THE FREEMASONS. FUND FOR SURGICAL RESEARCH
TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021

THE FREEMASONS. FUND FOR SUAGICAL AESEAACH
l N D EX
Yov •nd•d J l D*c•mb•r 2021
G•nwl Infornmthn
TN¥t•w' r*)ort
Ind¥•nd•rt •xamln•rfs r•port
Stst•rnwrt of fl￿￿￿•1 •crIv￿lI5
ihe•t
Notss to th• fthIn￿
10
Inv•rtm*)t iumn
App￿d￿ I
Hlsw olor￿ts p￿d to th• Coll•p of 5wz•oni of En￿￿d
Apwdbx 2

THE FREEMASONS. FUND FOR SURGICAL RESEARCH
GENERAL INFORMA TION
Year end￿ J l Decemb¥ 20ZI
Chvity Re8irtration numb•r
252951
Patron
HRH Th• Duk• of Kont KG
T￿rt¥•$
Jus￿￿1*n Ash
Julian Soper
AThtony Naruts FKCSIEn
Paul Copsey
Howard SabiTh FRCSIEng), FRCSIEdl
Jonathan RaTrd￿I
R•Blrt•r•d offl
22 Chknc•ry Lan•
London
WC2A I LS
Ind•p•nd•nt •xamln•r
Gordon Spffjnkn ACA
Dlxon Wilion
22 Chanc•ry Lan•
Londpn
WC2A I LS
S•cr•tvy
Mkha•l M•is•nt
Pvlnclpal addv•s*
7 Hanwd PIK•
Koms¢y
Hampshlr•
505 I OEL
Inv•rtm•nt bankon *nd
Cazeno¥¢ c￿1141 M•n•8•m•nt Umkqd
l London W￿1 PIKe
London
EC2Y SAU
B•nk•r4
Coutts & Co
St Martln's Offlc•
440 Strand
London
WC2K OQS

THE FREEMASONS. FUND FOR SURGICAL RESEARCH
TRUSTEE5
ANNUAL REPOR T
Yemr ended 3 l D•¢•mb•r 2021
This report should b¢ r¢ad In conjun¢Uon w4th the informaticffj siv￿ on p4e 2.
Crnatlo
The Fund wls created in 1967 as a charitable fOUnda￿On by contrlbutSons frorn Freemuon¥ of the En811sh
c￿S￿l)jt1un to commemorats the 250th Annlversary ofthe orlglnal Grnnd Lodge M¢rfln&
Gov•rnln£ In*￿?)*￿t
The 8overning iThitrumwt is i Dadar4tlon ofTrus¢ d*t•d 8 May 1967.
Obl•cfS •nd pyl>U¢ b￿Offt
Th• Trus￿5 havg cpn51d•red tho guid￿c￿ In raipett of publlc ber￿¢ O¥en by th• Ch¥ity Commlssion In
accordance wth the rfqulrements ofthe Charitlei Art 2011.
Th• objert of the Fund 4$ s¢t ou¢ in pknKraph 5 of the Declaration of Trus¢ as amended by rèsdution of the
Truitw dat•d 20 May 2014, li to hold thé Truir Fund th4 incomi ther•of upon trurt firrtty to pay th¢r•from Ill
th• prop•r costs and exper￿•$ IA¢urrvd by th¢ Tru5tre5 in tdrninlstorlng tho Ch&rlty th¢ property th¢r¢of ind
iubl•ct th•rnto to appty th• um• Iwh•th•r by pa￿•nts frorn or incomo) In furtherlry In ¢trlimctlDn the
Royd College of Surpons of England la reKlster•d tharity no. 2128081, researth In th• Scie￿C• of surgery provldad
that In no accoun￿n8 year shajl th¢ •xwdkur• ofthe TruJt•ts towards the knyal co1￿￿ exc¢¢d fiv¢ per c¢ntum of
the Cap1￿ ￿u¢ ol the TruAt F￿d calculated at th¢ end of th• ac¢ountknK y•ar imrnodlatety p￿Or to Irbcurring iuch
•xp•nditure. Trust cap1￿ Is h¢ld in p•rpetultY. 5ubj•rt only to th• d•duttloTh of 411 prop•r com Ind expl￿$¢1
incurred by thé Trust￿ should th•1• not b• cov•rod by Incom•.
All 8rffts ar• mid• to th• Ro￿1 Collag• ol Surg•￿¥ of England In accordance wlth th• obf•ct of the TNit Th•
r•¢lpl•nt tharty C•Jnflrm•d thaL ￿ th•lr opinion, +ts actyvities satisfy the publlc beAofit twt. Th* Tru5tew ir•
tlsfi•d that this kn for the publlc benefit and that iher¢ Is no d•trlm•nt or hrm thtt mlRht thie hm cvryiw tyJt
this obj•cL No person or bo* r￿￿¥8% any prirdt• b¢n¢fit vth•r than a5 1 beThefic￿ry.
OryMl•AtSobMI rtructur•
Th• Secretary has overdll control of th• pn•rnl condutt of th• Fun¢fi vrfl Is ruponsVol¢ for the
[rnP￿￿UfIQD ofth• pollcl•i ofth• Truit••i.
Tru#t•o¢ pollcl•¥
Th• TnJst••¥' polidu ar
lal
(b)
to lThv•st trwt In ordèr to pn>¥￿1 i total return to knrth•r th• trurt 0b1•¢ty￿.
to to th• Royal Collry• ofSury•oni of En41thd.
Trurt••i
Th• n•m•s of th• Indi￿du￿5 who Tru¥¢¢u thrlni th• p•riod ar• shown ON p4• Z
The power to •ppoint new Trutt¢ey li vext4d ifi th• Grand Muter ofthe Unw Crnd Lodg• ol Enl￿d.
Th•r• must h at least three and no more than ￿¥¢n Trw¢•u.
The Trurtees hi￿ unr•strict•d power ol ￿￿estMenL
The Trustees meet at least eath year ￿ ¢tsnsid•r th• Charirf5 adv￿•5 and performance.

