REGISTERED CHARITY NUMBER: 1186748 REGISTERED COMPANY NUMBER: 11422323 (England and Vvales) REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 FOR NEOTREE Juliette Tompson Accounting Limited 23 Prospect Street Caversham Reading RG4 &iB
NEOTREE CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 30 June 2024 Report of the Trustees 3to12 Independent Examiners Report 13 Statement of Financial Activities 14 8alance Sheet 15to16 Notes to the Financial Statements 17to20 Detailed Statement of Financial Activitses 21
NEOTREE REPORT OF THE TRUSTEES For The Year Ended 30 June 2024 The trustees who are also directors of the charity for the purkx)ses of the Companies Act 2006, present their report with the financial statements of the chanty for the period ending 30 June 2024. The trustees have adopted the provisions of Accounting and Repotting by Charities: Statement of Recommended Practice applicable to charrties preparing their accounts in accordan with the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). structure, governance and management The charity 15 controlled by its goveming document, a deed of trus( and constbtutes a limited company, limited by guarantee, as defined by the Companies Act 26. Reference and administrative detslls Registered Company number.. 11422323 (EngIar and Wales) Registered Charity number: 1186748 Registered office 1 Blossom Yard Fourth Floor London E16RS Trustees Yali Sassoon - Chair Katherine Herzog Parsons - Treasurer Dr Felicity Caroline Scarlet Fitzgerald Prof Michelle Heys Timothy Peter Catherall (Appointed 0411012024) Erin Kesler {Resigned 1111112024} Company secretary Reed Smith Corporate SeNices Limited Independent examiner Juliette Tompson Accounting Limited 23 Prospect street Caversham Reading RG4 8JB
NEOTREE REPORT OF THE TRUSTEES- CONTINUED For The Year Ended 30 June 2024 Establlshment and purpose Charitable objects The advancement of health and Ihe saving of lives for the public benefft. in pacular but not exclusively by providing technology, software, infomation. education and support to heatthcare workers and medical practitioners and the carying out of related r8arth. Irision To eradicate preventable newborn mortality and morbidity in low-income countries. We can save over half a million babies, lives, and improve the care of over 27m babies. every year, rf Neotree technology is adopted by Ministries of Health in Ihose Untries. Mission To empower healthcare workers in Iow-income countries to improve the qualty of newborn Gare by putting the lilesaving power of technology irrto their hands. Background Problem More than 6.500 babies, in their first month of lrfe. will dE today A baby born in Africa is 10 ts'mes more likety to die than one bom in Europe orthe US 70 % of deaths in low-income countries are from prevenlable condib'ons (more than 1.2m babies each year) Most of these babies {over 750/0} are bom in healthcare facilities under the care of hard-working, well-intentioned nurses and docto but who often lack specific neonatsl training. How can we empower them to provide the high qualty and consistent C2re needed to improve those babies. than$ of surviwng and thTiving. Solution Sometimes radical advan can be athieved with simple solubons. The Neotree app is used by healthcare workers at the bedside, as they provide care to sick and vulnerable newboms. It guide5 them to perform Ihe correct checks, in the right order and prompts them to record vital health data that can be used to support them to make the correct diagnosis and take rapid lrfesaving action. The data is then available at a hospital and national level to guide hospital managers and national policymakers to best allocate reSoUrs, identify key hèalth issues and take systematic steps to address them. Evidence Early data from Chinhoyi Provincial Hospital. Zimbabwe, shthy case fatalty rales in vulnerable babies dropped by 50 % after Neotree was intrcxjuced., Clinicians in Malawi have told us Neotree is 'part and parcel of our day-to-day work" which Yorces a thorough assessment of the baby.. and "helps us to see where we aren't doing well.. Healthcare workers have reported high-perceived improvements in quality of newborn care after using Neotree on the ward . Evaluation has shown Neotree to be a highly usable. acceptable, and feasible tool that has resulted in both perceived and observed improvements in newborn care. such as optimised prescription of antibiotics and redu rate5 of hypothemiia {unpublished). The tum-around time of blood culture results has been rgjuced from 5 days to under 48 hours using the Neotree platfom. improwng ants"microbial stewardship and infection control. Neotree has proven resilient through industrial strikes and a global pandemie and 15 likely to be highly cost-effective. with an estimated cost at scale of $6.35 per healthy life year gained in Zimbabwe, rf impmentation is scaled nationally., Chan et al. 2019.. doi., 1011361bry8h-2018-OC4)860 Iprwrtrfi. rAJFAKaLYy) in fwre5s). Neonatl %Jrvtw in Zimbabwe. ' Crohan et 05. 2019.. doi." 10.11361bmj8h-2016-000860 One study demDnstrated th prescription tales oforal E(l£Sat feTh from 99%102%vAdxn a rThinth fo1lown8ynernetitsn ' Chimhuya et al. 201.. doi." 10.11011202T.01.06212493221wq)rinO 'Cren etal. 2019.. doi. 10.1136Jbmigh.2018_001)860
