THE FREEMASONS, FUND FOR SURGICAL RESEARCH TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 THE FREEMASONS, FUND FOR SURGICAL RESEARCH INDEX Year ended 31 DÈcémber 2023 Page General inf0rn12ti0n Tru5tees' annual report Auditors. report Statement of financial attNitie5 10 Balance sheet Notes w the financial s¢atements 12 Appendices ffhe5e do not form part of the statutory financial s¢atementsl In¥e5tmenc summary Appèndlx I His¢0ry of grants pald to the Royal College of Surgeons of England Appendlx 2 THE FREEMASONS. FUND FOR SURGICAL RESEARCH GENERAL INFORMA TION Y•ar endÈd 31 December 2023 Charity Reg•strntlon number 252951 Patron HRH The Duke ofKent KG Tntstees lus¢inian Ash lullan Soper lolyon Berry Antony Naru￿ FRCS(Eng) Paul Copsey Howard Sabin FRCS{Eng), FRCS(Edl Jonathan Randall R¢glstered office 22 Chancery Lane London WC2A I LS Audltors Dixon Wilson Audit krvice5 LLP 22 Chancery Lane London WC2A I LS Secretary Michael Messent Prlndpal address 7 Hansard 112cé Romsey Hampshire SOS I OEL Inve5¢mtnt manag¢rs and advI￿r5 Cazenove Capital Management Llmlted l London W￿1 Place London EC2Y SAU B￿kerS Coutts & Co St Martin'5 Office 440 Strdnd London WC2R OQS THE FREEMASONS, FUND FOR SURGICAL RESEARCH TRUSTEES ANNUAL REPOR T Year ended 31 DÈcember 2023 Th15 report sh¢)uld be read in conjunc(ion with the information given on page 2. Creation The Fund was created In 1967 as a charf¢able foundation by contribuuons from Freema50ns of the En￿lsh Con5tiDJtion to commemorate the 250th AnnIVet￿ary of the Origin￿ Grand Lodge Meetlng. Governing Instrument The goveming instrument 1$ a Declaration ofTru5t dated 8 May 1967. Ob5ects and public beneflt The Trustees have considered the guidance In re5PèCt of publhc beneft gNen by the Charity Commi55ion in accordance wih the requirements of the Charities Att 2011. The obiett of the Fund as set out in paragraph S of the Declaratyon of TrusL a5 amended by resolution of the Trustee5 dated 20 May 2014. 15 co hold Ihe Trust Fund and the income thereof upon trust firsdy to pay therefrom all the proper costs and expenses incurred by the Trustees in admini5rering the Charity 2nd the property thereof and subieet thereto to apply the same (whether by paymen(s from capital or income} in furtheringb in eonjunctfon with the Royal College of Surge￿$ of England la re&stered charity no. 2128081. re5earth in the science of surgery promded that in no accounting year shall the expenditure of che Trustees ts￿lardS the Royzj College exceed five per centum of the capital fdlue of the Trust Fund ￿CUlated at ¢he end of the accountin8 year immediatety prior to incurring such expenditure. Trust Capi￿ is held in perpetutty. subject only to the deduction of all proper costs and expense5 incurred by the Trustees should these not be covered by income. JI 8rants are made to the Royal College of Surgeon5 Qf England in accordan￿ with the object of the Trust The recipient charity has confimied tha( in their opinion. its attivitbes 5ati5fy the public bene￿ ￿$t The Trustees are satisfied that ¢hi5 15 for the public benefit and tha¢ there is no detrirnent or harm that migh¢ arise from carrying out this object No person or body receives any private benefit other than as a beneficiary. Organ•sational $trurture The Secretary has ove￿1 control of the general conduct of the Fund's activitses and Is responsible for the implementation of the policies of the Trus¢ee5. Trustses. policbes The Trus￿¢$, policies are." (al (bl to invest trust wital in order ¢0 provide a to￿ return to furthèr the trust objective. to gNe granrs TO the Royal College of Surgeons of England. Trurtees The names of the individuals who setved a5 TnJstees during the period are shown on page I The power to app&nt new Trustees is vested in the Grand Ftsster of the Unlted Grand Lodge of England. There must be at leasr three and no more than seven Trustees. The Truttees have unrestrirted power of investment The Truscees meet at least tM¢e eth year to consider the Charity'5 actsmtyes and perforniance. THE FREEMASONSP FUND FOR SURGICAL RESEARCH T RUSTE E S ANNUAL REPOR T Year ended 31 DKember 2023 In line with the gUid￿Ce issued by ¢he Ch*iiy Commi55ion. the Trustee5 have reviewed the need for reserves. The