THE FREEMASONS, FUND FOR SURGICAL RESEARCH
T RUSTEES
ANNUAL REPOR T
Yezr ended J l D•¢eM￿r 2021
Reserves
In line with th¢ guld￿¢¢ issu•d by th• Charity Cornmlss*on, the Trnste¢s have rev1¢￿4 th• n¢ed for reserves. Tht
Trustees Seek to apply income sn pursuanee of tht stated Obj￿1$ of the Fund as 500n as 15 reasonably prudent The
present intention of the Trurtees Is to make xnnts to the Royl Cdlege of Surgeons of En8lartd sufficiént to
contribure to the 5UPPOrt of four r¢searth fdlowships. The Trustees and the ￿lege Seek to fund a consistent
number of r*5•1rth f•llowships* year cfi year* and, to achleve thls obj¢th￿ th¢ Trustees may ha￿ to resort to
irl, within the p•rrnitted limlt The extent to which capitsl has bo￿ •w&d ov•r the years 18 r￿act￿ In the
fi￿r¢S of r*t ￿rrIfit li•bilrtiei as set out in note 13 on paga 13.
Th• Trust••i rrKinltor the l¢vel of r¢s¢r¥# r•8ularty.
Conn•thd ¢hwftl¢i
Th•re ar¢ no connected chvit4t&
In¥•rtrnwrt polky
It is the policy of tha Trurtéès to In¥•st In •guiti•& In Int•r•st itod(1, sn alt•rnatF¥• lThv•stm¢nrA and to plx•
money wth deposlt tskvs.
The ben¢hm?rk r4ngès for ass•t ￿10¢*¢1¢nI w•r• 5540% Global equ5tla4 5.25% fix￿ Inter¢s¢ 5-25% ak•mth•
Invejtments and 0.10% cash. Th• inv•stment pollry VAS updat•d in 2020 In Ilght of mark•¢ d¢¥•l¢pmwts In order to
athieve th¢1on8 temi Objetti￿ whkh 5$ to 8•n•rate a to￿ roturn of inflitlon + 4
Th• obj•rt4ve Is to ach5eve grovrth In capit¥ and In¢om•. Wthin that broad owective, the of the Try>t¢e$ 13 to
obtan #n annual total rnturn lufflo￿t to all¢)w tha dlsburs¢m¢nt of £240.￿)0 or th¢r•abouts from theie Inveitments,
aft¢r ¢ov•r5n8 •xpenies, to be achleved with •ffétt from and In¢ludin8 th• yvar 2015.
The Trusttts seek to pro**K• the bert pus5ible finanElal return in order to achieve the grnatest amount of mon¢y
•vallable for th¢ fUrth¢rart￿ of m•dical rw•arth, whllit invejting in a man￿r ¢onsIst￿t with th¢ Fund'¥ wrns and
avoldlThg SmièKln8 In bwln¢ss•s vkni¢h may rqasonably b• regarded as und¢rtaklng Kti￿￿•S whl¢h ar• Inlurious to
Indiwéuals or iocl•ty in Ken1r￿. Th¢ Trust••i have reiolved to Invest In ESG funth wlth a w•lKhtlng of 5-10%.
pro￿ding they meet all other invgstmqnt Erireda. It is reco8niwd that It Is unreI5stk to ha¥• zero ¢ol¢rAn¢• to
hold1f￿ in Jecwities dué to tha Vfdy Some In¥estmMts h•ld ￿thin fvTh& and because buiin¢ss¢s are reda$S￿ed
from timo to dm•. AJ sh¢)wn th th• fdlowln¥ tabl4 some tolerance of rutrltted businesses sh￿1 b¢ perniitted,
how•v•r thern shll be no dlr•ct In¥•ttmént in Cer￿n busln•ss•i, u ycrfled..
Dlr•¢t Inv¢•tm•nt
Tot￿ *xpo¥ur• In
on• fund
7.5%
7.5%
2.5%
2.5%
io%
Total exP0￿rn
overall
2.S%
2.5%
1%
1%
5%
Tobacco
Gamblln
Porno
Pr•d•to
Lendln
Fosdl Fudi
Y•5
The Trustees have appoknrted Cazeno¥e ￿p￿1 Man8g•m•n¢ Llmh•d I'cgzenovo) u Inve5tirAnt advlmn.
have discretion to change th¢ investrnents without the spe￿fiC insLructions of the Trustees. Some tunds are placed
dep05rc with CaZen0￿ Othe￿$• inve5tm¢nts are to be held in pooled funth. The performance benchmarkn are the
SE ￿1 Share Index for ¢wity funds, th• ￿SE Government AJI Stocks Index for fi￿￿ Int¢rtrt fvnd and 7 day UBID
for aternative investments. Cazenov• r•port four time5 & year to the Trustees on th¢ Invertm•nt p¢rforman¢• ofth•
Fund and the inestment policy i¥ reviewed by the Tru5the5 at least once a year.

