KIDS OPERATING ROOM

Company limited by guarantee

Company Registration Number:
SC585374 (Scotland)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

KIDS OPERATING ROOM

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

KIDS OPERATING ROOM

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

Objectives and activities - the role of Kids Operating RoomAchievements and PerformanceStructure and GovernanceCharitable Expenditure PolicyRemuneration PolicyTrustees2023 Financial PerformanceReserves PolicyRiskInvestment PolicyPlans for the FutureConnected BodiesGoing ConcernProvision of Information to the AuditorAuditor

Political and charitable donations

Kids Operating Room has a focused grant making policy centred on children’s surgery in low- and middle-incomecountries. We will not normally fund projects that do not directly relate to the development and delivery of safe surgery forchildren in these countries.Our funding is typically provided to support existing surgeons to deliver greater access to care or for traineepaediatric surgeons or anaesthesia providers to complete specialised training. We do not fund other organisationsto deliver infrastructure projects on our behalf.Hospitals can apply to us for an infrastructure investment through our application process (available in English, Frenchand Spanish) although we mostly identify hospitals for investment through discussion with the relevant Ministry of Health,key partners, and local surgical societies.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Garreth R C Wood
Nicola J C Wood
Graham Good
George G Youngson
Sarah T Masiyiwa


The director shown below has held office during the period of
1 January 2023 to 31 July 2023

Lili Buffett


Secretary Turcan Connell Company Secretaries Limited

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
7 May 2024

And signed on behalf of the board by:
Name: Garreth R C Wood
Status: Director

KIDS OPERATING ROOM

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 5,650,788 7,117,411
Cost of sales: ( 358,610 ) ( 317,751 )
Gross profit(or loss): 5,292,178 6,799,660
Distribution costs: 0 0
Administrative expenses: ( 7,430,493 ) ( 3,915,985 )
Other operating income: 144,436 0
Operating profit(or loss): (1,993,879) 2,883,675
Interest receivable and similar income: 9,764 0
Profit(or loss) before tax: (1,984,115) 2,883,675
Tax: 0 0
Profit(or loss) for the financial year: (1,984,115) 2,883,675

KIDS OPERATING ROOM

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 77,617 105,993
Investments:   0 0
Total fixed assets: 77,617 105,993
Current assets
Stocks: 4 4,913,344 4,201,105
Debtors: 5 1,235,767 3,180,092
Cash at bank and in hand: 2,882,127 3,487,769
Investments:   0 0
Total current assets: 9,031,238 10,868,966
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 390,847 ) ( 272,836 )
Net current assets (liabilities): 8,640,391 10,596,130
Total assets less current liabilities: 8,718,008 10,702,123
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 8,718,008 10,702,123
Members' funds
Profit and loss account: 8,718,008 10,702,123
Total members' funds: 8,718,008 10,702,123

The notes form part of these financial statements

KIDS OPERATING ROOM

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 7 May 2024
and signed on behalf of the board by:

Name: Garreth R C Wood
Status: Director

The notes form part of these financial statements

KIDS OPERATING ROOM

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Incomei) Donations and legaciesDonations and legacies are included in the Statement of Financial Activities in the year in which the charity has entitlement to thefunds and it is probable that the income will be received, and the amount can be measured reliably.Grant funding included in this category provides funding to support activities and is recognised where there is entitlement, probabilityof receipt, and the amount can be measured with sufficient reliability.ii) Donated facilitiesDonated facilities are recognised when the charitable company has control over the item and the economic benefit can be measuredreliably. On receipt the donated facilities are recognised on the basis of the value of the gift to the charitable company, which is theequivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of use.iii) Other Income includes income from investments and is included in the Statement of Financial Activities in the year in which it isreceivable. Other Income includes income received by Global Hospital Limited and bank interest received.

    Tangible fixed assets depreciation policy

    Tangible fixed assets and depreciationFixed assets are capitalised at cost and written off over their expected useful lives as follows:Plant and equipment- Straight line, 5-years for office furniture and 3-years for other fixed assets.

    Valuation information and policy

    Stock is stated at the lower of cost and net realisable value. Net realisable value represents the estimated amount which would currently beobtained from disposal of an asset after deducting estimated costs of disposal.

