Charfty reglstratlon number 1092772 Company registration number 04427304 (England and Wales) FACING THE WORLD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FACING THE WORLD LEGALAND ADMINISTRATIVE INFORMATION Trustees Katrin Kandel Burkersmith Simon Fennell (Chairman) Peter Schell Charles Schrager Nonna Timon8y Michael Chan Christopher Forrest Anil Patel Richard Porter Peter Clarke Charfty number 1092772 Company number 04427304 Principal address Suite 5. Bank Chambers 567 Fulham Road London SV$16 1ES Registered office Suite 5, Bank Chamb8rs 567 Fulham Road London SW61ES Auditor Georgiades Charalambou & Co LLP 283 Green Lanes Palmers Green London N134XS Bankers CAF Bank Limited 25 Kings Hill Avenue "ngs Hin Vvest Malling Kent ME19 4JQ Barclays Bank UK PIG 1 Churchill Pla London E14 5HP Metro Bank PIC One Southamplon Row London WC1B SHA Solicitors Bates Vvell & Braithwaite Cheapside House 137 Cheapside London EC2V 6BB FACING THE WORLD CONTENTS Pago Trustees, report Independent auditovs report 11-14 Statement of financial activities 15 Balance sheet 16 ststement of cash flows 17 Notes to the finanaal statements 18-30 FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and finandaj ststements of the charity (othe￿ISe referred to as the foundation) for the year ended 31 December 2023. The ￿nanCIal ststements have been prepared in awdance with the accounting policies set out in note 1 to the financial statements and comply wilh the foundation's Memorandum and Articles. the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicab18 to dlarities p￿paring their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. (as amended for accounting periods commenang from 1 January 2016). Objectrrfes and actlvlti88 Purposes and alms: The foundation's purposes as set out in the objects contsined in the foundation's Memorandum of Associalion the protection and preservation of health and the relief of suffering, sickness, injury and distress, in particular of children with facial defonnities; arKI the advancemenl of education and training. in particular conceming the treatment of facial deformities. The aims of the foundation are to build ￿paCity for craniofacial treatment and care in countries where access Io healthcare is limited. In parttcular they are to build appropriate treatrnent for those people from the developing world who suffer from farial deformities, through the training and educating of local medical teams in designated global ￿ntreS of eX￿llence. Finally, they are to enable the establishment of appropriate centres capable of providing treatment and creating a sustainable solution. How th8 Foundatlon achleves Its objectives: Facing the World's medical training program in V181nam has a very straightforward strategy and an associated set of milestones. As vith all training programs, the business model and 5tralegy are clear. By approaching the local Plastic and Craniofacial Surgery departments holistically, the foundation aims to make an even more sustainable, measurable. and replicable change. The key to success is the development cl an effective wider multidisciplinary team within specffic units. incorporating for example oculoplastic surg80ns, ENT head & neck surgeons. neurosurgeons, plastic surgeons. orthodontist maxillofacial surgeons and anaesthetists. As the focus is not only on in-hosptsl training, but also on netWO￿ng, intemational Conferen￿ exposure and the dev81oprnent of local educational resources. the foundation will benefit a greater number of doctors and, most importantly, many more patients. The business model continues to be replicable and the foundation is confident that it can continue to build on the successful collaboration it saw in Da Nang and is seeing in Hanoi. The foundation achieves Its objective through the folk)wing aclivities: Supplying Facing the World teams, vtho all donate their services to provide surgical treatment for patients with faci81 d8formitses. The abilty of Facing the World to achieve its objecttves depends on the dedication and commitment of a group of highly skilled medical volunteers. The medical treatments provided by Faring the World are complex, and there are a lirnited number of experts worldwide capable of providing such treatments to the required high standard of care. Initiating formal bi-lateral training programs in order to build the skills of medical teams and anclllary professionals abroad. Actively seeking to train surgical teams abroad to 'upskill° already competent medics in the latest techniques and s￿115 in order to broaden their caseload. Sourcing and donating required medical technology lo enable complex craniofacial surgeries to be carried out by the medical teams abroad. Providing Fellowships and telemedicine capabilities to discuss patient treatment plans with accompanying techniques, thereby achieving contnuous ongoing education. Collaborating with partsier doctors who write and present papers M rare cases in order to improve th& understanding and treatment of thes8 debilitating conditions. Estsblishing (rdniofaaal units in VietnanL initially. FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ensuring the Foundatlon's work achieves tts aims: The foundation reviews its aims, objectives and activities each year. The review considers the Suc￿sS of each key activity and the benefits they have brought to the intended benefiaaries of the foundation's activities. The review also helps the foundation to ensure that its activities remain focused on the achievement of its stated purposes. In reviewng its aims and obiectives, and in planning its future activities, the foundation operates in accordance with the UK Charrties Commission's general guidance on public benefit_ In particular. as part of the review, the trustees consider how future planned activities viill contribute to the foundation's aims and objective5. The focus of the Foundation￿ work: Facing the World's goal is to develop in-country units of expertise where patients from developing countries who have craniofacial defects can receive appropriate treatment. The foundation has a network of international surgeons who are world leaders in their field. The focus of the foundation's work during the 2023 financial year was to increase the availability of irFcountry surgical treatment for those suffering with facial deformities through the continued expansion of the foundation's training program for medics. Public Benefit The Charities Commission in its Charities and Public Benefft Guidan￿ requires that two key principles be mel to show that an organisation's aims are