bone & Joint Joumal. ACHIEVEMENTS AND PERFORMANCE From the strategic plan this period's kèy ofy'ectives and the Impaci ofourachi8vements are summariseil as follow5". Publlshlng and M•rketlng Tr• Bon• & JointJournal Our aim is to publSsh the best quality paper8 In thè science and t*8Ctlce of orthopo8drcs in The 8one & nl Joumal, and to ency)urage surgeons to subscrib8 8nd to read the Joumal. SubmS88lons for publication from surgeons and research￿5 woddwde Iclalled 1,880 in calendar year 2025. AII $l￿MISSIOns undergo a rigorous double-blind peer review P￿￿$$, and as a resutt only some 15Pk ar& accepted for publication. ensuring that the best papers in orthop8odics are published in The Bone & Joint Joumal. We have wntinued to develop our online submission5 and reviewing system which helps to ensu￿ that we maintsin our impressive response lime to authors. Atout 90% of papers receive an inhl81 decision from the Editor within six w88ks of receipL Our policy Is lo keep the subscription rates to The Bone & JolntJoumal as Icpw as possible lo increase accessibility. Surgeons in training benefit from a 50Qh discount on the consultsnl rate. At December 2025, trainee subscrib8rs comprised some 10% of oui lolal paid subscribers. We Tharkel the Journal worfdwide in accordance with a Marketing Plan approved by Council as part of the annual budget cycle. This encofflpasses a wide range ol actrfflties induding stands in exhibitions, partnerships with orthopaedic associations, social media posts, print media. email and specialty d8signeiJ web pages. Pag8 4 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Provldlng ortlK4p•eaTic infomlatlon via tho wobslto Our aim is to have a website which orthopaedic sUrgeC￿8 regard a$ "The Sourc&" of reference and education. In February 2023 we launched a new website to host our journals. This fo￿nS part of a broader digital transf(mtion strategy and onwlng enh8ncements and features lo the website were made in 2025. Every issue of The Bone & Joinl Joumal published since 1948 15 available in its entirety the webslte. In January 2020 we launched the open a￿$S journal Bone & Joinl Open. We also publish an open aceess journal aimed al the research ￿MmunItY.. Bone & j￿nt Roseatvh, and a summary digestlournal for orthopaedic surgeons. Bone & Jtynt 360, th)se worfdwide cirQAal￿n continues lo grow. The new digital plattorms Orthomedia. which hosts rnullimedia content- Orthosearch. a discovery service enabling effective search and reirieval of orthopaedic content- and OrthoPublish, a fomiatting tool that enables authors lo quickly and easily P￿para their manuscripts for submission, all conb.nued lo develop, and grow in terms of profie and the numbers of users. In 2025 we launched an innovative digital leaming platform. BJJ LIFE. a tool airned to support orthopaedic leaming from training to retirement. To thsseminato The Bone & JointJovrn•l as wldely as posslbl• Our aim is lo increase the understsnding of how The Bone & Jo￿1 Joumal is published, to encourage authors lo submit their papers lo us. and thus increase the educational stsndard of the papers we publish. We also aim to make The Bone & Joint Joumal as widely available as possible, given our financial wnstraints. so that tho educational content reaches the widest possible wortdwide audien￿. The Editor has given talks at orthopaedic meetings in the UK and al many conferences around th8 wortd on The 8one & Joint Joumal and our publishing process. The Editor also hosled w811-attended Reviewers, Days an¢J we continue lo expand the number of reviewers in the UK and inlemationally. Local editions.. We work with Ihird-party publishers to publish lo￿1 edilions of selected papers. either to provide translations into major languages or lo reach markets mor8 easily than we can. These local editions are typically distributed free, funded by I￿al sponsorship. Developing countries.. We support the Research4Lrfe projed Ihatprov#Jes free online acrEss tojournals V18 accredited insbtutions in developing COLmtrtos. ABC Travelling Fellows.. We provide donations to cover the travel eosts of the ABC Trnvelling Fellows Isurgeons selected by the AOA and BOA as the leaders amongst their generation to travel and leam about orthopaedic surgery in other wuntriesl while they ar8 in the UK, and we fund travel for UK surgeons Iravelling lo the USA. Donations are 81s0 routinely made to SUFP)rt the British Orthopaedic Research Sodety IBORS} Intemational Travelling Fellowships. Tralnee Prize Awards: Trainees plannin9 to awjly for spedalty tralnlng in ortlKJpaedics in th8 UK arKI Ireland are invited to submit an essay or review paper on a subject rdevant lo the contemporary kYactSce or future development of orthopaedic surgery. Fundralslng The Soci8ty hwj no fundraising aGtivthes rffjuiiing dlsclowre und6r S1624 of the Charlti&s Act 2011. Page 5 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY IThE) ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The Statement of FinanGial Activities (SOFA) sel out on page 12, shows that total income of £2.65m was up £126k on £2.52m in 