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2024-12-31-accounts

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

I N D E X

Year ended 31 December 2024

Page
General information 2
Trustees’ annual report 3
Auditors’ report 7
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12
Appendices (These do not form part of the statutory financial statements)
Investment summary Appendix 1
History of grants paid to the Royal College of Surgeons of England Appendix 2

1

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

G E N E R A L I N F O R M A T I O N

Year ended 31 December 2024

Charity Registration number 252951
Patron HRH The Duke of Kent KG
Trustees Justinian Ash
Julian Soper
Jolyon Berry
Antony Narula FRCS(Eng)
Paul Copsey
Howard Sabin FRCS(Eng), FRCS(Ed)
Jonathan Randall
Registered office 22 Chancery Lane
London
WC2A 1LS
Auditors Dixon Wilson Audit Services LLP
22 Chancery Lane
London
WC2A 1LS
Secretary Michael Messent (Resigned 08/05/2024)
Stephen Finch (Appointed 08/05/2024)
Principal address Black Barn
Hastings Road
Winchelsea
East Sussex
TN36 4AD
Investment managers and advisers Cazenove Capital Management Limited
1 London Wall Place
London
EC2Y 5AU
Bankers Coutts & Co
St Martin’s Office
440 Strand
London
WC2R 0QS

2

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

T R U S T E E S ’ A N N U A L R E P O R T

Year ended 31 December 2024

This report should be read in conjunction with the information given on page 2.

Creation

The Fund was created in 1967 as a charitable foundation by contributions from Freemasons of the English Constitution to commemorate the 250th Anniversary of the original Grand Lodge Meeting.

Governing instrument

The governing instrument is a Declaration of Trust dated 8 May 1967.

Objects and public benefit

The Trustees have considered the guidance in respect of public benefit given by the Charity Commission in accordance with the requirements of the Charities Act 2011.

The object of the Fund as set out in paragraph 5 of the Declaration of Trust, as amended by resolution of the Trustees dated 20 May 2014, is to hold the Trust Fund and the income thereof upon trust firstly to pay therefrom all the proper costs and expenses incurred by the Trustees in administering the Charity and the property thereof and subject thereto to apply the same (whether by payments from capital or income) in furthering, in conjunction with the Royal College of Surgeons of England (a registered charity no. 212808), research in the science of surgery provided that in no accounting year shall the expenditure of the Trustees towards the Royal College exceed five per centum of the capital value of the Trust Fund calculated at the end of the accounting year immediately prior to incurring such expenditure. Trust capital is held in perpetuity, subject only to the deduction of all proper costs and expenses incurred by the Trustees should these not be covered by income.

All grants are made to the Royal College of Surgeons of England in accordance with the object of the Trust. The recipient charity has confirmed that, in their opinion, its activities satisfy the public benefit test. The Trustees are satisfied that this is for the public benefit and that there is no detriment or harm that might arise from carrying out this object. No person or body receives any private benefit other than as a beneficiary.

Organisational structure

The Secretary has overall control of the general conduct of the Fund's activities and is responsible for the implementation of the policies of the Trustees.

Trustees’ policies

The Trustees' policies are:

(a) to invest trust capital in order to provide a total return to further the trust objective.

Trustees

The names of the individuals who served as Trustees during the period are shown on page 2.

The power to appoint new Trustees is vested in the Grand Master of the United Grand Lodge of England. There must be at least three and no more than seven Trustees.

The Trustees have unrestricted power of investment.

The Trustees meet at least twice each year to consider the Charity's activities and performance.

3

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

T R U S T E E S ’ A N N U A L R E P O R T

Year ended 31 December 2024

Reserves

In line with the guidance issued by the Charity Commission, the Trustees have reviewed the need for reserves. The Trustees seek to apply all income in pursuance of the stated objects of the Fund as soon as is reasonably prudent. The present intention of the Trustees is to make annual grants to the Royal College of Surgeons of England sufficient to contribute to the support of four research fellowships. The Trustees and the College seek to fund a consistent number of research fellowships, year on year, and, to achieve this objective, the Trustees may have to resort to capital, within the permitted limit. The extent to which capital has been expended over the years is reflected in the figures of net current assets as set out in note 13 on page 15.

The Trustees monitor the level of reserves regularly.

Connected charities

There are no connected charities.

