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2023-06-30-accounts

Annual Report and Financial Statements 2023

CURE International (UK)

30 June 2023 uk.cure.org

UK reg. charity number 1094705 Company Registration Number 4268644

CURE International UK

Annual Report and Financial Statements 2023 Contents

Page
Legal & Administrative Information 2
Foreword by the Chairman 3
Annual Report of the Trustees 4
Independent Examiner's Report to the Trustees 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15

1

CURE International UK

Legal & Administrative Information For the year ended 30 June 2023

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 2023)
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 K. Collaku MAAT
Castle View Accounting Ltd
New Barn, Mudberry Lane
Bosham
Chichester
West Sussex PO18 8TS
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.

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 are 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 2023 has been a phase of exciting new challenges and strategies for CURE UK. CURE UK continued to focus its work on three main partner hospitals, CURE Ethiopia, CURE Malawi and particularly CURE Children’s Hospital of Zimbabwe. We were able to deliver a range of successful projects as well as fundraising campaigns, and also a surgical training course at CURE Zimbabwe.

We spent a significant amount of time defining a new strategic plan, called Operation Zim, in order to define CURE UK’s goals over the next three years and create more mission critical impact. This comprehensive three-year initiative embodies our unwavering commitment to making a lasting impact on the lives of children in need, particularly in Zimbabwe, through the CURE Children's Hospital of Zimbabwe.

Our mission at CURE International UK has always been to provide life-changing surgical care to children with debilitating conditions. We believe that every child deserves a chance at a healthy and fulfilling life, and Operation Zim will enable us to reach even greater heights in delivering on this vision. Over the course of the next three years, we aim to provide more paediatric surgeries than ever before, ensuring that no child is left without the essential medical care they require.

CURE Children's Hospital of Zimbabwe holds a special place in our hearts and CURE International UK has nurtured a profound and longstanding relationship with the hospital. Since its inception, we have supported the hospital in its mission to bring life-changing healing to the children of Zimbabwe.

None of this year’s successes would have been possible without the unwavering support and generosity of our staff, donors and partners. I am deeply grateful to our supporters and their continued dedication to our mission; it has been instrumental in bringing hope and healing to countless children. Together, we are making a tangible and lasting impact on the lives of children with treatable disabilities and creating a brighter future for generations to come.

Mr. John O’Dowd FRCS Chairman

3

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2023

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 2023. 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)). 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.

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
•
An annual review takes place for each staff member
•
Investment in the professional development of staff through internal and external
training
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

4

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2023

Risk Management
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
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.
•
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

5

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2023

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.

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.

The CURE network is a global network of non-profits and charitable Children’s Hospitals in developing countries, which provide surgical care in a compassionate, gospel-centred environment. At our eight hospitals, we provide free world-class surgical services for children with disabilities living in poverty. We also provide training and support for families, communities, and local healthcare systems to alleviate barriers facing disabled children.

(CURE UK) is a UK registered charity and member of the international consortium of Christian organisations and hospitals that is the CURE International Network. CURE’s charitable children’s hospitals provide world-class surgical services for children with disabilities living in poverty in developing countries. CURE 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. CURE UK's current focus is on supporting CURE Children's Hospital of Zimbabwe through a strategic plan called Operation Zim.

Operation Zim: Operation Zim is a strategic plan by CURE UK to support CURE Zimbabwe over the next three years*. Specifically, the plan aims to sponsor 500 surgeries for children in need of specialised surgical care at the hospital.

CURE UK has been a key partner for CURE Zimbabwe since its inception. We and our donors have helped to build, equip and open the hospital. Now, we plan to use this support to fund life-changing paediatric surgeries there. *FY24-FY26 – 1st July 2023 – 30th June 2026

CURE International UK as part of the global CURE network, strives to make a meaningful impact by providing life-changing surgical care to vulnerable children in Zimbabwe and supporting their physical, emotional and spiritual well-being.

Surgical procedures performed at CURE Zimbabwe not only help transform the lives of children by empowering them through increased mobility and functionality, but they also help restore respect and dignity to both the child and their family. As we provide sponsorship for this care available, children and their families can focus on one thing: healing.

3. Achievements and Performance

This year, CURE continued to focus on a smaller number of hospital partners to deliver its fundraising and project goals. We continued our efforts to become more strategic in order to create meaningful and mission critical impact.