    Other accounting policies

    ACCOUNTING POLICIES(a) Basis of accounts preparationThe financial statements are prepared under the historical cost convention, in accordance with Accounting and Reporting byCharities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FinancialReporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standardapplicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The company constitutes a public benefit entity asdefined by FRS 102.(b) Going concernThe directors have evaluated the charitable companies' ability to continue as a going concern after reviewing the projected income andexpenditure for the next twelve months from the date of approval of these financial statements and have concluded that the company hassufficient resources to continue its operations in the foreseeable future.The charity has an agreed strategy and business plan and continues to invest in fundraising resources to secure funding through donations,grants, and other sources.There will be risks and challenges due to changes in the economic climate and inflationary pressures, which could affect our performanceand projected cash flow. Therefore, management continually monitors its financial position and has stress tested the projected cash flow foradverse scenarios.(c) ConsolidationThese financial statements consolidate the accounts of Kids Operating Room Ltd and Global Hospital Limited.Expenditurei) Liabilities are recognised when the group has an obligation to make a payment to a third party. Resources expended are included inthe Statement of Financial Activities on an accrual's basis, inclusive of any irrecoverable VAT. Expenditure is directly attributed to therelevant category in the Statement of Financial Activities where practical.ii) Grants to third parties predominantly related to medical trainingGrants or instalments of grants offered in connection with projects with institutions are charged to the Statement of FinancialActivities in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional and theconditions are within the control of the charity, such grants being recognised as expenditure when payment is made.Conditional grants where the conditions are out with the control of the charity are charged to the Statement of Financial Activities infull in the year in which the offer is conveyed.Grants which have been conveyed in the year but not recognised as expenditure are disclosed as contingent liabilities in thefinancial statements.iii) Direct costs relating to the core activities.Direct costs are charged to the Statement of Financial Activities as expenses incurred.iv) Support costs of the charity.Support costs are charged to the Statement of Financial Activities as expenses incurred.(f) TaxationKids Operating Room is considered to pass the tests set out in Schedule 6, Part 1 of the Finance Act 2010 and therefore meets the definitionof a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of incomeor capital gains received within categories covered by Part II, Chapter 3 of the Corporation Tax Act 2010, or Section 256 of the Taxation ofChargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.Foreign currenciesAssets, liabilities, revenues, and costs denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of thetransactions; monetary assets and liabilities at the balance sheet date are translated at the year-end rate of exchange. The resulting profits orlosses are dealt with in the Statement of Financial Activities.(j) FundsUnrestricted funds include incoming resources receivable or generated for the objects of the charity/group without further specified purposeand are available as general funds. These funds can be used in accordance with the charitable objects at the discretion of the directors.Restricted funds are to be used for specific purposes as laid down by the donor.(k) PensionsEligible employees are members of defined contribution pension schemes. Pension costs charged to the Statement of Financial Activitiesrepresents the contributions payable by the company in the year.(l) Financial instrumentsThe group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade andother accounts receivable and payable and loans to related and third parties.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable andpayable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interestmethod. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially andsubsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangementsof a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms orfinanced at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liabilityis measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument andsubsequently at amortised cost.For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount andthe present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interestrate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.Financial assets and liabilities are offset, and the net amount reported in the statement of financial position when there is an enforceable rightto set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.(m) DebtorsDebtors are recognised and valued at the settlement amount after any applicable provisions. Prepayments are recognised at the amountprepaid.(n) Cash at bank and in handCash at bank and at hand includes cash and short term highly liquid investmentsLiabilities and provisionsLiabilities are recognised when there is an obligation at the balance sheet date as a result of past events, it is probable a transfer of economicresource will be required in settlement and the amount can be reliably measured. Liabilities are recognised at the amount the groupanticipates it will pay to settle the debt.

KIDS OPERATING ROOM

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 33 25

KIDS OPERATING ROOM

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 0 240,000 0 0 0 240,000
Additions 0 23,865 0 0 0 23,865
Disposals 0 ( 421 ) 0 0 0 ( 421 )
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 December 2023 0 263,444 0 0 0 263,444
Depreciation
At 1 January 2023 0 134,007 0 0 0 134,007
Charge for year 0 52,241 0 0 0 52,241
On disposals 0 ( 421 ) 0 0 0 ( 421 )
Other adjustments 0 0 0 0 0 0
At 31 December 2023 0 185,827 0 0 0 185,827
Net book value
At 31 December 2023 0 77,617 0 0 0 77,617
At 31 December 2022 0 105,993 0 0 0 105,993

KIDS OPERATING ROOM

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Stocks

2023 2022
£ £
Stocks 4,913,344 4,201,105
Payments on account 0 0
Total 4,913,344 4,201,105

KIDS OPERATING ROOM

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
£ £
Trade debtors 986,009 3,085,600
Prepayments and accrued income 181,290 94,492
Other debtors 68,468
Total 1,235,767 3,180,092
Debtors due after more than one year: 0 0

KIDS OPERATING ROOM

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 297,004 189,728
Taxation and social security 31,095 49,790
Accruals and deferred income 62,748 33,318
Other creditors 0 0
Total 390,847 272,836

KIDS OPERATING ROOM

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Financial Commitments

Financial assets measured at fair value through profit or loss comprises cash at bank and in hand.Financial assets measured at amortised cost comprises of other debtor balance as at the end of 2023.Financial liabilities measured at amortised cost comprises of trade creditor balance at the end of 2023 and the accruals and deferred income balanceas at the end of 2023.