OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Cure Eb (Formerly Known As Sohana Research Fund)

2024-12-31-accounts

REPORT AND FINANCIAL STATEMENTS

Year-ended 31 December 2024

Charity Number: 1158672

Cure EB

Contents

Year ended 31 December 2024

==> picture [485 x 229] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Page| |Legal|and|administrative|information|2| |Summary|3| |Founder's|Statement|5| |Report|of the|Trustees|&| |Report|of the|Independent|Auditors|14| |Consolidated|Staternent|of Financial|Activities|17| |Balance|Sheets|18| |Consolidated|Cash|Flow|Staternent|19| |Notes|forming|part|of the|Financial|Staternents|20|

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

==> picture [481 x 191] intentionally omitted <==

----- Start of picture text -----
ath: cer |- | ‘we
i “| | bhi — tf vite ee aj i
sy = Ge £e;
. ie or
‘ a =
----- End of picture text -----*

1|Page

Cure EB

Legal and Administrative Information Year ended 31 December 2024

3. The bankers are: Barclays Bank PLC

14 Upper Street Islington London N1 OPQ

4, The auditors are: Mitchell Charlesworth (Audit) Limited

3rd Floor

44 Peter Street Manchester M2 5GP

2|Page

Cure EB

Summary

Year ended 31 December 2024

Our Mission Statement

Our mission is to find effective treatments and ultimately a cure for Epidermolysis Bullosa (“EB”).

Our Commitments

To fund translational research and clinical trials for the benefit of people with EB.

To maximise research spend.

To raise awareness of EB.

==> picture [233 x 9] intentionally omitted <==

----- Start of picture text -----
ia 1 oe edi fae -
----- End of picture text -----

3|Page

Cure EB

2024 Highlights Year ended 31 December 2024

Fundraising Highlights

Project highlights

==> picture [482 x 158] intentionally omitted <==

----- Start of picture text -----
oh S ES Rigg a a AT. ee ER ON Be
sad Oo ; ee a s Migs oo |) =
ea)tym, fle Ee et= XX Aaevas ot Be
; Ot AG’
Pe Le eS
----- End of picture text -----

4|Page

Cure EB

Founder’s Statement Year ended 31 December 2024

Epidermolysis Bullosa ("EB") is a group of genetic skin blistering conditions that vary in severity depending on the subtype. Some forms are fatal in infancy and others lead to progressive deformity and are severely life limiting. Recessive Dystrophic Epidermolysis Bullosa (“RDEB") is a very severe form that leads to scarring, contractures, oesophageal restriction, corneal abrasions, malignant skin cancer and many more painful and life-altering symptoms.

Cure EB exists to find treatments and a cure for EB. To this end, we fund predominantly translational medical research aiming to deliver quality-of-life changing relief and eventually a cure to those afflicted by EB.

Following a very well received research update evening at the Royal Insitution in March we held our Silver Butterfly Gala dinner in May, which was attended by Patron Damian Lewis and was a great success. We were very lucky to be chosen for BGC charity day again with Patron Damian Lewis attending. We were extremely fortunate to be chosen by Bain Capital as their Children’s Fund for Europe grant recipient. This in turn helped us with our butterfly run and farnily day . These were held at the Olympic Park and we were pleased with increased numbers attending, the fun it was and the excellent presentations given by some of our researchers.

At the time of writing this there are now three approved EB treatments on the market in the US, all for topical wound treatment. Only one of these has been approved by the UK, with one going through the NICE process. We are gearing up towards a whole body treatment trial and building a translational fund to make that possible.

As ever we are incredibly grateful to our many wonderful long-term donors, supporters, friends and EB patients who have faith and have stayed with us for many years and for new families joining in our mission to Cure EB,

Sharmila Nikapata Founder Trustee

==> picture [448 x 19] intentionally omitted <==

----- Start of picture text -----
A Ae a> wy Fa ~y
----- End of picture text -----

5|Page

Cure EB

Report of the Trustees

Year ended 31 December 2024

The Trustees present their report along with the financial statements of the Charity for the year ended 31 December 2024,

Introduction

  1. Cure EB - then known as the Sohana Research Fund C.10. (“SRF”) - was established on 25 September 2014 with Registered Charity Number 1158672.

