Charity registration number 1092772 Company r￿istration number 04427304 (England and Wales) FACING THE WORLD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FACING THE WORLD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Katrtn Kandel Burkevsmith Simon Fennell (Chaiman) Peter Schell Charle5 Schrager Michael Chan Christopher Forrest Anil Patel Richard Porter Peter Clarke Charity numbèr 1092772 Company number 04427304 Principal addr8SS Suite 5, Bank Chambers 567 Fulham Road London 1ES Registered office Suite 5. Bank Chambers 567 Fulham Road London 1ES Audilor Georgiades Charalambou & Co LLP 283 Green Lanes Palmers Green London N13 4XS Bankers CAF Bank Limited 25 lQngs Hill Avenue Kings Hill West Malling Kent ME19 4JQ Bardays Bank UK PIC 1 Churchill Place London E14 5HP Metro Bank PIC One Southampton Row London WC1B SHA Solicitor5 Bates Well & Braithwaite Cheapside House 137 Cheapside London EC2V 6BB FACING THE WORLD CONTENTS Page Trustees, repart 1-10 Independent audiiorfs report Statement of financid activities 14 Balance sheel 15 Statement of cash flows 16 Notes to the financial statements 17-28 FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial slatements of the charity (otherwise referred to as the foundation) for the year ended 31 December 2024. The financial statements have been prepared in accordan￿ with the accounting policies set out in note 1 to the financial statements 8nd comply with the foundation's Memorandum and Arkncles, the Companies Act 2D06 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019). Objectives and activities Purposes and aims: The foundation's purposes as set out in the objects Contain￿ in the foundation's Memorandum of Association the protection and preservation of health and the relief of suffering, sickness. injury and distress. in particular of children with facial disfigurement-, and the advancement of education and training. in particular in the treatment of facial disfigurement. The aims of the foundation are to build capacity for craniofacial treatment and care in countries where access to healthcare is limited. In particular, they are to build appropriate treatment for those people from the developing world who suffer from facial disfigurement. through the training and educating of local medical teams in designated global centres of excellence. Finally, they are to enable the establishment of appropriate centres capable of providing Ireatmenl and creating a 5uslainable solution. How the foundation achieves its objectives: Facing the World's medical training programme in Vietnam has a straightfo￿ard strategy and an associated set of milestones. As with all training programmes. the business model and strategy are dear. By approaching the local Plastic and Craniofacial Surgery departments holistically, the foundation aims to make a suslainable, measurable, and replicable change. The key to suc￿sS is the development of an effective wider multidisciplinary team within specific units. incorporating for example oculoplastic surgeons, ENT head & neck surgeons, neurosurgeons, plastic surgeons. orthodontist maxillofacial surgeons and anaesthetists. As the focus is not only on in-hospiial training. but also on nelworking. inlernational conference exposure and the development of local educational resources, the foundation will benefit a greater number of doctors and, through their actions most importantly. many more patients. The business model continues to be replicable. and Ihe foundation is confident that it can continue to build on the suc￿Ssful collaboration it saw in Da Nang and is seeing in Hanoi. The foundation achieves ils objective through the following activities. Supplying Facing the World teams, whose members all donate their services to provide surgical treatment for patienls with facial disfigurement. The ability of Facing the Worfd to achieve its objectives depends on the dedication and commitment of a group of highly skilled medical volunteers. The medic treatments provided by Facing the World are complex, and there are a limited number of experts worldwide capable of providing such treatments to the required h￿h standard of care Establishing craniofaciallplastic reconstructive units in Vietnam, initially. Initiatillg formal bi-lateral training programmes in cfder to build the skills of medical teams and ancillary professionals abroad, Actively seeking to train surgical teams abroad to "upskill. already competent doctors in the latest lechniques and skills in order to broaden their caseload. Sourcing and donating required medical technology to enable complex craniofaGial surgeries to be carried out by the medical teams abroad. Providing fellowships and telemedicine capabilities lo discuss patient treatment plans with accompanying techniques, thereby achieving continuous ongoing education. Collaborating with partner doctors who wrtte arKI present papers on cases in order to improve the understsnding and treatment of these debilitsling conditions. FACING THE WORLD TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ensuring the foundation's work achieves its aims: The foundation reviews its aims, objectives and activities each year. The review considers the su￿sS of each key activity and the benefits they have brought to the intended beneficiaries of the foundation's activities. The review also helps the foundats'on to ensure that its activities remain focused on the achievement of its stated purposes. In reviewing its aims and objectives, and in planning its future activits-es. the foundalion operates in accordan￿ with the UK Charities Commission's general guidance on public benefit In particular, as part of the review, the Iruslees consider how future planned aclivities will contribute to the foundation's aims and objectives. The focus of the foundation's work: Facing the World's goal is to develop in-country units of expertise where patients from developing countries who suffer from facial defeds can receive appropriate treatment. The foundation has a network of international surgeons who are wortd leaders in their field. The focus of the foundation's work during the 2024 financial year was to increase the availability of in 200 people attended. We also supported Vietnamese doctors to go to present at international conferences, such as Dr NgLryen Hong Ha at the International Society of Auricular Reconstruction {ISAR) Congress in Toronto and at the Complications in Medical Aesthetics Collaboralive {CMAC) Conference in London. Clinic Aclivity Mission clinics were held at ￿r partner hospitals throughout 2024. Examples of theatre activity: Debulking of neurofibroma Ear reconstruction Excision of vascular malfom)ation headlneck Fixation of facial fracture Plexiform neurofibroma left face Bilateral facial cleft Lymphatic malfomiation submandibular region Debulking of vascular malformation - face Cleft rhinoplasty Serial excision of facial CMN Burns contracture release Insertion of tissue expander headlneck Fixation of facial fractu Collaboration and cooperation The foundation further strengthened its network in IAetnam by continuing working relationships with both the UK Embassy in Hanoi, and the Vietnamese Embassy in LorKlon, successfully extending PACCOM registration. and by continuing to be both strategically and financially supported by the foundation's Wietnamese patron Nguyen Ngoc Vinh MD, CEO and Co•Founder of Hong Ngoc General Hospital. The foundation also renewed rts Memorandum of Understanding with 108 Military Central Hospital until 2029, as well signing as an additional Memorandum of Understanding between Vietnam Airlines, the World Alliance of Ain￿aY Management (WAAM) and Facing the World. The foundation has SUC￿ssfUllY continued to intensfy its ccllaboration with all its exisling partner hospitals in Vietnam in the further training of their Plastic and Craniofacial Surgery Departments. with the ultinate goal of establishing multiple craniofacial Trntres in Vielnam_ Fellowship Programme This programme funds Vietnamese doctors and management from the partner hospitals in Vietnam to participate in tailor-made fellowships, hosted in the UK, Canada. Auslralia and the US, where they observe a range of complex craniofacial cases treated within the UK I US I Canadian l Australian system using a multidisciplinary approach. The original intention was to bring four doctors a year to the UK. The success of the programme and the demand frorn the doctor5 in Vietnam has been so significant that the fellowship programme was accelerated and has reccrded a five-fold increase. Throughout 2024 the foundation hosted 19 fellowships and has already begun planning for the first half of 2025. The fellowships build on the teaching and training of the missions and VI￿ versa. The fellowship programme is the ideal vehide for the foundation to easily establish relationships with more hospitals in Vietnam and at more hospitals in the UK and intemationally and the programme is key to the overall success Facing the World's Approach to Sustainable Development The United Nations Sustainable Development Goals are a set of 17 interlinked objectives designed to be a "blueprint to achieve a better and more sustainable future for all" We believe the work of Facing the World can play a role in achieving these goals through fostering direct benefit towards Good Health and Wèll-Bging (Goal 3), Qualty Education (Goal 4) and Rcduced Jnequalities (Goal 10) as well as making indirect contributions to a number of the other targets. FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial revlew The results for the period are set out on Page 14 During the year under review, the foundation generated total revenues of £530,813 (2023.. £574,753). Of this amount, £500.813 <2023. £484.753) related to general fund income. The foundation received restricted revenues totaling £30,000 in 2024 {2023'. £90,000). Total revenues include donations in kind (including significant Ix)mmercial discounts) valued at £331.745 (2023.. £312.128) for ffligms and accommodation for surgeons and for equipment provided for the Vietnam Programme. The decrease in revenue compared to the previous accounting period was £43,940 and this was mainty due to the reduction in restrtcted donations. General fund expenditure (excluding in kind donations and significant commercial discounts) was again kept under control. Monies spent on charitable actiwties totalled £539,919 {2023= £535,225), equivalent to approximately 92% of total expenditure. General funds show an eX￿s$ of expenditure over income totalling £32.626 (2023.. excess expenditure £14.948). As at the year-end date the foundation held £354.062 in general funds. Restricted funds show an excess of expenditure over income totalling £25,938 {2023'. surplus income £1.S64)and this was simply due lo timing differences in terms of receiving funds and delivering equipmenl and training for fellowship programs. As al the year-end date the foundation held £92,116 in restricted funds and it expects much of this will be spent in the ensuing year. The foundation conts-nues its policy to retain and designate part of its general funds as agreed by the trustees (see below). Reserves policy The trustees continue to adopt a reserves policy based on an assessment of the risks faced by the foundation and have directed £175,000 of general reserves to a designated working capital fund so thal unrestricted funds not committed or invested in tangible fixed assets held by the foundation are sufficient to 5UStain the foundation's estimated basic costs for a period of up to six months. This wlicy is regularly reviewed. The trustees are also satisfied that the designated fund currently hotds sufficient resources in respect of the urrent reserve policy. Principal ftinding sources The principal funding sources of Facing the World have traditionalty been individual donors. charitable trusts. large multinational corporations, financial organisations, and the foundation's patron and long-term sponsor Dr Nguyen Ngoc Vinh MD, CEO and CtrFounder of Hong Ngoc General Hospital. During the 2024 financial year, these donors have continued to contribute 8 significant portion of the foundation's funding. The rerrBining donations were re￿iVed from the foundation's many other generous supporters. Investment pollcy Given the nature of the foundation's work: funds need to be readily accessible to cover emergency medical treatment. Therefore. most of the foundation s funds are kept in highly liquid instruments, principally bank accounts. The foundats'on recognises that it needs to consider a larger range of altemative liquid investment options and therefore plans a review of its investment policy earfy in Ihe next financial year. FACING THE