for ihe public benefit. First, there must be an idents"fiable benefit. Second, the benefit must be to the public or a section of the putlic. How the Foundation delivers public benefit: All of the activities of Facing the World focus on increasing the availability of treatment for patients who suffer from facial defomiities and are undertaken to further the foundation's charitable purposes for the public benefit. Who benefit8d from the services of Faclng the World? Facing the World was established to help patients who are bom %*ith or develop severe and often life-threatening facAal deformities through surgical intervention where required. The foundation wants more patients worldwide to have access to vital craniofacial surgery, and this can be achieved by training medics and ancillary professionals in the multidisciplinary approath required for successfijl development of craniofaci81 units. The foajs has moved exclusively to Vietnam with the aim of creating a replicable approach which. in the longer term. can be transferred to other countries and in time. other medical specialities. The trustees confimi that in setting the foundation's obiectsves and in planning rts actTVities they have had due regard to the Commission's guidance on public benefit. and that they will continue to ensure that each year they consider how the foundation continues to meel the public benefit objectives outlined in section 4 of the Charities Act 2006. The trustees are satisfied that the foundation meets wth the requirements and conform5 With the Act's definition of a foundation, meeting all the key elements of the key principles. FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perforniance During the year under review the foUndat￿n met its objectives as follows: The misslons to Vietnam and fellowships to the UK continued throUgh￿t the year. 1. TREATMENT. Over ten thousand patients vRre treated by our partner hospitals and doctors in Vietnam during 2023. as the complex caseload continues to grow in our ifjetnam Centres. 2. TEACHING". Teaching throughout 2023 has continued as the fellowship programm8 restarted in the UK and 32 fellowships have been hosted. 3. ACCREDITATION: The Royal College of Surgeons of England awarded our third partner hospital, Hong Ngoc General, wth Intemational Accreditation as w811 as carried out site visits to previous recipients Viet-Duc University Hospital and 108 Military Central Hospital. 4. TECHNOLOGY: The foundation has ccmtinued to donate the upkeep of game-changing technologies to partner hospitals in the current year. Missions, lectures and other activity in Wietnam The foundation believes that in order to create a sustainable long-lemi solution to medical needs its resources ar8 better used focusing on the training of dodors through medical missions and on offering the yO￿g doctors Fellowships to top intemational institutions. Consequenty. as of 2016. the foundation fomially took the decision to no longer treat patients in the UK. This is achieved not only via lectures and training, but also through treating patients jointly wilh Vietnamese surgeons during missions to build on knowledge sharing supplementing the approaches seen or7 the felk)wships provided by the foundation. Missions vary in size from the larger multi discipline approach to smaller missions where the focus is on one specialty. Mission sEe and topics are detem)ined jointly with the lead b8ing taken by the Vietnamese unli heads. The overall am and approach remain the same.. upscaling the domestic teams and units During missions. patients are joinlly ass8ssed in planning clinics to establish whether surgery is their most effective option and, if so, how urgenlly it is required. The clinicians also have the opportunty to assess what skills are needed and who should fom the team for the required surgical procedures. As doctors from other hospitals throughout Vietnam are invited to observe, the foundalion's reach is expanded. Mission activities also indude daily conferences on relevant topics. Imiitations are sent out to the 100-strong network of Vietnamese pariner hospitals. This coordinated approach continues to be one of the key element5 for Ihe establishment of effectlV8 cr8niofa¢ial surgery. In 2023, the following two missions were held in Hartoi: 1. Multidisciplinary Mission. 19th April- 2nd May 2023 2. Craniofacial Trauma Missim, 15th November- 1 st December 2023 Cllnlc Acdvlty Mission clinics were held at our partner hospitals throughout 2023 Exampl88 of theatre activlty: Debulking of neurofibroma Ear reconstruction Excision of vascular malfomiation headlned( Fixation of facial fracture Plexiform neurofibroma left face Bilateral frdcial cleft Lymphatic malfomiation submandibular region FACING THE WORLD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Debulking of vascular malformation - face Cleft rhinoplasty Serial excision of facial CMN Bums cor7tracture release Lower limb reconstruction Insertion of tissue expander headlneck Fixation of facial fracture Ongoing assessments are continuousty being carried out in order lo establish the range of surgiTrl specialities required for further multidisciplinary craniofacial teams.. the types of missions needed to support development as well as the type of critical technology required to enhance capabililies and efficiency at partner hospitals. The foundation further strengthened its network in Vietnam by continuing y￿rkIng relationships with both the UK Embassy in Hanoi, and the Vietnamese Embassy in London. successfully extending PACCOM registffttion, and by Continuing to be both strategically and financially supported by the foundation's Vietnamese patron Nguyen Ngoc Vinh MD, CEO and CtrFounder of Hong Ngoc General Hospital. The foundation also renewed its MOU wth VAVA until 2025. The foundation has successfully continued to intensify its collaboration ￿1th all rts existing partner hospitals in Vietnam in the further training of their Plastic and Cranrofacial Surgery Departments. with Ihe ultrnate goal of establishing multiple craniofacial centers in Vietnam. Fellowship Program This program funds Vietnamese medics and management from the partner hospitals in Vielnam to part￿1pate in tailor-made fellowships, hosted in the UK, Canada, Australia and the US, where they observe a range of complex cranicfacial case5 treated within the UK I US I Canadian IAustralian system using a multidisciplinary approach. The original intention was to bring four doctors a year to the UK. The success of the program and the demand from the doctors in Vietnam has been so significant