Regl•t•r•d number. 11843293 crity nbtyr. 1185863 FUND FOR CURES UK, LTD. (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020
FUND FOR CURES UK LTD. IA company Itmited by guarantee) CONTENTS Page R•f8ren¢e and administrative detsib ofth• eharity. its trustees and advisers Trustees. report Trnstses. responsiblllti•s staternent Independent audittirfs rertOn the financial ststernents 7-10 statement of finaneial acttvities 11 Balance sheet 12 No¢es to the finarteial statements 13-19
FUND FORCURES UK. LTD. IA company limited by 9uarantsèl REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2020 Trust•es M Szubski P B )rTaI1 SirJ M M BaFtham <igned 1 Septer 20201 Company r8gi8tered number Charlty rngistered number 1185863 Registerèd office Surte 1, 3rd Fknr 11 - 12 St. Jwnes's Square Londc SWIY 4LB Company secretary Vislra Cosec Limited Independont auditor BIKk Rothenberg Audrt LLP Chartered Acmmlants Statutcry AudrtL¥ 16 Gieat Queen Strl Covent G*den London 2BWI Page 1
FUND FOR CURES UK, LTD. IA company lirnited by guardnteel TRUSTEES. REPORT {CONnNUEDI FOR THE PERIOD ENDED 31 DECEMBER 2020 The truslees present their annual pOrt tether with the audited finanaal Statements of the Fund Foi Cures UK. Ltd. for the period 1 March 2020 to 31 December 2020. The annual report serves the purposes of both a trustees. report and a direclors. rep(Kt under o)mpany law. The trustees confim that the annual report aThJ ffinancial statements of the tharitable cornpany compty wih the (jjent stal(rtory requirements. the requirements of the thantaNe cOrnpan$ goveTTring document and the [vis)rts of Ihe Statement of Recommended Ptice ISORP) al¢ab to chaiities pparIng their accounts in )lance wrth the Financ4al Reporbng Standard aFWJble the UK aThJ of Ireland {FRS1021 (effective 1 January 20191. Objectlvts and al¥ll1t$ The mission of F(N)d For Cvres UK. Ltd. ts to a(fvafKe prornising new saentirrc and mediL31 (fiscoverie5 Into treatments anrj ujres. Fund For Cures UK. Ltd. 15 • founded and modeled after a Tratnal thantable mediane iathative in the Untted States ¥wth a sucrEssful Iwack re¢d. seek to accelerate Ihe best se4en Irom labs at worfd leading univet5ities and hosptrtals, r£41abmliThJ with academic and ffidustry phy5icAans arrfl srientists, Ihrough patient tare n dinical trtas a1 de¥doping medicines to treat patients for unmèl Physicaans, seientists aThJ prirt1p investigakns at 8rxxethted UK lbtU11OTh$ elbjible to apY for grant ftjnding to support tharitable research or drug development aCt"ÈS. Fund for Cures UK. Ltd. fflakes no daim by virtue ol any grant to ownership of product invented or developed th such grant funding and the recipient retains full authonty for makw all decisions in connedion with the project. induding pursuing, maintsinin9 and enforcing patent. copynght and other intelleiaual FWOPW and development rights. The organisation is part of ar) intem8tional wiitiaiThie to help translale scaenlific discoveries into medicines for the benefit of scxiety as a whole. We airn to resrKJThJ to ihe publ$ emwging heatth needs, and lo addres5 a range of disease areas and therapethic needs. Mth an ernpha$ on unmet needs. Through the funding and tran51abonal drug development expert15e we provide, we will help bridge the crilical gap that curtenuy exists in drug (tevek)pmenl between basic discovery of Wentialy or imwoved mediunes and dinical patient care. The organisaticM)'s supp(xt of tr advancernent of promisirbg discoveries into medianes for unmet needs will provide a beneffit to the public in general a1 to the pubhc dass of Ople that suffer rare or under- r8g8rded or other diseases for whth orphw) dNgs rrther Medicin ryodith have rKJl yet been developed. Policles and obiedlves The objects I'Objeds'} for wts.ch Fund For Cures VK, Ltd. is estsblished are to pFote(X, advance and promote the health of the public for the public benefit within Ihe UK and elsewhere in the worfd by.. la) establishing ntreS of excellen to prcKrte heamh aThJ welM)8ing, and to prevent, dtagtv)se and treat illness and dise8se', Ibl affilièting wilh universilies. rTrethcal centres, a1 reseath organisati"c¥)s, saentik organis8tioThs and oth8r like organisabons within the UK and eEsewhere in Ihe workl to wnrk logether to develop and support high qualty heamh, medical and 5oentsfic researth into the nature. causes. diagwK)sis, prevention, treatment and cure of di5e8se.' and Icl awarding grants and providing other 5VPPOrt to enable scaenbsts and r[cal researchersto advancE Iheir r8search into the nature. causes, di8gnosi8. prevenlton. treatment and wre of disease. In setb'ng objectives and planThNJ for actNities. ihe trustees have "ven due w)sideralion to general guidance published by the Chanty commiss relatiTrJ to benefi( ind¢JJing Ihe 9uidance'Public benefil." running charrty IP821'. Pa9e 2