Trustee5 seek to apply income in pursuance of the 5taTrd objects of the Fund as 500n as is reasonably pNdenL The present intention of the Trustees is ¢0 make anTr￿ grants to the Royal College of Surgeons ol Engand sufficient to contribu* to the support of four research fellowship5. The Trustees and the College Seek to fund a consistenc number of researth fellowship5, year on year, and, to achieve this objeciive. the Trustees may ha￿ to resort to capid. within the permiued limi The extent to which Capit￿ ha5 bepn expended over the years 15 rdected in the figures of net current assets as set out in note l 3 on page15. The Trustees monitor the level of reserves regularly. Connected charlties There are no connected charities. Investment policy It 15 the policy of the Trustees to invest widely and to be diversified by asset cSa5s, by fund manager and by security. Asset da5ses can include cash. bonds, equities property. hedge funds. structured products. pfirdte equry. commodiues and any other asset c12S5 thaf is deemed suStable for the Fund. From SeptsmEer 2023 and currentty the benchmdrk rdnge5 for asset allocauon are Global Equities $540% ffixed In￿￿$[ 5-25%. alternauve investrnents S-25K and cash O-I OX Investrnent in privare equity assets is litnited to l 0% of the portfolio y￿Ue. The investrnent policy VAS also updated in the year in I￿hE of market developments and it is co maintain the real value of the Fund after granrs and expenses. The aim of the Tru$rees 15 to obrain an annual to retsjrn from investments sufficvènt to allow the disbursement of a grant to the College of £260.(IJO or thereabouts after covering expenses. The Trustees seek to produce the best possible financial return in order to achiev* the greatesc amount of money available for the furtherance of medical researth. whilst investing in a manner consistent wth the Fund's aims and avoiding investing In busine55es which may rvdsonably be regarded a5 underraking attNbtOes which are injurious to individu￿$ or Soclety in general. The Truscees have re501ved to inYe5t ill ESG fund5 3 weighting of 5-10%, provsding they meet all other investment criTrri& 1¢ 15 recogni5ed that fc 15 unrealisiic to have zero tolerance to holdings in securities due to the way some investments are held within fund5 and because busine$5es are reclassified from time to time. As shown in the followng iable. some toiernnce of restricred businesses sh￿1 be permitted. however there shall be no dlrecc investmeni in certain bu$inesse5. a5 specffjied: DirÈct Investment Total exposure (verall Tobacco Gamblin Porno ra Predato Lendin Fossil Fuels No Yes The Trus￿e5 have abso resofved to invest in private assets to a limtsd ext•nt in order to diversrfy asset dasses. The Trustee5 have appointed Cazenove Capbtal Management Llmiied I'C2zenove'} as investment advisers. Cazenove have d￿retIOn to change the invesrments wthour the specffic Instructions of the Trustee5. Some fund5 ¥e plxced on deposit wfth C3zenove, Othe￿Se investments are tv be held in pooled funds. Cazenove report four times a yeir to the Trus￿e$ on the investment performance of the Fund and the investment policy Is remewed by the Trustees at least a year. THE FREEMASONS. FUND FOR SURGICAL RESEARCH TRUSTEES ANNUAL REPOR T Yèar ended 31 December 2023 Flnanclal rèvlew During the year investtment incorne totalled 1155,805 {2022 - £151.3181. 2023 included a don￿lOn of £6,6￿[2022 - £14.2251, received from individual donors. All donatson5 were treated as addltyc*ns to the endowmert {capidl fund th the aim of increasing the value of annual grants to the Rordl College of Surgeons of England. Grants amounting to £260,Tr)0 12022 - £260,C4JOI We￿ made by the Trustees to the Roy31 College of Surgeons of England. At the year-end the investments. excluding rash. were vdued a¢ 17,on,03912022 - £6.776.6131. Al investments are held in accordantr the Declaration of Tru5L The unresEricted fund shows a toral deficit of £267.527 12022 67,9041- The Trus¢ees have a reali5tK expectation that furure income will be received to cover the defKiL A transfer of £267,527 from the re5tyiCtd fund wll be made Eo clear this deficiL a5 Staled in note 13 of the accounts. Cazenove levied investment management charge5 