WORLD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Risk policy The board of trustees regularly reviews the risks to which the foundation is exposed and has estat￿iShed monitoring procedures to understand and mitigate those risks. The foundatson has a risk registry readily available and regularly reviewed. The principal risks derive from, but are not limited to, the nature of work undertaken by the foundation in pursuit of its objectives. For example, Facing the World conducts high risk surgery. Wth each patient that it treat5 there is the potential for complications to emerge during treatment which can c8use anlicipated costs to increase rapidly. In c*der to mitigate this risk, patients, legal guardians give their formal consent that they will not hold Facing the World liable should Ihere be any complications arising from surgery and the medical team all have their own per$￿al liability insurance. Furthermore, all palients treated are patients of the Vietnamese hospilals and doctors. They do not become patients of Facing the World. In addition, given the highly specialised nature of the procedures undertaken by Facing the World, there are very few medical professionals who are suffiaently qualified to undertake this work. Should its e￿$tIng volunteers no longer be able to provide medical Ireatmenl without charge: the foundation would face a major obstacle in delivenng its charitable obje¢dves. To manage this risk, Ihe foundation is actively trying to recruit additional qualified medical volunteers and international medical units to expand the (xpacity of the team. Fundraising practices The foundation has been a member of the Fundrai￿ng Standards Board Since October 2013 up until the FSB'S merg8r with the Institute of Fundraising and the creation of the Fundraising Regulator in 2016 at which point Facing the World became a registered member of the Fundraising Regulator. Regulation Facing the World adheres to the Institute of Fundraising's Code of Practi￿, standards and the requirements of the Fundraising Regulator. The foundation is registered vnlh the Fundraising Regulator and is committed to complying with all new regulatory standards. The foundation has had no Fundraising Regulator adjudications and has had no significant failures to comply with these standards. Facing the World review compliance through audit, active monitoring of feedbad(, and taking corrective action when required. Standards and monitoring Facing the World is committed to followirvJ the highesl ethi￿1 standards and to ensuring a quality supporter experience. The foundation has detailed policies and procedures in place that in many cases go beyond the minimum requirements for the sector. Performance is regulaT1y monitored through a range of methods (e.g. seed lists, regular internal audits). Trustee meeij'ngs and fundraising discussions ensure that all Facing the World fundraisers, and those who work on the foundation's behalf, are aware of, and are adhering to, its high standards. Complaints In line with the Fundraising Regulator rules, the foundation is required to report any complaints on a calendar year basis. The trustees are pleased to note that there were no CoMF￿alntS received for the year under review FACING THE WORLD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Managing communications Most P8ople who donate money to the foundation want to know how their money will make a difference. So, the foundation asks whether they would like to be kept in touch wlh and updated on the charity's work and how they have helped. From time to time, the foundation will ask whether they would like to support the work further- for example, by increasing their donations or by tsking part in a particular evenl. Supporters are polled for their preferences on how the foundation communicates with them, and they are given the option to let the foundation know if they would prefer less contact, or none at all. Facing the World is always respectful of their wishes and does not sell or exchange lists of data ￿ryth other charities or companies for marketing or fundraising purposes. The foundation is fully compliant wth the recent GDPR regulations and has put in pla￿ all the appropriate policies. Protectlng the publ1¢ All Facing the Worfd ￿ndraISerS receive detailed training in how to identify and protect people in vulnerable circumstances. If the foundation fundraisers encounter someone S￿wing signs of distress, confusion or vulnerability, they are trained to politely end the conversation and refijse any donation offered in such circumstances. In the unlikely event of a donation being taken in such circumStan￿s. the donation would be refunded. The foundation has never had an occasion vthere this has happened. Plans for thè future The foundation plans to continue the activities OLrtlined above in the forthcoming years, subject to satisfactory funding arrangements. For the ensuing year. plans have been put in place and are being further devdoped in order to increase Ihe number of patients who can benefit from its services, with the focus exclusivdy on the Vietnam Programme. In particular, the foundation plans to extend training of medical professionals and the development of replicable sustainable in-country 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 includes the majority of top designated centres in the UK, USA and Canada Progrdmmes in these hospitals can provide high quality services and training to Vietnamese doctors through Ihe extensive fellowship programme thus enabling treatment for the widest range of patients in need. Structure, governance and management Governing document Facing The World is a Chantable Company limited by guarantee. incorporated on 30th April 2002 and registered as a charily on 3rd July 2002 (Charity number 1092772). Facing the World was established under a Memorandum of Associalion stating the objects and powers of the Charitable Company and is govemed under its Articles of Association. The trustees. who are also the directors for the purpose of company law, and who served during the year 8nd up to the date of signature of the financial statements were: Katrin Kandel Burke-smith Simon Fennell (Chairman) Peter Schell Charles Schrager Michael Chan Christopher Forrest Anil Patel Richard Porter Peter Clarke Norma Timoney (passed away 2 March 2025) FACING THE