THE FREEMASONS, FUND FOR SURGICAL RESEARCH TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 THE FREEMASONS, FUND FOR SURGICAL RESEARCH INDEX. Year ended 31 December 2026 Gene¥al information Trustees, annual report Auditors, report statement of financial actlvities 10 Bdance sheet Notes to the financial statements Appendices (These do notform port of the statutory financial statemènts) InvÈAtmontsummaiy Appendix 1 History of grants paid to the Royal College of Surgeons of England Appendlx 2 THE FREEMASONS, FUND FOR SURGICAL RESEARCH GENERAL INFORMATION Year ended 31 December 2025 Charlty Registration number 252951 Patron HRH The Duke ofKenl KG Trustees Justinian Ash Julian SopeT Jolyon Berry Antony Narula FRCSIEng) Paul Copsey Howard Sabin FRCSIEngl. FRCSIEdl Jonathan Randall Registered offl¢e 22 Chancery Lane London WC2A 1 LS Auditors Dixon Wlson Audit SeTvlces LLP 22 Chan¢Èry Lane London WC2A 1 LS Secretary stephen Flnch Principal address Black Barn Hastings Road Wnchelsea East Sussex TN36 4AD Investment managers and advisers Cazenove Capital Management Limited l London Wall Place London EC2Y SAU Bankers Coutts & Co St Martin's Office 440 Strand London WC2R OQS THE FREEMASONS, FUND FOR SURGICAL RESEARCH TRUSTEES, ANNUAL REPOR T Year endèd 31 Decembar 2025 Thk% report should be read in conjunction wilh the information gwen on page 2. Creatk)n The Fund WdS created in 1967 as a charitable foundation by conth1￿￿On$ from Freemasons of the English Const'￿tiOn to commemorate the 250th Anniversary of the orfglnal Grand Lodge Meeting. Goveming InslNment The governing instrument is a Declar8tion of Trust dated 8 Mgy 1967. Objects publlc benefit The Trustee5 have ¢onsidered the guidance in T￿peCt of public beneffil given by the Charity Commsssion in accordance wilh the requwemenLs of the charl￿e$ Act 2011. The object of the Fund as set QLrt in paragraph S of the Dedaraton of Trust, as amended by resolution ofthe TTUStees dated 20 May 2014. is to hold the Trust Fund and the income thereof upon trust firsly to pay 1herefrom all the proper costs and expenses incurred by the Trustees in administering the Chartty and the propèty Ihereof and sublèet thereto to apply the same (whether by payments from capital or income) furthering, in cpniunction the Royal College of Surgeons of Engl8nd la registered charty no. 212808}, research wi Ihe science of surgery provided that In no a￿oUnting year sho11 the expenditure of the Trustees toward8 Ihe Royal College ¢xceed five per centum of the capital value of the Trust Fund calculated al the end of the aecounting year imFnediately prior to ineurring such expenditure. Trust capital is hel¢S in perpetuity, subjèct only to the deduction of all proper ¢OBts expenses Incurred by the Trustees s170uld these not be covered by income. All 9rants arè made to Ihe Royal College of Suigeons of England in accordance wth the object of the Trust. The reclpient chaTity has confirmed that. in their oplnlon, its aG*vities satisfy the public benèfit test. The TTUStee$ are satisfied that this Is for the public benefit and that there is no detriment or harm that might arise trom carrying out this object. No person or body receives any prThiate beneffit other than a5 a beneficiary. Organisatlonal structure The Secretary has overall control of Ihe general Condu￿ of the Fund's a¢tNthes and is respon8ible for the implementatlon of the policies of the Trustees. TNstees' poli¢les The Truslees. polities are.. {al to invest trusl capitsl in ordertts provSde a totsl rptum to tutther the trust objectThie. {b} to gnie grants to the Royal Collegè of Surgèons of En ￿and. Trustee$ The names of the individuals who served a8 Ttuslees during Ihe period are shovm on page 2. The power to appoint newTruslees is vested in the Grand Master of