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2022-06-30-accounts

Annual Report and Financial Statements 2022

CURE International (UK)

30 June 2022 uk.cure.org

UK reg. charity number 1094705 Company Registration Number 4268644

CURE International UK

Annual Report and Financial Statements 2022 Contents

Page
Legal & Administrative Information 2
Foreword by the Chairman 4
Annual Report of the Trustees 5
Independent Examiner's Report to the Trustees 11
Statement of financial activities 12
Balance sheet 13
Notes to the financial statements 14

1

CURE International UK

Legal & Administrative Information For the year ended 30 June 2022

Charity Name CURE International UK CURE International UK
Charity Registration CURE International UK was registered with the Charity Commission on 21 November 2002. The
registration number is 1094705.
Company Registration CURE International UK is a company limited by guarantee, with company registration number
4268644.
Registered Office CURE International UK, The Royal College of Surgeons of England, 35-43 Lincoln's Inn Fields,
London WC2A 3PE.
Affiliation CURE International UK is a sister organisation of CURE International Inc, the leading provider
of specialist paediatric surgical care in the developing world.
Governing Document CURE International UK’s governing document is the Memorandum and Articles of Association
dated 10 August 2001, as amended on 25thJune 2015 to include Training and Research as a
Charitable Activity.
Objectives CURE International UK transforms the lives of children with disabilities in the developing world
through surgery and compassionate care.
Trustees The Trustees who served during the year or who were serving at the date of this report were:
John O’Dowd FRCS Orth (Chair)
Professor Christopher Lavy OBE, MD, MCh, FCS FRCS
Rosemary Livingstone
Mervyn Thomas CMG
Louis Reid
Jheryl Cabey
Timothy Guy Perkin
(Appointed 16		 March 2022)
Key Management Those in charge of planning, directing, controlling, running and operating the Charity, including
Personnel those members of staff who are the senior management personnel to whom the trustees have
delegated significant authority or responsibility in the day-to-day running of the charity, are
the Chair and the Chief Executive Officer.
Bankers Barclays Bank
50 Pall Mall
London SW1A 1QD
Independent Examiner Christine Cheung-Poston ACCA
Flat 48, Samford House
Charlotte Terrace
Islington, London N1 0JF
Solicitors Howard Dellar
Lee Bolton Monier-Williams
1, The Sanctuary
Westminster
London SW1P 3JT

2

CURE International UK

Foreword by the Chairman Mr. John O ’Dowd FRCS

CURE International UK (CURE UK) is an independent UK charity providing fundraising and project support to the CURE International Network, working to transform the lives of children with correctable disabilities through surgery and compassionate care.

Luke 9:2 tells us that Jesus ‘sent them out to heal the sick and proclaim the kingdom of God.’ In response, CURE’s mission is to reach and heal more children living with disabling conditions like clubfoot, bowed legs, cleft lips, untreated burns, and hydrocephalus. We do this through a global network of eight paediatric surgical hospitals that serve children.

CURE Children’s Hospitals are world-class facilities with highly trained surgeons and caregivers providing specialised care for children with disabilities. From pre-surgery evaluation, to surgeries, physiotherapy and mobility device fitting, children receive comprehensive, transformational care.

CURE treats children with a variety of disabling conditions that often go uncared for in

countries that have a lack of access to resources. Without treatment, these children are more vulnerable, often in pain, and left on the fringes of society. Furthermore, our staff is trained to reflect kingdom values in their work and to seek opportunities to share God’s love in word and deed. We are an organisation motivated by faith, but driven by science and medicine, CURE Hospitals are there for all people, and serve children regardless of gender, ethnicity or religion.

In order to provide sustainable, long-term solutions for the 9 million children living with disabilities in the countries where CURE serves, we train surgeons, medical professionals and partner with local pastors. We strive to not only provide the highest standard of care, but to train others to do the same.

Curing a child with a disability goes way beyond physical healing. As well as reducing child mortality rates, eliminating or alleviating a disability gives the child the chance to lead a productive and independent life. Curing a child's disability significantly impacts the health, education, livelihood, social inclusion, and empowerment of that child at individual, family, and community levels. It eliminates a major obstacle for children already facing the challenges of growing up in an underserved area, and it contributes to the alleviation of poverty and social stigmatization for them and their families.