NEOTREE REPORT OF THE TRUSTEES- CONTINUED For The Year Ended 30 June 202 The Year in Reviw. 1st Juty 2023- 30 June 2024 Objectives The Neotree charity was established by core membeTS of the Universty College London (UCL) Neotree research project to maximise the impact of its research on the qualty of newbom care and preventable infant mortality. Ben July 2023 and June 2024. the charity aimed to diversify and increase direct funding. increase the Independen and sustainability of the chanty outside UCL, induding through improved governanc8 Structures and financial systems and pror£sses, and to collaborate where possible to ensure Neotree amplifies the effect of rts leamings on neonatsl mortalty in low-resource settings. Highlights This was an exciting year during whith Neotree piloted arKJ extended the application of ¢ts technology from large central hosprtals to primary healthcare sttes. As a resutt. Neotree implemented its technology in hvo new primary health clinics, bringing its totsl number of sites to five. across countries (Malawi and Zimbabwe). Neotree was also profiled for two global heath prizes, secajred its first ever grants from the Health Resilien Fund in Zimbabwe (via UNICEF) and Norway's Laerdal Foundation and ended the year by securing a significant first-b'me grant from the UK Foreign, Commonwealth and Development Office (FCDOI in Zimbabwe. Impact Malawi - extension to primary care and neM)rk appmach Building on its previous FCDO grant {to adapt and test whether it is feasible to use Neotree technology in primary care settings), in May 2023, the FCDO Regional Evidence Fund alrnost doubled its support to Neotree for ils work in Malawi. This second award enabled Neotree to pilot its adapted technology in two new primary health clinics Kabudula Communtty Hospital and Lumbadzi Health Centre. An estimated 50/0 of mothers in Iow4ncome countries deliver their babies in primary healthcare facilrties and experients worse clinirAI outcomes, including increased risk of mortality. Wrth no comprehensive clinical data collection or clinical support systems being used in these settings. and with the majority of primary healthcare sites being nurse-led without medical doctors, Neotree's decision support tool can help support and educate those who might have had little or no training in newbom care to Pnncip& In4estrqator. fJr &3ndi Ghiiime and pr0ct Mana9er. Mlhelo SiiiJ8ni with FCDO IAalawi colleagues at Neor s High-l.evel Newbom Stratw 1Oeeting (Marc17 2024J. Iryepintrfi. inw(yts). Th2sWon ¥nwrYd in Zimhbwe.
NEOTREE REPORT OF THE TRUSTEES- CONTINUED For The Year Ended 30 June 2024 make informed diagnoses and promde consi evIdenbaSed, quality care. The four-month pilot demonstrated that healthcare workers found Neotree's technology to be both feasible and acceptable to use in primary healthcare sites. aThJ also provided valuable insights into implementation strategies in these setting5. Key findings underscored the Importan of stsndardised clinical training, consensus on newbom care standards at the primary care level, and metrics for assessing care qualty. Neotree team wrth UNICEF don8tpd h8rdbV8r2 at l.iJmhadzi Hp.attn Cpntrp ni?p of the twlo ne¥v Pnn7ary fvlealin cliniG. al3Yit. (Jn day nne of implpnpentHli(Xl. In January 2024, Neotree secured new support from the Laerdal Foundation to undertake a Network Impact Evaluation across Kamuzu Central Hospital (the existing Néotree site) and Kabudula Communty Hospital and Lumbadzi Health Centre (the bNo new pilot sites). Most immediately. this will ensure Ihat Neolree's work can continue to impart care across these three existing sttes. The study will also provide ritical infomats'on on Neotree's impact on the qualrty of Care given to small and sick newboms in primary care settings, and will help Neotree to better assess its potential for impact at scale, by assessing changes in the workfiow and overall Servi dèlivery of heathcare