THE FREEMASONS, FUND FOR SURGICAL RESEARCH
T RUSTEE S
ANNUAL REPOR T
Year ended J l December 2021
An•n¢lal revlew
r￿rIng the year inY•s¢ment Sn¢￿￿¢ to￿led £128.97612020- £163.943). 2021 includng ¢JJThation amount to £4,93S
(2020 - £3121, receiyed frorn IndiYIdu￿ donor& donations were treated u Idd￿lOn$ to the erndowment (Eapiol)
with the of Increasing the value of annual grants to the Royal Coll•g• ol Surg•ons of En£land.
Grants amuntyng w a60,000 (2020 - £180.1)001 were rrAde by the Trustees to th• Royal Col* of ￿rye0￿% of
Enland.
Ar th• y•ar-•nd th• lfiv•stments were ￿l￿ed at £7,674,401 (2020 - £7.004.42T). All investyn￿ts *r• h•ld In
accord￿ce ￿th th• D•claTrtion ofTruit.
Th• unr•rtri¢t•d fund shows ? totsl d•ficlt of £136.213 12020 - £19,8551. In accordance with the Chadtlés SORP
(FSR1021 it l¥ acceptable to urry forward a defici¢ as the Truste¢J h•v¢ a realis¢lc ¢xp¢¢tatipn that f4rture Sncome
wlll bé rételvèd to ¢ov•r th• shprtfall. A tranif•r of £131213 from the r•strlcted fund wlll be mad• ¢0 cle¥ thls
d•ficlo 49 it4¢•d IN nts¢• 13 of th• a¢ct¥unti.
aunov• l•vlad invo5￿1n¢ mqnagemont chory•s In the yw amouni¢ni to C25.95812020- £24,160),
In ￿cordIn¢l wlth th• t•rmJ oran Order Y￿ted by tTrie Chrity Cgmmi¥¥ioner¥ tht•d 20 thy 2011. the Tru¥t••S
have Identth•d th• unapp15ed total return at 31 D•cember 2012 based on the difference ￿￿11Th th• n•t fund$ at
th#t date less th• initial tapltal ol £582,769. AddltlorsJ to thé unappllgd totl retym hav¢ be•n caloJlat¢d for
subiequgnt acrauntlnu periods based on the excesi total return lass and expèns¢s. ai s*t out In note 13 to
the finan¢lil stst•m•nts. An appl1cl￿on of the unapplled total r•turn has been rnad• in th• yur to 31 D•¢•mb•r
2021, r•¥p•ct of ¢he thortfall of Income of £19,855 arising for the year ended 31 December 2020. The Trust¢•i
condud•d that not n•c•Mary to obtaSn ad¥lc• r•yrdkng th• us• of pow•r conf•md on th• Tr￿14*1 by th•
OrdBr.
FlnwKlal •tAt•m•nt*
Accounts ar• set out on p4e5 8 to 14. Th•y hiv• bun drawn yp Sn wmpllanE• wlth th• r•I•V￿ provlsloni of the
ChvI￿• Act 201 l and with th• Oecl•ratlon ￿Tr￿t.
St•t•m•nt of Truite••' r•ipoMlbllltl•*
Th• Trust••s ¥• re5P0Th51ble for pr•parini th• Annual Report and th• ¥ut•m•nts h Kcordince
4>p15cable law and Unlthd Kingdom G•Th•rally k¢ept•d Acwuntln¥ Pradc•.
Law appllcable tl) in Enland and wal￿ r•qulr¢s th• Trust••s to pr•par• flnantlal statemenrs for •adt
fimncial yeir which give a true aThd Mr ￿¢W of the Charlws financydl actNltl•s durinK th• y¢ar and ol it$ flnanclal
posldon at th• •nd of th• y•Ar. In pr•pvlni financ1￿ rtatements Si￿nI a trw and falr vS•w. th• Trust•￿ ihould
follow best pra¢tl¢¢ and..
selart suit￿11• ￿couNti￿ pollciw and than apply thwn ¢￿sIsten*,.
obiem tha methods and prln¢lplu of th• Char￿1¢$ SORP.
rnak• ludgm•nts and •stSmat•s that ar• r•uonabl• and prud•nt',
stat• wh•th•r 4>pliE•bl* x£oUn￿￿4 standard5 and 8tatement5 of recommended Prnttic• hav? b•4n
followed, sublK¢ to any mat•rial d•p4rtur•5 di1¢105ed and expL4ined In th• f(nanclal rtaternents; and
prepir• the financil statements on th• golThg concern basls unless It Is Inapproprf4¢• to presume tha¢
Charty will continue in op•ration.

