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← Cure International (UK)

2025-06-30-accounts

Annual Report and Financial Statements 2025

CURE International (UK)

30 June 2025 uk.cure.org

UK reg. charity number 1094705 Company Registration Number 4268644

INTERNATIONAL

CURE International UK

Annual Report and Financial Statements 2025 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
Statement of Cash Flows 15
Notes to the financial statements 16

1

CURE International UK

Legal & Administrative Information For the year ended 30 June 2025

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 CURE International UK is a company limited by guarantee, with company registration number
Registration 4268644. 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 Professor Christopher Lavy OBE, MD, MCh, FCS FRCS
(Resigned 19		 (Resigned 19 June 2025)
Rosemary Livingstone
Mervyn Thomas CMG
Louis Reid
Jheryl Cabey
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 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. Chair and the Chief Executive Officer.
Bankers Barclays Bank
1 Churchill Place,
London E14 5HP
Independent Sheila Parry ACCA
Examiner SPX Oxford Ltd
Peace House
19 Paradise Street
Oxford OX1 1LD
Solicitors Lee Bolton Monier-Williams
1, The Sanctuary
Westminster
London SW1P 3JT

2

CURE International UK

Foreword by the Chairman Mr. John O ’Dowd FRCS

As Chairman of CURE International UK, I am delighted to present our Annual Accounts and Report for FY25. This has been the second year of Operation Zim, and I am deeply encouraged by the progress we have made together. Thanks to the generosity of our supporters, we have been able to fund life-changing operations for children at CURE Children’s Hospital of Zimbabwe, supply critical hospital equipment, sustain our spiritual ministry and outreach programmes, and invest in vital training courses for surgeons and anaesthetists - all part of CURE’s integral mission to heal the sick and proclaim the kingdom of God (Luke 9:2).

The need we are responding to is vast. Around the world, 1.75 billion children lack access to safe surgical care. Correctable conditions such as clubfoot, cleft lip, and bowed legs too often become lifelong barriers to mobility, dignity, and hope. For more than 25 years, CURE International has been addressing this crisis - providing surgical care in compassionate, gospel-centred environments. To date, the CURE network has delivered over 375,000 operations, welcomed 5.6 million patient visits, and shared the hope of the gospel with 2.2 million people. From our eight hospitals across Africa and the Philippines, CURE now serves children and families in 32 countries.

It has also been a year of development for CURE UK itself. We have worked hard to improve and streamline our practices, systems, and processes, ensuring that we remain a competent, accountable, and up-to-date charity equipped to steward our donors gifts wisely.

We cannot ignore that FY25 has been a difficult year globally for fundraising, and we too have felt the impact. Yet, even against this backdrop, our donors, partners, and friends have stood with us, maintaining their generous support. On behalf of the Board of Trustees, I extend heartfelt thanks to every one of you for your faithfulness and compassion in caring for the most vulnerable children with treatable disabilities.

Within the wider CURE network, the impact has been extraordinary. In the past year alone, CURE hospitals:

We are proud to play our part in this inspirational global family of hospitals. The testimonies of children and parents in Zimbabwe remind us daily that behind every number is a precious life restored to hope and dignity.

As we look to FY26, our priorities are clear: to secure sustainable funding so that no child is turned away from surgery; to deepen our holistic model of care through ongoing spiritual ministry and follow-up; and to expand training that strengthens healthcare system for the long term.

Thank you for your trust, your prayers, and your partnership. Together, we are helping to restore mobility, restore dignity, and restore hope - one child at a time.

With gratitude,

Mr. John O’Dowd FRCS Chairman

3

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2025

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 2025. 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 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 2025

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 reviewedquarterlybythe 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
interest 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
•
Trustees Conflict of Interest Policy
•
Fundraising 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 2025

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 International UK is an independent UK charity providing fundraising and project support to the CURE International network, working to improve the quality of life for children living with correctable disabilities. We are a member of the CURE Children’s Hospitals Network providing free specialised surgical and rehabilitative care to children suffering needlessly with life-limiting, yet treatable conditions.

CURE is a global Christian nonprofit that provides the highest standard of surgical care to the world’s most vulnerable children for the proclamation and demonstration of the gospel.

CURE owns and operates a network of eight charitable children’s hospitals in Africa and the Philippines that provide surgical care for children from 23 additional countries.