that the fellowship program VRS ac￿lerated and reached 41 doctors in 2019, a ten-fold increase. The fellowship program was paused during the Covid pandemic and was reinstated during 2022. Throughout 2023 the foundation hosted 32 fellowships and has already begun planning for the first half of 2024. The program is key to the overall success. The fellowships build on the teaching and training of the missions and vice versa_ The fellowship program is the ideal vehicle for the foundation lo easily establish relationships with more hospitals in Vietnam and as more hospitsls in the UK and internationally. Telemedi¢lne Partnering with a telemedicine platform is critical to a scalable and replicable approach. It enables the development of both an outreach program in Vietnam. and a twTrway mentoring educational system with international partners. FTW has been able to donate telemedicine capability to all of its partner hospitals in IAetnam through the World Telehealth Inttiative platform. This connectivity allows foreign experts to continue advising and teaching on a regular basis without physically being in the country. In the short term Ihe foundation has enabled a link with one of its foreign partner centers. thereby. once again, extending the teaching possibilits-es. In the medium te￿n this will be rolled out in a few strategic clinics aGross Vietnam, thereby facilitating an outreach program to bring expertise and screening to remote areas without the large capital expenditure otheNise required. The foundation also wor*s with its Metnamese partners to identify other game- changing technology needs, which are then Met thr￿gh donations. Facing the World's Approach to Sustsinable Development The United Nations Sustainable Development Goals are a set of 17 interlinked cbjectives designed to be "blueprinl to achieve a better and more sustainable fLrture for all" We believe the work of Facing the World can play a role in achieving these goals through fostering direct benefit tovRrds Good Health and Well-Bging (Goal 3), Quality Education (Goal 4) and Reduced Inequalities (Goal IOJ as well as rna￿ng indirect contributions to a number of the other targets. FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial revlew The results for the period are set out on Page 15 During the year under review. the foundation generated total revenues of £574.753 (2022: £441.081). Of this amount, £484,753 (2022: £311,081) related to general fund income. The foundation received r8stricted revenues totaling £90,000 in 2023 (2022: £130.000). Total revenues indude donations in kind (including significant commercial discounts) valued at £312,128 {2022: £172.391) for flights and accommodation for surgeons and for equipment provided for the Vietnam Programme. The increase in revenue compared to the pre￿ouS accounting period was £133.872 and this was mainly due to additional donated travel costs, for both the greater number of visiting fellows and Missions held in the year. For the year under review, general fund expenditure (exduding in kind donations and signfficant commercial discounts) was again kept under control. Monies spent on charitable activities totalled £535,225 (2022: £351.1241, equivalent to approximately 910/0 of total expenditure. For the year under remew, the general fvnds show an eX￿sS of éxpenditure over income totalling £14,948 (2022: excess expenditure £34,316>. As at the yearend date the foundation held £386,688 in general funds. For the year under review. the restricted funds show a surplus of income over expenrfiture totalling £1,664 (2022: surplus income £83,505)and this was simply due to timing dIfferen￿S in t8rn1s of receiving funds and delivering equipment and training for fellowship programs. As at the year-end date the foundation held £118,054 in restricted fijnds and it expects much of this will be spent in the ensuing year. The foundation continues ts policy to retain and designate part of its general funds as agreed by the trustees (see below). Reserves policy The truste8s continue to adopt a reserves policy based on an assessment of the risks fa￿d by the foundation and have directed £175,000 of general res8rves lo a designated working capital fund so that unrestricted funds not committed or invested in tangible fixed assets held by the foundation are sufficient to sustain the foundation's estimated basic costs for a p￿70d of up to six months. This policy is regularly reviewed. The trustees are also sats'sfied that the designated fund currently holds sufficient resources in respect of the current reserve policy. Principal fundlng sources The principal funding sources of Facing the World have traditionally been individual donors, charitable trusts, large multinational corporations, financial organisations, and the foundation's patron and lon*temi sponsor Dr Nguyen Ngoc Vinh MD, CEO and C￿FOunder of Hong Ngoc General Hosp1￿1. During the 2023 financial year, these donors have continued to contribute a significant portion of the foundation's funding. The remaining donations were received from the foundatM)n's many other generou5 SUPPOrters. Inv88tment pollcy Given the nature of the foundation's v￿rk, funds need to be readily accessible to cover emergency medical treatment. Therefore, most of the foundation'5 funds are kept in highly liquid instruments, prin￿palty bank accounts. The foundats'on recognises that it needs to cx)nsider a larger range of amemative liquid investment options and therefore plans a review of tts investment policy eady in the next financial year. FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Rlsk pollcy The board of trustees regularly reviews the risks to which the foundation is exposed and has eSta￿[Shed monitoring procadures to understand and miligate those risks. The foundation has a risk reglstry readily available and regularly reviewed. The principal risks derive from. but are r￿t limited to. the nature of work undertak8n by the foundation in pursuit of its objectives. For example, Facing the World conducts high risk surgery. Mfith each pats.enl that it treats there is the potential for complications to emerge during treatment which can cause anticipated costs to increase rapidly In ￿der to mitigate this risk, palients legal guardians give their ft)rmal consent that they will not hold FaC￿g the World liable should there be any complications arising from surgery and the medical team all have Iheir own personal liability insurance. Furthem)ore, all patients treated are patients of the Vielnam8se hospitals and doctors. They do not become patients of Facing