WORLD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Recruitment. appointment and training of trustees Trustees are appointed based on their ability to apply knowledge and skills which are useful for the ongoing sUC￿$S 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 interested in becoming a trustee, the serving board members vote on their nomination. If approved, they are formally invited to become a trustee by the chair of the board. Once appointed, new trustees are provided with a brief history of the foundation, the foundation's governing documents and minutes of trustees meetings from the previous tsvelve months. None of the trustees have any beneficial interesl in the Charitable Company. All of the trustees are members of the Charitable Company and guarantee to contribute £1 in Ihe event of a winding up. Terms for trustees The trustees took advice from the foundation's legal advI￿￿S and unanimously ratified 3-year fixed terms for all trustees wtth the possibilty of reappointment. Members of the existing board have also agreed to staggered terms over the next three years. All new trustees will have temis of three years from their date of joining. Organisational structure The board of trustees is responsible for the foundation as set oul in the Articles of Association, with day-to4ay administration and management performed by the office staff with active board of Irustees participation. The board of trustees meets quarterly to make decisions with regard to the financial, strategic and programmatic operations of the foundation. The foundation has continued to operate without an Executive DirectorlCEO. Instead, the foundation continues to rely on the significant efforts provided by Katrin Kandel Burke Smith (trustee) who undertakes this role on a vduntary and unpaid basis ensuring transparency is maintained at all times The boaré has established two sub-committees to ensure the smooth running of the foundation The first sub- committee {Firiance and Audit Committee) is responsible for making 11nancial and strategic recommendations to the board. The second (Medical Committee) is responsible for making medical recommendations lo Ihe tx)ard An infomial all-inclusive Medical Committee network biannual meeting has been established to facilitate a forum ft)r exchange of ideas. Decisions relating to the foundation's medical activities are founded on consultation between the leam of medical volunteers and the board of trustees. taking into account ethics and government legislation. Financial decisions requiring a commitment of greater than £10.000 require the authorisation of the board of trustees. Issues related lo strategic planning and project development are also discussed with the board of trustees at its quarterty meetings: wth any deasions implemented by the office staff in conjunction wtth the board of trustees. FACING THE WORLD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Relationships with other organisations Facing the World maintains a number of successful relationships wth a range of organisations These include many of the major UK, USA, Australian and Canadian hospitals. Fellows who are brought over from Vietriam have the opportunity to obSe￿e the appropriate techniques and approached at, for example-. Toronto Hospital for Sick Children, Great Omond Street Hospital. Birmingham Children's Hospital. Charing Cross Hospital, St George's Hospital, Chelsea & Weslminster Hospital, St P¥larys, Evelina. Northwick Park. Moorfields, ￿der Hey Children's Hospitsl, Liverpool, UK: Seattle Children's Hospital, USA,. and Adelaide Women and Children's Hospital, Australia. The UK Difficult Airways Society {DAS) has become involved v￿h the foundation and its efforts to supply training for Vietnamese anaesthetists in the area of Difficult Airways management DAS agreed to spon50r Vielnamese anaesthetisls to attend the Difficult Airways Conferences. Their board has also used their UK ne￿ork to offer more training opportunities for the Vietnatnese doctors. n Vietnam, the foundation works with the state, military and private sectors. These indude close relationships with Viet-Duc University Hospital, Hong Ngoc General Hospital. Da Nang General Hospital and 108 Milttary Central Hospilal as well as their respective ne￿orkS of hospitals throughout Vietnam. These are key partners in the foundation'5 overseas training programme as appropriate centres of surgical excellence are established. Facing the World has contacts with a number of other medical charrties and other organi5ations who are sometimes better placed to provide treatment for some of the patient referrals received. These orgar¥sations include among others- the NIHI NCI, the Vietnam Red Cross. Siloam Christian Ministries, Children of Wietnam, Children in Crisis, Uganda Hands of Hope and As(xiaciOn Argentina de Neurofibromatosis. Key ne￿rkIng partnerships help Faang the World to provide qualty care to as many of those patient5 in need. Statement of trustees. responsibilities The trustees, who are also the directors of Facing The World for the purpose of company law, are responsible for Pfeparing the Trustees. Report and the financial statements in accordance with applicable law arKI Utited Kingdom Accounting Standards {United Kingdom Generally Accepled Accounting Pracb'ce). Company Law requires the trustees to prepare financial statemenls for each financial year which gNe a true and fair view of the state of affairs of Ihe 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 suitable accounting policies and then appty them consistently- observe the methods and principle5 in the Charitie5 SORP; - make judgements and estimates that are reasonable and prudent", and prepare the financial statements on the going cOr￿n basis unless il is inappropriate to presume that the foundation will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the foundation and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the Maintenan￿ and integrity of the corporale and financial information included on the foundation's website. Legislthon in the United Kingdom governing the prepaRtion and dissemiiation of financial ststements may differ trom legislation in other jurisdidions. FACING THE WORLD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Auditor In accordance with the foundation's articles, a resoluts.on proposing that Georgiades Charalambou & Co LLP be reappointed