**REGISTERED CHARITY NUMBER: 1187476** Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023 for The Children's Surgery Foundation CIO Able & Young Limited Airport House Purley Way Croydon Surrey CR0 0XZ The Children's Surgery Foundation CIO Contents of the Financial Statements for the Year Ended 31 March 2023 ||Page| |---|---| |Report of the Trustees|1 to 2| |Independent Examiner's Report|3| |Statement of Financial Activities|4| |Balance Sheet|5| |Notes to the Financial Statements|6 to 10| |Detailed Statement of Financial Activities|11 to 12| The Children's Surgery Foundation CIO ## Report of the Trustees ## for the Year Ended 31 March 2023 The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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 2015). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objects of the CIO are for the public benefit of children across the United Kingdom and the rest of the world. In particular: 1. To provide relief from sickness by the provision of medical equipment or the improvement of facilities at hospitals or for outpatients at home as the trustees shall determine at their absolute discretion. 2. To provide relief from sickness through the support of treatment, training and research for the public benefit of children and young people. 3. Such other charitable purposes for the relief of sickness, whether or not connected with hospitals, as the trustees shall determine at their absolute discretion. ## **Significant activities** The CIO provided £20,829 charitable benefits during the year. This was in the form of a grant to The Evelina Children's Hospital, London. It expects to continue with such expenditure as its main activity in subsequent years. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** Our principle focus continues to be The Beam Campaign, which aims to ensure that intravenous (IV) access is a more efficient and less intimidating procedure for young patients and their families. The campaign aims to purchase a mobile ultrasound vein finder for the 26 paediatric surgical wards in the UK, as well as a training and information programme, for which we need to raise £1 million. Please read more about this ambitious campaign here: **www.childrenssurgeryfoundation.org** ## **Investment performance** The value of the charity's investment portfolio has fallen during the year with £11,629 losses on investments. £3,659 of such losses were realised upon disposal and the remaining £7,970 are unrealised and in respect of investments still held at the year end. ## **FINANCIAL REVIEW** ## **Principal funding sources** The principal funding sources are investment income and donations by the general public. Donations are often as a result of specific fundraising events. ## **Investment policy and objectives** The assets of the CIO and are invested in a professionally managed diverse investment portfolio. This is designed to achieve long-term growth in both capital and income so as to fund charitable expenditure in the form of grants. The CIO employs Brooks MacDonald as investment managers for this portfolio. ## **Reserves policy** The trustees actively build up surpluses within the general fund from which to pay the day to day expenses of the charity. This is supported wherever possible by fundraising. The trustees endeavour to maintain a minimum of one year's running costs in reserves. The charity only purchases equipment for which it has funding, otherwise fundraising is undertaken specifically for an item of equipment. The charity has minimal running costs. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is an incorporated entity governed under a constitution of a Charitable Incorporated Organisation. Page 1 The Children's Surgery Foundation CIO Report of the Trustees for the Year Ended 31 March 2023 ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1187476 ## **Principal address** Ockley House Lower Plantation Loudwater Rickmansworth Hertfordshire WD3 4PQ ## **Trustees** Dr J Fishman, BSc, MBBS M J Haddad, MB, BCh, FRCS B S Correas Gomez Dr C Pardy, BSc, MBBS R Stewart, MD FRCS FRCS(Paed) ## **Independent examiner** Ms Rekha Shah FCCA Able & Young Limited Airport House Purley Way Croydon Surrey CR0 0XZ ## **COMMENCEMENT OF ACTIVITIES** Activities commenced with effect from 1 April 2020 upon the acquisition of the net assets of The Children's Surgery Foundation, Charity Registration number 283091. This is now the 2nd complete year of our charitable activities. Approved by order of the board of