Investment policy

It is the policy of the Trustees to invest widely and to be diversified by asset class, by fund manager and by security. Asset classes can include cash, bonds, equities, property, hedge funds, structured products, private equity, commodities and any other asset class that is deemed suitable for the Fund.

From September 2023 and currently the benchmark ranges for asset allocation are Global Equities 55-80%, fixed interest 5-25%, alternative investments 5-25%, and cash 0-10%. Investment in private equity assets is limited to 10% of the portfolio value. The investment policy was also updated in the year in light of market developments and it is to maintain the real value of the Fund after grants and expenses. The aim of the Trustees is to obtain an annual total return from investments sufficient to allow the disbursement of a grant to the College of £280,000 or thereabouts after covering expenses.

The Trustees seek to produce the best possible financial return in order to achieve the greatest amount of money available for the furtherance of medical research, whilst investing in a manner consistent with the Fund’s aims and avoiding investing in businesses which may reasonably be regarded as undertaking activities which are injurious to individuals or society in general. The Trustees have resolved to invest in ESG funds with a weighting of 5-10%, providing they meet all other investment criteria. It is recognised that it is unrealistic to have zero tolerance to holdings in securities due to the way some investments are held within funds and because businesses are reclassified from time to time. As shown in the following table, some tolerance of restricted businesses shall be permitted, however there shall be no direct investment in certain businesses, as specified:

Direct investment Total exposure
overall
Tobacco No 1%
Gambling No 1%
Pornography No 1%
Predatory Lending No 1%
Fossil Fuels Yes 5%

The Trustees have also resolved to invest in private assets to a limited extent in order to diversify asset classes.

The Trustees have appointed Cazenove Capital Management Limited ("Cazenove") as investment advisers. Cazenove have discretion to change the investments without the specific instructions of the Trustees. Some funds are placed on deposit with Cazenove, otherwise investments are to be held in pooled funds. Cazenove report four times a year to the Trustees on the investment performance of the Fund and the investment policy is reviewed by the Trustees at least twice a year.

4

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

T R U S T E E S ’ A N N U A L R E P O R T

Year ended 31 December 2024

Financial review

During the year investment income totalled £191,765 (2023 - £155,805). 2024 included a donation of £10,750 (2023 - £6,600), received from individual donors. All donations were treated as additions to the endowment (capital) fund with the aim of increasing the value of annual grants to the Royal College of Surgeons of England.

Grants amounting to £280,000 (2023 - £260,000) were made by the Trustees to the Royal College of Surgeons of England.

At the year-end the investments, excluding cash, were valued at £7,510,344 (2023 - £7,072,039). All investments are held in accordance with the Declaration of Trust.

The unrestricted fund shows a total deficit of £291,004 (2023 – £267,527). The Trustees have a realistic expectation that future income will be received to cover the deficit. A transfer of £291,004 from the restricted fund will be made to clear this deficit, as stated in note 13 of the accounts.

Cazenove levied investment management charges in the year amounting to £26,167 (2023 - £24,615).

In accordance with the terms of an Order granted by the Charity Commissioners dated 20 May 2011, the Trustees have identified the unapplied total return at 31 December 2012 based on the difference between the net funds at that date less the initial capital of £582,769. Additions to the unapplied total return have been calculated for subsequent accounting periods based on the excess total return less grants and expenses, as set out in note 13 to the financial statements. An application of the unapplied total return has been made in the year to 31 December 2024, in respect of the shortfall of income of £267,527 arising for the year ended 31 December 2023. The Trustees concluded that it was not necessary to obtain advice regarding the use of power conferred on the Trustees by the Order.

Financial statements

The financial statements are set out on pages 10 to 16. They have been drawn up in compliance with the relevant provisions of the Charities Act 2011 and with the Declaration of Trust.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

5

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

T R U S T E E S ’ A N N U A L R E P O R T

Year ended 31 December 2024

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the Trustees

JUSTINIAN ASH

4 September 2025

6

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

A U D I T O R S ’ R E P O R T

Year ended 31 December 2024

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

Opinion

We have audited the financial statements of The Freemasons’ Fund For Surgical Research (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

7

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

A U D I T O R S ’ R E P O R T

Year ended 31 December 2024

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity by considering, amongst other things, the sector in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to UK Charity Law and UK financial reporting standards application for UK charitable trusts.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of the investment advisors.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

8

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

A U D I T O R S ’ R E P O R T

Year ended 31 December 2024

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………… Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS

5 September 2025

Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

9

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 31 December 2024

Unrestricted
Endowment
2024
Unrestricted
Endowment
Note
Funds
Funds
Total
Funds
Funds
£
£
£
£
£
Income and expenditure
Income and endowments from:
Donations and legacies
4
-
10,750
10,750
-
6,600
Investments
-
191,765
191,765
-
155,805





Total
-
202,515
202,515
-
162,405





Expenditure on:
Raising funds
5
-
25,845
25,845
-
25,872
Charitable activities
6
291,004
-
291,004
267,527
-





Total resources expended
291,004
25,845
316,849
267,527
25,872





Net (outgoing)/incoming resources
before other recognised gains and losses
(291,004)
176,670
(114,334)
(267,527)
136,533
Other recognised (losses)/gains:
Net investment gain/(losses) in year
9
-
534,890
534,890
-
320,143





Net movement in funds for the year
(291,004)
711,560
420,556
(267,527)
456,676
Transfer between funds
13
267,527
(267,527)
-
267,904
(267,904)
Total (deficit)/funds brought forward
(267,527)
7,316,305
7,048,778
(267,904)
7,127,533





Total (deficit)/funds carried forward (page 11)
(291,004)
7,760,338
7,469,334
(267,527)
7,316,305




 2023
Total
£
6,600
155,805

162,405

25,872
267,527

293,399

(130,994)
320,143

189,149
-
6,859,629

7,048,778

All amounts are in respect of continuing operations.

10

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

B A L A N C E S H E E T

At 31 December 2024

Note
Fixed assets
Investments at market value
9
Current assets
Debtors
10
Cash
Creditors: amounts falling due within one year
11
Net current liabilities
Total net assets
13
Represented by:
Capital funds – Endowment
13
Income funds – Unrestricted		 2024
2023
£
£
7,587,456
7,169,974
13,285
3,168
32,453
153,640
45,738
156,808
(163,860)
(278,004)
(118,122)
(121,196)
7,469,334
7,048,778
7,760,338
7,316,305
(291,004)
(267,527)
7,469,334
7,048,778

The financial statements on pages 10 to 16 were approved by the Trustees on 4 September 2025.

JUSTINIAN ASH Trustee

11

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

1. General information

The Charity is an unincorporated trust. The principal address of the Charity is 7 Hansard Place, Romsey, Hampshire SO51 0EL.

2. Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective October 2019) – (Charities SORP (FRS 102)).

The Freemasons’ Fund for Surgical Research meets the definition of a public benefit entity under FRS 102.

Preparation of the accounts on a going concern basis

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

These financial statements have been prepared under the historical cost convention modified to include the revaluation of investments.

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Income recognition

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised once the Charity has entitlement to the donations, it is certain that the donations will be received, and the monetary value of the donations can be measured with sufficient reliability.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. For grants payable, this is the point at which the recipient is notified. All expenditure is accounted for on an accruals basis.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Cash balances held as part of a fixed asset investment portfolio are presented as part of fixed assets.

(continued)

12

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

2. Accounting policies (continued)

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. Staff numbers

The average number of persons employed by the charity during the year was 0 (2023 - 0).

4. Voluntary income 2024 2023
£ £
Other donations 10,750 6,600

The trustees have a reasonable expectation of receiving £11,000 of voluntary income in the year ended 31 December 2025.

5.
Expenditure on raising funds
Investment management charges
(Profit)/loss on foreign exchange movements		 2024
£
26,167
(322)

25,845		 2023
£
24,615
1,257
25,872

13

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

6.
Expenditure on charitable activities
Note
Grants to Royal College of Surgeons of England
Governance costs:
Accountancy and audit
7
Bank charges
LEI provider fee		 2024
£
280,000
10,455
489
60

291,004		 2023
£
260,000
7,200
244
83
267,527
7.
Total resources expended has been stated after charging
Accountancy
Audit		 2024
£
4,623
5,832

10,455		 2023
£
3,000
4,200
7,200

8. Trustees

Trustees are not remunerated, and no expenses have been reimbursed.