Fiscal Year 2022 still presented challenges fundraising during the tail end of the pandemic, however with the office now set up to work remotely if needed, the team was able to continue working even during periods of isolation. We still found that funding had become generally more limited from our partners, and this was compounded by Russia’s illegal invasion of Ukraine in February 2022. At a time when there are many obvious and deserving needs in the world, we have had to focus even further on our core mission and rely on our closest donors and partners to maintain our work. We are grateful for the generous support we have received during this time.

CURE International UK, continued to focus its work on three main partner hospitals, CURE Ethiopia, CURE Malawi and CURE Zimbabwe, in an effort to streamline our fundraising efforts, to create as much impact as possible with the funds raised, and for this impact to be tangible for our donors.

Our single most important priority remained supporting the CURE Children’s Hospital of Zimbabwe through its first year of activity, and in May 2022 the hospital celebrated one year of service having completed 2,389 outpatient visits and performed 578 surgical procedures. By all measures, CURE’s newest hospital — and the country’s first and only paediatric orthopaedic hospital — has far exceeded expectations for its first full year in operation. We are honoured to be a part of this ground-breaking work, serving the people of Zimbabwe.

Last year, CURE International UK received a generous legacy donation for the BEIT CURE Children’s Hospital of Malawi. Working with the hospital’s leadership, we have carefully devised a plan of expenditure to best support CURE Malawi’s staff and patient needs, and to honour the donor’s thoughtful legacy. We are excited to roll out this project in the new financial year.

In December 2021, CURE International UK was selected again to take part in the Big Give Christmas Challenge, where we reached our target and raised over £14,000 towards the CURE Malawi Mobile Clinic programme in 2022. We are extremely grateful to our donors giving so generously to this campaign, directly supporting mobile clinic outreach in Malawi.

After a year off due to the pandemic, in December 2021 we were able to hold our CURE Carols by Candlelight Service. It was a real delight to invite, once again, our friends, family, donors and partners to celebrate Christmas and the work of CURE, at the unique Chapel Royal of St Peter ad Vincula, HM Tower of London.

3

CURE International UK

Foreword by the Chairman Mr. John O ’Dowd FRCS

Gratefully, during our annual general meeting in December 2021, all board members committed to another year of serving on the board of trustees. Trustees also continued their search for individuals to grow the board, and in March 2022 we welcomed Tim Perkin.

We finished FY22 in a stable position, despite various aftershocks of the pandemic and the war in Ukraine. The board felt that the strategic choice to focus on specific areas of the CURE Network to support was working well and therefore decided to continue this into the new financial year. CURE UK will continue supporting its close hospital partners in order to best serve our own, and the charitable aims of our donors, to provide impactful assistance to our beneficiaries.

CURE UK will continue to support projects which include the direct provision of surgical services, capital expenditure for hospital equipment and buildings, and partnership development for research and training, all to help augment and improve access to paediatric surgical services in low- and middle-income countries.

I would like to thank our donors for their faithful and generous support, helping us provide hope and healing to thousands of children in some of the world’s most under resourced places.

We are grateful to our partner, CURE International, for their unwavering support and encouragement. It is an honour to serve the CURE network and we are excited for the year ahead, which we can already see is presenting new and exciting projects to improve access to healthcare for children with correctable disabilities across the globe.

Mr. John O’Dowd FRCS Chairman

4

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2022

The Trustees, who are also Directors of CURE International UK (‘CURE UK’), submit their annual report and the financial statements of CURE UK for the year ended 30 June 2022. The financial statements have been prepared in the format prescribed by the Companies Act 2006, the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report. This report also constitutes a directors’ report required by section 415 of the Companies Act 2006 as all Trustees of a charity company are directors.

1. Structure, Governance & Management

1.1. Trustees

The Trustees meet four times a year to discuss a full range of matters relating to strategic planning and development, grantmaking, governance and finance.