FUND FOR CURES UK, LTD. IA company limlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2020 Strategiès for achlewlng objectives Fund For CLbf•5 UK. Ltd. has eStsbhed a rare dse rrtre aThJ affiliatrjn agreent wilh 8 leadllig UK medical research unwersity. The Charity serves as a fo(JJs for bilaleral rafe disease research projeds within the rare disease ¢entre and national hub for a UK-wde charitable grants program that prOVe$ support to 5aentsst$ and medical researchets ai UK universths to a¢an thw"i iesearch inio the nature, causes. diagnosis. prevention. treatment arml cure ol disease. The tharty seeks to develop new therapeutts and medicines for unmet needs and supp)rts a UK Director. Sa"ertfft A(fvtsory Counol and research support personnd lo hdp advance these objethv Revlew of activitles Fund For Cures UK, Ltd m&Je significant wogress plrn9 ts aThl implerllenting the rafe disease centre. ThÈ centre will cc¥ntsne the parb'es, respe(tr researth and dnJ9 discovery Capa'l1ties %wth the 9081 of delivering new medirines to patient suffering from rare diseases. The Centre researth inrtiative will focus on 3 areas.. rare can¢efS, paediatri¢ developmental diseases aFwJ neurological diseases. Desprte disruptions used by the corollavirus pandemi, Fund For Clwes UK. Ltd_ made a UK - nationw¢de call for proposals urKler the rare disease programme. Fund FOF Cures is acbvdy nn1rj and expkjrirg vtays to extend other drug development programs into UK ur4versibes corwlent vAth progiarnme cydes. Fund for CLtre$. UK entereil into an agreem&)t Ihat bec effec"ve during the peric¥J wilh Oxford University and its parent, Universty Hosprta15 Resewth & E(kna Cc41abc¥atic5 LLC. tojoinfy develop the Centr and fund its operation fot an initial ol five years. A¢hievements and perfom)anc• Main achievements ofth• charity The inau9ur31 Harrington UK Rare Disease prograrn recwved47 applic2tionsfrom 17 drfterenl UK institution5. Following rigorou5 aGademic and industy review, trE S(ientffic Advisory Counul selected Ihe following 5 abward winrters for rare disease grant awards". Pietro Fratta. MD, PhD of Unwersty College London Angela Russel, DPhtl of of Oxford Helen Wallw-EvarTrs, DPhil of Cardiff Univer att Yue. Pho of Newcastle Unwersty Haiyan Zhou. MD. PhD of University College London Thewinners of Ihe 2020 HarriFJglon UK Rare Disease awardwere 5ele(Xed latein the year, meaning paymellts would not begin until 2021 once contracts have been sig1d. The wnning instiithions wll receive £100.(K)O, drug development expertise and prqecl marenI 8pOrt for the 2 year awanj. and the opportunity for additional lunding based on progress. Duty to promote the $CesS of the charity to achleve its eharitabje purposes Fund For Cures UK. Ltd. and its TWlee$ a Commi to in gr faith to promote the Charitab Objects and have complied ¥th their duty to have ¢Jue regard to the guidancE on publ L*nefit published by thg Commission in exera&n9 their wweis or duties. Pa3
FUND FOR CURES UK, LTD. IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2020 Flnaneial revlew Golng concern After making appropriale enquiries. the Iwstees have a reasonable expe(lan that the charity has adequate resoufces to conb.nue in operatv)nal exislence for the foreseeab future. The FL¢nd for Cures UK, Ltd. Treasurer has ieviewed the budget arrfj fw2sts kn the 12-month peri(Kl follo+ring this pOrt For this reason. they continue lo adopl the wng cOrM ba5 in preparing Ihe finan statements. Further details regarding the adoplKJn ofthe goirg (Ce bw be frrtjnd in the w)IrAes. ReseN•s policy Fund Forcures UK, Ltd. is dev8k)ping a comprehensive reserves Wicyand capilalEabon strategy to support its rnission. Fund For Cures policy 15 not to commii expenditures beyond a)ro¥ed