as auditor of the Foundation will be put at a General Meeting. Disclosurn of information to auditor Each of the trustees has confirmed that there is no information of which they are awar8 which is relevant to the audit, but of which the audrtor is unaware They have further confirmed that they have laken appropriate steps to identify such relevant information and to establish that Ihe auditor is aware of such informab-on. The trustees, Report was approved by the Board of Trustees. urfm i/. h*4fl Simon Fennell (Chairman) Trustee Dated: 27 May 2025 10- FACING THE WORLD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FACING THE WORLD Opinion We have audited the financial statements of Facing The World (the 'foundation') for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet. the statement of cash flows and the notes lo 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 Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 Tho Financial R8POrting Standard appliGable in the UK and Republic of Ireland (United Kingdom GenerallYAC￿Pted Accounting Practice). In our opinion. the financial statements-. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of reSoUr￿s, induding its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan￿ wth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of Ihe foundation ir7 aCcOrdar￿e wilh Ihe ethical requiremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat the audit evidence we have obtained is SLrficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial slatements is appropriate. Based on the work we have perfonned. we have not identrfied any material uncertainties relating to events or conditions Ihat, individually or collectively. may cast significant doubt on the foundation's ability lo continue as a going con￿rn for a period of at least twelve months from when the finanaal statements are authorised for issue. Our responsibilities and the responsibilitses of the trustees with respect to going concem are described in the relevant sections of this report. Other informatlon The other information comprises the information included in ihe annual report other than the finarcial statements and our audito¢s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the ott)er information and, except to the extent otherwise explicitly stated in our report. we do not express any forrn of assurance conclusion thereon. Our responsibility is lo read the other inforniation and, in doing so. consider whether the other infom)ation is malerially inconsistent wth the finar7cial ststements or our knowledge obtained in the course of the audit, or otherwise appears to be malerially misststed. If we idenlify such material inconsistencies or apparent material misstatement5, we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If. based on the work we have perfO￿ed, 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 Ihis regard. Opinions on other matter5 prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the twstees. report for the financial year for ￿lch the financial statements 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 ￿1n the tnJstees' 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 Matters on which we are required to report by exception In the light of the knowledge and understanding of the foundation arKI ts environmerrt obtained in the course of the audit. we have not idenlified material misstatements in the diredors. report included within the trustees. report. We have nothing to report in respect of the following matters in relatM)n to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have nol been kept. or retums adeqLkgte for our audit have nol been received from branches not visited by us- or the financial statements are not in agreement with the accounting re￿rdS and retums,. 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 the trustees were not entiued to prepare the financial statements in accordance wf(h the small companies regime and take advantsge of the small companies. exemptions in preparing the trustees, report and from the requirement to prepare a strategic reporl. Responsibilities of trustees As explained more fully in the statement of tnJste8s' responsibilities. the trustees, who are also the directors of the foundation for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intefnal 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 ststements. the trustees are responsible for assessing the foundation's ability to continue as a going concern, disclosing, as applicable, matters relaled to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realists'c altemative but to do so. Auditor's responsibilities for the audil of the financial statements Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error. and to issue an audÉtols 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 IUKI will always detect a material misstateTnent when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influen the economic decisions of users taken on the basis of these finanoal statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design procedures in line wth our responsibilities, outlined above, to detect material misstalements in respect of irregularities, including fraud. The extent to which Ihe audit was considered capable of detecting irregularities including fraud Our approach to Identtfying and assessing the risks of material misstatement in respect of irregularities, including fraud and nOn￿Ompliance with laws and regulations. was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competen￿, capabilities and skills to identify or recognise mn-compliance wtth applicable laws and regulations., • we identified the laws and regulations applicable to the foundation through discussions with trustees and other management. and from our knowledge and experience of the charity sector., we focused on specific laws and regulations which we considered may have a direct material 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 extent of compliance with the laws and regulations identified abov& thrcugh making enquiries of management and inspecling legal corresponden￿. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 12- FACING THE WORLD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FACING THE WORLD We assessed the susceptibility of the foundation's ffinancial statements to material misslatement. induding oblaining an underslanding of how fraLKI might occur. by: rnaking enquiries of management as to where they cx)nsidered 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 with laws and regulations. In response to the risk of irregularities and noTrcompiiance with laws and regulations, we designed prO￿dureS which included, but were not limiled to= agreeing financial statement di5cI¢y6ures to underlying supporting documentation; reading the minutes of meetings of those charged with govemance: enquiring of management as to actua and potential litigation and claims.. and reviewing correspondence with HMRC, relevant regulators including the charity commission, fundraising regulator and the foundab'on's legal advisors. To address the risk of fraud through management bias and overtide of controls, we" performed analytical prO￿dureS to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions- 8ssessed whether judgements and assumptions made in detemiining the accounting estimates sel out in note 2 were indicative of potential bias., and investigated the rationale behind signrficant or unusual transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it IS that we would become awa￿ of non-compliance. Auditing standards also limtt the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and olher management and the inspectton of regulatory and legal corresponden￿. 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 concealment 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 descriplion forms part of our auditor's report. Masud Abdul-Karlm (Senlor Statutory Auditor) for and on behalf of Georgiades Charalambou & Co LLP 27 May 2025 Chartered Certified Accountants Statutory Auditor 283 Green Lanes Palmers Green London N13 4XS 13- FACING THE WORLD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Investments Other income 497,582 3,231 30,000 527,582 3.231 480.575 3,338 840 90,000 570,575 3,338 840 Total income 500.813 30.000 530.813 484.753 90.000 574,753 Expenditurg on: Raising funds Charitable activities 49.458 483.981 49,458 539.919 52.812 446,889 52.812 535,225 55,938 88,336 Total exp8nditure 533,439 55.938 589.377 499.701 88.336 588,037 Net expenditure and movement in funds {32,626) (25.938) {58.564) (14,948) 1,664 (13.284) Reconciliation of funds: Fund balan￿S al 1 January 2024 386,688 118.054 504,742 401,636 116,390 518,026 Fund balances at 31 December 2024 354,062 92.116 446,178 386,688 118,054 504,742 The statement of financial activities ir￿lUdeS all gains and losses recognised in the year_ All income and expenditure derive from continuing activities. 14- FACING THE WORLD BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 13 893 1,598 Current assets Debtors Cash at bank and in hand 14 6.617 460,414 5.995 523.896 467.031 529.891 Credltors: amounts falling due within on8 year {21.746) (26,747) Net Current assets 445,285 503,144 Total assets less current liabilities 446.178 504,742 Net assets excluding pension liability 446.178 504,742 The funds of the foundation Restricted income funds Unrestricted funds 17 92,116 354,062 118,054 386,688 446,178 504,742 The finanaal statements were approved by the trustees on 27 May 2025 (g.f Simon Fennell (Chairman) Trustee Company registration number 04427304 (England and Wales) 15- FACING THE WORLD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 23 (66,713) (7,674) Investing activities Purchase of tangible fixed assets Investment income re￿Ived (1.492> 3.338 3,231 Net cash generated from 4nve5ting activities 3,231 1,846 Net cash used in financlng actlvitles Net decrease in cash and cash equivalents (63.482) {5,828> Cash and cash equivalents at beginning of year 523.896 529,724 Cash and cash equlvalents at end of year 460,414 523,896 16- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information Facing The World is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite S, Bank Chambers, 567 Fulham Road. London, SW6 1 ES. 1.1 Accounting convention The financial statements have been prepared in accordan￿ with the foundation's Memorandum and Articles of Association, the Companies Act 2006. FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland" {'FRS 102") and the Charities SORP 'A￿oUntIng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019)- The foundation is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the foundation. Monetsry amounts in these fin8ncial 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 othetwise stated in the relevant note{s} to these accounts The principal accounting policies adopled are set out below. 1.2 Going ¢on¢ern At the time of approving the financial statements, the truslees have a reasonable expectation thal the foundation has adequate reSoUr￿S 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 concern basis of accounting in preparing the financial statements. With regard the followng year, the most signif1cant areas of uncertainty of the foundation are the level of donation income which needs lo be raised eaGh and every year and is covered in more detail in the performance and risk sections of the trustee's report for more information 1.3 Charitable funds Unrestricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds are unrestricted funds of the foundation ￿lch the trustees have decided at their discretion to sel aside to use for a specific purpose Restricted funds are donations which the donor has specified are to be solely used for particular areas of the foundation's work or for specific projects being undertaken by the foundation. 1.4 Income All incoming resources are recognised once the foundation has entitlement to the resourtss. it is certain that the resource wll be received and the monetary value of incoming resources can be measured wlh sufficient reliability. Incoming resources are reported before expenses. Incoming resources represent income generated from the foundation's ordinary activities which were continued throughout the year. Donations and legacies Voluntary income including donations. gifts, legacies or grants from vanous individuals, corporations and charitable foundations are recognised where there is entitlement, certainty of [￿lpt and vthere the amount can be measured with sufficient reliabilty. Such income is only deferred when: The donor specifies that the grant or donation must only be used in fvture accounting periods. The donor has imposed condrtions which must be met before the foundation has unconditional entitlement. 17- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Continued) For legacies, entitlement is taken on a case by case basis as the earlier of the date on which.. the foundation is aware that probate has been granted. the estste 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 seNices Donated facilities are recognised as income when the foundation has control over 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 item is probable and that economic benefit can be measured reliably. No value is placed on donated facilities received where the economic benefit cannot be measured reliably due to laGk of information generally and difficulty in detemiining and measuring the market value of the support given. No value is placed on the donated professional medical services received as the economic benefit cannot be measured reliably due to lack of Informats-on generally and difficulty in detemiining and measuring the market value of the support given. Where the foundation is able to negatiale and secure subslantial discounts for supplies of equipment or other seNices on terms outside normal commercial arrangements, the differen￿ is recognised as a donated gift in kind. Volunteers No value is placed on volunteers who provide assistan￿ to Ihe foundatson. Incom8 from investrnent Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the foundation., this is nomally upon notification of the interest paid or payable by the bank. Government granls Govemment grants are recognised at the fair value of the asset receiv81 or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies perfomiance conditions is recognised in income when the perfomiance conditions are met. Ihlhere a grant does not specify perfomiance conditions it is recognised In income when the proceeds are received or re￿1Vable. 1.5 Expenditure Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or construthve obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Cost of raising funds are those costs incurred in attracting voluntary income. in pa￿CUlar grant funding. and the costs of maintaining the foundaiion's prolile within the sector. Expenditure on Charitable activities includes all direct cosls Incu￿e￿ relating to patient care and to training activilj'es, together wth associated support costs. other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the aciivty 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. finance. personnel, payroll and gov8rnance costs which support the foundation's activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 18- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Contlnued) 1.6 Tangible fTxed assets Tangible fixed asse15 are initially measured at cost and subsequently measured at cost or valuation, net of depre￿atIOn and any impaiment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases- Fixtures and fittings Computers 25% straight line basis 33°/0 straight line basis 1.7 Impairment of fixed assets At each reporting end date, the foundation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have SLrfFered an impainnent loss. If any such indication exists, the recoverable amount of the asset Is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, olher short-lerm liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The foundation has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instrumentslssues. of FRS 102 to all of its fir￿n￿al instruments. Financial instruments are recognised in the foundation's balan￿ sheel when the foundation becomes party to the contractual provisions of the instrumenL Financial assets and liabilities are offset, with the net amounts presented in the financial ststements, when there is a legally enfor￿able right to set off the recognised amounts and there is an intention to *ttle on a net basis or to realise the asset and setue the liability simultsneousty. Baslc flnancial assets Basic financial assels, which indude debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. FinanGial assets classffied as receivable within one year are not amorti5ed. Basic financial liabilities Basic financial liabilities, induding creditors atij bank loans are inits'ally recognised at transaction prrice unless the arr8ngement constitute5 a financing transaction. where the debl instrument is measured at the present value cf the future payments discounled at a market rate of interesL Financial liabilities dassified as payable within one year are not amortssed. Trade creditors are obligations to pay for goods or servi￿5 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as nOn-￿rrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cosl using the effethve interest method. 19- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continuèd) 1.10 Employee benefits The cost of any unu*d holiday entitlement is recognised in the period in which the employee's services are re￿ived. Termination benefits are recognised immediately as an expense when the foundation is demonslrably committed to terminate the employment of an employee or to provide terminalion benefits. 1.11 Retirement benefrts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Foreign exchange Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transacbons in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriwng at the operating result. Critical accounting estimales and judgements In the application of the foundation'5 accounling wilicies, the trustees are required to make judgements, estimates and assumptions about the Carrying amount of asset5 and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both currenl and future periods. Income from donations and legacres Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Reslrlcted funds fvnds 2023 2023 Total 2024 2023 Donations and gifts Donated goods and seNices 165.837 30.000 195.837 168.447 90,000 258,447 331.745 331,745 312,128 312,128 497.582 30.000 527.582 480.575 90,000 570,575 Donated goods and sep4ices relates to the value of medical equipment for the Vietnam project, fiight and accommodation costs for volunteers who attended the mission and for conference held, all of which were provided freely or by way of substantial disC(￿ntS negotiated and secured by the foundation on temis outside normal commercial arrangements. No value has been placed on donated