in the year amountwig to £24,615 12022- £23,943}. In accordance with the term5 of an Order gran¢ed by the Charity Commis$ioner5 dated 20 May 2011, the TNstee5 have identified the unapplied to￿ re¢um ac 31 December 2012 based on the difference between the net funds at that date less the initial capital of £582.769. Addi¢ion5 to the unapplied total return have been clculated for 5ub5equent accounting periods based on the excess lot￿ reiurn less granu and expenses. as set ou¢ in noce 13 to the financial sratements. An applicauon of che unapplied total return has been made in the year to 31 December 2023, in respec¢ of the shortfall of income gf £267.904 arising for the year ended 31 December 2022. The Trustees concluded that It VR5 not necessary to obtwn advice re8arding the use of power conferred on the Trnstees by th¢ Order. Financial statements The financial statement5 are Set ¢yrt on pages 10 to 16. They have been drdwn up in compliance with the relevant P￿￿510n$ of the Charitie5 Att 2011 and with the Dedar200n ofTru$t. Statement of Trustees. respon5ibllities The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with appllcable12w and UniTrd Kingdom Generally Accepted Accounting Prattice. Law applicable ¢0 charlcles in England and Wales require5 the Trustees 10 prepare financial statements for each flnaneial year which w've a true and fwr view of the Charitls financial activities during the year and ol ts financial Posttion at the end of the year. In preparing finantial statements giving a true and fair view. the Trustees should follow best praetice and: select suitable actounting policies and then apply them eonslstendy., ob$erye the methods and principles of the Charrcies SORP. make judgments and e5timares that are reasonable and pruden state whether applicable accounting Standards and statements of recommended practSce have been followed. 5ubjett to any maEerial departures disclosed 2nd explained in the financial Sta￿Ments.. and prepare the financial statement5 on die going concem basis unles$ 1¢ 15 inappropriate to presume tha[ the Chariry w51 continue in operation. THE FREEMASONS, FUND FOR SURGICAL RESEARCH TR U ST E ES ANNUAL REPOR T Year ended 31 December 2023 The Trustees are responsible for keeplng accounting records which di$dose with reasonable accurary the financial position of the tharity and which enable them to ensure that the financial statement5 tompty with the regulations made under che Charities Act 2011. They are a150 responsible for safeguarding the a55ets of the Charity and hence for taking rvd50nable Steps for the prevention and detection of fraud and other irregulariues. On beha￿Of the Trustees JUSTINIAN ASH 8 May 2024 THE FREEMASONS, FUND FOR SURGICAL RESEARCH AUDITORS REPOR T Year ènded 31 De¢èmber 2023 INDEPENDEKf AUDITORS. REPORT TO THE TRUSTEES OF THE FREEMASONS, FUND FOR SURGICAL RESEARCH Opinion We have aUdI￿d the financial statements of The Freema50ns' Fund For Surgical Research (the 'charity? for the year ended 31 December 2023 which comprise the Statement of financ5al acuvities. ￿laTh(e sheeL and note5 tt) the financAI statement4 including a summary of significant iccounting policies. The financial reporting frnmework that has been applied I￿ their preparation Is applicable law and United Kingdom Accounting Standard5, includin8 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunitsd Kingdom Generally Accepted Accounting Prdctice). In our opinion, the financial statement ve a true and fair view of the state of the charity's affalrs as at 31 December 2023 and of its incoming re50urce5 and appllcauon of re50vrces for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Prattice- and have been prepared In accordance with the reqLbirements of the Charities Act 2011. Basis for oplnloD We condurted our audit in accordance with International Standards on Auditing {UKI IISAS (UKI) and applicable law. Our re5ponslbilitie5 under those standards are further described in the Audltor's responsibilities for the audit of rhe rtnancial Statements 5e¢tion of our reporL We are independent of the chariry in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Srandard. and we have fulfilled otsr other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obrained