the United Gr4nd Lodge of England. Ther8 must be at least three and no mote fhan seven TntslÈes. The Trustees have unrestrickd power ol investsnent. The Trustees meet at le48ttr￿ce each year to ¢onsid¢r the Chasityb activitie8 and p&formance. THE FREEMASONS, FUND FOR SURGICAL RESEARCH TRUSTEES, ANNUAL REPOR T Year ended 31 December 2026 ResÈNes In line wlth Ihe guidance Issuèd by the Chaiity Commission, the Trustees have reVI￿d the need fr)r reserves. The Trustees seek to apply all income in pursuance of the stated objects of the Fund as soon as is reasonabty prudent. The present intention ofthe Twustees is to make annual grants to the Royal College of Surgeons of England SL5ffieient lo contribute to the support of four research fellowships. The Trustees and the College seek to fund 8 consistent nuwnber of research fellowships, year on yeai, and, to achieve this objective, the Trustees Fnay have to resort to capital, the permitted limit. The extent to which capital has been expended over the years is refte¢led in the figures of net cuThent assets as set out in note 13 on pago 15. The Tru3lees monitor the level of reserves iegularty. connect￿ ehaiities Therè ara no connected chartties, Investment policy It is the policy of the Tyustees to invest wdely and to be diversifièd by asset cla85, by fund managèr and by security. A55et dasses can Include cash. bonds, Equkbes, property, hèdge funds, stru¢tUTed products, private e￿ty, commodities and any other asset Class that is deemed suttable for the Fund. From Seplember 2023 and cUrren￿Y the benchmatk ranges for asset allo¢alion are Global EquÉknes 55-80¢/0, ffixed interest 5-250kn, altemalive investrnents 5.250h. and cash 0-10%. Investment In prfvate equity assets 18 limited to 10% of the portfolio value. The investment polioy Is to maintain the real value of the Fund after grants and expenses whilst targeting a sustainable return of CPl+4.OQ/.. The aim of Ihe Trustees is to obtain an annual total r¢tum from investrnents sufficient to allow the dk8bursement of a grant to the College to support four FellowShV￿ on a sustainable basis. The Trustees seek to produce the best possible financial Telum in order to aehi•ve the ￿eatest amtyjnt of money available for the furtherance of medical research. ￿lL5t investing in a manner ¢onsistent wth the Fund's alms and avoiding investing In businesses may reasonably be regarded as undertaking activitie8 thlch are injurious to indivlduals or soctety kn general. The Trustee5 have resolved to invèst in ESG fvnds wth a weighting of &10%, providng they meet all other irbvestment criteria. It is recognised that it is unrealistic to have zero tolerance to holdings in securities due to the way some investments are held fhin funds and betauÈè businesses are Te¢lasstfied from time to time. As Shown in the followng table. some loleTance of restricted businesses shall be permitted, however there shall be no alrecl investment in certain businesses, as specified: Direct investment Totsl èxposure overall Tobacco Gamblin Pomo ra Predato Lendin Fossil Fuels 10 No No Yes 1¥0 The Trust8*s have also resolved to invest In private assets to a Ilmlt•d extent In order to dNerslfy asset da5ses. The TTU8tee$ have appointed Cazenove Capital Management Limited I'cazenove,) as investmènt advisers. Cozenove have discretion to change Ihe investments whhoLtt the specific instructions of the Trustees. Some fvnd8 are placed on depo￿1 with Cazen(Ive, otherwse inveslfflents are lo be held in pooled funds. Cazenove report four times a year to the Trustees on the investment performance of the Fund and the investment pollcy reviewed by Ihe Trustees at least￿Ge a year. THE FREEMASONS, FUND FORSURGICAL RESEARCH TRUSTEES. ANNUAL REPOR T Year ended 31 Decèmber 2025 F￿anCIal review During the year investment income tolalled £159.013 12024 - £191,765). 