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2024-12-31-accounts

Charity registration number 1181293

CUREUSHER

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CUREUSHER

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees I Rankin C Rowe (Appointed 15 November 2024) S Rowe (Appointed 15 November 2024) G Dutton (Appointed 21 October 2024) P J Dutton (Appointed 21 October 2024) M Keen (Appointed 23 July 2024) D Ashton L Norton M Jordan S E White J White Charity number 1181293 Independent examiner TC Group A6 Kingfisher House Kingsway Team Valley Trading Estate Gateshead NE11 0JQ

CUREUSHER

CONTENTS

Page
Trustee' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 12

FOR THE YEAR ENDED 31 DECEMBER 2024

CUREUSHER

TRUSTEE' REPORT

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are to promote and protect the health of those suffering from genetically inherited usher syndrome, through the provision of information for people affected by this condition, and by funding scientific research into the causes, treatment and cure of all types of the condition and publishing the results. The policies adopted in furtherance of these objects are to raise funds to increase collaboration and research into a cure/ treatment for Usher syndrome, the leading cause of deaf – blindness; and there has been no change in these during the year.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

The public profile of the charity has continued to grow through an increased number of fundraising events, improved social media presence and government lobbying. This has all lead to continued higher level of income without any increase in expenditure.

As a result the charity has been able to increase it’s donations to research with UCL to £100,000 per annum and it is delighted to note the significant progress this funding has enabled.

Financial review

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a Charitable Incorporated Organisation registered on 20 December 2018.

CUREUSHER

TRUSTEE' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees who served during the year and up to the date of signature of the financial statements were:

I Rankin C Rowe (Appointed 15 November 2024) S Rowe (Appointed 15 November 2024) G Dutton (Appointed 21 October 2024) P J Dutton (Appointed 21 October 2024) M Keen (Appointed 23 July 2024) D Ashton L Norton M Jordan S E White J White

Recruitment and appointment of trustees

All Trustee appointments are approved by the Board of Trustees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

Trade creditors of the company at the year end were equivalent to 2 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Organisational structure

[Details of organisational structure.]

The trustee' report was approved by the Board of Trustees.

Trustee

11 July 2025

CUREUSHER

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CUREUSHER

I report to the trustees on my examination of the financial statements of Cureusher (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

TC Group

A6 Kingfisher House Kingsway Team Valley Trading Estate Gateshead NE11 0JQ

Dated: 11 July 2025

CUREUSHER

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 2 72,631 72,770
Other trading activities 3 70,627 85,108
Investments 4 1,628 482
Total income 144,886 158,360
Expenditure on:
Raising funds 5 47,483 38,443
Charitable activities 6 110,991 25,350
Total expenditure 158,474 63,793
Net income/(expenditure) and movement in funds (13,588) 94,567
Reconciliation of funds:
Fund balances at 1 January 2024 113,112 18,545
Fund balances at 31 December 2024 99,524 113,112

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CUREUSHER

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the charity
Unrestricted funds		 2024
£
100,724
(1,200)		 £
-
99,524
99,524
99,524
99,524
99,524		 2023
£
112,356
-		 £
756
112,356
113,112
113,112
113,112
113,112

The financial statements were approved by the trustees on 11 July 2025

Trustee

FOR THE YEAR ENDED 31 DECEMBER 2024

CUREUSHER

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

Cureusher is a registered CIO, registration date 20th December 2018.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

FOR THE YEAR ENDED 31 DECEMBER 2024

CUREUSHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FOR THE YEAR ENDED 31 DECEMBER 2024

CUREUSHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 71,238 69,925
Other 1,393 2,845
72,631 72,770

CUREUSHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

3 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising events 70,627 85,108
4 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 1,628 482
5 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Seeking donations, grants and legacies 729 504
Staging fundraising events 46,754 37,291
Advertising - 648
47,483 38,443

CUREUSHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Expenditure on charitable activities

Medical Medical
research research
2024 2023
£ £
Direct costs
Depreciation and impairment 756 757
Accountancy 1,321 900
General expenses 394 9,660
Insurance 157 96
Professional fees 1,104 -
Printing, postage & stationery 1,161 31
IT software and consumables 1,311 -
Rent & rates 3,567 -
Travel 1,220 3,906
10,991 15,350
Grant funding of activities (see note 7) 100,000 10,000
110,991 25,350
Analysis by fund
Unrestricted funds 110,991 25,350
7 Grants payable
Medical Medical
research research
2024 2023
£ £
Grants to institutions:
University College London 100,000 10,000
£100,000 was paid to research Usher syndrome in 2024. This funding was directed to University College
London (UCL) and the lab of Professor Mariya Moosajee.
8 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets 756 757

CUREUSHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2024 2023
Number Number
Total - -
There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

12 Tangible fixed assets
Computers
£
Cost
At 1 January 2024 3,026
At 31 December 2024 3,026
Depreciation and impairment
At 1 January 2024 2,270
Depreciation charged in the year 756
At 31 December 2024 3,026
Carrying amount
At 31 December 2023 756
13 Creditors: amounts falling due within one year
2024 2023
£ £
Accruals and deferred income 1,200 -

CUREUSHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January Incoming Resources At 31
2024 resources expended December
2024
£ £ £ £
General funds 113,112 144,886 (158,474) 99,524
Previous year: At 1 January Incoming Resources At 31
2023 resources expended December
2023
£ £ £ £
General funds 18,545 158,360 (63,793) 113,112

15 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).