2024. Subscription sales were al £1.28m, and comparable to 2024. Online sales and open access revenues grew lo £491k and up on £445k in 2024. This increase is due to gr8at8r volume of articles published under an open access busines5 model. Income from investments was £593k against £541k in 2024. Expenditure on charilable actsvities at £2.92m was higher than the £2.69m in 2024. This was due to continued strategic investment in new digital platfomis, products and seNcas. Total expenditure was therefore £2.98rn ond higher than the p￿VIouS year's figure of £2.76m. This resulted in a nel loss for the period of £333k compared lo a net loss of £232k in 2024. After tsking into account unreallsed galns on inveslmenl$ of £830k. total fund balances increased by £497k to £19.79m {2024.' £19.29ml. FINANCIAL MANAGEMENT POLICIES The Society's toial funds were valued al approximately £19.79m at 31 Decernber 2025 12024.. £19.29ml, of which £15.28m represents the free reserve5 12024.- £14.76ml- Free r8S8rv8s cnmprise unrestricted funds which are expendable at the discretion of the Council of Management in furtherance of the charity's object5 being total unrestrided lunds less tangible and intangible fixed assets. Imieslmenl prcprtFes and other designated hjnds. Wh wo hold the r•sorv0s These provide an impc*tant r88ource whith has enabled the Sc¢iety to 8¢fvanee orthopaedic education by rnaintsining low subsciiption rates despite running a trading deficit on our publishing activities. These reserve5 have also allowed the Society lo fund the important educational initiative of providing reduced subscription rates to trainees to eneourage the newest members of the profession lo subsuibe lo our publications in bou) their paper and electronic fornis. The in ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 What lev81 or ran of roserves the trustO05 believe the chari Th8 Counryl ol Management regularfy revigws the Iwel of reserves which il feels a￿ appropriate for a charitable rnedical publisher an¢J CO￿￿1 belleves that the current level of reserves enables us to achieve OUT charitable objectives. In order lo maintsin this lèvel of reserves. Council has given the investment managers the investment objective of maximising lon*t8rm total return whilè also providing irwme. Arran ments for monltorin and rnvièwin tho Th& Treasurer and Managing Director meet regularw wSth the Soclety's investment managers. BlackR¢xk. to revi8W targets, the investment managers, perfomiance against them. arKr to assess whether invested assets are al an appropriate level. The Treasurer reports the OLrtoJme of th8se meetings back to Counol. The Counul of Management are keeping under review the impact of thanges In the global economy on our principal sources of income- subscriptions and adverti$ing- and on our decisKms lo invest In new digital seNiees lo deliver our charitable mission. Si9nificont th8nges in these might require a revision of the Reserves Policy. evi•w of lic Thè Trustees review this Reserves Policy on an annual basis. Golng cOn￿M Bearing in mind current trading. future plans and a￿Sting levels of reserv¢s, the Council of Management has o reasonable expectation that the Society has adequate resources to continue its activities for the foreseeable future. Coun￿1 has con&d8red th8 potential adverse effect of the current geopolitical and m8cr¢>èconomic picture on the Soaety. Alhough there is likety lo be wessure on our income and costs. the Council of Management believe the existing strategy and core activities of the SocEty can continue a5 planned. Accordingly, the Council continues to adopt the going wnGgrn basis in prgparing thg finanaal statements. INVESTMENT POLICY AND PERFORMANCE Under the Arti¢le$ of Associa￿on, the S￿letY is requSred lo Invest rnonies not immediately required fc the purposes of the S()ciety. in investments or securities as may be thought fil. The Council of Management has delegated their investment powers to BlackRock, who oversee the everyday interests In the Investments and report lo th8 Sooety on a quartedy basis. The Fund seeks to provlde a Ilquid. rlsk-aware. (Jiversified investment solution for ch8rity investors. The Fund has tsvin objectives.. il aims to deliver long4erm capital growth and a steady inGome distritwtion. The Fund's sustainable investment policy is central to its strategy which closely aligns with Ihe values, ethos and principles of the Society. In addition to specific sector exclusions, such as tcthcco and am18ments. Environmental. Social and Govemance IESG) criteria is integrated into the investment process as a long-tem3 rfsk management toc4. The SocieVs objedwe for its investments ts to maximise the long-lerm total return. after providing for the annual income largel. which is approxSmat6ly £500k-£600k, wtth cautious to moderate risk appetite. Duriro the year ending 31 December 2025, the portfolio produced an incom8 of £593k {2024- £541k). The value of the portfolio increased to £14.99m12024.' £14.16m). Page 7 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 In 2026 the Charity will transition the investment