the World. In addition. given the highly specialised nature of the procedures undertaken by Faang th8 Worfd, there are very few medical professionals who are sufficAently qualified to undertake this VK•rk. Should its existing volunteers no longer be able to provide medical treatment without charge, the foundation would face a major obstacle in delivering its charitable objectives. To manage this risk, the foundation is actively trying to recruit addÈtional qualified medical volunteers and intemational medrcal Units to expand the capaaty of the team. Fundraising practlces The foundation has been a member of the Fundraising Standards Board since October 2013 up unlil the FSB'S merger with the Institute of Fundraising and the creation of the Fundraising Regulator in 2016 al which point Facing the World became a registered member of the Fundraising Regulator. Regulatlon Facing th@ World adheres to the Institute of Fundraising's Code of Practice. standards and the requirements of the Fundraising Regulator. The foundation is registered with the Fundraising Regulator and is committed lo complying with all new regulatory stsndards. The foundation has had fK> Fundraising Regulator adjudications and has had no significant failures to comply with these standard5. Facing the World review Complian￿ through audit. active monitoring of feedback, and taking corrective action vthen required. Standards and monitoring Facing the World is committed to following the highest ethical standards and to ensuring a quality supporter experience. The foundation has detailed policies and protsdures in place that in many cas8s go beyond the minimum requirements for the sector. Performance is regularly monitored through a range of methods (e.g. seed lists. regular Internal audits). Trustee meetings and fundraising discussions ensure that all Facing the World fundraisers, and those who WOTk on the foundalion's behalf, are aware of, and are adhering to, tts high standards. Complalnts In line with the Fundraising Regulator wles, the foundation is required to report any complaints on a calendar year basis. The trustees are pleased to note that there were no complaints received for the year under review. FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Managing communicatlon5 Most people who donate money to the foundation want to know how their money will make a drfference. So, the foundation asks whether they would like to be kept in touch with and updated on the charity's work and how they have helped. From time to time, the ft)undation will ask whetkEr they would like to support the work further - for example, by increasing their donations or by taking part in a particular event. Supporters are polled for their pr8ferences on how the foundation communicates with them. and they ar8 given the option to let the foundats.on know rf they would prefer less contact, or none at all. Facing the V+lorld is always respectful of their wishes and does not se11 or exchange lists of dats wrth other charities or companies for marketing or fundraising purposes. The foundation is fvlly compliant vAlh the re￿nt GDPR regulations and has put in place all the appropriate policies. Protecting the public All Facing the World fundraisers receive detsiled training in how to identify and protect people in vulnerable circumstances. If th8 foundation fundraisers encounter someone sho￿￿ng signs of distr8ss, confusion or vulnerability, they are trained to politely end the ¢onver5ation and refuse any donation offered in such circumstances. In the unlikely event of a donation being taken in such urCumstan￿$, the donation would be refunded. The foundation has never had an occasion vthere this has happened. Plans for the future The foundatlon plans to continue the activtbes ouuined above in the forthcoming years, subject to satisfactory funding arrangements. For the ensuing year, plans have been put in pla￿ and are being further devdoped in order to increase the number of palients who can benefit from its services. with the focus exclusivdy on the Viets)am Program. In particular, the foundation plans to extend training of medical professionals and the development of replicable sustainable in-county plastic and craniofacial units in order to leverage as effectively as possible the skills of medical volunteers. The foundation has broadened and deepened its access to volunteer medical experts. and this now indudes the majority of top designated ￿nterS in the UK. USA and Canada. Programs in these hospitals can provide high quality services and training to Vietnamese doctors through the extensive fellowship program thus enabling treatment ftjr ihe widest range of patients in need. Structure, governance and management Governing document Facing The World is a Charitable Company limited by guarantee. in(yJrporated on 30th April 2002 and register8d as a charity on 3rd July 2002 (Charity number 1092772). Facing the Ivorfd was established under a Memorandum of Association stating the objeds and ￿werS of the Charitabl8 Company and is govemed under its Articles of AssocAation. Th& trustees, who are also the directors for th8 purpose of company law. and who s8rv8d during the year and up to the date of signature of lh& financial ststements were: Kalrin Kandel Burk&Smith Simon Fennell (Chairman) Peter Schell Charles Schrager Nonna Timoney Michael Chan Christopher Forrest Anil Patel Richard Porter Peter Clarke (Appointed 28 September 2023) FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 R8cruttment. appointment and training of trustees Trustees are appointed based on their abilty to apply kno￿edge and skills vlhich are useful for the ongoing success of the foundation. Potential trustees are identified by existing board members. Once suitable candidates have been agreed. they are invited to attend a board meeting as an observer. If they remain interesied in becoming a trustee. the serving board members vote on their nomination. If approved. they are formal ly invited to become a trustee by the chair of the board. Once appointed, new trustees are provided with a brief history of the foundati￿. the foundation's governing documents and minutes of trustees meetings from the previous twelve months. None of the trustees have any beneficial interest in the Charitable Company. All of the trustees are members of the Charitable Company and guarantee to contribute £1 in the event of a winding up. Tern15 for trustees The trustees took advits from the foundation's legal advisors and unanimously ratified 3-year fixed ternis for all trustees with the possibility of