2025 included a dtsnation of £11,000 (2024 £10,750), received from indivldual donors. AJI donations were treated as addthons lo Ihe 8ndowment {capilal} the aim of increasing the value of annual ￿ants to the Royal Collegè of Surgeons of EnglÈnd. Granis amounting to £320,0￿ (2024 £280,000) were made by the Trustees to the Royal College of Surgeons of England. At the year-¢nd the investments, excluding cash, were valued at £7,944,350 {2024 - £7,510.344). WI investments are held in accordance wtth the Declaration ofTrusL The unrestricted fund show5 a total deficit of £327,89212024 - £291,004?. The Trustee$ have a realistlc expectstion that fvture income wll be received lo cover Ihe deficit. A transfer of £327,892 from the re8￿cted ￿nd will be made to clear thB de)7cil. a8 ststed In note 13 ollhe a¢¢ounls. Cazenove levied Investment manayement charges In the year amounting to £29,T72 {2024- £26.1671 In accordance wth Ihe terms of an Order granted by the Charity Commissioners dated 20 May 2011. the Trusteès have identified the unapplled total return at 310ec¢mb¢r 2012 based on the difference be￿¢¢n the net ￿ndS at that date less the initial eapital of £582.769. Additions tts the unapplied total retum have been calculated for subsequent accounting perfods based on the exeess total return less grants and expen8e8, as set out in note 13 to the financial statements. Am application of the unapplled total return ha8 been made in the year to 31 December 2025, in respect of the shorrfall of income of £291,004 arising for the year endod 31 DeCe￿ber 2024. The TrustéÈs concluded that it wa8 not necessary to obtain advice regarding the use of powÈr conferred on the Tru$tee¥ by tre Order. Financial statements The financial stratements are set out on pag¢$ 10 to 16. They have beèn drawn up in compliance with the relevant provisions of the Charibes Act 2011 and with the D¢¢laration of Trust. Statement of Trnstegs, responsibilities The Trustees are responsible for preparing the Annual Report and the financial statemen15 in aGcordan¢e applicable law and United Kingdom Generally Accepted Accounting Practice. Law applicable to charities in England and Wales requires the TTUStees tD prepare )Inancial statements for each fingncial year whl¢h ￿ve a twè and fair view of the Charity's finan¢ial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair wew. the Trusteeg should follow best practice and= select suitable accounting poll¢les and then apply them Consisten￿Y' obserye the methods and principlés of thè Charities SORP., make judgments and estimates that are reasonable and prudent. state whèther applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare thè financial statements on the going concern ba81$ unless it is in*pproprlate to presume that the Charyty will continue in operation. THE FREEMASONS, FUND FOR SURGICAL RESEARCH TRUSTEES, ANNUAL REPOR T Year endÈd 31 D8cember 2025 The Trustee5 are re8pongible for keeping accounllng records which disclose wlth reasonable accura￿ the financial position of the charity and which enable them to ensure that the financial statements comply wth the regulations made under Ihe Charities Act 2011, the Charity (Accounts and Reports) Regulation9 2008 and the provisions of the trust deed. They are also responsible for ¥af&guarding the assets of the Charity and hen¢e for taking reasonable steps for the prev¢n1ion and deteGtion of fraud and olher irregularitiès. On behalf ofthe Tfustees TINIAN ASH 3 July 2026 THE FREEMA30NS' FUND FOR SURGICAL RESEARCH AUDITORS, REPOR T Year ended 31 D¢rember 2025 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE FREEMASONS, FUND FOR SURGICAL RESEARCH Opinion We have audited the financial ststements of The Freemasons, Fund