portfolio from the BlackRock Charities Growih & Inwme Fund to a bespoke portfolio managed by Rathbones. Rathbones will adopt a rnulii-asset strategy lo grow the capilal over the long term whilst providing a sustainable income. They will man8ge the portfolio to achieve a tolal relum of inflation las measured by CPI) +4% per annum over the long temi. A total r8turn approach will be adopted. The portfolio will have medium risk profile and has a long- term horizon meaning 10 years + The asset allocation wll be roughly 75Q/o equtknes, 15% bonds, 5¥ real assets, and 511A cash. As agreed by Council the Investment strategy incorporates ESG considerations lo exdude investment in-sin Sectors. suc*b as tobacco, a1￿h01. controversial weapons, adult ent&rtainment, high-interesl late lending and gambling. There will be a diversified glthl approach lo the invgslments. FUTURE PLANS We plan lo continue to develop of The Bone & Joinl Journ81 as the leading intematlonal orthopaedlc journal. We will further develop our newer li￿es. Bone & j￿nt Open, Bon9 & Joint Research and Bone & thnt 360. There will be contlnued developments in our new website to enhance the user experience for our authors, reviewers and readers. We wlll contlnue to develop and market OrthoSear¢h. Orthomedia. OrthoPublish and BJJ LIFE, trrtjilding additional features. and expanding th& number of users. We will also launch a series of onllne ￿UrseS as part of a T&0 Educalirm Partnership with the British Orthopaedic Association. The Council of Managernent 15 committed to investing in other new dlgitsl platf0m￿ that support th8 Objectives of the Society and that meet the needs of our community. AUDITOR Crowe U.K LLP has indical8fJ its willironess to b8 r8appoint9d as slalulory auditor for the next financial year. This repLYt has been prepared laking advantsge of the Small Companies, exemptions within the Companies AGI. Signed on behalf of the Counryl of Management on Friday 5th Jun8 2026 by: David Limb Chaimia Page 8 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) Oplnlon We have audited the financial statements of The British Editorial Society of Bone & Joint Surg8ry {'th8 charitable company'l for the year ended 31 December 2025 which comprise the Statement of Financial Activities. Balance Sheet, Statement of Cash Flows and notes lo the linancial statements, Including significant accounting pdicies. The financial reportir¥J framewo￿ that has been applied in their Prepa￿li0n is applicable law and United Kingdom Accounlirbg Standards, induding Financial Reporting Standard 102 The Financial Reporting Stsndard applicabl& in tho UK and Republic of Ireland {Uniled Kingdom Generdlly Acc8pt8d Accounting Practicel- In our opinion the finandal statements.. give a true and f&r view of the stsle of the charitable company's affairs as al 31 December 2025 and of its income and expenditure, for the year then ended., have been propedy prepared in accordance with United lQngdom Ganerally AcrEpled Accounting Practice.. and have been prepared in accordance with th? requir8rnenl8 of the Companies Act 2006. 8a$l$ for oplnlon We conducled our aL￿11t in aLwrdance wlh Intemational Standards on Auditing (UK} {ISAs IUKI) and applicable law. Our reSpon￿bIlItIeS under those standards are further descrlbed In the Auditorfs responsibilities for the audit of the ffin8ncial ststemenls section of our report. We are independenl of Ihe charitable company in accordance with the ethical requirements Ihat are relevant to our audit of ihe Ilnane481 statements in the UK, including the FRC'S Ethrcal Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eVKlence we have obtained is suffiuent and appropriate to provide a basis for our opinion. Conclusions relating to golng GonGern In audÈting the financial statements, we have concluded that the merters of the Council of Management's use of the going concern basis of accounting in the preparation of thg finanoal statements is appropriate. Based on the wort< wè have performed, we have not idenlified any material uncertainties relating to 8v8nts or cond(£ion$ that, Indivldually or collectivaly, may cast significant doubl on the charitable company's ability to conb'nue as a going conc•m for a perfod of al least iwelve monlhs from vthen the finaneial statements are aulhorised for issu8. Our responsibillties and the responsibilities of tho trustees wth respect to going concem are described in the relevant sections of this report. Other information The m8mbors of the Council of Management are responsible for the other information contained within the annual report. The other infomiation ¢onwrises the inforniation induded in the annual report. othor than the financial ￿alernents and our audi￿3 report thereon. Our opinion on the financial statements does not ¢x)ver the oth8r information and. except to the extent otherwise explicitly stated in our report, Y¢e do not express any fom) of assurance conclusion Ihereon. Our responsibility is to read the other infomialion ond, in doing so, consider whether the other inforn)at￿ is mat8rially inconsistent with the financial