Our Vision: We envision a world where children living with life-limiting disabilities like clubfoot, cleft lip/palate, knock knees, bowed legs, and hydrocephalus can heal from their conditions and reach their full potential. Without treatment, these children are more vulnerable and left suffering on the fringes of society.

In addition to world-class surgical care, CURE ministers to the emotional and spiritual needs of our patients and their communities. At CURE hospitals, 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 serve children regardless of gender, ethnicity or religion.

Our Activities:

Free Surgery for Kids

CURE serves children with disabilities living in poverty, providing world-class surgical services through our eight hospitals—at no cost to families.

Compassionate Christian Care

CURE demonstrates the love of Jesus to children through every step of their healing journey. We are there for all children regardless of religion, gender, race or ability to pay.

Strengthen Health Systems

CURE trains future doctors, nurses, and technicians to serve across their nations for decades to come.

Advocate for Vulnerable Children

CURE works alongside local pastors and leaders to prevent the abuse and neglect of children living with disabilities.

Evidence of Need

Without proper medical care, children with simple, treatable conditions often develop permanent disabilities. They’re stigmatised by society and cannot attend school or find employment, pushing them further into poverty. CURE brings hope to those lost and forgotten by offering life-changing surgery at no cost to them or their families. By partnering with generous and faithful supporters, we give children across the world the futures they deserve—and show them they are loved deeply by God, no matter their ability or condition.

CURE UK's Focus

6

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2025

As part of the CURE children's hospital network, we provide specialised surgical and rehabilitative care to children suffering from life-limiting, yet treatable, conditions at no cost to patients or their families. Our key partner, CURE Children’s Hospital of Zimbabwe, has been at the forefront of delivering world-class, comprehensive care since 2021. This hospital is the first and only in Zimbabwe dedicated to offering surgical care for conditions such as clubfoot, cleft lip and palate, bowed legs, burn contractures, and neglected trauma at no cost to families. We support CURE Zimbabwe through our special project: Operation Zim.

Operation Zim: Operation Zim is CURE UK’s strategic plan to substantially increase support for life-changing operations at CURE Children’s Hospital of Zimbabwe over three years (2024-2026).

Strategic Goals:

  1. Sponsor life-changing operations for children with treatable disabilities at CURE Zimbabwe

  2. Build hospital capacity through training, equipment, and facility improvements.

  3. Sustain CURE UK organisational resilience to maximise our impact in Zimbabwe.

3. Achievements and Performance

Operation Zim

FY25 marked the second year of Operation Zim, our strategic initiative to transform the lives of children with disabilities through CURE Children’s Hospital of Zimbabwe. Despite a challenging fundraising climate, we raised over £130,000 to support:

While we did not meet our original £150,000 operations target, funds raised significantly impacted children’s lives and supported hospital development in vital ways. Looking ahead, FY26 will be the third and final year of Operation Zim, with an increased focus on surgeries and training.

Training and Capacity Building

In February 2025, CURE UK supported the Musculoskeletal Tumour Course in Bulawayo, which trained 25 orthopaedic surgeons over three days. This hands-on course, delivered in partnership with the Zimbabwe Orthopaedic Association and international faculty, contributed to sustainable improvements in complex orthopaedic care across southern Africa.

We also fundraised to cover paediatric orthopaedic residency and fellowship training programmes in Ethiopia and Zimbabwe. These long-term investments are providing sustainable solutions to the severe shortage of safe surgical care in low- and middle-income countries, equipping national surgeons with the expertise to treat children for generations to come.

In addition, CURE UK has continued to fundraise for regional anaesthesia training in Zimbabwe and Ethiopia. These programmes ensure that national healthcare providers have access to the latest knowledge and techniques, helping to sustainably improve the availability of safe anaesthesia for children in Africa—an area that remains critically underresourced.

Strengthening CURE UK’s Systems

In FY25 we completed the implementation of Beacon CRM and Xero, improving donor management, reporting, and Gift Aid reconciliation. We launched a new UK website and introduced Fundraise Up, which has already increased regular giving. In addition, Payroll Giving and Benevity Giving were introduced, and work began on a Legacy Giving page. These developments strengthen CURE UK’s capacity for sustainable growth and responsible stewardship of donor funds.

Fundraising Performance

FY25 total income reached £432,814, 79% of our £550,000 target. Restricted income was strong thanks to generous grants and major donations, though unrestricted income remained challenging. We were particularly grateful for the ongoing support of major donors, trusts, churches, and individuals who enabled us to continue despite wider sector downturns. Highlights included:

7

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2025

CURE Network Achievements

CURE International’s global impact continued to grow in FY25. Across the network, CURE hospitals:

CURE UK is proud to play a role in this global movement, ensuring children with disabilities receive healing, dignity, and hope.