budget and available rÈslrirtsd or LMJreslrXed fuTrls in Ns UK bank )Unt or avwlable fr(Mn its paienl organization. Financlal rèview of the year During the year, the ¢hartty funthrvj Of.194 fr1)m rfs parent and used tj$e fuThls to develc) the in$tilute by makiThJ ts grant to Oxknd UnNersity. Nel assets at Ihe end were £63,300 rewesenting prepaid grants. Strucbjrèj go¥eman¢e and management Constitutlon Fund for Cures UK, Ltd. 1$ wrstered a5a tharitaile MpanY Iwnited by gUntee aNI was sel up byArticJes of A3s0aation. Mèthods of appoirrtment or èlection of Intees The management of the charY the resp(sibNY of the ITUStees are elected and o>opted under the tem)s of theArfides ofAs50rial#m. Flnancial risk mana9ement The trustees have assesse(I the majoT risks to which the charity is exposed. 117 particular those ieL8ted lo the operations and finanS of Ihe charty, and are sab"sfied that systems prdre$ are in pl9 to rnitlgate exptssure to the major risks. Engagement with supplieFS. Customets others Fund For Cure$ UK. Ltd. and its TnJste8s are c£)Nnitted to in gLd faith to fosterthe ¢Tan$ business relationships ¥th suppliers. cvstorners and others. Fund For Cures UK. Ltd. cA)nfim5 it has acted in due regard to such tnieresis in sJJpporting new medKine develop of best stsen based on meril. Plans for futu p•riods Fund Foi Cures UK. Ltd. is FnItyfOUnded and acbvety evaluating oprtunitieS where ilcan make the most mpact based on unmel need5. We w11 continue to advance our charitable Objects as described above and pwdently expand ctsllatrx)raticx)s wth adIng inskn"tulions devekjpment lunds k) ftjrther Ih81 purpose. Page 4
FUND FOR CURES UK. LTD. IA ¢ompany Ilmited by guaranlee) TRUSTEES. REPORT IC014TINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2020 Dlsclo8ur• ol Inforn?atlon to audiior so far as that Intstee is wware. fvre IKJ re1 autt ol Ihg ¢harrtVs audiltsr unaware. and thot trust•e has taken al the steps that (W to Iwe in as a trlee in ¢yderto t ware rA any rde¥wrt audit WKI to that Ihe i% aww? ofthat informat)n. M Szub•kl Tntslee Datè.. D8C8mber 13, 2021
FUND FOR CURES UK. LTD. IA company Ilmited by guarant•el STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE PERIOD ENDED 31 DECEMBER 2020 The InJstees (who are also the threclors of the charity lor the purposes of company lawl are iesponsible for preparing the tFVStees' reportarKI the finan¢¥al statements in accordartewith applicable law and United KingdomAccx)untN)g Slandwds IUrMt•d KiThJ(Icm GealyAceptedACcLWnkng PraLe}. Company law wuires Ihe trustees to prepare ffinancial statements for each finanaal period. Under company w. the trustees musl rnt approve the statements unless they ale s8tisfied that they give a true and fatr view of tt)e slate of affairs of the tharity and of its tncomirKJ resour$ and application of resources. induding its inco and expenditu. for that period. In preparing these ffinancsal slatements. the trustee5 are required to.. select siitable acminlwjg p(Ae5 and Ihen apFty them (Thl$lenlty,' observe the prtnuples of Ihe Chatitses SORP IFRS 1021: makejudgments and accounting estirnates that are reasonable and Fvudent: state whetheT applicable UK Accounting SlatMlard5 {FRS 1021 have been fc4k)wed, sul¥ectto any material departur8s disclosed and exrAained wi the financial slatements,. prepar8 the ffinanoal stalements on the CeM basis 1$ inapwopriate to wesurne that thè iwity will continue in business. The trustees are sponSible for keeping adequate accwntry record5 that are suffiaent to S)W and explain the charity's transactions and disdose wsth reasonable acajrary at any time the finanaal position tsfthe charity and enatAe Ihem to ensurethatthe finanual statemlS CoMY wtth the CompaniesAct 2006. They ale a150 responsbk for Safeguarding the assets of the charty arKJ hence fortsking reasonale steps for the prevenlion aFtd detection of fraud and 01 irregulariiies. Page 6