medical Se￿ICe8 receNed due to the lack of inforniation g8nerally and the difficulty in determining and measuring the market value of the support given. -20- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from investments Unrestrfcted Unrestricted funds funds 2024 2023 Interest receivable 3,231 3,338 other income Unrestricted Unrestricted funds nds 2024 2023 Other income Raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundraisin and ublici Activities undertaken directly Share of support costs 16,295 33,163 22,708 30,104 Fundraising and publicity 49,458 52,812 49,458 52,812 21 FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities 2024 2023 Training programme Fellowship costs 348.706 58.561 259,887 154,919 407,267 414,806 Share of support costs (see note 8) Share of governance costs (see note 8) 100,999 31,653 87,129 33,290 539,919 535,225 Analysis by fund Unrestricted fijnds Reslncted funds 483,981 55,938 446,889 88,336 539.919 535,225 For the year ended 31 December 2023 Unrestricted funds Restr￿cted funds 446.889 88,336 535,225 22- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Governance costs costs 2024 2023 Basis of allocation staff costs Office overheads 96,618 29,630 5.085 1.560 101,703 31,190 84,237 Staff lime 30,405 Usage Audtt fees Accounlanw fees Trustee costs 9.4 22,673 849 9.400 22,673 9,008 Governance 26,171 Governan 702 Governance 126,248 39,567 165,815 150,523 Analysed between Fundraising Charitsble activities 25,250 100,999 7,914 31,653 33,163 132,652 30,104 120.419 125.839 39,976 165,815 150.523 General support and Governan￿ support costs have been allocated to the activities of Fundraising and the Vietnam Programme in the ratio of 200/0 and 800h respectively. The costs apportioned represent Staff and related costs, Premises costs, Office overheads and DepreciatÉon, Governance costs and Trustee costs Governance costs includes payments to the auditors of £9.400 (2023 . auditors £9.008) for audit fees. Nel movement In funds 2024 2023 Net movement in funds is stated after chargingl(creditsng) Fees payable to the cornpanls auditor for the audit of the company's financial statements Depreciation of owned tangible fixed assets Operating lease charges 9,400 705 33,279 9.008 926 30.180 10 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the foundation during the year. -23- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Employees Number of employees The average monthly number of employees during year was.. 2024 Number 2023 Number Admin Employment costs 2024 2023 Wages and salaries Other pension costs 99,762 1,941 70,367 910 101,703 71.277 Other employment costs 12,960 There were no employees %those annual remuneration was £60,000 or more. 12 Taxation Facing the Wodd, as a registered charity, is potentially exempt from taxation of income and gains falling within section 505 of Ihe Income and Corporation Taxes Act 1988 and section 256 of the Taxation of Chargeable Gain Act 1992. No tax charge has arisen in the year. 13 Tangible fixed assets Fixtures and fFttlngs Computsrs Total Cost At 1 January 2024 10,416 20,100 30,516 At 31 December 2024 10.416 20,100 30,516 Depreciation and impairnient At 1 January 2024 Depreciation charged In the year 10,416 18,502 705 28,918 705 At 31 December 2024 10,416 19.207 29.623 Carrying amount Al 31 December 2024 893 893 At 31 December 2023 1,598 1,598 -24- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Deblors 2024 2023 Amounts falling due within one yoar: Other debtors Prepayments 2,132 4,485 2,808 3,187 6,617 5,995 15 Creditors: amounts falling due wlthin One year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals 591 254 62 20,839 304 658 1.805 23.980 21,746 26,747 16 Retirem8nt ben8fit sch8m8S 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 1,941 910 The foundation operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the foundatson in an independently administered lund. 17 Restrlcted funds The income funds of the foundation include restricted funds comprising the following unexpended balances of onations held on trust for training and fellowship programme at the year end.. At 1 January 2024 Incoming resources Resources expended At31 December 2024 Fellowship Programme 118.054 30,tK)O (55,938) 92,116 -25- FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Restrlcted fvnds (Continued) Prevlous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 Fellowship Programme RCS Accreditaion Project 1IX.390 10,1)00 90,CQO (78,336) {10,000> 118,054 116,390 90,C(10 (88.336) 118,054 18 Unrestrlcted funds During the year, the trustees continued to maintain a working capital fund as a designated fund in order to ensure both the short teim liquidity and the long term financial stabilty of the foundation. The fund was deemed to be necessary and sufficient to sustain the foundation's basic operational costs for 8 period of at least six months. At 1 January 2024 Incoming resources Resources expended At31 December 2024 General funds 386.688 500,813 {533,439) 354,062 Previous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 Designated fijnds General funds 175,lJ)O 226,636 175,000 211,688 484,753 (499,701) 401.636 484,753 1499,701) 386,688 Jm Q)7J 7J o)D co TJ fn FACING THE WORLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Operating lease commitinents Lessee At the reporting end date the foundation had outstanding commilments for ftJtU￿ minimum lease payments under nOn-Can￿lIable operating leases, which fall due as follows.. 2024 2023 Vlfithin one year 13,680 13,680 21 Related party transactions During the year Mrs Katrin Burke Smith (trustee) was reimbursed £3,320 (2023: £3,822) for expenses paid on behalf of the foundation. During the year the charity received donations of £9,000 (2023: £Nil> from trustees. Control The foundation is ultimately controlled by the trustees. 23 Cash gen8rat8d from operations 2024 2023 Deficit for the year {58,564) {13,284) Adjustments for.. I nvestment income recognised in statement of financial activities Depreciation and impaimient of langible fixed assets (3,231) 705 <3,3381 926 Movements in working capital.. (Increase)Idecrease in stocks (Increase) in debtors (Decrease)fincrease in creditors 3,120 (1,941) 6,843 (622) (5,001) Cash absorbed by operations (66,713) (7,674) 24 Analysis of changes in net funds The foundation had no rnaterial debt during the year. -28-