9.
Investments
2024
2023
£
£
Quoted investments:
Carrying value (fair value) at beginning of year
7,072,039
6,776,613
Less: proceeds of disposals
(2,269,166)
(1,975,933)
Add: cost of additions
2,172,581
1,951,216
Net gain/(loss) for the year
534,890
320,143


Carrying value (fair value) at end of year
7,510,344
7,072,039
Cash
77,112
97,935


Total fixed asset investments
7,587,456
7,169,974
Quoted investments at cost
6,195,203
5,989,051
10.
Debtors
2024
2023
£
£
Accrued income
13,285
3,168		 9.
Investments
2024
2023
£
£
Quoted investments:
Carrying value (fair value) at beginning of year
7,072,039
6,776,613
Less: proceeds of disposals
(2,269,166)
(1,975,933)
Add: cost of additions
2,172,581
1,951,216
Net gain/(loss) for the year
534,890
320,143


Carrying value (fair value) at end of year
7,510,344
7,072,039
Cash
77,112
97,935


Total fixed asset investments
7,587,456
7,169,974
Quoted investments at cost
6,195,203
5,989,051
10.
Debtors
2024
2023
£
£
Accrued income
13,285
3,168
10.
Debtors
Accrued income		 2024
£
13,285

14

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

11. Creditors: amounts falling due within one year

Grants payable
Accruals
Other creditors		 2024
£
150,000
13,860
-

163,860		 2023
£
260,000
10,804
7,200

278,004

12. Financial assets and liabilities

The following are financial assets that qualify as basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value through income and expenditure:

Financial assets
Investments excluding cash		 2024
£
7,510,344		 2023
£
7,072,039
13.
Analysis of net assets between funds
Net
current
Fixed
assets/
assets
(liabilities)
Total
£
£
£
Unapplied total return
4,454,682
172,882
4,627,564
Capital funds -Endowment
3,132,774
-
3,132,774


Total Endowment funds
7,587,456
172,882
7,760,338
Unrestricted funds
-
(291,004)
(291,004)


Total at 31 December 2024
7,587,456
(118,122)
7,469,334

At 31 December 2012, the Trustees identified that the Trust had funds of £2,742,349 representing unapplied total return, calculated as the total net assets of £3,325,118 at that date, less the initial capital of £582,769. Since that date, the following movements have taken place:

Since that date, the following movements have taken place:
2024 2023
£ £
At 1 January 4,194,281 4,012,109
Investment return: dividends and interest 191,765 155,805
Investment return: realised and unrealised gains/(losses) 534,890 320,143
Investment management fees (25,846) (25,872)
Allocated to trust for application (page 10) (267,527)
 (267,904)
At 31 December 4,627,564
 4,194,281

After the year-end the Trustees resolved to make a transfer of £291,004 from Endowment funds to Unrestricted funds as permitted under the constitution of the Fund.

15

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

14. Capital funds – Endowment

Endowment funds which at 31 December 2024 amounted to £7,760,338 arise from contributions received as follows from the Supreme Grand Chapter:

follows from the Supreme Grand Chapter:
Prior to 31 December 1969 £582,769
During the year ended 31 December 2014 £2,424,900
During the year ended 31 December 2016 £35,000
During the year ended 31 December 2017 £22,000
During the year ended 31 December 2018 £27,733
Further gifts to the endowment have been received as follows from other individuals:
During the year ended 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 the year ended 31 December 2023 £6,600
During the year ended 31 December 2024 £10,750

In light of the capital contribution from the Supreme Grand Chapter in May 2014 and the value of the Fund immediately prior to its receipt, it was resolved by the Trustees that future Freemasons’ Fellowships, tenable at The Royal College of Surgeons, shall henceforth be attributed to the United Grand Lodge of England and to the Supreme Grand Chapter in the proportion of 3:2 with effect from 1 January 2015. Of the five Fellowships funded in the year ended 31 December 2024, three were attributed to the United Grand Lodge of England. The position since 1 January 2015 is as follows:

Year Proportion United Grand Lodge Supreme Grand Chapter Total
2015 2:2 2 2 4
2016 3:1 3 1 4
2017 3:2 3 2 5
2018 2:2 2 2 4
2019 2:2 2 2 4
2020 2:2 2 2 4
2021 2:2 2 2 4
2022 3:2 3 2 5
2023 3:2 3 2 5
2024 3:2 3 2 5

15. Related party transactions

There have been no related party transactions in the year.