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, Balance Sheet and Statement of Cash Flows can be found on pages 12, 13 and 14 respectively. CURE UK’s reserves decreased by £19,404 during the year (2024 – decreased by £39,284). The balance sheet shows total net assets of £64,870 (2024: £84,274). Direct charitable gifts were £344,146 (2024 - £344,634).

Included in total funds are amounts totalling £49,872 (2024: £39,547) 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, i.e. 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 2025 CURE UK had net free reserves of £14,998 (2024: £44,727) as follows:

follows:
2025 2024
£ £
Total reserves 64,870 84,274
Less: restricted funds (49,872) (39,547)
Free reserves 14,998 44,727
Free reserves requirement:
3 months budgeted routine expenditure 35,000 35,000

The trustees are aware that, at 30 June 2025, the free reserves requirement exceeded free reserves. The trustees are expecting that the charity’s reserves will be improved as a result of the receipt of a legacy in 2025-26.

4.3 Investment Policy

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

4.4 Pay Policy

8

CURE International UK

Annual Report of the Trustees For the year ended 30 June 2025

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

FY26 will be a pivotal year for CURE International UK as it marks the final year of Operation Zim. We remain committed to fundraising for:

During FY26, we will also begin a process of strategic review to define our next phase of priorities. This will involve working closely with the CURE International network to identify where the greatest needs lie and how CURE UK can best serve the network in the years ahead. Our future plans will be shaped in line with CURE International’s 2025–2029 Strategic Plan, which maps out a path to increase surgical capacity, strengthen care after surgery, expand our ministry outreach and build a new hospital in an underserved region.

While delivering our FY26 commitments, CURE UK will continue to:

Board and staff visits to CURE Zimbabwe are also planned, enabling first-hand engagement with hospital leadership, patients, and supported projects, and ensuring accountability to donors.

By the end of FY26, we aim to have delivered on the promise of Operation Zim and to have developed a clear new strategic roadmap for the years ahead. This will position CURE UK to continue restoring mobility, dignity, and hope for children with treatable disabilities across the CURE network.

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 2025

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 12 December 2025 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 2025 set out on pages 12 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 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.

Sheila Parry ACCA 12 December 2025

11

CURE International UK

Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 30 June 2025

Unrestricted Restricted Unrestricted Restricted
Funds Funds Total Funds Funds Total
Note 2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Income from: 2 2
Donations and legacies 101,048 354,959 456,007 105,090 418,001 523,091
Other trading activities 3,085 - 3,085 631 - 631
Investments 1,682 - 1,682 938 - 938
Total Income 105,815 354,959 460,774 106,659 418,001 524,660
Expenditure on:
Raising funds 57,284 - 57,284 51,329 - 51,329
Charitable activities 3 78,260 344,634 422,894 65,021 447,594 512,615
Total Expenditure 135,544 344,634 480,178 116,350 447,594 563,944
Net gains/(losses) on investments - - - - - -
Net expenditure 4 (29,729) 10,325 (19,404) (9,691) (29,593) (39,284)
Tax payable
5		 - - - - - -
Net expenditure after tax (29,729) 10,325 (19,404) (9,691) (29,593) (39,284)
Transfers between funds 9 - - - 6,139 (6,139) -
Other recognised gains/(losses) - - - - - -
Net movement in funds (29,729) 10,325 (19,404) (3,552) (35,732) (39,284)
Total funds brought forward 44,727 39,547 84,274 48,279 75,279 123,558
Total funds carried forward 14,998 49,872 64,870 44,727 39,547 84,274

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 2025

Unrestricted Restricted
Funds Funds Total Total
2025 2025 2025 2024
£ £ £ £
Fixed Assets
Tangible Assets 6 - - - 0
Current Assets
Debtors 7 11,912 - 11,912 14,766
Cash At Bank And In Hand 7,823 49,872 57,695 73,469
19,735 49,872 69,607 88,235
Creditors - Amounts Falling
Due Within One Year 8 4,737 - 4,737 3,961
Net Current Assets 14,998 49,872 64,870 84,274
Net Assets 14,998 49,872 64,870 84,274
Represented By:
Restricted Funds 9 - 49,872 49,872 39,547
Unrestricted Income Funds 14,998 - 14,998 44,727
Total Funds 14,998 49,872 64,870 84,274