  2. Cure EB’s principal purpose is to fund medical research and clinical trials aimed at discovering, developing and delivering treatments for Epidermolysis Bullosa (“EB”).

Objectives and activities

  1. As set out in Cure EB’s Constitution, Cure EB’s objects are “For the public benefit, (a) the advancement of health and (b/ the relief and assistance af people in need who are suffering from Epidermolysis Bullasa, in particular but not exclusively by making grants:

  2. 3.1, to fund medical research and/or clinical trials anywhere in the world for the purpase of discovering, developing and delivering treatments for Epidermalysis Bullasa; and

  3. 3.2. to fund the treatment of patients who are suffering from Epidermalysis Bullosa”

  4. 4, Cure EB’s abjectives during 2024 were limited ta:

  5. 4.1. Raising funds;

  6. 4.2. Raising awareness;

  7. 4.3. Identifying and developing projects for funding; and

  8. 4.4, Funding of projects.

  9. The Trustees confirm that in determining what activities Cure EB carries out, they have had regard to the Charity Commission's guidance on public benefit.

Fundraising and awareness

  1. We started the year with a major donor dinner with a particular focus on building a translational fund towards taking a whole body treatment to a proof of principle clinical trial. We are extremely lucky to have long standing and committed supporters who have kickstarted this in a significant way.

  2. re We also had a very successful fundraising dinner in May raising £585,000 and a successful Butterfly Brunch Speaker event in Landon with Hadley Freeman in Conversation with Mishal Husain. These events introduced the charity to new supporters as well as being successful fundraising events

6|Page

Cure EB

Report of the Trustees [continued] Year ended 31 December 2024

Fundraising and awareness [Continued]

  1. As arare genetic skin condition public knowledge of the condition js limited. This impacts Cure EB's ability ta raise money for research and support, Consequently, we see increased awareness of the condition as something that has a direct influence on our ability to raised funds, We have an active social media presence with aver 30,000 followers on Facebook, approximately 2500 on X% (formerly known as twitter) and over 2200 on Instagram. We are working on building our Linkedin profile. High profile supporters like Damian Lewis. Jason |Isaacs, Tom Holland and The Brothers Trust have helped spread the word via their social media profiles and we were extremely grateful to have our logo featured on Tom Hollands and his brothers shirts for the BM\W PGA golf tournament. In print media reference was made to Cure EB by the Team Abe fundraisers doing their 100km walk. Our website continues to be a very important tool when fundraising and educating the public as to our aims and ambitions. It holds all information regarding projects and press as well as event information. We strive to keep it up to date and continue to improve its features.

  2. We have an online campaign running called #CoffeeetoCure EB but need to make it more impactful. The ask is simple in encouraging people to donate the cost of a coffee by text number. We hape to continue to build this in an effort to raise awareness but also small value donations fram as many people as possible.

  3. Our main community outreach and awareness event, the Butterfly Run and Family Day, took place in September 2024, We had increased participation in the run and even had West Ham footballer Thomas Soucek appear but we need to build on numbers. At Family Day four of our researchers gave excellent presentations and we had good participation from the EB families and supporters who attended, with a lively discussion at the end, We were very grateful to have Bain Capital support through their Children’s Fund for Europe grant for both these events. We were chosen for BGC charity day which was attended by Damian Lewis and beneficiaries and we also had a very good Big Give Christmas challenge raising £80,000. Fundraisers included very successful marathon and half marathon runners, a team EB cycle to Paris, golf days, styling day, half marathons, Facebook fundraisers and birthday and anniversary celebrations, plant sales and Ride London.

  4. We have two restricted funds within Cure EB, the JT fund and the Abe fund. The Abe Fund had a very successful walk in June raising funds towards investing in companies engaged in EB research.