The Trustees have also established a Finance Sub Committee which meets quarterly with the external accountant, CURE UK CEO, CURE International COO and CFO.

CURE International UK’s partner organisation based in Michigan, USA; CURE International, is a 501(c)(3) not-for-profit organisation. In order to promote transparency and partnership the CURE UK Chair sits on the board of trustees for CURE International as non-voting member.

1.2 Trustee Recruitment

New appointments commence with a detailed Trustee Job Description and Person Specification being approved by the Board. This includes the identified skills, experience and expertise that would be beneficial to the Charity. Trustees then use existing networks of contacts in order to recruit the individual who best fits the specification.

1.3 Trustee induction

The induction process for any individual newly-appointed to the board of Trustees comprises an initial meeting with at least two of the Trustees (whenever possible one of these two Trustees being the Chair) and receipt of copies of:

The Trustees delegate day to day management to Flora Gibbons, the Chief Executive Officer.

1.4 Risk Management

The Trustees acknowledge that they have a responsibility for the identification and proper management of risks faced by CURE UK in achieving its primary aims. The Trustees have therefore assessed the major risks to which CURE UK is exposed, in particular those relating to the specific operational areas of CURE UK, its investments and its finances. The Trustees believe that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by CURE UK, they have established effective systems and procedures to manage those risks.

Risk Management
Loss of key staff, potential
loss of income as attention is
redirected to recruitment
and training		 •
A full complement of trained staff is now in place
•
A six-month review takes place for each staff member
•
Investment in the professional development of staff through internal and external
training

5

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2022

Risk Management
Expenditure: the potential
for a significant increase in
operational expenditure		 •
Trustees approve an annual budget and ensure authorisation of expenditure is in
accordance with the agreed financial control policy
•
Quarterly management accounts are prepared and reviewed on a timely basis and
appropriate action taken as necessary
•
Monthlychecks and reconciliation are carried out byan external accountant
Funding: insufficient
unrestricted income to
cover unrestricted expenses		 • Annual business planning process to match budgeted expenses with forecast income
• Quarterly fundraising reviews to identify shortfalls and mitigations
• Reserves policy and position reviewed regularly
• Management accounts reviewed quarterly by the Board
• Board and Executive work closely on monitoring income impacts of Covid-19, and
adjusting expenditures to match
Reputational Risk: • Trustee induction and training, including safeguarding policies needed when visiting
CURE Hospitals.
• Appropriate training and briefing of ambassadors or patrons associated with CURE UK
when carrying our CURE UK related activities
• Trustee register of interests is taken once a year in conjunction with our conflict of
intertest policy.
• Trustee indemnity policy added to CURE UK charity insurance to mitigate any financial
implications.
Potential liabilities We ensure that insurance policies are up-to-date, including employer’s and public
liability.
CURE UK is fully compliant with regulatory requirements and has been accepted by The
Fundraising Regulator. Our policies are including:
•
Data Handling
•
Consent
•
Charity/Company Status Statement
•
Complaints Policy
•
Vulnerable Persons Policy
•
Whistleblowing Policy
•
Anti-Fraud Policy
•
Global Child Protection Policy and Safeguarding Policy
•
Equal Opportunities Policy
•
Vulnerable Persons Policy
•
Trustees Conflict of Interests Policy
The above policies have been made freely available to the public on our website:
uk.cure.org
Funds to overseas bodies We have developed a range of controls to ensure that funds reach our intended
beneficiaries, including:
•
Restricted funds are transferred to CURE International in accordance with donor
wishes
•
Use an independent international funds transfer service which is safe and secure to
send funds to CURE International, or where necessary directly to CURE Hospitals or
partner organisation.

6

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2022

•
•
Visits to overseas projects are carried out where possible by Trustees and staff to
inspect grants with a value of £50,000 or more
•
Reports detailing grant implementations are made available to the Board
•
Where requested receipts of invoices and/or photographic evidence, together with
reports of patients’ data and hospital figures, are compiled. This complies with the
mandatoryrequirements as set out byourgrant makers and fundingbodies

2. Activities & Strategies

In preparing this report, we have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the UK Charity Commission and have sought to demonstrate that CURE UK provides identifiable benefits which relate directly to its aims as stated in its Memorandum and Articles of Association and which outweigh any potential detriment or harm. Further, the benefits are publicly available to all and are not in any way restricted to those able to pay. Any private benefits to Trustees and members of CURE UK are incidental.