prowder5. Zimbabwe- costings research In September 2023, Neotree received $115k for its work in Zimbabwe from the Health Resilien Fund (via UNICEF) to deliver the following objectives: 1. Enhanced abilty of clinicians at all implementation sites to run Neotree independently. supporting long term sustainability 2. Improved integration of Neotree as a neon*al module within the nakn'onal level Electronic Health Record (EHRI system and roll out alongside the EHR 3. A health economics assessment and costings analysis of Neotree's impact 4. Enhanced awareness and understanding of Ne0t and the EHR system among community stakeholders, leading to greater acceptance and uts"lisab'on. In June 2024, buildingthoff its growing partnership, Neotree secured first-time FCDO support for its work in Zimbabwe, with a new £1 m grant (effeclive June 2024 to December 2025). To better understand the impact of Neotree's digrtal health platfomi, this new grant will.. Test Neotree at a greater scale to eXore impact on newbom deaths, arK1 inlemationally definè measures of quality of care. Data from a Neotree newbom care nthork of four Primary Health Clinics and two new hospital sites. wll be analysed before and after implementation thus increasing the certainty of Neotree's costed measure of impa¢# (sample size will be -3 times initial pilot study. 9,0001. Substantialty improve the functionalty of Neotree a5 follows.. Optimising clinical management support during the first "goklen hourf of lrfe (this work will also be facilliated through the MuMmytr.S focus on the continuum of care from the labour ward to the newbom care unit):
NEOTREE REPORT OF THE TRUSTEES - CONTINUED For The Year Ended 30 June 2024 b. Ensufing Neotree includes best available dinical advice about how to care for a baby to ensure their brain development is optimised. for example in delivering kangaroo mother ¢are. This V11 also align wth ongoing work to develop family centred care pathways whereby Neotree empowers parents and families to play a key. but appropriate role, in the care of their baby c. Enhancing clinician's capauty to aUratelY identsfy and manage neonatal disorders by exploring the feasibility of advanced predictive algorithms via standard statistical analysis and machine leaming techniques d. Extending Neotree to the care of the mother during labjur.. Mummytree Developing a daily record data capture for Neotree Capacity build in qualty improvement knowledge and skills through a UK-Zimbabwe Qualty Improvement programme. Informed by the activities and associated ouws above, the organisation TrMII deliver a business case plan for larger scale-up of Neotree across Zimbabwe. Dats intsgration Neotree is excited about new plans for data integration, arKI with it. greater impact in the coming years. Integration of health data is a pivotal function within Neotree and critscal to sustainabilty, as it enables implementation and impact at scale, and ownership by the relevant Ministy of Health. In Zimbabwe, Neotree is delighted lo have been asked by the Ministry of Health to develop the neonatal module for the Impilo system (Zimbabwe's national Electronic Heatth Record system). This will mean that when the Implio is rolled out, Neotree technology will be in use in over 1,000 sites, improving neonatal care for all babies. Additionally, Neotree has expanded its colleth.on of p8tient4evel matemty and neonatal data in Malawi and has established the ne$sary data pipeline to integrate this wtlh their national DHISv2 health informalion management system. With future funding. Neotree will activate this dats integration beeen Neotree and the DHISv2 within Kamuzu Central Hospital (KCH). Subjed to Ministry of Heatth approval and support. SUCC6ssful roll-out in KCH could pave the way for expansion of the Neotree DHIS2 integration to other facilities across Malawi where Neotree is present, ensuring seamless data flow and accessibility across Ihe country's healthcare systems. Strategy and building Neotree's proflle Neotree recognises the need to build ts global heamh profile and better communicate its innovats.ve worf( to new audiences within and beyond the research. academic and medical communitses within whtch Neotree's work was born. With this in mind, the team was thrilled to seize opportunities to promote Neotree's digital innovation in health and raise its profile as part of its consideration for o global health prizes. 1. In September 2023. the E ollabor Award at GBCHealth's 'Celebrate' event in New York. Prol Micbeue Heys. Neotree's co.11nder. ceiving Ihe GBCHeAttlJ.% Fijtijre Unrted Collaboraior Award in New York (September 20231.