  5. We had substantial donations fram the James and Deirdre Dyson Trust, The Maria Marina Foundation, The Brothers Trust, CAH Philanthropy, Sharegift, The Medicor Foundation, MDL Philanthropy, W and C Pot Philanthropy The Maurice Hatter Foundation, The William Howarth Trust, Cure EB Charity Foundation Australia, The Lily Foundation, The Sheridan Foundation, | and J Mukherjee Trust, Stanley and Zea Lewis family foundation, Spears Stutz charitable trust, Loftus charitable trust, EC Sosnew charitable trust, Marks farnily charitable trust, Esfandi charitable foundation, Rubin foundation. Harold and Nicola Pasha charitable trust. We also had sponsorship from Bain Capital, Krystal Bia and Constant Therapeutic for our run and family Day. Other corporate donors include Goldman Sachs Gives, Intermediate Capital Group, BGC, Jarmany Ltd, Sanibel Investments, Gartner, Artemis Fund, Salon 13, Chiesi Ltd, Salon 13, AFC energy, Mackrell solicitors and the Buchanan programme,

  6. We are building our regular giving through the Kaleidoscope friends scheme and online platforms but this continues to be an area that we have to grow.

Achievements and performance

  1. Cure EB funds a range of projects. However, Cure EB’s principal focus is on translational research — i.e. the preclinical research and clinical trials that will (we hope) translate fundamental (laboratory based) research into effective treatments for RDEB. We are assisted by an experienced independent expert panel who evaluate projects and advise on research strategies and priorities.

7|Page

Cure EB

Report of the Trustees [continued] Year ended 31 December 2024

Achievements and performance [Continued]

  1. We currently evaluate projects on a rolling basis (rather than in formal funding rounds at fixed intervals) and invite applications that meet our priority areas of research. An initial outline of the project is evaluated and if deemed to be within an area of interest a full grant application is asked for. The project is then externally reviewed and scored by a scientific advisory panel (SAP), whose members are world leading scientific experts in medical related research. That external review process is coordinated by one of our Trustees, Professor David Kelsell, who is himself an expert in hurnan skin genetics and part of the SAP. If the scores are sufficiently high the project is presented to the Trustees for approval. lf approved, Cure EB negotiates and concludes formal funding agreements with the body that is to carry out the research

  2. 16, To highlight our research we hosted a research update meeting at the Royal Institution in March. Dr Matthias Titeux fram Paris, Professor John McGrath from Kings College London and Dr Cira Chiappini from Kings College, London all gave excellent and exciting presentations highlighting the progress in the EB gene therapy space.

  3. During 2024, published research included a poster at the ESDR on siRNA for EBS, Editing of RDEB fibroblasts in the JID and around Nanoneedles in ACS nano.

  4. New projects included mRNA base editing at Kings College London, Bespoke therapy for RDEB in Australia, Therapy for JEB airway disease at Great Ormond Street Hospital, Projects progressed and funded included EB graft (France), Nanocol (US and UK), Editing of RDEB fibroblasts (UK), Paste mediated super exon replacement (UK). Other projects included base and prime editing of RDEB fibroblasts in France, Gene and cell therapy in RDEB at the University of Minnesota and oligonucleotide work in Paris.

  5. Looking ahead, we have a particular focus on taking a whole body treatment technology through to clinical trial as well as progressing translational research for local approaches. We will also continue looking at emerging technologies to determine translational benefit

  6. To this end we aim to continue to carry on building our relationships with other potential funders (we have a good track record of collaborating) and investors and with the ROEB research community.