For Surgical Research (the 'charity') for the year ended 31 December 2025 which comprise the gtalement of financsal activ*￿e$, balance sheet, and notes to the ffnancial statements, inclu¢Jing a Summary of significant acGounting policies. The financial r¢portin9 frafTrewoik that has bèen applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporbng Standard applicable in the UK and Republic of Ireland (United ln the charity's abiltty to continuè as a going concern for a perSod of at l&ast ts¥elve months from when the financial statements are authorised for issuè. Our respon3ibilittes and the responsibilities of the tN$t¢es wth respect to going concern arts d8scribed in the relevant sections ofthis report. Other infon?￿tIon The other information comprises the infoFmatlDn included in the annual report, other than the financial ststements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the fin8neial statements does not cover the other information and we do not exprèss any foThn of assurance conclusion thereon. In connectlon wth our audit of the financial 5taternents, our responsibility 15 to read the other information and, In doing so. consider whèthèr the other information 18 materially Inconsistent ￿1th the finanrial statements or our knowIedge obtained n Ihe audit or otherwse appears to be Material￿ ￿L￿tated. If we identify such material inconsistenues or apparent material misstatements, we are required lo dètermin¢ whether there is o material misstatement in thè financial statements or a material ml$slatement of the Other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. THE FREEMASONS, FUND FOR SURGICAL RESEARCH AUDITORS REPOR T Year ended 31 DeCem￿r 202S Matters on which we are r4uirÈd to report by exception We have nothing to report in respect of the followng matters in relation to vthiGh Ihe Charities (Accounts and Reports) Règulations 2008 require us to report to you if, in our opinion.. the information gThien in the financial statsments is inconsi8tent in any material respectwth the trustees report., or sufficient accoUn￿ng records have not been kept., or the financial statements are not in a9reement wtth the accounting records., or we have not received all the information and explanalons we require for our audit. Re5ponsibilitie$ of Irustees explained more fully in the trustees, responsibilities statèment set out on page 5, Ihe trustees are responsible for the preparation of the financial statements and for being satlsffied Ihat they give a true and fair view, and for such intÈmal control as the trustees delorFnine is necessary lo enable the preparation of ftn8ncial statements that are tree from material misstatement, whethei due to fraud or error. In prepaiing the financial statements, the trustees are re$ponsible for assessing the charty's ability to continue as a going ¢on¢em, disclosing, as applicable, matters related to going concern and using the going ¢oncem basis of #ccounting unless the trustees èlther intend to liquldate the charlty or to cease operations, or have no realistic alternative but to do 80. Auditor'$ responslbllltles for the audit of thè f￿anCIal stalemgnts We have been appointed as auditor under section 144 of the char￿e8 Act 2011 gnd report in accordanc¢ th Ihe Act and relevant regulations made or having effed thereundw. Our objectives are to obtain reasonable assurance aboLrt whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that indudes our opinion. Reasonable assurance 1$ a hith lovel of assurance, but is not a guarantee that an audit conducted in a¢¢or¢Jance wth ISAS (UK) will aknys detect a materiol mis5tatemenl when it exists. Misstatements can arise from fraud or error and are considered mateilal if, individually or In aggregate, they could ieasonably be expeetod to influence