statements or our knowledge obtained in the audit or othervAse appears to be materially misstat8d. If we identify suth Materi￿ inconsistencie5 or parent material misstalem8nts. we are required to determine whether this gives rise to 8 material misstatement in the financial statements themselves. If, based on the work we have perfomied. we conclude that there is a material misststement of IINS other inforrnalion. we are r8qulred lo report that faGI. We have nolhing to report in thSs regard. P4eg INDEPENDENT AUDITOR'S REPORT {contlnued) TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) Oplnions on othw matt•rs prO￿rIbed by the Compan1•8 Aet 2006 In our OFinion based on the work undertaken in the owrse of our audlt the infomation gNan in the annual report, which irKludes the dir8ctor$' report prepar8d for the purposes of company law, for the finanrAal year for vthich the finanoal statements 8￿ prepa￿d Is consistent with the flnancial statements. and the direct(ffs' report included within the annual report has been prepared n accordance wth applicable legal requirements. laltgrs on Ythich w& aro rgqulred to report by exrxpllon In kgm of the kncmledge and Unde￿ndIng oftho charitsble ￿MpanY and their environm&nt obtslned in the ctsjrse of the audit, we have noi idenlifigd material missL*ernents ￿ the directors. repNt induded Nwihin the annual re￿Irt. We have n(rthing to reFX)rt In re8pect of the followng matters in relation to which the Companies Ad 21K6 requires us to report to you if. in our opin￿n. adequate and proper accounting records have not been kety., or the financrdl statemenls are not in agreement with the accounting records and retums: or certain disctosures of trustees, remuneration spedfied by law not m&Je; or we have not received all the infc*matlon and explanations we require for our audit.. or trustees were not entilled to prepare the finanaal st*ements in a￿ordanCe wilh the small ompaThes' regime and lake advantage of the small compani85' exemptions in pr8paring the trustees. report and from the requirernent to prepare a slr8te&ic reporL Responslblltti•s of tru$t•es {membors of tho Council of Managemgntl As expla￿ed more fully in the trustees, {memb8rs of the C0￿clI of Managemenvs) reswnsibiliti8s statement set out on page 3, thè trustees {who are 81so the d*edors of Ihe charitable company for the purposes of (x)mpany law) are responsib￿ for the preparation of the financial 5tstements and for being satisfied thal they give a true and fair view. and for suth int&mal control as the trustees determine is necessary to enable the preparation of financial statements that are fre6 from material misstatement, whether due to fraud or error. In preparing th8 financial statements. the trustees resw)nsible for assessing tho charitable ompany's ability lo continue as a g￿n9 cvncem. dlscloslng. as applit2ble, matt8r8 related to going oncem and using the going concem basis of acrAwntiTrJ unless the trustees eilher intend to Ilquldate the d)arttable company or to cease operaticfis. or have no realistic allernatlV8 bul to do so. Audllor's respon#ibilltles fw the audit of th• flnanclal stat•ments Our otiectwes are to obtaln reasonablè assurance aboul VA￿*her the financial statements as a whol8 are free from mater181 misstatemgnL whether due lo fraud or error. lo issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of ossurarKe. but 15 fKJt a guarantee that an audrt conducted in accordance wilh ISAS IUK}will always detecl a material misstatement ￿en il exists. Misstatements can arise from fraud or error and are ￿nsIdere(l material if. individually or in the oggregale. they C￿ld reasonably be expected to Influen￿ the 8(￿0m1C decisions of users la(en on basis of these finandal statements. D8lails of the exient lo which the audit was considered capable of detecting iTregularltl8s. Induding fraud and non•compliance wilh laws and regulations are sel OLrt bel(M. A further dexriplion of our responsibilities for the audit of the finanoal slalements Is located on the Fin8ncial Reportir4J Councll'swebsiteat: -uklauéil ilies. This ￿e￿p11¢￿ form5 part of our auditor's r8POrt. Page 10 ## **INDEPENDENT AUDITOR'S REPORT (continued)** ## **TO THE MEMBERS OF BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE)** ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** **Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.** **We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.** **In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.** **We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Council of Management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing any regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.** **Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.** ## **Use of our report** **This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 anyone other than the charitable company and the charitable company's members as a body for our audit work, for this report, or for the opinions we have formed.