is sufficient and appropriaie to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial staternents. we have concluded that the trnstee's use of the going concern basi5 of accounting in the preparation OF the financial statements is appropriate. Based on the work we have performed, we have not Identified any Maleri￿ uncertaintie5 relityng to events or condition5 thaL individully or collectively* may cax s>gnificant doubt on the charity'5 ability to continue as a going concern for a peric*d of at least twelve months Irom when the financial statsments are authvrised for issue. Our responsibilities and the responsibilities of the trustee5 wlth respecE to going concern are described in the relevant secthons of this report. Other inforniation The other information comprises the inforrnation included In the annual reporL other than the financial statemenrs and our audirors report thereon. The rrvstee5 are responsible for the other infom)atyon. Our opinion on the financi￿ statements does not tover the other information and we do not expres5 any form of assurance conclusion thereon. In connection with our audit of the financial 5taternents. our responsibility is to read the other information and. in doing so. consider whether the other infomiavon is maEerially intonsistent wth the financial statements or our knO￿edge ob￿ined in the audit or otherwise appears to be MaterI￿lY misstated. If we identify such materiil inconsistencies or app3rent maEerial misstaternents. we are required ro determlne whèther there is a materfal missrarement in the financial sTr￿MentS or a marerial mi55tatement of the other infomuuon. If, based on the work we have performed. we Conclude that there is a material misstacement of thls other inft)M￿ll0n, we are required to report that fact. We have nothing to reporr in this regard. THE FREEMASONS, FUND FOR SURGICAL RESEARCH AUDITORS KEPOR T Year Ènded 31 December 2023 Mattérs on whlch we are required to report by exception We have no£hing ¢0 report in respect of the following matter5 in relation w which the Charities (Ateounts and Reports) Regulation5 2008 requhre u5 to report to you if, in our opinion.. the inlom)ation &'¥en in the financial statements 15 inconsistent in any material respett with the trustees reporL or Sufficient accounting records have not been kepL or thè financi￿ statements are not in a8reement with the accounting record5; or we have not received ￿1 the information and explanations we require for our aud Responsibilities of trustèés As explained more tully in the truscees. re5ponslbilities sta￿rnent Set out on page 5, the trus¢ee5 are responsible for the preparation of the financial 5tatemen¢5 and for being $2tlsfied that they give a tnje and fair view. and for such internal contrd ￿ the tru5tee5 deterniine is nece$5ary to enable the preparation of financkil statements that are free frorn material mi5Staremen¢ whether due ro fraud or error. In preparing rhe financial statements, the trustees are responsible for assessing the tharity's ability to contlnue as a going concern, disc105ing, as applicable, matter5 relaied to going concern and using the going concern basis of accounting unless the ¢rustees either tntend ¢0 liquidate the chariy or to cease operations. or have no realistic ternative but to do so. Auditorfs re5ponsibllities for the audit of the financlal statements We haye been appointed as auditor under section l M of the Charities Att 2011 and report In accordance with the Aci and relevanc regulation5 made or haying effea thereunder. Our objective5 are to obtain reasonable 255urnnce about whether the financi￿ suternents as i whole are free from matsriai misst2temen( whether due to fraud or error, and to issue an audiior's report that includes our opinlon. Reasonable assurnnce is a high level of &Esurance. but is not a guarantee that an audir conducted in atcordance with 15As IUKI wlll alyrdys detect a Materi￿ misstatement when it ex15ts. Missrntements can arise from fraud or error and are considered material rf, individually or in aggregats, they could reasonably be expected to infiuence ihe economic decisions of u5er5 taken on the basi5 of these financSal statements. Irregularitie5. including