NEOTREE REPORT OF THE TRUSTEES - CONTINUED For The Year Ended 30 June 2024 Neotree was honoured to be one of five global winners recognised for their °imaginative, brave and bold work. to help make quality health care available to everyone, no matter where they are l)om. Specifically, the Collaborator Award recognises individuals and organisations who cross boundaries to fuse their skills and experience with others, athieNllng extraordinary results to change tha face of global health. Launched in New York in September 2022, Lesley-Anne Long. GBCHealth President and CEO said, 'The awards highlighl organisations with incredible impa¢X and potential. and by putting them in the global spotlight and welcoming ihem to the Future UnÉted communty. we help connect them with the partners and collaborators who rAn help them tske the next step and make exponentially more impact." 2. In April 2024, Neotree was shortlisted for a 0k Global SoLrth eHeath ObseNatory Prize from French Foundation. Pierre Fabre to support innovation in digital health. Neotree was 1 of 100+ newly register projects when rt applied in December 2023. Winners receive 1-yearfs technical and financial support and opportunity to join Fabre's network. As part of Neotree's neOrk building, it sought to strengthen relationships in the loW-resour countries Tts technology is buitt to seNe, and with global digrtal health experts. In November, following the approval of their board, Neotree was delighted to become an Associate Member ofthe Afri n Neonatal Association. Established in 2021 by more than 200 neonatal leaders across 42 countries in Africa, the ANA works to ensure that newboms receive the best possible start in lrfe. In Dernber, Professor Michelle Hey5 attended the Global Digital Health Forum in Washington DC where she met with senior represenlatives from the Bill and Melinda Gates Foundalion, Cooperlsmith, D-Tree, Jhpiego. UCL r9.se4rcher. Dr NiJ.£hrA.' Khao. McGovern Foundation, Medtronics, PATH, UNICEF. Emm.a Wilscr, ar.d Dr H&.•na.lJ Ggnnort ¥Vlth USAID, and World Health Organisation, among others. Principal Invesligalor Dr Sdiidi Chiunie from Having proved to be an invaluable opportunity to network Jvjalawi al the Helina Co.ryAÉrence (OclobL)r with potenlial funders and partnets. Neotree will priontlse 2024) attendance ofthe Forum going forward. Research Throughout the year, Neotree continued to work in partnership with University College London {UCL, which initially incubated the charity), to assvss and demonstrate the clinical and cost effectiveness of Neotree's digital platform. Wth support from the Health Resilience Fund (via UNICEF). Neotree delivered a detailed health economics osting an analysis of the costs and outcomes of its work to date at Chinhoyi Provincial Hospital, Zimbabwe. This analysis. albeit at a single site. demonstrated a sustained redurAion in mortality in low-birth weight babies (weighing 1,5Crf>2.500 grams) following Neotree's introduction. with a trend towards an °Crehan et al. 2019 doi." 1011361bmJEIF2018-000860 See (preFArtty. fft*kntA)n in wtyty). ThesttKtyon inFYovi Nevnaral survival sn Zimbbwe.
NEOTREE REPORT OF THE TRUSTEES - CONTINUED For The Year Ended 30 June 2024 overall reducb'on in newbom mortalty. The eslimated cost per Healihy Ltfe Year gained (HLY) at scale was $6.35 - highly cost effective - though with a degree of statisbcal unortainty. As part of this grant, Neotree also delivered training in research and qualty improvement methodology to -430 clinicians and academics in Zimbabwe and South Africa. maximising Neotree's reach and capacity building in newborn care. In October 2023, Professor Michelte Heys (UK). and Principal Investsgors, Dr Msandeni Chiume-Kayani (Malawi) and Dr Simbarshe Chimhuya (Zimbabwe) addressed the UN General Assembly on digital health on Neotree's role in catalysing the dJItal transformation of newbom care (presentab'on on YOUT starts -47 mins). Throughout the year. the Neotree team also submttaj multiple corrferen abstracts in the UK, Malawi, Zimbabwe and South Africa. In October, four members of the team. led by Dr Chiume, gave a panel presentation to the HELINA pan-African Digrtal Heatth Conferen. describing multiple faots of Neotree's work from community engagement to predictive modelling to experts, practitioners, researchers. and thou9ht leaders from the fields of healihcare and infomiab'on technology. In May 2024. Tom Palmer, a UCL health economist. spoke about 'Modelling impact and cost-effectiveness of a digital data capture and decision support tool {Neotree) designed to improve neonatal survival in Zimbabwe,. This was part of a