CURE’s mission: to heal the sick and proclaim the kingdom of God.

CURE UK is a member of the international consortium of organisations that is the CURE International Network, which together is a leading provider of surgical care to children suffering from correctable conditions in the developing world. The primary activity of CURE revolves around the eradication of preventable disability through surgical care. Whilst CURE International is the heart of global operations, CURE International UK is the centre of UK and European operations, leading strategic partnerships such as with the University of Oxford’s world-leading Nuffield Orthopaedic Centre, and fundraising through UK channels to dramatically improve the delivery and sustainability of paediatric orthopaedic, neuro and reconstructive surgery in the countries where we work.

Today, 5 billion people do not have access to safe, affordable surgical care and this access is worse in low-and middleincome countries. This results in treatable disabilities becoming permanent debilitating conditions, often with a lifetime of physical pain, shame, and isolation. The children we serve have conditions like clubfoot, bowed legs, cleft lips, untreated burns, and hydrocephalus. Without treatment, they have little hope for a future.

CURE hospitals work to identify patients suffering needlessly from treatable disabilities, advocate and educate communities regarding disability, and address the emotional needs of those burdened with disability. CURE then provides free medical, surgical and rehabilitative care for these children at our speciality paediatric hospitals, while training local health workers to elevate the quality and accessibility of care in each country. All of this is done in an environment where they are treated with love and dignity, often for the first time.

Since opening our first hospital in 1998, CURE has ministered to the needs of patients and families during more than 5,300,000 patient visits and 315,000 surgical procedures and trained over 20,000 healthcare workers through our hospitals and health programmes, serving in 42 countries across the globe. CURE is a Christian organisation, which is motivated by faith, and driven by science and medicine. We are there for all people regardless of religion, gender, ethnicity or ability to pay.

3. Achievements and Performance

This year, despite still working in a challenging fundraising climate, CURE UK was able to still provide consistent and impactful support to the CURE Network, especially to our main partner hospitals in Ethiopia, Malawi and Zimbabwe.

This year we set out to stabilise our income and create a stronger identity for CURE International UK within the CURE network, in order to better serve our beneficiaries. We achieved this in concentrating on a select number partner hospitals, allowing us to deliver more tangible project activities as well as communications for our donors. We were able to grow the board with the addition of a new trustee Mr Tim Perkin. Finally, we were able to deliver a successful Christmas Appeal via The Big Give Christmas Challenge, and host our annual donor event, the CURE Carols by Candlelight Service.

This year has been a return to form and we look forward to a period of growth in 2023.

7

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2022

The Trustees would like to thank some of generous supporters, to whom we are extremely grateful:

Our special thanks also go to Lady Frederick Windsor for being Royal Patron of CURE UK.

Finally, we are especially proud of the successful first year of activity for the CURE Children’s Hospital of Zimbabwe. Based in Bulawayo, it is the first and only hospital in the country which provides free, specialist orthopaedic and rehabilitative care for children with musculoskeletal conditions. This hospital is particularly dear to CURE UK and its donors. In February 2022, CURE International honoured, CURE UK Trustee Prof. Chris Lavy and The Beit Trust for their remarkable contributions to paediatric health in Africa, with the newly named Chris Lavy Surgical Centre, built with a grant from The Beit Trust, at the CURE Children’s Hospital of Zimbabwe .

4. Financial Review

Funding for CURE UK comes from a variety of UK sources including, statutory funding, trusts and foundations, churches and rotary networks, major donors and regular supporters, corporates and events.

4.1 Financial Activity and Financial Position

The Statement of Financial Activities and Balance Sheet can be found on pages 11 and 12. CURE UK’s reserves increased by £227,895 during the year (2021 – decreased by £24,587). The balance sheet shows total net assets of £323,480 (2021: £95,585).