Financial review

&|Page

Cure EB

Report of the Trustees [continued] Year ended 31 December 2024

Financial review [Continued]

22, Looking ahead to 2025:

26, Management and Administration:

§|Page

Cure EB

Report of the Trustees [continued] Year ended 31 December 2024

Financial review [Continued]

10|Page

Cure EB

Report of the Trustees [continued] Year ended 31 December 2024

Financial review [Continued]

28, Remuneration:

==> picture [457 x 83] intentionally omitted <==

----- Start of picture text -----
7A
— z ? ry a ‘ er.
Tart CURE \ ext CUP ” q of aj { q
oePeper GtHi ee are . ig | )iy esthe i yg A\ "ee acoats
----- End of picture text -----

11|Page

Cure EB

Report of the Trustees [continued] Year ended 31 December 2024

Investment policy

Funds are held as short-term bank balances and (if and when rates justify it) longer term treasury deposits. The only other investments made by Cure EB are Social Investments (rather than financial investments).

Social Investments

These investments are payments made to further the aims of the charity — i.e. to advance research — rather than to secure a financial return. However, because they are structured as investments there is potential for return. In 2024 Cure EB made two further Social Investments, but due to the risks inherent in very early stage research, impaired the value of one of those Social Investments by 50%.

EB Therapeutics

At the end of 2018, Cure EB established a subsidiary: EB Therapeutics Ltd (“EBT"). The purpose of this subsidiary is te further develop some of the technologies supported by Cure EB with the aim of assisting with the transition from research to market, so that effective treatments become as widely available as possible. EBT was dormant until 2020. During 2020 it (1) took a license of IP related ta one of the projects that Cure EB is supporting: and (2) concluded a research service agreement for a new project. During 2021 this new project generated encouraging laboratory results. This continued through 2022 with the focus shifting (1) to the identification of the best compounds to progress towards an in-human trials; and (2) (for same compounds) from in-vitro to early in-vivo testing. In 2023, work to identify the best compounds continued, and in-vivo testing of thase compounds was substantially progressed. In 2024 distribution tests were conducted and further toxicity testing progressed,

Reserves policy

Policy: Because the charity has a low-cost operating base it does not require a significant unrestricted reserve fund ta meet its operating costs. However, Cure EB aims to maintain and build a substantial restricted reserve fund to meet the cost of future projects. This is for two reasons. First, Cure EB wants to be able to fund the best projects irrespective of its income in any particular year (which will fluctuate for reasons beyond its control). Second, Cure EB is building a Development Fund to progress one project through the final steps towards, and then into, human trials. Forward looking statement: The Trustees are confident that there are adequate reserves to fund the research that Cure EB had committed to fund and to cover the anticipated future casts.

Risk management

The principal risk to the charity is the ability to continue to raise funds sufficient to meet the commitments made to fund projects and operating costs.

The Trustees have (above) highlighted the facts relevant to this risk. During 2024 this risk was entirely mitigated by ensuring that reserves substantially exceeded commitments.

Whilst the Trustees expenditure will exceed income in certain years, the Trustees intend (1) to retain substantial reserves (for the reasons given above); and (2) only commit to projects where Cure EB (i) already has sufficient funding for the project; or (ii) is confident that funds will be raised well in advance of any payment dates falling due.

Public benefit

The Trustees are conscious of the Charity Commission guidelines on public benefit and these guidelines are applied when grants are considered.

12|Page

Cure EB

Report of the Trustees [continued] Year ended 31 December 2024

Trustees’ responsibilities in relation to the financial statements

The Trustees 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).

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf by:

Sharmila Nikapota

==> picture [126 x 44] intentionally omitted <==

----- Start of picture text -----
Jamee bine
James Collins
----- End of picture text -----

Date: 23/10/2025

==> picture [208 x 13] intentionally omitted <==

----- Start of picture text -----
. .—— hone+ el aes= rePace Saat ‘i ns :
----- End of picture text -----

13|Page

Cure EB

Report of the Auditors to the Trustees of Cure EB Year ended 31 December 2024

Opinion

We have audited the financial statements of Cure EB (the 'Charity') for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice),

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Qur responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial staternents is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included im the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement im the financial statements themselves, If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

14|Page

Cure EB

Report of the Auditors to the Trustees of Cure EB (continued) Year ended 31 December 2024