reappointment. Members of the existing board have also agreed to staggered terms over the next three years. All new trustees will have terms of three years from their date ofjoining. Organlsatlonal structure The board of trustees is responsible for the foundation as set out In the Articles of Association, with day-to-day administration and management performed by the Offi￿ staff wtth active board of trustees parti￿Pation. The board of trustees meets quarterly to make decisions with regard to the financial, strategic and programmatic operations of the foundation. The foundats'on has continued to operate without an Execulive DirectorlCEO. Instead, the foundation conkn'nues to rely on the signifit2nt efforts provtded by Katrin Kandel (trustee> who undertakes this role on a voluntary and unpaid basis ensuring transparency is maintsined al all times. The board has established two sub-committees to ensure the smooth running of Ihe foundab'on. The first sub- committee (Finan￿ and Audit Committee) is responsib￿ for making financial and strategic recommendaions to the board. The second (Medical Committee) is responsibie for making medical recommendations to the Ixjard. An infomial all-inclusive Medical Committee netsvork biannual meeting has been established to facilitate a forum for exchange of ideas. De￿s1OnS relatir)g to the foundatson's medical activities are founded on consultation between the team of medical volunteers and the board of tru8te&s, taking into account ethics and government legi￿atIon. Financial decisions requiring a commitment of greater than £10,000 require the authorisation of Ihe board of trustees. Issues related to strategic planning and project development are also discussed with the board of trustees at its quarterly meetings. with any decisions implemented by the office staff in conjunction with the board of tnjstees. FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Relationshlps wlth other oryanlsations Facing the World maintains a number of sU￿ess￿l relationships ￿ a range of organisations. These indude many of the major UK, USA, Australian and Canadian hospitals. Fellows vtho are brought over from Vietnam have the opportunty to obseTV8 the appropriate techniques arKI approaches at. for example". Toronto Hospital for Sick Children. Great Omiond Street Hospitsl, Binningham Children's Hospital, Charing Cross H05Pltal, St George's Hospital, Chelsea & Westminster H05Pital. St Marys, Evelina. Northwick Park, Moorfields, Alder Hey Children's Hospitsl. Liverpool. UK., Seattle Children's Hospital, USA and Adelaide Women's and Children, Hospitsl, Australia. Cavendish Imaging is a long-standing supporter of the foundati(￿ and has provided its modelling and implant skills and technology free of charge to secure positive outcomes for many of the Vietnamese patients. The UK Difficult Aitvlays Society (DAS) has beCA)n￿ involved vath the foundation and its efforts to supply training for Vietnamese anaesthetists in the area of Dtfficuli Airways managernent. DAS agreed to sponsor Vietnames8 anaesthetists to attend the Dfficull Airways Conferences. Their board has also used their UK network to offer more training opportunities for the V￿tnaMese doctors. In Vietnam, the foundation works with the state, military and private sectors. These inGlud8 dose relationships with Viet-Duc University HospÉtal, Hong Ngoc Hospital, D8 Nang General Hospital, K Hospital and 108 Military Central Hospitsl as well as wtth their respective ne￿rkS of hospitals throughout Vietnam. These are key partners in the foundation's overseas training program as appropriate centres of surgical excellence are established. Facing the Worfd has dose contacls with a number of olher medical charities arKJ other organisati(ns who are sometimes better placed to provide treatrnent for some of the patient referrals received. These organisations include among others; the NIHI NCI, the Vietnam Red Cross. Siloam Christian Ministries, Children of Vietnam. Children in Crisis, Uganda Hands of Hope and Asociacion Argentina de Neurofibromatosis. Key networking patherships help Faang the Vllorld to provide quality care lo as many of those patients in need. FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of trustees, responsibililies The trustees, who are also the directors of Facing The Wortd for the wrpose of company law, are ￿spOnsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and Uruled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi￿>. Company Law requires the trustees to prepare financial statements for each financial year which give 8 Irue and fair view of the state of affairs of the foundation and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements. the trustees are required to.. select suilable accounting policies and then apply Ihem consistently observe the methods and principles In the Cb,ar1ties SORP. make judgements and estimates that are reasonable and prudent. slate whether applicable UK Accounting Standards have been followed. subject 10 any material departures disclosed and explained in the financial statements. and prepare the financial statements on ltte going conceri basis unless It Is Inapr.rJpriate lo presume that the foundation will continue In operarion The truslees are responsible for keeping adequate acccunling records that disclose with reasonable accuracy at any time the firancial position of the foundat?cn ana ena io ep.sure ltra: the qcial stalemenls comply with the Companies Act 2006 Tney are also resaonsibl> for safegiiarding the assets of I￿.e foundation and hence for taking reasor.able slep5 for the F.revep.tion and delec;iar, of fr3ud ar,d other IrregLlar,'ties The trustees are responsible for the maintenance and Integrity o,, tli_e corporate and financial information included on the foundation's website Legislation In the United K.'ngdom governing the preparation and dissemination of Iinancial statements rnay differ from legislation In other jurisdictions_ Auditor In accordance with the foundation's articles. a resolution proposing that Georgiades CharalaTnbou & Co LLP be reappointed as auditor of the Foundation will be put at a General Meeting Disclosure of informatTon to auditor Each of the trustees has confim)ed that there is no information of which they are aware which is relevant to the audit, but ol which the auditor Is unaware. They have further confirmed that they have taken appropriate steps lo identify such relevant infomiation and to establish that the auditor is aware of such information. The trustees. Report was approved by the Board of Trustees. 