fraud, are ins¢ances of non-compliance with Iiw5 and regulations. We design procedures in line with our re5ponsibilitie5. Outlined above, to detect material rnissratements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud 15 detsiled below- We tyned an undersTrnding of the lepl and re8ulatory framework applicable to the ehariry by conslderin& amongst other things, the sector in wh￿h it operate& and considered the risk of acts by the charity that were contrary to applicable law5 and regulations. including fraud. We desSgned iudit pr¢xedure5 to respond to the assessed level of risk bvt recognised that the rlsk of noz detecting a rnaierial mis5tarEment due to fraud 15 higher than the risk of nor detecting one resuldng from error. as frdud may involve deliberate contealment by. for example, forgery or Intentional m15reP￿sentdtl0ft$. or through collusion. We focused on law5 and regul2tion5 which could give rise to a material mi55fatement in the finanaal statements. including, but not limlced to UK Chariy Law and UK financial reporting standarth applicaiion for UK charitable trUS¢5. Our test5 included agreeing the financial statement disclosure5 to undedylng 5UPPOrtlng documentation. enquiries with management and enquiries of the investment advisor5. A5 in all our audits, we a150 addressed the risk of managernent oYerAde of intÈmal coniro15, including te5tin8 journds and e*aluating whether there wa5 evidence of bias by management that represented a risk of materi mksstatement due to fraud. THE FREEMASONS, FUND FOR SURGICAL RESEARCH AUDITORS REPOR T Ytar ended 31 December 2023 There are inherent limitations In the audbt procedures described above ind, the further removed nonvcompliance with laws and regulations 15 from the events and transaction5 refiected in the financial staiements, the les5 likety we would become aware of IL We did no¢ identify any key audit m&¢ters relating to irregularities, induding frwd. A further description of our resw)nsibilitye5 for the audli of the finartci￿ statements 15 located on the Financial Reporting Council's Websi￿ at.. www.frc.org.uklauditorsre5ponsibilitie5. This de5cripti¢)n form5 part of our auditorfs repor¢ Use of our report This report is made solely to the charity's Irus¢ee5, a5 a body. in accordance with regulaiions made under 5ectlon 154 of the Charities Att 2011. Our audi¢ work has been vndertaken 50 thai we mitht state to the charity's trus￿e$ those matters we are required to to them in an auditor's report and for no other purpose. To the fvlle5t extent permttted by law, we do noc accept or assume responsibility to anyone other than the charlty and the charity's trustees as a body, for our audit worl for this reporL or fc•r the opinions we have formed. Dlxon Wi150n Audit Servites LLP. Statutory Auditor 22 Chancery Lane London WC2A I LS 8 May 2024 Dixon Wilson Audit Services LLP is eligible to act as an auditor in tern￿ of section 1212 of the Companies Act 2CQ6. THE FREEMASONS, FUND FOR SURGICAL RESEARCH ST A T E M EN T O F FI NAN C IA L ACT I V IT I ES Year •nd•d J l December 2023 Unrestricted Funds Endowment Funds 2023 Unrestrlrted Endowm•nt Totsl Funds Fund5 2022 Total Note Income and expendltur• Income and endowmènts from: DOna￿onS and legacie5 Investments 6,600 155.805 14,225 151,318 14,225 151.318 155,805 Totsl 162.405 162,405 165543 165.543 Expenditure on: R￿Sing funds Charitable attiyrcies 25,872 25,872 267,527 24,389 24,389 267.904 267,527 267.904 Total resources expeThded Net (outgolng)Ilncomlng rewurces before other recognised galns and 105ses Other rncognlsed (1055e5)Igaln&' Net investment fdlnlllosses) in year Net rnovement in fvnds for the year Transfer between funds Total {defititllfunds brought forward Totsl (deficit)ffunds carried forn¥ard (page I l) 267,527 25,872 293.399 267.904 24.389 292,293 {267.527) 136.533 (130,994) (267,904) 141,154 (126,750) 320,143 320.143 (598.764) {457.610) 1265,189) 7.850.332 (598.7641 (725,514) {267.5271 267.904 (267.904) 1267,5271 456.676 1267.904) 7.127.533 189,149 (267.904) 265.189 {265.189) (267,9041 6,859,629 7,585.143 6,859,629 7,316,305 7.048.778 7,127,533 All amount5 are in respect of condnuing operation5. 