Notable projects include a Musculoskeletal Tumour Course, fundraised for and administrated by CURE UK, in September 2022. The course was the first of its kind in the country and was hosted with CURE Children’s Hospital of Zimbabwe. The course was a great success, and we aim to repeat the course in 2024 and built on its foundations. During the course, the CURE UK team was able to visit the CURE Zimbabwe to meet with staff, check on project activity and grant expenditure, as well as spend time with staff and patients. It was a very fruitful trip.

6

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2023

Thanks to a generous legacy donation, CURE UK implement a large-scale legacy project at the BEIT CURE Children’s Hospital of Malawi. Working with hospital leadership, we identified key areas that would be of maximum use to the hospital and its beneficiaries, in order to honour the legacy donor’s generous contribution to help change the lives of children with treatable disabilities in Malawi. The project’s deliverables are to purchase a new C-Arm machine, a mobile clinic vehicle, and a new playground for CURE Malawi, whilst also supporting two surgeon’s salaries for 12 months. The project is currently in motion and we aim to complete it in December 2023.

In January 2023 CURE UK became the partner charity of The Royal College of Surgeons of England (RCSEng). RCSEng’s GAPS Appeal (Global Access to Paediatric Surgery) will aim to raise £15,000 in 2023 for surgical training initiatives at CURE Zimbabwe, specifically to support a Limb Reconstruction Surgical Training Course to take place in 2024.We are extremely grateful for the support of RCSEng and are happy to enjoy a great working partnership.

CURE UK was able to deliver three successful donor appeals, which we feel were exciting for our donors as we as impactful for the network. In Autumn 2022 we raised over £10,000 for a new accessible playground for CURE Zimbabwe. In December 2023, we ran a successful Christmas Appeal via The Big Give Christmas Challenge, raising over £19,200 for critical medical equipment at the CURE Children’s Hospital of Ethiopia. In Easter 2023 we raised over £13,000 towards the launch of the new Plastic and Reconstructive Surgery Service at CURE Zimbabwe.

In December we hosted our annual donor event, the CURE Carols by Candlelight Service at The Chapel Royal of St Peter ad Vincula at HM Tower of London. The event was well attended and a great chance to spend time with donors and sponsors of CURE UK. Our special thanks also go to Lady Frederick Windsor for being Royal Patron of CURE UK, who was able to attend the event.

We continue to enjoy great partnerships with Trusts and Foundations, with shared charitable aims and objectives, who generously support our project work. The Trustees would like to thank some of our generous supporters, to whom we are extremely grateful:

In the second half of this financial year, significant efforts were made to build upon defining CURE UK’s strategy, identity and fundraising capabilities. Flora Gibbons, CURE UK’s Chief Executive attended CURE International’s Strategy Advancement Meeting at CURE Intl.’s headquarters in Grand Rapids Michigan. During the trip Flora was able to work with CURE Intl, President and CEO Justin Narducci among other leadership staff to begin the development a defined strategic plan, to be launched in Financial Year 2024 (1[st] July 2023).

Over the next six months, CURE UK leadership reviewed the charity’s capabilities, resources and the opportunities available to us. With shared origins, close connections, and engaged donor support, it became clear that CURE UK could provide a greater level of support to CURE Zimbabwe and its current needs.

A three-year strategic focus to support more children’s surgeries at CURE Zimbabwe, will concentrate our resources and create mission critical impact for CURE Zimbabwe, whilst achieving our integral mission to heal the sick and proclaim the kingdom of God.

CURE UK’s new Strategic Plan aligns with our sister organisation’s strategic focus too. Operation 2X is CURE International’s current strategic plan double the number of children and families served annually, expanding access to care for thousands of vulnerable children with severe but treatable disabilities.

7

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2023

We want to create strategic partnerships to help end the wait for children living with disabilities in Zimbabwe over the next three years. At the end of this period, CURE UK will assess our success and look forward to the next three years supporting where in the CURE Network we are needed most.

CURE UK has had a successful year overall. Whilst fundraising successfully and providing meaningful outcomes through our projects, we also recognised that we could be more impactful and set out to define what this looked like in our new strategic plan, called Operation Zim. We look forward to rolling this plan out in 2024.

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 13 and 14. CURE UK’s reserves decreased by £199,922 during the year (2022 – increased by £227,895). The balance sheet shows total net assets of £123,558 (2022: £323,480).

Included in total funds are amounts totalling £75,279 (2022: £266,729) 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 2023 CURE UK had net free reserves of £46,947 (2022: £55,419) 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		 2023
£
123,558
(75,279)
(1,332)
46,947
35,000		 2022
£
323,480
(266,729)
(1,332)
55,419
35,000

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.