41,. IFJew&/ Simon Fennell (Chairman) Trustee Dated.. 20 June 2024 10- FACING THE WORLD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FACING THE WORLD Opinion We have audtted the financial statements of Facing The World {Ihe 'foundation') for the year ended 31 December 2023 which comprise the ststement of financial activities, the balance sheet, the statement of cash flows and the notes to Ihe financial statements, including a summary of significant accounting policies. The f1nancial reporting framework that has been applied ir, their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally A¢￿PIed Accounting Practice} In our opinion, the financial statements." give a true and fair view of the state of the charitatile company's affairs as at 31 December 2023 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended. have been properly prepared in accordance with Unrted Kingdom Generally Accepted Accounting Practi and have been prepared in accordance with the requiremen:s of IP,e cO￿.par,1eS Act 2006. Basis for opinion We conducted our audit In accordance with Interna:":onal Sianda:"ds on Auailing iUKi i ISAS IUKii and applicaole law. Our respon.sibilities under those standards are further described ip the Auditorfs rtysponsibililies for tfrie audit ol the financial stateffierils 5ecTion of vkn." report. bve are indeperder,: of the foL'ndaticn Ip. accordarce with tne ethical requi.'emenls that are rpleb'gr,t la a,'d-. -nts In l*e UK Inclbding *he FP,C s Ethical Sl3nrl ',enJ'rewents We believe tkiat ttr..e audit evidence iNe have obtained Is SaHicienl and approF.r'aie to prov,,de a casis Igr our opinion Conclusions relating to going concern In auditing the financial stslemer,ts. we have copcluded that Ihe trustees use of the going concem basis of accounting in the preparation of the financial statemerit> is aopropr',ate. Based on the work we have performed we *a￿e not ,,dertifie- any material ur.ceft.ainiies relating to events or conditions that, individually or collectively may cast sign..ficar)t doubt on the foundation s ability to continue as going concern for a period of at least twelve months from N'onen +h.e financial statemeits are aulhorised for issue. Our fesponsibililies 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 infornation included in the annual report other than the financial stal&rnents and our auditor's report thereon. The trustees are responsible for the other Informatio￿ contained within the annual report. Our opinion on the financ,'al statements does not cover the otner Information and, except to the exLent otherwise explicitly slated in our report, we do not express any fomi of assurance conclusion thereon Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statetr,ents or Odj knoiwledse obiairied In Ifie ccL.rse of Lr.e auci or othervvise appears to be materially misstated. If we identify such material inconsistencies Of apparent material misstaternents, we are requiied lo determine whether this gives rise to a material rn5SSiatemei:. In tile financial Olatements themselves. If, based on the work we have performed, we conclude that there is a material misstatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work dndertaken in the course Oi our audit". the information given in the trustees, report for the financial year for which the financial statem8nts are prepared, which includes the directors, report prepared for the purposes of company law. is consistent with the financial statements", and the directors. report induded within the trustees, report has been prepared in accordance with applicable legal requirements. 11 FACING THE WORLD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FACING THE WORLD atters on whlch we are required to report by exception In the light of the knowledge and understanding of the foundation and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the followirKJ matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kepl. or returns adequate for our audit have not been re￿iVed from branches not vistted by us", or the financial statements are not in agreement with the aC￿UntIng records and returns., or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit, or ihe trustees were not entitled to prepare the financial ststements in accordan￿ with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities. the trustees. tho are also the directors of the foundaticn for the purpose of company law. are responsible for the preparation of the financtal statemenls and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine 15 necessary to enable the preparation of financial statements Ihat are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the foundation's ability to continue as a going con￿rn. disdosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or Ic> cease operakn'ons, or have no realistic altemative but to do so. 12- FACING THE WORLD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FACING THE WORLD Auditorfs responsibilities for the audit of the financial statsments Our objectives are to obtain reasonable assurance about wheiher Ihe financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditoffs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISAS (UK) W￿11 a￿ayS detect a material misstatement when it exists. Misstatements can arise from fraud or effor and are considered material if, individually or in the aggregate, they could reasonably ￿ expected to influen the economic decisions of users taken on the basis of these financial statement5. Irregularities. includlng fraud. are instances of non•compliance vhth laws and regulations We design procedur8s in line with our responsibiltlies, OLrtlined above, to detect material misstatements in respect of irregularib'es. including fraud. The extent to whith our prO￿dureS are capable of detecting irregularities. inrjuding fraud is detailed below: The extent to whlch the audlt was considered capable of detectlng irregulaiiti88 includlng fraud Our approach to identifylng and assessing the risks of material mbsstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, VRS as follows: the engagement partner ensured that the engagement team collectively had the approprfate cornpeten￿, capabilities and ski1Ss to identify or recognise non-complian￿ wth applicable laws and regulab'ons., we id8ntified the laws and regulations applicable to the foundalion through discussions with trusiees and other management, and from our knowledge and experience of the charity sector, we focused on speafic laws and regulations thich we considered may have a direct m8terial effect on the financial statements or