the economic decisions of users taken on the basis of these flnancial statements. Irregularities, includlng fraud, are instances of non-compliance with laws and regLFlations. We de8ign procedure5 In line with our responsibilities, oullined above, to detect matertal misststements in respect of lffegularities. indudinu fraud. The extent to which our procedures are Capable of detecting irregularities, including fraud 18 d¢taikd below.. Wè gained an undeislanding of the legal and regulatory hmework applicable to the ¢harity by ctsnsidering, anwngst other things, the sector in which it operates. and considered the risk of acts by the charity that were Gontrary to appli¢able laws and regulations, including fraud. We designed audit proc&dures to respond to the assessed lèvèl of risk. but recognised that the risk of not detecling a material mis51atÈmÈnt due to fraud is higher than the risk of not det¢¢ting one resulting from error, as fraud may involve delibeTate con¢ealment by, for Èxample, forgery or intentional misrepre8enlallons. or Ihi(sugh collusion. We focused on laws and regulations which could give rise to a malerfal misstatement in the financial statements. including, but not limited to UK Charity Law and UK ffinancial reporting $tand0rds appllcation for UK charttable trusts. Our tests included agreeing the f￿an¢s￿l slatement disdosurès to underlying supporting documentstion, enquiries ￿ tnanagement and enquiries of the investment advisors. As in all our audits, we also addressèd the risk of management override of inteinfjl controls, including testing journals and evaluating whether ther8 was evidence of bias by management that represented a rlsk of material misstatemènt due to fraud. THE FREEMASONS, FUND FOR SURGICAL RESEARCH AUDITORS REPOR T Year endÈd 31 December 2025 The¥¢ are inhÈrÈnt limitations ir7 the audit Plocodures de$cribed above and, the fvtther removed non- complian¢e laws and regulalions is from the events and Iransa¢tions reflected in the financial stslements, the less likety we would become aware of il. We did not Sdentify any key audit matters relating to irregularities, including fraud. A ￿rthèr descripti(Trn of our respon8lblities for thè audit of the financial stotements is located on the Flnan¢ial Reporting Gouncil's websits at.. YrtM.frc.OTg.ukJauditorsre8ponsibilities. Thi8 description fornys part of our auditor's report. Use of our r•port This report is made solety to the chaity's trustèes, as a body, in accordance with regulalons made under section 154 of the Charities Act 2011. Our audit work has been undertaken so Ihat we mlght state to the harity's trustèes those matters we are required to stale to them in an auditor's report and for no other purpose. To the fvllest extent permitted by law, we do not arcept or assume respon8lbllity lo anyone other than the Charity and the Charity's trustees as a body, for our audit work. for th15 report, or for thè opinions we have formed. Aa,Èfv5 aLP Dixon Wlson Audit Services LLP, Statutory Auditor 22 Chancery Lane London INC2A 1 LS 19 JLJIY 2026 Dixon Wlson Audit SeNices LLP is eligible to act as an auditor in terms of section 1212 ofthe Companies Act 2006. THE FREEMASONS, FUND FOR SURGICAL RESEARCH ST A TEMENT OF FINANCIAL ACTIVITIES Year ended 31 t)ecember 2026 Unrèstrictèd Fund$ Endowment Funds 2025 Unrestricted Endowment Total Funds Funds 2024 Totsl Note Income and expenditure Income and endowments from: Donations and legacAes Investrnents 11,000 159.013 11,000 159,013 10,750 191, 765 202.515 10.750 191,785 202.515 Total 170.013 170,013 Expenditure on". Raising fvt)ds Charitablè a¢tfvities 29,897 29,897 327,892 357,789 25,846 25,845 291,004 316.849 327,892 327,892 2gi,004 291,004 Tolal resour¢es expended Net loutgoingllincoming resources before other