well-received keynote speech at the Wodd Health Organisation's ital Health Da More broadly. Neotree is committed to collaborating with olher organisations. both to increase the impact of its own digital health technology and to strengthen andlor expand other matemal healthlneonalal platforms. From August 2023 to 31 July 2024, Neotree partnered wilh the All India lnsts.tute of Medical Sciences IAIIMS) on a study of neonatsl care in Nuh. Haryana. a rural district in north India (via a UCL collaboration). Together they undertook a needs assessment to explore current practi$ and barriers in the provision of neonatsl care services, and if, and how. digital interventions might better meet the needs of healthcare professionals. The study found that implementing a dinical decision support tool would enhance the capacity of healthcare professionals and their delivery of qualty and efficient newborn care. Fundraising Neotree's long-temi vision is that national Ministries of Health across multiple countries adopt and sustain its low-cost technology. To encourage adoption. Neotree is working to slrengthen its evidence base (expanding implementstion to Tnore sites) to better demonstrats impad and cost effeth'veness. As a small and growing Larity. Neotree needs to secure new philanthropic ndIng to support ongoing implementation, but must also raise funds to invest in building the intemal capacty and systems necessary to scale the organisation and maximise its impad in ending preventable newbom deaths. To this end, Neotree was delighted to have achieved a 12 % growth in income for the year to June 2024, hang strengthened its financial footing and divetsified its fvnding base (raising £263,772 from 1 July 2023 to 30 June 2024, as compared to £235.199 for the same peTiod to June 2023). This was achieved with new and increased funding. which included fir5t-time support frorn Zimbabwe's Health Resilience Fund. Neotree was also gratsful for a donation of vital clinical equipment from UNICEF in Malawi. Fundraising highlights Shortlisted for Pierre Fabre's É40k Gl¢)bal South eHealth Observatory PrEe Secured $115k in first-time support from the Health Resilience Fund in Zimbabwe (via UNICEF) Doubled UK FCDO Regional Evidence Fund support in Malawi with a £120k gnt
NEOTREE REPORT OF THE TRUSTEES - CONTINUED For The Year Ended 30 June 2024 Sec#Jred £1 m in first4ime support from th8 UK Foreign. Commonwealth and Development Office in Zimbabwe leffedive from June 2024) Secured $200k in fir5t-time, muttYear support from Nofway's Laerdal Foundation towards the delivery of a NeOrk Impact Evaluation of Neotree in Malawi {effectNe from July 2024) Secured a £25k Universty College London (UCL) Block Grant via Intemational Science Partnerships Fund for UCL'S largest Official Development Assistan (ODA) compliant grant ReiVed 460k in donations from a London Marathon fundraiser {Jan Herzog raised £6k for Neotree) and several UK fvnders. including renewal support from the Roy Bard Foundation and first-time support from the Ausb'n Bailey Foundab"on. CB & HH Taylor 1984 Trusl, and Souter Chantable Trust UCL was shortlisted for a £3m National Institute of Heamh Research Global Heatth Grant to evaluate Neotree's digital quality improvement system to improve newb¢)m care and survival in collaboration with Neotree and the African Neonatal Association First-time grant application to Rotary Intemational for £300k to implement Neotree at Bwaila Hospital. Mala Shortlisted for the second stage of the US Draper Richards Kaplan Foundation's competitive grant round for $300k in multiyear, unrestricted support Begun promising conversab'ons with other potential US donors, induding the Bill and Melinda Gates Foundation. Emma Wlson, Neotree's Qualltative Researcher at UCL, also secured a £25k UCL Grand Challenges grant for matemal mental health in Zimbabwe. Governance As a growing charity. Neolree needs to increase investsnent in its govemance, financial processes and internal controls. This will better enable Neotree to ensur8 that its finanS are strictly controlled, so that it can better manage risk and provide value for money as Fis expenditure and operations grow. During the past year, Neotree has: Implemented a new Risk Register Developed a Code of Conduct and a number of policies on Safeguarding, Vvhistleblowing, Anti-bribery and COUption, Conflict of Interests and Financial Reserves. It has also further.. Made its afe uardin Pol available on a dedicated page of Neotree's website, with local language translations into &tsoDa, N Added a safeguarding page to the admissions scrtpt on the Neotree app. which shows dinicians