Included in total funds are amounts totalling £266,729 (2021: £52,776) which are restricted. These monies have been raised for, and their use restricted to, specific purposes, as specified by donors. Full details of restricted funds can be found in note 9 to the accounts together with an analysis of movements in the year.

4.2 Reserves Policy

The Trustees have examined the requirements for free reserves, ie those unrestricted funds not invested in tangible fixed assets. The Trustees consider that, given the nature of CURE UK’s work, free reserves should be equivalent to approximately 3 months’ operational expenditure. The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income and will allow CURE UK to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 30 June 2022 CURE UK had net free reserves of £55,419 (2021: £40,811) as follows:

Total reserves
Less: restricted funds
Less: unrestricted fixed assets used for the continuing work of CURE UK
Free reserves
Free reserves requirement:
3 months budgeted routine expenditure		 2022
£
323,480
(266,729)
(1,332)
55,419
35,000		 2021
£
95,585
(52,776)
(1,998)
40,811
35,000

8

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2022

4.3 Investment Policy

Funds in excess of immediate requirement are placed on bank deposit account.

4.4 Pay Policy

The pay of all staff, including the Chief Executive, is reviewed annually by the Board. It is our expectation that we will continue to benchmark staff benefits against staff performing similar roles in similar charities and will take into consideration the finances of the charity at the time.

5. Plans for Future Periods

In FY23 CURE International UK plans to continue fundraising to support the CURE Children’s Hospitals of Ethiopia, Malawi and Zimbabwe as priority partner hospitals.

We will continue to support other ad hoc fundraising needs for other CURE Hospitals if needed, but in an effort to be strategic in our fundraising with a limited number of staff, we must condense the number of projects we are working on. We will of course honour donations from individuals who would like their gifts to be used at certain hospitals.

In FY23 we will begin our spend out of the CURE Malawi Legacy Fund, will we expect to run into FY24. This project will support CURE Malawi’s surgeons, as well as large items of hospital capital expenditure, in order to improve and expand its services, so it can reach and heal more children with treatable disabilities.

CURE UK plans to continue to grow its working relationship with CURE International, working more closely with leadership in order to better serve the CURE Network. CURE International is keen to develop this relationship too in order to achieve our shared mission.

We will continue to foster and develop relationships with UK institutions, including The Royal College of Surgeons of England and the University of Oxford University to augment training and research at CURE partner hospitals.

Unfortunately, we were unable to arrange a CURE Hospital visit for board members who have not visited a hospital yet, so we would like to do this in FY23. This will ideally be a trip to CURE Malawi so board members can also carry out reporting on the CURE Malawi Legacy Fund project. The CURE International UK staff will also plan to visit CURE Zimbabwe, to visit the hospital for the first time, to report on project activities, as well as to meet with hospital leadership to discuss their needs and how we can support them best.

The board will continue its search for potential new trustees, to expand the board in numbers and expertise.

Overall, we plan that in FY23 we can work on strategic growth for CURE International UK. This will be discussed at quarterly board meetings, with a proposal to work on a new strategic plan for CURE International UK.

6. Statement of responsibilities of the trustees

The trustees (who are also directors of CURE UK for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

9

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2022

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The report of the Trustees has been prepared in accordance with the special provisions applicable to companies’ subject to the small companies’ regime.

7. Approval

The report of the Trustees was approved by the Trustees on 24 March 2023 and signed on its behalf by:

Mr. John O’Dowd Chairman

10

CURE International UK

Independent examiner's report to the Trustees of CURE International UK

I report on the accounts of Cure International for the year ended 30 June 2022 set out on pages 12 to 21.

Respective responsibilities of Directors and Examiner

The Directors are responsible for the preparation of the accounts. The Directors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the 2011 Act”) and that an independent examination is needed. The Charity’s gross income exceeds £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.