** **Janette Joyce Senior Statutory Auditor For and on behalf of Crowe U.K. LLP, Statutory Auditor, Reading** **Date: 9 June 2026** **Page 11** BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an In¢om• and Expendlturo Accounti FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted Funds Notes 2025 2024 Income fn>m Charitable actlvltles Subscriptions Reprinls royalties Onlin8 sal8s and o￿n Access other income Oth•Y tr•dlng actlvlues Rental income Advertisements Investments Interest receivablo Income from investments 1.282,185 14.055 490.666 25,878 1.287,479 14.736 444, 782 11,190 127.703 108,412 124,812 83.888 7.067 592,787 14,984 547,162 Total incam8 2 648 753 033 Expendlture on Ralsing funds Inv&stmenl manager's fees Property costs 56.160 10,108 66,268 5&099 14.303 69,402 Charltable 8Ctivities PublishirvJ and marketing the Journals Providing orlhopaedi¢ information via th& websitg Disseminating the Journals as widely as possibl8 2.470,688 323,862 120947 2,264,394 310,336 111 199 2,915,497 2,685.929 Total eX￿ndItUrE 2.981.765 2. 755.331 14et (expend1￿re) before Invgstm•nt galns and losse$ {331012) 1232,298J Net gains on all investments 829,605 470,340 Net income and net mov8m&nt in fijnds 496.593 238,042 T¢)tal lundy bnwght fonyard 19,297.043 19.059.001 Total fund5 carri•d fonvard 19,793,636 19,297.043 The notes on pages 15- 24 form part of these finandal glalemenls Page 12 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) BALANCE SHEET AS AT 31 DECEMBER 2025 Company number 00522061 Total 2025 Total 2024 Notes FIXED ASSETS Intangible assets Tangible assets Investments 887,845 767,336 17,689,738 849.597 786.834 16.860. 133 19,344,919 18,496.564 CURRENT ASSETS Debtors Cash at bank and in hand 10 432,945 678.776 514.832 1,002.921 1.111.721 1,517,753 CREDITORS.. amounts folling due within one year 11 715 072 NET CURRENT ASSETS 450.640 802,681 CREDITORS: amounts falling due more Ihan one year 12 11,9231 (2,202) NET ASSETS 19 793 636 19 297 043 FUNDS UnrestriGted funds 14 General 13,188,976 1.655,181 4.788.645 160.834 13.5QO,325 1,636.431 3,959.040 201.24T Designated- Fixed 855ets Revaluati￿ reserve Desigrbated - chariiable donations These financi81 ststemenls were approved and authorised for issue by th$ Gouncil of Managgmgnt on 5 June 2026 and signed on their b8half by.. David Limb Chaimian John Skinner Treasurer The notes on pages 15- 24 fomi part of th¢$? financial slate 8nls Page 13 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 Notes 2025 2024 Cash flows from operatlng activitiès Net rash used in operating 8clivittes {a) 638 674 Cash flow$ from investing activiti•s: Dividends, interest & rent8 from investmants Purchase of fixed assets Purchase of intangible assets 599.854 110.0381 1240.1)001 556, 146 (59,442) (294,378) N9t cash Iusod) provid•d by Invgsting a¢tivlties Change in ¢a$h and cash •quivalents in the yoar 349.816 202.326 1324,1451 (436,348) Cash and ￿$h equivalents brought forward Cash and cash Oquivalonts Carried forward Ibl al Rgconciliatlon of net Incomlng resourcol to not cash Inflow from operating adivltles 2025 2024 Net incomellexpenditurel for the year Adjustment for.. Depreciation and amortlsalion charges Impairment of intangible assets (Gains} on investments Dividends from investrnents Int&Trst incnme Deueasellin¢rea¥el in deblors IDe¢rease)fincrease in ueditors 496,593 238,042 203,060 28.228 1829,6051 1592,7871 17,0671 81,887 27 186,587 (470,340) {541,162) (14,984) (8T.745) Net cash usod In operating activili•s bl Analysls of cash and &18h •quSval•nl$ 2025 2024 Cash in hand The notes on pages 15- 24 forni part of these financial Ststemenls Page 14 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (fHE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES Charity infomiation The Soaety is a registered charity in England and Walas and a company limited by guarantee (company number.. 005220611- The liability in respect ol th8 guarantee, as set out in the memorandum, is ￿mile￿ lo £1 p8r member of the company. There are 49 members. 11 is a Public Benefrt entity, govemed by its Artides of Association, updated and aijopted by the members of the Society on 9 June 2025. The Society's Charity Commission registration number is 209299 and ks reglstered addrgs$ is 22 Buckingham Slreet. Lc￿dOn. WC2N 6ET. Basls of preparatlon The financial statements have be8n prepared underthe historical cost convention as modified by the revalualitsn of invostments and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelan4 IFRS1021. the Cornpanies Act 2006 and the ststemenl of Recommended Practic8 applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021- effective 1 January 2019. The functional currency of the SorAety is considered lo be GBP. Going Con¢em After making enquiries. and in discussing the issues and impact of the wrrent rnacr economic environment. the Counul of Management have a reasonable expectalion that the Society has adequate resources to continuo ils activities for the foreseeablè future. The trustees are not aware of any material un¢ertainli8s about the Society's abililyto continue and aceordingly, they con14nue lo adopt the going ￿ncern basis in preparing the finaniial