available referral opts'ons for engaging with a patient Mandated the entire team, induding volunteers. to successfully complete level l of UNICEF'S Prevention of Sexual Exploilation and Abuse (PSEA) safeguarding training and complete Self Declaration Fomis to confirm they have completed the training arml read and understood Neotree's key policies. Looking forward Runiier.s diifrng tfje Lcp.doo m3ratho.q in Apnl 2024 . one of Ihe mosl iconK. sporting event.8 the world wlien Jail Herzog mised £6k for running un be.fiill Ncvl¥cL. Neotree will expand use of its digital platfom to a total of eleven srtes, with six additional srtes in Zimbabwe I0 new hospital and four new primary healthcare facElities), positioning itself for greater impact.. saving io
NEOTREE REPORT OF THE TRUSTEES - CONTINUED For The Year Ended 30 June 2024 more newbom lives and improving care for more small and vulnerable newboms. The charity wi15 also continue to build and strengthen its research base. It wll test ts implementation model, cary out a Neork Impact Evaluation and develop a business case plan for scale-up. By undertaking more in-depth health economics research, led by University College London. Neotree will collect more robust data to track the cost per lrfe saved and demonstrate tls costffeth"veness. Wrth increased grant funding, the charity will invest in str8ngthening rts financial capacty and governance structures, setttng up the neSary processes and procedures to improve its financial security and sustainability as the scope and scale of its grant fvnding and operations accelerates. Supporters - thank youl Neotree is very grateful to the followng organisations, whose uucial support through the year has made its work possible.. Austin Bailey Foundation (UK) CB & HH Taylor 1984 Tntst (UK) Mr Jan Herzog (UK) Mr C Fitzgerald (UK) National Institute of Heatth Research (UIQ Roy Bard Foundation (UK) soer Charitsble Trust {UK) UCL Grand Challenges {UlQ UK Foreign, Commonwealth and Development Office Regional Een Fund Health Resilience Fund via UNICEF Izimbabwe) Universty College London (UK) Governance statement of trustees, responslbllities The trustees {who are also the directors of Neotree for the purposes of company law) are responsible for preparing the Report of the trustees and the financial statements in aCrdance with applicable law and United King(Jom Accounting Stsndards (Unrted Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair wew of the state of affairs of the charitable company and of the incoming $oUrS and application of resources, including the income and expendEiure. of ts charitable company for that period. In preparing those financial statements, the trustees are required to". - select suitable accounting polictes and then apply them consistentiy. - observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going con basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper aCunting records which disdose with reasonable accuracy at any time the financial posrtion of the charrtable company and to enable them to ensure that the financial statements compty with the Companies AL 2006. They are also responsible for safeguarding the assets of the charitable company and tten for tang reasonable steps for the prevention and detection of fraud and other irregularities. li
NEOTREE REPORT OF THE TRUSTEES - CONTINUED For The Year Ended 30 June 2024 Recrultmenl appolnlmen( Inductk)n. and tralning of new trustees All trustees understand their dulles and responsibilities as trustees and the fEed to act in the best interests of the charity. On each new appointment the existing trustees explain to the new trustees what is requirgj of them, and appropriate lrterature is handed oui to them. For roles, suth as the treasurer, chair and secretary, the existing chairperson meets with proS&tiVe trustees to discuss their roles and responsibilities and to ascertain the appropriate s.11 level of the prospects.ve trustees. Trustees are aware that they retain overall responsibility and control of the trustee recruitmen( sdects.on and induction prosS. Financial performance The Charity had an operating loss of (£37,038) in the year {2023'. £10,378 profft). Totsl income and funds for the year were £263.772 (2023: £235,199) and consisted mainly of donations and gift aid, as well as grant funding for Charity projects in Africa. Totsl expendiiure for the year was £3CiI,810 (2023: £224.821) and the main expenditure lated to projecl management, project delivery and operations. sofvare development. admin support and fundraising. The deficit for the year is primarily due to increased investment in project rnanagement