16

THE FREEMASONS' FUND FOR SURGICAL RESEARCH

Appendix 1

I N V E S T M E N T S U M M A R Y

Year ended 31 December 2024

At 1 January 2024
T		 otal additions Disposals At 31 D ecember 2024
24 Absolute Return Credit Fund
Altlas GIobal Infrastructure Fund
Amundi Prime Wld ETF
BlackRock Euro Dynamic
BrevanHoward Abs
Cazenove Charity Equity Value
CC Private Assets
Charities Property Fund
Fedt Hermes Unc Credit
Fidelity Global Dividend
Findlay Park American Fund
Fisher US SMID CoEqty
FRN UK Gilt @ 1.25%
FRN UK Gilt @ 4.25% 7.9.39
FRN UK Treasury 0.125% UK Treasury
Hamilton Lane Impact Fund
Hollyport Secoundary Opportunities
HSBC Global Funds ICAV
iShares Physical gold
JPMorgan GBP
M+G Global Dividend
M+G Japan Fund
ManGLG GBP Corporate bond fund
Morgan Stanley GI ABS
Neuberger Berman Investment Funds
Ninety One Global Environment
Robeco BP GIobal Premium Equity
Schroder Asia Alpha Plus Fund
Schroder C Semi-L Global
Schroder Capital Global Private
Schroder GI Sustainable Growth 5 GBP
Schroder SSF Alt Assets
Schroder WM Global Sustainable
SPDR S+P 500 ETF
The Equity Income Trust for Charities - Class S
Vanguard Emerging Markets Index Fund
Vanguard FTSE All-world
Vanguard S+P 500
Wellington Global Health Care
William Blair US Small Mid Cap
WisdomTree Energy Transaction
WisdomTree Gold ETC
SUTL Cazenove Charity Responsible
Total
Capital cash		 No.
-
850
-
-
817
320,000
-
200,000
162,037
407,519
4,300
-
40,000
160,000
-
37,491
100,000
17,000
3,400
3,152
103,501
150,000
274,027
5,626
24,179
114,674
2,369
230,000
-
1,669
1,000,000
2,650
-
-
680,745
898
1,120
3,300
20,000
977
4,000
-
909,728		 Cost
Market value
No.
£
£
-
-
1,400
97,176
118,498
-
-
-
9,504
-
-
47,504
81,758
89,730
-
214,305
220,096
-
-
-
11,450
255,388
237,200
-
156,525
141,345
-
316,752
436,045
-
193,602
672,950
-
-
-
1,320
81,496
82,121
-
163,162
165,072
50,000
-
-
40,000
29,676
29,167
33,335
32,674
41,875
-
156,303
159,317
-
94,046
107,304
-
3,152
3,152
-
76,293
135,907
-
189,965
198,330
100,000
240,481
260,600
-
140,837
131,377
-
262,857
240,823
-
190,758
179,453
-
194,478
272,373
-
302,531
250,470
-
-
-
95,000
223,380
246,083
490
522,370
624,000
-
275,586
249,789
-
-
-
6,525
-
-
880
218,589
349,426
-
110,458
107,588
-
93,564
104,895
-
219,808
234,890
-
137,837
199,988
-
88,524
105,730
-
68,522
56,920
-
-
-
8,700
556,198
619,525
-		 Cost
No.
£
137,718
-
-
-
79,792
-
139,322
-
-
817
-
120,000
9,337
-
-
19,298
-
162,037
-
257,519
-
-
170,452
-
-
40,000
48,181
15,000
60,038
-
26,533
-
23,323
-
-
-
-
3,400
-
3,152
-
-
142,161
-
-
14,027
344
-
-
24,179
-
114,674
-
169
-
-
75,007
95,000
74,266
-
-
1,000,000
-
150
680,329
183
356,168
-
-
230,745
(150)
-
18
350
-
-
-
-
-
-
-
-
115,036
-
34,706
21,527		 Cost
Proceeds
gain/(loss)
on historic
cost
Gain/(loss) on
market value as at
31 December 2024
No.
£
£
£
£
-
-
-
952
1,400
-
-
-
(6,933)
850
-
-
-
7,311
9,504
-
-
-
(6,081)
47,504
81,758
94,019
12,261
4,289
-
80,364
83,109
2,745
11,513
200,000
-
-
-
1,082
11,450
24,642
22,500
(2,142)
788
180,702
156,525
138,039
(18,486)
(3,306)
-
200,162
279,528
79,366
20,933
150,000
-
-
-
87,634
4,300
-
-
-
(11,049)
1,320
81,496
82,414
918
293
-
15,296
15,025
(271)
(15,669)
195,000
-
-
-
165
40,000
-
-
-
2,982
70,826
-
-
-
21,959
100,000
-
-
-
(1,098)
17,000
94,046
127,679
33,633
20,375
-
3,152
3,152
-
-
-
-
-
-
23,505
103,501
-
-
-
22,184
250,000
12,310
13,650
1,340
18,770
260,000
-
-
-
(63)
5,626
262,857
242,999
(19,858)
2,176
-
190,758
186,001
(4,757)
6,548
-
13,864
21,043
7,179
21,712
2,200
-
-
-
24,840
230,000
75,007
74,675
(332)
(332)
-
-
-
-
30,735
2,159
522,370
681,200
158,830
57,200
-
15,599
13,083
(2,516)
(20,356)
2,500
19,089
20,000
911
20,857
6,342
-
-
-
59,887
880
74,093
118,810
44,717
10,404
450,000
-
-
-
7,561
898
29,244
37,240
7,996
17,288
770
-
-
-
60,906
3,300
-
-
-
(1,402)
20,000
-
-
-
13,907
977
-
-
-
2,720
4,000
-
-
-
2,642
8,700
13,397
15,000
1,603
17,061
888,201		 Cost
£
137,718
97,176
79,792
139,322
-
133,941
9,337
230,746
-
116,590
193,602
170,452
-
196,047
60,038
56,209
55,997
156,303
-
-
76,293
332,126
228,171
141,181
-
-
180,614
302,531
-
297,646
-
259,987
661,240
356,168
144,496
110,308
64,338
219,808
137,837
88,524
68,522
115,036
577,507		 Market value
£
138,670
111,565
87,103
133,241
-
148,500
10,419
215,488
-
177,450
760,584
159,403
-
182,559
60,203
58,682
87,157
158,219
-
-
159,412
362,675
265,720
131,658
-
-
273,042
275,310
-
351,084
-
216,350
681,186
416,055
241,020
114,999
84,961
295,796
198,586
119,637
59,640
117,678
656,292
7,510,344
77,112
7,587,456		 Unrealised
gain/(loss)
£
952
14,389
7,311
(6,081)
-
14,559
1,082
(15,258)
-
60,860
566,982
(11,049)
-
(13,488)
165
2,473
31,160
1,916
-
-
83,119
30,549
37,549
(9,523)
-
-
92,428
(27,221)
-
53,438
-
(43,637)
19,946
59,887
96,524
4,691
20,623
75,988
60,749
31,113
(8,882)
2,642
78,785
4,986,029 5,989,051
7,072,039
406,107		 2,172,581
2,122,227		 1,966,029
2,269,166
303,137
534,890
3,269,910		 6,195,603 1,314,741
97,935
97,935
6,086,986
7,169,974		 2,172,581 1,966,029
2,269,166
303,137
534,890		 77,112
6,272,715 1,314,741