THE FREEMASQNS, FUND FOR SURGICAL RESEARCH
TRUSTEES
ANNUAL REPOR T
Y¢•r ended 31 Dttember 2021
The Trurtees are responslble for keeping accountinK r•cords vthith dlscloje wlth rtasmthe aEEur¥Ey th• financl
posltlon of the tharity and which enable thern ¢0 ensure that the finaTrci￿ itat•m•nts comply wlth the regulations
made undar th¢ Ch¥lll¢s Act 201 l. They are also responiible for saf¢guvdlng the assets ol the Charity h•nc•
for taklThK r•uonabl• Jteps lor the prnVenti￿ •Thd d¢tec¥on of frnud and other irre8ularities.
On b•hlfof the Trusts•5
JLISTINIAN ASH
25 May 2022

THE FREEMASONS, FUND FOR SURGICAL RESEARCH
I ND EPE ND ENT EXAM I N E R S IiEPO KT
Year ended 3 l December 2021
INDEPENDENT EXAMINER% REPORT TO THE TRUSTEES OF
THE FREEMASONS. FUND FOR SURGICAL AESEARCH
I r¢port to the Truste￿ on my examination of the accourtts of the Trust for the year ended 31 Dec•mb•r 2021.
Reybnilbllltl•# and ba*ls of r•port
As th• Charity Trutt•￿ ol th¢ Trurt ypu arg rwponslble for the preparntlon of the accounti In ic£ordanE• wth
th• r¢qulr¢ments of th• Chin￿•* Att 2011 1'th• Act'l. You ar• Atiifi•d an audit l¥ not r•qulr•d for thtx y•ar
nd•r ¢h¥ity 14w and thit In Indeper4d•nt examinatbn li needed.
I report In respect of my examlna¢ion of the Tru$Vs accpunti carri•d out under Section 145 of the 2011 Act aThd in
carryiry out my ¢xamlna¢ion I have fdlowed ill th¢ applicable Dir¢ttlons ￿ven by the Chadty Comm15¥￿Tr under
ctlon 145{Sl(bl of the ACL Dlxon WIISOA. a firm ol Chart•r•d Accountwts of whlth l am a parth•r. hu provld•d
bookkeeplnR SiThflc•s to th& Tru¥t and I h4Y• •ppll•d th¢ FRC'S Rwls¢d Eth1￿1 Standard In ￿rryIn& out rny
•xamination.
An Ind•p•nd¢nt •xamlnalon dots not Invofv• rdth•rlry all th• •￿d•Ac• thit would b• r•qu5r•d In art wdlt Ind
consequèntly d¢+￿ not ¢over all th• matt•rs thart an iud5tor consld•rs in 8ivln8 thoir vpinlun on tht ￿cOUnts. Th•
p￿rtnIn￿ and conduct of an audit bwnd th• Ilrnlted uiuranEe that an lThd•pqndent •xamination can provld•.
Consequ¢ndy. l express no oplnion as to wh•thor the accounti present a 'tru• and ￿r. vl•w my r•port