recognised gains and Io55es Other recognised gains: Net investment gain in year Net movement in funds for the year Transfer between fvnds Total {defficltlllunds brought forward Total (deficttllfvnds ¢arried forward (page 11) 29,897 25,845 (327,892} 140,116 {187,7761 (291,004) 176,670 (114,334) 701,121 841,237 1291,0041 7,760,338 8,310.571 701,121 513,345 534, 899 711,560 (267,527) 7,316,305 534,890 420.556 {327.8921 291,004 1291,0041 1327,8921 {291,Q04) 267,527 (267,527) [293,(304) 13 7.469,334 7,982,679 7,048,778 7,469,334 7, 760,338 PJI amoLmts are in respect of continuing operations. 10 THE FREEMASONS, FUND FOR SURGICAL RESEARCH ALANCE SHEET At 31 December 2025 Note 2025 2024 Fixed assets Investments at market value 8,140,274 7,587,456 Current assets Debtors Cash 10 9,786 167,770 177,556 13,285 32,453 45. 738 Creditorn: amounts falling due wllhln one year Net current liabilities {335,1 $1) {154.364) 7,982,679 [163,860) (118, 122) 7,489.334 Total net assets 13 Represented by.. Capital funds- Endowwnent Ir7come fvnd$- Unrestricted 13 8,310,571 1327,892) 7,982.679 7, 760.338 (291,(104) 7.469,334 The Inancial 8talernents on pag8s 10 to 16 were approved by the Trustees on 3 July 2026. STINIAN ASH stèè THE FREEMASONS, FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 Dècember 2025 General infomiation The Charity is an unincorporated trust. The principal address of the Charty is Black Barn, Hastings Road. Wnchelsea, East Sussex, TN36 4AD. A¢counting pglicie$ Basis of accounting The fjnancial slatements have been prepared in accordance with Accounting and Reporting by Chafitie8'. Statement of Recommended Prath"ce applicable to chaiities preparing their accounts in accordance with the Financial Reporting Standard applieable in the UK and Republic of Ireland (FRS 1021 leffective October 20191- (Charities SORP IFRS 1021). The Freemasons, Fund for Surgical Research meets the definition of a public benefft enbty under FRS 102. Preparation of the accounts on 4 Yts￿g concern basis The Trustees consider that there are no matèrial uncertainties about the Charity's abilty to continue as a going concem. These financial statements have been prepared under the historical cost convention modified to include the revaluation of investments. The finaneial ststements are presented in Sterting whi¢h is the fijnctional currèncy of the charity and rounded to the nearest£. Income recognition AJI income 15 re¢ognised once the Charrty has entitlement to the income, it is probable that the income will be received, and the amount of income recevable can be mea5uied reliably. Donations are re¢ognised once the Charty has entitiement to the donations, f( is certain that the (kjnations 11 be receive(I, and the monetary value ofthe donations can be measured 8uffi¢ient reliabilty. Interest on ￿lld$ held on deposit is included Ythen recewable and the amount can be measured reliably by the Charty., this is normally upon notifica*'on of the interest paid or payable by the bank. Dividends are recognised once the dwidend ha$ been declared and notificabon has been received ofthe dividend due. Expendlture Ygcognition Liabilities are recognised as expenditure as Soon as there is a legal or Constructive obligation cgmmitting the Charty to Ihat expendituie, it is probable that setliernent ¥MII 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. Al expenditure is accounted for on an accruals basis. Inv•strnents Investments are a form of basic financial instrument and are initsalty recognised at their transaction value and subsequenuy measured at their fair val*Je as at the balanee sheet date using Ihe cltssing quoted market price. The statement of finanaal activities includes the net gains and losses arising on revaluation and disposals 1hroughout the year. Cash balances