8

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2023

5. Plans for Future Periods

In FY24 CURE International UK plans to launch our new strategic plan, Operation Zim. We have defined three key goals to help us achieve our strategic aim to support CURE Zimbabwe to reach and heal more children than ever before.

Goal 1 : Life-changing surgeries for children in Zimbabwe.

Operation Zim’s main goal is to provide surgery sponsorship for children receiving treatment at CURE Zimbabwe. Over the next three years, we will help CURE Zimbabwe to provide more specialised orthopaedic, plastic and reconstructive surgical care for children with treatable disabilities like clubfoot, neglected trauma, bowed legs, burn contractures, and cleft lip and palate.

Each surgery funded includes surgical care, spiritual care, and other aftercare, including physiotherapy. The average stay in our hospitals is six days, and most children require multiple surgeries.

In FY24, CURE UK aims to raise £100,000 for 80 children’s surgeries at CURE Zimbabwe.

Goal 2 : Supporting CURE Zimbabwe to build its capacity.

As well as directly supporting surgeries at CURE Zimbabwe, CURE UK has a secondary goal to support projects and activities to build the hospital’s capacity and also healthcare services in Zimbabwe in general.

Focus Areas:

Goal 3 : A strong CURE UK to better support the needs of CURE Zimbabwe: Through our strategic focus we can provide

more impactful fundraising, communications and project activity, responsibly using charitable funds for improved

outcomes for children with disabilities in Zimbabwe.

Focus areas:

How we aim to achieve this:

9

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2023

Even though we will primarily be supporting our priority partner over the next three financial years, CURE UK remains part of the CURE Network as a whole. We will continue to communicate stories, achievements, news and impact from CURE Children’s Hospital’s around the world to our donors and stakeholders.

Our partners who give to specific CURE Hospitals will still be able to support their chosen hospital via CURE UK, and we can deliver ad hoc projects if the need and priority arises.

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.

We continue to encourage our board members to visit the hospitals. 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 hope that in FY24 we can deliver our strategic goals for CURE International UK. These will be discussed and reviewed at quarterly board meetings to assess progress.

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:

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.

10

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2023

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 7 March 2024 and signed on its behalf by:

Mr. John O’Dowd Chairman

11

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 2023 set out on pages 13 to 22.

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 Accounting Technicians.

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.

K. Collaku MAAT Castle View Accounting Ltd New Barn, Mudberry Lane Bosham, Chichester West Sussex PO18 8TS

25 March 2024

12

CURE International UK

Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 30 June 2023

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
2023
£

95,136
700
642		 Restricted
Funds
2023
£
374,435
-
-
374,435
-
565,885
565,885
-
(191,450)
-
(191,450)
-
-
(191,450)
266,729
75,279		 Total
2023
£
469,571
700
642
470,913
42,678
628,157
670,835
-
(199,922)
-
(199,922)
-
-
(199,922)
323,480
123,558		 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
96,478 115,842 656,938
42,678
62,272
104,950
-
(8,472)
-
(8,472)
-
-
(8,472)
56,751
48,279		 41,352
60,548		 41,352
387,691
101,900 429,043
- -
13,942 227,895
- -
13,942
-
-		 227,895
-
-
13,942
42,809		 227,895
95,585
56,751 323,480

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.

13

CURE International UK

Balance Sheet As at 30 June 2023

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
2023
£
666
18,647
33,035
51,682
4,069
47,613
48,279
-
48,279
48,279		 Restricted
Funds
2023
£
-
-
75,279
75,279
-
75,279
75,279
75,279
-
75,279		 Total
2023
£
666
18,647
108,314
126,961
4,069
122,892
123,558
75,279
48,279
123,558		 Total
2022
£
1,332
21,901
303,300
325,201
3,053
322,148
323,480
266,729
56,751
323,480

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 2023 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 7 March 2024 and signed on their behalf by:

Mr. John O’Dowd Chairman

Company registration number: 4268644

14

Notes to the Financial Statements For the year ended 30 June 2023

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.