FUND FOR CURES UK. LTD. IA company limitod by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FUND FOR CURES UK, LTD. FOR THE PERIOD ENDED 310ECEMBER 2020 Opinion We have audrted the ffinar#ial slatements of FLWKI for Cwes UK, Ltd. Ithe'chariw ts the peTiod ended 31 DeInber 2020 which cornprise the Statement of ffinancièl acOvrfJ"es. the balance sheet. the stslement of cash and the ielated no¢es. induding a sunvnaty of significant accountiThJ pc4ic4es. The financal reportiNJ framewoth that has been aPled in th&"I preparati1) is applicab law arKI United Kingdom A¢UntIng Standards, induding Finanaal Rep"Th9 Standard 12 The Finanrial ReFxMing Stsndard applicable in the UK and Republic of Irdand, Iurnted Kingdom GeneraltyAir4led Accounting Practice). In our opinion the financial statn. gNe 8 Iwe and fairviEwof the stale ofts charitaNè wnpanys allairs as at 31 DacembeT 2020 and of its incomiwJ iesources and ap1¢81 of resour. WKludiNJ s income and wendibjre for the peri1 then eIed. have been F¥opety prep¥ed in aKo)rdarKe wilh UThted Kirydom Genwaty Aczepbj A¢xounting Practice," and have been prepared in a(xwdartt 7Arylh the wuiiernents ofthe CornpansAd 2fj. Basls for opinion We conducted our avdTrt in acc¢)rdarMx with Intem8lKJnal s1arvjth Audiiwig IUKI IISAS IUKII and applicable law. Our responsibilit$ underlhose slandardsare fvrtherdescribed in theAuditorfs responsibilities for Ihe audit of Ihe financial statements section of our report. We are independenl of the charitable compary in accordance wilh the ethical requirements that are relevant to our audit of the fjnancial stalem8nts in the United Kingdorn. induding the Finaroal Rewting Counol'5 Ethical Slandard, a1 we have fiAlled our othèr ethical responsibilitS in accordance wth these requirements. believe ihat the audrt evidence we have obtw.ned is sufficient and approwale to proVe a bag.s our op•iL. Conclusions rnlating to 9olny eoneern In auditing the finanrial statements, we have condude(I Ihat the trustees. Ltse of Ihe cc¥Kem basis of accounting in Ihe preparation of the finanoal #atements is apprcyriate. Based on the work we have performed, we have Th)1 identiffied any matewial unrtaIS relating to events c Condit5 that. Individual w wllectively, may cast wgntficant doubt on the charitable compan9 aL¥lity to (x)ntinue as a goin9 CAY for a period of at least e1Ve nknths when the finanaal statements are authorised for issue. Our responsibilrfie$ 8ThY the resFkins*Jilrfies of the trusteestMth respeci to wng cA>r are d8sCrI) in lh• relevant seL1ions ol this rep(Ht. Pa7
FUND FOR CURES UK, LTD. IA company limlted by guarantee) INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF FUND FOR CURES UK. LTD. ICONTINUEDI FOR THE PERIOD ENDED 31 OECEMBER 2020 Other infomiatitin The trustees are responsit4e for Ihe other information. The other informalion comprises the infonllation iThJuded in the annual report. other Ihan the finala1 ststements and ouraudrtorf5 report thefeon. Ouropinion on the finanrial slalements does not coverthe other Informall and. except to the extent othewse expli¢ity stated in our report, we do not exp$$ arby fonn of èssurarrE condu&on thewn. In cLInnectic with our dItOfthe fin&)cl slatemwrts oUrresps1ty 15 lo reaj the other infomialion and, in doing so, consider whether Ihe Olher infomiation is materially ino)nwstent vthh the financial statements or our knowledge obtained in the audrt or othewse appears to be rnalerially mi5s13ted. If we Klenty'fy sh rnalerial inc0Th5tstenries or apparent material misstatements, are required to detemiine whether thefe is a material rntsslatement in the finan(ial statementsora ma181 misst3men1 ofthe OtherinfomtiOn. If, based on the work we have perfomed, we condude that Ihere is a material misstatement ofthis other infom)ation, we are required lo repLt th81 f. We have nothing to rèport in this regaril. Opinion ¢)n oth•r rnatters pr•scribed by the ComnIeS Aet 200$ In our oyTric), based on the work Undertak in the oyjrse ofthe wJdiL' the information yen in TnJstee5' repwt for th8 ffinarKial periLKI which the finanoal statements are prepared is consistenl th the finanoal statements. the Trustees, rep(Yt has been prepa in accordartt wlh applicable kgal requirements. Matter¥ on which we are reqUIr to report by expIlo In the IKJht of our knowle(Ige and understa)(fing ol the charttabje mnpany and ils envIrnent obtaKd in the course of the audfL. we have not 2denlified materiat misstaternents in the Trustees. rewrt. We have nothing to pCIt in SpeC# of the matters in relal)n to wkn.ch CompaniesAct requires us to Teport to you rf, in our Opinn- adequate acc(yJntsng records have not been kw. or rebJms