held as part of a fixed asset investment portfolio are presented a5 part of fixed assets. (Continued) 12 THE FREEMASONS, FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Y•ar ended 31 Decernber 2025 Accounting policies {¢ontinuedl Realised gains and losses AJI gains and losses afe taken to the Statement of Financial Actwib'es as they arise. Realised gains and losses on investsnents are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subse(went to the ffir31 day of the ffinancial year. Unrealised gains and losses are calculated a5 the diffeience be￿een the fair value at the year*nd and their carrying value. Realised and unreali5ed investment gains 8nd losses a¥e COIT￿ined in the Statement of Financial Activities. Financial instNments Financial instruments are classified and a¢counted 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 aftei deducting all of its liabilkn'es. Staff number5 The average number of persons employed by the chartty during the year was O12024- 0). Donations from Lodges & Chapters 2025 2024 Australia Chapter C605 British Lodge L8 Gloucestèrshire Installed Masters Lodge No. 7900 Hogarth Lodge No. 3396 Lodge of Peace & Harmony Lodge No. 60 Macaulay Lodge No. 5010 Rectitude Secundus Lodge No. 6778 Westminster and Keyslone Lodge No. 10 Donations from individuals 5,000 2,000 2,250 420 2,000 1,000 150 8,OQQ 330 11,000 10. 750 Expenditure on raising funds 2025 2024 Investment management charges Lossllprofitl on foreign exchange movements 29,772 125 26,167 {322) 25,845 29,897 THE FREEMASONS, FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 Decernber 2025 Expenditure on ¢haritabte activities Nole 2025 2024 Grants to Royal College of Surgeons of England 320,000 280, 000 Govemance costs: Accountancy and audit Bank charges LEI provider fee 7,410 482 10,455 60 327,892 291,004 Total r¢souYces •xp•nded has been Staled after ¢harying 2025 2024 Accountancy Audit 3,042 4,368 4,623 5, 832 10,455 7,410 Trusta•s Trustees are not remunerated, and no expense5 have been rwmbursed. Inveslments 2025 2024 Quoted investments.. Carrying value (fair value) al beginning of year Les5.' proceeds of di8posal$ Add-. cost of addrbons 7.510,344 {1.692,5381 1,425,423 701,121 7,072,039 (2,269, 766) 2, 172,581 Net gainlllossl for the year Carrying value (fair value) at end of year Cash 534, 890 7,510,344 77.112 7,944,350 195,924 Total fixed asset investments 8,140,274 7.587.456 Quoted investments at cost 6,463,080 6, 195.203 10. Debtors 2025 2024 A¢¢wed income 9,786 13,285 14 THE FREEMASONS, FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Yèar énd￿ 31 December 2026 11. Creditors: amounts falling due within one year 2025 2024 Grants payable Acciuals 320,000 15,151 150, 000 13,860 163, 860 335,151 12. Financial assets and liabilities The followng are ffinancial assets that qualify as basie financial instruments and are inttsally recognised at 1heir transaction value and subsequently measured at their fair value through income and expenditure.. 2025 2024 Financial assets Investmerrts exduding Cash 7.944,350 7,510,344 13. Analysis of nèt assets between funds Net urrent assetsl Iliabilitièsl Fixed assets Total Unapplied total return Capital fvnds -Endowment Total Endowment funds 4,996,500 3,143,774 8,140,274 170,297 5,166,797 3,143,774 8,310.571 1327,892) 7,982,679 170,297 1327,8921 1157,5951 Unrestricted funds Total at 31 December 2025 8,140,274 At 31 December 2012, Ihe Trustees identified that the Trust had lunds of £2,742,349 representing unapplied total return, calculated as the total net assets of £3,325.118 at that dale. les5 the initial capital 01 £582,769. &nce that dale, Ihe lollowt)g movements have taken ptace.. 