Having satisfied myself that the Charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Christine Cheung-Poston ACCA

24 March 2023

11

CURE International UK

Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 30 June 2022

Note
Income from:
2
Donations and legacies
Other trading activities
Investments
Total Income
Expenditure on:
Raising funds
Charitable activities
3
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
4

Tax payable
5

Net income/(expenditure) after tax
Transfers between funds
9
Other recognised gains/(losses)

Net movement in funds
Total funds brought forward

Total funds carried forward
 Unrestricted
Funds
2022
£

115,332
445
65		 Restricted
Funds
2022
£
541,096
-
-
541,096
-
327,143
327,143
-
213,953
-
213,953
-
-
213,953
52,776
266,729		 Total
2022
£
656,428
445
65
656,938
41,352
387,691
429,043
-
227,895
-
227,895
-
-
227,895
95,585
323,480		 Unrestricted
Funds
2021
£
87,463
-
46





Restricted
Funds
2021
£
193,547
-
-
193,547
-
206,071
206,071
-
(12,524)
-
(12,524)
315
-
(12,209)
64,985
52,776		 Total
2021
£
281,010
-
46
115,842 87,509 281,056
41,352
60,548
101,900
-
13,942
-
13,942
-
-
13,942
42,809
56,751		 39,627
59,945		 39,627
266,016
99,572 305,643
- -
(12,063) (24,587)
- -
(12,063)
(315)
-		 (24,587)
-
-
(12,378)
55,187		 (24,587)
120,172
42,809 95,585

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 9 to the financial statements.

12

CURE International UK

Balance Sheet As at 30 June 2022

Fixed Assets
Tangible Assets
6
Current Assets
Debtors
7
Cash At Bank And In Hand
Creditors - Amounts Falling
Due Within One Year
8
Net Current Assets
Net Assets
Represented By:
Restricted Funds
9
Unrestricted Income Funds
Total Funds		 Unrestricted
Funds
2022
£
1,332
21,901
36,571
58,472
3,053
55,419
56,751
-
56,751
56,751		 Restricted
Funds
2022
£
-
-
266,729
266,729
-
266,729
266,729
266,729
-
266,729		 Total
2022
£
1,332
21,901
303,300
325,201
3,053
322,148
323,480
266,729
56,751
323,480		 Total
2021
£
1,998
20,270
77,161
97,431
3,844
93,587
95,585
52,776
42,809
95,585

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 30 June 2022 and no notice requiring an audit has been deposited under section 476.

The Trustees acknowledge their responsibilities for:

These financial statements were approved by the Trustees on 24 March 2023 and signed on their behalf by:

Mr. John O’Dowd Chairman

Company registration number: 4268644

13

Notes to the Financial Statements For the year ended 30 June 2022

CURE International UK

1. Accounting Policies

CURE International (UK) is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is The Royal College of Surgeons of England, 35-43 Lincoln’s Inn Fields, London WC2A 3PE. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting.

The Charity meets the definition of a public benefit entity under FRS 102.

Going Concern

There are no material uncertainties about the Charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Income recognition

Voluntary income and donations (including legacies) are accounted for once the Charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for in the period to which the relevant donation is received. Grant income is recognised on a receivable basis.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The Charity is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Expenditure included in Raising Funds includes amounts incurred in obtaining grants and other donations.

Charitable expenditure includes those costs in fulfilling the Charity’s principal objects, as outlined in the Report of the Trustees. Charitable expenditure includes governance costs and an apportionment of support costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.

Support costs are allocated to charitable, fundraising and governance activities on the following bases:

Rentals under operating leases are charged as incurred over the term of the lease.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Charity.

14

Notes to the Financial Statements For the year ended 30 June 2022

CURE International UK

1. Accounting Policies (continued)

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Charity that would permit the Charity to avoid making the future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Charity.

The Charity makes contributions to defined contribution pension schemes for eligible employees. The assets of the schemes are held separately from these of the Charity in an independently organised fund. The pension cost charge represents contributions payable under the scheme by the Charity to the fund. The Charity has no liability under the scheme other than for the payment of these contributions.

Tangible Fixed Assets

The cost of furniture, fittings and equipment, less any expected residual value, is depreciated at 33% on a straight line basis. The cost of individual items of less than £250 are not capitalised but are expensed in the period of purchase.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate if exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net income or expenditure for the year.