adewate for Lr audit havè rxjt been received from branches not ViSFted by us- or the finanaal statements are not in agreennl wih the wwntirvj records and retUrr.. or rtain disdosus of Irustees, remuneration by law are nol made.. we have not received all Ihe w)fomiation and explanations we require for our audit Rèsponsibililles of trustees As explained more fuNy in Ihe trLKStee< resprMs¥"litS slatewnt, the tnjstees (who are also the directors of the charFtable company lor the purposes ol company lawl are responsible for ihe pparatIOn of the financial slatement5 and for being satisfied that Ihey give a tJue and faif ew, and for such Intemal corttrd as the trustees detemine is The$sary to enab the preparation offfinanrAal statements that are free from material miss¢atement, vhhether due to fraJ ( effor. In preparing the financ¢al statements. the trustees are responsible for assessing the charitaNe company's alIty to continue as a going concem, disdosing. as appjicable, rnatters related to going concem and using the going concem basis of ar£ounting unles5 the trustees Èither intend to Iuldate the d)aritsb company or to ase operations, LY have tw realistic attemab.ve but lo do so. Page 8
FUND FOR CURES UK, LTD. IA company limited by guardnteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FUND FOR CURES LTD. (CONTINUED FOR THE PERIOD ENDED 31 DECEMBER 2020 Auditorfs responsibilities for the alIt of the financial statements Our 04'ectives are lo obtain 3$oable a$Surar aLK)ul whether the finanryal statements as a whole alè free frorn material misstatement. whethw due to fraud or errc¥, and to iSSLe an audilorfs report that incjudes ouropinion. Rea8onaNe assvranTr is a hbjh levd of assuran. but¥5 nota guaranteethalan audit conducted in accordance with ISAS {UK) wll thays ¢Jelect a material misstatement when rt exist5. MisstateMetS can arise froffl fraud or error and are ¢xJnsidere<J Materi if. indtVKlually orin the a99rEgale. they could reas8bfy be expected to influence the eo)notn¢c deCior Ofuse taken on Ihe baS of these finrya1 statements. IrreguLafiti8s. Indj1 fraud. instances of Th)numptianr2 with laws and regulaknns. We design pror£dures In line wilh our responbIlitIes. ouVird atove. to detect tnatwial misstatements in respect of irregularitie5, induding fraud. The exlenl lo whith our Kwoce(lute5 ¢apaLle of detect•)g irreguiaribe& inrjvding frasjd is detailed belovr. ¢Ornpeten. PabIl"t$ and skillsto idtify or rerogwse non-comla wilh 8rable Laws and regulatiOFV6', we identifd the laws and wula1xapp8tIelo the chaiitythrowJh trustees and other management, arKI from our commeria kTh)vAedge awBJ experience of the tharity sector", we focused on specFfic laws and regationS 7knith we considered may have a direci rnalerial èffecl on the financial staternerts or the operations ofthe d)ty, indudiThJ the chanSAct 2011, taxation legisla¥on. data protection. heaRh and safety kgisL8tion.' we assessed the extent of corn18n¢e ¥wth the laws and wulalK)ns Jentsfied aly)ve through making enquiries of management", aFKI identsfied laws and fegulations were communicated wrthin the avdit team regulaty aThJ the team We assessed the susceptibilfy of Ihe tharttys fmanrAal ststements to material misstatement, #)duding obtaining an vndetstanding of how fraud mi9ht (wjr. tYJf.' making enquiries of management as towhere Ihey consKlered there va5 suwptih"lityto fr8ud. their knovAedge ol actual, svspected and alleged fraud". and considering the intemal u)ntrols in a¢e10 mib9ate rtsks of tr8ud and Th)rcOmpli8n with law5 and regulations. To address tf risk offraud through managem•)I bAs aFMI ovwide oftLthL8. we.. perlo¥med analytical piocedures lo identty any unusual or unexpecled latiOnshIps.. tested a Sarne of iouinal entries to identrfy unusual transactions," and invesbgat8d the ra1tt)na behind sIgncant or unus(fyal trans&l¥Ms. In response to the riskof irregularitiesand rK)rF(x)mphan la¥¥$ar regulalions. designed procedures which i[Juded. but wefe not limited to.. agreeing financial siatement (Ssdosures Io u4)detyng SUPKKMling th)cumentatk)n," readfrng the minutes of meetings ol those tharged wih go¥nance., and enquiring of management as to and Wential liligati) daims. There are inherent limitations in our audt prcte<lures debed above. The removed that laws and regulations arefrom finanaal transacbtsns, the less lety rt isthatwe would becA)me aware of norkcornpliance. Auditing standards also limit the autht prctedures required to idenlfy Th)n4(p11an with laws and iegulations lo enquiry of the directors and rAher manat and the in5pertKJn of regulatory at)d legal correspondence. rf any. Page 9