the operations of the foundation, including the Companies Act 2006, Charities Act 2011. taxation legislation and data protection. anti-bribery, employment and health and safety legislation; we assessed the exlent of complianc8 With the laws and regulations identified above through making enquiries of m8nagement and inspecting legal c0ffesp0nden￿,. and identified laws and regulations were communicated within Ihe a￿JIt leam regularly and the team remained alert to instances of non-complian￿ throughout the audil. We assessed the susceptibility of the foundation's financial slatements to material misstatement, including obtaining an understsnding of how fraud might occur. by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the intemal controls in place to mitigate risks of fraud and non-compliance wth laws and regulations. To address Ihe risk af fraud through management bias and override of controls, W￿. performed analytical procedures to idenlty any unusual or unexpected relationships,. tesled journal entries to identify unusual trdnsaciifms" assessed whether judgements and assumptions made in detemiining the accounting estimates set out in note 2 were indicative of poterrtial bias., and investigated the rationale behind signtficant or unusual transactions. In response to the risk of i￿egUlar1ti8S and noTrcomplIan￿ with laws and regulation5, we designed procedures which included, but were not limited to: agreeing financial ststement cknsclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with govemanGe: enquiring of management as to actual and potential litwJation and claims: and reviewing correspondence V￿th HMRC, relevant regulators including the Charity commission, fijndraising regulator and the foundation's18gal advisors. 13- FACING THE WORLD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FACING THE WORLD There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely tt is that we would become aware of non-complian￿. Auditing standards also limit the audit procedure5 required to identify non-complian￿ with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal co￿eSpondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate con￿alment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at- https=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditors report. This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditorfs 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 company and the company's members as a body, for our audit work, for this report, or for the opinions V￿ have formed. Masud Abdul-Karim (Senlor Statutory Audltor) for and on behalf of Georgiades Charalambou & Co LLP 20 June 2024 Chartered Certrfied Accountants Statutory Auditor 283 Green Lanes Palmers Green London N134XS 14- FACING THE WORLD STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes Income and endowments from: Donations and legacles Investments other income 480.575 3.338 90.000 570.575 3,338 840 307,940 758 2,385 130.000 437,940 756 2.385 Total Income 484,753 90,IJOO 574,753 311.081 130.000 441,081 Expendlture on: Raising funds Charitable activities 52,812 446.889 52,812 535.225 40,768 304,629 40,768 351.124 88.336 46,495 Totsl expenditure 499.701 88,336 588,037 345,397 46,495 391,892 Net incomel(expendituro) and movement in funds {14.948) 1,664 (13,284) (34,318) 83.505 49.189 Reconc51iation of funds: Fund balancas at 1 January 2023 401.636 116.390 518.026 435,952 32.885 468.837 Fund balances at 31 December 2023 386,688 118,054 504,742 401,636 116.390 518,026 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 15- FACING THE WORLD BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Fix8d assets Tangible assets 1.598 1,033 Currènt assels Stocks Debtors Cash at bank and in hand 14 15 3.120 4.053 529.724 5,995 523,896 529.891 536,897 Creditors: amounts fallins due within one year 16 126 7411 119,9041 Net current assets 503 144 516,993 Total assets less current liabilities 504 742 518.026 Net asset5 excluding pension liability 504 742 518.026 The funds of the foundation Restricted Income funds Unrestricted funds 18 118.054 386.688 116.390 401,636 504 742 518.026 The financial statements were approved by the trustees on 20 June 2024 Simon Fennell (Chairman) Trustee Company registration number 04427304 (England and Wales) 16- FACING THE WORLD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flovts from operating activities Cash (absorbed by)Igenerated from operations 24 (7,674) 70,366 Investing activities Purchase of tangible fixed assets Investment income received 11.492) 3.338 (586} 756 Net cash generated from investing activities 170 Net cash used in financing activities Net {decreasellincrease in cash and cash equivalents 15.8281 Cash 2nd cash eqLiivalents at begirip.lng o, lear 529-24 459 188 Cash and cash equivalents at end of year 523 896 529.-1 24 17- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting poliGies Charity informatlon Facing The World is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 5, Bank Chambers. 567 Fulham Road. London, SVV6 1 ES. 1.1 Accounting convention The financial statements have been prepared in a￿OrdanCe with the foundation's Memorandum and Arbcles of Association, the Companies Ad 2006 arKI '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). (as amended for accounting periods commenang from 1 January 2016). The foundats.on is a Public Benefit Entty as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the foundation. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless Otherwise stated in the relevant note{s) to these accounts The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the foundation has adequate resources to continue in operational existence for the next 12 months from the date of approval of the financial statements. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. Wrth regard the following year, the most significant areas of uncertainty of the foundation are the level of donation income which needs to be raised each and every year and 15 covered in more deiail in the performance and risk sections of the trustee's report for more information 1.3 Charltable funds Unrestricted funds are available for U￿ at the discretion of the trustees in furtherance of their charitable objects'ves. Designated funds are unrestricted fund5 of the foundation which the trustees have decided at their discretion to set aside to use for a spectfic purpose Restrided funds are donations ￿[ch the donor has speafied are to be solety used for particular areas of the foundation's work or for specific projects being undertaken by the foundation. 