statements. bl Critical accountlng Judg•m•nls and k•y Sources of estimation un￿rtaInty In the application of the SocAely's accounling policies. which are described in this note. Ihe Council are required lo make judgements. estimates, assumptlons aboLrt the carrying values of assets and liabilities that are not readily apparent from other sources. The esbmates and undedying assumptions are based on historical experience and other factors Ihat ar8 considered to be relevanL Actual r8suIts may differ from these eslimales. The estimate$ and underlying assumplions ar8 reviewed on an 0￿g(￿ng basis. Revision8 to accounting eslimales are reo)gnised in the perwjd in which the estimate is revised if the revision affects only that period. orin U)e period of the revision and future periods if the revision affecls the QLrrenl and lulure pedods. The prinryple accounting policles adopted, judggmgnts and key sources of 8Stimation uncertaSnty in the presenlalion of the financial stst8m8nts are included in the accounting poliaes below. Those connected to revaluation of investment properties are considered to be those with the most significant impact on the financlal statements. Page15 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 d) Depreciation Depreciation is charged on an asset when il has been brought into use. Depreciation is prowdeij on the cost of assets. in equal annual instalm8nts. over the estimated usaful lives of the assels. The rates of depreciation are as folkjws.. Freehold premises Over 50 years Long le85ehold p￿rnI5&S Over 50 years Computer equipment 33% per annum Olher equipment 20% per annum Fixtures and fittings 1 Oyo per annum Larnl included within Freehold premises is rK)I depreciated. Intangible assets Intsngible fixed assets represent sollware costs and website dgvelopment costs capitalised in accordan¢e with FRS102. These are stated at historical cost and amortised on a straight- ling bass over tho period whith revenue is expected to be gen8rated13-5yearsl- Amortisation is recognised in the Statement of Finanual ACtiv￿e$ as part of expenditure and is allocated across the expendilure headings on the same basis as supp￿ & (Jjvernance costs. Translatlon of foreign currnn¢i•s Transactions in foreign Cu￿enGieS are converted into sterfing using the prevailing rate of exchange. There is also a rale pre4Jetenrined by the Council of Management vA)ich is used throughout the pericMI. Assets and liabilities 81 the period end which are denominate(J in foreign cwrency are translated al the rates ruling al the balance sheet date. Excharvje diff8rence$ ari*ng on translation are dealt with in the Ststement of Financial Activities. g) Inv￿lMontS Investments are revalued to m8rk8t value as at the balanrK sheet date and the surplus or deficit of this revaluation is shown as gains or los$8s on the fac8 of the Statement of Financial Activities. Th8 differences between the carying value lor ¢osl if acquired during the period) and the proceeds of investments disposed of are shown as realis8d investment gains or losses in the Statement of Financial Activits'es. Investment properties are stated at their market V81u8 at the balance sheet date. No (Jepreaalion is provided for in respecl of investment properties in accordance with FRSIO2. Such properties are held for their Investment potenlial and not for consumption within tha buslne5S. h} Ponslons Retirernent benefits lo certain employees are fvnded by contributions from the So(Mety. which are paid into their personal pension schemes and charged againsi the results for the period in which they ￿cOMe payable. Page 16 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES Icontlnuodl Fund accountlng General funds are available for use at the dlscretlon of tho Council of Management in furtherance of the obje¢ts of thg Society. Designated funds comprise general funds which have been set aside at the discretion of the Cc*Jncil of Management for specrfic purposes. Income All income is accounted for on a receivable basls and is staled nel of discounts. Any income restricted lo fvlure accounting periods is deferred and recognised in those accounting periods. Inv￿ment income is accounted for on an accruals basis. Rental irKome is recognised in the period to which it relates, bas8d on the operating lease ag￿eMent. Subsuiption income Is ￿COgnised over the period durirwJ which the subscriber is enlilled lo the benefits of the subscription. Sal6s income is recognised in the period in whlch a sale lakes place. Inveslmenl income is recognised based on the ex-divideTrJ dale. Expendilur• Al expenses are accounted for on an accruals basls. Irrecoverable VAT 1$ induded with the item of expense to vthlch It relates. Expenditure on raising lunds compris8 those costs direcuy attributableto managing the investment portfolio and the costs of advertising in the joumal publications. ExpendiluTe inCu￿ed in connection with the speciffic objects of the Society is included under Ihe heading °charrtable activities.. This would include the costs of joumal publiGations. Expenditura on charitable activities has been directly