10 THE FREEMASONS. FUND FOR SURGICAL RESEARCH ALANCE SHEET At 31 Decemb¢r 2023 Note 2023 2022 Fix¢d assets Invettmenu at market value 7,169.974 6,965591 Current a$￿ts Debtor5 Cash 10 3,168 153.640 1.039 164.098 156.808 165,137 Credltors: amounts falling du¢ wlthln one year Net current liabilitlel (278.004) (271.099) (105.962) 4859,629 Total Thet assets 13 7.048,778 Representrd by. Capital fund5- Endowment Income fund5- Unrestricted 7.316,305 1267,52n 7,048.778 7.127J33 (267.904) 6.859,629 The financial statements on page5 10 to 16 were approved by the TnJstee$ on 8 May 2024. JUSTINIAN ASH Trustee THE FREEMASONS. FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Year endèd 31 Decemb¢r 2023 Gener•i Information The Charity is an unintorpora¢ed ¢rusL The principl address of the Charity is 7 Hansard Hace, Romsey* Hampshire $051 OEL. Accounting policie5 Fdasl$ of accountlng The financial statements have been prepared in accordance with Accounting and Reportyng by Chariues.. 5taTrment of Recommended Prydctice applicable to charityes preparing their accounts in accordance with the Financial Reporring Standard applitable in the UK and Republic of Ireland {FRS 1021 leffectyve October 20191- (Charlt￿$ SORP (FRS 102)). The Freemasons. Fund for Surycak Re5e¥th meets the definition of a public benefi¢ entity under FRS 102. Preparation ofthe accounts on a going concern basls The Ttwstees consider that there are no material unCe￿Alle$ about the Charlty's ability Éo continue a5 74 going concerrb. These financial staternents have been prepared under the historical cort Convention mdffied to includè the r￿￿uation of investments. The financial statements are presented in SteAing which is the fvnctional eurrency of the company and rounded to the nearest L Income recognition All income is recognised once the Charity has entitlemen¢ to the income. 1¢ is probable that the income will be received, and the amount of income receithle can be measured reliably. Oonauons are recogni$ed once the Charity has entrfement to the donations. it 15 cerrin that the donations wll be received, and the monetary ¥￿ue of the donations e2n be measured with Sufficient reliabllity. Interest on fund5 held on deposit 15 Included when receivable and the amount can be measured reliabty by rhe Chatity, thi5 is normally upon notification of the interest paid or payable by the bank tjwdends are recogni5ed once thè dlvldend ha5 been declared and notif¢cation ha5 been received of the dividend due. Expendlture recognltlon Liabiltties are recognlsed a5 expendlrure as soon a5 there is a legal or cons¢nJcuve obligation commning the Charity to that expenditure, ￿ 15 probable that 5etrlemeM wlll be required. and the amount of the obllgation can be measured reliably. For granTs payable, thi5 is the prynt ar which the reciplent Is notified. AJI expenditure Is accounted for on an accruals basis. Investments Investments are a forni of basic financial instrument and are initially re(ogni5ed at their trdnsattion value and 5ub5equendy measured at their fair V￿￿e as ai the balance sheet date using the cbsing quoted market price. The 5r3tement of financial actNitie5 include5 the net Dins and losses ari￿n¥ on revaluation and di8posals throughout the year. Cash balanc&s held as Part of a fixed asset investrnent portfolio are presented as part of fixed a55ets. Iconrinued) 12 THE FREEMASON5' FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Year Énd￿ 31 December 2023 Ac¢ountlng policie5 (contlnued) Realised gains and lossts I gains and 105ses are taken tt> the Statement of Financial Aai¥lries as they ar￿e. Realised ￿1n$ and kxse5 on investments are calculated a5 the drfference between sales procee& and their opening Carr￿￿8 y￿ue or their purchase value rf acqulred subsequent ¢0 the first day of the financial year. Unreali5ed gain5 and losses are calcula¢ed as the dTrYerence betsyeen the fair value it the year-end and their carrying V￿Ue. Realised and unreHli5ed investment ￿n5 and losses are combined in the Statement of Financ1￿ ArtI￿￿e5. Financial instruments Financi￿ insuuments are classified and accounted for, according to the substance of the contractual arrangemen( as financial assets. financial Iltbilities, or equity instruments. An equicy instrument 1$ any contrKt that evidences a