IIMk￿ to thox specfft m•tt•rn i•t Out In the Ind•p•ndMt ax￿1￿￿.5 itrt•rnqnL
lthd•ppnd•nt •Xwnln•￿I rtat•m•nt
l im qui15fT•d to wd•rtak• the •xamination by be5nz a qualthed men*èr of th• In*￿t￿te of Chamred
In Ewland and Wilti.
I hiv• ¢ompl•t•d my •xamln•tl¢)n. I confirm thit no mltqr1￿ mittqrs ha¥• Eom• to my attM￿On In Eonnqttlon
wlth th• •xamination Klvlni m• cau1• to b•ll•v• that In any mat•rlal r•ip•cL'
accomtlry r•Eordi w•rq not kept In r•￿ett of th• Truit *¥ r•q￿r•d by 130 of th• Act; or
2. th• xcounts do not accord with tha￿ recor&: or
3. the a¢￿￿nts do not Comply with th• ipplicabl• r•quir•rn•nts conc•rninz th• form cont•nt of
a¢¢oLthty set out in the Ch*rlti¢s IA¢¢ounts and R•ports) Rewlation3 2008 other than any r•quir•rn•nt
thtt the Kcounts Ive i falr View whlEh is not a matt•r conslder•d as part of ￿ indqp•nd•nt
e*amlnatlon'. or
4. th• KEounrs h•vq noi b••n pr•pared In aCCord￿ce with the methodi and PrkncI￿Ol of the Statement of
R•¢omm•nd•d PrKtic• for iccountiri8 and reportln8 by charltle5 appSicable to dMrlt5es pr•p•rlng tholr
accounts in accordance the Financial Reporting Stsndard applicable in the UK Republic of Ireland
(FRS 102}.
I have no concerni and have come acrosi no matters in connection with the examin¥lon to which ate¢ntloTh should
be drawn in thls report in order to ￿able a proper ynd¢rstandlng of th¢ accowits to be re•cW.
GOROON 5PINKS ACA
Wilson
22 Chancery Lan¢
London WC2A ILS
26 May
2022

"•4

THE FftEEMASONS' FUND FOR SURGICAL RESEARCH
ALANCÉ SHEET
At J l Dec¢rnb•r 2021
Nott
2021
2020
Flx•d
Investments at market vdue
7.679,782
7.101.893
Current w¢¢•
Debtor5
Cash
10
1,620
43,742
2.191
27.827
45.362
30.018
CMdlt¢wk" *mounts hlllni du• wlthln on• year
N•t cunwnt1Sabllttl•i
(140,0011
194,6391
7,585.143
199.222)
(69,204)
7.031689
IJ
Tot•1 n•t a•••ts
13
Rap￿Irtt•d br.
Capital funds- Endowment
lThcom• fundi- Unrestritt¢d
14
7,ni,356
{136,2131
7,585,143
7.052.544
(19,855)
7.032.689
The flnapKlal stat•mwts on p4u 8 to 14 w•r• approv￿ by th• Trurt••s on 25 May
2021
IUSTINIAN ASH
Trus¢••