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 2025 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 12 December 2025 and signed on their behalf by:

Mr. John O’Dowd Chairman

Company registration number: 4268644

13

CURE International UK

Statement of Cash Flows For the year ended 30 June 2025

Unrestricted Restricted
Funds Funds Total Total
Note 2025 2025 2025 2024
£ £ £ £
Net cash flows from operating activities 13 (27,781) 10,325 (17,456) (35,783)
Cash flows from investing activities:
Dividends, interest and rents from investments 1,682 - 1,682 938
Net cash used in investing activities 1,682 - 1,682 938
Change in cash and cash equivalents in the
reporting period (26,099) 10,325 (15,774) (34,845)
Cash and cash equivalents brought forward 33,922 39,547 73,469 108,314
Cash and cash equivalents carried forward 7,823 49,872 57,695 73,469

14

Notes to the Financial Statements For the year ended 30 June 2025

— united kingdom—

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 2025

— united kingdom—

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:

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CURE International UK

Notes to the Financial Statements For the year ended 30 June 2025

2. Income

2. Income
Unrestricted Restricted
Funds Funds Total Total
2025 2025 2025 2024
£ £ £ £
Donations & legacies
Donations & grants 89,520 354,543 444,063 509,998
Income tax reclaimed 11,528 416 11,944 13,093
101,048 354,959 456,007 523,091
Other trading activities
Fundraising events (ticket sales, auctions etc) 3,085 - 3,085 631
Investments
Bank Interest 1,682 - 1,682 938
Total 105,815 354,959 460,774 524,660

3. Expenditure

3a. Fundraising

3. Expenditure
3a. Fundraising
Support Support
Unrestricted		 Restricted
Direct costs costs
Funds		 Funds Total Total
costs (note 3c) (note 3c)
2025		 2025 2025 2024
£ £ £
£		 £ £ £
Fundraising 11,740 45,544 45,544
57,284		 - 57,284 51,329

3b. Charitable Activities

Support Unrestricted Restricted
Charitable costs Funds Funds Total Total
Giving (note 3c) (note 3c)
2025		 2025 2025 2024
£ £ £ £ £ £
In support of the work at CURE
Children’s hospitals, in
accordance with donors’ wishes 344,634 78,260 78,260 344,634 422,894 510,854
Musculoskeletal Tumour Course - - - - - 1,761
344,634 78,260 78,260 344,634 422,894 512,615

17

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2025

3. Expenditure (continued)

Recipients of direct charitable giving is analysed as follows:

Unrestricted Restricted
Funds Funds Total Total
2025 2025 2025 2024
£ £ £ £
CURE International - 341,446 341,446 344,406
Other charitable institutions - - - 103,188
Other - 3,188 3,188 -
0 344,634 344,634 447,594

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

3c. Allocation of 2025 support & governance costs to charitable and fundraising activities

Premises &
Staff costs Office costs Office costs
equipment		 Governance Total
£ £ £ £ £
Fundraising/income generation (see note 3a) 38,050 6,022 1,472 - 45,544
Charitable activities (see note 3b) 64,789 10,254 2,506 711 78,260
102,839 16,276 3,978 711 123,804

Basis of allocation:

3d. Staff costs

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

3d. Staff costs
Included within expenditure are the following staff costs of employed individuals:
2025 2024
£ £
Wages and salaries 94,867 74,283
Social security costs 5,500 2,064
Pension costs 2,472 1,870
102,839 78,217
Of which the following salaries and pension contributions were in
relation to Key Management Personnel:
Wages and salaries 48,000 45,333
Pension costs 1,253 1,360
49,253 46,693

The number of employed individuals during the year was 2 (2024: 3). No employee (2024: none) received payments in excess of £60,000 during the year.

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united kingdom

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2025

3. Expenditure (continued)

3e. Trustee expenses

The expenses of nil (2024: nil) trustees amounting to £nil (2024: £nil) in relation to training, travel & subsistence were met during the period.

4. Net Expenditure

Net expenditure is stated after (crediting)/charging:

Unrestricted Restricted
Funds Funds Total Total
2025 2025 2025 2024
£ £ £ £
Depreciation – owned assets - - - 666
Independent Examiner’s remuneration 690 - 690 720
Foreign exchange gains/(losses) (12) - (12) -

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.