FUND FOR CURES UK. LTD. IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FUND FOR CURES UK. LTD. ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2020 Material mi5Statemerts that arise due to fratyj b8 harder lo deted Ihan those that arise from em)r as they may involve deliberatè ccrfhxlment CY (KIIusKJn. Afurther descriptyon of ourresponsits"l¢tieslorthe audrt of Ihe financial statements is located the Finantsal Rewrtioq Counofs website al.. vhvw.trc.or . rtorsres ?uditc<s pOrt. es. This desuiption fwms part of our Use of our report This report is made sdely tr) the charitable rMpanY'S membws. as a boty. in actordancè with Chapter 3 of Part 16 01 the Companies Act 2[. Our audit work has been urmlertaken so that we nght state to Ihe charitable CLYnpany's metnbers Ihose matters we are requited to state to them in an auditorfs report and for no other purpose. To the fullest extent pemtted by law. we do pt or assume ponsIbIlity to anyone other than the dritae company and rts memLErs, as a bcxjy. for Imjr audrt Wotk, for this pOrt, orforthe 0rIonS have form*J. QL,k KL'I LLP Bli¢k Rothenbèry Autht LLP CharteFed Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B SAH Date." 16 December 2021 Page10
FUNO FOR CURES UK. LTD.
IA company Ilmited by guarantee}
STATEMENT OF FINANCIALACnVITIES (INCORPORATING INCOMEANO EXPENDITURE A¢COUNn
FOR THE PERIOD ENDED 31 DECEMBER 2020
UnrestTiCted
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REGISTERED NUMBER.. 11843293 FUND FOR CURES UK. LTD. IA compY limtt•d by guarantee) BALANCE SHEET FOR THE PEWOD ENDED 31 DECEMBER 2020 2020 2020 Debtors 72.500 71SOO Cre(litors". amounts fall9 duewthin e {9,21M)I Net current ass•ts 63.300 Total n•l assets 63.300 Charity funds Restricted fund$ UnreslwKte(S lunds 10 10 63.300 Totsl funds 63.300 The finanoal statements were approved *Jlhorwd ts issue by Ihe IFvslees aThJ sigM)ed their behatf by.. M Szubskl Trustee Date." December 13, 2021 The notes on pages 13 to 19 form pwt of these finanaal statements. Paje 12
FUND FOR CURES UK. LTD. IA Company Ilmlled by 9uarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Gèneral infomation is a CLMnpany h'mited by guarantee and is incorFWted and rngistered in England and Wales. Its registered Offi arKI prJp4 pl ofbu'ness is &Jile 1. 3rd Flwr 11 . 12 St. James's Squaie, London, SW1Y 4LB. Thè finanrid statements a eSented Mi Sterling (Q. Aceounting poliei•s 2.1 8asls of pTrparation of financial slaternents The finaThial strtements have been Fwepared in aCCordare vAth the charit$ SORP IFRS 1021 . ACrUnting and Repc11tj by Charittes.. Statemenl of Recommended Practi( applicable to carrtitss preparing their accwnts in ardance wlh the Finanoal Repty1iThJ Standard apicae in the UK and Republic of Ireland IFRS 1021 leffecb.ve 1 January 2019}. the Finanual Reporting Standard applrable in the UK and RepubtK of Ireland IFRS 102) and Companies Ad 2{. Fund for Cures UK. Ltd. meets definition of a Publ benefft entity under FRS 102. Assets and liabilities a initially recogni5ed at historal rost or Itansacaion value unless otherwse slated in the lèvant ac£ounb"NJ pthy. 2.2 Going cone•rn After making enquiries, the Irustees have a reasonable expectation that the tharity has adequate r8sources to conttnue in cwationaj existenceand meet rts liatmlities as theyfall forthe foreseeable fLrture, being a lm)d of at least months from the de these financial statements were approved. AccordirwJly. they contirwe to adopt gowig basi$ in pyeparing the financi81 statemerts. 13 In¢ome l iro)me is reownised once Ihe tharity ha5 entillement to the income, it is probable thal the income 11 be reIVed and the amount of iwKrxne receNable wi be measured hably. 14 Expenditure Expendtture is re(x)gnised OF there is a legal or construdive obligabon to Ira)sfer eo)nomic benefft to a thir¢J party. 