and fvndraising, which aligns with the chanty's long-temi growth strategy. lIe this represents a short-term financial loss for the year, it has positioned Neotree for fijture expansion and improved impact. The trustees remain confident in the chartvs financial sustainabilty, with key steps being tsken to diversify funding Sou[s, secure mults"_year grants, and improve cost efficiency. Reserves policy This Charity maintains a level of reserves appropriate for the organisation. drawing upon guidan from the Charity Commission. The agreed level of reserves for the year to 30 June 2024 was £32,000. Approved by order of the board of trustees on 13 Marth 2025 and signed on its behalf by: Yali Sassoon - Chair 12
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF NEOTREE I report on the accounts for the year ended S) June 2024 set out on pages fourteen to twenty one. Respective responslbilities of tteeS and examlner The charity's trustees are responsible for the preparalion of the accourts. The chartty's trustees consider that an audit is not required for this year (under Section 144(2} of the Charities Act 2011 {the 2011 Act) and thal an independenl examination is requir1. It is my responsibilty to.. Examine the accounts under Section 145 of the 2011 Act To follow the procedures laid down by the General Direthons given by the Charity Commission To state whether particular matters have me to my attents.on Basis of the Independent examlners report The chanvs gross income exceeded £250,000 and l am qualffied to undertake the examination by being a member of the Association of Chartered Cerbfied Accountsnts (ACCA). My examination was carried OLrt in accordance with the General Direth"ons given by the Charity Commission. An examination includes a review of the accounting records kept by the chanty and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and see"ng explankn.ons from you as trustees conceming any such matters. The procedures undertaken do not prowde all the eviden that would be required in an audit, and consequently no opinion is given as to whether the accounts present a Irue and fair viev/ and the report is limited to those mattefs set out in the ststements telow. Independent examiner's statement In connection with my examination, no matter has come to my attention: (1) Which gives me reasonable cause to believe that. in any material respecl the requirements: To keep accounting records in accordance with Section 130 of the 2011 Act To prepare accounts which accord the aCuntINJ records and to comply with the accounting requirements of Ihe 2011 Act. Have not been met,. or 12) To which. in my opinion. attention should be drawn, in order to enable a proper undetstanding of the accounts to be reached. SM Jackson S M Jackson FCCA Juliette Tompson Accounting LiMij 23 Prospect Street Caversham Reading RG4 8JB Date: 13 March 2025
NEOTREE STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 30 June 2024 2024 Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2023 Total Funds INCOME AND ENDOWMENTS FROM Donations and18gacies 74,674 74,674 156.642 Grants 187.828 187,828 78.397 Investments 835 435 1,270 160 Total 75,509 188,263 263.772 235,199 EXPENDITURE ON Fundraising adivities 60.482 37,168 Charitable activtties 51.526 169,344 220,870 183,885 Other 9.164 10,294 19,458 3.768 Total 121,172 179,638 300.810 224,821 NET INCOMINGI(EXPENDITURE) 3 (45,663) 8,625 (37,038) 10,378 RECONCILIATION OF FUNDS Transfer btheen funds 5,863 (5,863) Total funds brought forward 83.572 83,572 73,194 TOTAL FUNDS CARRIED FORWARD 43,772 2.762 46,534 83,572 14
NEOTREE BALANCE SHEET At 30 June 2024 2024 2024 Unrestricted Restricted Funds Funds 2024 Totsl Funds 2023 Totsl Funds CURRENT ASSETS Cash at bank and in hand Accrued income Prepayments 50.625 971 163.320 13,675 570 213.945 14.652 570 83.734 3,863 51,602 177.565 229,167 87,597 CURRENT LIABILITIES Amounts falling due within one year Creditors Deferred income 17.830) (19,488) (69.250) (27,318) (69.2501 (4.025) (7,830) (88.738) (96,568) 83,572 TOTAL ASSETS LESS CURRENT LIABILITIES 43,772 88,827 132,599 83,572 LIABILITIES - Amounts falling due after more than one year Deferred income (86.065) 186,065) TOTAL NET ASSETS 43,772 2,762 46,534 83,572 FUNDS General and restricted 10 2,762 46.534 83,572 TOTAL FUNDS 43,TT2 2,762 46,534 83,572 The charitable company is entitled to exempt'on from alt under Section 477 of the Companies Act 2006 for the period erKled 30 June 2024. The members have not required the company lo obtain an audti of its finanaal ststements for the period ended 30 June 2024 in accordan with Section 476 of the Companies Act 2006.