THE FREEMASONS, FUND FOR SURGICAL RESEARCH
NOTES TO THE FINANCIAL ST A TEMENTS
Yev ended 31 December 2021
General Inlorniation
Th• Charty 15 an unincorporated truL The prlnclpal address of the Char(ty1$ 7 Hansard Place. Romsey.
Hampshir• S051 OEL.
Accountin¥ polld•¥
8a%ls of accountlnl
The financial ststements have been prepared in ac¢ordanEe wlth Accounting and Rryborting by cha￿t￿. Ststwn¢nt 01
ReCoMm￿d+d Prncticg applicable to tharitI￿ pryring thelr •¢coynts Sn accordance wlth the Financial Reporting
Standard apP1kab￿ In the UK and Republlc ol Ir•land IFRS 1021 (effective I january 20191- Icharltyes SORP IFRS
10211.
Th• Frnemawns, Fund for Surglcal R•March m¢¢ts th¢ d•finlthy) of a publlr benefit ￿11￿ und•r FRS 102.
Prnp•r•tlon ofth¢ accounts on • Bolnz concern b*di
The Trurtaas consldor th•t ¢h¢re are np mitsrfal ￿E•rtasnt￿s about the Charitlj ablllty to i going
conc•r
Them fthancml itatsm¢nts be•n Pr•p￿d under thè hlrtorlclf cost corw•ntlon modfi•d to Indud• the
r¢valuition of Investsnenu.
The finanoil ltat•rn•r￿ ire pre8wted in Sterllng whith Is th• fiJrKtlonaJ currency of th• comP￿Y and rouThded to th•
n¢ares¢ £.
Incom• r•Co￿ltI0rt
All Inrome Is recoKnis•d onc• th• Charlty has •n¢ltl¢mfffit to th¢ Income. It 51 Prob￿1• that th• Incom• wlll
r•col￿d, and th• amgunt pf inEorne r•Eeivknl¢ Ean b• m•uured r•llably.
Donalt)rn ar• r•cwI5ed onc• the Charfty has endtl•rn•nt to th• dOna￿On9. It Ss £•n￿Tr that th• dgnatlpni wlll b•
rècelved. th• mon¢tsry of th* donations un be m•asured wlth iufflcknt rdiabllty.
Interest on funds h¢ld on deposit i¥ inElud•d when receivable and the amgunt be me¥ur•d r•liibty by th• Charity,.
this li norni1￿ ty¢n I￿￿fiCa￿￿7 of th• interest paid or payable by the bank Di¥id¢nds are re¢wis¢d onu th•
dlYld•nd hai b••n d•cfar•d notlficatk)n has been reeel¥ed of the divldend du•.
Exptndltur• r•coinltlon
L5ablI￿eS are recogn1s￿ as axp¢ndture as as th•re li a or constructive obllgatlon commlrylng th¢ Charlty
to that exwditure, it Is probable that settl•ment w411 be r¢qulre4 and th• amount of the obliptlon can be measured
r¢liably. For grant5 pay*l* thi5 IS the polnt at which the reclpiant li notIft￿. Al &¥pénditur¢ Is a¢c¢)unt•d for on an
accruals basSL
Inve•tments
lThve5trnwt5 are a form of basic finanaal Instnjment and arE Initially re£0￿15¢d at their tr￿ACtion ￿lue and
subsequently measured at their fair value as at the balance sheat date UAing th¢ Closi￿ quoted market price. The
statenwnt of fir￿n£1￿ artlvitSes Includes th• net rdin5 and 1055e5 adsing on revaluation and dlsposals throughr)v¢ ihe
Cash blanw held as p¥t of 4 fi￿d au•t inv¢stm￿l portlolio ¥• presented as part offixed aJ%eti.
Itontlnuedl
10