allocated to the main areas ofexpenditure where possible, and the remainder has been proportionally allocat￿ on the basis of staff time spent in each area. Support C4)sts o)mprlse staff costs together with the general overheads of the Soa8ty. Governan￿ costs are those incurred in connection wth compl18r￿a wilh constitutMJnal and statutory requirements. Financial Instrumenty k) FinarKial assets and financial liabiliti88 are recognised when the Society becomes a party to the contractual provisions of the instrument. Additionally, all finanual ass81s and liabilities are dassified according lo the SUbStsn￿ of the contractual arrangements ente￿d into. Financial assets and liabilities are initially measured at transadion price Ilncluding transaction cosisl and are subsequently re-measured where applicable al amorti5ed cosl wth the exception of Investments which are held al fair value. Assets and liabilit18s held in for8ign ￿rrencY are translated lo G8P at the balance sheet dète at an appropriate year end exchange rate. Poge 17 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 TURNOVER Analysis of subscription incorne by geograph￿al area is as follows: 2025 2024 Unilgd Kingdom Europe USA Rest of the worfd 33 16 17 16 17 38 11)0 700 SUBSCRIPTIONS AND DEFERRED INCOME 2025 2024 subs(￿ptIon in(r)me received Release of prior year Deferreil in period 1,276,092 434,126 {428.033) 1,275.465 446, 140 f434, 126J 1.282,185 1.287.479 INCOME FROM USTED INVESTMENTS 2025 2024 Income from listed investments INTEREST RECEIVABLE 2025 2024 Bank interest Page 18 BRITISH EDITORIAL SOCIEfY OF BONE & JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 CHARITABLE ACTIVITIES Support Costs Dire Costs 2025 Totsl 2024 Total Publishing and marketing the Joumals Providing orthopaedic information via the website Disseminating the journals as vAdely as possible 471.804 1,998.884 80,533 243.329 2.470,688 323,862 120 947 2.264.394 310,336 Ill 199 632,871 2.282.626 2.915.497 2.685.929 2025 2024 Support Gosts are represented by: Salaries HR Consultan Tr8ining Travelling Repairs and m81ntenance Depreciation Staff recruf(ment IT Costs Entertainlng Ststionery Postage Telephone and fax Sundry expenses Insurance Exchange Igainsl I losses Legal and professional Bank charges CleaniNJ Lighting and healing Rates and water rates Arthive and library restoration ountsnts fees Audit and accountancy 94,931 5,202 2,047 99,511 36,904 133.358 2,661 36.678 14.810 234 754 6.163 10.931 19.795 7.254 23,929 6.201 10.430 7.420 19.068 518 67.839 89.955 4,760 2,4T2 86,965 44.487 740. 1 T6 2.595 34.017 17,380 265 1.816 &406 11.578 19.992 6.247 17,120 6,823 9.641 8.407 18.085 497 63,285 632,871 615,886 Induded within support costs are govèmance costs of £40.012 (2024.. £32.145). NET {EXPENDITUREI BEFORE INVESTMENT GAINS AND LOSSES: 2025 2024 Auditors, remuneration Depreciation and Amortisalion 22,500 21,550 Page 19 BRITISH EDITORIAL SOCIETY OF BONE & JoIKr SURGERY ITHE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Employee costs during the yèar: 2025 2024 Wages and salarfes Social security costs Olhar pension cnsts Health and life insurancg 852,288 104,949 80,053 820,664 86,451 72,998 28,287 1,072.730 1.008,400 No. Th8 av8rag8 number of employees, Ytho w8r8 all involved in the direct charitable activities was The number of individuals vtho eamed greater than £60,000 during Ihe year was as follows.. £80.fKJ1 - £90.0(K) É90.001 - £100.000 £140.001- £150.ocK) The key management personnd of the Souety (excluding the Council of Managem8nll are the Managing Director. the Director of Publishing and Innovation. and the Head of Marketing and Sales. Total remuneration paid lo these individuals linduding employers pension and employers national insurance) was £350,825 during the year (2024.. £349.173). Members of thg Council of Management received no remuneralKJn during either th8 current or tffeceding financiol years in relation to their Toles as Twstees. Expenses related to travel and subsistence of £17.51312024.' £10.595) were p8i(l on b8half of 512024.- 51 member of the Council of M8n8g8ment during th8 year. Durin9 the year the Society made temiination paym&nls totslling £nil 12Q24.. £nifj and nil was rJjtsta￿1ng at the year end {2024'. £nil}. R8lated party transactions See transactions noted above. Members of the Ctsjncil Management received the lolkjwing in r8SP8Ct of editorial services provided to the Scciety.. 2025 2024 G Scott F Monsell D Tennant D Limb 4,290 477 2.625 10.247 236 Balances outstanding at the year end in respect of these transactions were £2,000 only for D Limb {2024.' F Monsell-£236 and G Scott- £495). P4e 20 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INTANGIBLE FIXED ASSETS Software Webslto Dlgltal Products & Tradèmarks Assets under ¢onstw¢tlon Total Cost At 1 January 2025 Addl1￿)n$ Impaiment Transfer At 31 Decembei 2025 24,908 497,561 325.744 240,OCK) 444,5TI 1.292,784 240,000 128,228 128.228) {416,343} 416,343 982,087 24,￿)8 497.561 1.504.556 Amortlsatlon At 1 January 2025 Charge for the year Disposals At 31 December 2025 20.599 4.309 182,825 99,512 239.763 69.703 443. 