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Staternent of Trustees’ Responsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related ta going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to da so,

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, inclucing fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Charity and the industry in which it operates, and comsidered the risk of acts by the Charity that were contrary to applicable laws and regulations, including fraud. We discussed with the Trustees the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the UK Companies Act and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

15|Page

Cure EB

Report of the Auditors to the Trustees of Cure EB (continued) Year ended 31 December 2024

Our responsibilities for the audit of the financial statements [Continued]

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud,

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.fre.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Eligibility for appointment as auditor

Mitchell Charlesworth (Audit) Limited is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

MiUrchAmu Clrot) su07h,

Alison Buckley (Senior Statutory Auditor) Mitchell Charlesworth (Audit) Limited

Statutory Auditor

3 Floor

44 Peter Street Manchester M3 5GP

Dated: 23/10/2025

Mitchell Charlesworth (Audit) Limited is eligible to act as auditors in terms of Section 1212 of the Companies Act 2006

16|Page

Cure EB

Consolidated Statement of Financial Activities (Incorporating Income and Expenditure Account) Year ended 31 December 2024

2024 2023
Notes Unrestricted Restricted Total Whrestricted Restricted Total
Income £ £ £ £ £ £
Incomefrom donations 2 257,450 4,550,018 4,807,468 250,000 480,918 730,918
Income from
investments - 43,295 43,295 - 47 47
Total 257,450 4,593,313 4,850,763 250,000 480,965 730,965
Expenditure
Charitable activities 3 92,494 1,155,172 1,247,666 145,718 1,332,052 1,481,770
Raising funds 4 129,499 33,789 163,288 70,896 - 70,896
Total 221,993 1,188,961 1,410,954 220,614 1,332,052 1,552,666
Net movement in
funds 35,457 3,404,352 3,439,809 29,386 (851,087) (821,701)
Transfer offunds 8 - - - (29,189) 29,189 -
Funds broughtforward 199,920 1,485,823 1,685,743 199,723 2,307,721 2,507,444
Fundscarriedforward 235,377 4,890,175 5,125,552 199,920 1,485,823 1,685,743

17|Page

Cure EB

Balance Sheet As at 31 December 2024

Group Charity
Notes 20274 2023 2024 2023
Fixed assets £ £ £ £
Investments 5 317,752 118,427 317,852 118,527
Current assets
Cash at bank 1,852,797 1,342,509 1,675,292 1,315,809
Other debtors 6 2,119,345 155,447 2,119,345 178,147
Current asset investments 7 2,500,000 1,500,000 2,500,000 1,500,000
6,472,142 2,997,956 6,294,637 2,997,956
Creditors:
Amounts falling due within one year a (1,169,204) (820,521) (991,799) (820,621)
Net current assets 5,302,938 2,177,435 5,302,838 2,177,335
Total assets less current liabilities 5,620,690 2,295,862 5,620,690 2,295,862
Creditors: amounts falling due after
more thanoneyear 9 (495,138) (610,119) (495,138) (610,119)
Total net assets 5,125,552 1,685,743 5,125,552 1,685,743
The funds ofthe charity
Unrestricted income funds 235,377 199,930 267,074 231,617
Restricted income funds 4,890,175 1,485,823 4,858,478 1,454,176
Totalfunds 5,125,552 1,685,743 5,125,552 1,685,743

These financial statements were approved by the Trustees on

==> picture [188 x 59] intentionally omitted <==

----- Start of picture text -----
and were signed on its behalf by:
Samed line
----- End of picture text -----

18|Page

Cure EB

Consolidated Cash Flow Statement For the year ended 31 December 2024

==> picture [485 x 225] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Net movement|of funds from operating activities|3,439,809|(821,701)| |Impairment|of|fixed|asset|investments|100,000|310,464| |Purchase|of|fixed|asset|investments|(799,325)|-| |Increase|in|debtors|/|investments|(Notes|6 and|7)|(2,963,898)|(1,465,237)| |Increase|in|creditors|(Notes|8|and|9)|233,702|518,343| |Net cash|inflow from|operations|510,288|(1,458,131)| |Cash|at|the|beginning|of the|year|1,342,509|2,800,640| |Cash|at|the|end|of the|year|1,852,797|1,342,509|

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

19|Page

Cure EB

Notes to the Financial Statements Year ended 31 December 2024

1. Principal accounting policies

{a) Accounting convention

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 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of lreland' and the Charities Act 2011, The financial statements have been prepared under the historical cost convention.