NEOTREE BALANCE SHEET- CONTINUED At 30 June 2024 The trustees ackn¢)wledge their respclnsibilities for. {a) ensuring thal the charitable company keeps accounting records that comply with Sections 386 and 387 of th8 Companies Act 2006 and Ib) preparing financial ststements which give a true and fair view of the state of affairs of the chaiitable company as at the end of each finanLial year and of f(s surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othewse comply with the requirements of the Companies Act 2006 relating to financia ststefflents, so far as applicable to the charitsble company. These financial ststements have been prepar8d in accordance with the provisions applicable to charitable companies subject to the small wmpanies. regime. The financial statements were approved by the Board of Trustees on 13 March 2025 and were signed on its behalf by.. Yali Sassoon - Chair 16
NEOTREE NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 30 June 2024 1. ACCOUNTING POLICIES Basis of preparing the flnancial ststements The financial statements of the charitable company. which is a public benefft enb.ty under FRS 102, have been prepared in accordan the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended PraCts. applicable to tharrties preparing their accounts in accordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ireland {FRS 102} {effecttve 1 January 2015),, Finanaal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The finanGial statements have been prepared under the historical cost convent'on. Incorne and endowments All incoming resources are induded on the Statement of Financial Activities when the charity is legally entilled lo th8 income, and the amount can be quantified with reasonable accuracy. Deferred income represents grants r1Ved in than for speufio projeds. These funds are subject to performance condibons and will be recognised as income in future periods when those conditions ar8 met. Expenditure Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related to the category. ere costs cannot be diredy attributed to particular headings, they have been allocated to activities on a basis congstent with the use of resourtss. Tangible flxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Equipment - Straight line over 5 years Taxation The charity is exempt from tax on its charitable actNibes. Fund accounting Unrestricted funds can be used in accordan with the tharitable objectives at the discretion of the trustees. Restricted fvnds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by Ihe donor or when funds are raised for particular restricted purposes. Further explanation of the nature and PUTpose of each fiJrKI is induded in the notes to the financial statements. 2. RAISING FUNDS 2024 2023 Support costs- fundraising 60.482 37,168 17
NEOTREE NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 30 June 2024 3. NET INCOME I (EXPENDITURE) Net incomel(expendtture) is stated after chargingl((Th1iting): 2024 2023 Depreciation 4. AVERAGE NUMBER OF EMPLOYEES The average number of employees during the year was O (2023.. 0). The charity had no employees during Ihe year. SeNces were delivered via extemal contractors and consultants where necessary. 5. TRUSTEES, REMUNERATION AND BENEFITS No remuneration was paid to trustees in the year ended 30 June 2024 nor the year ended 30 June 2023 in relation to duties perfomed in relation to the position as trustees. Detsils of salaries paid to trustees for work not relating to their role as a trustee are notgj under related paty disclosures. Trustees, expenses No sundry expenses were reimbursed to trustees during the year. 6. DEBTORS: AMOUNTS RECEIVABLE WITHIN ONE YEAR 2024 2023 Accrued income Prepayments 14,652 570 3.863 15.222 3,863 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Accruals Deferred income 1,430 25,888 89,250 4,025 4,025 18
NEOTREE NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 30 June 2024 CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2024 2023 Deferred income 86,065 9. DEFERRED INCOME As of 30 June 2024, the total deferred income balance VRS £155,315 (2023: £0). of which £69,250 is classified under current liabilities and £86.065 under long-temi liabilEb"es. 10. MOVEMENT IN FUNDS AI 30.6.23 Net movement in funds At 30.6.24 Unrestricted funds General fund 83.572 (39.8(NJ) 43.772 Restricted funds Restricted funds 2,762 2,782 TOTAL FUNDS 83,572 (37,038) 46,534 Net movement in funds, included in the above are as follows.. Incoming resources Resources 8xpended Movement in funds Unrestricted funds General fund Transfer from Restricted funds 75.509 (121,172) 5.863 (45,663) 5.863 75,509 {115,309) (39.800) Restricted funds Restricted fund Trdnsfer to Unrestricted funds 188.263 (179,638) 15,863) (185,501) 8.625 (5,863} 2,762 188,263 263,772 (3C(1.810) (37,038) TOTAL FUNDS Restricted fijnds of £5.863 were r&allocatgJ to Unrestricted funds to reverse a transfer of the same amount from Unrestricted lo Restricted funds in the pre¥S year (2023.. £5,863). 19
NEOTREE NOTES TO THE FINANCIAL STATEMENTS - COlNUE0 For The Year Ended 30 June 2024 11. RELATED PARfY DISCLOSURES Yali Sassoon (Trustee) made a don*ion of £1.250 to the charity to support operations (2023 £42,500). 20
NEOTREE DETAILED STATEMENT OF FINANCIAL ACTMTIES For The Year Ended 30 June 2024 2024 2023 INCOME AND ENDOWMENTS FROM: Activities for generating furKts Donations and legacies Donations Grants Interest income 74,674 187.828 1.270 156.642 78.397 160 Total incorning resources 263,772 235,199 EXPENDITURE ON: Support costs Grants and donations SOfare and web servi Field and travel expenses Equipment costs Sundries Bank charges Advertising and marketing Management Operations Fundraising 47,819 16,103 4,220 25,721 12.874 500 41 1,343 13 56,085 128.543 60.482 247 547 34,375 81,368 37,168 285,602 221,847 Governance costs Accountancy Other Legal and Professional 13,881 1,327 2,934 40 15,208 2,974 Other resources expended Plant and machinery dePreatIon Total expenditure 300,810 224,821 Net Income l (expenditure) {37.038) 10.378 This page does nol form part of the statutory financial statements. 21