1.4 Incomlng resources All incoming resources are recognised once the foundation has entitlement lo the resources. it is certain that the resource will be received and the monetary value of incoming resources can be measured with sufficient reliability. Incoming r8SDurces are reported before expenses. Incoming resources represent income generated from the foundation's ordinary activilies which were continued throughout the year. Donations and legacles Voluntary income including donations. gifts, lega(?es or grants from various individuals, corporations and charitable foundations are recognised where there is entiuement, certainty of receipt and where the amount can be measured with sufficient reliability. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods. The donor has imposed conditions which must be met before the foundation has unconditional entitlement. 18- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies (Continued) For legacies, entitlement 15 tsken on a case by case basis as the earlier of the date on which.. the foundation is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the foundation that a distribution will be made, or when a distribution is received from the estate. Donated goods and setvlces Donated facilities are recognised as income when the foundation has control Dver the item, any conditions associated with the donated item have been Met. the receipt of economic benefit from the use by the foundation of the tiem is probable and that economic benefit can b8 measured reliably. No value is placed on donated facilities received where the economic benefit cannot be measured reliably due to lack of irformation generally and difficulty in determining and measuring the market value of the support given. No value is placed on the donated professional medical Servi￿ received as the economic benefit rAnnot be measured reliably due to lack of inforniation generally and difficulty in detemiiniro and measuring the market value of the support given. lthere the foundation is able to negotiate and secure substantial discounts for supplies of equipment or other services on tenns outside normal commercial arrangements, the differen￿ is recognised as a donated gift in kind. Volunteers No value is placed on vclunteers who provide assistance to the foundation. Income from investment Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the foundalion" this is rK)mially upon notification of the interest paid or payable by the bank. Government grants Govemment grants are recognised at the fair value of the asset received or r8C8ivable when th8re is reasonable assurance that the grant corKlitions *ill be met and the grants will be received. A grant that specffies perf0rrnan￿ conditions is recognised in income when the performance conditions are met. Where a grant does not specify performan￿ conditions it is recognised in income when the proceeds are received or receivable. 1.5 Resources expended Expendlture and irrecoverdble VAT Expenditure is recognised On￿ there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlemant ￿￿11 be required and the amount ef the obligation can be measured r81iatAy. Expenditure is classified under the following activity headings: _ Cost of raising fijnds are those Costs incurred in attracting voluntary income. in particular grant fundirYJ, and the costs of maintaining the foundation's profile viithin the sector. Expenditure on Charitable activities includes all direct costs incurred relating to patient care and to training activities, together wtth assooated support costs. • other expenditure represents those tiems not falling into any other heading. Irrecoverable VAT is charged as a cost against the aciivity for which the expenditure was incurred. Support costs Support costs are those functions that assist the work of the foundation but do not directly undertake charitable activities. Support costs include back office costs, ffinan￿. personnel. payroll and governance costs which support the foundation's acbvitres. These costs have been allocated between cosl of raising funds and expenditure on tharttable activities. The bases on which wpport costs have been allocated are set out in note 19- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued) 1.6 Tanglble fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual value5 over their useful lives on the following bases: Fixtures and ffttings Comwters 25% slraight line basis 330A straight line basis 1.7 Impairment of flxed assets At each reporting end dale, the fourKlation reviews the carrying amounts of its tangible assets to determine whether there is any indication thal those assets have suffered an impairment loss. If any Such indcation exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairmènt loss {if any). 1.8 stocks Stocks are held at the cost to the foundation or at trustees valuation where donated. 1.9 Cash and cash equivalents Cash cash equivalents indude cash in hand. deposits held at call with banks, other short-temi liquid inveslments wlh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in Current liabilities. 1.10 Flnanclal Instruments The foundalion has elected to apply the provisions of Section 11 '8asic Financial Instruments. and Section 12 'Other Finanaal Instruments Issues, of FRS 102 to al of its financial instruments. Financial instruments are recognised in the foundats"on's balance sheet when the foundalion becomes party to the conlraclual provisions of the instrument. Financial assets and liabilities are offset, wilh the ￿ amounts presented in the financial statements, when there is a legally enfortsable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liakn.lty simultsneously. Basic financial assets Basic financial as88ts. which include debtors and cash and bank balan￿s, are inf(ially measured at transaction price induding transaction cost5 and are subsequently carried at amorbsed cost using the effective interest method unless the arrangement constilLrtes a financing Iransaclion, where the transaction is measured at the present value of the future rec8ipts discounted at a market rate of interest. Financial assets classified as re￿1vable within one year are not amortised. -20- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles {Continued Basic financial liabilitios Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instwment is measured at the pres8nt value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services Ihat have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf payment is du& wthin one year or less. If not, they are presented as non