Cure EB meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy netels).

(b) Group accounts

The financial statements consolidate the results of the Charity and its wholly owned subsidiary EB Therapeutic Ltd on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented because it has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

The consolidated statement of financial activities, balance sheet and cash flow include the financial statements of the Charity and its subsidiary undertaking made up to 31 December 2024. The results of the subsidiary are included in the statement of financial activities and inter group transactions are eliminated fully on consolidation.

The Charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of lreland’, not to disclose related party transactions with wholly owned subsidiaries within the Group. Due to EB Therapeutics Ltd current activities and how it is funded, the consolidated statement of charitable financial activities and the consolidated cash flow statement are materially the same as the individual parent Charity’s statement of financial activities and individual cash flow statement.

(c) Critical accounting judgements and key sources of estimation uncertainty

Due to the straightforward nature of Cure EB’s activities, the Trustees do not believe that there are any estimation uncertainties or accounting judgments that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

The investments are held at cost less impairment as the fair value cannot be reliably measured. The Trustees are not aware of any material impairments in the investments other than thase disclosed.

({d) Donation and grant income

Income is accounted for in the period in which the Charity is entitled to receipt, the receipt is probable and measurable.

(e) Expenditure

Expenditure is included on an accruals basis.

20|Page

Cure EB

Notes to the Financial Statements Year ended 31 December 2024

1. Principal accounting policies [Continued]

(f) Taxation

The Charity is exempt from tax on its charitable activities.

(z) Fixed asset investments

Fixed asset investments are held to generate income, for their investment potential, and/or for their research potential.

Investments include ‘social investments’ where the purpose in making the investment is wholly or partly to further the Charity’s airs. The social investments are stated at cost less impairment unless it can be measured at fair value which can be reliably measured.

The investment in a subsidiary company is held at cost less accurnulated impairment losses.

{h) Funds structure

The restricted funds represent donations made where the donor has placed a restriction on the use of the funds. All donations other than specific donations by the Trustees are treated as restricted to research costs and (unless the donor has placed a specific restriction on the use) classed as “Unassigned Research Funds”. Unrestricted funds can be used as the Trustees see fit in line with the charitable objectives.

(i) Going concern

The accounts are prepared on the basis that the Trustees have adequate resources to continue to operate. The Trustees have informally discussed expected future cash flows and the future expected incoming and outgoing resources in making their assessment for a period of at least 12 months fram the signing of the accounts. Based on these assessments the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

(i) Financial instruments Financial assets and liabilities are recognised when the Charity becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments which comprise cash at bank, trade and other receivables and trade and other payables.

Basic financial instruments such as social investments, debtors, bank balances and creditors are recognised at transaction value.

2. Donations

All incoming resources related to general donations from individuals and other institutions. There was no legacy income in the year.

All donations received (other than the specific donations from the Trustees) are used to further the Charity’s aims, and so are classed as restricted and shown in the Restricted Funds.