Fund accounting

The funds held by the Charity are either:

15

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2022

2. Income

2. Income
Donations & legacies
Donations & grants
Income tax reclaimed
Legacies
Other trading activities
Fundraising events (ticket sales, auctions etc)
Investments
Bank Interest
Total		 Unrestricted
Funds
2022
£
Restricted
Funds
2022
£
82,711
350,289
11,420
-
21,201
190,807
115,332
541,096
445
-
65
-
115,842
541,096		 Total
2022
£
433,000
11,420
212,008
656,428
445
65
656,938		 Total
2021
£
260,911
12,169
7,931
281,011
-
46
281,057

3. Expenditure

3a. Fundraising

Fundraising Direct
costs
£
7,046		 Support
costs
(note 3c)
£
34,306
Unrestricted
Funds
2022
£

41,352		 Restricted
Funds
2022
£
-		 Total
2022
£
41,352		 Total
2021
£
39,627

3b. Charitable Activities

Charitable
Giving
£
Support
costs (note
3c)
£
In support of the work at CURE
Children’s hospitals, in accordance
with donors’ wishes
324,643
60,085
In support of the CURE Clubfoot Early
Detection and Adherence Project to
strengthen training and delivery
capacity in Low and Middle Income
Countries
2,500
463
327,143
60,548		 Unrestricted
Funds
2022
£
60,085
463
60,548		 Restricted
Funds
2022
£
324,643
2,500
327,143		 Total
2022
£
384,728
2,963		 Total
2021
£
262,789
3,227
387,691 266,016

16

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2022

3. Expenditure (continued)

Recipients of direct charitable giving is analysed as follows:

Unrestricted
Funds
2022
£
CURE International
-
Other charitable institutions
-
0		 Restricted
Funds
2022
£
278,467
48,676
327,143		 Total
2022
£
278,467
48,676
327,143		 Total
2021
£
203,571
2,500
206,071

CURE UK utilises CURE International as a conduit to distribute restricted funds in accordance with donor wishes.

3c. Allocation of 2022 support & governance costs to charitable and fundraising activities

Staff costs
£
Office costs
£
Premises &
equipment
£
Governance
£
Fundraising/income generation (see note 3a)
26,389
4,066
3,851
-
Charitable activities (see note 3b)
44,933
6,923
6,558
2,134
71,322
10,989
10,409
2,134		 Total
£
34,306
60,548
94,854

Basis of allocation:

3d. Staff costs

Included within expenditure are the following staff costs of employed individuals:

Wages and salaries
Social security costs
Pension costs
Of which the following salaries and pension contributions were in
relation to Key Management Personnel:
Wages and salaries
Pension costs		 2022
£
67,333
2,343
1,646
71,322
41,333
1,053
42,386		 2021
£
68,083
2,684
1,653
72,420
40,000
1,013
41,013

17

Notes to the Financial Statements For the year ended 30 June 2022

CURE International UK

3. Expenditure (continued)

The number of employed individuals during the year was 3 (2021: 4). No employee (2021: none) received payments in excess of £60,000 during the year.

3e. Trustee expenses

The expenses of nil (2021: 1) trustees amounting to £nil (2021: £69) in relation to training, travel & subsistence were met during the period.

4. Net Expenditure

Net expenditure is stated after (crediting)/charging:

Depreciation – owned assets
Independent Examiner’s remuneration
Foreign exchange gains/(losses)		 Unrestricted
Funds
2022
£
Restricted
Funds
2022
£
666
-
250
-
(128)
-		 Total
2022
£
666
250
(128)		 Total
2021
£
666
250
107

5. Taxation

As a charity, CURE International UK is exempt from tax on income and gains falling within the provisions of the Corporation Taxes Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the Charity.