2025 2024 At 1 January Investment return.. dividends and interest Investment return.. realised and unrealised gainslllossesl Investment management fees located to trust for application {page 101 4,627,564 159,013 701,121 {29,897) 1291,0041 5,166,797 4, 194,281 191, 765 534, 890 (25, 845) (267.527) 4,627,564 At 31 December After the year-end the Trustees resolved to make a Iransfer of £327,892 from Endowment fvnds lo Unrestricted knnds as permitted under the constitution ofthe Fund. THE FREEMASONS, FUND FOR SURGICAL RESEARCH NOTES TO THE FINANCIAL ST A TEMENTS Yearendad 31 Decomb•r 2025 14. Capital fund5- Endowment Endowment funds which at 31 December 2025 amounted to £8,310,571 afise from contribu1ions recewed as follows 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 yeaf ended 31 December 2018 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 Decembei 2021 £4,935 During the year ended 31 December 2022 £14,225 DLtring the year ended 31 December 2023 £6,600 During the year ended 31 Decembei 2024 £10,750 During the year ended 31 December 2025 £11,000 £582,769 £2,424,900 £35,000 £22,000 £27.733 In light of the capital contribution from the Supreme Grand Chapler in May 2014 and the value of the Fund immediately priof 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 effert from 1 January 2015. Of the five Fellowships fijnded in the year ended 31 December 2025, three were attributed to the United Grand Lodge of England. The position sinee 1 January 2015 is as follows.. Year Proportion United Grand Lodge Supr¢me Grand Chapter Total 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 15. Related party transactions There have been no related party transactions in the year. 16 F*WS¢N¥ FWIDFOR$URiYtt4LRESWtH l N V E 8 T M E li r 8 U kl PA A B Y Pts1J it)1 AB￿v1.1￿t￿amC 114AL 14.315r 75 18*0 97.787 97.176 111. 9T.116 15.470 I7￿1 t1.45D iO.UDD 7JX6 24.)32 CC*We th¥*sEwty rÈt*WJMCh*MyF4AyV￿m* 45. 40JAQ 131.941 23D.7 170.452 I&6.￿ SX88b 11S,4 1$9.4Q3 144. 374#3 18 100.829 2.flD 241 t4 176.all 1IItsOD 1ao.T(Yk 210￿8 212 107.3 ¢ 1 5%31.0710&3 FRf4 WGII @4 12W29.DI21 UQGII Q425%7.8Jg FRN WGal @0.125% E&yÈL o.c B5B 391 I*D4F IW.7¥ Q.72J J.915 50C IIB.5 ITI. 36.8BS 9&10D 41 21112 7A.1$0 77.727 *J2 J66.1 1t6b3B 7ty.671 S(B73 2FI,8FB 22DI 17.0 155.303 15&J9 42.131 11SJ 6Y,$71 5U,78B 14. 11 I,xJ 134.6lY 134.14) 220.171 JYZ.116 a.171 .126 78.Z¥J 36*7 675 IA412 131.GSB 9.1fll 1fyL524 6&.81 15.>3D SX4 3Q351 tk.yn 73.1 &628 122.43B iJS.3 221 4.2YY 2.262 IQ784 56.1th1 24Nb5Rcl Crcth F lQ.312 laO.614 J02>31 27S042 27&J1D 216.3$ 351.W 2.2 3D2.&71 YJ.*9 hr(tht&SFAI A%Ws hr(thrC 51 2Y2.5 J*.691 297A6 24 .1 144.4SI ?.159 SJ 1.2 291,646 113. sP￿lS￿Pa￿ElF.>l$ USD 47d. 241.02D 606.1B 4$ 99,475 1144.W> I*CB)D 5F.J43 Vanwxd VanwKdS+P 11thsoa 219.BUa 64.J 114.989 J72eO 24.312 2.523 a3OD 21B.ae 1W.31 237 19. 137m7 20( gIT 1$1 1M¥3J 4125$ 1JJJ 524 ,57Z 5>.fAO 16.SlQ 7&01¢ PDD ,18P SFI.5D7 2&725 3.n2 rdl.434 128.2Q2 &181￿3 7.910341 24&671 1.42&423 1.15T.545 Jty9.394 Id(*th 77.112 6272715 7£47.4% l4>.4¥S ¥S4592 a140274 THE FREEMASONS, FUND FOR SURGICAL RESEARCH ￿p￿IK? HISTOR Y OF GRANTS PAID TO THE ROY AL COLLEGE OF SURGEONS OF ENGLAND Grants have been madeto The Royal Colkge of Surgeons of England as follows.. Year Year 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Continued above 12,000 25,500 35,000 30,000 30,300 30.000 30,000 30,000 30,000 59,100 45,060 40,000 45,000 60.000 so,000 55,000 115,000 86,125 72,875 75.000 97,500 95,000 105,000 105,000 110,648 115,000 120,000 136,000 140,000 145,000 147.500 155,000 145,000 140.000 120,000 120,000 126,000 155,700 135,000 145,500 145,500 135.000 135,000 130,000 135.000 135,000 135,000 220,000 220.000 250,000 220,000 Continued from below 2019 2020 2021 2022 2023 2024 2025 220,000 180.000 260,OQO 260,000 260,CtOO 280,CIOO 320,CtOO 7 155 308 Thi$ pag& do¢$ notform p8rt of the stabjtory financid statements 18