trustees on 24 January 2024 and signed on its behalf by: M J Haddad, MB, BCh, FRCS - Trustee Page 2 Independent Examiner's Report to the Trustees of The Children's Surgery Foundation CIO ## **Independent examiner's report to the trustees of The Children's Surgery Foundation CIO** I report to the charity trustees on my examination of the accounts of the The Children's Surgery Foundation CIO (the Trust) for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Ms Rekha Shah FCCA Able & Young Limited Airport House Purley Way Croydon Surrey CR0 0XZ Date: 24 January 2024 Page 3 The Children's Surgery Foundation CIO ## Statement of Financial Activities ## for the Year Ended 31 March 2023 |Statement of Financial Activities
for the Year Ended 31 March 2023|||||| |---|---|---|---|---|---| |||||31.3.23|31.3.22| |||Unrestricted|Restricted|Total funds|Total funds| |||fund|fund||| ||Not|£|£|£|£| ||es||||| |**INCOME AND ENDOWMENTS FROM**|||||| |Donations and legacies|2|22,808|-|22,808|9,971| |Investment income|3|6,067|-|6,067|6,421| |**Total**||28,875|-|28,875|16,392| |**EXPENDITURE ON**|||||| |Raising funds||2,104|-|2,104|3,387| |**Charitable activities**|||||| |Main Fund||20,829|-|20,829|-| |Other||56,190|-|56,190|62,555| |**Total**||79,123|-|79,123|65,942| |Net gains/(losses) on investments||(11,629)|-|(11,629)|7,114| |**NET INCOME/(EXPENDITURE)**||(61,877)|-|(61,877)|(42,436)| |**RECONCILIATION OF FUNDS**|||||| |**Total funds brought forward**||217,656|-|217,656|260,092| |**TOTAL FUNDS CARRIED FORWARD**||155,779|-|155,779|217,656| The notes form part of these financial statements Page 4 The Children's Surgery Foundation CIO ## Balance Sheet ## At 31 March 2023 |Balance Sheet
At 31 March 2023|||||| |---|---|---|---|---|---| |||||31.3.23|31.3.22| |||Unrestricted|Restricted|Total funds|Total funds| |||fund|fund||| ||Not|£|£|£|£| ||es||||| |**FIXED ASSETS**|||||| |Tangible assets|7|1|-|1|125| |Investments|8|139,115|-|139,115|187,127| |||139,116|-|139,116|187,252| |**CURRENT ASSETS**|||||| |Debtors|9|298|-|298|291| |Cash at bank||23,880|-|23,880|42,023| |||24,178|-|24,178|42,314| |**CREDITORS**|||||| |Amounts falling due within one year|10|(7,515)|-|(7,515)|(11,910)| |**NET CURRENT ASSETS**||16,663|-|16,663|30,404| |**TOTAL ASSETS LESS CURRENT**|||||| |**LIABILITIES**||155,779|-|155,779|217,656| |**NET ASSETS**||155,779|-|155,779|217,656| |**FUNDS**|11||||| |Unrestricted funds||||155,779|217,656| |**TOTAL FUNDS**||||155,779|217,656| The financial statements were approved by the Board of Trustees on 24 January 2024 and were signed on its behalf by: M J Haddad, MB, BCh, FRCS - Trustee The notes form part of these financial statements Page 5 The Children's Surgery Foundation CIO Notes to the Financial Statements for the Year Ended 31 March 2023 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment - 25% on cost ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. DONATIONS AND LEGACIES** All 2023 donations are from institutions and members of the public. Included within donations for the comparative 2022 year is a £4,640 grant from HMRC in respect of furloughed staff during the pandemic. ## **3. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||31.3.23|31.3.22| ||£|£| |Income from listed investments|5,975|6,420| |Deposit account interest|92|1| ||6,067|6,421| Page 6 The Children's Surgery Foundation CIO Notes to the Financial Statements - continued for the Year Ended 31 March 2023 ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **5. STAFF COSTS** The average monthly number of employees during the year was as follows: |**STAFF COSTS**
The average monthly number of employees during|the year was as follows:|| |---|---|---| ||31.3.23|31.3.22| |Administration|1|1| No employees received emoluments in excess of £60,000. ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted|Restricted|Total funds| |---|---|---|---| ||fund|fund|| ||£|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Donations and legacies|9,971|-|9,971| |Investment income|6,421|-|6,421| |**Total**|16,392|-|16,392| |**EXPENDITURE ON**|||| |Raising funds|3,387|-|3,387| |Other|62,555|-|62,555| |**Total**|65,942|-|65,942| |**Net gains/(losses) on investments**|7,114|-|7,114| |**NET INCOME/(EXPENDITURE)**|(42,436)|-|(42,436)| |**RECONCILIATION OF FUNDS**|||| |**Total funds brought forward**|260,092|-|260,092| |**TOTAL FUNDS CARRIED FORWARD**|217,656|-|217,656| Page 7 The Children's Surgery Foundation CIO Notes to the Financial Statements - continued for the Year Ended 31 March 2023 ## **7. TANGIBLE FIXED ASSETS** |**7.