6. Tangible Fixed Assets

6. Tangible Fixed Assets
Fixtures,
fittings &
equipment
£
Cost
At 1 July 2024 2,664
Additions -
Disposals -
At 30 June 2025 2,664
Depreciation
At 1 July 2024 2,664
Charge for Period -
Disposals -
At 30 June 2025 2,664
Net Book Value
At 30 June 2025 0
At 30 June 2024 0

All of the fixed assets are used for charitable purposes.

19

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2025

7. Debtors

==> picture [478 x 78] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Gift Aid Tax receivable|9,278|6,922| |Other debtors|2,633|7,844| |11,911|14,766|

----- End of picture text -----

8. Creditors – Amounts Falling Due Within One Year

==> picture [479 x 78] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Other creditors including taxation and social security|2,297|1,681| |Accruals and deferred income|2,440|2,280| |4,737|3,961|

----- End of picture text -----

9. Restricted Funds

==> picture [478 x 142] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |9a Current Year|At 1 July|At 30 June| |2024|Income|Expenditure|Transfers|2025| |£|£|£|£|£| |Antonia Freeman Scholarship|24,992|-|-|-|24,992| |Musculoskeletal Tumour Course|900|-|-|(900)|0| |CURE Children’s Hospital of Ethiopia|0|18,956|(18,956)|-|0| |CURE Children’s Hospital of Uganda|0|911|(883)|-|28| |CURE Children’s Hospital of Zimbabwe|11,962|323,269|(312,104)|900|24,027| |Beit CURE Hospital Malawi|1,233|10,409|(10,958)|-|684| |Beit CURE Children’s Hospital of Zambia|460|1,414|(1,733)|-|141| |39,547|354,959|(344,634)|0|49,872|

----- End of picture text -----

The transfer of £900 between restricted funds was to correct a historic error.

20

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2025

9. Restricted Funds (continued)

9b Prior Year At 1 July At 30 June
2023 Income Expenditure Transfers 2024
£ £ £ £ £
Antonia Freeman Scholarship 24,992 - - - 24,992
Musculoskeletal Tumour Course 1,538 900 (1,538) - 900
CURE Children’s Hospital of Ethiopia 1,758 74,873 (76,631) - 0
CURE Children’s Hospital of Uganda 45 - (45) - 0
CURE Children’s Hospital of Zimbabwe 4,727 331,540 (324,305) - 11,962
CURE Neuro Clinic, Ghana 16,473 - (16,473) - 0
CURE Kenya 0 1,706 (1,706) - 0
Beit CURE Hospital Malawi 25,602 7,102 (25,332) (6,139) 1,233
Beit CURE Children’s Hospital of Zambia 144 1,880 (1,564) - 460
75,279 418,001 (447,594) (6,139) 39,547

The transfer from restricted to unrestricted funds of £6,139 was to assist funding the office costs incurred in managing the receipt of a restricted legacy.

Descriptions of the main restricted funds are as follows:

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

Musculoskeletal Tumour Course : funds received in support of specialist surgical training via the MSK Tumour Course Programme at CURE Hospitals.

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

Cure Neuro Clinic Ghana: funds in support of CURE Neuro Clinic in Kumasi, Ghana, treating babies and infants with hydrocephalus, brain tumours and spina bifida.

Cure Kenya: funds in support of clubfoot treatment training and research programmes at CURE Children's Hospital of Kenya

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

Hope Walks (formerly CURE Clubfoot) : funds received in support of treatment and research of clubfoot in in subSaharan Africa.

21

CURE International UK

Notes to the Financial Statements For the year ended 30 June 2025

10. Reconciliation of net income/(expenditure) to net cash flow from operating activities

Unrestricted Restricted
Funds Funds Total Total
2025 2025 2025 2024
£ £ £ £
Net income for the reporting period (as per the
statement of financial activities) (29,729) 10,325 (19,404) (39,284)
Adjustments for:
Depreciation charges - - - 666
Interest from investments (1,682) - (1,682) (938)
(Increase)/decrease in debtors 2,854 - 2,854 3,881
Increase/(decrease) in creditors 776 - 776 (108)
Net cash provided by operating activities (27,781) 10,325 (17,456) (35,783)

11. 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 2025 £341,446 (2024: £344,406) was sent to CURE International.

Trustees made aggregate unrestricted donations of £3,717 (2024: £2,825) during the year.

12. 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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