21|Page

Cure EB

Notes to the Financial Statements Year ended 31 December 2024

3. Charitable activities 2024 2023
£ E
Research projects:
University of Minnesota - Nanocol - 200
Gene Editing Trial — UC3 Madrid 38,802 -
Base& Prime Editing strategies for RDEB 350,730 -
Kings College London - Nanocol - 13,685
Kings College London - Base Editing of RDEB fibroblasts - 49,457
PASTE — Superexon Replacement - 95,437
University of Colorado — Spray on Skin (558,897) 703,000
EB Cancer Therapy 147,033 -
Oligo 638,664 50,000
EB Graft 66,767 -
Inserm - SIRNA - 154,809
JEBAirway Disease 80,000 -
Decorin 16,951 -
Bespoke Therapy 267,198
Other costs:
Impairment losses 100,000 310,464
Support costs:
Administration costs 80,490 92,410
Bank charges 274 401
Audit 10,532 10,802
Charitable Events - restricted 6,625 -
Research Events - restricted 1,300 -
Insurance 1,197 1,105
1,247,666 1,481,770
4, Raisingfunds 2024 2023
£ £
Fund raising and marketing 34,518 38,253
Fundraising administration costs 128,770 32,643
163,288 70,896

22|Page

Cure EB

Notes to the Financial Statements Year ended 31 December 2024

5. Fixed asset investments - held by Group and Charity 2024 2023
£ E
Social investments - unlisted
Cost at 1 January 2024 118,427 478,891
Additions 299,325 -
Cost at 31 December 2024 417,752 478,891
Impairment
Charge forthe year (100,000) (310,464)
Net bookvalue
_ _ _
At 31 December 2024 317,752 118,427
At 31 December 2023 118,427 428,891
2024 2023
£ £
Shares in Group undertakings held byCharity
Cost at 1 January 2024 100 100
Cost at 31December 2024 100 100
Net book value
Costat31December2024 100 100

The Group or the Charity’s investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries EB Therapeutics Ltd Registered office: England & Wales Nature of business: Furthering research for human health

%
Class ofshares Holding
Ordinary 100.00

Social investments are made to fund companies who undertake research that further the aims of the Charity. Material social investments have been made in Phoenicis Therapeutics, Inc., a US Corporation and Branca Bunus Limited, a company registered in Ireland.

23 |Page

Cure EB

Notes to the Financial Statements Year ended 31 December 2024

6. Debtors Group Charity
2024 2023 2024 2023
£ £ £ £
Otherdebtors 2,119,345 155,447 2,119,345 178,147
Other debtors are donations receivable and gift aid receivable on donations received and receivable during the
year.
7. CurrentAsset investments Group Charity
20274 2023 2024 2023
£ £ £ £
Treasury Bonds 2,500,000 1,500,000 2,500,000 1,500,000
8. Creditors: arnounts falling due within one year Group Charity
2024 2023 2024 2023
£ £ £ £
Trade creditors 258,473 16,912 15,005 16,912
Amounts owed to intercampany - - 65,963 -
Unpaid share capital - - 100 100
Committed grants 910,731 803,609 910,731 803,609
1,169,204 820,521 991,799 820,621
Creditors:amounts fallingdue aftermorethan Group Charity
9. one year
2024 2023 2024 2023
£ £ £ £
Committed grants 495,138 610,119 495,138 610,119
495,138 610,119 495,138 610,119