**|**TANGIBLE FIXED ASSETS**|||| |---|---|---|---|---| |||||Computer| |||||equipment| |||||£| ||**COST**|||| ||At 1 April 2022 and 31 March 2023|||375| ||**DEPRECIATION**|||| ||At 1 April 2022|||250| ||Charge for year|||124| ||At 31 March 2023|||374| ||**NET BOOK VALUE**|||| ||At 31 March 2023|||1| ||At 31 March 2022|||125| |**8.**|**FIXED ASSET INVESTMENTS**|||| |||Listed|B.M. Capital|| |||investments|account|Totals| |||£|£|£| ||**MARKET VALUE**|||| ||At 1 April 2022|185,139|1,988|187,127| ||Additions|12,893|50,522|63,415| ||Disposals|(54,041)|(49,416)|(103,457)| ||Revaluations|(7,970)|-|(7,970)| ||At 31 March 2023|136,021|3,094|139,115| ||**NET BOOK VALUE**|||| ||At 31 March 2023|136,021|3,094|139,115| ||At 31 March 2022|185,139|1,988|187,127| ||There were no investment assets outside the UK.|||| |**9.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| ||||31.3.23|31.3.22| ||||£|£| ||Other debtors||298|291| |**10.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| ||||31.3.23|31.3.22| ||||£|£| ||Taxation and social security||3,041|4,385| ||Other creditors||4,474|7,525| ||||7,515|11,910| Page 8 Page 8 The Children's Surgery Foundation CIO Notes to the Financial Statements - continued for the Year Ended 31 March 2023 ## **11. MOVEMENT IN FUNDS** |||Net movement|| |---|---|---|---| ||At 1.4.22|in funds|At 31.3.23| ||£|£|£| |**Unrestricted funds**|||| |General fund|217,656|(61,877)|155,779| |**TOTAL FUNDS**|217,656|(61,877)|155,779| Net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement in| |---|---|---|---|---| ||resources|expended|losses|funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|28,875|(79,123)|(11,629)|(61,877)| |**TOTAL FUNDS**|28,875|(79,123)|(11,629)|(61,877)| ## **Comparatives for movement in funds** |**Comparatives for movement in funds**|||| |---|---|---|---| |||Net movement|| ||At 1.4.21|in funds|At 31.3.22| ||£|£|£| |**Unrestricted Funds**|||| |General fund|260,092|(42,436)|217,656| |**TOTAL FUNDS**|260,092|(42,436)|217,656| Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement in| |---|---|---|---|---| ||resources|expended|losses|funds| ||£|£|£|**£**| |**Unrestricted funds**||||| |General fund|16,392|(65,942)|7,114|(42,436)| |**TOTAL FUNDS**|16,392|(65,942)|7,114|(42,436)| A current year 12 months and prior year 12 months combined position is as follows: |||Net movement|| |---|---|---|---| ||At 1.4.21|in funds|At 31.3.23| ||£|£|£| |**Unrestricted funds**|||| |General fund|260,092|(104,313)|155,779| |**TOTAL FUNDS**|260,092|(104,313)|155,779| Page 9 The Children's Surgery Foundation CIO Notes to the Financial Statements - continued for the Year Ended 31 March 2023 ## **11. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
as follows:||||| |---|---|---|---|---| ||Incoming|Resources|Gains and|Movement in| ||resources|expended|losses|funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|45,267|(145,065)|(4,515)|(104,313)| |**TOTAL FUNDS**|45,267|(145,065)|(4,515)|(104,313)| ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2023. Page 10 The Children's Surgery Foundation CIO Detailed Statement of Financial Activities for the Year Ended 31 March 2023 |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Grants
**Investment income**
Income from listed investments
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Fundraising and marketing
**Charitable activities**
Grants to institutions
**Support costs**
**Management**
Wages
Social security
Insurance
Telephone
Postage and stationery
Sundries
Storage costs
I.T. costs
Travel costs
Consultancy fees
Conference fees
Depreciation of tangible and heritage assets
**Governance costs**
Investment management fees
Independent examination fee
**Total resources expended**
**Net expenditure before gains and losses**|31.3.23
£
22,808
-
22,808
5,975
92
6,067
28,875
2,104
20,829
48,000
652
415
206
-
76
2,023
455
105
-
461
124
52,517
1,513
2,160
3,673
79,123
(50,248)|31.3.22
£
5,331
4,640
9,971
6,420
1
6,421
16,392
3,387
-
47,252
1,300
412
196
24
178
2,532
294
510
5,397
-
125
58,220
2,175
2,160
4,335
65,942
(49,550)| |---|---|---| This page does not form part of the statutory financial statements Page 11 The Children's Surgery Foundation CIO |Detailed Statement of Financial Activities
for the Year Ended 31 March 2023
**Realised recognised gains and losses**
Gains / losses on investments
**Net expenditure**|31.3.23
£
(11,629)
(61,877)|31.3.22
£
7,114
(42,436)| |---|---|---| This page does not form part of the statutory financial statements Page 12