THE FREEMASONS. FUND FOR SURGICAL RESEARCH
NOTES TO THE FINANCIAL ST A TEMENTS
Year ended J l December 2021
Accountlnff polld•* (contlnu•d)
Re￿I9¢d ylns lols
l Dins and losw are tak¢n to the StatemeTht of Financial Activities as arise. Kealls¢d and los¥es *)D
Investr￿nts are ￿£￿￿ted as the dlffer¢n¢¢ betrem prott¢ds aThd thqir opeThinz carrylng value or their purchase
value if xwired 5ub5equent to the first day of the finaThcil year. 1thwe￿￿ed Dins and los$es are ¢￿t￿lIted u th•
dIffer*n￿ befyfftn th• lalr ¥￿￿• at the rw-•nd and th•lr catyylng valuo. knlised 2nd I￿re￿￿•d invertment Dlns
and losses are combln•d in the StatèmÈnt of Finartc1￿
Capltal fundi- Endowm•nt
Incoming r•￿u￿•$ ¥5slng from Er￿OWm•nt fundi arn unrutrlctod uTrleM otharwise specffi¢d by th¢ donor.
FI￿￿<1•1 In•trnm•nti
Financlal Inrtrumfjnts are clissthed and accounted for, accordlnl to the substsnce of the contractual arrgnym•nL
finvscll •ss•¢i finan¢iil li•billties, or equity instThJments. An equlty Inwum•nt Is contract that èvldentei *
r•fldual Int•r•rt In the •ssÈts of th• Cumpany ther d•du¢tinK Ill of 5ts Ilibllltl•
St•ff numb•
Th• aver42• wmb¢r 0f￿r￿an$ emplo￿d by the durlnl th• yw O (2020. 01,
VoluntAry Incom•
2021
?oio
Other donatltsns
4,935
312
Ewndltuv• on rnlilnz fund•
2021
2020
Investment rhWbAym¢nt chiri•i
25,958
24,100
Exp•ndltuv• on ¢havlt4bl• actl¥ld•i
Not•
2021
2020
Grants to Rpyal Cpll•8e of Suryeons of England
260.th]0
180,000
Accountancy and Sndepend•nt examlnatSon
Bank charges
LEI providèr lae
4,550
494
145
3.240
483
75
265,189
183.798

THE FREEMASONS, FUND FOR SURGICAL RESEARCH
NOTES TO THE FINANCIAL ST A TEMENTS
Y•ar endad JI December 2011
Total re*ourte* expended has bo•n Jtst¢d ther ch•ryin
2021
2020
AtcountuKy
Independent •xamination
2,990
1,560
1,950
1,29Q
3.24Q
4.550
TNrte•i
Trurteu ir• not rwnun•rated and no havo be•n Incurrnd.
Im7•itm•nts
2021
2020
Quot¢d Inv•gtments'.
Canyni ftJu• Im*rk•t valu•) at b¢WnnlD& of y•ir
L•ss.' procttds of dlipoMII
Add.. cost of addirloni
7,004,427
6,923.803
(2,261.4741
2.412.092
170.0541
7.004.42T
11,790.3341
1,750,618
N•t ￿nI(1￿$) for th• Y￿ (pay ei
Carrylnl y￿u* (muk•t Y￿U0> at •nd of y•ar
ih
709.690
7,674,401
5.381
97,466
Totsl f￿d ui•t Inv•rtm•nts Ip4e 9}
7,679,782
7.101.893
Quot•d Snv•itrn•nts at
5,874,747
5,604.017
10. D•bto
2021
2020
Accrued Incom•
1.620
2.191
Cv•dltors: Amounts ￿111￿8 du• wlthln one yev
2021
2020
GTrnts Pl￿ble
ACC￿￿1
130,000
lo.￿1
90,000
9,222
140.001
99.222

THE FRÉEMA50NS' FUND FOR SURGICAL RESEARCH
NOTES TO THE FINANCIAL ST A TEMENTS
Y•ar onded 3 l Dec•rnb•r 2021
12. FIn￿CIal •sxt% and Ilabllltl•s
Th• following are financial assets that as baslc finwKlal Instruments ire lThlthlly recozniied xt their
sador. ¥4￿¢ and 4ubsequen* rnea5ured ac their P&r through iiicomè and eX￿nd(tU1
2020
Fln•ncid ￿1•￿
Inv¢mvAbts
7,674.401
7.004.427
13. An￿y•ll of n•t aimts b•tw••n fund*
Net
Fix
Ilabllltl
Totsl
Unrertrtcthd lunds
Endowm•Tht funth
(13&213)
41,S74
(136.2131
7,ni,3S6
7.585,143
7,679,782
7.679,782
Tts￿ at 31 D•c•mb•r 2021
(94.639)
At 31 D¢c*nber 2012. the Trvrtees [den￿￿ed that the Trust had funds of 0,741349 reprèstnln8 ￿n￿p11•d tot
rèturn, cakulatsd u th¢ tot•1 net ass¢¢s of £3.325.118 tt thit date, leii th• In1￿￿1 Capi￿ of 1582,769. Since tlHt da
th• follv*4ini mov•m•nts hv• tak•n plic•:
2021
2020
At l Janu¥y
In¢reaselldecrea¥•l ITh unapplied to￿ rnturn
Inv•sknent man•8•m•nt f
Alloat•d to trust for ¥pllodt)rt (p4• 8)
At 31 DI¢￿b•r
3,95&2
709,69)
125.9581
119.8551
4,620,157
4.059,174
170,054)
124,160)
14680)
3.956,280
Aft•r th• ￿v.¢nd th• Trusts•s r•solv¢d to mak• a tranif•r of £1 36,213 from Endowm•nt funds to Unr•rtrl¢tad
fun& as permltted under the ¢onstltJJtiort of th• Fund.
13