24|Page

Cure EB

Notes to the Financial Statements Year ended 31 December 2024

10.
Fund balances—Current year		 10.
Fund balances—Current year		 Unrestricted Restricted
Funds Funds Total
£ £ £
Balance broughtforward 199,920 1,485,823 1,685,743
Income 257,450 4,593,313 4,850,763
Expenditure (221,993) (1,188,961) = (1,410,954)
Interfund transfer - - -
Balance carried forward 235,377 4,890,175 5,125,552
Represented by:
Fixed assets . 317,752 317,752
Cash at bank 235,377 1,617,420 1,852,797
Other net assets/liabilities . 2,955,003 2,955,003
235,377 4,890,175 5,125,552
Brought Carried
Currentyear Forward Income Expenditure Gains/Losses Transfers Forward
£ £ £ £ £ £
~~Research Projects~~
Therapy for RDEB SCC 50,000 - - - - 50,000
EB Graft - - (66,767) - 66,767 -
Gene EditingTrial - - (38,802) : 38,802 -
Soray on Skin - 37,103 558,897 : (596,000) -
Base& prime editing
strategies for RDEB - 108,631 (350,730) - 242,099 -
EB Cancer Therapy - - (147,033) - 147,033 -
Bespoke Therapy - - (267,198) - 267,198 -
JEB Airway Disease - - (80,000) - 80,000 -
Decorin - - (16,951) - 16,951 -
SIRNA - 37,103 - - - 37,103
Social Investments
Nonsense Therapeutics
(ABE Fund) - 200,000 - (100,000) - 100,000
Other Sacial
Investments 118,427 . - - . 118,427
Nova Anchora - 99,325 - - - 99,325
Other Research Funds
Unassigned Research
Funds 198,300 621,910 - - (262,850) 557,360
Other Restricted Funds
ABE Fund 26,818 412,807 (14,869) - - 424,756
Translational Fund 1,086,078 3,025,134 (638,663) - - 3,472,549
Funds for Fundraiser 6,200 - (920) - - 5,280
Research Events - 1,300 (1,300) - - -
Children’s Fund - 50,000 (24,625) - - 25,375
1,485,823 4,593,313 (1,088,961) (100,000) - 4,890,175

25|Page

Cure EB

Notes to the Financial Statements Year ended 31 December 2024

10.
Fund balances [Continued]		 10.
Fund balances [Continued]		 Unrestricted Restricted
Previous Year Funds Funds Total
£ £ £
Balance broughtforward 199,723 2,307,721 2,507,444
Income 250,000 480,965 730,965
Expenditure (222,104) (1,330,562) (1,552,666)
Interfund transfer (27,699) 27,699 -
Balance carried forward 199,920 1,485,823 1,685,743
Represented by:
Fixed assets . 118,427 118,427
Cash at bank 179,928 1,162,581 1,342,509
Other net assets/liabilities 19,992 204,815 224,807
199,970 1,485,823 1,685,743
Balance
Brought Carried
Previous year Forward Income Expenditure Gains/Losses Transfers Forward
£ £ £ £ £ £
~~Research Projects~~
SIRNA Interference in
EBS - - (154,809) 154,809 -
Nanocol - (13,885) : 13,885 -
KCL Editing ofRDEB
Fibroblasts - - (49,457) - 49,457 -
PASTE = mediated
Superexon Replacement
ofCOL7A1 - - (93,947) - 93,947 -
Spray on Skin - 102,331 (703,000) - 600,669 -
Gene & Cell (Cancer)
Therapy for EBT - 50,000 - - - 50,000
Social Investments
ABE Fund - 26,818 - - - 26,318
Other Sacial
Investments 401,192 - . (310,464) 27,699 118,427
Other Restricted Funds
Funds for fundraiser 6,200 - - - : 6,200
EB Family Day . 5,000 (5,000) . . .
Unassigned Research
Funds 1,900,329 296,816 - - (912,767) 1,284,378
2,307,721 480,965 (1,020,098) (310,464) 27,699 1,485,823

26|Page

Cure EB

Notes to the Financial Statements Year ended 31 December 2024

11. Related party disclosures and Trustees’ remuneration and benefits

No Trustees received remuneration or were reimbursed for expenses in the period.

During the year the Charity introduced £638,664 (2023: £50,000) of support to its subsidiary EB Therapeutics Ltd.

In the year there were donations to the Charity from the Trustees amounting to £1,247,865 (2023: £230,175) (which are imcreased by Cure EB claiming Gift Aid).

12. Staff costs

There were no employees (2023: none}.

No staff received emoluments in excess of £60,000.

No Trustee expenses have been incurred and no Trustees were re-imbursed for any expenses during the year (2023: None},

13. Contingent liabilities and capital commitments

The Trustees are not aware of any contingent liabilities or capital commitments.

14. Subsequent events

The Trustees are not aware of any material adjusting or non-adjusting post balance sheet events.

==> picture [337 x 241] intentionally omitted <==

----- Start of picture text -----
| ‘ a =
j|
é | :
r > .
=i iF
e SS y
be i.
----- End of picture text -----*