1¢ is probable that a transfer of eo)rNMic benefits will be required in settlement and the amount of the obligatK)n can be mea5wed le1kly. Expenditure is rjassthed by ¥bvty. Th8 costs of each aclivty are made up of the totsl of direct costs and shared costs. induding SLtpport costs involved in undertaking each actiwty. Direct costs attributab to a single acbvty are all(Kzted directly to thal actimty. Shared costs which ¢onthbuie to more than one aLlivity and support costs which a not attributab to a sing aciwity are aprThb"oned behveen those activities on a basis constent with the use ol resour$. Central staflwsts are alIled on Ihe bags of time spent. and depreoalKJn charges alloGqled on the portion of the asset's use. Expenditure on drItab ies is incvrred on directy undertaking Ihe adivilies which fvrlher the charity's objeclives. as well as any asso(iated support cmts. Giants payab are thwged inlhe Per wthen the offer is m>Je excerrt in cases where theoffer is condrtK)nal. s[ grants be¢ng reCOgned as experbditurewhen the o)nOrtions attaching arè tuifilled. Grants offered S)JeCt to conditions which have not been met at the perirKI end are noted as a Jmmitmenl. bul Th)t accrued as eX[KIrtre. l expenditu indusive of irreawerable VAT. Page 13
FUND FOR CURES UK LTD. IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 AccountFng policies (continued} 2.S Flnan¢ial instruments The Chanty has eld to apply Sec"ons 11 aThJ 12 of FRS 12 in ped 0fnla1 inslruments. Finartcial assets and finarla1 liabilths are reoy)ised vtten the tharity bèLX)rnes party to the clfal prowyons ofihe trUment Financial liabilities equity instruments are dassified arxordirKJ to the substance of the corrtr8(Xual 8ffangements eftted into. An equrty Fnstrument is any contract that eviden$ a ledUal interest in the assets of the tharity after deductbn9 all of ts k'atsldies. The chariWs policles its Malc dasses of financi assets and fmartial liJilities are set out bèl¢yw. Finaneial assets Ba&c finanaal assets are inih.ally recognised al transa(*on price, Un5$ the arrangernent constst(rtes finanong transaction. ere the trarTrsacJiw is measured at Ihe wesent value ofthe future eIpts discourited at a market rate ol interest for a sirnilar debt instnjment. Finanong transactions are those in which payment is deferred beyond nomi bUsIsS tèmis or Is fin&K%d at a rate of interest that is not a market rate_ 9ch assets a suttsequenty rried at amth.sed cost usir9 the effethe interest method, less any srnpaimient. Financlal liabilities Ba%cfinanaal liats"IttEs, inrjudingtrade and othercreditors, afe ini1¥alty¥ecognised attransaction prirx, unless the arrangement cstilte$ è finanrang transaction. vthere the debt instrument is rneasured al Ihe wesent value ol Ihe kntu payments dtscounle(l at a market rate of interest for a similar debt instrument. Finanang transactiorns are those in which payment is delerred beyond FK)rmal busi18S$ tems or is financed at a rate of interest that is not a market rate. Debt insln•ments are subsequendy carried 81 amrmti o)st. using Ihe effective interest late method. Impairrnent of financial assets Finanoal assets measut8d at cosland amortised L)JSt areassessed atll endofeach reporting peri¢xl for objective evidence of tmpaifmenl. 11 objectNe eviden of impairment is fotmd. an impairment loss i% recognised in the profft aTrJ loss account. For fiar181 asset5 measured at CA)St les5 inpaiment. the tinpai¥ment loss is measured as the differen between the asset's carrying amounl and the besi estirnale of the amount the wmpany would receive lor the asset if it were to be sdd at the repo"ng dale. For finan(ial assets measured at amorbsed cost, Ihe impairment 10s5 15 rneasud as the drfferencg behyeen the assefs carrwng amovnl 8n(I the present value of estimated cash flow5 discounted at the asseys original effective interest rate. 11 the financial asset has a vafiatle interest rate, the discount rate ftst measuring any Impainent loss is the rn1 effective interest rate detemiined under the Jntrad. If the is a de(¥ease in the Impalmnt kjss arisirfj from an event LWXVrriThJ after the Impainent was rery)gnised, the impairment is reversed. Tr reversal is such that Ihe current Carng amount does not exceed what the ¢arrwNJ amwnt woukl have been had the impaimient not previously l)een re¢ogThsed. The IMpatent revetsal rew)ised in profit or bss. PaJe 14