THE FREEMASONS? FUND FOR SURGICAL RESEARCH
NOTES TO THE FINANCIAL ST ATEMENTS
Y••r ended J l De¢embor 2021
14. C•plt•l fvnd•- Endowm•nt
ca￿ funth vknKh at 31 Decembèr 2021 amounted to £7,721.356 fTDm corrtributiom recefved as follows from
th¢ Suprwn¢ Gnnd Chapter..
Prior to 31 December 1969
581769
t>Jr(ng th¢ yw ¢nd¢d 31 D￿•￿￿bèr 2014
£1424.900
t￿rIn8 th• year •Thdad 31 December 2016
£35.0th)
DurlTh8 thé year •rthd 31 Dec•mb•r 2017
£21(MO
During tho year endÈd 31 D•cemb¢r 2018
£27.733
In lits of tho c*pltl contribuJon from the sJPr￿ Grnnd Ch¥t•r In May 2014 and the vluB gf th Fund
lrnmedlataty prior to its receip¢ it was res01Yed by the Trustses that fijture Frèemasons, Fellowihlp% ¢wabl• 4t
Th$ Collw of Sur8•ons. shall henceforth be attrtbUt￿ to th¢ Unitsd Grand Lod8e of Eniland and to the
Suprem• Grand Chapter In th• Propo￿0￿ o13..2 wtth effect from l Janwy 2015. Of th¢ four Fellowihlps fvThded
In the yw •nded 31 D•c•mb•r 2021, w¢r• attdbuted to the Unlt•d Grnnd Lodp gf ￿and. Th• wltlon
lIn￿ l January 2015 Is ts follows..
Proportlon
Unlt•d Gr￿d Lodz•
Suprnm• GrAnd ChApt•r
Totsl
2015
2016
2017
2018
2019
2020
21ni
2..2
2..2
15. R•lat•d party tran￿￿l￿n¥
Th•r• ha¥• bq•n no rnknt•d PArty tr4nsirtk*M in th• y•v.
14

11- 5,
7 *4 ft
*x¥
Xll¥l4-
SI- Iz &, El
11- 13¥3a EIIX 1114al
mr
--11 321 511114 1

THE FREEMASONS. FUND FOR SURGICAL RESEARCH
H15TOR Y OF GRANTS PAID TO THE ROY AL COLLEGE
OF SURGEONS OF ENGLAND
Grants h¥e been mAde to The Royal Col* Of￿￿¢0￿ of ￿and as fdbw¥.'
1968
1969
12.OC#)
25.5C
35.OCQ
30,OC#)
30,3crf)
30.OCQ
30,OCrf)
30,OCQ
30.0
59.ICO
45,060
40.0
45,OLIJ
60,OC¢]
50,0
S5.oriJ
I Is.oTrJ
86.125
n,875
75,0
97,5L)J
95.0
ios,0
ios.0
110,648
115,0
120,LI
136,OttyJ
140,0
145,0
147.W)
155.(
145,OLKJ
140,COJ
120,C¥))
120,C
126.C¥)J
155,7fr)
135.fy>J
145.5
145,5
135.orpJ
13s.r￿j
130.0
135,0
135,0
135,OttyJ
220,OtKI
220,OKt
250,0
220.lx
220.0
ieo.o
260.0
19n
1973
1974
1975
1976
1977
1978
1979
1983
1985
1986
1987
1990
1993
1995
1996
1997
1990
1999
21)JO
21)Jl
2Q)2
2003
2004
2005
2006
2007
2008
2009
2010
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
6.035.308
Thii page doES not form part ofthe stttutory financial statemw¢s