18T 173,524 24,￿8 282.337 309,466 616,711 Net book valu? At 31 December 2025 215224 672.621 887.845 Al 31 December 2024 314 736 849.59T Assets under constructSon the prior year related to the development of th8 new BJJ Training Pro(Jud. TANGIBLE FIXED ASSETS Fmhold premises Fixtur8s Equipment & fitting$ Total Cost Al 1 January 2025 Additions Diswsals At 31 December 2025 1.216.855 145, 770 8.191 127,6401 126,921 106.229 1,247 1,468,854 10,038 127.64Q} 1.451,252 1.216,855 107,476 Oeprèclatlon Al 1 Janijary 2025 Charge for the year Disposals At 31 De￿rnber 2025 462,217 19,989 138,905 4,147 {27.6401 115,412 80.898 5.400 682,020 29,536 127,6401 683.916 482,206 86.298 Net book value At 31 Docemb8r 2025 734,649 11.509 21.178 767,336 Al 31 Decemb8r 2024 754.638 6,865 25.331 786,834 Included within freehold property is land with an estimated cost of £1.049.891 which has not been depreciated. Page21 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INVESTMENTS HELD AS FIXED As$￿s LISTED INVESTklENTS 2025 2024 Mark•t value At start of the ￿riod Additions Disposals Nel gains 14,165,133 13.539,793 829.605 625,340 Market value of investments at end of the period 14.994.738 14, 165. 133 Hisloriral cost of investments al end of Ihg period 10 995.242 10,995.242 These investrngnl$ are held fully in the BlackRo¢k Charities Growth & Income Fund, which is a mix of 8quty, fixed interest and other products. INVESTMENT PROPERTIES 2025 2024 Mark•t Value At slart of the period RevaluatK)n gains l {losses} 2,695.000 2.850,000 155,000 Market value of inve8tm8nl properties al year end 2.695.000 2,695.000 Total Market V8luo of all investments at 8nd of the peri 17,689,738 16.860,133 A full re-valuation of th8 Society's investment properties in Buckingham Street and John Adam Street was carried out as at the 15 JanLFary 2025 based upon a professional valuation undertaken by Third Sector Property, Chartered Surveyors. The valuation of both the commercial and residential prop8rty was undertaken by mwnbers of the Royal Inslilullon of Chartered Surveyors (RICSI and the valuations approved by RICS Registered Valuers. The valuation had regard to recent sale pri￿$ and rental yields for similar properties in a similar location to those owned by th8 Society. Having sought infomal advice from professional valuers the Directors consider there has been limited change in the commercial and residential ma￿etS for properties of this nature during the financial period. and the Diwlors believ8 Ihatthe carrying value of these assets remain unchanged. 10. DEBTORS 2025 2024 Tr8de debtcws Other debtors 8¢¢rued income Prepayments 160,996 144,642 127 307 168,742 169,4g6 176 594 432.945 514,832 Page 22 BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11. CREDITORS: amount$ falling due within one year 2025 2024 Trade creditors other taxes arbd Sccial Security Other creditors 8nd accruals Deferred income 114.492 183.848 75.325 71,752 459.472 661 081 715 072 12. CREDITORS: amounts fallin9 due more than one year 2025 2024 Accruals and defer￿ i￿ome 13. PENSION SCHEME The Soclety makes payments lo certain gmployee$' personal schemes. During the year £80,053 12024.. £72.998) was charged to the Slatemont ol Financial Activiknes. 14. FUNDS Statement of funds- current year At 1 January 2025 Income Expenditure Gain {losses) At31 Transfers D•comber 2024 Designated fixed asset Desynaled charitable donations Revaluation reserve General funds 1.636,431 20t,247 18.750 1.655.181 160.834 <40.4131 3.959,040 13.sL￿.325 829,605 4,788,645 13,188.976 2.648,753 2,941.352 18,750 Total unrestrkted funds 19.297.043 2,648,753 2.981.765) 829.605 19,793,636 The desi9naled fixed asset fund repr&sents the amount of funds held as tangible and intangible fixed assels. The designated charitable donations fund relates to travelling fellowships. The revaluation reserve fund represents the uplift on listed inv8Stments and investment properties since they were aGquired. Page 23 THE BRITISH EDITORIAL SOCIETY OF BONE & JOINT SURGERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Slal•menl ol funds- prior y•ar Al 1 January 2024 Gains/ (losses) At31 December 2024 Incom9 Expenditure Transfers Designated fixed assef D8signalad charilable do￿tIOnS Revaluation resetve Gengfftl funds 1.469. 198 235, 729 167.233 1,636,431 201.247 (34.482) 3.488. 700 13.865.374 2.523.033 470.340 3.959,040 13 500 325 167,233 Total unrpsll￿ted funds 2 523 15. OTHER COMMrrMENTS Capxtal works of £242k and revenue works of £195k were c[￿tracted ￿ as al 31 December 202512024.. £420k) relating lo digitsl products. 16. OPERATING LEASES L•ssor The company earn5 rental income by leasing its propertles to tenants undgr non-cancellable op8rating leases. Leases in which substantially all risks and rewar(Is of ownership are retained by another party. the lessor. are dassified as operats'ng leases. At 31 D8cember 2025 the charity had futur8 minimum lease receipts due under nor￿AnGelIable operaling leases for each of the following p8riods'. 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years 123.629 109,333 Page 24