This page does not form part of the statutory financial statements 17

THE FREEMASONS’ FUND FOR SURGICAL RESEARCH

Appendix 2

H I S T O R Y O F G R A N T S P A I D T O T H E R O Y A L C O L L E G E O F S U R G E O N S O F E N G L A N D

Grants have been made to The Royal College of Surgeons of England as follows:

Year £
1968 12,000
1969 25,500
1970 35,000
1971 30,000
1972 30,300
1973 30,000
1974 30,000
1975 30,000
1976 30,000
1977 59,100
1978 45,060
1979 40,000
1980 45,000
1981 60,000
1982 50,000
1983 55,000
1984 115,000
1985 86,125
1986 72,875
1987 75,000
1988 97,500
1989 95,000
1990 105,000
1991 105,000
1992 110,648
1993 115,000
1994 120,000
1995 136,000
1996 140,000
1997 145,000
1998 147,500
1999 155,000
2000 145,000
2001 140,000
2002 120,000
2003 120,000
2004 126,000
2005 155,700
2006 135,000
2007 145,500
2008 145,500
2009 135,000
2010 135,000
2011 130,000
2012 135,000
2013 135,000
2014 135,000
2015 220,000
2016 220,000
2017 250,000
2018 220,000
2019 220,000
2020 180,000
2021 260,000
2022 260,000
2023 260,000
2024 280,000
6,835,308

This page does not form part of the statutory financial statements

18