FUND FORCURES UK. LTD. IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Accounting policies lconilnued) Financial instTurnents lcontinuedl DerKognition of fin•n¢ial assets and financial liabili Finanrial assets are thrw)gni5ed when {al the contractual Yight5 to the tash Ilows from the asset expire or are Settled, or Ibl substantially 41 the risks and reward5 of the ownetship of the asset are transferre(I to aTh)¢her party Icl desF%te hawng retained 50rne signtficant risks and rewards of ownership. contr(A of the asset has been IransfeFTed to another PaFty vtho has the practical abilrty to undatwally sell Ihe asset to an unrelabj th¥d paty imposing addrtional restrictKJns. Finanaal liabilibe5 are derecognised en ts liatrflty is exlin9irrished. that is vthen the contractual (Igation is t1ischarged. ncelled or expires. oirs•ttin9 of financial assets and finalalI1abIllt1ets FinarKial assets hatieS a olfsel and nel arnourrt repfftd in Ihe balan sheet when thère is an enforceable right to set off the recognised amount5 and thwe is an intention to Sèttle on a net basis or to realise Ihe asset and Sett NIty gmu1tane(xJy. 2.6 Debtors Trade and other deblors are rerSed at the sel11ennt amount aftei any trade discount offered. Prepayrnents are valued at Ihe artUt prepaid net of any trade discounts due. 2.7 Fund accounting General funds are unrestlted funds thich a for use at Ihe diSCtic of Ihe trustee5 in furtherants of the general obiectwes of the charity and whith have not been designated for other purposes. Incom• Irorn donatlons and le9a¢ies Unrestrfcted funds Period Totsl nds Period gnded 31 31 December Dècember 2020 2020 369,194 369.194 Total 2020 369.194 369.194 Pa3e15
FUND FOR CURES UK LTD. IA company liThbted by guarantt•} NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Analysis of exndItUre on charftable activities Summary by fund type untrIcd Tolal funds funds Period Period ended 31 Decembèr 2020 31 December 2020 Grants payaNe Bank thes Interesl payable Accountancy fees ,CW 290.000 4,428 4,428 76 76 11,390 11.39) Totsl 2020 305.894 305,894 Analysis of eXndituTe by actlviti•S Grant fvnding of SLPPOrt Total activitiès funds Period Period Period ended ended ended 31 31 31 t)ber December Dècember 2020 2020 2020 Grants payable Bank charges Interest payèble Accountancy lees 290.000 4,428 78 11.390 4,428 76 11.39) Totsl 2020 290.0 15.894 305,894 Page 16
FUND FOR CURES UK. LTD. IA company lirnited by 9uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Auditorfs remuneration Period •nded 31 Dernber 29 February 2020 2020 Fees payable to the tharitys audrtot and its OateS for Ihe audit of thè chariws anwal 8,000 Trust•es' remuneration and expen During the period ended 31 Decembet 2020. rn Iwstee expenses have been in(JJwted. Debtors 2020 2020 Due within one year Prepayments and acuued wme 72.SOO 72.500 Credltors: Arnounts falllng within one yeai 2020 2020 Trade ueditcKs ACUU$ and deferred cOn 1.200 8.000 9,200 Page17
FUND FOR CURES UK. LTD. IA company limiteil by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 10. Statement of funds Staternent of funds- current period Balance at 31 DeCemr 2020 Iorne Expendiiure Unrest¢t$d fund General funds 369,194 130S.8941 83.300 369.194 1305,894} 63,300 11. Summary offunds Summary offunds- curr•nt pwiod Balane• at 31 December 2020 Income Expendlturn Ganeral fuThJs 369.194 1305,8941 63,300 12. Analysis of net assets belwe•n funds Anatysis of assets between nd$- current p•riod Total funds 2020 funds 202 culnI assets Cre(hlors due within one year 72,500 19.2001 72.500 19,2001 Total 63,300 63,300 Page18
FUND FOR CURES UK. LTD. IA company limite(I by guararrtee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 13. Commitments The charity entered into ajoint fvThJing agreement wmth ¥ls parenltoftjryl a research collaboration wsth Oxford Universrty Ihat became effedwe during Ihe Ferv)d. The joint commitment is for up to $1rnillion per 8nnum for term ol fve years. At the end of teffli, no provis)n has Len made lor the full comrnilment or for the CorrespdIng incc¥))e to be reiived. 14. Payent and ultimate ¢ontrolllng party The chanW5 immediate par&)t isUnNerwty Hosws Re5earth & Educat Collaborations LLC, a company irK¥)wabJ in Ihè Unikny States ofAmeita. There is no ults"me lrolling party. Page 19