residu￿ interest in the assets of the company after deducting of i($ liabilities. Staff numbers The average number uf per50n5 employed by the charity during the year wa5 0 {2022- 01. Voluntary Income 2023 2022 Other donations 14.225 ExpÈndlture on raising funds 202J 2022 Investment management charges Loss on foreign exchange movement5 24.615 1,257 23,943 446 25,872 24.389 13 THE FREEMASONS, FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2023 Expendlture on charltable actlvitie5 Note 2023 2022 Grants to Royal College of Surgeon5 Qf England 260.C 260.000 Govèrnance c05ti: Accountancy and audit Bank char8es LEI pro￿der fee 7,2fy) 2H 83 7.537 367 267.527 207.904 Totsl r¢source5 expended has been 5tat¢d after ¢harylng 2023 2022 Accountancy Audit 3,000 4.200 3,337 4.200 7.200 7J37 Trustees Trustees are not remunerated and no expenses have been rehmtr¥Jrsed. Investments 2023 2022 Quoted investments.. Carrying Yalue Ifwr value) at bew'nning of year Less: proceeds of dispos￿5 Add: c05t of additions 6,776.613 11.975,933) ,951,216 320,143 7.674,401 11,729.620) 1,430.596 (598.764) 6.776,613 188.978 Net p"nllloss) for the year Carrying value {fair value) at end of year Cash 7,on.039 97,935 Tod fixed asset investments 7.169,974 6.965,591 Quoted investments it cost 5,989.051 5.861,527 10. Debtors 2023 2022 Accrued income 3.168 1.039 THE FREEMASONS. FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2022 Credltors: amounts falllng due within onè year 2023 2022 Grants payable Accrua15 Other creditors 260.￿) 10.804 7,200 260.000 11.099 278.C#)4 271.099 I l Flnancial assets and liabilities The followlng are financial assets that qualify as baslc financi￿ in5¢ruments and are iniually recognised at their 7nsattion value and subsequently measured at thelr falr value through income and expenditure: 2023 2022 Flnancial awts Investments excludlng cash 7.071039 6.776,613 Analy515 of net a55ets between funds Net Investment management fee5 Allocated to trust for application {pa8e 10) At 31 December 4.012.109 155,805 320,143 125,8721 1267,9041 4.194,281 4.749,133 151.318 {598,764) (24.3891 1265.189} 4.012,109 After the year-end the Trustees resolved to make a trydnsfer of £267.527 from Endowment fund5 to Unrestricted fund5 25 permit¢ed under the constitution of the Fund. THE FREEMASONS, FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Year ènded 31 December 2023 14. Capltal funds- Endowment Endowment fijnds which at 31 December 2023 am¢)unted to £7.094061 arise from contributions received as fdlows from the Supreme Grand Chapter.. Prior to 31 December 1969 During the year ended 31 December 2014 During the year ended 31 December 2016 During the year ended 31 December 2017 During the ye2r ended 31 December 2018 Further gifts to the endowment have been received x5 follows from other indiv￿UalS. During the year ￿ded 31 December 2019 £150 During the year ended 31 December 2020 £312 During the year ended 31 December 2021 £4.935 During the year ended 31 December 2022 £14.225 During Ihe year ended 31 December 2023 £6,600 In light of ¢he capiLal contribution from the Supreme Grand Chapcer in May 2014 and the value of the Fund immedia¢ety prior to its receip4 it was resolved by the Trustees that future Freemasons. Fellowships. tenable at The Royal College of Surgeon5, shall henceforth be attributed ¢0 the Unitrd Grand Lodge of England and to the Supreme Grand Chapter in the proporrion of 3.2 with effect from I13nuary 2015. Of the five Fellowships fvnded in the year ended 31 December 2023. two were attributed to the United Grand Lodge of ETr￿and. The position Since I january 2015 15 a5 follows.. Year Proportion £582.769 £2,424.900 135.000 £22.000 £27.733 United Grand Lodge Syprnme Grand Chapter Total 2015 2016 2017 2018 2019 2020 2021 2022 2023 1.2 2..2 2..2 R•lated party transactions There have been no related party transartions in the year. Flnanclal commitrnents CaPIt￿ commitments are the legalty binding obliptions to make corrtributbons of captsl to a fvnd. The tharity made capital conrributions in GBP of £29.676 (2022 - £nil) in the period. Ac the b￿anCe sheet dice £29.676 12022 - £nil) had been paid. The to(￿ amount of unfunded capital commitments at the Wance sheet da￿ wls £37,423. 16