15

Notes to the Financial Statements For the year ended 30 June 2023

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:

16

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2023

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
2023
£
Restricted
Funds
2023
£
86,341
374,436
8,794
-
-
-
95,135
374,436
700
-
642
-
96,477
374,436		 Total
2023
£
460,777
8,794
-
469,571
700
642
470,913		 Total
2022
£
433,000
11,420
212,008
656,428
445
65
656,938

3. Expenditure

3a. Fundraising

Fundraising Direct
costs
£
5,485		 Support
costs
(note 3c)
£
37,193



Unrestricted
Funds
2023
£


42,678		 Restricted
Funds
2023
£
-		 Total
2023
£
42,678		 Total
2022
£
41,352

3b. Charitable Activities

Charitable
Giving
£
Support
costs
(note 3c)
£
In support of the work at CURE
Children’s hospitals, in
accordance with donors’ wishes
541,899
59,633
In support of the CURE Clubfoot Early
Detection and Adherence Project
to strengthen training and
delivery capacity in low and
middle income countries
6,000
660
Musculoskeletal Tumour Course
17,986
1,979
565,885
62,272		 Unrestricted
Funds
2023
£
59,633
660
1,979
62,272		 Restricted
Funds
2023
£
541,899
6,000
17,986
565,885		 Total
2023
£
601,532
6,660
19,965
628,157		 Total
2022
£
384,728
2,963
-
387,691

17

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2023

3. Expenditure (continued)

Recipients of direct charitable giving is analysed as follows:

Unrestricted
Funds
2023
£
CURE International
-
Other charitable institutions
-
0		 Restricted
Funds
2023
£
540,766
25,119
565,885		 Total
2023
£
540,766
25,119
565,885		 Total
2022
£
278,467
48,676
327,143

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

3c. Allocation of 2023 support & governance costs to charitable and fundraising activities

Staff costs
£
Office costs
£
Premises &
equipment
£
Governance
£
Fundraising/income generation (see note 3a)
27,791
5,221
4,181
-
Charitable activities (see note 3b)
46,982
7,436
5,956
1,898
74,773
12,657
10,137
1,898		 Total
£
37,193
62,272
99,465

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		 2023
£
70,458
2,575
1,739
74,772		 2022
£
67,333
2,343
1,646
71,322
41,333
1,053
42,386
44,000
1,133
45,133

18

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2023

3. Expenditure (continued)

The number of employed individuals during the year was 3 (2022: 3). No employee (2022: none) received payments in excess of £60,000 during the year.

3e. Trustee expenses

The expenses of nil (2022: nil) trustees amounting to £nil (2022: £nil) 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
2023
£
Restricted
Funds
2023
£
666
-
1,380
-
46
-		 Total
2023
£
666
1,380
46		 Total
2022
£
666
250
(128)

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.

19

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2023

6. Tangible Fixed Assets

6. Tangible Fixed Assets
Fixtures,
fittings &
equipment
£
Cost
At 1 July 2022 10,756
Additions -
Disposals -
At 30 June 2023 10,756
Depreciation
At 1 July 2022 9,424
Charge for Period 666
Disposals -
At 30 June 2023 10,090
Net Book Value
At 30 June 2023 666
At 30 June 2022 1,332

All of the fixed assets are used for charitable purposes.

7. Debtors

Gift Aid Tax receivable
Other debtors		 2023
£
16,365
2,283
18,648		 2022
£
9,800
12,101
21,901

8. Creditors – Amounts Falling Due Within One Year

Other creditors including taxation and social security
Accruals and deferred income		 2023
£
1,189
2,880
4,069		 2022
£
1,303
1,750
3,053

20

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2023

9. Restricted Funds

9a Current Year

9a Current Year
At 1 July At 30 June
2022 Income Expenditure Transfers 2023
£ £ £ £ £
Antonia Freeman Scholarship 24,992 - - - 24,992
Musculoskeletal Tumour Course 0 19,524 (17,986) - 1,538
CURE Children’s Hospital of Ethiopia 7,855 57,472 (63,569) - 1,758
CURE Neuro Clinic, Ghana 0 16,473 - - 16,473
CURE Children’s Hospital of Uganda 460 540 (955) - 45
CURE Children’s Hospital of Zimbabwe 37,437 261,121 (293,831) - 4,727
Beit CURE Hospital Malawi 193,643 11,394 (179,435) - 25,602
Beit CURE Children’s Hospital of Zambia 2,342 1,911 (4,109) - 144
Hope Walks (formerly CURE Clubfoot) 0 6,000 (6,000) - 0
Total 266,729 374,435 (565,885) 0 75,279
9b Prior 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 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

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.

21

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2023

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 2023 £540,766 (2022: £278,467) was sent to CURE International.

Trustees made aggregate unrestricted donations of £2,951 (2022: £3,243) 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.

22