18

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2022

6. Tangible Fixed Assets

6. Tangible Fixed Assets
Cost
At 1 July 2021
Additions
Disposals
At 30 June 2022
Depreciation
At 1 July 2021
Charge for Period
Disposals
At 30 June 2022
Net Book Value
At 30 June 2022
At 30 June 2021		 Fixtures,
fittings &
equipment
£
10,756
-
10,756
8,758
666
-
9,424
1,332
1,998

All of the fixed assets are used for charitable purposes.

7. Debtors

Gift Aid Tax receivable
Other debtors		 2022
£
9,800
12,101
21,901		 2021
£
16,926
3,344
20,270

8. Creditors – Amounts Falling Due Within One Year

Other creditors including taxation and social security
Accruals and deferred income		 2022
£
1,303
1,750
3,053		 2021
£
2,094
1,750
3,844

19

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2022

9. Restricted Funds

9a Current Year

9a Current Year
At 1 July At 30 June
2021 Income Expenditure Transfers 2022
£ £ £ £ £
Antonia Freeman Scholarship 24,992 - - - 24,992
CURE Children’s Hospital of Ethiopia 7,855 36,167 (36,167) - 7,855
CURE Neuro Clinic, Ghana 0 0
CURE Children’s Hospital of Philippines 0 - - - 0
CURE Children’s Hospital of Uganda 100 765 (405) - 460
CURE Children’s Hospital of Zimbabwe 15,703 275,907 (254,173) - 37,437
Beit CURE Hospital Malawi 2,352 223,200 (31,909) - 193,643
Beit CURE Children’s Hospital of Zambia 1,774 2,557 (1,989) - 2,342
Hope Walks (formerly CURE Clubfoot) 0 2,500 (2,500) - 0
Total 52,776 541,096 (327,143) 0 266,729
9b Prior Year
At 1 July At 30 June
2020 Income Expenditure Transfers 2021
£ £ £ £ £
Antonia Freeman Scholarship 24,992 - - - 24,992
CURE Children’s Hospital of Ethiopia 8,189 20,585 (19,931) (988) 7,855
CURE Neuro Clinic Ghana 0 14,145 (14,145) - 0
CURE Children’s Hospital of Philippines 0 - - - 0
CURE Children’s Hospital of Uganda 235 9,540 (9,675) - 100
CURE Children’s Hospital of Zimbabwe 0 128,343 (113,673) 1,033 15,703
Beit CURE Children’s Hospital of Zambia 1,993 2,311 (2,800) 270 1,774
Beit CURE Hospital Malawi 29,576 16,123 (43,347) - 2,352
Hope Walks (formerly CURE Clubfoot) 0 2,500 (2,500) - 0
Total 64,985 193,547 (206,071) 315 52,776

The transfers in 2020/21 were to correct historic errors.

Descriptions of the main restricted funds are as follows:

Antonia Freeman Scholarship: funds in support of an Orthopaedic Fellow at CURE Malawi

DFID/THET COOL partnership: funds received in support of research and training in trauma and musculoskeletal impairment

CURE Children’s Hospitals: funds received in support of life-saving and life-changing medical care for children at these hospitals

CURE Clubfoot: funds received in support of treatment and research of clubfoot in India and Sub-Saharan Africa.

Beit CURE Hospitals : funds received in support of life-saving and life-changing medical care for children at these hospitals.

African Clubfoot Training : funds received in support of treatment and research of clubfoot in in sub-Saharan Africa.

20

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2022

10. Related Party Transactions

CURE UK utilises CURE International Inc as a conduit to distribute restricted funds in accordance with donor wishes. During the year ended 30 June 2022 £278,467 (2021: £203,571) was sent to CURE International.

Trustees made aggregate unrestricted donations of £3,243 (2021: £4,505) during the year.

11. Member’s Funds

CURE International UK is a company limited by guarantee without a share capital. Instead of a share capital, each member guarantees to pay not more than £10 in the event of the company's liquidation. The amount of the members' guarantee represents a contingent asset to the company which will crystallise only if the company goes into liquidation. As the company is a going concern, the members have no obligation to pay the sum guaranteed.

If on a winding up of the company there remains after satisfaction of all debts and liabilities any assets, they cannot be paid to or distributed among the members but will be transferred to CURE International.

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